News Corporation today reported fiscal 2026 revenues of $9.03 billion and Total Segment EBITDA of $1.63 billion, both records on a continuing operations basis, while advertising settled at 15 percent of the revenue mix and grew nothing at all once currency movements are stripped out.

The results, covering the three months and fiscal year ended June 30, 2026, were filed with the Securities and Exchange Commission on Form 8-K and released ahead of a conference call scheduled for 5:00 p.m. EDT. Fourth quarter revenues reached $2.34 billion, an 11 percent increase against $2.11 billion a year earlier. Net income from continuing operations for the quarter was $230 million, up 167 percent from $86 million, and Total Segment EBITDA rose 31 percent to $423 million. Reported earnings per share from continuing operations were $0.33 against $0.09, with adjusted EPS at $0.35 against $0.19.

Those headline figures carry a large currency component. Foreign exchange added $71 million, or 4 percentage points, to fourth quarter revenue and $189 million, or 2 points, across the year. The Australian dollar averaged $0.71 against the US dollar in the fourth quarter of fiscal 2026 compared with $0.64 in the same quarter of fiscal 2025, a swing that flows directly through REA Group and News Corp Australia. Adjusted revenues, which exclude currency, acquisitions and divestitures, rose 7 percent for the quarter and 4 percent for the year.

The advertising line, in constant currency

Consolidated advertising revenue for the fourth quarter was $363 million against $353 million, a reported increase of 3 percent. On a constant currency basis the figure was $353 million, identical to the prior year period. Growth was zero.

The full year tells the same story with more force. Advertising revenue of $1,391 million compared with $1,367 million, up 2 percent as reported. Constant currency advertising revenue was $1,361 million, a 0 percent change. Every dollar of the reported increase came from exchange rates.

Advertising now represents 15 percent of group revenue. According to News Corp, that share stood at 48 percent in fiscal 2014, a figure that included $408 million of REA Group revenue subsequently reclassified as real estate revenue. Circulation and subscription accounts for 36 percent of the fiscal 2026 mix, consumer revenue for 24 percent, real estate for 17 percent and other for 8 percent. Digital revenue reached 61 percent of the total, against 60 percent in fiscal 2025 when adjusted for the sale of Foxtel and 22 percent in fiscal 2014.

The direction is deliberate. What it means for the buy side is that the largest single revenue line at one of the world's biggest news publishers is now a subscriber relationship rather than an impression.

Dow Jones: digital advertising up 10%, print down 6%

Dow Jones fourth quarter revenues increased $40 million, or 7 percent, to $644 million. Segment EBITDA rose $30 million, or 20 percent, to $181 million, marking a sixth consecutive quarter of double-digit segment EBITDA growth.

Advertising revenues for the segment increased $5 million, or 5 percent. Within that, digital advertising grew 10 percent while print advertising declined 6 percent. Digital accounted for 69 percent of total Dow Jones advertising revenue in the quarter, compared with 65 percent a year earlier. Across the full year, advertising revenue increased $22 million, or 6 percent, on a 9 percent rise in digital, and digital represented 67 percent of the segment's advertising total against 65 percent. Unlike the group figure, the Dow Jones advertising line held its growth on a constant currency basis: $109 million against $104 million for the quarter, and $418 million against $396 million for the year.

Circulation and subscription revenues rose $35 million, or 7 percent, in the quarter. Dow Jones Risk and Compliancerevenues grew 11 percent to $102 million, and Dow Jones Energy grew 4 percent to $76 million. For the year, Risk and Compliance reached $392 million, up 16 percent, and Energy reached $301 million, up 8 percent. Digital revenues represented 84 percent of Dow Jones total revenue in the quarter, against 83 percent.

The subscription base

Total average subscriptions to Dow Jones news products exceeded 6.7 million in the quarter, a 7 percent increase. Digital-only subscriptions to those products grew 9 percent to nearly 6.3 million. The Wall Street Journal recorded 4,827,000 total subscriptions, up 6 percent, of which 4,465,000 were digital-only, up 8 percent and representing 93 percent of the masthead's base. Growth in enterprise news subscriptions drove that mix. Barron's Group digital-only subscriptions climbed 15 percent to 1,512,000.

Digital circulation revenues accounted for 76 percent of circulation revenues in the quarter, against 75 percent a year earlier, with print volume declines partly offsetting price conversions from introductory promotions.

Digital Real Estate Services carries the quarter

The segment that moved the numbers most was Digital Real Estate Services. Revenues rose $87 million, or 19 percent, to $553 million, and Segment EBITDA jumped $70 million, or 46 percent, to $222 million. Adjusted revenues rose 10 percent and adjusted Segment EBITDA 33 percent, so roughly a quarter of the reported EBITDA gain reflects currency.

REA Group revenues increased $68 million, or 21 percent, to $386 million, of which $38 million was currency. On a constant currency basis the increase was 9 percent. Australian national residential buy listing volumes rose 11 percent, with Sydney and Melbourne listings each up 8 percent. REA India has announced the sale of its remaining business, Housing.com, to listed Aurum Proptech Limited.

Move, the operator of Realtor.com, grew revenue $19 million, or 13 percent, to $167 million, a third consecutive quarter of double-digit growth attributed to higher sales of RealPRO Select and to seller, new homes and rentals categories.

The audience figures underneath that revenue moved in the other direction. Average monthly unique users of Realtor.com web and mobile sites were 68 million for the fiscal fourth quarter, a 6 percent decrease, which News Corp attributes to broader macroeconomic trends and a focus on higher quality leads. Lead volumes increased 1 percent. According to Comscore, monthly average visits for the quarter were 297 million, lifting Realtor.com to 33 percent of total visits across all US real estate portals.

Advertising revenue inside the segment reached $48 million for the quarter against $42 million, up 14 percent reported and 12 percent in constant currency. For the year the line was $169 million against $151 million.

News Media: World Cup costs and shrinking mastheads

News Media revenues increased $29 million, or 5 percent, to $574 million. Adjusted revenues were flat. Segment EBITDA fell $4 million, or 14 percent, to $24 million, and adjusted Segment EBITDA fell 18 percent.

Advertising revenues in the segment decreased $1 million against the prior year. Currency contributed $9 million, or 5 percentage points, meaning constant currency advertising revenue fell 5 percent to $197 million from $207 million. For the full year, segment advertising declined $16 million, or 2 percent as reported, and 5 percent in constant currency to $776 million.

The segment carried costs for the FIFA World Cup at News Broadcasting and for the recently launched California Post, partly offset by lower Talk costs. The tournament also produced an advertising benefit at News Broadcasting, though News Corp did not size it. The 2026 tournament ran from June 11 to July 19, straddling the fiscal fourth quarter, and iSpot measured more than 25 billion television advertising impressions across United States rights holders, with United States men's national team matches drawing 70 percent of FOX tournament viewers. Ahead of the event, Video Advertising Bureau research projected 63.9 million American adults would watch, and FIFA had approved advertising inside three-minute water breaks across all 104 matches.

The masthead audience disclosures are the sharpest data in the filing for anyone modelling news inventory. The Sun's digital offering reached 65 million global monthly unique users in June 2026, compared with 87 million a year earlier, a decline of 22 million on Meta Pixel data. New York Post's digital network reached 77 million unique users against 90 million, on Google Analytics data. Both figures are audience, not revenue, and both fell by roughly a quarter and a seventh respectively in twelve months.

Subscriber counts held better. The Times and Sunday Times, including the Times Literary Supplement, closed the year at 681,000 digital subscribers against 640,000. News Corp Australia closed at 1,162,000, of which 981,000 were news mastheads, against 1,166,000 and 993,000. Digital revenues represented 41 percent of News Media segment revenues in the quarter against 38 percent, and 39 percent of combined newspaper masthead revenues.

Book Publishing profit falls on write-offs

Book Publishing revenues rose $72 million, or 15 percent, to $566 million in the quarter, with Segment EBITDA up $7 million, or 14 percent, to $57 million. Digital sales increased 12 percent on audiobook and e-book strength, representing 24 percent of consumer revenues against 25 percent. Backlist sales were approximately 60 percent of consumer revenues against 65 percent, reflecting the frontlist slate.

Across the full year the segment moved the other way on profit. Revenues increased $139 million, or 6 percent, to $2,288 million, but Segment EBITDA decreased $9 million, or 3 percent, to $287 million. Two items account for much of that: a $16 million one-time write-off in the second quarter of fiscal 2026 related primarily to inventory at HarperCollins international operations, and a $13 million write-off of a customer receivable tied to the closure of a book distributor.

Cash, buybacks and the dividend

Net cash provided by operating activities from continuing operations reached $1,237 million, $259 million higher than the prior year. Capital expenditures were $426 million against $407 million. Free cash flow, defined as operating cash flow less capital expenditure, was $811 million against $571 million, a 42 percent increase. The three-year compound annual growth rate on free cash flow is 24 percent, and on earnings per share 58 percent.

Capital returns accelerated. The consolidated statement of cash flows records $641 million spent repurchasing News Corp shares, $141 million repurchasing REA Group shares, and $204 million of dividends paid. Chief Executive Robert Thomson put the buyback at $643 million in his prepared commentary, a $2 million difference against the cash flow statement that News Corp did not reconcile and that settlement timing could explain. The investor update puts total fiscal 2026 capital return at $755 million, a figure it defines as News Corp dividends paid plus share buybacks, and therefore excludes dividends paid to noncontrolling interests captured in the $204 million line.

Separately, News Corp filed daily buy-back notifications with the Australian Securities Exchange covering trading on August 4, 2026. Under the 2025 Repurchase Program, authorised as of July 15, 2025 for up to $1 billion of Class A and Class B common stock and executed through Goldman Sachs & Co. LLC, the company had purchased approximately $404,733,910 of stock as of that date. Class A repurchases on August 4 totalled 62,323 shares for $1,758,144.29 at prices between $27.83 and $28.60. Class B repurchases totalled 27,128 shares for $871,657.91 at prices between $31.65 and $32.64. The highest price paid to date under the programme was $29.06 for Class A and $33.01 for Class B, both on July 29, 2026, against lows of $22.20 on February 9, 2026 and $25.49 on February 13, 2026.

A semi-annual cash dividend of $0.10 per share for both share classes was declared today, payable October 7, 2026 to holders of record as of September 9, 2026. Cash and cash equivalents closed the year at $2,095 million against $2,403 million.

The Dow Jones path to $1 billion

The investor update sets a forward view of $1 billion in annual Dow Jones Segment EBITDA by fiscal 2030, from $663 million in fiscal 2026 and $193 million in fiscal 2018. News Corp states explicitly that this forward-looking view of EBITDA is not a profit forecast. The stated drivers are outsized growth in Risk and Energy, acceleration in direct-to-consumer products and pricing, growth in high-margin Enterprise News covering Factiva, Newswires and Enterprise Subscriptions, and continued cost discipline.

The concentration is already visible. Dow Jones, Digital Real Estate Services and Book Publishing together accounted for 92 percent of segment EBITDA before the Other segment in fiscal 2026, against 69 percent in fiscal 2018.

On artificial intelligence, Thomson said that "artificial intelligence itself is only as useful and only as trustworthy as the quality of its inputs," and confirmed that News Corp has "trusted content relationships with OpenAI and Meta, and are in advanced discussions with several other companies." He restated the litigation posture in the same passage, describing a "woo and sue approach" toward companies using published work without agreement. News Corp reported those partnerships alongside digital subscriptions reaching 62 percent of revenue in November 2025. Dow Jones has an active copyright case against Perplexity, one of several publisher actions that also includes CNN's May 2026 complaint over 17,000 works.

Why this matters for the advertising market

Three things in the filing bear directly on media buying decisions.

First, a major premium news publisher grew its advertising revenue by zero percent in constant currency across a full fiscal year in which it grew total revenue 5 percent in constant currency. Advertising is no longer the growth line at News Corp, and the company presents that as strategy rather than shortfall. The contrast with peers is sharp: The New York Times Company today reported second quarter digital advertising revenue of $114.0 million, up 20.7 percent, while BuzzFeed reported advertising revenue down 23 percent in the same reporting window.

Second, the audience declines at The Sun and New York Post quantify supply contraction at two high-traffic English-language news properties. Reach plc reported Google referral volumes down 55 percent and on-platform page views down 40 percent in July 2026 results, and Index Exchange found 69 percent of publishers on its platform recorded year-over-year declines in advertising opportunities averaging 14 percent. A randomized field experiment published in April 2026 measured AI Overviews cutting outbound organic clicks by 39.8 percent when the feature appeared. News Corp's masthead figures are consistent with that environment, even as its subscription and licensing lines expand.

Third, the growth inside Dow Jones came from professional information products rather than from news advertising. Risk and Compliance and Energy together generated $693 million in fiscal 2026, more than half the group's entire advertising revenue. For agencies and platforms selling against news audiences, the operative signal is that the largest profit pool at this publisher sits outside the advertising transaction entirely.

Timeline

  • Fiscal 2014 - Advertising represents 48 percent of News Corp revenue and digital revenue 22 percent
  • Fiscal 2018 - Dow Jones Segment EBITDA is $193 million; core growth engines account for 69 percent of segment EBITDA
  • Fiscal 2023 - Total Segment EBITDA of $1,089 million at a 13.6 percent margin; free cash flow $430 million
  • Fiscal 2024 - Total Segment EBITDA of $1,241 million at 15.0 percent; free cash flow $540 million
  • April 2025 - Foxtel sale completes and the business is classified as discontinued operations
  • July 15, 2025 - The 2025 Repurchase Program is authorised for up to $1 billion of Class A and Class B common stock
  • November 6, 2025 - News Corp reports first quarter fiscal 2026 results with digital subscriptions at 62 percent of revenue and accelerated buybacks
  • Second quarter fiscal 2026 - A $16 million inventory write-off is recorded at HarperCollins international operations
  • February 9, 2026 - Lowest Class A repurchase price under the 2025 programme, at $22.20
  • February 13, 2026 - Lowest Class B repurchase price under the 2025 programme, at $25.49
  • March 16, 2026 - News Corp hosts a Dow Jones investor briefing in New York setting out a pathway to $1 billion in annual Segment EBITDA
  • May 28, 2026 - CNN files a copyright complaint against Perplexity in the Southern District of New York
  • June 11 to July 19, 2026 - The FIFA World Cup runs across the United States, Canada and Mexico, adding costs and advertising at News Broadcasting
  • June 30, 2026 - Fiscal 2026 closes with revenues of $9.03 billion, Total Segment EBITDA of $1.63 billion and cash of $2,095 million
  • July 22, 2026 - Reach plc reports Google referral volumes down 55 percent and page views down 40 percent
  • July 29, 2026 - Highest repurchase prices to date under the 2025 programme, at $29.06 for Class A and $33.01 for Class B
  • August 1, 2026 - iSpot reports more than 25 billion World Cup television advertising impressions across United States rights holders
  • August 4, 2026 - News Corp repurchases 62,323 Class A shares and 27,128 Class B shares, reported to the Australian Securities Exchange the following day
  • August 5, 2026 - Fourth quarter and full year fiscal 2026 results are released, a $0.10 semi-annual dividend is declared, and the earnings call is held at 5:00 p.m. EDT
  • September 9, 2026 - Record date for the declared dividend
  • October 7, 2026 - Dividend payment date

Summary

Who: News Corporation (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV), led by Chief Executive Robert Thomson, reporting results that concern media buyers transacting against Dow Jones, News Corp Australia, News UK and New York Post inventory, publishers benchmarking subscription and licensing performance, and real estate marketers using Realtor.com and REA Group platforms.

What: Fourth quarter and full year fiscal 2026 results showing quarterly revenues of $2.34 billion, up 11 percent, Total Segment EBITDA of $423 million, up 31 percent, and net income from continuing operations of $230 million, up 167 percent. Full year revenues reached $9.03 billion, up 7 percent, with Total Segment EBITDA of $1.63 billion at an 18.0 percent margin and free cash flow of $811 million, up 42 percent. Consolidated advertising revenue grew 0 percent in constant currency for both the quarter and the year, and advertising now represents 15 percent of group revenue against 48 percent in fiscal 2014. A semi-annual dividend of $0.10 per share was declared.

When: Results were released on August 5, 2026, covering the three months and fiscal year ended June 30, 2026, with the earnings call at 5:00 p.m. EDT. Australian Securities Exchange buy-back notifications filed the same day cover trading on August 4, 2026. The dividend is payable October 7, 2026 to holders of record on September 9, 2026.

Where: News Corp is headquartered at 1211 Avenue of the Americas, New York, and operates primarily in the United States, Australia and the United Kingdom across Dow Jones, Digital Real Estate Services, Book Publishing and News Media segments.

Why: The report documents a large news publisher whose advertising revenue has stopped growing in real terms while total revenue and profitability set records, with the gains concentrated in professional information products at Dow Jones, Australian residential listings at REA Group and premium agent products at Move. Audience at two mass-reach mastheads contracted materially over twelve months, with The Sun down 22 million monthly unique users and New York Post down 13 million, quantifying supply contraction at properties that open-web buyers have long relied on for scale. For the marketing community, the filing sets out how a publisher of this size is reallocating away from impression-based revenue toward subscription, licensing and marketplace fees, and how much of the reported growth at such publishers currently depends on exchange rates rather than underlying demand.