NASDAQ: NWS · Publishing
News Corp (Class B)
News Corp, based in New York, is a global media and information services company. It reports four businesses: Dow Jones (The Wall Street Journal, Barron’s, Factiva, OPIS and other professional information), Digital Real Estate Services (a 62% stake in Australia’s REA Group, which runs realestate.com.au, and 80% of Move, which operates Realtor.com in the U.S.), Book Publishing (HarperCollins, which it calls the world’s second-largest consumer book publisher) and News Media (News Corp Australia, News UK with The Sun and The Times, and the New York Post). Fiscal 2026 (year ended June 30, 2026) revenue rose 7% to $9,028 million: Dow Jones $2,497 million, Book Publishing $2,288 million, News Media $2,227 million and Digital Real Estate $2,016 million. Net income was $573 million; fiscal 2025’s $1,180 million included the gain on selling Australian pay-TV business Foxtel to DAZN in April 2025. It pays $0.20 a share a year and bought back $641 million of stock in fiscal 2026 under a new $1 billion program. This page covers the voting Class B shares (NWS).
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 15:14 (SEC EDGAR) · Source 10-K filed: August 7, 2026
Built on10-K FY2026 · filed 2026-08-0710-Q (quarter ended 2026-09-30) · filed 2026-11-05Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.16x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 28.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.79
Higher than 18% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2026)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 77% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$32.92close on 2026-11-04
Market cap$17.89B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 28.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.6%
At FY2026 year-end: 27.2x
Earnings: trailing 12 months to 2026-09-30
At FY2026 year-end: 1.8x
Book value at FY2026 year-end
At FY2026 year-end: —
EBITDA for FY2026
At FY2026 year-end: 5.3%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.14B → $2.28B (vs. a year earlier)↑ +6.4%$2.14B → $2.28B (vs. a year earlier)
- Net income$112M → $159M (vs. a year earlier)↑ +42.0%$112M → $159M (vs. a year earlier)
- Diluted EPS$0.20 → $0.29 (vs. a year earlier)↑ +45.0%$0.20 → $0.29 (vs. a year earlier)
- Cash$2.1B → $1.78B (vs. previous quarter-end)↓ −15.2%$2.1B → $1.78B (vs. previous quarter-end)
- Long-term debt$1.99B → $2.01B (vs. previous quarter-end)↑ +1.2%$1.99B → $2.01B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Key changes
Q1 revenues $2.28B, up 6%. Source sentence
First quarter revenues were $2.28 billion, a 6% increase compared to $2.14 billion in the prior year, driven by growth at the Digital Real Estate Services, Book Publishing and Dow Jones segments, while net income in the quarter was $215 million, a 43% increase compared to $150 million in the prior year.
Total Segment EBITDA $403M, up 19%. Source sentence
First quarter Total Segment EBITDA was $403 million, a 19% increase compared to $340 million in the prior year.
Dow Jones revenues up 8%. Source sentence
Dow Jones revenues for the first quarter rose a robust 8% compared to the prior year, driven by higher circulation and licensing revenues, 11% growth at Dow Jones Risk & Compliance and 8% growth at Dow Jones Energy.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- NEWS CORP
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 06/30
- Exchange & ticker
- NASDAQ: NWS
- Industry
- Publishing
- CIK
- 1564708
- Website
- https://newscorp.com/ ↗
Workforce (as of FY2026 year-end)
Employees
21,700
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q2 FY2027
Quarter end: December 2026. In past years, Q2 results were released 36–38 days after quarter end (Feb 5, 2026; Feb 5, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around June 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 35–39 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q1 FY2027 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 5, 2026 10-Q (+36 days) |
| Q4 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 7, 2026 10-K (+38 days) |
| Q3 FY2026 | Mar 31, 2026 | May 7, 2026 (+37 days) | May 8, 2026 10-Q (+38 days) |
| Q2 FY2026 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 7, 2025 10-Q (+38 days) |
| Q4 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 6, 2025 10-K (+37 days) |
| Q3 FY2025 | Mar 31, 2025 | May 8, 2025 (+38 days) | May 9, 2025 10-Q (+39 days) |
| Q2 FY2025 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 8, 2024 10-Q (+39 days) |
| Q4 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 13, 2024 10-K (+44 days) |
| Q3 FY2024 | Mar 31, 2024 | May 8, 2024 (+38 days) | May 9, 2024 10-Q (+39 days) |
| Q2 FY2024 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 8, 2024 10-Q (+39 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Dow Jones
The Wall Street Journal and Barron’s
Consumer financial news in digital and print, plus content licensing including for AI applications.
Dow Jones
Professional information
Factiva, Dow Jones Risk & Compliance, OPIS energy pricing and other data for enterprises.
Digital Real Estate Services
REA Group
realestate.com.au, realcommercial.com.au and other property sites in Australia; stakes in REA India (Housing.com).
Digital Real Estate Services
Realtor.com
U.S. real estate platform operated by Move under a perpetual license with the National Association of Realtors.
Book Publishing
HarperCollins
Consumer books in 15 countries: fiction, nonfiction, children’s and religious publishing.
News Media
News Corp Australia, News UK, New York Post
The Australian, Herald Sun, The Sun, The Times, talkSPORT and the New York Post.
From the Form 10-K, FY2026, year ended 2026-06-30.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
HarperCollins
Consumer book publishing
U.S. share
—
Not disclosedWorldwide share
#2 worldwide
Company-disclosed“HarperCollins, the second largest consumer book publisher in the world based on global revenue”
Sources:
Ranking stated by the company; no share percentage given.
07
Recent strategic focusSite analysis
Recent developments.
Fiscal 2026
Revenues $9,028M versus $8,452M (+7%); total segment EBITDA $1,627M versus $1,415M; income before tax from continuing operations $1,046M versus $923M.
Source: Form 10-K (FY2026, year ended 2026-06-30)
Buybacks
$641M repurchased in fiscal 2026; a new $1 billion program announced July 15, 2025.
Source: Form 10-K (FY2026, year ended 2026-06-30)
Credit facility
March 2026 amended credit agreement extended maturities to five years and raised the revolver to $1 billion.
Source: Form 10-K (FY2026, year ended 2026-06-30)
Capex ÷ D&A (FY2026)
0.88x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$426M ÷ $485M = 0.88x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (4-year total)
$273M
Latest year: $122M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $347M in FY2023 to $426M in FY2026
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-07
08
Key figures at a glanceFrom SEC data
FY2023–FY2026, 4 years.
Revenue (FY2026)
$9.03B
As reported in the 10-K
Revenue CAGR (3 years)
+4.1%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,028M ÷ $8,012M) ^ (1÷3) − 1 = 4.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
—
formulaoperating income ÷ revenue × 100
ROE (FY2026)
6.6%
4-year average: 6.4%
As reported in the 10-K
P/B (FY2026 end)
1.79x
formulafiscal year-end closing price ÷ book value per share
e.g.$28.06 ÷ $15.69 = 1.79x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.1% a year over 3 years (modest growth)
From $8.01B in FY2023 to $9.03B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 54.9% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 6.4% over 4 years (latest: 6.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- DAZN Group
07 · what it does
Key activities
- Dow Jones: consumer news and professional information
- Digital Real Estate Services: REA Group and Move (Realtor.com)
- Book Publishing: HarperCollins
- News Media: Australia, U.K. and New York Post
06 · what it draws on
Key resources
- About 21,700 employees (7,900 U.S., 5,600 Australia, 3,900 U.K.)
- Journalists and authoritative brands
- Book rights from authors
02 · why customers buy
Value propositions
- Trusted news and information (The Wall Street Journal, Barron's, Dow Jones), digital real estate and book publishing.
04 · how it keeps them
Customer relationships
- Recurring subscriptions to news and professional information.
03 · how it reaches them
Channels
- Its own websites, apps and print; real estate portals; book retailers.
01 · who it serves
Customer segments
- Consumer and enterprise subscribers
- Advertisers and real estate agents
- Book retailers and readers
09 · where money goes
Cost structure
FY2026, share of revenue ($9.03B)
- Selling, general & administrative38.9%
Depreciation & amortization (inside the costs above): $485M. Capital spending: $426M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Circulation and subscription $3,203M (fiscal 2026)
- Advertising $1,391M
- Real estate and book sales
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Earns subscription and circulation revenue (WSJ, Barron’s, professional information), advertising across news brands and property portals, listing fees at REA Group and Realtor.com, and book sales at HarperCollins.
01 what it draws on
Inputs & resources
- About 21,700 employees (7,900 U.S., 5,600 Australia, 3,900 U.K.)
- Journalists and authoritative brands
- Book rights from authors
02 what it does
Activities
- Dow Jones: consumer news and professional information
- Digital Real Estate Services: REA Group and Move (Realtor.com)
- Book Publishing: HarperCollins
- News Media: Australia, U.K. and New York Post
03 who it serves
Customers
- Consumer and enterprise subscribers
- Advertisers and real estate agents
- Book retailers and readers
04 how money comes in
How it earns
- Circulation and subscription $3,203M (fiscal 2026)
- Advertising $1,391M
- Real estate and book sales
How the business makes money
- Dow Jones was 28% of revenue in fiscal 2026.
- Owns 62.0% of ASX-listed REA Group and 80% of Move.
- Foxtel sold to DAZN; closed April 2, 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
News Corp follows anti-corruption, sanctions and payment rules.
Trade & export rules
Sanctions and anti-corruption
Subject to anti-corruption laws, trade restrictions and sanctions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2026)
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Dow Jones
2,497 (28%)Book Publishing
2,288 (25%)News Media
2,227 (25%)Digital Real Estate Services
2,016 (22%)
Source: Form 10-K (FY2026, year ended 2026-06-30) Segment revenues for fiscal 2026 (year ended June 30, 2026); total $9,028M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
DAZN Group
Sold the Foxtel Group to DAZN; the sale closed on April 2, 2025, and Foxtel is reported as discontinued operations.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, enterprises, advertisers, real estate agents and book retailers.
Named by the company
No customer is named.
Suppliers
Paper, printing and distribution, authors and content providers.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names competitors by business.
Competitors named in the 10-K
Peer group the company chose
Fiscal 2026 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Content, information and digital companies of comparable size (2026 proxy); Interpublic was removed after its acquisition by Omnicom and Gartner added in February 2026.
- Booking Holdingssite ↗
- Omnicomsite ↗
- CoStar Groupsite ↗
- IACsite ↗
- FactSetsite ↗
- RELXsite ↗
- Fox Corporationsite ↗
- S&P Globalsite ↗
- Sirius XMsite ↗
- Liberty Globalsite ↗
- Thomson Reuterssite ↗
- Nexstar Media Groupsite ↗
- Zillow Groupsite ↗
- Gartnersite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-07
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-07
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-07
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-07
| Line item | FY2023In next year’s 10-K | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 8,012 | 8,252 | 8,452 | 9,028 |
| Pretax income | 380 | 585 | 923 | 1,046 |
| Net income (attributable) | 149 | 266 | 1,180 | 573 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 3.0% | 2.4% | 6.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 1.9% | 3.2% | 14.0% | 6.3% |
| Balance sheet ($M) | ||||
| Total assets | 16,921 | 16,684 | 15,504 | 15,544 |
| Total equity | 8,945 | 9,011 | 9,389 | 9,236 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,967 | 2,102 | 1,962 | 1,989 |
| Equity ratio | 47.7% | 48.7% | 56.6% | 54.9% |
| ROE | 1.8% | 3.3% | 14.0% | 6.6% |
| Cash flow ($M) | ||||
| Operating CF | 1,092 | 1,098 | 978 | 1,237 |
| Investing CF | -574 | -524 | -406 | -539 |
| Financing CF | -501 | -441 | -524 | -1,014 |
| Free cash flowcalccash flow from operations − capital expenditures | 745 | 741 | 571 | 811 |
| Cash and equivalents | 1,761 | 1,872 | 2,403 | 2,095 |
| Per share & other | ||||
| EPS ($) | 0.26 | 0.46 | 2.07 | 1.03 |
| BVPS ($) | 14.10 | 14.27 | 15.52 | 15.69 |
| Dividend per share ($) | 0.20 | 0.20 | 0.20 | 0.20 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 76.9% | 43.5% | 9.7% | 19.4% |
| P/E (x) | 75.9 | 61.7 | 16.6 | 27.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.40 | 1.99 | 2.21 | 1.79 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $2.28B+6.4% | $159M+42.0% | $0.29 |
| 2026-06-30 † | $2.34B+10.8% | $179M-75.9% | — |
| 2026-03-31 | $2.19B+8.8% | $89M-13.6% | $0.16 |
| 2025-12-31 | $2.36B+5.5% | $193M-10.2% | $0.34 |
| 2025-09-30 | $2.14B | $112M | $0.20 |
| 2025-06-30 | $2.11B | $743M | $1.31 |
| 2025-03-31 | $2.01B | $103M | $0.18 |
| 2024-12-31 | $2.24B | $215M | $0.38 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2021, FY2022: Not comparable: fiscal 2021–2022 figures include Foxtel, which News Corp sold to DAZN in April 2025 and reports as discontinued operations; only fiscal 2023 onward were recast without it.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.6% − 4.6%
Past FCF growth (FY2023–FY2026)
+2.9%
Compound annual rate, 3 years
Past revenue growth (FY2023–FY2026)
+4.1%
Compound annual rate, 3 years
Inputs (FY2026): free cash flow $811M (operating CF − capex); enterprise value $17.78B = market cap $17.89B (latest close, 2026-11-04) + debt $1.99B − cash and short-term investments $2.1B; r = WACC of 8.6% using this page’s default assumptions (β 0.79, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$18.02B
FCF $811M ÷ (8.6% − 4.1%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.6% | 7.6% | 8.6% | 9.6% | 10.6% |
|---|---|---|---|---|---|
| 0% | 0.69x | 0.60x | 0.53x | 0.48x | 0.43x |
| 2% | 0.99x | 0.81x | 0.69x | 0.60x | 0.53x |
| 4% | 1.75x | 1.27x | 0.99x | 0.81x | 0.69x |
| 6% | 7.60x | 2.85x | 1.75x | 1.27x | 0.99x |
| 8% | — | — | 7.60x | 2.85x | 1.75x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.61x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.3%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 65 → 67 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-07
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,237M ÷ $573M = 2.16x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,562M + $1,757M) ÷ 2 ÷ $9,028M × 365 = 67 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class B shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 49.0%
- Directors & officers (shares)
- 34.8%
- Everyone else (est.)
- 16.2%
- Directors & officers (voting power)
- 34.8%
- Institutional-ownership rank
- 412 of 416
- Beta (adjusted)
- 0.79
of Class B shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 99% of covered companies have more
above 1 = swings more than the market
- 88.4M shares reported by 345 13F filers ÷ 180.5M Class B shares outstanding on 2026-07-31. Option positions are excluded.
- Only the listed Class B shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. Only Class B shares vote; they hold less than 1% of non-voting Class A shares.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-09-23 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Premium brands
The Wall Street Journal, Barron’s, The Times, HarperCollins and realestate.com.au.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Growing Dow Jones and REA
Dow Jones segment EBITDA rose to $663M and Digital Real Estate to $741M in fiscal 2026.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Cash exceeds borrowings
Cash of $2,095M against non-current borrowings of $1,989M at June 30, 2026.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Weaknesses
1. Thin overall margins
Net income of $573M on $9,028M revenue in fiscal 2026; News Media segment EBITDA only $139M.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Print and advertising decline
Large digital platforms take a substantial share of digital advertising and drive much of its traffic.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Concentrated voting control
LGC Holdco, owned by certain Murdoch family trusts, held about 34.52% of the voting Class B Common Stock at June 30, 2026.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
27.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
0.71%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
19%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
5.3%
(Operating CF − capex) ÷ market cap
1. Portfolio of growing digital assets
Dow Jones and REA Group generate most segment EBITDA.
- What has to hold
- Subscriptions and listings keep growing.
- The other side
- News Media and print decline.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Capital returns
Dividend of $0.20 per share plus ongoing buybacks; shares down from 572M (2023) to 543M (2026).
- What has to hold
- Net cash supports returns.
- The other side
- Low dividend yield.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Fiscal years end around June 30. Share counts and book value per share combine Class A (NWSA) and Class B (NWS). Fiscal 2021–2022 are left out because they include Foxtel (sold April 2025). News Corp does not report an operating income line.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
No debt due
$2.1B vs. $0
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
4.0x
$811M vs. $204M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 4 fiscal years on record (FY2023–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income positive every fiscal year 2023–2026.
Source: Form 10-K (FY2026, year ended 2026-06-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
News Corp faces antitrust class actions against its OPIS unit over PVC pipe price reporting (settled, pending final approval) plus DOJ and state inquiries, HarperCollins e-book antitrust suits (dismissed, appeal window open), and long-running U.K. Newspaper Matters civil claims that FOX largely indemnifies. HarperCollins is also a class member in a settled copyright class action against Anthropic.
2 open matters · 3 settled or closed
DOJ and state investigation of OPIS (PVC pipe)
PendingGovernment investigationU.S. Department of Justice; a state attorney general
OPIS received a DOJ Antitrust Division grand jury subpoena (January 2025) and a state attorney general civil investigative demand (April 2025) for documents related to PVC pipe, including its PVC and Pipe Weekly Report; OPIS is complying.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 16, Commitments and Contingencies
U.K. Newspaper Matters
PendingLawsuitClaimants v. News Group Newspapers
Civil claims over voicemail interception and inappropriate payments to public officials at The News of the World and The Sun; the company has admitted liability in many cases, accrued about $8M at June 30, 2026, and records about $17M receivable from FOX under the separation indemnity.
- Amounts
- About $8M accrued
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 16, Commitments and Contingencies
OPIS PVC pipe antitrust class actions
SettledAntitrustPurchasers of PVC pipe v. pipe converters, distributors and Oil Price Information Service
Since August 2024, purported class actions in the Northern District of Illinois allege that pipe makers, distributors and OPIS violated antitrust laws; News Corp agreed to a settlement in May 2025 that received preliminary approval in July 2025. A similar Canadian class action was filed in September 2025.
- Next step
- Final court approval of the U.S. settlement.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 16, Commitments and Contingencies
E-book antitrust class actions (HarperCollins)
Closed, no actionClass actionConsumers v. Amazon.com and publishers (S.D.N.Y.)
Class actions since February 2021 against Amazon and publishers including HarperCollins were dismissed with prejudice (August 2023 and March 2024); plaintiffs may still appeal the second dismissal after the Amazon claims are resolved.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 16, Commitments and Contingencies
Anthropic copyright class settlement (HarperCollins as class member)
SettledClass actionAuthors and publishers class v. Anthropic PBC
A class action settlement with Anthropic PBC covering HarperCollins as a class member received final court approval in July 2026; no gain has been recognized because the timing and amount of proceeds depend on the claims process.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 16, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2026, year ended 2026-06-30) — Note 16, Commitments and Contingencies, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
AI and digital platforms
- Company disclosure (summarized from the 10-K)
- AI-powered platforms compete with news, information and real estate products and use content.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Demand & macro
Housing markets
- Company disclosure (summarized from the 10-K)
- REA Group and Realtor.com depend on property listings in Australia and the U.S.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Real estate rule changes
- Company disclosure (summarized from the 10-K)
- NAR settlements changed how buyer broker commissions are offered, which may affect Realtor.com.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Litigation
- Company disclosure (summarized from the 10-K)
- OPIS antitrust suits and investigations, HarperCollins e-book antitrust suits, and U.K. Newspaper Matters claims.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- Large operations in Australia and the U.K.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
24
What to watch going forwardSite analysis
- Dow Jones professional information growth.
- Realtor.com performance in a weak U.S. housing market.
- Pace of the $1 billion repurchase program (daily ASX notices).
- Final approval of the OPIS antitrust settlement.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 15:14 (SEC EDGAR) · Source 10-K filed: August 7, 2026
Built on10-K FY2026 · filed 2026-08-07Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent News Corp (Class B)’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.