News (NWSA) - 2025 Q4 - Annual Results

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 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] - Net income from continuing operations improved substantially, increasing 71 percent to $648 million[4] - Total Segment EBITDA improved 14 percent to a new record on a continuing operations basis of over $1.4 billion[4] - 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] - Emphasized the value of intellectual property in the AI age, citing concerns about IP theft[6] 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] - REA Group posted record revenues for the full year of $1.25 billion, a 12% increase compared to the prior year[7] 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 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 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] - 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] 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] - 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] 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 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 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] - 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] - Total average subscriptions to Dow Jones' consumer products approached 6.3 million, a 7% increase compared to the prior year[21] 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 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] - 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] - Digital circulation revenues accounted for 74% of circulation revenues for the year, compared to 71% in the prior year[25] 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 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] - 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] - 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] 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] - 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] - Segment EBITDA for fiscal 2025 increased $93 million, or 18%, compared to the prior year, primarily due to the higher revenues[32] 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 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] - Digital sales decreased 3% compared to the prior year due to a 7% decline from audiobook sales[36] - 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] 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] - 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] - 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] 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 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] - Circulation and subscription revenues increased $3 million, or 1%, due to a $5 million positive impact from foreign currency fluctuations[42] - Digital revenues represented 38% of News Media segment revenues in the quarter, compared to 37% in the prior year[44] - 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] 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] - 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] - 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] - 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] 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 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] - Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities from continuing operations less capital expenditures[53] Other Financial Information This section covers additional financial details, including dividend declarations and other relevant corporate financial disclosures 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] - This dividend is payable on October 8, 2025 to stockholders of record as of September 10, 2025[55] 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 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] - 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] - 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] 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 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] - 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] 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 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] - 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] 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 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] 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 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 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 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 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 This section provides essential corporate details, including conference call information, cautionary statements, company overview, and contact information 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] - To listen to the call, please visit http://investors.newscorp.com[58](index=58&type=chunk) 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] - 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] - 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] 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] - The company comprises businesses across a range of media, including: information services and news, digital real estate services and book publishing[60] - 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] Contacts Provides contact information for Investor Relations and Corporate Communications - Investor Relations: Michael Florin (212-416-3363, mflorin@newscorp.com)[61] - Corporate Communications: Arthur Bochner (646-422-9671, abochner@newscorp.com), Anthony Rudolf (212-416-3040, arudolf@newscorp.com)[61]