What changed in this filing

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Item 1. Financial Statements

2026-02-06 compared with 2025-11-07 · 287 added, 119 removed, 642 unchanged (39% of the section changed)

4 unchanged sentences

For the three months ended

September 30,

December 31, For the six months ended

Notes 2025 2024 2025 2024

10 unchanged sentences

Equity losses of affiliates 5 ( 2 ) ( 8 ) ( 4 ) ( 11 )

Interest income, net 6 —

Interest income (expense), net 9 ( 3 ) 15 ( 3 )

Other, net 13 ( 13 ) 92 ( 9 ) 114

7 unchanged sentences

Net income attributable to News Corporation stockholders $ 193 $ 215 $ 305 $ 334

Net income attributable to News Corporation stockholders per share:

Net income (loss) attributable to News Corporation stockholders per share:

Continuing operations

2 unchanged sentences

$ — $ ( 0.02 ) — ( 0.02 )

$ 0.34 $ 0.38 $ 0.54 $ 0.59

Continuing operations

2 unchanged sentences

$ — $ ( 0.02 ) — ( 0.02 )

$ 0.34 $ 0.38 $ 0.54 $ 0.59

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2 unchanged sentences

For the three months ended

September 30,

December 31, For the six months ended

2025 2024 2025 2024

Net income $ 242 $ 283 $ 392 $ 427

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustments 72 ( 418 ) 45 ( 248 )

Net change in the fair value of cash flow hedges (a)

( 2 ) 10 ( 4 ) ( 6 )

Benefit plan adjustments, net (b)

Other comprehensive (loss) income ( 23 ) 151

Comprehensive income 127 295

Other comprehensive income (loss) 72 ( 398 ) 49 ( 247 )

Comprehensive income (loss) 314 ( 115 ) 441 180

Net income attributable to noncontrolling interests ( 49 ) ( 68 ) ( 87 ) ( 93 )

Other comprehensive income attributable to noncontrolling interests (c)

Comprehensive income attributable to News Corporation stockholders $ 88 $ 239

(a) Net of income tax expense (benefit) of $( 1 ) million and $( 6 ) million for the three months ended September 30, 2025 and 2024, respectively.

(b) Net of income tax expense (benefit) of $ 2 million and $( 1 ) million for the three months ended September 30, 2025 and 2024, respectively.

Other comprehensive (income) loss attributable to noncontrolling interests (c)

( 19 ) 105 ( 20 ) 74

Comprehensive income (loss) attributable to News Corporation stockholders $ 246 $ ( 78 ) $ 334 $ 161

(a) Net of income tax expense (benefit) of nil and $ 4 million for the three months ended December 31, 2025 and 2024, respectively, and $( 1 ) million and $( 2 ) million for the six months ended December 31, 2025 and 2024, respectively.

(b) Net of income tax expense (benefit) of $ 1 million and $ 3 million for the three months ended December 31, 2025 and 2024, respectively, and $ 3 million and $ 2 million for the six months ended December 31, 2025 and 2024, respectively.

3 unchanged sentences

(Millions, except share and per share amounts)

September 30, 2025 As of

December 31, 2025 As of

June 30, 2025

39 unchanged sentences

Total liabilities and equity $ 15,510 $ 15,504

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 376,118,969 and 376,718,696 shares issued and outstanding, net of 27,368,413 treasury shares at par, at September 30, 2025 and June 30, 2025, respectively.

(b) Class B common stock , $ 0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 187,745,066 and 188,666,990 shares issued and outstanding, net of 78,430,424 treasury shares at par, at September 30, 2025 and June 30, 2025, respectively.

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 371,777,267 and 376,718,696 shares issued and outstanding, net of 27,368,413 treasury shares at par, at December 31, 2025 and June 30, 2025, respectively.

(b) Class B common stock , $ 0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 185,853,935 and 188,666,990 shares issued and outstanding, net of 78,430,424 treasury shares at par, at December 31, 2025 and June 30, 2025, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended

September 30,

For the six months ended

Notes 2025 2024

34 unchanged sentences

Net cash used in financing activities from discontinued operations — ( 11 )

Net cash used in discontinued operations ( 5 ) ( 19 )

Net change in cash and cash equivalents, including discontinued operations ( 200 ) ( 218 )

Effect of exchange rate changes on cash and cash equivalents, including discontinued operations ( 5 ) 36

Cash and cash equivalents, including discontinued operations, beginning of year 2,403 1,960

Cash and cash equivalents, including discontinued operations, end of period 2,198 1,778

Net cash (used in) provided by discontinued operations ( 6 ) 36

Net change in cash, cash equivalents and restricted cash, including discontinued operations ( 360 ) ( 84 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash, including discontinued operations 8 ( 30 )

Cash, cash equivalents and restricted cash, including discontinued operations, beginning of year 2,403 1,960

Cash, cash equivalents and restricted cash, including discontinued operations, end of period 2,051 1,846

Cash and cash equivalents at end of period of discontinued operations — ( 58 )

Restricted cash included in Other current assets (a)

Cash and cash equivalents $ 2,051 $ 1,751

(a) Represented restricted cash in escrow to fund an acquisition at the Book Publishing segment which closed in the third quarter of fiscal 2025.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

18 unchanged sentences

Fiscal 2026 and fiscal 2025 include 52 weeks.

All references to the three months ended September 30, 2025 and 2024 relate to the three months ended September 28, 2025 and September 29, 2024, respectively.

For convenience purposes, the Company continues to date its Consolidated Financial Statements as of September 30.

All references to the three and six months ended December 31, 2025 and 2024 relate to the three and six months ended December 28, 2025 and December 29, 2024, respectively.

For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31.

Recently Issued Accounting Pronouncements

19 unchanged sentences

The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements (“ASU 2025-11”).

The amendments in ASU 2025-11 amend ASC Topic 270, Interim Reporting to improve the navigability of required interim disclosures and clarify when the guidance is applicable.

ASU 2025-11 also adds a principle requiring entities to disclose material events that occurred since the end of the last annual reporting period.

ASU 2025-11 is effective for the Company’s interim reporting periods beginning July 1, 2028, with early adoption permitted.

ASU 2025-11 will not have a material impact on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”).

The amendments in ASU 2025-12 represent changes that (1) clarify, (2) correct errors, or (3) make minor improvements to the Accounting Standards Codification that make it easier to understand and apply.

ASU 2025-12 is effective for the Company’s annual reporting periods beginning July 1, 2027, and interim periods within those annual reporting periods, with early adoption permitted.

ASU 2025-12 will not have a material impact on the Company’s consolidated financial statements.

DISCONTINUED OPERATIONS

5 unchanged sentences

In all periods presented, transactions between Foxtel and the continuing operations of the Company that did not continue after the sale are eliminated, whereas those that continued are no longer eliminated.

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three months ended September 30, 2024:

For the three months ended September 30, 2024

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024:

For the three months ended December 31, 2024 For the six months ended December 31, 2024

(in millions)

3 unchanged sentences

Depreciation and amortization

( 79 ) ( 156 )

Impairment and restructuring charges ( 1 ) ( 2 )

Interest expense, net ( 17 ) ( 35 )

Other, net ( 1 ) —

Loss before income tax benefit ( 33 ) ( 38 )

2 unchanged sentences

Net loss attributable to noncontrolling interests

Net income attributable to News Corporation stockholders

Net loss attributable to News Corporation stockholders

( 13 ) $ ( 12 )

The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31, 2025

Dow Jones Digital Real

Services Book

Publishing News Media Other Total

(in millions)

Circulation and subscription $ 497 $ 2 $ — $ 293 $ — $ 792

Advertising 133 40 — 216 — 389

Consumer — — 607 — — 607

Real estate — 401 — — — 401

Other 18 68 26 61 — 173

Total Revenues $ 648 $ 511 $ 633 $ 570 $ — $ 2,362

For the three months ended December 31, 2024

Dow Jones Digital Real

Services Book

Publishing News Media Other Total

(in millions)

Circulation and subscription $ 461 $ 2 $ — $ 282 $ — $ 745

Advertising 121 35 — 229 — 385

Consumer — — 572 — — 572

Real estate — 377 — — — 377

Other 18 59 23 59 — 159

Total Revenues $ 600 $ 473 $ 595 $ 570 $ — $ 2,238

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2025 and 2024:

For the three months ended September 30, 2025

For the six months ended December 31, 2025

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 1,234 $ 990 $ 1,167 $ 1,115 $ — $ 4,506

For the three months ended September 30, 2024

For the six months ended December 31, 2024

Dow Jones Digital Real

10 unchanged sentences

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided.

The following table presents changes in the deferred revenue balance for the three months ended September 30, 2025 and 2024:

The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2025 and 2024:

For the three months ended

September 30,

December 31, For the six months ended

2025 2024 2025 2024

(in millions)

5 unchanged sentences

Balance, end of period $ 474 $ 431 $ 474 $ 431

(a) For the three months ended September 30, 2025 and 2024, the Company recognized $ 292 million and $ 277 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $ 57 million and $ 20 million as of September 30, 2025 and 2024, respectively.

(a) For the three and six months ended December 31, 2025, the Company recognized $ 222 million and $ 389 million, respectively, of revenue which was included in the opening deferred revenue balance.

For the three and six months ended December 31, 2024, the Company recognized $ 205 million and $ 378 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $ 72 million and $ 37 million as of December 31, 2025 and 2024, respectively.

NEWS CORPORATION

4 unchanged sentences

The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or the consideration is received within twelve months or less of the transfer of the good or service.

For the three months ended September 30, 2025, the Company recognized approximately $ 107 million in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period.

The remaining transaction price related to unsatisfied performance obligations as of September 30, 2025 was approximately $ 1,114 million, of which approximately $ 362 million is expected to be recognized over the remainder of fiscal 2026, $ 318 million is expected to be recognized in fiscal 2027 and $ 142 million is expected to be recognized in fiscal 2028, with the remainder to be recognized thereafter.

For the three and six months ended December 31, 2025, the Company recognized approximately $ 105 million and $ 212 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period.

The remaining transaction price related to unsatisfied performance obligations as of December 31, 2025 was approximately $ 1,110 million, of which approximately $ 235 million is expected to be recognized over the remainder of fiscal 2026, $ 355 million is expected to be recognized in fiscal 2027 and $ 172 million is expected to be recognized in fiscal 2028, with the remainder to be recognized thereafter.

These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606, Revenue from Contracts with Customers .

IMPAIRMENT AND RESTRUCTURING CHARGES

During the three months ended September 30, 2025 and 2024 , the Company recorded impairment and restructuring charges of $ 19 million and $ 22 million, including restructuring charges of $ 14 million and $ 22 million, respectively, primarily related to employee termination benefits.

During the three and six months ended December 31, 2025, the Company recorded impairment and restructuring charges of $ 30 million and $ 49 million, including restructuring charges of $ 22 million and $ 36 million, respectively.

During the three and six months ended December 31, 2024, the Company recorded restructuring charges of $ 16 million and $ 38 million, respectively, and there were no impairment charges.

Changes in restructuring program liabilities were as follows:

For the three months ended September 30,

For the three months ended December 31,

benefits Other costs Total One time

4 unchanged sentences

Payments ( 37 ) ( 2 ) ( 39 ) ( 20 ) ( 2 ) ( 22 )

Other 4 1 5 — — —

— — — ( 1 ) ( 1 ) ( 2 )

Balance, end of period $ 21 $ 45 $ 66 $ 18 $ 31 $ 49

As of September 30, 2025, restructuring liabilities of $ 41 million were included in the Balance Sheet in Other current liabilities and $ 42 million were included in Other non-current liabilities.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31,

benefits Other costs Total One time

benefits Other costs Total

(in millions)

Balance, beginning of period $ 42 $ 46 $ 88 $ 25 $ 34 $ 59

Additions 35 1 36 36 2 38

Payments ( 60 ) ( 3 ) ( 63 ) ( 42 ) ( 4 ) ( 46 )

Other 4 1 5 ( 1 ) ( 1 ) ( 2 )

Balance, end of period $ 21 $ 45 $ 66 $ 18 $ 31 $ 49

As of December 31, 2025, restructuring liabilities of $ 25 million were included in the Balance Sheet in Other current liabilities and $ 41 million were included in Other non-current liabilities.

The Company’s investments were comprised of the following:

Ownership Percentage as of September 30, 2025 As of

September 30, 2025 As of

Ownership Percentage as of December 31, 2025 As of

December 31, 2025 As of

June 30, 2025

11 unchanged sentences

For the three months ended

September 30,

(in millions)

December 31, For the six months ended

2025 2024 2025 2024

(in millions) (in millions)

Total gains (losses) recognized on equity securities $ ( 12 ) $ 18 $ ( 13 ) $ 28

Net gains (losses) recognized on equity securities sold

( 1 ) — ( 1 ) —

Unrealized gains (losses) recognized on equity securities held at end of period $ ( 11 ) $ 18 $ ( 12 ) $ 28

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $ 2 million and $ 3 million for the three months ended September 30, 2025 and 2024, respectively.

The Company’s share of the losses of its equity affiliates was $ 2 million and $ 4 million for the three and six months ended December 31, 2025, respectively, and $ 8 million and $ 11 million for the corresponding periods of fiscal 2025, respectively.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s total borrowings consist of the following:

Interest rate at September 30, 2025 Maturity at September 30, 2025 As of

September 30, 2025 As of

Interest rate at December 31, 2025 Maturity at December 31, 2025 As of

December 31, 2025 As of

June 30, 2025

14 unchanged sentences

(a) The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083 %.

For the three months ended September 30, 2025, the Company was paying interest at an effective interest rate of 3.458 %.

For the three months ended December 31, 2025, the Company was paying interest at an effective interest rate of 3.458 %.

See Note 8—Financial Instruments and Fair Value Measurements.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(b) Borrowings under this facility are incurred by REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the REA Debt Group and are non-recourse to News Corp.

(c) This facility was amended during the three months ended September 30, 2025 to reduce the total amount available under the facility to A$ 200 million.

As of September 30, 2025, REA Group had total undrawn commitments of A$ 200 million available under this facility.

(d) The current portion of long term debt as of September 30, 2025 and June 30, 2025 relates to required principal repayments on the 2022 Term Loan A.

(c) This facility was amended during the six months ended December 31, 2025 to reduce the total amount available under the facility to A$ 200 million.

As of December 31, 2025, REA Group had total undrawn commitments of A$ 200 million available under this facility.

(d) The current portion of long term debt as of December 31, 2025 and June 30, 2025 relates to required principal repayments on the 2022 Term Loan A.

HarperCollins Equipment Lease

3 unchanged sentences

The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term.

The Equipment Lease will be classified as a finance lease on the Company’s balance sheet.

The Equipment Lease will be classified as a finance lease on the Company’s balance sheet upon commencement.

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2025 Form 10-K.

If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable.

The Company was in compliance with all applicable covenants at September 30, 2025.

The following tables summarize changes in equity for the three months ended September 30, 2025 and 2024:

For the three months ended September 30, 2025

The Company was in compliance with all applicable covenants at December 31, 2025.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables summarize changes in equity for the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31, 2025

Class A Common

8 unchanged sentences

(in millions)

Balance, June 30, 2025 377 $ 4 189 $ 2 $ 11,058 $ ( 747 ) $ ( 1,543 ) $ 8,774 $ 615 $ 9,389

Balance, September 30, 2025 376 $ 4 188 $ 2 $ 10,929 $ ( 664 ) $ ( 1,567 ) $ 8,704 $ 606 $ 9,310

Net income — — — — — 193 — 193 49 242

Other comprehensive (loss) income — — — — — — ( 24 ) ( 24 ) 1 ( 23 )

Other comprehensive income — — — — — — 53 53 19 72

Dividends — — — — — — — — — —

1 unchanged sentence

Other — — — — 17 — — 17 ( 4 ) 13

Balance, December 31, 2025 372 $ 4 186 $ 2 $ 10,809 $ ( 509 ) $ ( 1,514 ) $ 8,792 $ 670 $ 9,462

For the three months ended December 31, 2024

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Equity Non-controlling

Interests Total

Shares Amount Shares Amount

(in millions)

Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ ( 1,779 ) $ ( 1,131 ) $ 8,253 $ 913 $ 9,166

Net income — — — — — 215 — 215 68 283

Other comprehensive loss — — — — — — ( 293 ) ( 293 ) ( 105 ) ( 398 )

Dividends — — — — — — — — — —

Share repurchases ( 1 ) — ( 1 ) — ( 30 ) ( 10 ) — ( 40 ) — ( 40 )

— — — — 14 — — 14 — 14

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ ( 1,574 ) $ ( 1,424 ) $ 8,149 $ 876 $ 9,025

For the six months ended December 31, 2025

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Equity Non-controlling

Interests Total

Shares Amount Shares Amount

(in millions)

Balance, June 30, 2025 377 $ 4 189 $ 2 $ 11,058 $ ( 747 ) $ ( 1,543 ) $ 8,774 $ 615 $ 9,389

Net income — — — — — 305 — 305 87 392

Other comprehensive income — — — — — — 29 29 20 49

Dividends — — — — ( 57 ) — — ( 57 ) ( 47 ) ( 104 )

Share repurchases ( 6 ) — ( 3 ) — ( 202 ) ( 67 ) — ( 269 ) — ( 269 )

Other 1 — — — 10 — — 10 ( 5 ) 5

Balance, December 31, 2025 372 $ 4 186 $ 2 $ 10,809 $ ( 509 ) $ ( 1,514 ) $ 8,792 $ 670 $ 9,462

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30, 2024

For the six months ended December 31, 2024

Common Stock Class B

9 unchanged sentences

Net income — — — — — 334 — 334 93 427

Other comprehensive income — — — — — — 120 120 31 151

Other comprehensive loss — — — — — — ( 173 ) ( 173 ) ( 74 ) ( 247 )

Dividends — — — — ( 57 ) — — ( 57 ) ( 35 ) ( 92 )

1 unchanged sentence

Other 1 — — — 3 — — 3 1 4

Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ ( 1,779 ) $ ( 1,131 ) $ 8,253 $ 913 $ 9,166

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ ( 1,574 ) $ ( 1,424 ) $ 8,149 $ 876 $ 9,025

Stock Repurchases

3 unchanged sentences

The Stock Repurchase Programs have no time limit and may be modified, suspended or discontinued at any time.

As of September 30, 2025, the remaining authorized amount under the Stock Repurchase Programs was approximately $ 1,216 million.

The following table summarizes the shares repurchased under the Stock Repurchase Programs and subsequently retired and the related consideration paid during the three months ended September 30, 2025 and 2024:

For the three months ended September 30,

As of December 31, 2025, the remaining authorized amount under the Stock Repurchase Programs was approximately $ 1,044 million.

The following tables summarize the shares repurchased under the Stock Repurchase Programs and subsequently retired and the related consideration paid, excluding associated taxes, fees, commissions or other costs, during the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31,

(in millions)

Class A Common Stock

4.4 $ 115 1.0 $ 26

Class B Common Stock

1.9 57 0.5 14

6.3 $ 172 1.5 $ 40

For the six months ended December 31,

Shares Amount Shares Amount

5 unchanged sentences

9.3 $ 266 2.8 $ 78

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Stockholders Agreement

1 unchanged sentence

In connection with this decision, the stockholders agreement between the Company and the Murdoch Family Trust (See Note 12—Stockholders’ Equity in the 2025 Form 10-K) was terminated.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The New Stockholders Agreement limits the LGC Family Trusts and LGC Holdco from owning, collectively with certain Murdoch family members (the “Murdoch Individuals”), more than 44 % of the outstanding voting power of the shares of the Company’s Class B Common Stock (“Class B Shares”) and requires the LGC Family Trusts and LGC Holdco to forfeit votes to the extent necessary to ensure that the Murdoch Individuals, the LGC Family Trusts and LGC Holdco collectively do not exceed 44 % of the outstanding voting power of the Class B Shares, except where a Murdoch Individual votes their own shares differently from the others on any matter.

13 unchanged sentences

The following table summarizes assets and liabilities, as applicable, measured at fair value:

As of September 30, 2025 As of June 30, 2025

As of December 31, 2025 As of June 30, 2025

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

11 unchanged sentences

A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

For the three months ended

September 30,

For the six months ended

(in millions)

Balance - beginning of period

Additions (a)

Returns of capital ( 2 ) ( 5 )

Measurement adjustments

Foreign exchange and other — 2

Balance - end of period $ 817 $ 163

(a) The additions for the six months ended December 31, 2024 primarily relate to REA Group’s investment in Athena Home Loans.

Derivative Instruments

7 unchanged sentences

Balance Sheet Classification

September 30, 2025 As of

December 31, 2025 As of

June 30, 2025

4 unchanged sentences

The Company utilizes interest rate derivatives to mitigate interest rate risk in relation to future interest payments.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 469 million as of September 30, 2025 for News Corporation borrowings.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 463 million as of December 31, 2025 for News Corporation borrowings.

The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027.

As of September 30, 2025, the Company estimates that approximately $ 7 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

As of December 31, 2025, the Company estimates that approximately $ 6 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three months ended September 30, 2025 and 2024 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three months ended September 30, 2025 and 2024, by derivative instrument:

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2025 and 2024 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and six months ended December 31, 2025 and 2024, by derivative instrument:

For the three months ended

September 30,

December 31, For the six months ended

2025 2024 2025 2024

(in millions)

Interest rate derivatives—cash flow hedges $ — $ 10 $ 1 $ —

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three months ended September 30, 2025 and 2024, by derivative instrument:

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and six months ended December 31, 2025 and 2024, by derivative instrument:

Income Statement

1 unchanged sentence

For the three months ended

September 30,

December 31, For the six months ended

2025 2024 2025 2024

(in millions)

Interest rate derivatives—cash flow hedges Interest income, net $ ( 3 ) $ ( 4 )

Interest rate derivatives—cash flow hedges Interest income (expense), net $ ( 2 ) $ ( 3 ) $ ( 5 ) $ ( 7 )

Other Fair Value Measurements

As of September 30, 2025, the carrying value of the Company’s outstanding borrowings approximates the fair value.

As of December 31, 2025, the carrying value of the Company’s outstanding borrowings approximates the fair value.

The 2022 Senior Notes and the 2021 Senior Notes are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

4 unchanged sentences

For the three months ended

September 30,

December 31, For the six months ended

2025 2024 2025 2024

(in millions, except per share amounts)

8 unchanged sentences

Weighted-average number of shares of common stock outstanding - diluted 562.0 570.1 564.4 570.7

Net income attributable to News Corporation stockholders per share:

Net income (loss) attributable to News Corporation stockholders per share:

Continuing operations $ 0.34 $ 0.40 $ 0.54 $ 0.61

7 unchanged sentences

These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations.

During the three months ended September 30, 2025, the Company entered into new leases, some of which will commence subsequent to fiscal 2026, and extended the terms of certain other leases.

During the six months ended December 31, 2025, the Company entered into new leases, some of which will commence subsequent to fiscal 2026, and extended the terms of certain other leases.

As a result, the Company has presented its commitments associated with its operating leases in the table below.

The Company’s remaining commitments as of September 30, 2025 have not changed significantly from the disclosures included in the 2025 Form 10-K.

As of September 30, 2025

The Company’s remaining commitments as of December 31, 2025 have not changed significantly from the disclosures included in the 2025 Form 10-K.

As of December 31, 2025

Payments Due by Period

40 unchanged sentences

In September 2025, a class action lawsuit against Anthropic PBC, in which HarperCollins is a class member, received preliminary court approval for settlement.

As the timing and final amount of any potential proceeds receivable under the settlement remain uncertain, the Company has not recognized any gain related to this matter for the three months ended September 30, 2025.

NEWS CORPORATION

12 unchanged sentences

The net expense related to the U.K.

Newspaper Matters in Selling, general and administrative was $ 1 million and $ 2 million for the three months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred and has accrued approximately $ 20 million.

The amount to be indemnified by FOX of approximately $ 28 million was recorded as a receivable in Other current assets on the Balance Sheet as of September 30, 2025.

Newspaper Matters in Selling, general and administrative was nil and $ 4 million for the three months ended December 31, 2025 and 2024, respectively, and $ 1 million and $ 6 million for the six months ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred and has accrued approximately $ 18 million.

The amount to be indemnified by FOX of approximately $ 26 million was recorded as a receivable in Other current assets on the Balance Sheet as of December 31, 2025.

It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company.

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In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.

For the three months ended September 30, 2025, the Company recorded income tax expense of $ 62 million on pre-tax income from continuing operations of $ 212 million, resulting in an effective tax rate that was higher than the U.S.

For the three months ended December 31, 2025, the Company recorded income tax expense of $ 125 million on pre-tax income from continuing operations of $ 367 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 by valuation allowances recorded against tax benefits in certain businesses.

For the three months ended September 30, 2024, the Company recorded income tax expense of $ 61 million on pre-tax income from continuing operations of $ 210 million, resulting in an effective tax rate that was higher than the U.S.

For the six months ended December 31, 2025, the Company recorded income tax expense of $ 187 million on pre-tax income from continuing operations of $ 579 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 by valuation allowances recorded against tax benefits in certain businesses.

Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets.

Based on management’s assessment of available evidence, it has been determined that it is more likely than not that certain deferred tax assets may not be realized and therefore, a valuation allowance has been established against those tax assets.

For the three months ended December 31, 2024, the Company recorded income tax expense of $ 124 million on pre-tax income from continuing operations of $ 430 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 by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024, the Company recorded income tax expense of $ 185 million on pre-tax income from continuing operations of $ 640 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 by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.

Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets.

The Company’s tax returns are subject to on-going review and examination by various tax authorities.

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states and foreign jurisdictions.

The Company was notified by the Internal Revenue Service in January 2026 that they plan to commence an audit for the fiscal year ended June 30, 2024.

The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid.

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The Organization for Economic Cooperation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon in principle by over 140 countries.

Since the proposal, many countries, including the U.K.

and Australia, incorporated Pillar 2 model rule concepts into their domestic laws.

Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2.

Following an executive order issued by the United States in January 2025 announcing opposition to aspects of these rules, the G7 issued a statement on June 28, 2025 acknowledging that U.S.

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minimum tax rules to which they are subject.

The statement acknowledges that these issues have relevance to the wider group of countries in the OECD Inclusive Framework with a view to reaching an acceptable solution for all.

While these rules are not currently expected to have a material impact on the Company’s results of operations, their application continues to evolve, and the outcome may alter aspects of how the Company’s tax obligations are determined in countries in which it does business.

In addition, while several jurisdictions have rolled back their digital services taxes, certain jurisdictions continue to maintain, or have enacted new digital services taxes.

On January 5, 2026, the OECD announced a political and technical agreement by the Inclusive Framework on a comprehensive package for a "side-by-side arrangement" (the “Package”).

The Package, in the form of administrative guidance, includes a new Simplified Effective Tax Rate Safe Harbour, a one-year extension of the Transitional Country-by-Country Reporting Safe Harbour, a new Substance-based Tax Incentive Safe Harbour and two Safe Harbours related to a Side-by-Side System.

This administrative guidance will be incorporated into the Commentary to the Global Anti-Base Erosion Model Rules.

The Company does not expect the Package to materially impact its effective tax rate, however the Company continues to assess the impact of the Package including future expected guidance from the OECD.

Several jurisdictions have rolled back their digital services taxes and certain jurisdictions continue to maintain or have enacted new digital services taxes.

Those taxes have had limited impact on the Company’s overall tax obligations, but the Company continues to monitor them.

The Company paid gross income taxes of $ 56 million and $ 48 million during the three months ended September 30, 2025 and 2024, respectively, and received tax refunds of $ 1 million in each of those periods.

The Company paid gross income taxes of $ 123 million and $ 108 million during the six months ended December 31, 2025 and 2024, respectively, and received tax refunds of $ 1 million in each of those periods.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEGMENT INFORMATION

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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.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

• Digital Real Estate Services —The Digital Real Estate Services segment consists of the Company’s 61.4 % interest in REA Group and 80 % interest in Move.

18 unchanged sentences

Newspaper Matters.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.

6 unchanged sentences

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).

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Segment information is summarized as follows:

For the three months ended September 30, 2025

For the three months ended December 31, 2025

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

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Interest income, net 9

Other, net ( 13 )

Income before income tax expense from continuing operations 367

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Net income $ 242

For the three months ended September 30, 2024

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended December 31, 2024

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

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Net income $ 283

For the six months ended December 31, 2025

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Segment information:

Revenues $ 1,234 $ 990 $ 1,167 $ 1,115 $ — $ 4,506

Significant segment expenses:

Operating expenses ( 475 ) ( 101 ) ( 786 ) ( 587 ) — ( 1,949 )

Selling, general and administrative ( 424 ) ( 525 ) ( 224 ) ( 428 ) ( 95 ) ( 1,696 )

Segment EBITDA $ 335 $ 364 $ 157 $ 100 $ ( 95 ) $ 861

Depreciation and amortization ( 235 )

Impairment and restructuring charges ( 49 )

Equity losses of affiliates ( 4 )

Interest expense, net 15

Other, net ( 9 )

Income before income tax expense from continuing operations 579

Income tax expense from continuing operations ( 187 )

Net income from continuing operations 392

Net loss from discontinued operations, net of tax —

Net income $ 392

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30,

For the six months ended December 31, 2024

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Segment information:

Revenues $ 1,152 $ 930 $ 1,141 $ 1,111 $ — $ 4,334

Significant segment expenses:

Operating expenses ( 479 ) ( 92 ) ( 755 ) ( 589 ) — ( 1,915 )

Selling, general and administrative ( 368 ) ( 513 ) ( 204 ) ( 430 ) ( 101 ) ( 1,616 )

Segment EBITDA $ 305 $ 325 $ 182 $ 92 $ ( 101 ) $ 803

Depreciation and amortization ( 225 )

Impairment and restructuring charges ( 38 )

Equity losses of affiliates ( 11 )

Interest expense, net ( 3 )

Other, net 114

Income before income tax expense from continuing operations 640

Income tax expense from continuing operations ( 185 )

Net income from continuing operations 455

Net loss from discontinued operations, net of tax ( 28 )

Net income $ 427

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

Depreciation and amortization:

Dow Jones $ 41 $ 38 $ 81 $ 77

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News Media 24 25 48 48

Other 1 1 2 2

Total Depreciation and amortization $ 118 $ 113 $ 235 $ 225

For the three months ended September 30,

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

4 unchanged sentences

News Media 30 20 48 37

Other 3 — 5 —

Total Capital expenditures

September 30, 2025 As of

$ 99 $ 82 $ 180 $ 157

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025 As of

June 30, 2025

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(a) The Other segment primarily includes Cash and cash equivalents.

September 30, 2025 As of

December 31, 2025 As of

June 30, 2025

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Total Goodwill and intangible assets, net $ 6,391 $ 6,303

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ADDITIONAL FINANCIAL INFORMATION

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Receivables, net consist of:

September 30, 2025 As of

December 31, 2025 As of

June 30, 2025

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Receivables, net $ 1,894 $ 1,562

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Other Non-Current Assets

The following table sets forth the components of Other non-current assets:

September 30, 2025 As of

December 31, 2025 As of

June 30, 2025

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Total Other non-current assets $ 1,238 $ 1,000

(a) The balance of the News America Marketing deferred consideration was reclassified to Other non-current assets during the three months ended September 30, 2025 , as the Company has amended the agreement to extend the payment due date.

(a) The balance of the News America Marketing deferred consideration was reclassified to Other non-current assets during the six months ended December 31, 2025 , as the Company has amended the agreement to extend the payment due date.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

September 30, 2025 As of

December 31, 2025 As of

June 30, 2025

5 unchanged sentences

Total Other current liabilities $ 713 $ 714

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the components of Other, net:

For the three months ended September 30,

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

Remeasurement of equity securities $ ( 12 ) $ 18 $ ( 13 ) $ 28

Gain on sale of investment in PropertyGuru — 87 — 87

Other ( 1 ) ( 13 ) 4 ( 1 )

Total Other, net $ ( 13 ) $ 92 $ ( 9 ) $ 114

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The following table sets forth the Company’s cash paid for interest and taxes:

For the three months ended September 30,

For the six months ended December 31,

(in millions)

1 unchanged sentence

Cash paid for taxes $ 123 $ 108

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SUBSEQUENT EVENTS

In February 2026, the Company’s Board of Directors declared a semi-annual cash dividend of $ 0.10 per share for Class A Common Stock and Class B Common Stock.

The dividend is payable on April 8, 2026 to stockholders of record as of March 11, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements