Group 1 - News Corp. reported revenue of $2.11 billion for the quarter ended June 2025, a decrease of 18.2% year-over-year, with EPS at $0.19 compared to $0.17 in the same quarter last year [1] - The reported revenue slightly exceeded the Zacks Consensus Estimate of $2.1 billion, resulting in a surprise of +0.26%, while the EPS met the consensus estimate [1] - Over the past month, News Corp. shares returned +0.5%, underperforming the Zacks S&P 500 composite's +1% change, and the stock currently holds a Zacks Rank 3 (Hold) [3] Group 2 - Revenue breakdown by product includes: Dow Jones at $604 million (+6.7% YoY), Book Publishing at $494 million (-3.5% YoY), Digital Real Estate Services at $466 million (+4% YoY), and News Media at $545 million (0% change YoY) [4] - EBITDA figures show Dow Jones at $151 million, News Media at $28 million, Other at -$59 million, Book Publishing at $50 million, and Digital Real Estate Services at $152 million, with most figures exceeding analyst estimates [4]

Core Insights - News Corp reported a 28% increase in quarterly profits and a 1% rise in revenue, surpassing Wall Street expectations [1] - The company's net income for the fourth quarter was $86 million, up from $67 million year-over-year, while revenues reached $2.11 billion, compared to $2.09 billion in the prior year [1] - For the fiscal year 2025, profits surged 71% to $648 million from $379 million, with annual revenues increasing 2% to $8.45 billion [4] Revenue Drivers - The earnings growth was primarily driven by higher circulation and subscription revenues from the Dow Jones division, which includes notable publications like The Wall Street Journal and Barron's [2][4] Capital Return Strategy - News Corp's CEO announced a new $1 billion stock repurchase program, in addition to approximately $300 million remaining from a previous program [5] - The company plans to accelerate share repurchases following the release of these strong financial results, reflecting confidence in its financial strength [6] Expansion Plans - The company is set to expand its operations with the launch of The California Post in early 2026, targeting the West Coast market [8] Industry Commentary - The CEO emphasized the importance of protecting intellectual property rights in the face of challenges posed by artificial intelligence, highlighting the need to maintain America's competitive edge through creativity and innovation [9][10]

Core Viewpoint - The ongoing conflict between News Corp and Donald Trump highlights the tension surrounding intellectual property rights in the age of AI, with CEO Robert Thomson criticizing Trump's support for AI technology while emphasizing the need to protect creators' rights [1][2][5]. Group 1: Company Position on AI and Intellectual Property - News Corp is actively pursuing legal action against AI firms, claiming that their technologies infringe on the company's intellectual property by utilizing content from its publications without permission [4][9]. - Thomson articulated the importance of safeguarding intellectual property, stating that the value of creativity and ingenuity must be preserved to maintain a competitive edge against countries like China [5][8]. - The company is adopting a "woo-and-sue" strategy towards AI firms, indicating a dual approach of collaboration and litigation to protect its content [9]. Group 2: Financial Implications and Industry Context - Thomson noted that companies are investing tens of billions in AI infrastructure, yet they must also allocate significant resources to secure content that is essential for their success [8]. - The potential for AI to cannibalize existing works, such as Trump's books, raises concerns about future sales and the overall health of the content ecosystem [6][7]. - The ongoing legal battles and the need for a healthy content ecosystem are critical for the sustainability of media companies like News Corp in the evolving digital landscape [9].

Core Viewpoint - News Corp's CEO Robert Thomson highlighted the challenges posed by AI to intellectual property, referencing Donald Trump's situation in the context of the company's fiscal fourth quarter earnings report [1][3][5]. Group 1: Company Earnings and AI Impact - Thomson cleverly referenced Trump in the earnings report without directly mentioning the lawsuit or Epstein, indicating a potential thaw in relations between Murdoch and Trump [2]. - The earnings release emphasized the irony of Trump, as an intellectual property holder, being affected by AI, despite his support for tech firms in AI development [3]. - Thomson stated that companies are investing tens of billions in data centers, chips, and energy generation, and they must also invest significantly in content to ensure a healthy content ecosystem [8]. Group 2: Intellectual Property and Legal Actions - News Corp has been actively pursuing legal options to protect its intellectual property, including a lawsuit against AI firm Perplexity for allegedly using its content without permission [4][9]. - Thomson stressed the importance of protecting intellectual property rights, arguing that undermining these rights would damage America's creative advantage [5]. - The company is adopting a "woo-and-sue" strategy towards AI firms, indicating a dual approach of collaboration and legal action to safeguard its content [9].

[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]

Core Viewpoint - The article discusses former 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 for defamation related to a report about a letter he sent to Jeffrey Epstein [1][2]. Group 1 - Trump filed the lawsuit in a federal court in Miami, claiming the report included a forged letter that misrepresented his words and intentions [1]. - The lawsuit is a response to an article that alleged inappropriate connections between Trump and Epstein, which Trump vehemently denies [2]. - Trump characterized the report as "fake news" and accused the media of malicious intent, asserting that he had previously warned Murdoch and the editor about the letter's authenticity [1][2]. Group 2 - The article highlights Trump's ongoing disputes with the media, particularly regarding the Epstein case, where he had previously promised to reveal a "client list" related to Epstein's activities [2]. - The U.S. Department of Justice and the FBI recently concluded that there is no "client list" and will not release further documents related to the Epstein case, which has led to dissatisfaction within Trump's camp [2].

Core Points - The article discusses a defamation lawsuit filed by former President Trump against News Corp, Dow Jones, Rupert Murdoch, and two Wall Street Journal reporters, seeking at least $10 billion in damages for alleged false reporting [1][2] - Trump claims that the Wall Street Journal published a "forged letter" related to his connection with Jeffrey Epstein, which he denies [1][2] Group 1 - Trump accuses the Wall Street Journal of maliciously publishing false information that has caused significant economic and reputational harm [1] - The lawsuit is described as part of a broader narrative of "fake news" that Trump has frequently criticized [2] - The Wall Street Journal's report included a letter from Trump in a birthday tribute to Epstein, which Trump claims is not authentic [2]

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]