What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2026-02-06 · 184 added, 167 removed, 762 unchanged (32% of the section changed)

4 unchanged sentences

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

Notes 2026 2025 2026 2025

15 unchanged sentences

Net income from continuing operations 121 107 513 562

Net loss from discontinued operations, net of tax 2 — ( 23 ) — ( 28 )

Net income from discontinued operations, net of tax 2 — 30 — 2

Net income 121 137 513 564

Net income attributable to noncontrolling interests from continuing operations ( 32 ) ( 26 ) ( 119 ) ( 135 )

Net loss attributable to noncontrolling interests from discontinued operations — 10 — 16

Net (income) loss attributable to noncontrolling interests from discontinued operations — ( 8 ) — 8

Net income attributable to News Corporation stockholders $ 89 $ 103 $ 394 $ 437

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

Net income attributable to News Corporation stockholders per share:

Continuing operations

12 unchanged sentences

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2026 2025 2026 2025

Net income $ 121 $ 137 $ 513 $ 564

Other comprehensive income (loss):

Other comprehensive (loss) income:

Foreign currency translation adjustments ( 12 ) 48 33 ( 200 )

2 unchanged sentences

Benefit plan adjustments, net (b)

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

Comprehensive income (loss) 314 ( 115 ) 441 180

Other comprehensive (loss) income ( 6 ) 42 43 ( 205 )

Comprehensive income 115 179 556 359

Net income attributable to noncontrolling interests ( 32 ) ( 34 ) ( 119 ) ( 127 )

1 unchanged sentence

( 17 ) ( 10 ) ( 37 ) 64

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.

Comprehensive income attributable to News Corporation stockholders $ 66 $ 135 $ 400 $ 296

(a) Net of income tax expense (benefit) of nil and $( 2 ) million for the three months ended March 31, 2026 and 2025, respectively, and $( 1 ) million and $( 4 ) million for the nine months ended March 31, 2026 and 2025, respectively.

(b) Net of income tax expense (benefit) of $ 1 million and nil for the three months ended March 31, 2026 and 2025, respectively, and $ 4 million and $ 2 million for the nine months ended March 31, 2026 and 2025, respectively.

3 unchanged sentences

(Millions, except share and per share amounts)

December 31, 2025 As of

March 31, 2026 As of

June 30, 2025

39 unchanged sentences

Total liabilities and equity $ 15,516 $ 15,504

(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.

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 366,779,986 and 376,718,696 shares issued and outstanding, net of 27,368,413 treasury shares at par, at March 31, 2026 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, 183,457,255 and 188,666,990 shares issued and outstanding, net of 78,430,424 treasury shares at par, at March 31, 2026 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 six months ended

For the nine months ended

Notes 2026 2025

1 unchanged sentence

Net income $ 513 $ 564

Net loss from discontinued operations, net of tax — 28

Net loss (income) from discontinued operations, net of tax — ( 2 )

Net income from continuing operations $ 513 $ 562

22 unchanged sentences

Repayment of borrowings 6 ( 100 ) ( 200 )

Repurchase of shares 7 ( 264 ) ( 78 )

Repurchase of News Corp shares 7 ( 456 ) ( 114 )

Dividends paid ( 149 ) ( 128 )

11 unchanged sentences

Cash and cash equivalents at end of period of discontinued operations — ( 76 )

Restricted cash included in Other current assets (a)

Cash and cash equivalents $ 2,171 $ 2,095

(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 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.

All references to the three and nine months ended March 31, 2026 and 2025 relate to the three and nine months ended March 29, 2026 and March 30, 2025, respectively.

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

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”).

36 unchanged sentences

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

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and nine months ended March 31, 2025:

For the three months ended March 31, 2025 For the nine months ended March 31, 2025

(in millions)

2 unchanged sentences

Selling, general and administrative ( 68 ) ( 236 )

Depreciation and amortization

( 79 ) ( 156 )

Depreciation and amortization (a)

Impairment and restructuring charges — ( 2 )

1 unchanged sentence

Other, net ( 1 ) ( 1 )

Loss before income tax benefit ( 33 ) ( 38 )

Income tax benefit 10 10

Net loss ( 23 ) ( 28 )

Net loss attributable to noncontrolling interests

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

Income before income tax expense 45 7

Income tax expense ( 15 ) ( 5 )

Net income 30 2

Net (income) loss attributable to noncontrolling interests ( 8 ) 8

Net income attributable to News Corporation stockholders 22 $ 10

(a) Depreciation and amortization is not recognized for long-lived assets subsequent to their classification as held for sale.

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2026 and 2025:

For the three months ended March 31, 2026

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 619 $ 473 $ 555 $ 538 $ — $ 2,185

For the three months ended December 31, 2024

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2025

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 575 $ 406 $ 514 $ 514 $ — $ 2,009

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2025

For the nine months ended March 31, 2026

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 1,853 $ 1,463 $ 1,722 $ 1,653 $ — $ 6,691

For the six months ended December 31, 2024

For the nine months ended March 31, 2025

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 1,727 $ 1,336 $ 1,655 $ 1,625 $ — $ 6,343

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Contract Liabilities and Assets

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 and six months ended December 31, 2025 and 2024:

The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2026 and 2025:

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2026 2025 2026 2025

6 unchanged sentences

Balance, end of period $ 556 $ 501 $ 556 $ 501

(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

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(a) For the three and nine months ended March 31, 2026, the Company recognized $ 206 million and $ 449 million, respectively, of revenue which was included in the opening deferred revenue balance.

For the three and nine months ended March 31, 2025, the Company recognized $ 178 million and $ 428 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $ 83 million and $ 52 million as of March 31, 2026 and 2025, respectively.

Other Revenue Disclosures

2 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 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 .

For the three and nine months ended March 31, 2026, the Company recognized approximately $ 123 million and $ 335 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 March 31, 2026 was approximately $ 1,288 million, of which approximately $ 134 million is expected to be recognized over the remainder of fiscal 2026, $ 438 million is expected to be recognized in fiscal 2027 and $ 246 million is expected to be recognized in fiscal 2028, with the remainder to be recognized thereafter.

IMPAIRMENT AND RESTRUCTURING CHARGES

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.

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.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Changes in restructuring program liabilities were as follows:

For the three months ended December 31,

For the three months ended March 31,

benefits Other costs Total One time

6 unchanged sentences

Balance, end of period $ 20 $ 43 $ 63 $ 16 $ 29 $ 45

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31,

For the nine months ended March 31,

benefits Other costs Total One time

6 unchanged sentences

Balance, end of period $ 20 $ 43 $ 63 $ 16 $ 29 $ 45

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.

As of March 31, 2026, restructuring liabilities of $ 23 million were included in the Balance Sheet in Other current liabilities and $ 40 million were included in Other non-current liabilities.

The Company’s investments were comprised of the following:

Ownership Percentage as of December 31, 2025 As of

December 31, 2025 As of

Ownership Percentage as of March 31, 2026 As of

March 31, 2026 As of

June 30, 2025

6 unchanged sentences

(a) Equity method investments include News UK’s joint venture with DMG Media.

(b) Equity and other securities are primarily comprised of the Company’s interest in DAZN, certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company.

(b) Equity and other securities are primarily comprised of the Company’s interest in DAZN, certain investments in China, REA Group’s investment in Athena Home Loans and Nexxen International, Ltd.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values.

2 unchanged sentences

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2026 2025 2026 2025

5 unchanged sentences

Equity Losses of Affiliates

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 share of the losses of its equity affiliates was $ 1 million and $ 5 million for the three and nine months ended March 31, 2026, respectively, and nil and $ 11 million for the corresponding periods of fiscal 2025, respectively.

The Company’s total borrowings consist of the following:

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

December 31, 2025 As of

Interest rate at March 31, 2026 Maturity at March 31, 2026 As of

March 31, 2026 As of

June 30, 2025

3 unchanged sentences

4.961 % Mar 27, 2031 $ 499 $ —

2022 Term loan A (a)

N/A N/A — 475

2022 Senior notes 5.125 % Feb 15, 2032 495 494

5 unchanged sentences

current portion (d)

( 25 ) ( 25 )

Long-term borrowings

$ 1,988 $ 1,937

(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 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.

(a) In March 2026, the Company entered into the 2026 Credit Agreement (as defined below).

The Company has an interest rate swap derivative as discussed in Note 8—Financial Instruments and Fair Value Measurements.

For the three months ended March 31, 2026, the Company was paying interest at an effective interest rate of 3.458 %.

(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 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.

(c) This facility was amended during the nine months ended March 31, 2026 to reduce the total amount available under the facility to A$ 200 million.

As of March 31, 2026, REA Group had total undrawn commitments of A$ 200 million available under this facility.

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

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

HarperCollins Equipment Lease

4 unchanged sentences

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.

2026 Amended and Restated Credit Agreement

On March 27, 2026, the Company entered into an Amended and Restated Credit Agreement (the “2026 Credit Agreement”) that provides $ 1.5 billion of unsecured credit facilities (the “2026 Facilities”) to the Company to refinance its existing 2022 Credit Agreement and for general corporate purposes.

The 2026 Facilities are comprised of a $ 1 billion five-year unsecured revolving credit facility (the “2026 Revolving Facility”) and a $ 500 million five-year unsecured term loan A credit facility (the “2026 Term A Facility,” and the loans under the 2026 Term A Facility are collectively referred to as “2026 Term A Loans”).

The 2026 Revolving Facility has a sublimit of $ 100 million available for issuances of letters of credit.

Under the 2026 Credit Agreement, the Company may request increases with respect to either of the 2026 Facilities in an aggregate principal amount not to exceed $ 250 million.

The loans under the 2026 Revolving Facility will not amortize.

The 2026 Term A Loans will amortize in equal quarterly installments in an aggregate annual amount equal to — %, 2.5 %, 2.5 %, 5.0 % and 5.0 %, respectively, of the original principal amount of the 2026 Term A Facility for each 12-month period commencing on June 30, 2026.

All outstanding amounts under the 2026 Credit Agreement with respect to the 2026 Facilities are due on March 27, 2031, unless earlier terminated in the circumstances set forth in the 2026 Credit Agreement.

The Company may request that the maturity date of the revolving credit commitments under the 2026 Revolving Facility be extended under certain circumstances as set forth in the 2026 Credit Agreement for up to two additional one-year periods.

The Company may also request that the maturity date of the 2026 Term A Facility be extended under certain circumstances as set forth in the 2026 Credit Agreement by at least one year .

Interest on borrowings is based on either (a) an Alternative Currency Term Rate formula, (b) a Term SOFR formula, (c) an Alternative Currency Daily Rate formula ((a) through (c) each, a “Relevant Rate”) or (d) the Base Rate formula, each as set forth in the 2026 Credit Agreement.

The applicable margin for borrowings under the 2026 Facilities and the commitment fee for undrawn balances under the 2026 Revolving Facility are based on the pricing grid in the 2026 Credit Agreement, which varies based on the Company’s debt rating as defined in the 2026 Credit Agreement.

As of March 31, 2026, the Company was paying commitment fees of 0.15 % on any undrawn balance under the 2026 Revolving Facility and, with respect to any outstanding borrowings under the 2026 Facilities, an applicable margin of 0.25 % for a Base Rate borrowing and 1.25 % for a Relevant Rate borrowing.

The 2026 Credit Agreement contains certain customary affirmative and negative covenants and events of default with customary exceptions, including limitations on the ability of the Company and the Company’s subsidiaries to incur liens, merge into or consolidate with any other entity, incur subsidiary debt or dispose of all or substantially all of its assets or all or substantially all of the stock of all subsidiaries taken as a whole.

In addition, the 2026 Credit Agreement requires the Company to maintain an adjusted operating income net leverage ratio of not more than 3.5 to 1.0, subject to certain adjustments following a material acquisition.

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed above and 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 December 31, 2025.

The Company was in compliance with all applicable covenants as of March 31, 2026.

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

The following tables summarize changes in equity for the three and nine months ended March 31, 2026 and 2025:

For the three months ended March 31, 2026

Class A Common

8 unchanged sentences

(in millions)

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

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

Net income — — — — — 89 — 89 32 121

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

Other comprehensive (loss) income — — — — — — ( 23 ) ( 23 ) 17 ( 6 )

Dividends — — — — ( 55 ) — — ( 55 ) ( 45 ) ( 100 )

Share repurchases ( 4 ) — ( 2 ) — ( 137 ) ( 38 ) — ( 175 ) — ( 175 )

News Corp share repurchases ( 5 ) — ( 2 ) — ( 162 ) ( 32 ) — ( 194 ) — ( 194 )

Other — — — — ( 25 ) — — ( 25 ) 23 ( 2 )

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

Balance, March 31, 2026 367 $ 4 184 $ 2 $ 10,567 $ ( 452 ) $ ( 1,537 ) $ 8,584 $ 697 $ 9,281

For the three months ended March 31, 2025

Class A Common

8 unchanged sentences

(in millions)

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

Net income — — — — — 103 — 103 34 137

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

Other comprehensive income — — — — — — 32 32 10 42

Dividends — — — — ( 57 ) — — ( 57 ) ( 36 ) ( 93 )

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

News Corp share repurchases ( 1 ) — — — ( 28 ) ( 9 ) — ( 37 ) — ( 37 )

— — — — 14 ( 1 ) — 13 ( 6 ) 7

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

Balance, March 31, 2025 377 $ 4 189 $ 2 $ 11,070 $ ( 1,481 ) $ ( 1,392 ) $ 8,203 $ 878 $ 9,081

For the nine months ended March 31, 2026

Class A Common

12 unchanged sentences

Dividends — — — — ( 112 ) — — ( 112 ) ( 92 ) ( 204 )

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

News Corp share repurchases ( 11 ) — ( 5 ) — ( 364 ) ( 99 ) — ( 463 ) — ( 463 )

Other 1 — — — ( 15 ) — — ( 15 ) 18 3

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

Balance, March 31, 2026 367 $ 4 184 $ 2 $ 10,567 $ ( 452 ) $ ( 1,537 ) $ 8,584 $ 697 $ 9,281

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024

For the nine months ended March 31, 2025

Common Stock Class B

11 unchanged sentences

Dividends — — — — ( 114 ) — — ( 114 ) ( 71 ) ( 185 )

Share repurchases ( 2 ) — ( 1 ) — ( 59 ) ( 19 ) — ( 78 ) — ( 78 )

News Corp share repurchases ( 3 ) — ( 1 ) — ( 87 ) ( 28 ) — ( 115 ) — ( 115 )

Other 1 — — — 17 ( 1 ) — 16 ( 5 ) 11

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

Balance, March 31, 2025 377 $ 4 189 $ 2 $ 11,070 $ ( 1,481 ) $ ( 1,392 ) $ 8,203 $ 878 $ 9,081

Stock Repurchases

On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $ 1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2021 Repurchase Program”).

On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $ 1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2025 Repurchase Program” and, together with the 2021 Repurchase Program, the “Stock Repurchase Programs”), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.

On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $ 1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2025 Repurchase Program” and, together with the 2021 Repurchase Program, the “Stock Repurchase Programs”), which was in addition to the remaining authorized amount under the 2021 Repurchase Program at that time.

The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors.

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

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,

The 2025 Repurchase Program has no time limit and may be modified, suspended or discontinued at any time.

As of March 31, 2026, there was no authorized amount remaining under the 2021 Repurchase Program, and the remaining authorized amount under the 2025 Repurchase Program was approximately $ 851 million.

For the three months ended March 31,

(in millions)

4 unchanged sentences

7.5 $ 193 1.2 $ 37

For the six months ended December 31,

For the nine months ended March 31,

Shares Amount Shares Amount

7 unchanged sentences

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Additionally, on February 6, 2026, REA Group announced a share repurchase program authorizing REA Group to purchase up to A$ 200 million of its outstanding fully paid ordinary shares listed on the Australian Securities Exchange (“ASX”) (ASX:

The on-market share repurchases will be conducted from time to time in the ordinary course of trading.

The exact amount and timing of the repurchases will be subject to market conditions, REA Group’s share price and other factors and is at REA Group’s discretion.

During the third quarter of fiscal 2026, REA Group repurchased A$ 70 million (approximately US$ 49 million) of its shares, with approximately A$ 130 million remaining under its repurchase program.

Stockholders Agreement

4 unchanged sentences

The New Stockholders Agreement will terminate upon the distribution of all or substantially all of the Class B Shares held by the LGC Family Trusts or LGC Holdco.

In August 2025, the 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 was paid on October 8, 2025 to stockholders of record as of September 10, 2025.

In February 2026, the Company’s Board of Directors (the “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 was paid on April 8, 2026 to stockholders of record as of March 11, 2026.

The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors.

7 unchanged sentences

For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

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

As of March 31, 2026 As of June 30, 2025

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

1 unchanged sentence

Interest rate derivatives—cash flow hedges

$ — $ 8 $ — $ 8 $ — $ 12 $ — $ 12

Equity and other securities

1 unchanged sentence

Total assets $ 38 $ 66 $ 806 $ 910 $ 67 $ 62 $ 814 $ 943

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Equity and Other Securities

3 unchanged sentences

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

For the six months ended

For the nine months ended

(in millions)

5 unchanged sentences

Balance - end of period $ 806 $ 164

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

(a) The additions for the nine months ended March 31, 2025 primarily relate to REA Group’s investment in Athena Home Loans.

Derivative Instruments

4 unchanged sentences

The Company does not use derivative financial instruments for trading or speculative purposes.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates.

1 unchanged sentence

Balance Sheet Classification

December 31, 2025 As of

March 31, 2026 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 $ 463 million as of December 31, 2025 for News Corporation borrowings.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 456 million as of March 31, 2026 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 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 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:

As of March 31, 2026, the Company estimates that approximately $ 8 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.

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 nine months ended March 31, 2026 and 2025 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2026 and 2025, by derivative instrument:

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2026 2025 2026 2025

1 unchanged sentence

Interest rate derivatives—cash flow hedges $ 2 $ ( 3 ) $ 3 $ ( 3 )

(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:

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2026 and 2025, by derivative instrument:

Income Statement

1 unchanged sentence

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2026 2025 2026 2025

2 unchanged sentences

Other Fair Value Measurements

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

As of March 31, 2026, 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

December 31, For the six months ended

March 31, For the nine months ended

2026 2025 2026 2025

1 unchanged sentence

Net income from continuing operations $ 121 $ 107 $ 513 $ 562

Net loss from discontinued operations, net of tax — ( 23 ) — ( 28 )

Net income from discontinued operations, net of tax — 30 — 2

Net income 121 137 513 564

5 unchanged sentences

Weighted-average number of shares of common stock outstanding - diluted 555.7 569.5 561.5 570.3

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

Net income attributable to News Corporation stockholders per share:

Continuing operations $ 0.16 $ 0.14 $ 0.70 $ 0.75

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 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.

In connection with the 2026 Credit Agreement, the Company refinanced its Term A Loans under the 2022 Credit Agreement during the three and nine months ended March 31, 2026, which included extending the maturity date to March 2031 and modifying the timing of required principal payments.

See Note 6—Borrowings.

During the nine months ended March 31, 2026, 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 December 31, 2025 have not changed significantly from the disclosures included in the 2025 Form 10-K.

As of December 31, 2025

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2026

Payments Due by Period

3 unchanged sentences

$ 120 $ 175 $ 172 $ 1,055 $ 1,522

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s remaining commitments as of March 31, 2026 have not changed significantly from the disclosures included in the 2025 Form 10-K.

Contingencies

32 unchanged sentences

While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously.

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 and six months ended December 31, 2025.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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

Newspaper Matters

10 unchanged sentences

The net expense related to the U.K.

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.

Newspaper Matters in Selling, general and administrative was nil and $ 4 million for the three months ended March 31, 2026 and 2025, respectively, and $ 1 million and $ 10 million for the nine months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, 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 $ 16 million.

The amount to be indemnified by FOX of approximately $ 24 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2026.

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.

5 unchanged sentences

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 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 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.

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 and by valuation allowances recorded against tax benefits in certain businesses.

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.

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, 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.

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 by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.

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.

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.

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

2 unchanged sentences

Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable.

The Company is currently undergoing audits with certain U.S.

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 is currently undergoing audits with the U.S.

Internal Revenue Service for the fiscal year ended June 30, 2024 and certain U.S.

states and foreign jurisdictions for various years.

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.

3 unchanged sentences

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation.

Certain provisions of OBBBA will become effective for the Company’s fiscal 2026, while others will take effect beginning in fiscal 2027.

Certain provisions of OBBBA are effective for the Company’s fiscal 2026, while others will take effect beginning in fiscal 2027.

ASC 740, Income Taxes requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted.

13 unchanged sentences

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 $ 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.

The Company paid gross income taxes of $ 187 million and $ 150 million during the nine months ended March 31, 2026 and 2025, respectively, and received tax refunds of $ 2 million and $ 2 million, respectively.

NEWS CORPORATION

36 unchanged sentences

Segment information is summarized as follows:

For the three months ended December 31, 2025

For the three months ended March 31, 2026

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

18 unchanged sentences

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended December 31, 2024

For the three months ended March 31, 2025

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

9 unchanged sentences

Equity losses of affiliates —

Interest expense, net ( 3 )

Interest income, net 1

Other, net ( 13 )

2 unchanged sentences

Net income from continuing operations 107

Net loss from discontinued operations, net of tax ( 23 )

Net income from discontinued operations, net of tax 30

Net income $ 137

For the six months ended December 31, 2025

For the nine months ended March 31, 2026

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

9 unchanged sentences

Equity losses of affiliates ( 5 )

Interest expense, net 15

Interest income, net 20

Other, net ( 27 )

2 unchanged sentences

Net income from continuing operations 513

Net loss from discontinued operations, net of tax —

Net income from discontinued operations, net of tax —

Net income $ 513

1 unchanged sentence

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024

For the nine months ended March 31, 2025

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

14 unchanged sentences

Net income from continuing operations 562

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

Net income from discontinued operations, net of tax

Net income $ 564

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

For the three months ended March 31, For the nine months ended March 31,

2026 2025 2026 2025

7 unchanged sentences

Total Depreciation and amortization $ 122 $ 114 $ 357 $ 339

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

For the three months ended March 31, For the nine months ended March 31,

2026 2025 2026 2025

10 unchanged sentences

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025 As of

March 31, 2026 As of

June 30, 2025

8 unchanged sentences

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

December 31, 2025 As of

March 31, 2026 As of

June 30, 2025

10 unchanged sentences

Receivables, net consist of:

December 31, 2025 As of

March 31, 2026 As of

June 30, 2025

7 unchanged sentences

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

December 31, 2025 As of

March 31, 2026 As of

June 30, 2025

6 unchanged sentences

Total Other non-current assets $ 1,274 $ 1,000

(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.

(a) The balance of the News America Marketing deferred consideration was reclassified to Other non-current assets during the nine months ended March 31, 2026 , 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:

December 31, 2025 As of

March 31, 2026 As of

June 30, 2025

6 unchanged sentences

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

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

For the three months ended March 31, For the nine months ended March 31,

2026 2025 2026 2025

6 unchanged sentences

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

For the six months ended December 31,

For the nine months ended March 31,

(in millions)

1 unchanged sentence

Cash paid for taxes $ 187 $ 150

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