Financial Data and Key Metrics Changes - For fiscal year 2025, revenues increased by 2% to nearly $8.5 billion, while total segment EBITDA improved by 14% to just over $1.4 billion, marking a record for the company on a continuing operations basis [6] - Net income from continuing operations rose by 71% to $648 million, with profit margins increasing by 170 basis points to 16.7% [6] - In the fourth quarter, revenues rose by 1% to $2.1 billion, profitability grew by 5% to $322 million, and net income from continuing operations increased by 28% to $86 million [6][25] Business Line Data and Key Metrics Changes - Dow Jones reported a strong year with revenue and EBITDA rising by 48% respectively, with fourth-quarter revenues increasing by 7% to $604 million [12][26] - Digital real estate revenues rose by 9% for the year, with segment EBITDA increasing by 18% [14] - Book publishing achieved a 3% revenue increase to $2.1 billion, with segment EBITDA expanding by 10% [17] Market Data and Key Metrics Changes - REA posted a 12% revenue growth for the year, with audience reach improving significantly [17] - Digital real estate segment revenues were up 4% year-over-year, while segment EBITDA increased by 13% [31] - The New York Post continued to expand its influence and profitability, with plans for expansion in California [21] Company Strategy and Development Direction - The company remains focused on driving value across three pillars: Dow Jones, digital real estate services, and book publishing [9] - The recent sale of Foxtel Group has streamlined the portfolio and bolstered cash position, allowing for strategic acquisitions [9] - The company emphasizes the importance of protecting intellectual property in the age of AI, advocating for the value of content creation [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation towards high-margin content licensing and recurring digital revenues [23] - The outlook for Dow Jones remains positive, with expectations for continued margin expansion as the business shifts to B2B [38] - The company anticipates challenges in the housing market affecting digital real estate but remains optimistic about future growth [38] Other Important Information - The board authorized a new $1 billion stock repurchase program, in addition to approximately $300 million remaining from a previous program [7][24] - Free cash flow for fiscal 2025 was $571 million, up from $540 million in the prior year [7] Q&A Session Summary Question: Can you expand on the decision to accelerate the buyback? - Management indicated that the scale and pace of the buyback will increase, supported by improved free cash flow and the sale of Foxtel [43] Question: What is the strategy for Move and its growth adjacencies? - Management expressed positivity about realtor.com, highlighting revenue growth despite a sluggish property market and the focus on rentals, new homes, and seller segments [49] Question: What is the outlook for Dow Jones' revenue growth? - Management is optimistic about continued growth in both the professional information and consumer businesses, with a focus on risk and compliance [57] Question: Any updates on simplifying the company? - Management noted that the sale of Foxtel was a step towards simplification, and they are continuously evaluating the best use of capital [63] Question: What impact is AI having on the publishing business? - Management stated that they are not seeing negative trends from AI and are engaged in negotiations with several AI companies regarding IP rights [68]

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Financial Data and Key Metrics Changes - Net income from continuing operations increased by 67% to $107 million in the third quarter compared to the prior year, while revenues were $2 billion, up 1% year over year despite currency headwinds [6][24] - Total segment EBITDA rose 12%, with overall margin expanding from 13% to 14.4% [6][24] - Adjusted revenues increased by 2%, and adjusted total segment EBITDA grew by 15% [7][24] - Reported EPS from continuing operations doubled to $0.14, while adjusted EPS was $0.17 compared to $0.13 a year ago [7][24] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenue grew by 6% to $575 million, with digital revenue accounting for 82% of total segment revenues [25][26] - **Digital Real Estate**: Revenues increased by 5% to $406 million, with segment EBITDA up 19% [28] - **Book Publishing**: Revenue rose by 2% to $514 million, with EBITDA increasing by 3% [33] - **News Media**: Revenue decreased by 8% to $514 million, but EBITDA grew by 22% due to cost-saving initiatives [34] Market Data and Key Metrics Changes - Dow Jones digital circulation revenue expanded by 14%, marking the fastest growth rate in almost three years, with total consumer subscriptions surpassing 6 million [11][25] - REA maintained a significant audience lead with nearly four times as many average monthly visits as Domain [14] - News Corp Australia's digital subscriptions reached 1.1 million, with news.com.au achieving 292 million page views per month [18] Company Strategy and Development Direction - The company is focusing on three core pillars for growth: Dow Jones, digital real estate, and book publishing, following the sale of Foxtel [7][22] - Continuous exploration of structural options to maximize shareholder returns is emphasized, with a commitment to quality journalism amid political challenges [9][62] - The company aims to enhance its digital offerings and capitalize on the growth of AI while protecting its intellectual property [10][19] Management's Comments on Operating Environment and Future Outlook - Management believes the current political turbulence is temporary and anticipates robust growth potential in the U.S. economy [5][6] - The company is monitoring economic trends closely and expects the direct impact of tariffs to be immaterial [22] - Future growth is expected to be driven by the professional information business and ongoing cost discipline [35][36] Other Important Information - The sale of Foxtel resulted in a significant reduction of debt on the balance sheet and provided cash for shareholder returns [7][8] - The company has been upgraded to investment grade by Moody's and S&P, enhancing its financial flexibility [8][53] Q&A Session Summary Question: Insights on Dow Jones business investment for the fourth quarter - Management indicated no significant increase in investment, focusing on both consumer and professional information business growth [40][41] Question: Impact of Factiva dispute on margins and future expectations - A smaller impact from the Factiva dispute is expected in the fourth quarter, with ongoing margin expansion anticipated as the professional information business grows [45][48] Question: Capital allocation strategy and potential M&A opportunities - The company is focused on its three core pillars for potential acquisitions and will not overpay for businesses, emphasizing shareholder value [52][53] Question: Simplification of the company structure - Management highlighted the Foxtel deal as an example of their willingness to make significant structural decisions to enhance shareholder value [61][62] Question: Progress on Dow Jones subscriber pricing strategy - The strategy to convert promotional pricing to higher-paying plans is proceeding well, with a 7% increase in total subscriptions driven by digital growth [65][66] Question: Churn impact from moving customers to non-promotional plans - Management is learning about price elasticity and aims to reduce churn while maximizing revenue through advanced AI tools [70]

Financial Data and Key Metrics Changes - Net income from continuing operations increased by 67% to $107 million in Q3 2025 compared to the prior year, while revenues were $2 billion, up 1% despite currency headwinds [6][24] - Total segment EBITDA rose 12%, with overall margin expanding from 13% to 14.4% [6][24] - Adjusted revenues increased by 2%, and adjusted total segment EBITDA grew by 15% [7][24] - Reported EPS from continuing operations doubled to $0.14, while adjusted EPS was $0.17 compared to $0.13 a year ago [7][24] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenue grew by 6% to $575 million, with digital revenue accounting for 82% of total segment revenues [25][26] - **Digital Real Estate**: Revenues increased by 5% to $406 million, with segment EBITDA up 19% [28] - **Book Publishing**: Revenue rose by 2% to $514 million, with EBITDA increasing by 3% [33] - **News Media**: Revenue decreased by 8% to $514 million, but segment EBITDA grew by 22% [34] Market Data and Key Metrics Changes - Dow Jones digital circulation revenue expanded by 14%, with total consumer subscriptions surpassing 6 million [11][25] - REA maintained a significant audience lead, with nearly four times as many average monthly visits as Domain [14] - News Corp Australia's news.com.au achieved 292 million page views per month, making it the number one digital news brand [19] Company Strategy and Development Direction - The company is focusing on three core pillars of growth: Dow Jones, digital real estate, and book publishing, following the sale of Foxtel [7][22] - Continuous exploration of structural options to maximize shareholder returns is emphasized, with a commitment to quality journalism [9][62] - The company aims to enhance its digital offerings and capitalize on the growth of AI while protecting its intellectual property [10][9] Management's Comments on Operating Environment and Future Outlook - Management believes the current political turbulence is temporary and anticipates robust growth potential in the U.S. economy [5][6] - The company is monitoring economic trends closely and expects the direct impact of tariffs to be immaterial [22] - Future growth is expected to be driven by the professional information business and digital revenue streams [35][46] Other Important Information - The sale of Foxtel resulted in a significant reduction of debt on the balance sheet and provided cash for further investments [7][8] - The company has been upgraded to investment grade by Moody's and S&P, enhancing its financial flexibility [8][53] Q&A Session Summary Question: Insights on Dow Jones investment rate for Q4 - Management indicated no significant increase in investment, focusing on both consumer and professional information business growth [38][40] Question: Impact of Factiva dispute on Q4 - A smaller impact from the Factiva dispute is expected in Q4 compared to Q3, with ongoing improvements anticipated [44][46] Question: Capital allocation strategy and M&A opportunities - The company is focused on its three core pillars for potential acquisitions and will not overpay for businesses [51][52] Question: Simplification of the company structure - Management highlighted the Foxtel deal as an example of their willingness to make significant structural decisions for shareholder benefit [57][60] Question: Dow Jones subscriber pricing strategy - The strategy to convert promotional subscribers to higher-paying plans is proceeding well, with a 7% increase in total subscriptions [65][66] Question: Churn impact from pricing changes - Management is learning about price elasticity and aims to reduce churn while maximizing revenue through dynamic pricing strategies [70][71]