[Company Overview and Executive Summary](index=1&type=section&id=Company_Overview_and_Executive_Summary) This section provides an executive overview of News Corp's fiscal 2025 performance, including CEO commentary and key financial highlights for the full year and fourth quarter [CEO Commentary](index=1&type=section&id=CEO_Commentary) Robert Thomson highlights a strong Fiscal 2025 with revenue growth, substantial net income improvement, and record Total Segment EBITDA. The company is enhancing shareholder returns through a new $1 billion stock repurchase program and emphasizes the importance of intellectual property in the AI age - For the full year, revenues rose **2 percent to nearly $8.5 billion**[4](index=4&type=chunk) - Net income from continuing operations improved substantially, increasing **71 percent to $648 million**[4](index=4&type=chunk) - Total Segment EBITDA improved **14 percent to a new record** on a continuing operations basis of **over $1.4 billion**[4](index=4&type=chunk) - The Board of Directors authorized a new **$1 billion stock repurchase program**, in addition to the approximately **$300 million remaining** from the previous **$1 billion program**[5](index=5&type=chunk) - Emphasized the value of intellectual property in the AI age, citing concerns about IP theft[6](index=6&type=chunk) [Fiscal 2025 Full Year Key Financial Highlights](index=1&type=section&id=Fiscal_2025_Full_Year_Key_Financial_Highlights) News Corp reported a **2% increase in full-year revenues to $8.45 billion**, driven by Digital Real Estate Services, Dow Jones, and Book Publishing. Net income from continuing operations surged **71% to $648 million**, and Total Segment EBITDA grew **14% to $1.42 billion** Fiscal 2025 Full Year Key Financial Highlights | Metric | Amount | Change YoY | | :----------------------------------- | :------------- | :--------- | | Revenues | $8.45 billion | +2% | | Net income from continuing operations | $648 million | +71% | | Total Segment EBITDA | $1.42 billion | +14% | | Reported diluted EPS from continuing operations | $0.84 | +79% | | Adjusted diluted EPS | $0.89 | +20% | - Dow Jones achieved record revenues for the full year of **$2.33 billion**[7](index=7&type=chunk) - REA Group posted record revenues for the full year of **$1.25 billion**, a **12% increase** compared to the prior year[7](index=7&type=chunk) [Fiscal 2025 Fourth Quarter Key Financial Highlights](index=1&type=section&id=Fiscal_2025_Fourth_Quarter_Key_Financial_Highlights) Fourth quarter revenues increased **1% to $2.11 billion**, primarily due to Dow Jones and Digital Real Estate Services. Net income from continuing operations rose **28% to $86 million**, and Total Segment EBITDA increased **5% to $322 million** Fiscal 2025 Fourth Quarter Key Financial Highlights | Metric | Amount | Change YoY | | :----------------------------------- | :------------- | :--------- | | Revenues | $2.11 billion | +1% | | Net income from continuing operations | $86 million | +28% | | Total Segment EBITDA | $322 million | +5% | | Reported EPS from continuing operations | $0.09 | +12.5% | | Adjusted EPS | $0.19 | -5% | [Consolidated Financial Performance](index=2&type=section&id=Consolidated_Financial_Performance) This section details News Corp's overall financial results for the fourth quarter and full fiscal year 2025, covering revenues, net income, and Total Segment EBITDA [Fourth Quarter Consolidated Results](index=2&type=section&id=Fourth_Quarter_Consolidated_Results) Total revenues for Q4 fiscal 2025 increased **1% to $2.11 billion**, driven by Dow Jones and REA Group, partially offset by declines in News Media and Book Publishing. Net income from continuing operations rose **28% to $86 million**, and Total Segment EBITDA increased **5% to $322 million** Q4 2025 Consolidated Financial Results | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Total Revenues | $2,110 | $2,090 | 1% | | Net income from continuing operations | $86 | $67 | 28% | | Total Segment EBITDA | $322 | $308 | 5% | | Reported EPS from continuing operations | $0.09 | $0.08 | 12.5% | | Adjusted EPS | $0.19 | $0.20 | (5)% | - Revenue increase primarily driven by higher circulation and subscription revenues at Dow Jones, higher Australian residential revenues at REA Group, and a **$5 million positive impact** from foreign currency fluctuations[9](index=9&type=chunk) - Increase in net income from continuing operations primarily driven by higher Other, net and Total Segment EBITDA, partially offset by higher impairment and restructuring charges[10](index=10&type=chunk) [Full Year Consolidated Results](index=2&type=section&id=Full_Year_Consolidated_Results) Full year fiscal 2025 revenues increased **2% to $8.45 billion**, primarily from Digital Real Estate Services, Dow Jones, and Book Publishing. Net income from continuing operations significantly increased by **71% to $648 million**, and Total Segment EBITDA grew **14% to $1.42 billion**, supported by cost savings in News Media FY 2025 Consolidated Financial Results | Metric | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Total Revenues | $8,450 | $8,250 | 2% | | Net income from continuing operations | $648 | $379 | 71% | | Total Segment EBITDA | $1,420 | $1,240 | 14% | | Diluted EPS from continuing operations | $0.84 | $0.47 | 79% | | Adjusted diluted EPS | $0.89 | $0.74 | 20% | - Revenue increase driven by higher revenues at Digital Real Estate Services, Dow Jones and Book Publishing segments, and an **$8 million positive impact** from foreign currency fluctuations[13](index=13&type=chunk) - Increase in net income from continuing operations reflects higher Total Segment EBITDA, higher Other, net and higher interest income, net, partially offset by higher income tax expense and higher depreciation and amortization expense[14](index=14&type=chunk) [Segmental Performance Review](index=3&type=section&id=Segmental_Performance_Review) This section analyzes the financial performance of News Corp's key business segments, including Dow Jones, Digital Real Estate Services, Book Publishing, and News Media, for both quarterly and full-year periods [Dow Jones](index=3&type=section&id=Dow_Jones) Dow Jones demonstrated strong performance in both Q4 and the full fiscal year 2025, driven by growth in professional information businesses and digital circulation. Digital revenues consistently represented a significant majority of total revenues, and subscriptions to consumer products, especially digital-only, continued to grow Dow Jones Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $604 | $566 | 7% | $2,331 | $2,231 | 4% | | Segment EBITDA | $151 | $137 | 10% | $588 | $542 | 8% | [Fourth Quarter Segment Results](index=3&type=section&id=Dow_Jones_Fourth_Quarter_Segment_Results) Dow Jones' Q4 revenues increased **7% to $604 million**, driven by higher circulation and subscription revenues, particularly from professional information businesses (Risk & Compliance up **21%**, Dow Jones Energy up **12%**). Digital revenues accounted for **83% of total revenues**. Segment EBITDA increased **10% to $151 million** - Digital revenues at Dow Jones in the quarter represented **83% of total revenues** compared to **81%** in the prior year[19](index=19&type=chunk) - Professional information business revenues increased **10%**, led by **21% growth** in Risk & Compliance revenues to **$92 million** and **12% growth** in Dow Jones Energy revenues to **$73 million**[20](index=20&type=chunk) - Total average subscriptions to Dow Jones' consumer products approached **6.3 million**, a **7% increase** compared to the prior year[21](index=21&type=chunk) Dow Jones Q4 2025 Subscriptions | Product | Digital-only subscriptions (thousands) | Total subscriptions (thousands) | | :------------------------ | :----------------------------------- | :---------------------------- | | The Wall Street Journal | 4,126 (+9% YoY) | 4,538 (+7% YoY) | | Barron's Group | 1,319 (+2% YoY) | 1,432 (+1% YoY) | | Total Consumer | 5,719 (+9% YoY) | 6,261 (+7% YoY) | [Full Year Segment Results](index=4&type=section&id=Dow_Jones_Full_Year_Segment_Results) Full year revenues for Dow Jones increased **4% to $2.33 billion**, primarily from professional information businesses (Risk & Compliance up **15%**, Dow Jones Energy up **11%**) and digital circulation. Digital revenues represented **82% of total revenues**. Segment EBITDA increased **8% to $588 million** - Digital revenues at Dow Jones represented **82% of total revenues** compared to **80%** in the prior year[24](index=24&type=chunk) - Professional information business revenues increased **7%**, led by **15% growth** in Risk & Compliance revenues to **$337 million** and **11% growth** in Dow Jones Energy revenues to **$278 million**[25](index=25&type=chunk) - Digital circulation revenues accounted for **74% of circulation revenues** for the year, compared to **71%** in the prior year[25](index=25&type=chunk) [Digital Real Estate Services](index=4&type=section&id=Digital_Real_Estate_Services) The Digital Real Estate Services segment saw revenue growth in both Q4 and the full fiscal year 2025, primarily driven by REA Group's strong Australian residential performance and Move's shift to premium offerings, despite macroeconomic headwinds affecting lead volumes Digital Real Estate Services Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $466 | $448 | 4% | $1,802 | $1,658 | 9% | | Segment EBITDA | $152 | $135 | 13% | $601 | $508 | 18% | [Fourth Quarter Segment Results](index=4&type=section&id=Digital_Real_Estate_Services_Fourth_Quarter_Segment_Results) Q4 revenues increased **4% to $466 million**, driven by REA Group (up **4% to $318 million**, **7% in constant currency**) and improved Move revenues (up **3% to $148 million**). Segment EBITDA increased **13% to $152 million** - Revenues at REA Group increased **$13 million, or 4%**, to **$318 million**, driven by higher Australian residential revenues due to price increases and increased depth penetration[30](index=30&type=chunk) - Move's revenues increased **$5 million, or 3%**, to **$148 million**, primarily as a result of revenue growth in seller, new homes and rentals, and higher sales of RealPRO Select[31](index=31&type=chunk) - Average monthly unique users of Realtor.com's web and mobile sites for the fiscal fourth quarter decreased **3%** compared to the prior year to **72 million**. Lead volume was down **13%**[31](index=31&type=chunk) [Full Year Segment Results](index=5&type=section&id=Digital_Real_Estate_Services_Full_Year_Segment_Results) Full year revenues increased **9% to $1.80 billion**, primarily from REA Group (up **12% to $1.25 billion**, **13% in constant currency**) and Move (up **1% to $552 million**). Segment EBITDA increased **18% to $601 million** - REA Group's revenues increased **$136 million, or 12%**, to **$1.25 billion**, primarily due to higher Australian residential revenues driven by price increases, increased depth penetration and **1% growth** in national listings[33](index=33&type=chunk) - Move's revenues increased **$8 million, or 1%**, to **$552 million**, primarily due to revenue growth in seller, new homes and rentals, and higher sales of RealPRO Select[34](index=34&type=chunk) - Segment EBITDA for fiscal 2025 increased **$93 million, or 18%**, compared to the prior year, primarily due to the higher revenues[32](index=32&type=chunk) [Book Publishing](index=5&type=section&id=Book_Publishing) Book Publishing experienced a revenue decrease in Q4 due to tough comparisons and softer consumer spending, but achieved full-year revenue growth driven by digital sales and acquisitions. Digital sales, particularly audiobooks, continued to be a growth driver for the full year Book Publishing Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $494 | $512 | (4)% | $2,149 | $2,093 | 3% | | Segment EBITDA | $50 | $57 | (12)% | $296 | $269 | 10% | [Fourth Quarter Segment Results](index=5&type=section&id=Book_Publishing_Fourth_Quarter_Segment_Results) Q4 revenues decreased **4% to $494 million**, attributed to strong prior-year performance, softer consumer spending, and fewer notable frontlist titles. Digital sales declined **3%**, mainly due to a **7% drop** in audiobook sales. Segment EBITDA decreased **12% to $50 million** - Revenues in the quarter decreased **$18 million, or 4%**, compared to the strong prior year performance and were also impacted by some softer consumer spending within the industry and fewer notable frontlist titles[35](index=35&type=chunk) - Digital sales decreased **3%** compared to the prior year due to a **7% decline** from audiobook sales[36](index=36&type=chunk) - Digital sales represented **25% of Consumer revenues** for the quarter compared to **24%** for the prior year period. Backlist sales represented approximately **65% of Consumer revenues**[36](index=36&type=chunk) [Full Year Segment Results](index=6&type=section&id=Book_Publishing_Full_Year_Segment_Results) Full year revenues increased **3% to $2.15 billion**, driven by higher digital book sales (including audiobooks and e-books), improved U.S. returns, and the acquisition of a German publisher. Segment EBITDA increased **10% to $296 million** - Fiscal 2025 full year revenues increased **$56 million, or 3%**, primarily due to higher digital book sales, improved returns in the U.S., the **$14 million impact** from the acquisition of a German book publisher[38](index=38&type=chunk) - Digital sales increased **5%** compared to the prior year, driven by higher audiobooks sales, which included the contribution from Spotify, as well as growth in e-book sales[39](index=39&type=chunk) - Digital sales represented **24% of Consumer revenues** for the year compared to **23%** in the prior year. Backlist sales represented approximately **64% of Consumer revenues**[39](index=39&type=chunk) [News Media](index=6&type=section&id=News_Media) News Media experienced revenue declines in both Q4 and the full fiscal year 2025, primarily due to lower printing contracts and advertising. Despite this, full-year Segment EBITDA increased due to cost savings initiatives. Digital subscriber growth was noted for some mastheads, while others saw a decrease in unique users News Media Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $545 | $566 | (4)% | $2,170 | $2,270 | (4)% | | Segment EBITDA | $28 | $32 | (13)% | $153 | $133 | 15% | [Fourth Quarter Segment Results](index=6&type=section&id=News_Media_Fourth_Quarter_Segment_Results) Q4 revenues decreased **4% to $545 million**, primarily driven by lower revenues from third-party printing contracts and lower advertising revenues. Segment EBITDA decreased **13% to $28 million**, partially offset by cost savings. Digital revenues represented **38% of segment revenues** - Revenues in the quarter decreased **$21 million, or 4%**, primarily driven by lower revenues from the transfer of third-party printing revenue contracts to News UK's joint venture with DMG Media and lower advertising revenues[41](index=41&type=chunk) - Circulation and subscription revenues increased **$3 million, or 1%**, due to a **$5 million positive impact** from foreign currency fluctuations[42](index=42&type=chunk) - Digital revenues represented **38% of News Media segment revenues** in the quarter, compared to **37%** in the prior year[44](index=44&type=chunk) - Closing digital subscribers at News Corp Australia as of June 30, 2025 were **1,166,000** (**993,000** for news mastheads), compared to **1,117,000** (**968,000** for news mastheads) in the prior year[44](index=44&type=chunk) [Full Year Segment Results](index=7&type=section&id=News_Media_Full_Year_Segment_Results) Full year revenues decreased **4% to $2.17 billion**, mainly due to lower third-party printing contracts, advertising, and circulation. Segment EBITDA increased **15% to $153 million**, driven by cost savings initiatives. Digital subscribers for The Times and Sunday Times grew to **640,000** - Fiscal 2025 full year revenues decreased **$100 million, or 4%**, primarily driven by lower revenues from the transfer of third-party printing revenue contracts to News UK's joint venture with DMG Media, lower advertising revenues and lower circulation and subscription revenues[46](index=46&type=chunk) - Advertising revenues decreased **$39 million, or 5%**, 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[48](index=48&type=chunk) - The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of June 30, 2025 were **640,000**, compared to **594,000** in the prior year[52](index=52&type=chunk) - The Sun's digital offering reached **87 million global monthly unique users** in June 2025, compared to **112 million** in the prior year. New York Post's digital network reached **90 million unique users** in June 2025, compared to **117 million** in the prior year[52](index=52&type=chunk) [Cash Flow Analysis](index=7&type=section&id=Cash_Flow_Analysis) This section details the company's cash flow performance for fiscal year 2025, highlighting changes in operating activities, capital expenditures, and free cash flow [Fiscal Year 2025 Cash Flow](index=7&type=section&id=Fiscal_Year_2025_Cash_Flow) Net cash provided by operating activities from continuing operations increased by **$81 million to $978 million** for fiscal year 2025. Free cash flow improved to **$571 million** from **$540 million** in the prior year, primarily due to higher operating cash flow, partially offset by increased capital expenditures Fiscal Year Cash Flow Summary | Metric | FY 2025 (millions) | FY 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net cash provided by operating activities from continuing operations | $978 | $897 | | Capital expenditures | $(407) | $(357) | | Free cash flow | $571 | $540 | - Net cash provided by operating activities from continuing operations was **$81 million higher** than in the prior year, primarily due to higher Total Segment EBITDA and lower restructuring and interest payments, partially offset by higher working capital and higher tax payments[50](index=50&type=chunk) - Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities from continuing operations less capital expenditures[53](index=53&type=chunk) [Other Financial Information](index=8&type=section&id=Other_Financial_Information) This section covers additional financial details, including dividend declarations and other relevant corporate financial disclosures [Dividends](index=8&type=section&id=Dividends) News Corporation declared a semi-annual cash dividend of **$0.10 per share** for Class A and Class B Common Stock, payable on October 8, 2025, to stockholders of record as of September 10, 2025 - The Company declared today a semi-annual cash dividend of **$0.10 per share** for Class A Common Stock and Class B Common Stock[55](index=55&type=chunk) - This dividend is payable on October 8, 2025 to stockholders of record as of September 10, 2025[55](index=55&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP_Financial_Measures_and_Reconciliations) This section provides definitions and reconciliations for non-GAAP financial measures, including Total Segment EBITDA, Adjusted Revenues, Adjusted EPS, and Constant Currency Revenues, used to assess core business performance [Note 1 – Total Segment EBITDA](index=14&type=section&id=Note%201%20%E2%80%93%20Total%20Segment%20EBITDA) Total Segment EBITDA is a non-GAAP measure defined as revenues less operating and SG&A expenses, excluding depreciation, amortization, impairment, restructuring, equity losses, interest, other net, income tax, and discontinued operations. It is used by management and investors to assess core operating performance and allocate resources - Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses[72](index=72&type=chunk) - It does not include depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax[72](index=72&type=chunk) - Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company's business segments because it is the primary measure used by the Company's chief operating decision maker to evaluate the performance of and allocate resources within the Company's businesses[72](index=72&type=chunk) Reconciliation of Net Income from Continuing Operations to Total Segment EBITDA (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | Change (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :---------------- | :--------- | | Net income from continuing operations | $86 | $67 | $19 | 28% | | Total Segment EBITDA | $322 | $308 | $14 | 5% | Reconciliation of Net Income from Continuing Operations to Total Segment EBITDA (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | Change (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :---------------- | :--------- | | Net income from continuing operations | $648 | $379 | $269 | 71% | | Total Segment EBITDA | $1,415 | $1,241 | $174 | 14% | [Note 2 – Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA](index=16&type=section&id=Note%202%20%E2%80%93%20Adjusted%20Revenues%2C%20Adjusted%20Total%20Segment%20EBITDA%20and%20Adjusted%20Segment%20EBITDA) These non-GAAP measures exclude the impact of acquisitions, divestitures, U.K. Newspaper Matters, litigation charges, and foreign currency fluctuations to provide a clearer view of core business operations and comparability between periods - The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs related to the U.K. Newspaper Matters, litigation charges and foreign currency fluctuations[76](index=76&type=chunk) - These measures are used to evaluate the performance of the Company's core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations[76](index=76&type=chunk) Reconciliation of Reported to Adjusted Revenues and Total Segment EBITDA (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | Difference (millions) | | :-------------------------- | :----------------- | :----------------- | :-------------------- | | Reported Revenues | $2,109 | $2,092 | $17 | | Adjusted Revenues | $2,095 | $2,090 | $5 | | Reported Total Segment EBITDA | $322 | $308 | $14 | | Adjusted Total Segment EBITDA | $329 | $310 | $19 | Reconciliation of Reported to Adjusted Revenues and Total Segment EBITDA (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | Difference (millions) | | :-------------------------- | :----------------- | :----------------- | :-------------------- | | Reported Revenues | $8,452 | $8,252 | $200 | | Adjusted Revenues | $8,413 | $8,244 | $169 | | Reported Total Segment EBITDA | $1,415 | $1,241 | $174 | | Adjusted Total Segment EBITDA | $1,435 | $1,253 | $182 | Average Foreign Exchange Rates | Currency | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :-------------------------- | :-------- | :-------- | :----- | :----- | | U.S. Dollar per Australian Dollar | $0.64 | $0.66 | $0.65 | $0.65 | | U.S. Dollar per British Pound Sterling | $1.33 | $1.26 | $1.29 | $1.26 | [Note 3 – Adjusted Net Income and Adjusted EPS](index=21&type=section&id=Note%203%20%E2%80%93%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) Adjusted net income and EPS are non-GAAP measures that exclude U.K. Newspaper Matters, litigation charges, impairment and restructuring charges, and "Other, net" (net of tax) to provide a clearer view of operational performance - The Company uses net income (loss) attributable to News Corporation stockholders from continuing operations and diluted earnings per share from continuing operations excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and "Other, net", net of tax[85](index=85&type=chunk) - These measures are used to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items[85](index=85&type=chunk) Reconciliation of Reported to Adjusted Net Income and EPS (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net income attributable to News Corp stockholders from continuing operations | $53 | $43 | | Diluted EPS from continuing operations | $0.09 | $0.08 | | Adjusted net income attributable to News Corp stockholders | $106 | $114 | | Adjusted EPS | $0.19 | $0.20 | Reconciliation of Reported to Adjusted Net Income and EPS (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net income attributable to News Corp stockholders from continuing operations | $480 | $269 | | Diluted EPS from continuing operations | $0.84 | $0.47 | | Adjusted net income attributable to News Corp stockholders | $510 | $427 | | Adjusted EPS | $0.89 | $0.74 | [Note 4 – Constant Currency Revenues](index=23&type=section&id=Note%204%20%E2%80%93%20Constant%20Currency%20Revenues) Constant currency revenues are a non-GAAP measure that excludes the impact of foreign currency fluctuations to provide useful information regarding the performance of core business operations - The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations ("constant currency revenues") provides useful information regarding the performance of the Company's core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations[90](index=90&type=chunk) Consolidated Revenues (Q4 Fiscal 2025 vs 2024) - Constant Currency | Metric | Q4 Fiscal 2024 (millions) | Q4 Fiscal 2025 (millions) | FX impact (millions) | Q4 Fiscal 2025 constant currency (millions) | % Change - reported | % Change - constant currency | | :-------------------------- | :------------------------ | :------------------------ | :------------------- | :------------------------------------------ | :------------------ | :--------------------------- | | Total revenues | $2,092 | $2,109 | $5 | $2,104 | 1% | 1% | Consolidated Revenues (Fiscal Year 2025 vs 2024) - Constant Currency | Metric | Fiscal 2024 (millions) | Fiscal 2025 (millions) | FX impact (millions) | Fiscal 2025 constant currency (millions) | % Change - reported | % Change - constant currency | | :-------------------------- | :--------------------- | :--------------------- | :------------------- | :--------------------------------------- | :------------------ | :--------------------------- | | Total revenues | $8,252 | $8,452 | $8 | $8,444 | 2% | 2% | [Consolidated Financial Statements](index=10&type=section&id=Consolidated_Financial_Statements) This section presents the company's official consolidated financial statements, including statements of operations, balance sheets, and cash flows, for the reported periods [Consolidated Statements of Operations](index=10&type=section&id=Consolidated_Statements_of_Operations) The consolidated statements of operations present the company's revenues, expenses, and net income for the three months and fiscal years ended June 30, 2025 and 2024. For FY2025, total revenues were **$8,452 million** and net income was **$1,340 million** Consolidated Statements of Operations (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | | :----------------------------------- | :----------------- | :----------------- | | Total Revenues | $2,109 | $2,092 | | Net income from continuing operations | $86 | $67 | | Net income | $776 | $71 | | Diluted EPS from continuing operations | $0.09 | $0.08 | Consolidated Statements of Operations (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | | :----------------------------------- | :----------------- | :----------------- | | Total Revenues | $8,452 | $8,252 | | Net income from continuing operations | $648 | $379 | | Net income | $1,340 | $354 | | Diluted EPS from continuing operations | $0.84 | $0.47 | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated_Balance_Sheets) The consolidated balance sheets provide a snapshot of the company's assets, liabilities, and equity as of June 30, 2025 and 2024. As of June 30, 2025, total assets were **$15,504 million**, and total equity was **$9,389 million** Consolidated Balance Sheets (As of June 30, 2025) | Metric | Amount (millions) | | :----------------------------------- | :---------------- | | Total current assets | $4,811 | | Total assets | $15,504 | | Total current liabilities | $2,608 | | Total liabilities and equity | $15,504 | | Total News Corporation stockholders' equity | $8,774 | | Total equity | $9,389 | Consolidated Balance Sheets (As of June 30, 2024) | Metric | Amount (millions) | | :----------------------------------- | :---------------- | | Total current assets | $4,372 | | Total assets | $16,684 | | Total current liabilities | $3,055 | | Total liabilities and equity | $16,684 | | Total News Corporation stockholders' equity | $8,120 | | Total equity | $9,011 | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated_Statements_of_Cash_Flows) The consolidated statements of cash flows detail the cash inflows and outflows from operating, investing, and financing activities for the fiscal years ended June 30, 2025 and 2024. Net cash provided by operating activities from continuing operations was **$978 million** in FY2025 Consolidated Statements of Cash Flows (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net cash provided by operating activities from continuing operations | $978 | $897 | | Net cash used in investing activities from continuing operations | $(406) | $(410) | | Net cash used in financing activities from continuing operations | $(524) | $(483) | | Net cash provided by discontinued operations | $370 | $129 | | Net change in cash and cash equivalents, including discontinued operations | $418 | $133 | | Cash and cash equivalents, end of year | $2,403 | $1,960 | [Corporate Information](index=9&type=section&id=Corporate_Information) This section provides essential corporate details, including conference call information, cautionary statements, company overview, and contact information [Conference Call](index=9&type=section&id=Conference_Call) News Corporation's earnings conference call was scheduled for August 5, 2025, at 5:00 p.m. EDT, accessible via their investor relations website - News Corporation's earnings conference call can be heard live at 5:00 p.m. EDT on August 5, 2025[58](index=58&type=chunk) - To listen to the call, please visit http://investors.newscorp.com[58](index=58&type=chunk) [Cautionary Statement Concerning Forward-Looking Statements](index=9&type=section&id=Cautionary_Statement_Concerning_Forward-Looking_Statements) The document contains forward-looking statements regarding business trends, strategy, and financial condition, which are based on management's views and subject to risks and uncertainties detailed in SEC filings. The company disclaims any obligation to update these statements - This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995[59](index=59&type=chunk) - These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company's filings with the Securities and Exchange Commission[59](index=59&type=chunk) - The "forward-looking statements" included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any "forward-looking statements" to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation[59](index=59&type=chunk) [About News Corporation](index=9&type=section&id=About_News_Corporation) News Corp is a global, diversified media and information services company focused on creating and distributing authoritative content across information services, news, digital real estate, and book publishing. Headquartered in New York, it operates primarily in the U.S., Australia, and the U.K. - News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services[60](index=60&type=chunk) - The company comprises businesses across a range of media, including: information services and news, digital real estate services and book publishing[60](index=60&type=chunk) - Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide[60](index=60&type=chunk) [Contacts](index=9&type=section&id=Contacts) Provides contact information for Investor Relations and Corporate Communications - Investor Relations: Michael Florin (**212-416-3363**, mflorin@newscorp.com)[61](index=61&type=chunk) - Corporate Communications: Arthur Bochner (**646-422-9671**, abochner@newscorp.com), Anthony Rudolf (**212-416-3040**, arudolf@newscorp.com)[61](index=61&type=chunk)

Core Insights - News Corporation (NWSA) is set to report its fourth-quarter fiscal 2025 results on August 5, with revenue expectations of $2.10 billion, reflecting an 18.37% decline year-over-year, while earnings per share (EPS) is projected to grow by 11.76% to 19 cents [1][9]. Financial Performance - The company has a mixed earnings surprise history, beating the Zacks Consensus Estimate in two of the last four quarters, missing in one, and matching in another, resulting in an average surprise of 8.51% [2]. - NWSA's fiscal fourth-quarter performance is anticipated to benefit from strong segments such as Digital Real Estate, Book Publishing, and Dow Jones, alongside a disciplined capital return strategy [3]. Strategic Developments - Recent acquisitions, including Oxford Analytica and DragonFly Intelligence, have bolstered NWSA's intelligence capabilities, particularly in geopolitical and macroeconomic analysis [4]. - The Dow Jones Energy segment reported a 10% revenue growth, driven by investments in proprietary pricing tools and a new carbon and clean fuels platform [4]. - Realtor.com is expected to perform well, contributing 22% to revenues, supported by increased demand in rental, seller, and new-home categories [5]. Financial Health - The company authorized a $1 billion share repurchase, indicating confidence in its financial health, supported by $539 million in free cash flow and over $2.1 billion in cash as of March 31, 2025 [6]. - NWSA ended the fiscal third quarter with a net cash position of $130 million, allowing for buybacks without compromising investment priorities [6]. Challenges - The company is likely to face challenges due to ongoing advertising turbulence, particularly in the News Media segment, which saw an 8% revenue decline in the fiscal third quarter [7]. - Advertising revenues fell by $19 million in the fiscal third quarter, impacting segment performance despite cost-cutting measures [7].

Domestic News - The Yarlung Tsangpo River downstream hydropower project officially commenced on July 19 in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion yuan, aiming to construct five tiered power stations primarily for power transmission and local consumption [2] - The Ministry of Finance's Deputy Minister Liao Min announced at the G20 finance ministers and central bank governors meeting that China will implement a more proactive fiscal policy in the second half of the year and expand high-level opening-up [2] Industry News - The State-owned Assets Supervision and Administration Commission (SASAC) released the list of A-level enterprises for the 2024 annual performance assessment, including major companies such as State Grid Corporation of China and China National Petroleum Corporation [3] - The Lixun Robot Headquarters project broke ground in Changshu with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon completion [4] - FAW Qiji New Power Technology Co., Ltd., a wholly-owned subsidiary of FAW Group, held its inaugural conference in Changchun, focusing on developing leading technologies in new energy powertrains [4]

新华社消息， 美国总统特朗普7月18日根据联邦诽谤法，向迈阿密市一家联邦法院起诉媒体大 亨默多克和新闻集团、道琼斯公司以及《华尔街日报》两名记者，索赔至少100亿美元。 特朗普去年竞选总统时曾承诺公布爱泼斯坦"客户名单"，揭露爱泼斯坦罪行及其死亡背后的真 相。 美国司法部和联邦调查局本月7日发布联合备忘录， 认定不存在"客户名单"且不会发布更 多爱泼斯坦案相关文件。 这一结论在特朗普阵营内部引发质疑和不满，特朗普近期已多次就 此发声。 （ 来源：新华社、央视新闻 ） 当地时间7月17日，美国总统特朗普在其社交媒体"真实社交"发文怒斥 《 华尔街日报》刊登其 致爱泼斯坦的"伪造信件" ， 称" 这不是我的话，我也不画画"。 特朗普还称该报道"虚假、恶 意、诽谤"，并表示将起诉《华尔街日报》、新闻集团及鲁珀特·默多克本人。他强调， 已亲自 警 告默多克与主编艾玛·塔克该信为伪造，但对方仍执意刊发。 特朗普称此举是"又一个假新闻案例"，并否认与爱泼斯坦有任何不当关联。 默多克是新闻集团创始人、现任名誉主席。新闻集团是道琼斯公司母公司，《华尔街日报》是 道琼斯公司旗下媒体。该报此前一篇报道称， 特朗普2003年致信美 ...

2025.07. 18 本文字数：755，阅读时长大约2分钟 据央视新闻，当地时间7月18日，美国总统特朗普对新闻集团、道琼斯公司、传媒大亨鲁珀特·默多 克及两名《华尔街日报》记者提起诽谤诉讼。 据悉，特朗普指控《华尔街日报》刊登其致爱泼斯坦的"伪造信件"， 并向被告寻求至少100亿美元 赔偿。 特朗普称被告"蓄意中伤"，已对其造成"巨大的经济和声誉损害"。 特朗普18日上午在社交媒体发文写道，期待让默多克"在我起诉他和他那'垃圾堆'报纸《华尔街日 报》的案子中作证""那将是一段有趣的经历"。 据悉，默多克是新闻集团创始人、现任名誉主席。新闻集团是道琼斯公司母公司，《华尔街日报》是 道琼斯公司旗下媒体。 当地时间7月17日，美国总统特朗普在其社交媒体"真实社交"发文怒斥《华尔街日报》刊登其致爱 泼斯坦的"伪造信件"，称"这不是我的话，我也不画画"。特朗普还称该报道"虚假、恶意、诽谤"， 并表示将起诉《华尔街日报》、新闻集团及鲁珀特·默多克本人。他强调，已亲自警告默多克与主编 艾玛·塔克该信为伪造，但对方仍执意刊发。 特朗普称此举是"又一个假新闻案例"，并否认与爱泼斯坦有任何不当关联。 爱泼斯坦与大量美国政商名 ...

Group 1 - The core issue involves President Trump's lawsuit against media mogul Rupert Murdoch, News Corp, Dow Jones, and two journalists from The Wall Street Journal, seeking at least $10 billion in damages [1] - The lawsuit is based on a report claiming Trump sent a letter to financier Jeffrey Epstein in 2003 that included inappropriate illustrations and mentioned shared "secrets" [1] - Trump expressed his anticipation of having Murdoch testify in court, describing the experience as potentially interesting [1] Group 2 - Trump's supporters are dissatisfied with the U.S. Department of Justice's recent memorandum stating that there is no "client list" related to the Epstein case and that no further documents will be released [2] - In response to the pressure from his supporters, Trump has requested the Justice Department to seek the release of grand jury records related to the Epstein case [2]

Core Viewpoint - On July 18, U.S. President Trump filed a defamation lawsuit against News Corp, Dow Jones, media mogul Rupert Murdoch, and two journalists from The Wall Street Journal [1] Group 1 - The lawsuit has not yet been made public [1] - News Corp owns several print publications, including The Wall Street Journal, New York Post, and HarperCollins Publishers [1] - Dow Jones is a subsidiary of News Corp [1]

Group 1 - Robert Thomson has been reappointed as CEO of News Corp for another five years, extending his tenure through June 2030 [1] - News Corp's portfolio includes notable subsidiaries such as the Wall Street Journal, Dow Jones, and HarperCollins [1] - The company has experienced its four most profitable years under Thomson's leadership [4] Group 2 - The Murdoch family previously explored a merger between News Corp and Fox Corp, but the effort was abandoned in 2023 due to resistance from influential shareholders [2] - Thomson has made strategic investments in growth areas like Dow Jones, Digital Real Estate Services, and Book Publishing [3] - The company has recently sold Foxtel to DAZN and established partnerships with tech platforms, including OpenAI [4]

Core Points - News Corp has extended CEO Robert Thomson's contract through 2030, highlighting his significant contributions to the company's growth and profitability [1][2] - Thomson has led News Corp during its four most profitable years from fiscal 2021 to 2024, with strong performance expected to continue in fiscal 2025 [1] - The company has engaged in major transactions, including the sale of its Australian cable-TV unit Foxtel for $2.19 billion in 2024 [2] - News Corp has established landmark agreements with major technology platforms, including a recent deal with OpenAI for licensing intellectual property [5] Company Performance - Under Thomson's leadership, News Corp has achieved its four most profitable years from fiscal 2021 to 2024 [1] - The company anticipates continued strong performance in fiscal 2025 despite challenges in the media landscape [1] Leadership and Vision - Lachlan Murdoch, News Corp Chair, emphasized Thomson's instrumental role in the company's growth and transformation during a period of rapid change [2] - Thomson expressed gratitude for the opportunity to lead a company that is passionate and principled, acknowledging the challenges and opportunities in the current media environment [5][6]

Core Viewpoint - News Corporation (NWSA) reported mixed third-quarter fiscal 2025 earnings, with earnings per share of 17 cents, missing estimates but showing a year-over-year increase of 54.5% [1]. Financial Performance - Revenues reached $2.01 billion, a 1% increase year over year, but fell short of consensus estimates by 0.29% [1]. - Adjusted revenues, excluding foreign currency impacts, grew by 2% year over year [3]. - Total EBITDA rose 12% year over year to $290 million, driven by strong contributions from Digital Real Estate Services and Dow Jones segments [3]. Segment Performance Digital Real Estate Services - Revenues increased by 5% year over year to $406 million, with strong performance from REA Group and a second consecutive quarter of revenue growth for Move [4]. - Move revenues grew 2% year over year to $135 million, supported by strong growth in sellers, new homes, and rentals [5]. - REA Group revenues rose 6% year over year to $271 million, driven by higher Australian residential revenues [6]. Dow Jones - Revenues increased 6% year over year to $575 million, fueled by higher circulation and subscription revenues [9]. - Digital revenues accounted for 82% of total revenues, up from 81% in the previous year [9]. - Total average subscriptions to Dow Jones' consumer products grew 7% year over year to 6.1 million [13]. Book Publishing - Revenues in the Book Publishing segment reached $514 million, a 2% increase year over year, driven by higher book sales [15]. - Digital sales rose 3% year over year, with audiobook sales benefiting from a partnership with Spotify [16]. News Media - Revenues in the News Media segment fell 8% year over year to $514 million, primarily due to lower advertising revenues [17]. - Digital revenues represented 39% of the News Media segment's revenues, up from 37% in the prior year [20]. Strategic Developments - NWSA completed the sale of Foxtel Group to DAZN, receiving a minority equity stake of approximately 6% in DAZN [7]. Other Financial Aspects - As of March 31, 2025, NWSA had cash and cash equivalents of $2.09 billion and borrowings of $1.95 billion [22].