News Corporation

    NWSA ·NASDAQ ·Newspapers: Publishing or Publishing & Printing ·Inc. in DE
    Other securities: NWSwarrant
    Loading chart...
    Track markets on TradingView
    ITEM 1. BUSINESS
    OVERVIEW
    The Company
    News Corporation (the “Company,” “News Corp,” “we,” “us,” or “our”) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world. The Company comprises businesses across a range of media, including information services and news, digital real estate services and book publishing, that are distributed under some of the world’s most recognizable and respected brands, including The Wall Street Journal, Barron’s, Dow Jones, The Australian, Herald Sun, The Sun, The Times, HarperCollins Publishers, realestate.com.au, Realtor.com®, talkSPORT and many others.
    The Company’s commitment to premium content makes its properties a premier destination for information, news, real estate and entertainment. The Company distributes its content and other products and services to consumers and customers across an array of digital platforms including websites, mobile apps, social media, e-book devices and streaming audio platforms, as well as traditional platforms such as print and radio. The Company’s focus on quality and product innovation has enabled it to capitalize on the shift to digital consumption to deliver its products and services in a more engaging, timely and personalized manner and create opportunities for more effective monetization, including new licensing and partnership arrangements with large technology companies and AI-focused platforms and digital offerings that leverage the Company’s existing content. The Company is pursuing multiple strategies to further exploit these opportunities, including leveraging global audience scale and valuable data and sharing technologies and practices across geographies and businesses.
    The Company’s diversified revenue base includes recurring subscriptions, circulation sales, advertising sales, sales of real estate listing products, licensing fees and other consumer product sales. Headquartered in New York, the Company operates primarily in the United States (“U.S.”), Australia and the United Kingdom (“U.K.”), with its content and other products and services distributed and consumed worldwide. The Company’s operations are organized into five reportable segments: (i) Dow Jones; (ii) Digital Real Estate Services; (iii) Book Publishing; (iv) News Media; and (v) Other, which includes the Company’s general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters (as defined in Note 16—Commitments and Contingencies in the accompanying Consolidated Financial Statements).
    The Company maintains a 52-53 week fiscal year ending on the Sunday nearest to June 30 in each year. Fiscal 2025, fiscal 2024 and fiscal 2023 each included 52 weeks. Unless otherwise noted, all references to the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023 relate to the fiscal years ended June 29, 2025, June 30, 2024 and July 2, 2023, respectively. For convenience purposes, the Company continues to date its financial statements as of June 30.
    Corporate Information
    News Corporation is a Delaware corporation originally organized on December 11, 2012 in connection with its separation from Twenty-First Century Fox, Inc., which was completed on June 28, 2013. Unless otherwise indicated, references in this Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the “Annual Report”) to the “Company,” “News Corp,” “we,” “us,” or “our” means News Corporation and its subsidiaries. The Company’s principal executive offices are located at 1211 Avenue of the Americas, New York, New York 10036, and its telephone number is (212) 416-3400. The Company’s Class A and Class B Common Stock are listed on The Nasdaq Global Select Market under the trading symbols “NWSA” and “NWS,” respectively, and CHESS Depositary Interests representing the Company’s Class A and Class B Common Stock are listed on the Australian Securities Exchange (“ASX”) under the trading symbols “NWSLV” and “NWS,” respectively. More information regarding the Company is available on its website at www.newscorp.com, including the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are available, free of charge, as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission (“SEC”). The information on the Company’s website is not, and shall not be deemed to be, a part of this Annual Report or incorporated into any other filings it makes with the SEC.
    1
    Special Note Regarding Forward-Looking Statements
    This document and any documents incorporated by reference into this Annual Report, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain statements that constitute “forward-looking statements” within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including the sale of the Foxtel Group (“Foxtel”) and other potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading “Item 1A. Risk Factors” in this Annual Report. The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the SEC. This section should be read together with the Consolidated Financial Statements of News Corporation (the “Consolidated Financial Statements”) and related notes set forth elsewhere in this Annual Report.
    BUSINESS OVERVIEW
    On April 2, 2025, the Company completed the sale of Foxtel. All assets and liabilities, results of operations and cash flows for Foxtel have been classified as discontinued operations for all periods presented. Upon reclassification, the Company determined that the Subscription Video Services segment was no longer a reportable segment, and the residual results of the segment were aggregated into the News Media segment.
    The Company’s five reportable segments are described below.
    For the fiscal year ended June 30, 2025
    RevenuesSegment
    EBITDA
    (in millions)
    Dow Jones$2,331 $588 
    Digital Real Estate Services1,802 601 
    Book Publishing2,149 296 
    News Media2,170 153 
    Other— (223)
    Dow Jones
    The Company’s Dow Jones segment is a global provider of news and business information, which distributes its content and data through a variety of owned and off-platform media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. This segment consists of the Dow Jones business, whose products target individual consumers and enterprise customers and include The Wall Street Journal, Barron’s, MarketWatch, Investor’s Business Daily, Dow Jones Risk & Compliance, Dow Jones Energy, Factiva and Dow Jones Newswires. The Dow Jones segment’s revenue is diversified across business-to-consumer and business-to-business subscriptions, circulation, advertising, including custom content and sponsorships, licensing fees and participation fees for its live journalism events. Advertising revenues at the Dow Jones segment are subject to seasonality, with revenues typically highest in the Company’s second fiscal quarter due to the end-of-year holiday season.
    Consumer Products
    Through its premier brands and authoritative journalism, the Dow Jones segment’s products targeting individual consumers provide insights, research and understanding that enable consumers to stay informed and make educated financial decisions. As consumer preferences for content consumption evolve, the Dow Jones segment continues to capitalize on a variety of digital distribution platforms, technologies and business models for these products, including licensing its content for distribution on
    2
    third-party platforms, which is referred to as off-platform distribution, and for use by generative artificial intelligence (“AI”) platforms. With a focus on the financial markets, investing and other professional services, many of these products offer advertisers an attractive consumer demographic. Products targeting consumers include the following:
    •The Wall Street Journal (WSJ). WSJ, Dow Jones’s flagship consumer product, is available online, across multiple mobile devices and in print. WSJ covers national and international news and provides analysis, commentary, reviews and opinions on a wide range of topics, including business developments and trends, economics, financial markets, investing, science and technology, lifestyle, culture, consumer products and sports. WSJ’s digital products offer both free content and premium, subscription-only content and are comprised of WSJ.com, WSJ mobile products, including a responsive design website and mobile apps (WSJ Mobile), and live and on-demand video through WSJ.com and other platforms (WSJ Video), as well as podcasts. For the year ended June 30, 2025, WSJ Mobile (including WSJ.com accessed via mobile devices, as well as apps, and excluding off-platform distribution) accounted for approximately 70% of visits to WSJ’s digital news and information products according to Adobe Analytics. WSJ’s print products are printed at plants located around the U.S., including both owned and third-party facilities.
    •Barron’s Group. The Barron’s Group focuses on Dow Jones consumer brands outside of The Wall Street Journal franchise, including Barron’s and MarketWatch, among other properties.
    Barron’s. Barron’s, which is available to subscribers online, across multiple mobile devices and in print, delivers news, analysis, investigative reporting, company profiles and insightful statistics for investors and others interested in the investment world.
    MarketWatch. MarketWatch is an investing and financial news website targeting active investors. It also provides real-time commentary and investment tools and data. Products include mobile apps and a responsive design website, and revenue is generated through the sale of advertising, as well as its premium digital subscription service.
    •Investor’s Business Daily (IBD). IBD provides investing content, analytical products and educational resources to subscribers online and in print, as well as through mobile apps and video. IBD’s services include the Investors.com website, the MarketSurge and LeaderBoard market research and analysis tools and a weekly print publication.
    •The Wall Street Journal Digital Network (WSJDN). WSJDN offers advertisers the opportunity to reach Dow Jones’s audience across a number of brands, including WSJ, Barron’s, MarketWatch and IBD.
    •Live Journalism

    Loading financial statements...

    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

    showing loading…

    From 10-Q filed 2026-05-08 (period ending 2026-03-31).

    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    This document, including the following discussion and analysis, contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading “Risk Factors” in Part I, Item 1A. in News Corporation’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission (the “SEC”) on August 6, 2025 (the “2025 Form 10-K”), and as may be updated in this and other subsequent Quarterly Reports on Form 10-Q. The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the SEC. This section should be read together with the unaudited consolidated financial statements of News Corporation and related notes set forth elsewhere herein and the audited consolidated financial statements of News Corporation and related notes set forth in the 2025 Form 10-K.
    INTRODUCTION
    News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: information services and news, digital real estate services and book publishing.
    The unaudited consolidated financial statements are referred to herein as the “Consolidated Financial Statements.” The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
    Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:
    •Overview of the Company’s Businesses—This section provides a general description of the Company’s businesses, as well as developments that occurred to date during fiscal 2026 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.
    •Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2026 and 2025. This analysis is presented on both a consolidated basis and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
    •Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2026 and 2025, as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of March 31, 2026.
    29
    OVERVIEW OF THE COMPANY’S BUSINESSES
    The Company manages and reports its businesses in the following five segments:
    •Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
    •Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.6% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and Housing.com in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
    Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO SelectSM, ConnectionsSM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants.
    •Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children’s books and series and a significant Christian publishing business.
    •News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
    •Other—The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters (as defined in Note 10—Commitments and Contingencies to the Consolidated Financial Statements).
    Other Business Developments
    2026 Credit Agreement
    On March 27, 2026, the Company entered into an amended and restated credit agreement which, among other things, extended the maturity of its credit facilities to five years, increased the capacity under its revolving credit facility from $750 million to $1 billion and increased the amounts outstanding under its term loan A facility from $456 million to $500 million. Refer to Note 6—Borrowings in the accompanying Consolidated Financial Statements for further detail.
    30
    Recent Geopolitical Tensions and Conflicts
    The Company is monitoring ongoing geopolitical tensions and conflicts, particularly the recent conflict in Iran and related regional instability. The conflict has not had a material impact on the Company’s business or results of operations to date. However, the conflict has disrupted energy supplies and led to increases in global fuel prices, which could heighten inflationary pressures, disrupt global supply chains and adversely impact consumer spending. The Company will continue to evaluate the evolving macroeconomic environment and will seek to mitigate any impacts where possible.
    RESULTS OF OPERATIONS
    Results of Operations—For the three and nine months ended March 31, 2026 versus the three and nine months ended March 31, 2025
    The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2026 as compared to the three and nine months ended March 31, 2025:
    For the three months ended March 31,For the nine months ended March 31,
    20262025Change% Change20262025Change% Change
    (in millions, except %)Better/(Worse)Better/(Worse)
    Revenues:
    Circulation and subscription$809 $755 $54 7 %$2,383 $2,243 $140 6 %
    Advertising322 308 14 5 %1,028 1,014 14 1 %
    Consumer530 492 38 8 %1,647 1,585 62 4 %
    Real estate365 318 47 15 %1,136 1,052 84 8 %
    Other159 136 23 17 %497 449 48 11 %
    Total Revenues2,185 2,009 176 9 %6,691 6,343 348 5 %
    Operating expenses(952)(904)(48)(5)%(2,901)(2,819)(82)(3)%
    Selling, general and administrative(890)(815)(75)(9)%(2,586)(2,431)(155)(6)%
    Depreciation and amortization(122)(114)(8)(7)%(357)(339)(18)(5)%
    Impairment and restructuring charges(18)(13)(5)(38)%(67)(51)(16)(31)%
    Equity losses of affiliates(1)— (1)**(5)(11)6 55 %
    Interest income (expense), net5 1 4 400 %20 (2)22 **
    Other, net(18)(13)(5)(38)%(27)101 (128)**
    Income before income tax expense from continuing operations189 151 38 25 %768 791 (23)(3)%
    Income tax expense from continuing operations(68)(44)(24)(55)%(255)(229)(26)(11)%
    Net income from continuing operations121 107 14 13 %513 562 (49)(9)%
    Net income from discontinued operations, net of tax— 30 (30)(100)%— 2 (2)(100)%
    Net income121 137 (16)(12)%513 564 (51)(9)%
    Net income attributable to noncontrolling interests from continuing operations(32)(26)(6)(23)%(119)(135)16 12 %
    Net (income) loss attributable to noncontrolling interests from discontinued operations— (8)8 100 %— 8 (8)(100)%
    Net income attributable to News Corporation stockholders$89 $103 $(14)(14)%$394 $437 $(43)(10)%
    ** not meaningful
    31
    Revenues—Revenues increased $176 million, or 9%, and $348 million, or 5%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
    The revenue increase for the three months ended March 31, 2026 was primarily due to higher revenues at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move, at the Dow Jones segment driven by higher circulation and subscription revenues, at the Book Publishing segment driven by higher physical and digital book sales and at the News Media segment due to the positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $88 million, or 5%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
    The revenue increase for the nine months ended March 31, 2026 was primarily due to higher revenues at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move, at the Dow Jones segment driven by higher circulation and subscription and advertising revenues and at the Book Publishing segment driven by higher physical book sales and the impact of recent acquisitions. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $118 million, or 1%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
    The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.
    Operating expenses—Operating expenses increased $48 million, or 5%, and $82 million, or 3%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
    The increase in operating expenses for the three months ended March 31, 2026 was primarily due to higher costs at the News Media segment driven by the negative impact of foreign currency fluctuations, at the Book Publishing segment driven by higher costs related to higher sales volume and at the Dow Jones segment driven by higher employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $29 million, or 3%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
    The increase in operating expenses for the nine months ended March 31, 2026 was primarily due to higher costs at the Book Publishing segment driven by higher costs related to higher sales volume, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and higher employee costs and at the News Media segment driven by the negative impact of foreign currency fluctuations, partially offset by lower Talk costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $43 million, or 2%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
    Selling, general and administrative—Selling, general and administrative increased $75 million, or 9%, and $155 million, or 6%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
    The increase in Selling, general and administrative for the three months ended March 31, 2026 was primarily due to higher costs at the Digital Real Estate Services segment driven by higher marketing costs, higher employee costs primarily at Move and higher broker commissions at REA Group from higher settlements, at the News Media segment driven by the negative impact of foreign currency fluctuations and costs related to the recently launched California Post and at the Dow Jones segment driven by higher employee costs. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $43 million, or 5%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
    32
    The increase in Selling, general and administrative for the nine months ended March 31, 2026 was primarily due to higher costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher broker commissions at REA Group, higher employee costs primarily at Move and higher marketing costs, partially offset by the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year and at the Book Publishing segment primarily due to a $13 million write-off of a customer receivable related to the closure of a book distributor and higher employee costs. The increase in expense was also due to higher costs at the News Media segment driven by the negative impact of foreign currency fluctuations and costs related to the recently launched California Post. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $55 million, or 2%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
    Depreciation and amortization—Depreciation and amortization expense increased $8 million, or 7%, and $18 million, or 5%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
    Impairment and restructuring charges—During the three and nine months ended March 31, 2026, the Company recorded impairment and restructuring charges of $18 million and $67 million, including restructuring charges of $14 million and $50 million, respectively.
    During the three and nine months ended March 31, 2025, the Company recorded impairment and restructuring charges of $13 million and $51 million, including restructuring charges of $11 million and $49 million, respectively.
    See Note 4—Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.
    Equity losses of affiliates—Equity losses of affiliates worsened by $1 million and improved by $6 million, or 55%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025. See Note 5—Investments in the accompanying Consolidated Financial Statements.
    Interest income (expense), net—Interest income (expense), net improved by $4 million and $22 million for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025, driven by higher interest income. See Note 6—Borrowings and Note 8—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.
    Other, net—For the three and nine months ended March 31, 2026, the Company recorded Other, net of $(18) million and $(27) million, respectively.
    For the three and nine months ended March 31, 2025, the Company recorded Other, net of $(13) million and $101 million, respectively. For the nine months ended March 31, 2025, Other, net was mainly comprised of the gain recognized on the sale of REA Group’s interest in PropertyGuru.
    See Note 13—Additional Financial Information in the accompanying Consolidated Financial Statements.
    Income tax expense from continuing operations—For the three months ended March 31, 2026, the Company recorded income tax expense of $68 million on pre-tax income from continuing operations of $189 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, remeasurement losses on certain investments with little or no tax benefit and valuation allowances recorded against tax benefits in certain businesses.
    For the nine months ended March 31, 2026, the Company recorded income tax expense of $255 million on pre-tax income from continuing operations of $768 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, remeasurement losses on certain investments with little or no tax benefit and valuation allowances recorded against tax benefits in certain businesses.
    For the three months ended March 31, 2025, the Company recorded income tax expense of $44 million on pre-tax income from continuing operations of $151 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and valuation allowances recorded against tax benefits in certain businesses.
    33
    For the nine months ended March 31, 2025, the Company recorded income tax expense of $229 million on pre-tax income from continuing operations of $791 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.
    See Note 11—Income Taxes in the accompanying Consolidated Financial Statements.
    Net income from continuing operations—Net income from continuing operations for the three and nine months ended March 31, 2026 was $121 million and $513 million, respectively, compared to $107 million and $562 million for the corresponding periods of fiscal 2025. The increase of $14 million, or 13%, and decrease of $49 million, or 9%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025 were driven by the factors discussed above.
    Net income from discontinued operations, net of tax—Net income from discontinued operations, net of tax for both the three and nine months ended March 31, 2026 was nil, compared to $30 million and $2 million for the corresponding periods of fiscal 2025. The amounts recognized in fiscal 2025 relate to the reclassification of Foxtel to discontinued operations. See Note 2—Discontinued Operations in the accompanying Consolidated Financial Statements.
    Net income—Net income for the three and nine months ended March 31, 2026 was $121 million and $513 million, respectively, compared to $137 million and $564 million for the corresponding periods of fiscal 2025. The decreases of $16 million, or 12%, and $51 million, or 9%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025 were driven by the factors discussed above.
    Net income attributable to noncontrolling interests from continuing operations—Net income attributable to noncontrolling interests from continuing operations increased by $6 million, or 23%, and decreased by $16 million, or 12%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025. The decrease for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025 was primarily due to the gain recognized on REA Group’s sale of its investment in PropertyGuru in the prior year.
    Segment Analysis
    The Company’s chief operating decision maker is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of, and allocate resources within, the Company’s businesses. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
    Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss) from continuing operations, cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods.
    34
    The following table reconciles Net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:
    For the three months ended March 31,For the nine months ended March 31,
    2026202520262025
    (in millions)
    Net income from continuing operations$121 $107 $513 $562 
    Reconciling items:
    Income tax expense from continuing operations68 44 255 229 
    Other, net18 13 27 (101)
    Interest (income) expense, net
    		(5)(1)(20)2 
    Equity losses of affiliates1 — 5 11 
    Impairment and restructuring charges18 13 67 51 
    Depreciation and amortization122 114 357 339 
    Total Segment EBITDA$343 $290 $1,204 $1,093 
    The following tables set forth the Company’s Revenues and Segment EBITDA by reportable segment for the three and nine months ended March 31, 2026 and 2025:
    For the three months ended March 31,
    20262025
    (in millions)RevenuesSegment
    EBITDA    		RevenuesSegment
    EBITDA
    Dow Jones$619 $147 $575 $132 
    Digital Real Estate Services473 155 406 124 
    Book Publishing555 73 514 64 
    News Media538 15 514 33 
    Other— (47)— (63)
    Total$2,185 $343 $2,009 $290 
    For the nine months ended March 31,
    20262025
    (in millions)RevenuesSegment
    EBITDA    		RevenuesSegment
    EBITDA
    Dow Jones$1,853 $482 $1,727 $437 
    Digital Real Estate Services1,463 519 1,336 449 
    Book Publishing1,722 230 1,655 246 
    News Media1,653 115 1,625 125 
    Other— (142)— (164)
    Total$6,691 $1,204 $6,343 $1,093 
    35

    Loading holders...

    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Next expected filings

    • ~2026-08-05 10-K expected by 2026-08-20 (in 27 days)
    • ~2026-11-06 10-Q expected by 2026-11-07 (in 120 days)
    • ~2027-02-05 10-Q expected by 2027-02-06 (in 211 days)
    • ~2027-05-07 10-Q expected by 2027-05-08 (in 302 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-07-09 8-K Other Events; Financial Statements and Exhibits
    • 2026-07-08 8-K Other Events; Financial Statements and Exhibits
    • 2026-07-07 8-K Other Events; Financial Statements and Exhibits
    • 2026-07-06 8-K Other Events; Financial Statements and Exhibits
    • 2026-07-02 8-K Other Events; Financial Statements and Exhibits
    • 2026-07-01 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-30 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-29 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-26 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-25 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-24 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-23 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-22 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-18 8-K Other Events; Financial Statements and Exhibits
    • 2026-06-17 8-K Other Events; Financial Statements and Exhibits