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Impairment and restructuring charges - During the fiscal years ended June 30, 2026 and 2025, the Company recorded impairment and restructuring charges of $113 million and $132 million, including restructuring charges of $86 million and $120 million, respectively. See Note 5 - Restructuring Programs in the accompanying Consolidated Financial Statements.
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Impairment and restructuring charges - During the fiscal years ended June 30, 2025 and 2024, the Company recorded restructuring charges of $120 million and $89 million, respectively. See Note 5 - Restructuring Programs in the accompanying Consolidated Financial Statements.
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Impairment and restructuring charges - During the three months ended September 30, 2025 and 2024, the Company recorded impairment and restructuring charges of $19 million and $22 million, including restructuring charges of $14 million and $22 million, respectively.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
Impairment and restructuring charges - During the three and six months ended December 31, 2025, the Company recorded impairment and restructuring charges of $30 million and $49 million, including restructuring charges of $22 million and $36 million, respectively.
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Impairment and restructuring charges - During the three and nine months ended March 31, 2026, the Company recorded impairment and restructuring charges of $18 million and $67 million, including restructuring charges of $14 million and $50 million, respectively.
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Impairment and restructuring charges - During the three and nine months ended March 31, 2025, the Company recorded restructuring charges of $11 million and $49 million, respectively. During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $35 million and $60 million, respectively.
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During the three and nine months ended March 31, 2025, the Company recorded restructuring charges of $ 11 million and $ 49 million, respectively. During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $ 35 million and $ 60 million, respectively. The restructuring charges recorded in fiscal 2025 and 2024 primarily related to employee termination benefits.
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During the three and six months ended December 31, 2025, the Company recorded impairment and restructuring charges of $ 30 million and $ 49 million, including restructuring charges of $ 22 million and $ 36 million, respectively.
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During the three and nine months ended March 31, 2026, the Company recorded impairment and restructuring charges of $ 18 million and $ 67 million, including restructuring charges of $ 14 million and $ 50 million, respectively.
Read in the filing ↗ Also in 10-Q of May 8, 2026, 10-Q of May 8, 2026
During the three months ended September 30, 2025 and 2024, the Company recorded impairment and restructuring charges of $ 19 million and $ 22 million, including restructuring charges of $ 14 million and $ 22 million, respectively, primarily related to employee termination benefits.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
The Company Could Suffer Losses Due to Asset Impairment and Restructuring Charges.
Read in the filing ↗ Also in 10-K of Aug 7, 2026
The restructuring charges in fiscal 2025 primarily related to employee termination benefits.
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See Note 4 - Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.
Read in the filing ↗ Also in 10-Q of Nov 7, 2025, 10-Q of Feb 6, 2026, 10-Q of May 8, 2026
The Company recorded restructuring charges of $ 120 million, $ 89 million and $ 119 million for the fiscal years ended June 30, 2025, 2024 and 2023, respectively.
Read in the filing ↗ Also in 10-K of Aug 7, 2026
During the three and six months ended December 31, 2024, the Company recorded restructuring charges of $ 16 million and $ 38 million, respectively, and there were no impairment charges.
Read in the filing ↗ Also in 10-Q of Feb 6, 2026
As of September 30, 2025, restructuring liabilities of $ 41 million were included in the Balance Sheet in Other current liabilities and $ 42 million were included in Other non-current liabilities.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
As of December 31, 2025, restructuring liabilities of $ 25 million were included in the Balance Sheet in Other current liabilities and $ 41 million were included in Other non-current liabilities.
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As of March 31, 2026, restructuring liabilities of $ 23 million were included in the Balance Sheet in Other current liabilities and $ 40 million were included in Other non-current liabilities.
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As of March 31, 2025, restructuring liabilities of approximately $ 21 million were included in the Balance Sheet in Other current liabilities and $ 24 million were included in Other non-current liabilities.
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The restructuring charges in fiscal 2023 primarily related to employee termination benefits resulting from actions taken by the Company’s businesses in response to the headcount reductions announced in February 2023.
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As a result of changes in the Company’s industry and market conditions, the Company has recognized, and may in the future recognize, impairment charges for write-downs of goodwill, intangible assets, investments and other long-lived assets, as well as restructuring charges relating to the reorganization of its businesses, which negatively impact the Company’s results of operations and, in the case of cash restructuring charges, its financial condition. See Notes 5, 7 and 8 in the accompanying Consolidated Financial Statements for more information. For instance, any significant shortfall, now or in the future, in subscribers, advertising revenue and/or consumer acceptance of its products could lead to a downward revision in the fair value of certain reporting units. Any downward revisions in the fair value of a reporting unit, indefinite-lived intangible assets, investments or other long-lived assets could result in impairments for which non-cash charges would be required, and any such charge could be material to the Company’s reported results of operations. The Company may also incur restructuring charges to realign its resources in response to significant shortfalls in revenue or other adverse trends. Any impairments and restructuring charges may also negatively impact the Company’s taxes, including its ability to realize its deferred tax assets and deduct certain interest costs.
Read in the filing ↗ Also in 10-K of Aug 6, 2025
Net income from continuing operations for the quarter was $230 million, a 167% increase compared to $86 million in the prior year, primarily driven by higher Total Segment EBITDA, as discussed below, and lower impairment and restructuring charges.
Read in the filing ↗ Also in 8-K of Aug 5, 2025, 8-K of May 8, 2025
The restructuring charges in fiscal 2024 primarily related to employee termination benefits, including those recorded in the first half of the fiscal year resulting from actions taken by the Company’s businesses in response to the headcount reductions announced in February 2023.
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As of June 30, 2025 and June 30, 2024 restructuring liabilities of approximately $ 46 million and $ 33 million, respectively, were included in the Balance Sheet in Other current liabilities and $ 42 million and $ 26 million, respectively, were included in Other non-current liabilities.
Read in the filing ↗ Also in 10-K of Aug 7, 2026
Net cash provided by operating activities of $844 million for the nine months ended March 31, 2024 was $174 million higher than $670 million in the prior year, primarily due to lower working capital and higher Total Segment EBITDA, as noted above, partially offset by higher restructuring payments.
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Net cash provided by operating activities of $305 million for the six months ended December 31, 2023 was $144 million higher than $161 million in the prior year, primarily due to higher Total Segment EBITDA, as noted above, lower working capital and lower tax payments, partially offset by higher restructuring payments.
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8 Net cash provided by operating activities of $1,098 million for the fiscal year ended June 30, 2024 was $6 million higher than $1,092 million in the prior year, primarily due to higher Total Segment EBITDA, as noted above, largely offset by higher working capital and higher restructuring payments.
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Net cash provided by operating activities from continuing operations increased by $259 million for the fiscal year ended June 30, 2026 as compared to fiscal 2025. The increase was primarily due to higher Total Segment EBITDA and lower working capital, partially offset by higher gross tax payments and higher restructuring payments.
Read in the filing ↗ Also in 10-K of Aug 6, 2025
Net cash used in operating activities of $(55) million for the three months ended September 30, 2023 was $24 million higher than $(31) million in the prior year, primarily due to higher working capital and higher restructuring payments, partially offset by lower tax payments and higher Total Segment EBITDA, as noted above.
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For the three months ended September 30, 2025 2024 (in millions) ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income from continuing operations $ 150 $ 149 Reconciling items: Income tax expense from continuing operations 62 61 Other, net (4) (22) Interest income, net (6) — Equity losses of affiliates 2 3 Impairment and restructuring charges 19 22 Depreciation and amortization 117 112 Total Segment EBITDA $ 340 $ 325
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For the fiscal years ended June 30, 2025 2024 (in millions) ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income from continuing operations $ 648 $ 379 Reconciling items: Income tax expense from continuing operations 275 206 Other, net (111) 59 Interest (income) expense, net (3) 18 Equity losses of affiliates 15 6 Impairment and restructuring charges 132 133 Depreciation and amortization 459 440 Total Segment EBITDA $ 1,415 $ 1,241
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Net cash provided by operating activities from continuing operations of $1,237 million for the fiscal year ended June 30, 2026 was $259 million higher than net cash provided by operating activities from continuing operations of $978 million in the prior year, primarily due to higher Total Segment EBITDA and working capital improvements, partially offset by higher cash tax and restructuring payments.
Read in the filing ↗ Also in 8-K of Aug 5, 2025
Net income for the quarter was $42 million, a 29% decrease compared to net income of $59 million in the prior year, primarily driven by lower Other, net, which benefited in the prior year from a gain on sale, higher impairment and restructuring charges and higher depreciation and amortization expenses. These impacts were partially offset by lower income tax expense and improved equity losses of affiliates.
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Net income for the quarter was $71 million, a $103 million increase compared to a net loss of $(32) million in the prior year, primarily driven by improved losses from equity affiliates due to the absence of a non-cash write-down of REA Group’s investment in PropertyGuru in the prior year, higher Total Segment EBITDA and lower impairment and restructuring charges. These impacts were partially offset by higher income tax expense and lower Other, net.
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Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods.
Read in the filing ↗ Also in 10-Q of May 9, 2025, 10-K of Aug 6, 2025, 10-Q of Nov 7, 2025, 10-Q of Feb 6, 2026, 10-Q of May 8, 2026, 10-K of Aug 7, 2026, 8-K of Nov 9, 2023, 8-K of Nov 7, 2024, 8-K of Feb 7, 2024, 8-K of May 8, 2024, 8-K of Nov 4, 2026, 8-K of Aug 8, 2024, 8-K of Nov 6, 2025, 8-K of Feb 5, 2025, 8-K of May 8, 2025, 8-K of Feb 5, 2026, 8-K of May 7, 2026, 8-K of Aug 5, 2025, 8-K of Aug 5, 2026
September 30, Notes 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Revenues: Circulation and subscription $ 823 $ 782 Advertising 323 317 Consumer 556 510 Real estate 418 370 Other 161 165 Total Revenues 2 2,281 2,144 Operating expenses (988) (941) Selling, general and administrative (890) (863) Depreciation and amortization (126) (117) Impairment and restructuring charges 3 (20) (19) Equity losses of affiliates 4 (3) (2) Interest income, net 4 6 Other, net 12 38 4 Income before income tax expense 296 212 Income tax expense 10 (81) (62) Net income 215 150 Net income attributable to noncontrolling interests (56) (38) Net income attributable to News Corporation stockholders $ 159 $ 112 Net income attributable to News Corporation stockholders per share, basic and diluted 8 $ 0.29 $ 0.20
Read in the filing ↗ Also in 10-Q of Nov 7, 2025
For the three months ended Revenues: September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Circulation and $ 823 $ 782 subscription Advertising 323 317 Consumer 556 510 Real estate 418 370 Other 161 165 Total Revenues 2,281 2,144 Operating expenses -988 -941 Selling, general and -890 -863 administrative Depreciation and -126 -117 amortization Impairment and -20 -19 restructuring charges Equity losses of -3 -2 affiliates Interest income, net 4 6 Other, net 38 4 Income before income 296 212 tax expense Income tax expense -81 -62 Net income 215 150 Net income attributable to -56 -38 noncontrolling interests Net income attributable to News $ 159 $ 112 Corporation stockholders Weighted-average shares outstanding: Basic 541.0 564.9 Diluted 542.7 566.9 Net income attributable to News Corporation $ 0.29 $ 0.20 stockholders per share, basic and diluted
Read in the filing ↗ Also in 8-K of Nov 9, 2023, 8-K of Nov 7, 2024
Reconciliation of GAAP to Non-GAAP Measures Total Segment EBITDA and Total Segment EBITDA Margin Reconciliation Total Segment EBITDA: ($ in millions) FY 2014 FY 2023 FY 2024 FY 2025 Net income from continuing operations $436 $228 $379 $648 Income tax (benefit) expense from continuing operations (614) 152 206 275 Other, net 653 (3) 59 (111) Interest (income) expense, net (68) 49 18 (3) Equity (earnings) losses of affiliates (90) 127 6 15 Impairment & restructuring charges 94 121 133 132 Depreciation & amortization 552 415 440 459 Total Segment EBITDA $963 $1,089 $1,241 $1,415 Net Income Margin 5.1% 2.8% 4.6% 7.7% Total Segment EBITDA Margin 11.2% 13.6% 15.0% 16.7% Note: (1) Financials do not include Digital Education, which was classified as discontinued operations beginning in the first quarter of FY16. 98 (1)
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Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit. 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).
Read in the filing ↗ Also in 8-K of Feb 7, 2024, 8-K of May 8, 2024, 8-K of Aug 8, 2024, 8-K of Nov 7, 2024, 8-K of Nov 4, 2026, 8-K of May 8, 2025, 8-K of Aug 5, 2025, 8-K of Nov 6, 2025, 8-K of Feb 5, 2026, 8-K of May 7, 2026, 8-K of Aug 5, 2026, 8-K of Feb 5, 2025
The Company reported fiscal 2025 first quarter total revenues of $2.58 billion, a 3% increase compared to $2.50 billion in the prior year period, primarily driven by higher Australian residential revenues at REA Group, higher digital book sales combined with improved returns at the Book Publishing segment and continued growth in the professional information business at the Dow Jones segment, in addition to a $35 million, or 1%, positive impact from foreign currency fluctuations. The increase was partly offset by lower revenues at the News Media segment. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 2% compared to the prior year. 1 Net income for the quarter was $144 million, a 148% increase compared to $58 million in the prior year, primarily driven by higher Other, net, higher Total Segment EBITDA and lower impairment and restructuring charges. These impacts were partially offset by higher income tax expense and higher depreciation and amortization.
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For the fiscal year ended June 30, 2024 2023 ────────────────────────────────────────────────────────────────────────────── -in millions Revenues: Dow Jones $ 2,231 $ 2,153 Digital Real Estate Services 1,658 1,539 Book Publishing 2,093 1,979 News Media 2,270 2,341 Other — — Total Revenues $ 8,252 $ 8,012 Segment EBITDA: Dow Jones 542 494 Digital Real Estate Services 508 457 Book Publishing 269 167 News Media 133 173 Other -211 -202 Depreciation and -440 -415 amortization Impairment and restructuring -133 -121 charges Equity losses of affiliates -6 -127 Interest expense, net -18 -49 Other, net -59 3 Income before income tax expense from 585 380 continuing operations Income tax expense from continuing -206 -152 operations Net income from continuing 379 228 operations Net loss from discontinued operations, -25 -41 net of tax Net income 354 187 Net income attributable to noncontrolling interests -110 -65 from continuing operations Net loss attributable to noncontrolling 22 27 interests from discontinued operations Net income attributable to News $ 266 $ 149 Corporation stockholders
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Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of, and allocate resources within, the Company’s businesses. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Read in the filing ↗ Also in 10-Q of May 9, 2025
The Company’s chief operating decision maker is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of, and allocate resources within, the Company’s businesses. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Read in the filing ↗ Also in 10-K of Aug 6, 2025, 10-Q of Nov 7, 2025, 10-Q of Feb 6, 2026, 10-Q of May 8, 2026, 10-K of Aug 7, 2026