NEWS CORP
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
NWS$28.96-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001564708-26-000103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001564708-26-000250
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 140 previous paragraphs and 112 current paragraphs.
38 unchanged; 57 reworded; 16 added; 40 removed; 5 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Distilled Ltd Investment
Current report
In September 2026, REA Group entered into an agreement to acquire a 35% interest in Distilled Ltd (“Distilled”) for approximately A$409 million in cash, subject to customary purchase price adjustments, which it expects to fund with borrowings and cash on hand. The investment is subject to customary closing conditions, including regulatory approval, and is expected to close in fiscal 2027. Distilled operates multi-vertical digital marketplaces across Ireland and Northern Ireland. The investment is expected to allow REA Group to collaborate with Distilled to extend REA Group’s core property strategy into new markets. See Note 4—Investments in the accompanying Consolidated Financial Statements.
Current report
REA Group 2026 Credit Facility
Current report
In September 2026, REA Group terminated its undrawn 2024 REA Credit Facility and entered into a new unsecured syndicated credit facility (the “2026 REA Credit Facility”). The 2026 REA Credit Facility provides a three-year A$500 million revolving loan facility. See Note 5—Borrowings in the accompanying Consolidated Financial Statements.
Current report
Revenues—Revenues increased $137 million, or 6%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Current report
Depreciation and amortization—Depreciation and amortization expense increased $9 million, or 8%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026 driven by higher depreciation of capitalized software costs, primarily at the Digital Real Estate Services segment. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a depreciation and amortization increase of $3 million, or 3%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Current report
For the three months ended September 30, 2025, the Company recorded income tax expense of $62 million on pre-tax income of $212 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.
Current report
Net income—Net income for the three months ended September 30, 2026 was $215 million compared to $150 million for the corresponding period of fiscal 2026, an increase of $65 million, or 43%, primarily driven by the factors discussed above.
Current report
Net income attributable to noncontrolling interests—Net income attributable to noncontrolling interests was $56 million for the three months ended September 30, 2026 as compared to $38 million for the three months ended September 30, 2025, an increase of $18 million, or 47%.
Current report
The following table provides selected information regarding average daily subscriptions during the three months ended September 30, 2026 and 2025 for the Dow Jones segment’s subscription news products:
Current report
Digital Real Estate Services (23% and 22% of the Company’s consolidated revenues for the three months ended September 30, 2026 and 2025, respectively)
Current report
For the three months ended September 30, 2026, Segment EBITDA at the Digital Real Estate Services segment increased $54 million, or 34%, including the $15 million, or 9%, positive impact of foreign currency fluctuations, as compared to the corresponding period of fiscal 2026, driven by the higher revenues discussed above.
Current report
Book Publishing (25% of the Company’s consolidated revenues for both the three months ended September 30, 2026 and 2025)
Current report
Net cash used in financing activities from continuing operations was $261 million for the three months ended September 30, 2026, as compared to $179 million for the three months ended September 30, 2025.
Current report
In September 2026, REA Group terminated its undrawn 2024 REA Credit Facility and entered into the 2026 REA Credit Facility. The 2026 REA Credit Facility provides a three-year A$500 million revolving loan facility maturing on September 30, 2029.
Current report
Borrowings under the 2026 REA Credit Facility accrue interest at a floating rate equal to the Australian BBSY plus a margin of between 1.05% and 1.95%, depending on REA Group’s net leverage ratio. The 2026 REA Credit Facility carries a commitment fee equal to 40% of the applicable margin on any undrawn balance.
Removed paragraphs (40)
Previous report
2026 Credit Agreement
Previous report
On March 27, 2026, the Company entered into an amended and restated credit agreement which, among other things, extended the maturity of its credit facilities to five years, increased the capacity under its revolving credit facility from $750 million to $1 billion and increased the amounts outstanding under its term loan A facility from $456 million to $500 million. Refer to Note 6—Borrowings in the accompanying Consolidated Financial Statements for further detail.
Previous report
Recent Geopolitical Tensions and Conflicts
Previous report
The Company is monitoring ongoing geopolitical tensions and conflicts, particularly the recent conflict in Iran and related regional instability. The conflict has not had a material impact on the Company’s business or results of operations to date. However, the conflict has disrupted energy supplies and led to increases in global fuel prices, which could heighten inflationary pressures, disrupt global supply chains and adversely impact consumer spending. The Company will continue to evaluate the evolving macroeconomic environment and will seek to mitigate any impacts where possible.
Previous report
** not meaningful
Previous report
Revenues—Revenues increased $176 million, or 9%, and $348 million, or 5%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
Previous report
The increase in operating expenses for the nine months ended March 31, 2026 was primarily due to higher costs at the Book Publishing segment driven by higher costs related to higher sales volume, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and higher employee costs and at the News Media segment driven by the negative impact of foreign currency fluctuations, partially offset by lower Talk costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $43 million, or 2%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Previous report
The increase in Selling, general and administrative for the nine months ended March 31, 2026 was primarily due to higher costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher broker commissions at REA Group, higher employee costs primarily at Move and higher marketing costs, partially offset by the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year and at the Book Publishing segment primarily due to a $13 million write-off of a customer receivable related to the closure of a book distributor and higher employee costs. The increase in expense was also due to higher costs at the News Media segment driven by the negative impact of foreign currency fluctuations and costs related to the recently launched California Post. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $55 million, or 2%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Previous report
Depreciation and amortization—Depreciation and amortization expense increased $8 million, or 7%, and $18 million, or 5%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
Previous report
During the three and nine months ended March 31, 2025, the Company recorded impairment and restructuring charges of $13 million and $51 million, including restructuring charges of $11 million and $49 million, respectively.
Previous report
Other, net—For thethree and nine months ended March 31, 2026, the Company recorded Other, net of $(18) million and $(27) million, respectively.
Previous report
For thethree and nine months ended March 31, 2025, the Company recorded Other, net of$(13) million and $101 million, respectively. For thenine months ended March 31, 2025, Other, net was mainly comprised of thegain recognized on the sale of REA Group’s interest in PropertyGuru.
Previous report
For the three months ended March 31, 2025, the Company recorded income tax expense of $44 million on pre-tax income from continuing operations of $151 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and valuation allowances recorded against tax benefits in certain businesses.
Previous report
For the nine months ended March 31, 2025, the Company recorded income tax expense of $229 million on pre-tax income from continuing operations of $791 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.
Previous report
Net income from continuing operations—Net income from continuing operations for the three and nine months ended March 31, 2026 was $121 million and $513 million, respectively, compared to $107 million and $562 million for the corresponding periods of fiscal 2025. The increase of $14 million, or 13%, and decrease of $49 million, or 9%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025 were driven by the factors discussed above.
Previous report
Net income from discontinued operations, net of tax—Net income from discontinued operations, net of tax for both the three and nine months ended March 31, 2026 was nil, compared to $30 million and $2 million for the corresponding periods of fiscal 2025. The amounts recognized in fiscal 2025 relate to the reclassification of Foxtel to discontinued operations. See Note 2—Discontinued Operations in the accompanying Consolidated Financial Statements.
Previous report
Net income—Net income for the three and nine months ended March 31, 2026 was $121 million and $513 million, respectively, compared to $137 million and $564 million for the corresponding periods of fiscal 2025. The decreases of $16 million, or 12%, and $51 million, or 9%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025 were driven by the factors discussed above.
Previous report
Net income attributable to noncontrolling interests from continuing operations—Net income attributable to noncontrolling interests from continuing operations increased by $6 million, or 23%, and decreased by $16 million, or 12%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025. The decrease for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025 was primarily due to the gain recognized on REA Group’s sale of its investment in PropertyGuru in the prior year.
Previous report
For the nine months ended March 31, 2026, revenues at the Dow Jones segment increased $126 million, or 7%, as compared to the corresponding period of fiscal 2025, driven by higher circulation and subscription and advertising revenues. Digital revenues represented 83% of total revenues at the Dow Jones segment for the nine months ended March 31, 2026, as compared to 82% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $15 million, or 1%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Previous report
The following table summarizes average daily consumer subscriptions during the three months ended March 31, 2026 and 2025 for select publications and for all consumer subscription products:(a)
Previous report
Advertising revenues increased $17 million, or 6%, during the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025 due to $17 million of higher digital advertising revenues driven by the technology and financial services sectors. Digital advertising revenues represented 67% of advertising revenue for the nine months ended March 31, 2026, as compared to 65% in the corresponding period of fiscal 2025.
Previous report
For the nine months ended March 31, 2026, Segment EBITDA at the Dow Jones segment increased $45 million, or 10%, as compared to the corresponding period of fiscal 2025, primarily due to the increase in revenues discussed above, partially offset by higher employee and marketing costs.
Previous report
Digital Real Estate Services (22% and 21% of the Company’s consolidated revenues in the nine months ended March 31, 2026 and 2025, respectively)
Previous report
For the three months ended March 31, 2026, Segment EBITDA at the Digital Real Estate Services segment increased $31 million, or 25%, as compared to the corresponding period of fiscal 2025, primarily due to the higher revenues discussed above, partially offset by higher marketing costs, higher employee costs primarily at Move and higher broker commissions at REA Group from higher settlements.
Previous report
For the nine months ended March 31, 2026, revenues at the Digital Real Estate Services segment increased $127 million, or 10%, as compared to the corresponding period of fiscal 2025. Revenues at REA Group increased $88 million, or 9%, to $1.0 billion for the nine months ended March 31, 2026 from $932 million in the corresponding period of fiscal 2025. The increase was due to higher Australian residential revenues driven by price increases, growth in add-on products and geographic mix, higher financial services revenues from higher settlements and the $25 million, or 2%, positive impact of foreign currency fluctuations, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses. Revenues at Move increased $39 million, or 10%, to $443 million for the nine months ended March 31, 2026 from $404 million in the corresponding period of fiscal 2025, driven by higher sales of RealPRO Select SM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals. Lead volumes increased 5% compared to the corresponding period of fiscal 2025.
Previous report
For the nine months ended March 31, 2026, Segment EBITDA at the Digital Real Estate Services segment increased $70 million, or 16%, as compared to the corresponding period of fiscal 2025, primarily due to the higher revenues discussed above and the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year, partially offset by higher employee costs primarily at Move, higher broker commissions at REA Group from higher settlements and higher marketing costs.
Previous report
Book Publishing (26% of the Company’s consolidated revenues in both the nine months ended March 31, 2026 and 2025)
Previous report
For the three months ended March 31, 2026, Segment EBITDA at the Book Publishing segment increased $9 million, or 14%, as compared to the corresponding period of fiscal 2025, driven by the higher revenues discussed above, partially offset by higher costs due to higher sales volume.
Previous report
For the nine months ended March 31, 2026, revenues at the Book Publishing segment increased $67 million, or 4%, as compared to the corresponding period of fiscal 2025, which includes a $28 million impact from recent acquisitions. The increase was primarily due to higher physical book sales, driven by Rachel Reid’s Game Changers series, which includes Heated Rivalry, and strength in Christian Publishing. Digital sales increased by 1% as compared to the corresponding period of fiscal 2025 driven by growth in e-book sales, partially offset by lower audiobook sales. Digital sales represented approximately 23% of consumer revenues in both the nine months ended March 31, 2026 and 2025. Backlist sales represented approximately 62% of consumer revenues during the nine months ended March 31, 2026, as compared to 63% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $25 million, or 1%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Previous report
Revenues at the News Media segment increased $24 million, or 5%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025. Circulation and subscription revenues increased $20 million, or 7%, as compared to the corresponding period of fiscal 2025, driven by the $21 million, or 7%, positive impact of foreign currency fluctuations, price increases and digital subscriber growth, partially offset by print volume declines. Advertising revenues increased $5 million, or 3%, as compared to the corresponding period of fiscal 2025, driven by the $13 million, or 7%, positive impact of foreign currency fluctuations and higher digital advertising revenues, partially offset by lower print advertising revenues, primarily at News UK. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $38 million, or 8%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Previous report
Segment EBITDA at the News Media segment decreased by $10 million, or 8%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025. The decrease was driven by costs related to the recently launched California Post and lower contribution from News Corp Australia, partially offset by lower Talk costs.
Previous report
Additionally, on February 6, 2026, REA Group announced a share repurchase program authorizing REA Group to purchase up to A$200 million of its outstanding fully paid ordinary shares listed on the ASX (ASX: REA). The on-market share repurchases will be conducted from time to time in the ordinary course of trading. The exact amount and timing of the repurchases will be subject to market conditions, REA Group’s share price and other factors and is at REA Group’s discretion. During the third quarter of fiscal 2026, REA Group repurchased A$70 million (approximately US$49 million) of its shares, with approximately A$130 million remaining under its repurchase program.
Previous report
Net cash used in financing activities from continuing operations for the nine months ended March 31, 2026 and 2025 was as follows:
Previous report
Net cash used in financing activities from continuing operations was $676 million for the nine months ended March 31, 2026, as compared to $425 million for the nine months ended March 31, 2025.
Previous report
On March 27, 2026, the Company entered into an Amended and Restated Credit Agreement (the “2026 Credit Agreement”) that provides $1.5 billion of unsecured credit facilities (the “2026 Facilities”) to the Company to refinance its existing 2022 Credit Agreement and for general corporate purposes. The 2026 Facilities are comprised of a $1 billion five-year unsecured revolving credit facility (the “2026 Revolving Facility”) and a $500 million five-year unsecured term loan A credit facility (the “2026 Term A Facility,” and the loans under the 2026 Term A Facility are collectively referred to as “2026 Term A Loans”). The 2026 Revolving Facility has a sublimit of $100 million available for issuances of letters of credit. Under the 2026 Credit Agreement, the Company may request increases with respect to either of the 2026 Facilities in an aggregate principal amount not to exceed $250 million.
Previous report
The loans under the 2026 Revolving Facility will not amortize. The 2026 Term A Loans will amortize in equal quarterly installments in an aggregate annual amount equal to —%, 2.5%, 2.5%, 5.0% and 5.0%, respectively, of the original principal amount of the 2026 Term A Facility for each 12-month period commencing on June 30, 2026. All outstanding amounts under the 2026 Credit Agreement with respect to the 2026 Facilities are due on March 27, 2031, unless earlier terminated in the circumstances set forth in the 2026 Credit Agreement. The Company may request that the maturity date of the revolving credit commitments under the 2026 Revolving Facility be extended under certain circumstances as set forth in the 2026 Credit Agreement for up to two additional one-year periods. The Company may also request that the maturity date of the 2026 Term A Facility be extended under certain circumstances as set forth in the 2026 Credit Agreement by at least one year.
Previous report
Interest on borrowings is based on either (a) an Alternative Currency Term Rate formula, (b) a Term SOFR formula, (c) an Alternative Currency Daily Rate formula ((a) through (c) each, a “Relevant Rate”) or (d) the Base Rate formula, each as set forth in the 2026 Credit Agreement. The applicable margin for borrowings under the 2026 Facilities and the commitment fee for undrawn balances under the 2026 Revolving Facility are based on the pricing grid in the 2026 Credit Agreement, which varies based on the Company’s debt rating as defined in the 2026 Credit Agreement. As of March 31, 2026, the Company was paying commitment fees of 0.15% on any undrawn balance under the 2026 Revolving Facility and, with respect to any outstanding borrowings under the 2026 Facilities, an applicable margin of 0.25% for a Base Rate borrowing and 1.25% for a Relevant Rate borrowing.
Previous report
The 2026 Credit Agreement contains certain customary affirmative and negative covenants and events of default with customary exceptions, including limitations on the ability of the Company and the Company’s subsidiaries to incur liens, merge into or consolidate with any other entity, incur subsidiary debt or dispose of all or substantially all of its assets or all or substantially all of the stock of all subsidiaries taken as a whole. In addition, the 2026 Credit Agreement requires the Company to maintain an adjusted operating income net leverage ratio of not more than 3.5 to 1.0, subject to certain adjustments following a material acquisition.
Previous report
In connection with the 2026 Credit Agreement, the Company refinanced its Term A Loans under the 2022 Credit Agreement during the three and nine months ended March 31, 2026, which included extending the maturity date to March 2031 and modifying the timing of required principal payments. See Note 6—Borrowings in the accompanying Consolidated Financial Statements.
Previous report
During the nine months ended March 31, 2026, the Company entered into new leases, some of which will commence subsequent to fiscal 2026, and extended the terms of certain other leases. As a result, the Company has presented its commitments associated with its operating leases in the table below.
Reworded paragraphs (57)
Previous wording
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2026 and 2025. This analysis is presented on both a consolidated basis and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
Current wording
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three months ended September 30, 2026 and 2025. This analysis is presented on both a consolidated basis and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
Previous wording
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2026 and 2025, as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of March 31, 2026.
Current wording
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the three months ended September 30, 2026 and 2025, as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of September 30, 2026.
Previous wording
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider ofpricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
Current wording
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news, data and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s news products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider ofpricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
Previous wording
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.6% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and Housing.com in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
Current wording
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 62.0% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au. In addition, REA Group provides financial services through a digital property search and financing experience, a mortgage broking offering and property-related data services to the financial sector.
Previous wording
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO Select SM, Connections SM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect Concierge SMand RealChoice TMSelling. Move also offers online tools and services to do-it-yourself landlords and tenants.
Current wording
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO Select SM, Connections SM Plus and Listing Toolkit products as well as its referral-based services, including RealChoice TMSelling. Move also offers Realtor.com®+TM, its collaborative home search platform that helps real estate professionals and consumers connect, as well as online tools and services to do-it-yourself landlords and tenants.
Previous wording
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Postand includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiserand the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sundayand thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
Current wording
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Postand includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiserand the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting, operator of talkSPORT, the leading sports radio network in the U.K., and Australian News Channel, which operates the News24 network, Australia’s 24-hour multi-channel, multi-platform news service.
Previous wording
Results of Operations—For the three and nine months ended March 31, 2026 versus the three and nine months ended March 31, 2025
Current wording
Results of Operations—For the three months ended September 30, 2026 versus the three months ended September 30, 2025
Previous wording
The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2026 as compared to the three and nine months ended March 31, 2025:
Current wording
The following table sets forth the Company’s operating results for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025:
Previous wording
The revenue increase for the nine months ended March 31, 2026 was primarily due to higher revenues at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move, at the Dow Jones segment driven by higher circulation and subscription and advertising revenues and at the Book Publishing segment driven by higher physical book sales and the impact of recent acquisitions. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $118 million, or 1%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Current wording
The revenue increase for the three months ended September 30, 2026 was due to higher revenues at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move, at the Book Publishing segment driven by higher physical and digital book sales and at the Dow Jones segment driven by higher circulation and subscription and advertising revenues. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $43 million, or 2%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
Operating expenses—Operating expenses increased $48 million, or 5%, and $82 million, or 3%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
Current wording
Operating expenses—Operating expenses increased $47 million, or 5%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
The increase in operating expenses for the three months ended March 31, 2026 was primarily due to higher costs at the News Media segment driven by the negative impact of foreign currency fluctuations, at the Book Publishing segment driven by higher costs related to higher sales volume and at the Dow Jones segment driven by higher employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $29 million, or 3%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Current wording
The increase in operating expenses for the three months ended September 30, 2026 was primarily due to higher costs at the Book Publishing segment driven by higher costs related to higher sales volume and mix of titles. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $9 million, or 1%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
Selling, general and administrative—Selling, general and administrative increased $75 million, or 9%, and $155 million, or 6%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025.
Current wording
Selling, general and administrative—Selling, general and administrative increased $27 million, or 3%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
The increase in Selling, general and administrative for the three months ended March 31, 2026 was primarily due to higher costs at the Digital Real Estate Services segment driven by higher marketing costs, higher employee costs primarily at Move and higher broker commissions at REA Group from higher settlements, at the News Media segment driven by the negative impact of foreign currency fluctuations and costs related to the recently launched California Post and at the Dow Jones segment driven by higher employee costs. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $43 million, or 5%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Current wording
The increase in Selling, general and administrative for the three months ended September 30, 2026 was primarily due to higher costs at the Dow Jones segment driven by the timing of marketing spend and higher employee costs and at the Other segment driven by higher employee costs, partially offset by lower costs at the Book Publishing segment driven by the absence of a $13 million write-off of a customer receivable related to the closure of a book distributor in the prior year. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $19 million, or 2%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
Impairment and restructuring charges—During the three and nine months ended March 31, 2026, the Company recorded impairment and restructuring charges of $18 million and $67 million, including restructuring charges of $14 million and $50 million, respectively.
Current wording
Impairment and restructuring charges—During the three months ended September 30, 2026 and 2025, the Company recorded impairment and restructuring charges of $20 million and $19 million, respectively. See Note 3—Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.
Previous wording
Equity losses of affiliates—Equity losses of affiliates worsened by $1 million and improved by $6 million, or 55%, for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025. See Note 5—Investments in the accompanying Consolidated Financial Statements.
Current wording
Equity losses of affiliates—For thethree months ended September 30, 2026 and 2025, the Company recorded Equity losses of affiliates of$3 million and$2 million, respectively. See Note 4—Investments in the accompanying Consolidated Financial Statements.
Previous wording
Interest income (expense), net—Interest income (expense), net improved by $4 million and $22 million for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025, driven by higher interest income. See Note 6—Borrowings and Note 8—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.
Current wording
Interest income, net—Interest income, net decreased by $2 million, or 33%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026, driven by lower interest income on cash balances. See Note 5—Borrowings and Note 7—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.
Previous wording
See Note 13—Additional Financial Information in the accompanying Consolidated Financial Statements.
Current wording
Other, net—For thethree months ended September 30, 2026 and 2025, the Company recorded Other, net of $38 million and $4 million, respectively. The three months ended September 30, 2026 includes the gain on REA Group’s sale of REA India’s remaining business. See Note 12—Additional Financial Information in the accompanying Consolidated Financial Statements.
Previous wording
Income tax expense from continuing operations—For the three months ended March 31, 2026, the Company recorded income tax expense of $68 million on pre-tax income from continuing operations of $189 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, remeasurement losses on certain investments with little or no tax benefit and valuation allowances recorded against tax benefits in certain businesses.
Current wording
Income tax expense—For the three months ended September 30, 2026, the Company recorded income tax expense of $81 million on pre-tax income of $296 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, remeasurement losses on certain investments with little or no tax benefit and valuation allowances recorded against tax benefits in certain businesses, partially offset by the favorable impact of REA Group’s sale of REA India’s remaining business.
Previous wording
The Company’s chief operating decision maker is its Chief Executive Officer. Segment EBITDA 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. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA 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. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Current wording
The Company’s chief operating decision maker is its Chief Executive Officer. Segment EBITDA 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. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Previous wording
Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss) from continuing operations, cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods.
Current wording
Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods.
Previous wording
The following table reconciles Net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:
Current wording
The following table reconciles Net income to Total Segment EBITDA for the three months ended September 30, 2026 and 2025:
Previous wording
The following tables set forth the Company’s Revenues and Segment EBITDA by reportable segment for the three and nine months ended March 31, 2026 and 2025:
Current wording
The following table sets forth the Company’s Revenues and Segment EBITDA by reportable segment for the three months ended September 30, 2026 and 2025:
Previous wording
Dow Jones(28% and 27% of the Company’s consolidated revenues in the nine months ended March 31, 2026 and 2025, respectively)
Current wording
Dow Jones(28% and 27% of the Company’s consolidated revenues for the three months ended September 30, 2026 and 2025, respectively)
Previous wording
For the three months ended March 31, 2026, revenues at the Dow Jones segment increased $44 million, or 8%, as compared to the corresponding period of fiscal 2025, primarily due to higher circulation and subscription revenues. Digital revenues represented 84% of total revenues at the Dow Jones segment for the three months ended March 31, 2026, as compared to 82% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $7 million, or 2%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Current wording
For the three months ended September 30, 2026, revenues at the Dow Jones segment increased $44 million, or 8%, as compared to the corresponding period of fiscal 2026, driven by higher circulation and subscription and advertising revenues. Digital revenues represented 85% of total revenues at the Dow Jones segment for the three months ended September 30, 2026, as compared to 84% for the corresponding period of fiscal 2026. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $1 million for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
Circulation and subscription revenues increased $101 million, or 7%, during the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025. Professional information business revenues increased $72 million, or 11%, primarily due to the $45 million and $20 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and product expansion. Circulation and other revenues increased $29 million, or 4%, driven by increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, including enterprise customers, and higher content licensing revenues, partially offset by print circulation declines. Digital revenues represented 76% of circulation revenue for the nine months ended March 31, 2026, as compared to 73% in the corresponding period of fiscal 2025.
Current wording
Circulation and subscription revenues increased $33 million, or 7%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026. Circulation and licensing revenues increased $20 million, or 8%, driven by higher content licensing revenues, increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, driven by enterprise customers. Professional information business revenues increased $13 million, or 5%, primarily due to the $10 million and $6 million increases in Dow Jones Risk & Compliance and Dow Jones Energy revenues, respectively, driven by higher volume and price increases. Digital revenues represented 76% of circulation revenue for the three months ended September 30, 2026, as compared to 75% for the corresponding period of fiscal 2026.
Previous wording
(a)Based on internal data for the periods from December 29, 2025 through March 29, 2026 and December 30, 2024 through March 30, 2025, respectively. Excludes off-platform distribution, except for certain custom workflow integration products.
Current wording
(a)Based on internal data for the periods from June 29, 2026 through September 27, 2026 and June 30, 2025 through September 28, 2025, respectively. Excludes off-platform distribution, except for certain custom workflow integrations in connection with enterprise customer subscriptions.
Previous wording
(b)Subscriptions include individual consumer subscriptions, as well as subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members. Subscriptions exclude single-copy sales and copies purchased by hotels, airlines and other businesses for limited distribution or access to customers.
Current wording
(b)Subscriptions include individual consumer subscriptions and enterprise customer subscriptions. Enterprise customer subscriptions include subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members. Subscriptions exclude single-copy sales and copies purchased by hotels, airlines and other businesses for limited distribution or access to customers.
Previous wording
(c)For some publications, including The Wall Street Journaland Barron’s, Dow Jones sells bundled print and digital products. For bundles that provide access to both print and digital products every day of the week, only one unit is reported each day and is designated as a print subscription. For bundled products that provide access to the print product only on specified days and full digital access, one print subscription is reported for each day that a print copy is served and one digital subscription is reported for each remaining day of the week.
Current wording
(c)For some publications, including The Wall Street Journal and Barron’s, Dow Jones sells bundled print and digital products. For bundles that provide access to both print and digital products every day of the week, only one unit is reported each day and is designated as a print subscription. For bundled products that provide access to the print product only on specified days and full digital access, one print subscription is reported for each day that a print copy is served and one digital subscription is reported for each remaining day of the week.
Previous wording
(d)Barron’s Group consists of Barron’s, MarketWatch, Financial News and Private Equity News.
Current wording
(d)Barron’s Group consists of Barron’s, MarketWatch, Financial Newsand Private Equity News.
Previous wording
(e)Total Consumer consists of The Wall Street Journal, Barron’s Group and Investor’s Business Daily.
Current wording
(e)Total News Products consists of The Wall Street Journal, Barron’s Group and Investor’s Business Daily.
Previous wording
Advertising revenues increased $5 million, or 6%, during the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025 due to $7 million of higher digital advertising revenues driven by the technology and financial services sectors. Digital advertising revenues represented 67% of advertising revenue for the three months ended March 31, 2026, as compared to 63% in the corresponding period of fiscal 2025.
Current wording
Advertising revenues increased $8 million, or 9%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026 primarily due to $7 million of higher digital advertising revenues driven by multiple sectors. Digital advertising revenues represented 70% of advertising revenue for the three months ended September 30, 2026, as compared to 68% for the corresponding period of fiscal 2026.
Previous wording
For the three months ended March 31, 2026, Segment EBITDA at the Dow Jones segment increased $15 million, or 11%, as compared to the corresponding period of fiscal 2025, primarily due to the increase in revenues discussed above, partially offset by higher employee costs.
Current wording
For the three months ended September 30, 2026, Segment EBITDA at the Dow Jones segment increased $16 million, or 11%, as compared to the corresponding period of fiscal 2026, primarily due to the increase in revenues discussed above, partially offset by higher employee costs and the timing of marketing spend.
Previous wording
For the three months ended March 31, 2026, revenues at the Digital Real Estate Services segment increased $67 million, or 17%, as compared to the corresponding period of fiscal 2025. At REA Group, revenues increased $54 million, or 20%, to $325 million for the three months ended March 31, 2026 from $271 million in the corresponding period of fiscal 2025. The increase was due to the $31 million, or 12%, positive impact of foreign currency fluctuations, higher Australian residential revenues driven by price increases, growth in add-on products and geographic mix and higher financial services revenues from higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses. Revenues at Move increased $13 million, or 10%, to $148 million for the three months ended March 31, 2026 from $135 million in the corresponding period of fiscal 2025, driven by higher sales of RealPRO Select SM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals. Lead volumes increased 6% compared to the corresponding period of fiscal 2025.
Current wording
For the three months ended September 30, 2026, revenues at the Digital Real Estate Services segment increased $50 million, or 10%, as compared to the corresponding period of fiscal 2026. Revenues at REA Group increased $42 million, or 13%, to $369 million for the three months ended September 30, 2026 from $327 million for the corresponding period of fiscal 2026, including the $27 million, or 8%, positive impact of foreign currency fluctuations, driven by higher Australian residential revenues primarily due to price increases, growth in add-on products and increased depth penetration, partially offset by unfavorable geographic mix. The increases were also partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses. REA Group completed the sale of REA India’s remaining business in September 2026. Revenues at Move increased $8 million, or 5%, to $160 million for the three months ended September 30, 2026 from $152 million for the corresponding period of fiscal 2026, driven by higher sales of RealPRO Select SMand revenue growth in seller, new homes and rentals. Lead volumes decreased 11% compared to the corresponding period of fiscal 2026, reflecting the impact of recent increases in mortgage rates, which may continue to negatively impact the U.S. housing market in the near term.
Previous wording
For the three months ended March 31, 2026, revenues at the Book Publishing segment increased $41 million, or 8%, as compared to the corresponding period of fiscal 2025, which includes a $6 million impact from recent acquisitions. The increase was due to higher physical and digital book sales, driven by Rachel Reid’s Game Changers series, which includes Heated Rivalry. Digital sales increased by 11% as compared to the corresponding period of fiscal 2025 driven by growth in e-book and audiobook sales. Digital sales represented approximately 26% of consumer revenues in the three months ended March 31, 2026 as compared to 25% in the corresponding period of fiscal 2025. Backlist sales represented approximately 64% of consumer revenues during the three months ended March 31, 2026, as compared to 65% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $12 million, or 2%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Current wording
For the three months ended September 30, 2026, revenues at the Book Publishing segment increased $48 million, or 9%, as compared to the corresponding period of fiscal 2026, primarily due to higher physical and digital book sales. Digital sales increased by 6% as compared to the corresponding period of fiscal 2026 driven by growth in audiobook sales. Digital sales represented approximately 23% of consumer revenues for both the three months ended September 30, 2026 and 2025. Backlist sales represented approximately 66% of consumer revenues for the three months ended September 30, 2026, as compared to 65% for the corresponding period of fiscal 2026.
Previous wording
For the nine months ended March 31, 2026, Segment EBITDA at the Book Publishing segment decreased $16 million, or 7%, as compared to the corresponding period of fiscal 2025, driven by higher costs due to higher sales volume, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations, higher employee costs and a $13 million write-off of a customer receivable related to the closure of a book distributor, partially offset by the higher revenues discussed above.
Current wording
For the three months ended September 30, 2026, Segment EBITDA at the Book Publishing segment increased $17 million, or 29%, as compared to the corresponding period of fiscal 2026, driven by the higher revenues discussed above and the absence of a $13 million write-off of a customer receivable related to the closure of a book distributor in the prior year, partially offset by higher costs due to higher sales volume and mix of titles.
Previous wording
News Media (24% and 26% of the Company’s consolidated revenues in the nine months ended March 31, 2026 and 2025, respectively)
Current wording
News Media (24% and 26% of the Company’s consolidated revenues for the three months ended September 30, 2026 and 2025, respectively)
Previous wording
Revenues at the News Media segment increased $28 million, or 2%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025. Circulation and subscription revenues increased $38 million, or 5%, as compared to the corresponding period of fiscal 2025, primarily due to the $30 million, or 4%, positive impact of foreign currency fluctuations, price increases and digital subscriber growth, partially offset by print volume declines. Advertising revenues decreased $15 million, or 2%, as compared to the corresponding period of fiscal 2025, primarily due to lower print advertising revenues, partially offset by the $19 million, or 4%, positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $53 million, or 4%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Current wording
Revenues at the News Media segment decreased $5 million, or 1%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026. Other revenues decreased $9 million, or 14%, as compared to the corresponding period of fiscal 2026. Advertising revenues decreased $4 million, or 2%, as compared to the corresponding period of fiscal 2026, primarily due to lower print advertising revenues, partially offset by the $5 million, or 3%, positive impact of foreign currency fluctuations. Circulation and subscription revenues increased $8 million, or 3%, as compared to the corresponding period of fiscal 2026, driven by the $9 million, or 3%, positive impact of foreign currency fluctuations, as price increases and higher content licensing revenues were more than offset by print volume declines. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $17 million, or 3%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026.
Previous wording
Segment EBITDA at the News Media segment decreased by $18 million, or 55%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025. The decrease was primarily due to lower contribution from News UK and costs related to the recently launched California Post.
Current wording
Segment EBITDA at the News Media segment decreased by $12 million, or 40%, for the three months ended September 30, 2026 as compared to the corresponding period of fiscal 2026. The decrease was driven by the lower revenues discussed above.
Previous wording
The Company’s principal source of liquidity is internally generated funds and cash and cash equivalents on hand. As of March 31, 2026, the Company’s cash and cash equivalents were$2.2 billion. The Company also has available borrowing capacity under the 2026 Revolving Facility (as defined below) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired. The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness. Although the Company believes that its cash on hand and future cash from operations, together with its access to the credit and capital markets, will provide adequate resources to fund its operating and financing needs for at least the next twelve months, its access to, and the availability of, financing on acceptable terms in the future will be affected by many factors, including: (i) the financial and operational performance of the Company and/or its operating subsidiaries, as applicable, (ii) the Company’s credit ratings and/or the credit rating of its operating subsidiaries, as applicable, (iii) the provisions of any relevant debt instruments, credit agreements, indentures and similar or associated documents, (iv) the liquidity of the overall credit and capital markets and (v) the state of the economy. There can be no assurances that the Company will continue to have access to the credit and capital markets on acceptable terms.
Current wording
The Company’s principal source of liquidity is internally generated funds and cash and cash equivalents on hand. As of September 30, 2026, the Company’s cash and cash equivalents were$1.8 billion. The Company also has available borrowing capacity under the 2026 Revolving Facility and certain other facilities and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired. The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness. Although the Company believes that its cash on hand and future cash from operations, together with its access to the credit and capital markets, will provide adequate resources to fund its operating and financing needs for at least the next twelve months, its access to, and the availability of, financing on acceptable terms in the future will be affected by many factors, including: (i) the financial and operational performance of the Company and/or its operating subsidiaries, as applicable, (ii) the Company’s credit ratings and/or the credit rating of its operating subsidiaries, as applicable, (iii) the provisions of any relevant debt instruments, credit agreements, indentures and similar or associated documents, (iv) the liquidity of the overall credit and capital markets and (v) the state of the economy. There can be no assurances that the Company will continue to have access to the credit and capital markets on acceptable terms.
Previous wording
As of March 31, 2026, the Company’s consolidated assets included $822 million in cash and cash equivalents that were held by its foreign subsidiaries. Of this amount, $245 million is cash not readily accessible by the Company as it is held by REA Group, a majority owned but separately listed public company. REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.
Current wording
As of September 30, 2026, the Company’s consolidated assets included $632 million in cash and cash equivalents that were held by its foreign subsidiaries. Of this amount, $181 million is cash not readily accessible by the Company as it is held by REA Group, a majority owned but separately listed public company. REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net cash used in financing activities from continuing operations for the three months ended September 30, 2026 and 2025 was as follows:
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
The revenue increase for the three months ended March 31, 2026 was primarily due to higher revenues at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move, at the Dow Jones segment driven by higher circulation and subscription revenues, at the Book Publishing segment driven by higher physical and digital book sales and at the News Media segment due to the positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $88 million, or 5%, for the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.
Previous report — wording carried elsewhere
See Note 4—Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.
Previous report — wording carried elsewhere
For the nine months ended March 31, 2026, the Company recorded income tax expense of $255 million on pre-tax income from continuing operations of $768 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, remeasurement losses on certain investments with little or no tax benefit and valuation allowances recorded against tax benefits in certain businesses.
Previous report — wording carried elsewhere
Circulation and subscription revenues increased $33 million, or 7%, during the three months ended March 31, 2026 as compared to the corresponding period of fiscal 2025. Professional information business revenues increased $24 million, or 11%, primarily due to the $16 million and $8 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and product expansion. Circulation and other revenues increased $9 million, or 4%, driven by higher content licensing revenues and increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, including enterprise customers, partially offset by print circulation declines and the absence of a licensing revenue timing benefit in the prior year. Digital revenues represented 76% of circulation revenue for the three months ended March 31, 2026, as compared to 75% in the corresponding period of fiscal 2025.
Previous report — wording carried elsewhere
The Company’s remaining commitments as of March 31, 2026 have not changed significantly from the disclosures included in the 2025 Form 10-K.