What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-08-07 compared with 2025-08-06 · 164 added, 181 removed, 445 unchanged (44% of the section changed)

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The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements.

These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including the sale of Foxtel and other potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations.

These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations.

Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties.

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Please see “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Exhibit 99.1 of the Company’s 8-K filed on May 13, 2025 for a discussion of fiscal 2023.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for a discussion of fiscal 2024.

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we,” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including:

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This analysis is presented on both a consolidated basis and a segment basis.

Supplemental revenue information is also included for reporting units within certain segments and is presented on a gross basis, before eliminations in consolidation.

In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

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The Company manages and reports its businesses in the following five segments:

• Dow Jones —The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

Dow Jones’s consumer products include premier brands such as The Wall Street Journal , Barron’s , MarketWatch and Investor’s Business Daily.

• Dow Jones —The Dow Jones segment consists of Dow Jones, a global provider of news, data and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

Dow Jones’s news products include premier brands such as The Wall Street Journal , Barron’s , MarketWatch and Investor’s Business Daily.

Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

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REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX:

REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and property portals in India.

In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.

In addition, REA Group provides financial services through a digital property search and financing experience, a mortgage broking offering and property-related data services to the financial sector.

Move is a leading provider of digital real estate services in the U.S.

and primarily operates Realtor.com ® , a premier real estate information, advertising and services platform.

Move offers real estate advertising solutions to agents and brokers, including its RealPRO Select SM (formerly Market VIP SM ), Connections SM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect Concierge SM and RealChoice TM Selling.

Move also offers online tools and services to do-it-yourself landlords and tenants.

Move offers real estate advertising solutions to agents and brokers, including its RealPRO Select SM , Connections SM Plus and Listing Toolkit products as well as its referral-based services, including RealChoice TM Selling.

Move also offers Realtor.com ® + TM , its collaborative home search platform that helps real estate professionals and consumers connect, as well as online tools and services to do-it-yourself landlords and tenants.

• Book Publishing —The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing.

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and the-sun.com in the U.S.

This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.

This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., and Australian News Channel, which operates the News24 network (formerly Sky News Australia), Australia’s 24-hour multi-channel, multi-platform news service.

• Other —The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K.

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The Dow Jones segment’s products target individual consumers and enterprise customers.

Revenue from the Dow Jones segment’s consumer business is derived primarily from circulation, which includes subscription and single-copy sales of its digital and print consumer products, the sale of digital and print advertising, licensing fees for its print and digital consumer content and participation fees for its live journalism events.

Circulation revenues are dependent on the content of the Dow Jones segment’s consumer products, prices of its and/or competitors’ products, the usefulness and popularity of its digital products, as well as promotional activities and news cycles.

Advertising revenue is dependent on a number of factors, including demand for the Dow Jones segment’s consumer products, general economic and business conditions, demographics of the customer base, advertising rates and effectiveness and brand strength and reputation.

Revenue from the Dow Jones segment’s news products is derived primarily from circulation, which includes individual consumer and enterprise customer subscriptions and single-copy sales of its digital and print news products, the sale of digital and print advertising, licensing fees for its print and digital content and participation fees for its live journalism events.

Circulation revenues are dependent on the content of the Dow Jones segment’s news products, prices of its and/or competitors’ products, the usefulness and popularity of its digital products, as well as promotional activities and news cycles.

Advertising revenue is dependent on a number of factors, including demand for the Dow Jones segment’s news products, general economic and business conditions, demographics of the customer base, advertising rates and effectiveness and brand strength and reputation.

Advertising revenues are also subject to seasonality, with revenues typically highest in the Company’s second fiscal quarter due to the end-of-year holiday season.

In addition, the consumer print business faces challenges from alternative media formats and shifting consumer preferences, which have adversely affected, and are expected to continue to adversely affect, both print circulation and advertising revenues.

In addition, print product sales face challenges from alternative media formats and shifting consumer preferences, which have adversely affected, and are expected to continue to adversely affect, both print circulation and advertising revenues.

Advertising, in particular, has been impacted by the shift in spending from print to digital, which has increased advertising choices and formats, resulting in audience fragmentation and increased competition.

Technologies, standards, regulations, policies and practices have also been and will continue to be developed and implemented that make it more difficult to target and measure the effectiveness of digital advertising, which may impact rates or revenues.

As a multi-platform news provider, the Dow Jones segment seeks to maximize revenues from a variety of media formats and platforms, including leveraging its content through licensing arrangements with third-party platforms, developing new advertising models and growing its live journalism events business, and continues to invest in its digital and other products, which represent an increasingly larger share of revenues at its consumer business.

Mobile devices and apps and other technologies provide continued opportunities for the Dow Jones segment to make its content available to a new audience of readers, introduce new or different pricing schemes and develop its products to continue to attract advertisers and/or affect the relationship between content providers and consumers.

Unauthorized use, including in the digital environment and as a result of recent advances in artificial intelligence (“AI”), particularly generative AI, presents a threat to revenues from products and services based on intellectual property.

Additionally, the application of existing laws and regulations to new technologies, including generative AI, continues to be unsettled and is changing rapidly, and laws and regulations may differ from jurisdiction to jurisdiction.

The Dow Jones segment’s consumer products compete for consumers, audience and advertising with other local and national newspapers, web and app-based media, news aggregators, customized news feeds, search engines, blogs, magazines, investment tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays.

As a result of rapidly changing and evolving technologies (including developments in AI, particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the consumer business continues to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, programmatic advertising buying channels and AI aggregators and other emerging technology platforms.

Operating expenses for the consumer business include costs related to paper, production, distribution, third-party printing, editorial and commissions.

As a multi-platform news provider, the Dow Jones segment seeks to maximize revenues from a variety of media formats and platforms, including leveraging its content through licensing arrangements with third-party platforms, developing new advertising models and growing its live journalism events business, and continues to invest in its digital and other products, which represent a substantial majority of the revenues for its news products.

Technological developments provide continued opportunities for the Dow Jones segment to make its content available to a new audience of readers, cultivate new revenue streams, introduce new or different pricing schemes and develop its products to continue to attract advertisers and/or affect the relationship between content providers and their consumers and customers.

Unauthorized use, including in the digital environment and as a result of developments in artificial intelligence (“AI”), presents a threat to revenues from products and services based on intellectual property.

Additionally, the legal and regulatory landscape continues to change rapidly and may impact the Dow Jones segment’s ability to protect its intellectual property, execute its data-driven initiatives and engage in certain pricing and other business practices.

The Dow Jones segment’s news products compete for consumers and customers, audience and advertising with other local and national news and editorial content providers, web and app-based media, news aggregators, customized news feeds, search engines, AI platforms, products and services, blogs, magazines, investment tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays.

As a result of rapidly changing and evolving technologies (including continued developments in AI and AI-enabled tools), distribution platforms and business models, and corresponding changes in consumer behavior, the news products continue to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, programmatic advertising buying channels and AI platforms, products and services and other emerging technology platforms.

Operating expenses for the news products business include costs related to editorial, paper, production, distribution, third-party printing and commissions.

Selling, general and administrative expenses include promotional expenses, salaries, employee benefits, rent and other routine overhead.

The costs associated with printing and distributing newspapers, including paper prices and delivery costs, are key operating expenses whose fluctuations can have a material effect on the results of the Dow Jones segment’s consumer business.

The consumer business is affected by the cyclical changes in the price of paper and other factors that may affect paper prices, including, among other things, inflation, supply chain disruptions, industry trends or economics and tariffs or other trade restrictions.

This business is affected by the cyclical changes in the price of paper and other factors that may affect paper prices, including, among other things, inflation, supply chain disruptions, industry trends or economics and tariffs or other trade restrictions.

In addition, the Dow Jones segment relies on third parties for much of the printing and distribution of its print products.

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Significant expenses for the professional information business include development costs, sales and marketing expenses, hosting and support services, royalties, salaries, consulting and professional fees, sales commissions, employee benefits and other routine overhead expenses.

The Dow Jones segment’s professional information products compete with various information service providers, compliance data providers, global financial newswires and energy and commodities pricing and data providers, including Reuters News, RELX (including LexisNexis and ICIS), Refinitiv, S&P Global, DTN and Argus Media, as well as many other providers of news, information and compliance data.

The professional information business also faces increasing competition from a variety of AI-powered platforms and services.

The Dow Jones segment’s professional information products compete with various information service providers, compliance data providers, global financial newswires and energy and commodities pricing and data providers, including Reuters News, RELX (including LexisNexis and ICIS), LSEG Risk Intelligence, S&P Global, DTN and Argus Media, as well as many other providers of news, information and compliance data.

The professional information business also faces increasing competition from a variety of AI-powered platforms, products and services.

Digital Real Estate Services

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real estate-related and property rental-related services;

display advertising on residential real estate and commercial property sites;

and residential property data services to the financial sector.

The Digital Real Estate Services segment also generates revenue through commissions from referrals generated through its digital property search and financing offering and mortgage broking services.

and display advertising on residential real estate and commercial property sites.

The Digital Real Estate Services segment also generates revenue through commissions from referrals generated through its digital property search and financing offering and mortgage broking services, as well as the sale of residential property data services to the financial sector.

Significant expenses associated with these sites and services include development costs, advertising and promotional expenses, hosting and support services, salaries, broker commissions, employee benefits and other routine overhead expenses.

The Digital Real Estate Services segment’s results are highly sensitive to conditions in the real estate market, as well as macroeconomic factors such as interest rates and inflation, which are expected to continue to adversely impact real estate lead and transaction volumes and adjacent businesses in the near term, particularly in the U.S.

The Digital Real Estate Services segment’s results are highly sensitive to conditions in the real estate market, as well as macroeconomic factors such as interest rates and inflation, which could continue to adversely impact the market in the near term, particularly in the U.S.

Consumers overwhelmingly turn to the internet and mobile devices for real estate information and services.

The Digital Real Estate Services segment’s success depends on its continued innovation to provide products and services that are useful for consumers and real estate, mortgage and financial services professionals, homebuilders and landlords and attractive to its advertisers.

The Digital Real Estate Services segment operates in a highly competitive digital environment with other operators of real estate and property websites and mobile apps.

The Digital Real Estate Services segment’s success depends on its continued innovation, including the effective incorporation of AI, to provide products and services that are useful for consumers and real estate, mortgage and financial services professionals, homebuilders and landlords and attractive to its advertisers.

The Digital Real Estate Services segment operates in a highly competitive digital environment with other operators of real estate and property websites and mobile apps, and also faces competition from emerging AI-powered platforms, tools and services.

Book Publishing

The Book Publishing segment derives revenues from the sale and licensing of general fiction, nonfiction, children’s and religious books in the U.S.

and internationally.

and internationally, as well as from third-party distribution services.

The revenues and operating results of the Book Publishing segment are significantly affected by the timing of releases and the number of its books in the marketplace.

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Advertising revenues at the News Media segment are also subject to seasonality, with revenues typically being highest in the Company’s second fiscal quarter due to the end-of-year holiday season in its main operating geographies.

Operating expenses include costs related to paper, production, distribution, editorial, commissions, technology and radio sports rights.

Operating expenses include costs related to editorial, paper, production, distribution, commissions, technology and radio sports rights.

Selling, general and administrative expenses include promotional expenses, salaries, employee benefits, rent and other routine overhead.

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Large digital platforms command a substantial share of the digital advertising market and are also responsible for a significant amount of traffic to the News Media segment’s digital properties, which drives advertiser spending.

Visibility on these platforms depends on algorithms that are outside the Company’s control and change frequently, and recent changes have adversely affected traffic to some of the digital properties in the News Media segment, particularly in the U.K.

Changes on these platforms occur frequently, are outside the Company’s control and can adversely affect traffic and engagement for the News Media segment’s digital properties.

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As multi-platform news providers, the businesses within the News Media segment seek to maximize revenues from a variety of media formats and platforms, including leveraging their content through licensing arrangements with third-party platforms and developing new advertising models, and continue to invest in their digital products.

Mobile devices and apps and other technologies provide continued opportunities for the businesses within the News Media segment to make their content available to a new audience of readers, introduce new or different pricing schemes and develop their products to continue to attract advertisers and/or affect the relationship between content providers and consumers.

Unauthorized use, including in the digital environment and as a result of recent advances in AI, particularly generative AI, presents a threat to revenues from products and services based on intellectual property.

Technological developments provide continued opportunities for the businesses within the News Media segment to make their content available to a new audience of readers, cultivate new revenue streams, introduce new or different pricing schemes and develop their products to continue to attract advertisers and/or affect the relationship between content providers and consumers.

Unauthorized use, including in the digital environment and as a result of developments in AI, presents a threat to revenues from products and services based on intellectual property.

Additionally, the application of existing laws and regulations to new and evolving technologies, including AI, continues to be unsettled and is changing rapidly, and laws and regulations often differ from jurisdiction to jurisdiction.

The Other segment primarily consists of general corporate overhead expenses, strategy costs and costs related to the U.K.

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Other Business Developments

Sale of Foxtel Group

During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell the Foxtel Group (“Foxtel”) to DAZN Group Limited (“DAZN”), a global sports streaming platform, and the transaction closed in April 2025.

The assets and liabilities, results of operations and cash flows for Foxtel have been classified as discontinued operations for all periods presented as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results.

Furthermore, upon reclassification of Foxtel’s results, the Subscription Video Services segment ceased to be a reportable segment and the residual results of the segment were aggregated into the News Media segment.

News Media segment results have been recast to reflect this change for all periods presented.

See Note 3—Discontinued Operations in the accompanying Consolidated Financial Statements.

Recent Developments Affecting the Macroeconomic Environment

Recent changes in trade policy, including new or potential tariffs and other trade restrictions announced by the U.S.

and other countries, have led to significant economic and market volatility and uncertainty and may exacerbate inflationary pressures.

While the Company does not currently expect the announced tariffs to have a material impact on its supply chain or costs, it cannot predict the effect of any further changes in trade policy.

The resulting volatility and uncertainty and potential increase in inflation may continue to have a negative impact on customer and consumer sentiment and spending.

If this leads to reduced demand for the Company’s products and services, it could adversely impact the Company’s business, results of operations and financial condition.

The Company will continue to closely monitor these trends and uncertainties and will seek to mitigate any impacts where possible.

2026 Credit Agreement

In March 2026, the Company entered into an amended and restated credit agreement which, among other things, extended the maturity of its credit facilities to five years, increased the capacity under its revolving credit facility from $750 million to $1 billion and increased the amounts outstanding under its term loan A facility from $456 million to $500 million.

Refer to Note 9—Borrowings in the accompanying Consolidated Financial Statements for further detail.

Recent Geopolitical Tensions and Conflicts

The Company is monitoring ongoing geopolitical tensions and conflicts, particularly the recent conflict in Iran and related regional instability.

The conflict has not had a material impact on the Company’s business or results of operations to date.

However, the conflict has disrupted energy supplies and led to increases in global fuel prices, which has heightened inflationary pressures, disrupted global supply chains and adversely impacted consumer spending.

The Company will continue to evaluate the evolving macroeconomic environment and will seek to mitigate any impacts where possible.

Results of Operations—Fiscal 2026 versus Fiscal 2025

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Equity losses of affiliates (8) (15) 7 47 %

Interest income (expense), net 3 (18) 21 **

Interest income, net 29 3 26 867 %

Other, net (4) 111 (115) **

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Net income from continuing operations 743 648 95 15 %

Net income (loss) from discontinued operations, net of tax 692 (25) 717 **

Net income from discontinued operations, net of tax — 692 (692) (100) %

Net income 743 1,340 (597) (45) %

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Revenues —Revenues increased $576 million, or 7%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

The increase was due to higher revenues at the Digital Real Estate Services segment driven by higher Australian residential revenues at REA Group, at the Dow Jones segment driven by higher circulation and subscription revenues and at the Book Publishing segment driven by higher digital book sales and improved returns in the U.S., partially offset by lower revenues at the News Media segment driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024, lower advertising revenues and lower circulation and subscription revenues.

The increase was due to higher revenues at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move, at the Dow Jones segment driven by higher circulation and subscription and advertising revenues, at the Book Publishing segment driven by higher physical book sales and the impact of recent acquisitions and at the News Media segment due to the positive impact of foreign currency fluctuations partially offset by lower advertising revenues.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue increase of $8 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

dollar against local currencies resulted in a revenue increase of $189 million, or 2%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S.

dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.

Operating expenses —Operating expenses decreased $78 million, or 2%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The decrease in operating expenses for the fiscal year ended June 30, 2025 was primarily due to lower expenses at the News Media segment driven by cost savings from the combination of News UK’s printing operations with those of DMG Media and other cost savings initiatives.

The decrease was partially offset by increased expenses at the Dow Jones segment driven by higher employee costs.

Operating expenses —Operating expenses increased $156 million, or 4%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

The increase in operating expenses for the fiscal year ended June 30, 2026 was primarily due to higher costs at the Book Publishing segment driven by higher costs related to higher sales volume, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and higher employee costs and at the News Media segment driven by the negative impact of foreign currency fluctuations partially offset by lower Talk costs.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in an Operating expense increase of $9 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

dollar against local currencies resulted in an Operating expense increase of $59 million, or 1%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

Selling, general and administrative —Selling, general and administrative increased $208 million, or 6%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

The increase in Selling, general and administrative for the fiscal year ended June 30, 2025 was primarily due to higher expenses at the Digital Real Estate Services segment driven by higher employee costs at REA Group, $12 million of costs related to REA Group’s withdrawn offer to acquire Rightmove and higher costs from REA India, at the Book Publishing segment due to higher employee costs and costs from recent acquisitions and at the Dow Jones segment driven by higher marketing and technology costs.

The increase in Selling, general and administrative for the fiscal year ended June 30, 2026 was primarily due to higher costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher employee costs, broker commissions and marketing costs, partially offset by the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year and at the Book Publishing segment primarily due to higher employee costs and a $13 million write-off of a customer receivable related to the closure of a book distributor.

The increase in expense was also due to higher costs at the News Media segment driven by the negative impact of foreign currency fluctuations, costs related to the recently launched California Post and higher costs at News Broadcasting, partly due to the FIFA World Cup.

The increase was partially offset by lower costs at the Other segment driven by lower employee costs.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a Selling, general and administrative increase of $87 million, or 2%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

Depreciation and amortization —Depreciation and amortization expense increased $26 million, or 6%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

The increase was driven by higher depreciation of capitalized software costs, primarily at the Digital Real Estate Services and News Media segments.

Impairment and restructuring charges —During the fiscal years ended June 30, 2025 and 2024, the Company recorded restructuring charges of $120 million and $89 million, respectively.

The increase was driven by higher depreciation of capitalized software costs, primarily at the Digital Real Estate Services and Dow Jones segments, and the $8 million, or 2%, negative impact from foreign currency fluctuations.

Impairment and restructuring charges —During the fiscal years ended June 30, 2026 and 2025, the Company recorded impairment and restructuring charges of $113 million and $132 million, including restructuring charges of $86 million and $120 million, respectively.

See Note 5—Restructuring Programs in the accompanying Consolidated Financial Statements.

During the fiscal year ended June 30, 2024, the Company recognized non-cash impairment charges of $44 million, primarily related to the write-down of fixed assets at the News Media segment associated with the combination of News UK’s printing operations with those of DMG Media.

See Note 7—Property, Plant and Equipment in the accompanying Consolidated Financial Statements.

Equity losses of affiliates —Equity losses of affiliates worsened by $9 million, or 150%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Equity losses of affiliates —Equity losses of affiliates improved by $7 million, or 47%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

See Note 6—Investments in the accompanying Consolidated Financial Statements.

Interest income (expense), net —Interest income (expense), net for the fiscal year ended June 30, 2025 improved by $21 million as compared to fiscal 2024, primarily driven by lower borrowings at REA Group and higher interest income on cash balances.

Interest income, net —Interest income, net for the fiscal year ended June 30, 2026 improved by $26 million as compared to fiscal 2025, primarily driven by higher interest income on cash balances.

See Note 9—Borrowings and Note 11—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.

Other, net —For the fiscal year ended June 30, 2025, the Company recorded Other, net of $111 million, which was mainly comprised of REA Group’s gain recognized on the sale of its interest in PropertyGuru.

For the fiscal year ended June 30, 2024, the Company recorded Other, net of $(59) million.

Other, net —For the fiscal years ended June 30, 2026 and 2025, the Company recorded Other, net of $(4) million and $111 million, respectively.

For the fiscal year ended June 30, 2025, Other, net was mainly comprised of the gain recognized on the sale of REA Group’s interest in PropertyGuru.

See Note 21—Additional Financial Information in the accompanying Consolidated Financial Statements.

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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.

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 the release of prior provisions for foreign and U.S.

state uncertain tax benefits.

For the fiscal year ended June 30, 2025, the Company recorded income tax expense of $275 million on pre-tax income from continuing operations of $923 million, resulting in an effective tax rate of 30%, which was higher than the U.S.

statutory tax rate.

The tax rate was impacted by foreign operations which are subject to higher tax rates, asset impairments and investment write-downs with lower tax benefits and valuation allowances recorded against tax benefits in certain businesses.

See Note 19—Income Taxes in the accompanying Consolidated Financial Statements.

On July 4, 2025, H.R.

1 - One Big Beautiful Bill Act (“OBBBA”) was enacted into law.

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act (“Tax 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 2026 fiscal year, 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.

Consequently, the Company will evaluate all U.S.

deferred tax balances and any other impacts to its financial statements as a result of the OBBBA in the first quarter of fiscal 2026.

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 UK 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.

parented groups would be exempt from certain aspects of Pillar 2 in recognition of existing U.S.

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.

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

Net income from continuing operations —Net income from continuing operations for the fiscal year ended June 30, 2025 was $648 million as compared to $379 million for the fiscal year ended June 30, 2024, an increase of $269 million, or 71%, as compared to fiscal 2024, driven by the factors discussed above.

Net income (loss) from discontinued operations, net of tax —Net income (loss) from discontinued operations, net of tax for the fiscal year ended June 30, 2025 was $692 million compared to $(25) million for the fiscal year ended June 30, 2024.

The amounts recognized in both fiscal years relate to the reclassification of Foxtel to discontinued operations.

Net income from continuing operations —Net income from continuing operations was $743 million for the fiscal year ended June 30, 2026 as compared to $648 million for the fiscal year ended June 30, 2025, an increase of $95 million, or 15%, driven by the factors discussed above.

Net income from discontinued operations, net of tax —Net income from discontinued operations, net of tax for the fiscal year ended June 30, 2026 was nil compared to $692 million for the fiscal year ended June 30, 2025.

The fiscal 2025 amount relates to the reclassification of Foxtel to discontinued operations.

See Note 3—Discontinued Operations in the accompanying Consolidated Financial Statements.

Net income —Net income was $1,340 million for the fiscal year ended June 30, 2025, as compared to $354 million for the fiscal year ended June 30, 2024, an increase of $986 million, or 279%, primarily driven by the factors discussed above.

Net income attributable to noncontrolling interests from continuing operations —Net income attributable to noncontrolling interests from continuing operations was $168 million for the fiscal year ended June 30, 2025, as compared to $110 million for the fiscal year ended June 30, 2024, an increase of $58 million, or 53%, primarily due to the gain recognized on the sale of the PropertyGuru investment and higher earnings at REA Group.

Net income —Net income was $743 million for the fiscal year ended June 30, 2026, as compared to $1,340 million for the fiscal year ended June 30, 2025, a decrease of $597 million, or 45%, primarily driven by the factors discussed above.

Net income attributable to noncontrolling interests from continuing operations —Net income attributable to noncontrolling interests from continuing operations was $170 million for the fiscal year ended June 30, 2026, as compared to $168 million for the fiscal year ended June 30, 2025, an increase of $2 million, or 1%.

Segment Analysis

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Other, net 4 (111)

Interest (income) expense, net

Interest income, net (29) (3)

Equity losses of affiliates 8 15

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Total $ 9,028 $ 1,627 $ 8,452 $ 1,415

Dow Jones (28% and 27% of the Company’s consolidated revenues in fiscal 2025 and 2024, respectively)

Dow Jones (28% of the Company’s consolidated revenues for both fiscal 2026 and 2025)

For the fiscal years ended June 30,

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Segment EBITDA $ 663 $ 588 $ 75 13 %

For the fiscal year ended June 30, 2025, revenues at the Dow Jones segment increased $100 million, or 4%, as compared to fiscal 2024, due to higher circulation and subscription revenues.

Digital revenues represented 82% of total revenues at the Dow Jones segment for the fiscal year ended June 30, 2025, as compared to 80% in fiscal 2024.

For the fiscal year ended June 30, 2026, revenues at the Dow Jones segment increased $166 million, or 7%, as compared to fiscal 2025, primarily due to higher circulation and subscription and advertising revenues.

Digital revenues represented 84% of total revenues at the Dow Jones segment for the fiscal year ended June 30, 2026, as compared to 82% for fiscal 2025.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue increase of $4 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

dollar against local currencies resulted in a revenue increase of $17 million, or 1%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

Circulation and Subscription Revenues

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Circulation and other $ 1,032 $ 981 $ 51 5 %

Risk and Compliance

337 294 43 15 %

Dow Jones Risk & Compliance 392 337 55 16 %

Dow Jones Energy

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Total circulation and subscription revenues $ 2,020 $ 1,884 $ 136 7 %

Circulation and subscription revenues increased $113 million, or 6%, during the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Professional information business revenues increased $59 million, or 7%, primarily due to the $43 million and $27 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by new customers, new products and price increases, partially offset by the $11 million decrease in Other information services revenues driven by the impact of a customer dispute at Factiva.

Circulation and other revenues increased $54 million, or 6%, driven by increased circulation revenues due to growth in digital-only subscriptions, which benefited from bundled offers, the conversion of customers from introductory promotions to higher pricing and higher content licensing revenues, partially offset by print circulation declines.

Digital revenues represented 74% of circulation revenue for the fiscal year ended June 30, 2025, as compared to 71% in fiscal 2024.

The following table summarizes average daily consumer subscriptions during the three months ended June 30, 2025 and 2024 for select publications and for all consumer subscription products.

For the three months ended June 30 (b) ,

Circulation and subscription revenues increased $136 million, or 7%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

Professional information business revenues increased $85 million, or 9%, primarily due to the $55 million and $23 million increases in Dow Jones Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and product expansion.

Circulation and other revenues increased $51 million, or 5%, driven by increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, driven by enterprise customers, and higher content licensing revenues, partially offset by print circulation declines.

Digital revenues represented 76% of circulation revenue for the fiscal year ended June 30, 2026, as compared to 74% for fiscal 2025.

The following table provides selected information regarding average daily subscriptions during the three months ended June 30, 2026 and 2025 for the Dow Jones segment’s subscription news products:

For the three months ended June 30 (a)(b) ,

2026 2025 Change % Change

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Total subscriptions 1,602 1,432 170 12 %

Total Consumer (e)

Total News Products (e)

Digital-only subscriptions (c)

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Total subscriptions 6,725 6,261 464 7 %

(a) Based on internal data for the periods from March 31, 2025 to June 29, 2025 and April 1, 2024 to June 30, 2024, respectively.

Excludes off-platform distribution, except for certain custom workflow integration products.

(b) Subscriptions include individual consumer subscriptions, as well as subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members.

(a) Based on internal data for the periods from March 30, 2026 to June 28, 2026 and March 31, 2025 to June 29, 2025, respectively.

Excludes off-platform distribution, except for certain custom workflow integrations in connection with enterprise customer subscriptions.

(b) Subscriptions include individual consumer subscriptions and enterprise customer subscriptions.

Enterprise customer subscriptions include subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members.

Subscriptions exclude single-copy sales and copies purchased by hotels, airlines and other businesses for limited distribution or access to customers.

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(d) Barron’s Group consists of Barron’s , MarketWatch, Financial News and Private Equity News.

(e) Total Consumer consists of The Wall Street Journal , Barron’s Group and Investor’s Business Daily .

(e) Total News Products consists of The Wall Street Journal , Barron’s Group and Investor’s Business Daily .

Advertising Revenues

Advertising revenues decreased $9 million, or 2%, during the fiscal year ended June 30, 2025 as compared to fiscal 2024, primarily due to lower print advertising revenues of $7 million, or 5%.

Digital advertising revenues represented 65% of advertising revenue for the fiscal year ended June 30, 2025, as compared to 64% in fiscal 2024.

Advertising revenues increased $22 million, or 6%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025 due to $24 million of higher digital advertising revenues driven by the technology and financial services sectors.

Digital advertising revenues represented 67% of advertising revenue for the fiscal year ended June 30, 2026, as compared to 65% for fiscal 2025.

Segment EBITDA

For the fiscal year ended June 30, 2025, Segment EBITDA at the Dow Jones segment increased $46 million, or 8%, as compared to fiscal 2024, primarily due to the increase in revenues discussed above and lower newsprint, production and distribution costs, partially offset by higher employee, technology and marketing costs.

Digital Real Estate Services (21% and 20% of the Company’s consolidated revenues in fiscal 2025 and 2024, respectively)

For the fiscal year ended June 30, 2026, Segment EBITDA at the Dow Jones segment increased $75 million, or 13%, as compared to fiscal 2025, primarily due to the increase in revenues discussed above, partially offset by higher employee and marketing costs.

Digital Real Estate Services (22% and 21% of the Company’s consolidated revenues for fiscal 2026 and 2025, respectively)

For the fiscal years ended June 30,

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For the fiscal year ended June 30, 2026, revenues at the Digital Real Estate Services segment increased $214 million, or 12%, as compared to fiscal 2025.

Revenues at REA Group increased $136 million, or 12%, to $1,250 million for the fiscal year ended June 30, 2025 from $1,114 million in fiscal 2024.

The increase was primarily due to higher Australian residential revenues driven by price increases, increased depth penetration and growth in national listings and higher revenues from REA India, partially offset by the $14 million, or 1%, negative impact of foreign currency fluctuations.

Revenues at Move increased $8 million, or 1%, to $552 million for the fiscal year ended June 30, 2025 from $544 million in fiscal 2024, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, higher sales of RealPRO Select SM (formerly Market VIP SM ), as Move shifts its focus to more premium offerings, and higher advertising revenues.

The increases were largely offset by the continued negative impact of the macroeconomic environment on the U.S.

housing market, including higher interest rates, which resulted in a 9% decline in lead volumes and lower transaction volumes.

For the fiscal year ended June 30, 2025 , Segment EBITDA at the Digital Real Estate Services segmen t increased $93 million, or 18% , as compared to fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs at REA Group, $12 million of costs related to the withdrawn offer to acquire Rightmove in the first quarter of fiscal 2025, higher costs from REA India and the $6 million, or 1%, negative impact of foreign currency fluctuations.

Book Publishing (25% of the Company’s consolidated revenues in both fiscal 2025 and 2024)

Revenues at REA Group increased $156 million, or 12%, to $1,406 million for the fiscal year ended June 30, 2026 from $1,250 million for fiscal 2025.

The increase was due to higher Australian residential revenues driven by price increases and growth in add-on products, a $63 million, or 5%, positive impact from foreign currency fluctuations and higher financial services revenues from higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses.

Revenues at Move increased $58 million, or 11%, to $610 million for the fiscal year ended June 30, 2026 from $552 million for fiscal 2025, driven by higher sales of RealPRO Select SM , as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals.

Lead volumes increased 5% compared to the corresponding period of fiscal 2025.

For the fiscal year ended June 30, 2026 , Segment EBITDA at the Digital Real Estate Services segmen t increased $140 million, or 23% , as compared to fiscal 2025, primarily due to the higher revenues discussed above and the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year, partially offset by higher employee costs primarily at Move, higher broker commissions at REA Group from higher settlements and higher marketing costs.

Book Publishing (25% of the Company’s consolidated revenues for both fiscal 2026 and 2025)

For the fiscal years ended June 30,

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Segment EBITDA $ 287 $ 296 $ (9) (3) %

For the fiscal year ended June 30, 2025, revenues at the Book Publishing segment increased $56 million, or 3%, as compared to fiscal 2024, primarily due to higher digital book sales, improved returns in the U.S.

and the $14 million impact from the acquisition of a German book publisher.

Digital sales increased by 5% as compared to fiscal 2024 driven by continued market growth in audiobooks, including the contribution from the Spotify partnership, as well as growth in e-book sales.

Digital sales represented approximately 24% of consumer revenues in fiscal 2025 as compared to 23% in fiscal 2024.

Backlist sales represented approximately 64% of consumer revenues during the fiscal year ended June 30, 2025, as compared to 61% in fiscal 2024.

For the fiscal year ended June 30, 2026, revenues at the Book Publishing segment increased $139 million, or 6%, as compared to fiscal 2025, which includes a $31 million impact from recent acquisitions.

The increase was primarily due to higher physical book sales driven by Rachel Reid’s Game Changers series, which includes Heated Rivalry , and strength in Christian Publishing.

Digital sales increased by 4% as compared to fiscal 2025 driven by growth in e-book and audiobook sales.

Digital sales represented approximately 23% of consumer revenues for the fiscal year ended June 30, 2026 as compared to 24% for fiscal 2025.

Backlist sales represented approximately 62% of consumer revenues for the fiscal year ended June 30, 2026, as compared to 64% for fiscal 2025.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resu lted in a revenue increase of $28 million, or 1%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

For the fiscal year ended June 30, 2025, Segment EBITDA at the Book Publishing segment increased $27 million, or 10%, as compared to fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs and costs from recent acquisitions.

News Media (26% and 28% of the Company’s consolidated revenues in fiscal 2025 and 2024, respectively)

For the fiscal year ended June 30, 2026, Segment EBITDA at the Book Publishing segment decreased $9 million, or 3%, as compared to fiscal 2025, driven by higher costs due to higher sales volume, higher employee costs, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and a $13 million write-off of a customer receivable related to the closure of a book distributor, partially offset by the higher revenues discussed above.

News Media (25% and 26% of the Company’s consolidated revenues for fiscal 2026 and 2025, respectively)

For the fiscal years ended June 30,

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Segment EBITDA $ 139 $ 153 $ (14) (9) %

For the fiscal year ended June 30, 2025, revenues at the News Media segment decreased $100 million, or 4%, as compared to fiscal 2024.

Other revenues decreased $51 million, or 18%, primarily driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024.

Advertising revenues decreased $39 million, or 5%, as compared to fiscal 2024, primarily due to lower print advertising revenues at News Corp Australia and lower digital advertising revenues at News UK, driven by a decline in traffic, mainly at The Sun , due to algorithm changes at certain platforms, partially offset by higher advertising revenues at Wireless Group and the $5 million positive impact of foreign currency fluctuations.

Circulation and subscription revenues decreased $10 million, or 1%, as compared to fiscal 2024, primarily driven by print volume declines, partially offset by cover price increases, higher content licensing revenues at News UK, digital subscriber growth and the $9 million, or 1%, positive impact of foreign currency fluctuations.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue increase of $14 million, or 1%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

For the fiscal year ended June 30, 2025, Segment EBITDA at the News Media segment increased $20 million, or 15%, as compared to fiscal 2024.

The increase was driven by cost savings initiatives, including lower Talk costs and the combination of News UK’s printing operations with those of DMG Media, partially offset by the decrease in revenues discussed above.

News Corp Australia

Revenues were $895 million for the fiscal year ended June 30, 2025, a decrease of $34 million, or 4%, as compared to fiscal 2024 revenues of $929 million.

Advertising revenues decreased $23 million, or 6%, due to lower print advertising revenues.

Circulation and subscription revenues decreased $14 million, or 3%, driven by print volume declines and lower content licensing revenues, partially offset by cover price increases and digital subscriber growth.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue decrease of $11 million, or 2%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Revenues were $862 million for the fiscal year ended June 30, 2025, a decrease of $67 million, or 7%, as compared to fiscal 2024 revenues of $929 million.

Other revenues decreased $54 million, or 55%, driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024.

Advertising revenues decreased $22 million, or 8%, primarily due to lower digital advertising revenues, mainly at The Sun , driven by algorithm changes at certain platforms and lower print advertising revenues.

Circulation and subscription revenues increased $9 million, or 2%, due to the positive impact of foreign currency fluctuations as cover price increases, higher content licensing revenues and digital subscriber growth were more than offset by print volume declines.

For the fiscal year ended June 30, 2026, revenues at the News Media segment increased $57 million, or 3%, as compared to fiscal 2025.

Circulation and subscription revenues increased $57 million, or 5%, as compared to fiscal 2025, primarily due to the $43 million, or 4%, positive impact of foreign currency fluctuations, price increases, higher content licensing revenues and digital subscriber growth in the U.K., partially offset by print volume declines.

Advertising revenues decreased $16 million, or 2%, as compared to fiscal 2025, primarily due to lower print advertising revenues, partially offset by the $28 million, or 3%, positive impact of foreign currency fluctuations.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue increase of $81 million, or 4%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

For the fiscal year ended June 30, 2026, Segment EBITDA at the News Media segment decreased $14 million, or 9%, as compared to fiscal 2025.

The decrease was driven by costs related to the recently launched California Post and higher costs at News Broadcasting, partly due to the FIFA World Cup, partially offset by lower Talk costs.

LIQUIDITY AND CAPITAL RESOURCES

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As of June 30, 2026, the Company’s cash and cash equivalents were $2.1 billion.

The Company also has available borrowing capacity under its revolving credit facility (the “Revolving Facility”) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired.

The Company also has available borrowing capacity under the 2026 Revolving Facility (as defined below) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired.

The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness.

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REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.

Prior to the enactment of the Tax Act, the Company’s undistributed foreign earnings were considered permanently reinvested and as such, United States federal and state income taxes were not previously recorded on these earnings.

Prior to the enactment of the Tax Cuts and Jobs Act (“Tax Act”), the Company’s undistributed foreign earnings were considered permanently reinvested and as such, United States federal and state income taxes were not previously recorded on these earnings.

As a result of the Tax Act, substantially all of the Company’s earnings in foreign subsidiaries generated prior to the enactment of the Tax Act were deemed to have been repatriated and taxed accordingly.

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Issuer Purchases of Equity Securities

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”).

As of June 30, 2025, the remaining authorized amount under the 2021 Repurchase Program was approximately $310 million.

Stock repurchases under the 2021 Repurchase Program commenced on November 9, 2021.

The following table summarizes the shares repurchased and subsequently retired and the related consideration paid during the fiscal years ended June 30, 2025 and 2024:

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.

As of June 30, 2026, there was no authorized amount remaining under the 2021 Repurchase Program, and the remaining authorized amount under the 2025 Repurchase Program was approximately $667 million.

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

The following table summarizes the shares repurchased and subsequently retired under the Stock Repurchase Programs and the related consideration paid, excluding associated taxes, fees, commissions or other costs, during the fiscal years ended June 30, 2026 and 2025:

For the fiscal years ended June 30,

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23.7 $ 643 5.3 $ 150

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.

The manner, timing, number and share price of any repurchases under the Stock Repurchase Programs 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.

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 ASX (ASX:

REA) which was completed during the fiscal year ended June 30, 2026.

For the fiscal year ended June 30, 2026, REA Group repurchased A$200 million (approximately $141 million) of its shares.

The following table summarizes the dividends declared and paid per share on both the Company’s Class A Common Stock and Class B Common Stock:

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Net cash provided by operating activities from continuing operations increased by $259 million for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

The increase was primarily due to higher Total Segment EBITDA and lower restructuring and interest payments, largely offset by higher working capital and higher tax payments.

The increase was primarily due to higher Total Segment EBITDA and lower working capital, partially offset by higher gross tax payments and higher restructuring payments.

Net cash used in investing activities from continuing operations for the fiscal years ended June 30, 2026 and 2025 was as follows:

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Net cash used in investing activities from continuing operations $ (539) $ (406)

Net cash used in investing activities from continuing operations decreased $4 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024 driven by the $193 million of higher proceeds from sales of investments, primarily REA Group’s interest in PropertyGuru, partially offset by the $58 million increase in cash used for purchases of investments, $58 million increase in net cash used for acquisitions and $50 million increase in capital expenditures.

Net cash used in investing activities from continuing operations increased $133 million for the fiscal year ended June 30, 2026 as compared to fiscal 2025 driven by the $185 million of lower proceeds from sales of investments, primarily REA Group’s interest in PropertyGuru in fiscal 2025, $26 million increase in net cash used for acquisitions and $19 million increase in capital expenditures, partially offset by the $94 million decrease in cash used for purchases of investments.

Net cash used in financing activities from continuing operations for the fiscal years ended June 30, 2026 and 2025 was as follows:

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Net cash used in financing activities from continuing operations was $1,014 million for the fiscal year ended June 30, 2026 as compared to $524 million for fiscal 2025.

During the fiscal year ended June 30, 2025, the Company had $203 million of borrowing repayments, primarily related to REA Group, dividend payments of $185 million to News Corporation stockholders and REA Group minority stockholders and $150 million of repurchases of outstanding Class A and Class B Common Stock under the 2021 Repurchase Program.

During the fiscal year ended June 30, 2026, the Company had $641 million of repurchases of outstanding Class A and Class B Common Stock under the Stock Repurchase Programs, dividend payments of $112 million to News Corporation stockholders and $92 million to REA Group minority stockholders, $141 million of repurchases under REA Group’s share repurchase program and $100 million of borrowing repayments primarily related to the Term A Loans under the 2022 Credit Agreement.

The net cash used in financing activities from continuing operations was partially offset by new borrowings of $125 million related to the 2026 Term A Loans in connection with the 2026 Credit Agreement discussed below.

During the fiscal year ended June 30, 2025, the Company had $203 million of borrowing repayments, primarily related to REA Group, dividend payments of $114 million to News Corporation stockholders and $71 million to REA Group minority stockholders and $150 million of repurchases of outstanding Class A and Class B Common Stock under the 2021 Repurchase Program.

The net cash used in financing activities from continuing operations was partially offset by new borrowings of $61 million at REA Group.

During the fiscal year ended June 30, 2024, the Company had $409 million of borrowing repayments, primarily related to the refinancing of REA Group’s debt portfolio, dividend payments of $172 million to News Corporation stockholders and REA Group minority stockholders and $117 million of repurchases of outstanding Class A and Class B Common Stock under the 2021 Repurchase Program.

The net cash used in financing activities from continuing operations was partially offset by new borrowings of $278 million primarily related to the refinancing of REA Group’s debt portfolio.

See Note 9—Borrowings in the accompanying Consolidated Financial Statements.

Net cash provided by discontinued operations for the fiscal years ended June 30, 2025 and 2024 was as follows:

For the fiscal years ended June 30,

(in millions)

Net cash provided by discontinued operations $ 370 $ 129

Net cash provided by discontinued operations for the fiscal year ended June 30, 2025 primarily relates to the sale of Foxtel.

Reconciliation of Free Cash Flow

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Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations, less capital expenditures.

Free cash flow excludes cash flow from discontinued operations.

Free cash flow excludes cash flows from discontinued operations.

Free cash flow may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.

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The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends.

The following table presents a reconciliation of net cash provided by operating activities from continuing operations to free cash flow:

The following table presents a reconciliation of net cash provided by operating activities from continuing operations to free cash flow for the fiscal years ended June 30, 2026 and 2025:

For the fiscal years ended June 30,

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Net cash provided by operating activities from continuing operations

$ 1,237 $ 978

Capital expenditures (426) (407)

Free cash flow 811 571

Free cash flow in the fiscal year ended June 30, 2025 was $571 million compared to $540 million in fiscal 2024.

Free cash flow for the fiscal year ended June 30, 2026 was $811 million compared to $571 million for fiscal 2025.

Free cash flow increased due to higher cash provided by operating activities from continuing operations, as discussed above, partially offset by the $19 million increase in capital expenditures.

News Corporation Borrowings

As of June 30, 2025, News Corporation had (i) borrowings of $1,962 million, including the current portion, consisting of its outstanding 2021 Senior Notes, 2022 Senior Notes and Term A Loans, and (ii) $750 million of undrawn commitments available under the Revolving Facility.

As of June 30, 2026, News Corporation had (i) borrowings of $2.0 billion, including the current portion, consisting of its outstanding 2021 Senior Notes, 2022 Senior Notes and 2026 Term A Loans (as defined below), and (ii) $1 billion of undrawn commitments available under the 2026 Revolving Facility (as defined below).

In March 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 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 0.0%, 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 June 30, 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.

REA Group Borrowings

As of June 30, 2026, REA Group had A$200 million of undrawn commitments available under the 2024 REA Credit Facility.

During the fiscal year ended June 30, 2025, REA Group terminated its (i) A$83 million 2024 Subsidiary Facility and repaid the amount outstanding using capacity available under the 2024 REA Credit Facility and (ii) terminated its A$200 million 2024 REA Credit Facility—tranche 2 and repaid the amount outstanding using proceeds from the sale of REA Group’s interest in PropertyGuru.

During the fiscal year ended June 30, 2026, REA Group amended its 2024 REA Credit Facility to reduce the total amount available under the facility to A$200 million.

REA Group is a consolidated but non wholly-owned subsidiary of News Corp, and its indebtedness is only guaranteed by REA Group and certain of its subsidiaries and is non-recourse to News Corp.

HarperCollins Equipment Lease

In October 2025, HarperCollins entered into a finance leasing arrangement for up to $120 million of equipment for a new warehouse (the “Equipment Lease”).

Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475%.

The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years.

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 upon commencement.

All of the Company’s borrowings contain customary representations, covenants and events of default.

The Company was in compliance with all such covenants at June 30, 2025.

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 agreement may be declared immediately due and payable.

The Company was in compliance with all applicable covenants at June 30, 2026.

See Note 9—Borrowings in the accompanying Consolidated Financial Statements for further details regarding the Company’s outstanding debt, including additional information about interest rates, amortization (if any), maturities and covenants related to such debt arrangements.

17 unchanged sentences

(a) The Company has commitments under purchase obligations related to technology infrastructure services, marketing agreements, content licensing costs and other legally binding commitments.

(b) The Company leases office facilities, warehouse facilities, printing plants and equipment.

(b) The Company’s leases include office facilities, warehouse facilities, printing plants and equipment.

These leases, which are classified as operating leases, are expected to be paid at certain dates through fiscal 2048.

19 unchanged sentences

The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters.

Fees, expenses, fines, penalties,

judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated.

12 unchanged sentences

Indicators such as unexpected adverse economic factors, unanticipated technological changes or competitive activities, loss of key personnel and acts by governments and courts, may signal that an asset has become impaired.

Under ASC 350, Intangibles—Goodwill and Other (“ASC 350”) , in assessing goodwill for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

If the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company is not required to perform any additional tests in assessing goodwill for impairment.

However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine the fair value of the reporting unit, and compare the calculated fair value of a reporting unit with its carrying amount, including goodwill.

The Company determines the fair value of a reporting unit primarily by using both a discounted cash flow analysis and market-based valuation approach.

Under ASC 350, Intangibles—Goodwill and Other (“ASC 350”) , in assessing goodwill or indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit or an indefinite-lived intangible asset is less than its carrying amount.

If the Company determines that it is not more likely than not that the fair value is less than its carrying amount, the Company is not required to perform any additional tests for impairment.

However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis.

For reporting units, the calculated fair value of the reporting unit is compared to its carrying amount, including goodwill, and for indefinite-lived intangible assets, the calculated fair value is compared to its carrying value.

The methods used to estimate the fair value measurements of the Company’s reporting units and indefinite-lived intangible assets include those based on the income approach (including the discounted cash flow and relief-from-royalty methods) and those based on the market approach (primarily the guideline public company method).

Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows.

During the fourth quarter of fiscal 2026, as part of the Company’s long-range planning process, the Company completed its annual goodwill and indefinite-lived intangible asset impairment test.

The performance of the Company’s annual impairment analysis resulted in no impairments to indefinite-lived intangible assets or goodwill in fiscal 2025.

The performance of the Company’s annual impairment analysis resulted in a $9 million impairment of an indefinite-lived intangible asset and no impairments of goodwill in fiscal 2026.

The Company utilized the qualitative assessment for certain of its reporting units and indefinite-lived intangible assets.

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The Company will use a weighted average long-term rate of return of 5.8% for fiscal 2027 based principally on a combination of current asset mix and an expectation of future long term investment returns.

The accumulated net pre-tax losses on the Company’s pension plans as of June 30, 2025 were approximately $456 million which increased from approximately $438 million for the Company’s pension plans as of June 30, 2024.

This net increase of $18 million was primarily due to losses on plan assets and the negative impact of foreign currency fluctuations.

The accumulated net pre-tax losses on the Company’s pension plans as of June 30, 2026 were approximately $429 million which decreased from approximately $456 million for the Company’s pension plans as of June 30, 2025.

This net decrease of $27 million was primarily due to the amortization of deferred losses and the positive impact of foreign currency fluctuations.

Lower discount rates increase present values of benefit obligations, the Company’s deferred losses and subsequent-year benefit costs.

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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-K

Item 7. Management’s Discussion and Analysis