News Corp's FY2026 (to June 30) revenue rose 7% to $9.03B and continuing-ops diluted EPS rose to $1.03 from $0.84, led by REA Group, Realtor.com and Dow Jones, while newspapers and HarperCollins earned less.
Revenue
$9.0B
+6.8% YoY
Net income
$573M
+19.4% YoY
Diluted EPS
$1.03
+22.6% YoY
Operating margin
11.4%
Headline: Realtor.com, REA and Dow Jones carried the year; newspapers and books went backwards on profit
News Corp's fiscal 2026 ran from July 1, 2025 to June 30, 2026. Revenue rose 7% to $9.03 billion. Profit from continuing operations attributable to shareholders rose 19% to $573 million, or $1.03 per diluted share (up from $0.84). Almost all of the profit growth came from two of the four businesses: the property-listings group (REA Group in Australia and Move/Realtor.com in the US) and Dow Jones, publisher of The Wall Street Journal. Book Publishing (HarperCollins) and News Media (the UK and Australian newspapers and the New York Post) both grew revenue but earned less.
A note on comparing the two years: reported total net income fell 51%, from $1,180 million to $573 million. That drop has nothing to do with how the business traded. Fiscal 2025 included $692 million of net income from discontinued operations from Foxtel, the Australian pay-TV business that was sold, and Foxtel isn't in fiscal 2026 at all. This report uses continuing-operations figures throughout so the two years compare the same businesses. For the same reason, the old "Subscription Video" segment no longer exists. News Corp now reports four operating segments plus a corporate "Other" line.
Key metrics
Metric
FY2026
FY2025
YoY Change
Revenue
$9,028M
$8,452M
+6.8%
Revenue excluding currency effects
—
—
+4.6%
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Net income from continuing ops attributable to News Corp
$573M
$480M
+19.4%
Diluted EPS, continuing ops
$1.03
$0.84
+22.6%
Adjusted diluted EPS (company's non-GAAP)
$1.18
$0.89
+32.6%
Free cash flow
$811M
$571M
+42.0%
Dow Jones digital-only news subscriptions (Q4 avg)
6.26M
5.72M
+9%
Operating margin note: News Corp's income statement has no "operating income" line. The 11.4% here is our own calculation: revenue minus operating expenses, SG&A, depreciation and amortization, and impairment and restructuring charges ($1,029 million in FY2026 vs. $824 million in FY2025), divided by revenue. Segment EBITDA is the company's main performance measure. It means revenue minus day-to-day operating and overhead costs, before depreciation, restructuring, interest and tax, and it is not a GAAP measure. Class A (NWSA) and Class B (NWS) shares earn the same per-share amount.
Segment by segment
Segment
Revenue FY26
YoY
Segment EBITDA FY26
YoY
EBITDA margin FY26 (FY25)
Dow Jones
$2,497M
+7%
$663M
+13%
26.6% (25.2%)
Digital Real Estate Services
$2,016M
+12%
$741M
+23%
36.8% (33.4%)
Book Publishing
$2,288M
+6%
$287M
−3%
12.5% (13.8%)
News Media
$2,227M
+3%
$139M
−9%
6.2% (7.1%)
Other (corporate)
—
—
−$203M
cost down $20M
—
Digital Real Estate Services: the biggest contributor to profit growth
This segment added $140 million of the group's $212 million Segment EBITDA increase, even though it is only 22% of revenue.
REA Group (News Corp owns 62%) grew revenue 12% to $1,406 million. The 10-K attributes this to "higher Australian residential revenues driven by price increases and growth in add-on products." In other words, agents paid more per listing and bought more premium placements. Currency also helped: a stronger Australian dollar added $63 million, or 5 points, of that growth, so REA's growth in local currency was closer to 7%. REA India revenue declined after divestitures, and REA India has since announced the sale of its remaining business, Housing.com.
Move (Realtor.com) grew revenue 11% to $610 million in a still-weak US housing market. The growth came from "higher sales of RealPRO Select, as Move shifts its focus to more premium offerings," plus growth in its seller, new-homes and rentals products. Lead volumes rose 5% for the year. However, Realtor.com's average monthly unique users fell 6% to 68 million in Q4. The company puts this down to macro conditions and "a focus on higher quality leads." So Move is currently growing by earning more per customer, not by drawing a bigger audience.
The margin gain is flattered by the prior year. FY2025 carried $12 million of costs for the withdrawn bid for Rightmove (the UK property portal) that didn't recur. Currency added $32 million of the $140 million EBITDA increase. The company's currency-adjusted EBITDA growth for the segment was 19%, against 23% reported.
Dow Jones: steady growth, led by risk-data and energy-data subscriptions
Revenue rose 7% to $2,497 million and Segment EBITDA rose 13% to $663 million. The fastest-growing part was the professional information business, which sells data subscriptions to companies rather than newspapers to readers. It grew 9% to $988 million:
Dow Jones Risk & Compliance (screening data used by banks and other companies for sanctions and financial-crime checks) grew 16% to $392 million.
Dow Jones Energy (commodity pricing data) grew 8% to $301 million.
The 10-K credits "price increases, new customers and product expansion" for both. Consumer-side circulation revenue rose 5%. The drivers were readers moving from introductory promotional prices to full price, growth in enterprise (company-paid) subscriptions and higher content-licensing income, partly offset by falling print sales. Digital ad revenue grew on tech and financial-services spending. Costs rose too, mainly employee and marketing spend, but revenue grew faster and the margin widened by about 1.4 points.
Book Publishing: record sales, lower profit
HarperCollins revenue rose 6% to $2,288 million. The 10-K credits physical book sales led by Rachel Reid's Game Changers series (including Heated Rivalry) and strong Christian publishing. $31 million of the increase came from acquisitions. Segment EBITDA still fell 3% to $287 million. Two one-off charges explain most of the gap:
a $16 million write-off, mostly of inventory at HarperCollins' international operations
a $13 million write-off of a customer receivable after a book distributor closed.
Without those $29 million of charges, segment EBITDA would have been about $316 million, up roughly 7% (our arithmetic, not a company figure). Underneath, this looks like a normal year disrupted by one-time charges rather than a deteriorating business. One trend to note is that backlist titles (older books that keep selling without new launch spending) fell to 62% of consumer revenue from 64%, so the year relied more on new hits.
News Media: revenue growth came only from currency
News Media's reported revenue rose 3%. Currency added $81 million, which is more than the entire $57 million increase. Measured in local currencies, revenue actually fell about 1%. Print advertising kept declining (total advertising fell 2% even with the currency help), and digital subscriber growth in the UK only partly offset print volume losses. Segment EBITDA fell 9% to $139 million, a margin of just 6.2%. The 10-K names three drivers: launch costs for the new California Post, higher costs at News Broadcasting (partly for FIFA World Cup coverage), partly offset by lower costs at Talk, the UK streaming channel.
Below the operating line
Pre-tax profit rose $123 million (+13%) even though "Other, net" swung from a $111 million gain to a $4 million loss. The FY2025 gain came mainly from REA selling its stake in PropertyGuru. Stripping out that one-off shows the underlying improvement was larger than the headline 13%.
Restructuring charges fell to $86 million from $120 million. Net interest income rose to $29 million from $3 million, mainly from interest earned on cash balances.
The effective tax rate was 29%, compared with 30%.
Minority shareholders' share of profit, mostly REA's outside owners, was $170 million. This is why group net income ($743 million) is well above what belongs to News Corp shareholders ($573 million).
Cash and capital returns
Operating cash flow from continuing operations rose $259 million to $1,237 million. The drivers were higher EBITDA and better working capital (less cash tied up in receivables and inventory). Free cash flow, meaning operating cash flow minus $426 million of capital expenditure, rose 42% to $811 million. News Corp spent $643 million buying back its own Class A and Class B shares, more than four times FY2025's $150 million and about 79% of free cash flow. The diluted share count fell 2% to 558.4 million, which is part of why EPS (+22.6%) grew faster than net income (+19.4%). $667 million remains on the current buyback authorization. The semi-annual dividend is unchanged at $0.10 per share. Year-end cash was $2.1 billion against $2.0 billion of News Corp-level borrowings. In March 2026 the company refinanced its credit facilities, which now run to 2031.
Takeaway: News Corp is increasingly a property-listings and financial-data business with newspapers attached. Digital Real Estate Services and Dow Jones together produced $1,404 million of Segment EBITDA, 77% of the $1,830 million the four operating segments earned before corporate costs, and all of the net growth. Meanwhile, News Media revenue fell in local currencies. Note that about 40% of REA's revenue growth and about a quarter of the real-estate profit growth came from a stronger Australian dollar, so the underlying pace is solid but lower than the headline figures suggest.
Outlook
Neither the 10-K nor the August 5 earnings release gives numerical guidance for fiscal 2027. Management's commentary was about strategy. It called Digital Real Estate Services, Dow Jones and Book Publishing its "core growth engines." It also cited content-licensing deals with OpenAI and Meta and "advanced discussions with several other companies," and said it is pursuing legal action against AI firms that use its content without paying. The 10-K warns that US book demand faces "softer consumer spending" and that the conflict in Iran has pushed up fuel prices and inflation.
Our read on what matters for fiscal 2027:
Currency is the largest swing factor. FX added $189 million (2 points) to FY2026 revenue. If the Australian dollar and pound stop strengthening, REA's and News Media's reported growth will slow even if their local businesses don't. The company's own currency-adjusted revenue growth was 4%, not 7%.
Move's revenue growth depends on pricing, not audience. Revenue per lead is rising while users are falling (−6% in Q4). If US housing activity recovers, Move benefits on both fronts. If it doesn't, pushing customers to premium products can only go so far.
Q4 showed faster momentum: revenue +11%, Segment EBITDA +31%, and continuing EPS $0.33 vs. $0.09 (adjusted $0.35 vs. $0.19). Part of this is currency (+4 points of Q4 revenue) and an easier prior-year comparison. Still, the new fiscal year starts with these businesses growing faster than the full-year average.
News Media costs should be watched. California Post launch costs and World Cup-related costs weighed on FY2026. Whether the segment's margin rises back above 7% once those costs pass is a real test of whether its decline is only cost timing or structural.
AI licensing is still reported inside Dow Jones and News Media content-licensing revenue and isn't disclosed separately, so its financial scale can't yet be measured from the filing.