Fox Corporation Class A (FOXA) shares surged 6.58% in pre-market trading on Thursday following the company's impressive first-quarter fiscal 2026 results and the announcement of a significant share repurchase program. The media giant reported better-than-expected revenue and profit, driven by strong advertising sales and growth across its portfolio.

Fox posted quarterly revenue of $3.74 billion, surpassing analyst estimates of $3.57 billion. The company's adjusted earnings per share came in at $1.51, significantly beating the consensus estimate of $1.08. The robust performance was largely attributed to the success of its free streaming platform Tubi, which drove digital growth and advertising revenue. Fox's CEO Lachlan Murdoch noted, "We are delivering for audiences with continued engagement growth across the portfolio which underpins the robust advertising demand we are seeing across sports, news, entertainment and Tubi."

Adding to investor optimism, Fox announced a $1.5 billion accelerated share repurchase program, signaling confidence in its financial outlook. The company plans to repurchase $700 million of Class A common stock and $800 million of Class B common stock, with the transaction expected to close during the second half of fiscal 2026. Other highlights include a 12% increase in NFL viewership on Fox in September, marking the network's strongest start to an NFL season ever, and Tubi reaching profitability during the quarter. These factors collectively contributed to the significant pre-market stock price increase, reflecting investor confidence in Fox's strategic direction and financial performance.