Copyright Benzinga
Fox Corp. (NASDAQ:FOX) (NASDAQ:FOXA) shares rose after the media company posted stronger-than-expected fiscal first-quarter 2026 results on Thursday, fueled by gains in advertising and streaming. Revenue rose 5% year over year to $3.74 billion, up from $3.56 billion in the same period last year, topping Wall Street's consensus estimate of $3.57 billion. Adjusted net income increased to $686 million, or $1.51 per share, surpassing analysts' expectations of $1.08 per share and improving from $672 million, or $1.45 per share, a year earlier. Also Read: Fox Delivers Blockbuster Quarter, Powered By Super Bowl And Streaming Surge Segment Performance Distribution revenue rose 3% to $1.92 billion, reflecting steady gains across both Cable Network Programming, up 3%, and Television, up 2%. Advertising revenue advanced 6% to $1.41 billion, fueled by sustained digital momentum at Tubi, Fox's ad-supported video-on-demand platform, along with stronger pricing in news and sports. The NFL once again drove robust viewership and advertising demand, underscoring the network's dominance in live sports. Content and other revenue increased 12% to $411 million, supported by higher sales of entertainment programming. Financial Position and Buyback Program Fox reported an operating cash outflow of $130 million for the quarter and closed the period with $4.4 billion in cash and cash equivalents as of September 30. Reaffirming its commitment to shareholder returns, the company announced a $1.5 billion accelerated share repurchase program set to begin on October 31, 2025, with completion expected in the second half of fiscal 2026. Management Commentary Executive Chair and CEO Lachlan Murdoch said Fox sustained "strong operating momentum" into the first quarter following a record fiscal 2025. He highlighted that growing audience engagement across sports, news, entertainment, and Tubi continued to fuel solid advertising demand. Price Action: FOX stock was trading higher by 8.43% to $58.93 at last check Thursday. Read Next: PayPal Inks ChatGPT Wallet Deal With OpenAI, Initiates Dividend, Raises Outlook Photo by Piotr Swat via Shutterstock
