News Corporation Reports Third Quarter Results for Fiscal 2025

FISCAL 2025 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS

• Third quarter revenues were $2.01 billion, a 1% increase compared to $1.99 billion in the prior year, driven by the growth of Dow Jones, Digital Real Estate Services and Book Publishing
• Net income from continuing operations in the quarter was $107 million, a 67% increase compared to $64 million in the prior year
• Third quarter Total Segment EBITDA was $290 million, a 12% increase compared to $259 million in the prior year
• In the quarter, reported EPS from continuing operations were $0.14 as compared to $0.07 in the prior year - Adjusted EPS were $0.17 compared to $0.13 in the prior year
• Dow Jones achieved revenues for the quarter of $575 million, underpinned by improved circulation revenues and higher professional information business revenues driven by growth of 11% at Risk & Compliance and 10% at Dow Jones Energy
• During the quarter, Dow Jones’ consumer products surpassed 6 million total average subscriptions and showed improved sequential net additions
• REA Group posted revenues for the quarter of $271 million, a 6% increase compared to the prior year, driven by continued strong Australian residential performance
• Book Publishing continued to benefit from strong backlist and higher downloadable audiobook sales
• Announced the completion of the sale of Foxtel Group to DAZN in April, which included the repayment of outstanding shareholder loans and receipt of a minority equity stake in DAZN of approximately 6%

NEW YORK--(BUSINESS WIRE)-- News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2025.

Commenting on the results, Chief Executive Robert Thomson said:

“The sustained strength of News Corp’s third quarter reflects the Company’s strategic transformation. We have pursued digital growth, realigned our assets, focused relentlessly on cost discipline and asserted the essential value of our intellectual property in a changing, challenging content world.

Net income from continuing operations rose 67% to $107 million, benefiting from a 12% increase in Total Segment EBITDA to $290 million, as revenue reached $2 billion, despite blustery currency headwinds and obvious macro uncertainty. Reported earnings per share from continuing operations doubled to $0.14 and margins expanded in every segment.

The completion of the sale of Foxtel to DAZN last month marked a significant moment for News Corp as we continued to focus on our core pillars and on driving growth. The transaction meaningfully strengthened our balance sheet and is expected to increase return on invested capital, and be accretive to earnings per share. It also demonstrates our ongoing commitment to maximizing returns for our shareholders.

Dow Jones was a highlight of the quarter, achieving improved revenue and profit growth, including double-digit revenue growth in digital circulation and at both Risk and Compliance and Dow Jones Energy. We continued to invest in the Professional Information Business, and have just completed the acquisition of Oxford Analytica and Dragonfly Intelligence.

The enduring importance of quality journalism cannot be underestimated in the midst of a political and economic maelstrom. The currency of credibility will become even more crucial as AI continues its exponential growth and inevitably blurs the lines between the actual and the anthropomorphic.”

THIRD QUARTER RESULTS

The Company reported fiscal 2025 third quarter total revenues of $2.01 billion, a 1% increase compared to $1.99 billion in the prior year period, primarily driven by higher circulation and subscription revenues at the Dow Jones segment, higher Australian residential revenues at REA Group and higher book sales at the Book Publishing segment. The increase was partly offset by lower revenues at the News Media segment and a $32 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 2% compared to the prior year.

Net income from continuing operations for the quarter was $107 million, a 67% increase compared to $64 million in the prior year, primarily driven by higher Total Segment EBITDA and lower impairment and restructuring charges. These impacts were partially offset by higher income tax expense.

The Company reported third quarter Total Segment EBITDA of $290 million, a 12% increase compared to $259 million in the prior year primarily due to strong contributions from the Digital Real Estate Services and Dow Jones segments. Adjusted Total Segment EBITDA (as defined in Note 2) increased 15%.

Net income from continuing operations per share attributable to News Corporation stockholders was $0.14 as compared to $0.07 in the prior year.

Adjusted EPS (as defined in Note 3) were $0.17 compared to $0.13 in the prior year.

SEGMENT REVIEW

	For the three months ended March 31,											For the nine months ended March 31,
		2025				2024			% Change				2025				2024			% Change
	(in millions)								Better/ (Worse)			(in millions)								Better/ (Worse)
Revenues:
Dow Jones	$	575			$	544			6	%		$	1,727			$	1,665			4	%
Digital Real Estate Services		406				388			5	%			1,336				1,210			10	%
Book Publishing		514				506			2	%			1,655				1,581			5	%
News Media		514				556			(8	)%			1,625				1,704			(5	)%
Other		—				—			—	%			—				—			—	%
Total Revenues	$	2,009			$	1,994			1	%		$	6,343			$	6,160			3	%
Segment EBITDA:
Dow Jones	$	132			$	118			12	%		$	437			$	405			8	%
Digital Real Estate Services		124				104			19	%			449				373			20	%
Book Publishing		64				62			3	%			246				212			16	%
News Media		33				27			22	%			125				101			24	%
Other		(63	)			(52	)		(21	)%			(164	)			(158	)		(4	)%
Total Segment EBITDA	$	290			$	259			12	%		$	1,093			$	933			17	%

Dow Jones

Revenues in the quarter increased $31 million, or 6%, compared to the prior year, driven by higher circulation and subscription revenues from higher digital circulation revenues and continued growth in the professional information business. Digital revenues at Dow Jones in the quarter represented 82% of total revenues compared to 81% in the prior year. Adjusted Revenues increased 6%.

Circulation and subscription revenues increased $33 million, or 7%, reflecting a 6% increase in professional information business revenues, led by 11% growth in Risk & Compliance revenues to $84 million and 10% growth in Dow Jones Energy revenues to $69 million, partially offset by lower Factiva revenues primarily due to an ongoing customer dispute. Circulation revenues increased 7% compared to the prior year, primarily driven by the continued growth in digital-only subscriptions and the conversion of customers from introductory promotions to higher pricing, partly offset by lower print volume. Digital circulation revenues accounted for 75% of circulation revenues for the quarter, compared to 70% in the prior year.

During the third quarter, total average subscriptions to Dow Jones’ consumer products were 6.1 million, a 7% increase compared to the prior year. Digital-only subscriptions to Dow Jones’ consumer products grew 9% to over 5.5 million. Total subscriptions to The Wall Street Journal grew 3% compared to the prior year, to over 4.3 million average subscriptions in the quarter. Digital-only subscriptions to The Wall Street Journal grew 5% to over 3.9 million average subscriptions in the quarter, and represented 90% of total Wall Street Journal subscriptions.

	For the three months ended March 31,
	2025			2024			% Change
(in thousands, except %)							Better/(Worse)
The Wall Street Journal
Digital-only subscriptions	3,913			3,715			5	%
Total subscriptions	4,339			4,217			3	%
Barron’s Group
Digital-only subscriptions	1,368			1,221			12	%
Total subscriptions	1,485			1,355			10	%
Total Consumer
Digital-only subscriptions	5,543			5,068			9	%
Total subscriptions	6,103			5,723			7	%

Advertising revenues were flat for the quarter with both print advertising revenues and digital advertising revenues flat. Digital advertising accounted for 63% of total advertising revenues in the quarter in both periods.

Segment EBITDA for the quarter increased $14 million, or 12%, primarily as a result of the higher revenues discussed above, partially offset by higher employee, technology and marketing costs. Adjusted Segment EBITDA increased 13%.

Digital Real Estate Services

Revenues in the quarter increased $18 million, or 5%, compared to the prior year, driven by higher revenues at REA Group, while Move revenues increased for the second consecutive quarter. The increases were partly offset by a $14 million, or 3%, negative impact from foreign currency fluctuations. Segment EBITDA in the quarter increased $20 million, or 19%, compared to the prior year, due to higher contribution from REA Group and improved results at Move, partly offset by a $6 million, or 6%, negative impact from foreign currency fluctuations. Adjusted Revenues and Adjusted Segment EBITDA increased 8% and 25%, respectively.

In the quarter, revenues at REA Group increased $15 million, or 6%, to $271 million, driven by higher Australian residential revenues due to price increases and increased depth penetration and higher revenues from REA India, partly offset by a $14 million, or 5%, negative impact from foreign currency fluctuations. Australian national residential buy listing volumes in the quarter were flat compared to the prior year, with listings in Sydney up 4% and Melbourne down 3%.

Move’s revenues in the quarter increased $3 million, or 2%, to $135 million, primarily as a result of revenue growth in seller, new homes and rentals, including the partnership with Zillow, partially offset by the ongoing impact of the macroeconomic environment on the housing market, which led to lower lead and transaction volumes. Based on Move’s internal data, average monthly unique users of Realtor.com^®’s web and mobile sites for the fiscal third quarter decreased 8% compared to the prior year to 66 million. Lead volume was down 17% year over year due to the continued impact of high mortgage rates and affordability issues, but the impact was partly offset by higher revenue per lead as Move shifts its focus to more premium offerings.

Book Publishing

Revenues in the quarter increased $8 million, or 2%, compared to the prior year, due to higher book sales driven by the impact from a recently closed German book publisher acquisition, partly offset by a $5 million, or 1%, negative impact from foreign currency fluctuations. Key titles in the quarter included Wicked by Gregory Maguire, Dream Girl Drama by Tessa Bailey, Summer in the City by Alex Aster and The Strawberry Patch Pancake House by Laurie Gilmore, in addition to higher Bible sales. Adjusted Revenues were flat.

Digital sales increased 3% compared to the prior year, driven by 3% growth from audiobook sales, including the contribution from Spotify. Digital sales represented 25% of Consumer revenues for both the quarter and the prior year period. Backlist sales represented approximately 65% of Consumer revenues in the quarter compared to 63% in the prior year.

Segment EBITDA for the quarter increased $2 million, or 3%, compared to the prior year, primarily due to the higher revenues discussed above, partially offset by higher employee costs. Adjusted Segment EBITDA increased 3%.

News Media

Revenues in the quarter decreased $42 million, or 8%, as compared to the prior year, primarily driven by lower advertising revenues, lower revenues from the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media and lower circulation and subscription revenues, in addition to an $11 million, or 2%, negative impact from foreign currency fluctuations. Adjusted Revenues for the segment decreased 6% compared to the prior year.

Circulation and subscription revenues decreased $10 million, or 3%, compared to the prior year, which included a $7 million, or 2%, negative impact from foreign currency fluctuations, primarily driven by lower print volumes, partially offset by cover price increases and higher content licensing at News UK.

Advertising revenues decreased $19 million, or 9%, compared to the prior year, which included a $4 million, or 2%, negative impact from foreign currency fluctuations, primarily due to lower print advertising revenues across the group and lower digital advertising revenues at News UK, primarily at The Sun.

In the quarter, Segment EBITDA increased $6 million, or 22%, compared to the prior year, driven by cost savings initiatives, including lower Talk costs, and the combination of News UK’s printing operations with those of DMG Media, partially offset by the lower revenues discussed above. Adjusted Segment EBITDA increased 22%.

Digital revenues represented 39% of News Media segment revenues in the quarter, compared to 37% in the prior year, and represented 37% of the combined revenues of the newspaper mastheads. Digital subscribers and users across key properties within the News Media segment are summarized below:

• Closing digital subscribers at News Corp Australia as of March 31, 2025 were 1,148,000 (981,000 for news mastheads), compared to 1,113,000 (966,000 for news mastheads) in the prior year (Source: Internal data)
• The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of March 31, 2025 were 629,000, compared to 582,000 in the prior year (Source: Internal data).
• The Sun’s digital offering reached 74 million global monthly unique users in March 2025, compared to 126 million in the prior year (Source: Meta Pixel)
• New York Post’s digital network reached 85 million unique users in March 2025, compared to 125 million in the prior year (Source: Google Analytics)

CASH FLOW

The following table presents a reconciliation of net cash provided by operating activities from continuing operations to free cash flow:

	For the nine months ended March 31,
		2025				2024
	(in millions)
Net cash provided by operating activities from continuing operations	$	789			$	721
Less: Capital expenditures		(250	)			(246	)
Free cash flow	$	539			$	475

Net cash provided by operating activities from continuing operations of $789 million for the nine months ended March 31, 2025 was $68 million higher than net cash provided by operating activities from continuing operations of $721 million in the prior year, primarily due to higher Total Segment EBITDA, as noted above, partly offset by higher working capital and tax payments.

Free cash flow in the nine months ended March 31, 2025 was $539 million compared to $475 million in the prior year. The improvement in free cash flow was primarily due to higher cash provided by operating activities from continuing operations, as mentioned above.

Free cash flow is a non-GAAP financial measure. Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations less capital expenditures. Free cash flow excludes cash flows from discontinued operations. Free cash flow 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 free cash flow.

Free cash flow does not represent the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.

The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends.

OTHER ITEMS

Foxtel Sale

During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell the Foxtel Group (“Foxtel”) to DAZN Group Limited (“DAZN”), a global sports streaming platform. The transaction closed on April 2, 2025. Under the terms of the agreement, amounts outstanding under Foxtel’s shareholder loans with News Corp (A$592 million) were repaid in full in cash at closing. Foxtel’s third-party borrowings transferred with the business, and News Corp received a minority equity interest in DAZN of approximately 6% and holds one seat on its Board of Directors. Telstra Group Ltd also sold its minority interest in Foxtel.

The assets and liabilities of Foxtel have been classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results. Furthermore, upon reclassification of Foxtel’s results, the Subscription Video Services segment ceased to be a reportable segment and the residual results of the segment were aggregated into the News Media segment. News Media segment results have been recast to reflect this change for all periods presented.

COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION

Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues and free cash flow are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2, 3 and 4 and the reconciliation of net cash provided by operating activities from continuing operations to free cash flow is included above.

Conference call

News Corporation’s earnings conference call can be heard live at 5:00 p.m. EDT on May 8, 2025. To listen to the call, please visit http://investors.newscorp.com.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company’s business, results of operations and financial condition, the Company’s strategy and strategic initiatives, including the sale of the Foxtel Group and other potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: information services and news, digital real estate services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.

NEWS CORPORATION   CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts)
	For the three months ended March 31,								For the nine months ended March 31,
		2025				2024				2025				2024
Revenues:
Circulation and subscription	$	755			$	734			$	2,243			$	2,183
Advertising		308				323				1,014				1,046
Consumer		492				484				1,585				1,513
Real estate		318				301				1,052				939
Other		136				152				449				479
Total Revenues		2,009				1,994				6,343				6,160
Operating expenses		(904	)			(938	)			(2,819	)			(2,886	)
Selling, general and administrative		(815	)			(797	)			(2,431	)			(2,341	)
Depreciation and amortization		(114	)			(114	)			(339	)			(325	)
Impairment and restructuring charges		(13	)			(35	)			(51	)			(84	)
Equity losses of affiliates		—				(2	)			(11	)			(5	)
Interest income (expense), net		1				(3	)			(2	)			(18	)
Other, net		(13	)			(9	)			101				(26	)
Income before income tax expense from continuing operations		151				96				791				475
Income tax expense from continuing operations		(44	)			(32	)			(229	)			(163	)
Net income from continuing operations		107				64				562				312
Net income (loss) from discontinued operations, net of tax		30				(22	)			2				(29	)
Net income		137				42				564				283
Net income attributable to noncontrolling interests from continuing operations		(26	)			(22	)			(135	)			(86	)
Net (income) loss attributable to noncontrolling interests from discontinued operations		(8	)			10				8				19
Net income attributable to News Corporation stockholders	$	103			$	30			$	437			$	216
Weighted-average shares outstanding
Basic		567.2				570.9				568.3				571.7
Diluted		569.5				573.6				570.3				573.7
Net income (loss) attributable to News Corporation stockholders per share:
Basic
Continuing operations	$	0.14			$	0.07			$	0.75			$	0.40
Discontinued operations	$	0.04			$	(0.02	)		$	0.02			$	(0.02	)
	$	0.18			$	0.05			$	0.77			$	0.38
Diluted
Continuing operations	$	0.14			$	0.07			$	0.75			$	0.39
Discontinued operations	$	0.04			$	(0.02	)		$	0.02			$	(0.01	)
	$	0.18			$	0.05			$	0.77			$	0.38

NEWS CORPORATION   CONSOLIDATED BALANCE SHEETS (Unaudited; in millions)
	As of March 31, 2025				As of June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	2,095			$	1,872
Receivables, net		1,539				1,420
Inventory, net		317				266
Other current assets		526				474
Current assets held for sale		2,364				340
Total current assets		6,841				4,372
Non-current assets:
Investments		354				429
Property, plant and equipment, net		1,256				1,272
Operating lease right-of-use assets		774				805
Intangible assets, net		1,881				1,948
Goodwill		4,285				4,336
Deferred income tax assets, net		240				332
Other non-current assets		949				957
Non-current assets held for sale		—				2,233
Total assets	$	16,580			$	16,684
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	371			$	254
Accrued expenses		1,008				986
Deferred revenue		501				483
Current borrowings		22				9
Other current liabilities		748				772
Current liabilities held for sale		1,431				551
Total current liabilities		4,081				3,055
Non-current liabilities:
Borrowings		1,943				2,093
Retirement benefit obligations		127				125
Deferred income tax liabilities, net		17				21
Operating lease liabilities		879				912
Other non-current liabilities		452				472
Non-current liabilities held for sale		—				995
Commitments and contingencies
Equity:
Class A common stock		4				4
Class B common stock		2				2
Additional paid-in capital		11,070				11,254
Accumulated deficit		(1,481	)			(1,889	)
Accumulated other comprehensive loss		(1,392	)			(1,251	)
Total News Corporation stockholders' equity		8,203				8,120
Noncontrolling interests		878				891
Total equity		9,081				9,011
Total liabilities and equity	$	16,580			$	16,684

NEWS CORPORATION   CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions)
	For the nine months ended March 31,
		2025				2024
Operating activities:
Net income	$	564			$	283
Net (income) loss from discontinued operations, net of tax		(2	)			29
Net income from continuing operations		562				312
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization		339				325
Operating lease expense		55				54
Equity losses of affiliates		11				5
Impairment charges		2				24
Deferred income taxes		83				58
Other, net		(99	)			30
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets		(95	)			(3	)
Inventories, net		(49	)			21
Accounts payable and other liabilities		(20	)			(105	)
Net cash provided by operating activities from continuing operations		789				721
Investing activities:
Capital expenditures		(250	)			(246	)
Acquisitions, net of cash acquired		(53	)			(20	)
Purchases of investments in equity affiliates and other		(141	)			(63	)
Proceeds from sales of investments in equity affiliates and other		263				33
Other, net		(13	)			—
Net cash used in investing activities from continuing operations		(194	)			(296	)
Financing activities:
Borrowings		61				279
Repayment of borrowings		(200	)			(353	)
Repurchase of shares		(114	)			(83	)
Dividends paid		(128	)			(115	)
Other, net		(44	)			(50	)
Net cash used in financing activities from continuing operations		(425	)			(322	)
Cash flows from discontinued operations:
Net cash provided by operating activities from discontinued operations		157				122
Net cash used in investing activities from discontinued operations		(65	)			(107	)
Net cash (used in) provided by financing activities from discontinued operations		(39	)			3
Net cash provided by discontinued operations		53				18
Net change in cash, cash equivalents and restricted cash		223				121
Cash, cash equivalents and restricted cash, beginning of year		1,960				1,833
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(12	)			(11	)
Cash, cash equivalents and restricted cash, end of period		2,171				1,943
Less: Cash and cash equivalents at end of period of discontinued operations		(76	)			(16	)
Cash and cash equivalents	$	2,095			$	1,927

NOTE 1 – TOTAL SEGMENT EBITDA

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. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. 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).

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. The following tables reconcile net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2025 and 2024:

	For the three months ended March 31,
		2025				2024			Change				% Change
	(in millions)
Net income from continuing operations		107				64				43			67	%
Add:
Income tax expense from continuing operations		44				32				12			38	%
Other, net		13				9				4			44	%
Interest (income) expense, net		(1	)			3				(4	)		**
Equity losses of affiliates		—				2				(2	)		(100	)%
Impairment and restructuring charges		13				35				(22	)		(63	)%
Depreciation and amortization		114				114				—			—	%
Total Segment EBITDA	$	290			$	259			$	31			12	%
** Not meaningful

	For the nine months ended March 31,
		2025				2024			Change				% Change
	(in millions)
Net income from continuing operations		562				312				250			80	%
Add:
Income tax expense from continuing operations		229				163				66			40	%
Other, net		(101	)			26				(127	)		**
Interest expense, net		2				18				(16	)		(89	)%
Equity losses of affiliates		11				5				6			120	%
Impairment and restructuring charges		51				84				(33	)		(39	)%
Depreciation and amortization		339				325				14			4	%
Total Segment EBITDA	$	1,093			$	933			$	160			17	%
** Not meaningful

NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA

The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”), charges for other significant, non-ordinary course legal or regulatory matters (“litigation charges”) and foreign currency fluctuations (“Adjusted Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.

The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and nine months ended March 31, 2025 and 2024:

	Revenues													Total Segment EBITDA
	For the three months ended March 31,													For the three months ended March 31,
		2025				2024			Difference						2025				2024			Difference
	(in millions)													(in millions)
As reported	$	2,009			$	1,994			$	15				$	290			$	259			$	31
Impact of acquisitions		(13	)			—				(13	)				1				—				1
Impact of foreign currency fluctuations		32				—				32					6				—				6
Net impact of U.K. Newspaper Matters		—				—				—					4				2				2
As adjusted	$	2,028			$	1,994			$	34				$	301			$	261			$	40

	Revenues													Total Segment EBITDA
	For the nine months ended March 31,													For the nine months ended March 31,
		2025				2024			Difference						2025				2024			Difference
	(in millions)													(in millions)
As reported	$	6,343			$	6,160			$	183				$	1,093			$	933			$	160
Impact of acquisitions		(17	)			—				(17	)				2				—				2
Impact of foreign currency fluctuations		(3	)			—				(3	)				(1	)			—				(1	)
Net impact of U.K. Newspaper Matters		—				—				—					10				7				3
As adjusted	$	6,323			$	6,160			$	163				$	1,104			$	940			$	164

Foreign Exchange Rates

Average foreign exchange rates used in the calculation of the impact of foreign currency fluctuations for the three and nine months ended March 31, 2025 and 2024 are as follows:

	Fiscal Year 2025
	Q1		Q2		Q3
U.S. Dollar per Australian Dollar	$0.67		$0.65		$0.63
U.S. Dollar per British Pound Sterling	$1.30		$1.28		$1.26
	Fiscal Year 2024
	Q1		Q2		Q3
U.S. Dollar per Australian Dollar	$0.65		$0.65		$0.66
U.S. Dollar per British Pound Sterling	$1.27		$1.24		$1.27

Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2025 and 2024 are as follows:

	For the three months ended March 31,
		2025				2024			% Change
	(in millions)								Better/(Worse)
Adjusted Revenues:
Dow Jones	$	577			$	544			6	%
Digital Real Estate Services		419				388			8	%
Book Publishing		507				506			—	%
News Media		525				556			(6	)%
Other		—				—			—	%
Adjusted Total Revenues	$	2,028			$	1,994			2	%
Adjusted Segment EBITDA:
Dow Jones	$	133			$	118			13	%
Digital Real Estate Services		130				104			25	%
Book Publishing		64				62			3	%
News Media		33				27			22	%
Other		(59	)			(50	)		(18	)%
Adjusted Total Segment EBITDA	$	301			$	261			15	%

	For the nine months ended March 31,
		2025				2024			% Change
	(in millions)								Better/(Worse)
Adjusted Revenues:
Dow Jones	$	1,725			$	1,665			4	%
Digital Real Estate Services		1,338				1,210			11	%
Book Publishing		1,643				1,581			4	%
News Media		1,617				1,704			(5	)%
Other		—				—			—	%
Adjusted Total Revenues	$	6,323			$	6,160			3	%
Adjusted Segment EBITDA:
Dow Jones	$	438			$	405			8	%
Digital Real Estate Services		452				373			21	%
Book Publishing		245				212			16	%
News Media		123				101			22	%
Other		(154	)			(151	)		(2	)%
Adjusted Total Segment EBITDA	$	1,104			$	940			17	%

The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2025 and 2024:

	For the three months ended March 31, 2025
	As Reported				Impact of Acquisitions				Impact of Foreign Currency Fluctuations				Net Impact of U.K. Newspaper Matters				As Adjusted
	(in millions)
Revenues:
Dow Jones	$	575			$	—			$	2			$	—			$	577
Digital Real Estate Services		406				(1	)			14				—				419
Book Publishing		514				(12	)			5				—				507
News Media		514				—				11				—				525
Other		—				—				—				—				—
Total Revenues	$	2,009			$	(13	)		$	32			$	—			$	2,028
Segment EBITDA:
Dow Jones	$	132			$	1			$	—			$	—			$	133
Digital Real Estate Services		124				—				6				—				130
Book Publishing		64				—				—				—				64
News Media		33				—				—				—				33
Other		(63	)			—				—				4				(59	)
Total Segment EBITDA	$	290			$	1			$	6			$	4			$	301

	For the three months ended March 31, 2024
	As Reported				Impact of Acquisitions				Impact of Foreign Currency Fluctuations				Net Impact of U.K. Newspaper Matters				As Adjusted
	(in millions)
Revenues:
Dow Jones	$	544			$	—			$	—			$	—			$	544
Digital Real Estate Services		388				—				—				—				388
Book Publishing		506				—				—				—				506
News Media		556				—				—				—				556
Other		—				—				—				—				—
Total Revenues	$	1,994			$	—			$	—			$	—			$	1,994
Segment EBITDA:
Dow Jones	$	118			$	—			$	—			$	—			$	118
Digital Real Estate Services		104				—				—				—				104
Book Publishing		62				—				—				—				62
News Media		27				—				—				—				27
Other		(52	)			—				—				2				(50	)
Total Segment EBITDA	$	259			$	—			$	—			$	2			$	261

	For the nine months ended March 31, 2025
	As Reported				Impact of Acquisitions				Impact of Foreign Currency Fluctuations				Net Impact of U.K. Newspaper Matters				As Adjusted
	(in millions)
Revenues:
Dow Jones	$	1,727			$	(2	)		$	—			$	—			$	1,725
Digital Real Estate Services		1,336				(3	)			5				—				1,338
Book Publishing		1,655				(12	)			—				—				1,643
News Media		1,625				—				(8	)			—				1,617
Other		—				—				—				—				—
Total Revenues	$	6,343			$	(17	)		$	(3	)		$	—			$	6,323
Segment EBITDA:
Dow Jones	$	437			$	1			$	—			$	—			$	438
Digital Real Estate Services		449				1				2				—				452
Book Publishing		246				—				(1	)			—				245
News Media		125				—				(2	)			—				123
Other		(164	)			—				—				10				(154	)
Total Segment EBITDA	$	1,093			$	2			$	(1	)		$	10			$	1,104

	For the nine months ended March 31, 2024
	As Reported				Impact of Acquisitions				Impact of Foreign Currency Fluctuations				Net Impact of U.K. Newspaper Matters				As Adjusted
	(in millions)
Revenues:
Dow Jones	$	1,665			$	—			$	—			$	—			$	1,665
Digital Real Estate Services		1,210				—				—				—				1,210
Book Publishing		1,581				—				—				—				1,581
News Media		1,704				—				—				—				1,704
Other		—				—				—				—				—
Total Revenues	$	6,160			$	—			$	—			$	—			$	6,160
Segment EBITDA:
Dow Jones	$	405			$	—			$	—			$	—			$	405
Digital Real Estate Services		373				—				—				—				373
Book Publishing		212				—				—				—				212
News Media		101				—				—				—				101
Other		(158	)			—				—				7				(151	)
Total Segment EBITDA	$	933			$	—			$	—			$	7			$	940

NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS

The Company uses net income (loss) attributable to News Corporation stockholders from continuing operations and diluted earnings per share from continuing operations (“EPS”) excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and “Other, net”, net of tax, recognized by the Company or its equity method investees, as well as the settlement of certain pre-Separation tax matters (“adjusted net income (loss) attributable to News Corporation stockholders” and “adjusted EPS,” respectively), to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items. The calculation of adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income (loss) attributable to News Corporation stockholders from continuing operations and net income (loss) per share from continuing operations as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported net income attributable to News Corporation stockholders from continuing operations and reported diluted EPS to adjusted net income attributable to News Corporation stockholders and adjusted EPS for the three and nine months ended March 31, 2025 and 2024:

	For the three months ended March 31, 2025								For the three months ended March 31, 2024
(in millions, except per share data)	Net income attributable to stockholders				EPS				Net income attributable to stockholders				EPS
Net income from continuing operations	$	107							$	64
Less: Net income attributable to noncontrolling interests from continuing operations		(26	)							(22	)
Net income attributable to News Corporation stockholders from continuing operations	$	81			$	0.14			$	42			$	0.07
U.K. Newspaper Matters		4				0.01				2				—
Impairment and restructuring charges		13				0.02				35				0.06
Other, net		13				0.02				9				0.02
Tax impact on items above		(15	)			(0.02	)			(12	)			(0.02	)
Impact of noncontrolling interest on items above		2				—				—				—
As adjusted	$	98			$	0.17			$	76			$	0.13

	For the nine months ended March 31, 2025								For the nine months ended March 31, 2024
(in millions, except per share data)	Net income attributable to stockholders				EPS				Net income attributable to stockholders				EPS
Net income from continuing operations	$	562							$	312
Less: Net income attributable to noncontrolling interests from continuing operations		(135	)							(86	)
Net income attributable to News Corporation stockholders from continuing operations	$	427			$	0.75			$	226			$	0.39
U.K. Newspaper Matters		10				0.02				7				0.01
Impairment and restructuring charges (a)		51				0.09				84				0.15
Other, net		(101	)			(0.18	)			26				0.05
Tax impact on items above		(18	)			(0.03	)			(31	)			(0.05	)
Impact of noncontrolling interest on items above		35				0.06				1				—
As adjusted	$	404			$	0.71			$	313			$	0.55

(a)

During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $22 million at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media.

NOTE 4 – CONSTANT CURRENCY REVENUES

The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations (“constant currency revenues”) provides useful information regarding the performance of the Company’s core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar as described in Note 2.

Constant currency revenues are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for revenues as determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues to constant currency revenues for the three and nine months ended March 31, 2025:

	Q3 Fiscal 2024				Q3 Fiscal 2025				FX impact				Q3 Fiscal 2025 constant currency				% Change - reported			% Change - constant currency
	($ in millions)																Better/(Worse)
Consolidated results:
Circulation and subscription	$	734			$	755			$	(9	)		$	764			3	%		4	%
Advertising		323				308				(4	)			312			(5	)%		(3	)%
Consumer		484				492				(5	)			497			2	%		3	%
Real estate		301				318				(11	)			329			6	%		9	%
Other		152				136				(3	)			139			(11	)%		(9	)%
Total revenues	$	1,994			$	2,009			$	(32	)		$	2,041			1	%		2	%
Dow Jones:
Circulation and subscription	$	445			$	478			$	(2	)		$	480			7	%		8	%
Advertising		86				86				—				86			—	%		—	%
Other		13				11				—				11			(15	)%		(15	)%
Total Dow Jones segment revenues	$	544			$	575			$	(2	)		$	577			6	%		6	%
Digital Real Estate Services:
Circulation and subscription	$	3			$	1			$	—			$	1			(67	)%		(67	)%
Advertising		32				36				—				36			13	%		13	%
Real estate		301				318				(11	)			329			6	%		9	%
Other		52				51				(3	)			54			(2	)%		4	%
Total Digital Real Estate Services segment revenues	$	388			$	406			$	(14	)		$	420			5	%		8	%
REA Group revenues	$	256			$	271			$	(14	)		$	285			6	%		11	%

	Q3 Fiscal 2024				Q3 Fiscal 2025				FX impact				Q3 Fiscal 2025 constant currency				% Change - reported			% Change - constant currency
	($ in millions)																Better/(Worse)
Book Publishing:
Consumer	$	484			$	492			$	(5	)		$	497			2	%		3	%
Other		22				22				—				22			—	%		—	%
Total Book Publishing segment revenues	$	506			$	514			$	(5	)		$	519			2	%		3	%
News Media:
Circulation and subscription	$	286			$	276			$	(7	)		$	283			(3	)%		(1	)%
Advertising		205				186				(4	)			190			(9	)%		(7	)%
Other		65				52				—				52			(20	)%		(20	)%
Total News Media segment revenues	$	556			$	514			$	(11	)		$	525			(8	)%		(6	)%
News UK
Circulation and subscription	$	144			$	143			$	(2	)		$	145			(1	)%		1	%
Advertising		64				57				—				57			(11	)%		(11	)%
Other		26				11				1				10			(58	)%		(62	)%
Total News UK revenues	$	234			$	211			$	(1	)		$	212			(10	)%		(9	)%
News Corp Australia
Circulation and subscription	$	105			$	98			$	(4	)		$	102			(7	)%		(3	)%
Advertising		83				76				(4	)			80			(8	)%		(4	)%
Other		31				30				(1	)			31			(3	)%		—	%
Total News Corp Australia revenues	$	219			$	204			$	(9	)		$	213			(7	)%		(3	)%

	Q3 YTD Fiscal 2024				Q3 YTD Fiscal 2025				FX impact				Q3 YTD Fiscal 2025 constant currency				% Change - reported			% Change - constant currency
	($ in millions)																Better/(Worse)
Consolidated results:
Circulation and subscription	$	2,183			$	2,243			$	4			$	2,239			3	%		3	%
Advertising		1,046				1,014				3				1,011			(3	)%		(3	)%
Consumer		1,513				1,585				—				1,585			5	%		5	%
Real estate		939				1,052				(4	)			1,056			12	%		12	%
Other		479				449				—				449			(6	)%		(6	)%
Total revenues	$	6,160			$	6,343			$	3			$	6,340			3	%		3	%
Dow Jones:
Circulation and subscription	$	1,322			$	1,398			$	—			$	1,398			6	%		6	%
Advertising		303				292				—			$	292			(4	)%		(4	)%
Other		40				37				—			$	37			(8	)%		(8	)%
Total Dow Jones segment revenues	$	1,665			$	1,727			$	—			$	1,727			4	%		4	%
Digital Real Estate Services:
Circulation and subscription	$	8			$	5			$	—			$	5			(38	)%		(38	)%
Advertising		99				109				—			$	109			10	%		10	%
Real estate		939				1,052				(4	)		$	1,056			12	%		12	%
Other		164				170				(1	)		$	171			4	%		4	%
Total Digital Real Estate Services segment revenues	$	1,210			$	1,336			$	(5	)		$	1,341			10	%		11	%
REA Group revenues	$	809			$	932			$	(5	)		$	937			15	%		16	%
Book Publishing:
Consumer		1,513				1,585				—			$	1,585			5	%		5	%
Other		68				70				—			$	70			3	%		3	%
Total Book Publishing segment revenues	$	1,581			$	1,655			$	—			$	1,655			5	%		5	%
News Media:
Circulation and subscription	$	853			$	840			$	4			$	836			(2	)%		(2	)%
Advertising		644				613				3			$	610			(5	)%		(5	)%
Other		207				172				1			$	171			(17	)%		(17	)%
Total News Media segment revenues	$	1,704			$	1,625			$	8			$	1,617			(5	)%		(5	)%

	Q3 YTD Fiscal 2024				Q3 YTD Fiscal 2025				FX impact				Q3 YTD Fiscal 2025 constant currency				% Change - reported			% Change - constant currency
	($ in millions)																Better/(Worse)
News UK
Circulation and subscription	$	429			$	432			$	7			$	425			1	%		(1	)%
Advertising		199				178				3			$	175			(11	)%		(12	)%
Other		73				34				1			$	33			(53	)%		(55	)%
Total News UK revenues	$	701			$	644			$	11			$	633			(8	)%		(10	)%
News Corp Australia
Circulation and subscription	$	318			$	306			$	(2	)		$	308			(4	)%		(3	)%
Advertising		272				259				(2	)		$	261			(5	)%		(4	)%
Other		103				106				—			$	106			3	%		3	%
Total News Corp Australia revenues	$	693			$	671			$	(4	)		$	675			(3	)%		(3	)%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250508633857/en/

Investor Relations

Michael Florin

212-416-3363

mflorin@newscorp.com



Anthony Rudolf

212-416-3040

arudolf@newscorp.com



Corporate Communications

Arthur Bochner

646-422-9671

abochner@newscorp.com

Source: News Corporation