Q2 2026 Earnings Call Transcript

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM 10-Q

_________________________________________

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-35769

_________________________________________

NEWS CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________

Delaware 46-2950970

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

1211 Avenue of the Americas, New York, New York

10036

(Address of principal executive offices) (Zip Code)

(212) 416-3400

(Registrant s telephone number, including area code)

_________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s)

Name of each exchange

on which registered

Class A Common Stock, par value $0.01 per share NWSA The Nasdaq Global Select Market

Class B Common Stock, par value $0.01 per share NWS The Nasdaq Global Select Market

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes No

As of January 30, 2026, 370,225,794 shares of Class A Common Stock and 185,152,266 shares of Class B Common Stock were outstanding.

Table of Contents

NEWS CORPORATION

FORM 10-Q

TABLE OF CONTENTS

Page

Part I. Financial Information

Item 1. Financial Statements

Consolidated Statements of Operations for the three and six months ended December 31, 2025 and 2024 (unaudited)

2

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended December 31, 2025 and 2024 (unaudited)

3

Consolidated Balance Sheets as of December 31, 2025 (unaudited) and June 30, 2025 (audited)

4

Consolidated Statements of Cash Flows for the six months ended December 31, 2025 and 2024 (unaudited)

5

Notes to the Unaudited Consolidated Financial Statements

6

Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

45

Item 4. Controls and Procedures

45

Part II. Other Information

Item 1. Legal Proceedings

46

Item 1A. Risk Factors

46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3. Defaults Upon Senior Securities

46

Item 4. Mine Safety Disclosures

46

Item 5. Other Information

47

Item 6. Exhibits

47

Signature

48

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; millions, except per share amounts)

For the three months ended

December 31, For the six months ended

December 31,

Notes 2025 2024 2025 2024

Circulation and subscription $ 792 $ 745 $ 1,574 $ 1,488

Advertising 389 385 706 706

Consumer 607 572 1,117 1,093

Real estate 401 377 771 734

Other 173 159 338 313

Total Revenues 3 2,362 2,238 4,506 4,334

Operating expenses (1,008) (963) (1,949) (1,915)

Selling, general and administrative (833) (797) (1,696) (1,616)

Depreciation and amortization (118) (113) (235) (225)

Impairment and restructuring charges 4 (30) (16) (49) (38)

Equity losses of affiliates 5 (2) (8) (4) (11)

Interest income (expense), net 9 (3) 15 (3)

Other, net 13 (13) 92 (9) 114

Income before income tax expense from continuing operations 367 430 579 640

Income tax expense from continuing operations 11 (125) (124) (187) (185)

Net income from continuing operations 242 306 392 455

Net loss from discontinued operations, net of tax 2 (23) (28)

Net income 242 283 392 427

Net income attributable to noncontrolling interests from continuing operations (49) (78) (87) (109)

Net loss attributable to noncontrolling interests from discontinued operations 10 16

Net income attributable to News Corporation stockholders $ 193 $ 215 $ 305 $ 334

Net income (loss) attributable to News Corporation stockholders per share: 9

Basic

Continuing operations

$ 0.34 $ 0.40 $ 0.54 $ 0.61

Discontinued operations

$ $ (0.02) (0.02)

$ 0.34 $ 0.38 $ 0.54 $ 0.59

Diluted

Continuing operations

$ 0.34 $ 0.40 $ 0.54 $ 0.61

Discontinued operations

$ $ (0.02) (0.02)

$ 0.34 $ 0.38 $ 0.54 $ 0.59

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

Table of Contents

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; millions)

For the three months ended

December 31, For the six months ended

December 31,

2025 2024 2025 2024

Net income $ 242 $ 283 $ 392 $ 427

Other comprehensive income (loss):

Foreign currency translation adjustments 72 (418) 45 (248)

Net change in the fair value of cash flow hedges(a)

(2) 10 (4) (6)

Benefit plan adjustments, net(b)

2 10 8 7

Other comprehensive income (loss) 72 (398) 49 (247)

Comprehensive income (loss) 314 (115) 441 180

Net income attributable to noncontrolling interests (49) (68) (87) (93)

Other comprehensive (income) loss attributable to noncontrolling interests(c)

(19) 105 (20) 74

Comprehensive income (loss) attributable to News Corporation stockholders $ 246 $ (78) $ 334 $ 161

(a) Net of income tax expense (benefit) of nil and $4 million for the three months ended December 31, 2025 and 2024, respectively, and $(1) million and $(2) million for the six months ended December 31, 2025 and 2024, respectively.

(b) Net of income tax expense (benefit) of $1 million and $3 million for the three months ended December 31, 2025 and 2024, respectively, and $3 million and $2 million for the six months ended December 31, 2025 and 2024, respectively.

(c) Primarily consists of foreign currency translation adjustments.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Table of Contents

NEWS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Millions, except share and per share amounts)

Notes As of

December 31, 2025 As of

June 30, 2025

(unaudited) (audited)

Cash and cash equivalents $ 2,051 $ 2,403

Receivables, net 13 1,894 1,562

Inventory, net 306 327

Other current assets 322 519

Total current assets 4,573 4,811

Investments 5 1,003 1,016

Property, plant and equipment, net 1,330 1,331

Intangible assets, net 1,891 1,930

Goodwill 4,500 4,373

Deferred income tax assets, net

11 192 254

Total assets $ 15,510 $ 15,504

Accounts payable $ 425 $ 335

Accrued expenses 885 1,036

Deferred revenue 3 474 498

Current borrowings 6 25 25

Other current liabilities 13 713 714

Total current liabilities 2,522 2,608

Borrowings 6 1,926 1,937

Retirement benefit obligations 117 117

Deferred income tax liabilities, net

11 53 57

Operating lease liabilities 897 904

Commitments and contingencies 10

Class A common stock(a)

4 4

Class B common stock(b)

2 2

Accumulated deficit (509) (747)

Accumulated other comprehensive loss (1,514) (1,543)

Total News Corporation stockholders equity 8,792 8,774

Noncontrolling interests 670 615

Total equity 7 9,462 9,389

Total liabilities and equity $ 15,510 $ 15,504

(a) Class A common stock, $0.01 par value per share ( Class A Common Stock ), 1,500,000,000 shares authorized, 371,777,267 and 376,718,696 shares issued and outstanding, net of 27,368,413 treasury shares at par, at December 31, 2025 and June 30, 2025, respectively.

(b) Class B common stock, $0.01 par value per share ( Class B Common Stock ), 750,000,000 shares authorized, 185,853,935 and 188,666,990 shares issued and outstanding, net of 78,430,424 treasury shares at par, at December 31, 2025 and June 30, 2025, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; millions)

For the six months ended

December 31,

Notes 2025 2024

Net income $ 392 $ 427

Net loss from discontinued operations, net of tax 28

Net income from continuing operations $ 392 $ 455

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:

Depreciation and amortization 235 225

Operating lease expense 34 37

Equity losses of affiliates 5 4 11

Impairment charges 4 13

Deferred income taxes 11 62 80

Other, net 13 9 (112)

Change in operating assets and liabilities, net of acquisitions:

Receivables and other assets (353) (247)

Inventories, net 31 (31)

Accounts payable and other liabilities (111) (140)

Net cash provided by operating activities from continuing operations 316 278

Capital expenditures (180) (157)

Proceeds from sales of property, plant and equipment 1

Acquisitions, net of cash acquired (97) (13)

Purchases of investments in equity affiliates and other (30) (107)

Proceeds from sales of investments in equity affiliates and other 62 234

Other, net (7) (13)

Net cash used in investing activities from continuing operations (251) (56)

Borrowings 6 61

Repayment of borrowings 6 (12) (196)

Repurchase of shares 7 (264) (78)

Dividends paid (104) (92)

Other, net (39) (37)

Net cash used in financing activities from continuing operations (419) (342)

Net cash (used in) provided by operating activities from discontinued operations (6) 90

Net cash used in investing activities from discontinued operations (43)

Net cash used in financing activities from discontinued operations (11)

Net cash (used in) provided by discontinued operations (6) 36

Net change in cash, cash equivalents and restricted cash, including discontinued operations (360) (84)

Effect of exchange rate changes on cash, cash equivalents and restricted cash, including discontinued operations 8 (30)

Cash, cash equivalents and restricted cash, including discontinued operations, beginning of year 2,403 1,960

Cash, cash equivalents and restricted cash, including discontinued operations, end of period 2,051 1,846

Cash and cash equivalents at end of period of discontinued operations (58)

Restricted cash included in Other current assets(a)

(37)

Cash and cash equivalents $ 2,051 $ 1,751

(a) Represented restricted cash in escrow to fund an acquisition at the Book Publishing segment which closed in the third quarter of fiscal 2025.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

News Corporation (together with its subsidiaries, News Corporation, News Corp, the Company, we or us ) is a global diversified media and information services company comprised of businesses across a range of media, including: information services and news, digital real estate services and book publishing.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the Consolidated Financial Statements, have been prepared in accordance with generally accepted accounting principles in the United States of America ( GAAP ) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2026. The preparation of the Company s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates.

Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The consolidated statements of operations are referred to herein as the Statements of Operations. The consolidated balance sheets are referred to herein as the Balance Sheets. The consolidated statements of cash flows are referred to herein as the Statements of Cash Flows.

The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 as filed with the Securities and Exchange Commission (the SEC ) on August 6, 2025 (the 2025 Form 10-K ).

The Company s fiscal year ends on the Sunday closest to June 30. Fiscal 2026 and fiscal 2025 include 52 weeks. All references to the three and six months ended December 31, 2025 and 2024 relate to the three and six months ended December 28, 2025 and December 29, 2024, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31.

Recently Issued Accounting Pronouncements

Issued

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ( ASU 2023-09 ). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company s annual reporting periods beginning on July 1, 2025, with early adoption permitted.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ( ASU 2024-03 ). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company s annual reporting periods beginning on July 1, 2027 and interim reporting periods beginning on July 1, 2028, with early adoption permitted.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ( ASU 2025-05 ). The amendments in ASU 2025-05 provide entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers ( ASC 606 ) by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for the Company for its annual reporting periods beginning July 1, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact ASU 2025-05 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) ( ASU 2025-06 ). The amendments in ASU 2025-06 eliminate all references to project stages throughout Subtopic 350-40 and require an entity to begin capitalizing software costs when both (1) management has authorized and committed to funding the project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the probable-to-complete recognition threshold ). ASU 2025-06 is effective for the Company for its annual reporting periods beginning July 1, 2028, and interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ( ASU 2025-11 ). The amendments in ASU 2025-11 amend ASC Topic 270, Interim Reporting to improve the navigability of required interim disclosures and clarify when the guidance is applicable. ASU 2025-11 also adds a principle requiring entities to disclose material events that occurred since the end of the last annual reporting period. ASU 2025-11 is effective for the Company s interim reporting periods beginning July 1, 2028, with early adoption permitted. ASU 2025-11 will not have a material impact on the Company s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements ( ASU 2025-12 ). The amendments in ASU 2025-12 represent changes that (1) clarify, (2) correct errors, or (3) make minor improvements to the Accounting Standards Codification that make it easier to understand and apply. ASU 2025-12 is effective for the Company s annual reporting periods beginning July 1, 2027, and interim periods within those annual reporting periods, with early adoption permitted. ASU 2025-12 will not have a material impact on the Company s consolidated financial statements.

NOTE 2. DISCONTINUED OPERATIONS

Foxtel

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 ), and the sale closed on April 2, 2025. The results of operations and cash flows of Foxtel have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations, as the disposition reflected a strategic shift that had a major effect on the Company s operations and financial results. Upon reclassification of Foxtel s results, the Company determined that the Subscription Video Services segment was no longer 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. See Note 12 Segment Information.

In all periods presented, transactions between Foxtel and the continuing operations of the Company that did not continue after the sale are eliminated, whereas those that continued are no longer eliminated.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024:

For the three months ended December 31, 2024 For the six months ended December 31, 2024

(in millions)

Revenues $ 462 $ 961

Operating expenses (314) (638)

Selling, general and administrative (83) (168)

Depreciation and amortization

(79) (156)

Impairment and restructuring charges (1) (2)

Interest expense, net (17) (35)

Other, net (1)

Loss before income tax benefit (33) (38)

Income tax benefit 10 10

Net loss (23) (28)

Net loss attributable to noncontrolling interests

10 16

Net loss attributable to News Corporation stockholders

(13) $ (12)

NOTE 3. REVENUES

The following tables present the Company s disaggregated revenues by type and segment for the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31, 2025

Dow Jones Digital Real

Estate

Services Book

Publishing News Media Other Total

Revenues

(in millions)

Circulation and subscription $ 497 $ 2 $ $ 293 $ $ 792

Advertising 133 40 216 389

Consumer 607 607

Real estate 401 401

Other 18 68 26 61 173

Total Revenues $ 648 $ 511 $ 633 $ 570 $ $ 2,362

For the three months ended December 31, 2024

Dow Jones Digital Real

Estate

Services Book

Publishing News Media Other Total

Revenues

(in millions)

Circulation and subscription $ 461 $ 2 $ $ 282 $ $ 745

Advertising 121 35 229 385

Consumer 572 572

Real estate 377 377

Other 18 59 23 59 159

Total Revenues $ 600 $ 473 $ 595 $ 570 $ $ 2,238

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2025

Dow Jones Digital Real

Estate

Services Book

Publishing News Media Other Total

Revenues

(in millions)

Circulation and subscription $ 988 $ 4 $ $ 582 $ $ 1,574

Advertising 218 81 407 706

Consumer 1,117 1,117

Real estate 771 771

Other 28 134 50 126 338

Total Revenues $ 1,234 $ 990 $ 1,167 $ 1,115 $ $ 4,506

For the six months ended December 31, 2024

Dow Jones Digital Real

Estate

Services Book

Publishing News Media Other Total

Revenues

(in millions)

Circulation and subscription $ 920 $ 4 $ $ 564 $ $ 1,488

Advertising 206 73 427 706

Consumer 1,093 1,093

Real estate 734 734

Other 26 119 48 120 313

Total Revenues $ 1,152 $ 930 $ 1,141 $ 1,111 $ $ 4,334

Contract Liabilities and Assets

The Company s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2025 and 2024:

For the three months ended

December 31, For the six months ended

December 31,

2025 2024 2025 2024

(in millions)

Balance, beginning of period $ 504 $ 488 $ 498 $ 483

Deferral of revenue 814 810 1,623 1,597

Recognition of deferred revenue(a)

(844) (855) (1,645) (1,645)

Other (12) (2) (4)

Balance, end of period $ 474 $ 431 $ 474 $ 431

(a)For the three and six months ended December 31, 2025, the Company recognized $222 million and $389 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2024, the Company recognized $205 million and $378 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $72 million and $37 million as of December 31, 2025 and 2024, respectively.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Other Revenue Disclosures

The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or the consideration is received within twelve months or less of the transfer of the good or service.

For the three and six months ended December 31, 2025, the Company recognized approximately $105 million and $212 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of December 31, 2025 was approximately $1,110 million, of which approximately $235 million is expected to be recognized over the remainder of fiscal 2026, $355 million is expected to be recognized in fiscal 2027 and $172 million is expected to be recognized in fiscal 2028, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606, Revenue from Contracts with Customers.

NOTE 4. 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.

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.

For the three months ended December 31,

2025 2024

One time

employee

termination

benefits Other costs Total One time

employee

termination

benefits Other costs Total

(in millions)

Balance, beginning of period $ 37 $ 46 $ 83 $ 24 $ 33 $ 57

Additions 21 1 22 15 1 16

Payments (37) (2) (39) (20) (2) (22)

Other

(1) (1) (2)

Balance, end of period $ 21 $ 45 $ 66 $ 18 $ 31 $ 49

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31,

2025 2024

One time

employee

termination

benefits Other costs Total One time

employee

termination

benefits Other costs Total

(in millions)

Balance, beginning of period $ 42 $ 46 $ 88 $ 25 $ 34 $ 59

Additions 35 1 36 36 2 38

Payments (60) (3) (63) (42) (4) (46)

Other 4 1 5 (1) (1) (2)

Balance, end of period $ 21 $ 45 $ 66 $ 18 $ 31 $ 49

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.

NOTE 5. INVESTMENTS

Ownership Percentage as of December 31, 2025 As of

December 31, 2025 As of

June 30, 2025

(in millions)

Equity method investments(a)

various $ 90 $ 85

Equity and other securities(b)

various 913 931

Total Investments $ 1,003 $ 1,016

(a)Equity method investments include News UK s joint venture with DMG Media.

(b)Equity and other securities are primarily comprised of the Company s interest in DAZN, certain investments in China, Nexxen International, Ltd., REA Group s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company.

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:

For the three months ended

December 31, For the six months ended

December 31,

2025 2024 2025 2024

(in millions) (in millions)

Total gains (losses) recognized on equity securities $ (12) $ 18 $ (13) $ 28

Net gains (losses) recognized on equity securities sold

(1) (1)

Unrealized gains (losses) recognized on equity securities held at end of period $ (11) $ 18 $ (12) $ 28

Equity Losses of Affiliates

The Company s share of the losses of its equity affiliates was $2 million and $4 million for the three and six months ended December 31, 2025, respectively, and $8 million and $11 million for the corresponding periods of fiscal 2025, respectively.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6. BORROWINGS

Interest rate at December 31, 2025 Maturity at December 31, 2025 As of

December 31, 2025 As of

June 30, 2025

(in millions)

News Corporation

2022 Term loan A(a)

5.477 % Mar 31, 2027 $ 463 $ 475

2022 Senior notes 5.125 % Feb 15, 2032 494 494

2021 Senior notes 3.875 % May 15, 2029 994 993

REA Group(b)

2024 REA credit facility tranche 1(c)

5.19 % Sep 15, 2028

Total borrowings 1,951 1,962

current portion(d)

(25) (25)

$ 1,926 $ 1,937

(a)The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended December 31, 2025, the Company was paying interest at an effective interest rate of 3.458%. See Note 8 Financial Instruments and Fair Value Measurements.

(b)Borrowings under this facility are incurred by REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the REA Debt Group ), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the REA Debt Group and are non-recourse to News Corp.

(c)This facility was amended during the six months ended December 31, 2025 to reduce the total amount available under the facility to A$200 million. As of December 31, 2025, REA Group had total undrawn commitments of A$200 million available under this facility.

(d)The current portion of long term debt as of December 31, 2025 and June 30, 2025 relates to required principal repayments on the 2022 Term Loan A.

HarperCollins Equipment Lease

In October 2025, HarperCollins entered into a finance leasing arrangement for up to $120 million of equipment for a new warehouse (the Equipment Lease ). Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475%. The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years. The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term. The Equipment Lease will be classified as a finance lease on the Company s balance sheet upon commencement.

Covenants

The Company s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company s 2025 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all applicable covenants at December 31, 2025.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7. EQUITY

The following tables summarize changes in equity for the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31, 2025

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Other

Comprehensive

Loss Total

News

Corp

Interests Total

Equity

Shares Amount Shares Amount

(in millions)

Balance, September 30, 2025 376 $ 4 188 $ 2 $ 10,929 $ (664) $ (1,567) $ 8,704 $ 606 $ 9,310

Net income 193 193 49 242

Other comprehensive income 53 53 19 72

Dividends

Share repurchases (4) (2) (137) (38) (175) (175)

Other 17 17 (4) 13

Balance, December 31, 2025 372 $ 4 186 $ 2 $ 10,809 $ (509) $ (1,514) $ 8,792 $ 670 $ 9,462

For the three months ended December 31, 2024

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Other

Comprehensive

Loss Total

News

Corp

Interests Total

Equity

Shares Amount Shares Amount

(in millions)

Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ (1,779) $ (1,131) $ 8,253 $ 913 $ 9,166

Net income 215 215 68 283

Other comprehensive loss (293) (293) (105) (398)

Dividends

Share repurchases (1) (1) (30) (10) (40) (40)

Other

14 14 14

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ (1,574) $ (1,424) $ 8,149 $ 876 $ 9,025

For the six months ended December 31, 2025

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Other

Comprehensive

Loss Total

News

Corp

Interests Total

Equity

Shares Amount Shares Amount

(in millions)

Balance, June 30, 2025 377 $ 4 189 $ 2 $ 11,058 $ (747) $ (1,543) $ 8,774 $ 615 $ 9,389

Net income 305 305 87 392

Other comprehensive income 29 29 20 49

Dividends (57) (57) (47) (104)

Share repurchases (6) (3) (202) (67) (269) (269)

Other 1 10 10 (5) 5

Balance, December 31, 2025 372 $ 4 186 $ 2 $ 10,809 $ (509) $ (1,514) $ 8,792 $ 670 $ 9,462

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024

Class A

Common Stock Class B

Common Stock Additional

Capital Accumulated

Deficit Accumulated

Other

Comprehensive

Loss Total

News

Corp

Interests Total

Equity

Shares Amount Shares Amount

(in millions)

Balance, June 30, 2024 379 $ 4 190 $ 2 $ 11,254 $ (1,889) $ (1,251) $ 8,120 $ 891 $ 9,011

Net income 334 334 93 427

Other comprehensive loss (173) (173) (74) (247)

Dividends (57) (57) (35) (92)

Share repurchases (2) (1) (59) (19) (78) (78)

Other 1 3 3 1 4

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ (1,574) $ (1,424) $ 8,149 $ 876 $ 9,025

Stock Repurchases

On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company s outstanding Class A Common Stock and Class B Common Stock (the 2021 Repurchase Program ). On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company s outstanding Class A Common Stock and Class B Common Stock (the 2025 Repurchase Program and, together with the 2021 Repurchase Program, the Stock Repurchase Programs ), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.

The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Stock Repurchase Programs have no time limit and may be modified, suspended or discontinued at any time. As of December 31, 2025, the remaining authorized amount under the Stock Repurchase Programs was approximately $1,044 million.

The following tables summarize the shares repurchased under the Stock Repurchase Programs and subsequently retired and the related consideration paid, excluding associated taxes, fees, commissions or other costs, during the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31,

2025 2024

Shares

Amount

Shares

Amount

(in millions)

Class A Common Stock

4.4 $ 115 1.0 $ 26

Class B Common Stock

1.9 57 0.5 14

Total

6.3 $ 172 1.5 $ 40

For the six months ended December 31,

2025 2024

Shares Amount Shares Amount

(in millions)

Class A Common Stock

6.5 $ 177 1.9 $ 51

Class B Common Stock

2.8 89 0.9 27

Total

9.3 $ 266 2.8 $ 78

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Stockholders Agreement

On September 8, 2025, the Company entered into a new stockholders agreement (the New Stockholders Agreement ) with LGC Holdco, LLC ( LGC Holdco ) and certain Murdoch family trusts (collectively, the LGC Family Trusts ). In connection with this decision, the stockholders agreement between the Company and the Murdoch Family Trust (See Note 12 Stockholders Equity in the 2025 Form 10-K) was terminated.

The New Stockholders Agreement limits the LGC Family Trusts and LGC Holdco from owning, collectively with certain Murdoch family members (the Murdoch Individuals ), more than 44% of the outstanding voting power of the shares of the Company s Class B Common Stock ( Class B Shares ) and requires the LGC Family Trusts and LGC Holdco to forfeit votes to the extent necessary to ensure that the Murdoch Individuals, the LGC Family Trusts and LGC Holdco collectively do not exceed 44% of the outstanding voting power of the Class B Shares, except where a Murdoch Individual votes their own shares differently from the others on any matter. In addition, the New Stockholders Agreement provides (a) the Company with a right of first refusal with respect to any underwritten public offering of the Class B Shares held by the LGC Family Trusts or LGC Holdco to anyone other than the Murdoch Individuals and their affiliates, subject to certain exceptions, and (b) the LGC Family Trusts and LGC Holdco with certain customary registration rights. The New Stockholders Agreement will terminate upon the distribution of all or substantially all of the Class B Shares held by the LGC Family Trusts or LGC Holdco.

Dividends

In August 2025, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on October 8, 2025 to stockholders of record as of September 10, 2025. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors decisions regarding the payment of future dividends will depend on many factors, including the Company s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

In accordance with ASC 820, Fair Value Measurements ( ASC 820 ) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories:

Level 1 Quoted prices in active markets for identical assets or liabilities.

Level 2 Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples.

The following table summarizes assets and liabilities, as applicable, measured at fair value:

As of December 31, 2025 As of June 30, 2025

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

(in millions)

Equity and other securities

39 57 817 913 67 50 814 931

Total assets $ 39 $ 64 $ 817 $ 920 $ 67 $ 62 $ 814 $ 943

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Equity and Other Securities

The fair values of equity and other securities with quoted prices in active markets, which are classified as Level 1 in the fair value hierarchy outlined above, and those that rely on significant observable inputs other than quoted prices in active markets, which are classified as Level 2 in the fair value hierarchy outlined above, are determined based on the closing price at the end of each reporting period. The fair values of equity and other securities without readily determinable fair market values are determined based on cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. These securities are classified as Level 3 in the fair value hierarchy outlined above.

A rollforward of the Company s equity and other securities classified as Level 3 is as follows:

For the six months ended

December 31,

2025 2024

(in millions)

$ 814 $ 122

Additions(a)

5 41

Returns of capital (2) (5)

Measurement adjustments

3

Foreign exchange and other 2

(a)The additions for the six months ended December 31, 2024 primarily relate to REA Group s investment in Athena Home Loans.

Derivative Instruments

The Company is directly and indirectly affected by risks associated with changes in certain market conditions. When deemed appropriate, the Company uses derivative instruments to mitigate the potential impact of these market risks. The primary market risk managed by the Company through the use of derivative instruments relates to interest rate risk arising from floating rate News Corporation borrowings.

The Company formally designates qualifying derivatives as hedge relationships and applies hedge accounting when considered appropriate. The Company does not use derivative financial instruments for trading or speculative purposes.

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

Balance Sheet Classification

As of

December 31, 2025 As of

June 30, 2025

(in millions)

Interest rate derivatives cash flow hedges Other current assets $ 5 $ 7

Cash Flow Hedges

The Company utilizes interest rate derivatives to mitigate interest rate risk in relation to future interest payments.

The total notional value of interest rate swap derivatives designated for hedging was approximately $463 million as of December 31, 2025 for News Corporation borrowings. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027. As of December 31, 2025, the Company estimates that approximately $6 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

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The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2025 and 2024 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and six months ended December 31, 2025 and 2024, by derivative instrument:

For the three months ended

December 31, For the six months ended

December 31,

2025 2024 2025 2024

(in millions)

Interest rate derivatives cash flow hedges $ $ 10 $ 1 $

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and six months ended December 31, 2025 and 2024, by derivative instrument:

Income Statement

Classification

For the three months ended

December 31, For the six months ended

December 31,

2025 2024 2025 2024

(in millions)

Interest rate derivatives cash flow hedges Interest income (expense), net $ (2) $ (3) $ (5) $ (7)

Other Fair Value Measurements

As of December 31, 2025, the carrying value of the Company s outstanding borrowings approximates the fair value. The 2022 Senior Notes and the 2021 Senior Notes are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9. EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share under ASC 260, Earnings per Share:

For the three months ended

December 31, For the six months ended

December 31,

2025 2024 2025 2024

(in millions, except per share amounts)

Net income from continuing operations $ 242 $ 306 $ 392 $ 455

Net loss from discontinued operations, net of tax (23) (28)

Net income 242 283 392 427

Net income attributable to noncontrolling interests from continuing operations (49) (78) (87) (109)

Net income attributable to noncontrolling interests from discontinued operations 10 16

Net income attributable to News Corporation stockholders $ 193 $ 215 $ 305 $ 334

Dilutive effect of equity awards 1.4 1.6 1.6 1.9

Net income (loss) attributable to News Corporation stockholders per share:

Basic

Continuing operations $ 0.34 $ 0.40 $ 0.54 $ 0.61

Discontinued operations $ $ (0.02) (0.02)

$ 0.34 $ 0.38 $ 0.54 $ 0.59

Diluted

Continuing operations $ 0.34 $ 0.40 $ 0.54 $ 0.61

Discontinued operations $ $ (0.02) (0.02)

$ 0.34 $ 0.38 $ 0.54 $ 0.59

NOTE 10. COMMITMENTS AND CONTINGENCIES

Commitments

The Company has commitments under certain firm contractual arrangements to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. During the six months ended December 31, 2025, the Company entered into new leases, some of which will commence subsequent to fiscal 2026, and extended the terms of certain other leases. As a result, the Company has presented its commitments associated with its operating leases in the table below. The Company s remaining commitments as of December 31, 2025 have not changed significantly from the disclosures included in the 2025 Form 10-K.

As of December 31, 2025

Payments Due by Period

Less than 1

year 1-3 years 3-5 years More than 5

years Total

(in millions)

Operating leases

$ 103 $ 202 $ 175 $ 1,039 $ 1,519

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Contingencies

The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. Except as otherwise provided below, for the contingencies disclosed for which there is at least a reasonable possibility that a loss may be incurred, the Company was unable to estimate the amount of loss or range of loss. The Company recognizes gain contingencies when the gain becomes realized or realizable.

Dow Jones

Beginning in August 2024, a number of purported class action complaints have been filed in the U.S. District Court for the Northern District of Illinois against certain pipe converters, distributors and the Company s subsidiary, Oil Price Information Service, LLC ( OPIS ), alleging violations of federal and state antitrust laws. The complaints seek treble damages, injunctive relief and attorneys fees and costs. In May 2025, the Company entered into a settlement which would resolve the complaints. The settlement received preliminary court approval in July 2025 but remains subject to final approval. In September 2025, a similar purported class action was filed in the Supreme Court of British Columbia alleging violations of certain provisions of Canadian law and claiming damages and costs among other relief. The Company is currently evaluating this action, and it is not possible at this time to predict with any degree of certainty the ultimate outcome.

In addition, (i) in January 2025, OPIS received a grand jury subpoena issued by the U.S. District Court for the Northern District of California, from the U.S. Department of Justice Antitrust Division, and (ii) in April 2025, OPIS received a civil investigative demand ( CID ) from a state attorney general. Both the subpoena and the CID call for production of documents related to PVC pipe, including documents relating to the publication of the PVC and Pipe Weekly Report. OPIS is complying with its obligations under the subpoena and CID.

HarperCollins

Beginning in February 2021, a number of purported class action complaints have been filed in the U.S. District Court for the Southern District of New York (the N.Y. District Court ) against Amazon.com, Inc. ( Amazon ) and certain publishers, including the Company s subsidiary, HarperCollins Publishers, L.L.C. ( HarperCollins and together with the other publishers, the Publishers ), alleging violations of antitrust and competition laws. The complaints seek treble damages, injunctive relief and attorneys fees and costs. In August 2023, the N.Y. District Court dismissed the complaints in one of the cases with prejudice and in March 2024, the court dismissed the complaint against the Publishers in the remaining case with prejudice. However, the plaintiffs time to appeal the N.Y. District Court s decision to dismiss in the latter case does not expire until the complaint against Amazon in that case has been finally determined. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously.

In September 2025, a class action lawsuit against Anthropic PBC, in which HarperCollins is a class member, received preliminary court approval for settlement. As the timing and final amount of any potential proceeds receivable under the settlement remain uncertain, the Company has not recognized any gain related to this matter for the three and six months ended December 31, 2025.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

U.K. Newspaper Matters

Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company s former publication, The News of the World, and at The Sun, and related matters (the U.K. Newspaper Matters ). The Company has admitted liability in many civil cases and has settled a number of cases. The Company also settled a number of claims through a private compensation scheme which was closed to new claims after April 8, 2013.

In connection with the separation of the Company from Twenty-First Century Fox, Inc. ( 21st Century Fox ) on June 28, 2013, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after such date arising out of civil claims and investigations relating to the U.K. Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants with the Company or 21st Century Fox. 21st Century Fox s indemnification obligations with respect to these matters are settled on an after-tax basis. In March 2019, as part of the separation of FOX Corporation ( FOX ) from 21st Century Fox, the Company, News Corp Holdings UK & Ireland, 21st Century Fox and FOX entered into a Partial Assignment and Assumption Agreement, pursuant to which, among other things, 21st Century Fox assigned, conveyed and transferred to FOX all of its indemnification obligations with respect to the U.K. Newspaper Matters.

The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was nil and $4 million for the three months ended December 31, 2025 and 2024, respectively, and $1 million and $6 million for the six months ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred and has accrued approximately $18 million. The amount to be indemnified by FOX of approximately $26 million was recorded as a receivable in Other current assets on the Balance Sheet as of December 31, 2025. It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company. If more claims are filed and additional information becomes available, the Company will update the liability provision and corresponding receivable for such matters.

The Company is not able to predict the ultimate outcome or cost of the civil claims. It is possible that these proceedings and any adverse resolution thereof could damage its reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition.

NOTE 11. INCOME TAXES

At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.

For the three months ended December 31, 2025, the Company recorded income tax expense of $125 million on pre-tax income from continuing operations of $367 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the six months ended December 31, 2025, the Company recorded income tax expense of $187 million on pre-tax income from continuing operations of $579 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the three months ended December 31, 2024, the Company recorded income tax expense of $124 million on pre-tax income from continuing operations of $430 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, and by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group s interest in PropertyGuru.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024, the Company recorded income tax expense of $185 million on pre-tax income from continuing operations of $640 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group s interest in PropertyGuru.

Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Based on management s assessment of available evidence, it has been determined that it is more likely than not that certain deferred tax assets may not be realized and therefore, a valuation allowance has been established against those tax assets.

The Company s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable. The Company is currently undergoing audits with certain U.S. states and foreign jurisdictions. The Company was notified by the Internal Revenue Service in January 2026 that they plan to commence an audit for the fiscal year ended June 30, 2024. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid. However, the Company may need to accrue additional income tax expense and its liability may need to be adjusted as new information becomes known and as these tax examinations continue to progress, or as settlements or litigations occur.

On July 4, 2025, H.R. 1 - One Big Beautiful Bill Act ( OBBBA ) was enacted into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. Certain provisions of OBBBA will become effective for the Company s fiscal 2026, while others will take effect beginning in fiscal 2027. ASC 740, Income Taxes requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. The OBBBA maintains the U.S. Federal income tax rate of 21%. The Company does not expect OBBBA to materially impact its effective tax rate, however the Company continues to assess the impact of OBBBA including future expected guidance from the U.S. Treasury Department and States.

The Organization for Economic Cooperation and Development ( OECD ) has proposed a global minimum tax of 15% of reported profits ( Pillar 2 ) that has been agreed upon in principle by over 140 countries. Following an executive order issued by the United States in January 2025 announcing opposition to aspects of these rules, the G7 issued a statement on June 28, 2025 acknowledging that U.S. parented groups would be exempt from certain aspects of Pillar 2 in recognition of existing U.S. minimum tax rules to which they are subject. On January 5, 2026, the OECD announced a political and technical agreement by the Inclusive Framework on a comprehensive package for a "side-by-side arrangement" (the Package ). The Package, in the form of administrative guidance, includes a new Simplified Effective Tax Rate Safe Harbour, a one-year extension of the Transitional Country-by-Country Reporting Safe Harbour, a new Substance-based Tax Incentive Safe Harbour and two Safe Harbours related to a Side-by-Side System. This administrative guidance will be incorporated into the Commentary to the Global Anti-Base Erosion Model Rules. The Company does not expect the Package to materially impact its effective tax rate, however the Company continues to assess the impact of the Package including future expected guidance from the OECD.

Several jurisdictions have rolled back their digital services taxes and certain jurisdictions continue to maintain or have enacted new digital services taxes. Those taxes have had limited impact on the Company s overall tax obligations, but the Company continues to monitor them.

The Company paid gross income taxes of $123 million and $108 million during the six months ended December 31, 2025 and 2024, respectively, and received tax refunds of $1 million in each of those periods.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12. SEGMENT INFORMATION

The Company manages and reports its businesses in the following five segments:

Dow Jones The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones s consumer products include premier brands such as The Wall Street Journal, Barron s, MarketWatch and Investor s Business Daily. Dow Jones s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

Digital Real Estate Services The Digital Real Estate Services segment consists of the Company s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange ( ASX ) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and Housing.com in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.

Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com , a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO SelectSM, ConnectionsSM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants.

Book Publishing The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children s books and series and a significant Christian publishing business.

News Media The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.

Other The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company s chief operating decision maker ( CODM ) is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company s CODM to evaluate the performance of, and allocate resources within, the Company s businesses. The CODM uses Segment EBITDA to compare actual results to budget and uses this information to, among other things, allocate resources such as incentive compensation to segment managers. 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).

For the three months ended December 31, 2025

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Revenues $ 648 $ 511 $ 633 $ 570 $ $ 2,362

Operating expenses (237) (48) (432) (291) (1,008)

Selling, general and administrative (220) (257) (102) (209) (45) (833)

Segment EBITDA $ 191 $ 206 $ 99 $ 70 $ (45) $ 521

Depreciation and amortization (118)

Impairment and restructuring charges (30)

Equity losses of affiliates (2)

Interest income, net 9

Other, net (13)

Income before income tax expense from continuing operations 367

Income tax expense from continuing operations (125)

Net income from continuing operations 242

Net income from discontinued operations, net of tax

Net income $ 242

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For the three months ended December 31, 2024

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Revenues $ 600 $ 473 $ 595 $ 570 $ $ 2,238

Operating expenses (240) (45) (390) (288) (963)

Selling, general and administrative (186) (243) (104) (208) (56) (797)

Segment EBITDA $ 174 $ 185 $ 101 $ 74 $ (56) $ 478

Depreciation and amortization (113)

Impairment and restructuring charges (16)

Equity losses of affiliates (8)

Interest expense, net (3)

Other, net 92

Income before income tax expense from continuing operations 430

Income tax expense from continuing operations (124)

Net income from continuing operations 306

Net loss from discontinued operations, net of tax (23)

Net income $ 283

For the six months ended December 31, 2025

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Revenues $ 1,234 $ 990 $ 1,167 $ 1,115 $ $ 4,506

Operating expenses (475) (101) (786) (587) (1,949)

Selling, general and administrative (424) (525) (224) (428) (95) (1,696)

Segment EBITDA $ 335 $ 364 $ 157 $ 100 $ (95) $ 861

Depreciation and amortization (235)

Impairment and restructuring charges (49)

Equity losses of affiliates (4)

Interest expense, net 15

Other, net (9)

Income before income tax expense from continuing operations 579

Income tax expense from continuing operations (187)

Net income from continuing operations 392

Net loss from discontinued operations, net of tax

Net income $ 392

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For the six months ended December 31, 2024

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Revenues $ 1,152 $ 930 $ 1,141 $ 1,111 $ $ 4,334

Operating expenses (479) (92) (755) (589) (1,915)

Selling, general and administrative (368) (513) (204) (430) (101) (1,616)

Segment EBITDA $ 305 $ 325 $ 182 $ 92 $ (101) $ 803

Depreciation and amortization (225)

Impairment and restructuring charges (38)

Equity losses of affiliates (11)

Interest expense, net (3)

Other, net 114

Income before income tax expense from continuing operations 640

Income tax expense from continuing operations (185)

Net income from continuing operations 455

Net loss from discontinued operations, net of tax (28)

Net income $ 427

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

Dow Jones $ 41 $ 38 $ 81 $ 77

Digital Real Estate Services 38 36 75 72

Book Publishing 14 13 29 26

News Media 24 25 48 48

Other 1 1 2 2

Total Depreciation and amortization $ 118 $ 113 $ 235 $ 225

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

Dow Jones $ 23 $ 22 $ 38 $ 38

Digital Real Estate Services 37 36 75 75

Book Publishing 6 4 14 7

News Media 30 20 48 37

Other 3 5

Total Capital expenditures

$ 99 $ 82 $ 180 $ 157

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of

December 31, 2025 As of

June 30, 2025

(in millions)

Dow Jones $ 4,104 $ 4,134

Digital Real Estate Services 3,378 3,202

Book Publishing 3,003 2,767

News Media 2,095 2,102

Other(a)

1,927 2,283

Investments 1,003 1,016

Total assets $ 15,510 $ 15,504

(a)The Other segment primarily includes Cash and cash equivalents.

As of

December 31, 2025 As of

June 30, 2025

(in millions)

Goodwill and intangible assets, net:

Dow Jones $ 3,266 $ 3,256

Digital Real Estate Services 1,890 1,798

Book Publishing 927 941

News Media 308 308

Total Goodwill and intangible assets, net $ 6,391 $ 6,303

NOTE 13. ADDITIONAL FINANCIAL INFORMATION

Receivables, net

Receivables are presented net of allowances, which reflect the Company s expected credit losses based on historical experience as well as current and expected economic conditions.

Receivables, net consist of:

As of

December 31, 2025 As of

June 30, 2025

(in millions)

Receivables $ 1,944 $ 1,618

allowances (50) (56)

Receivables, net $ 1,894 $ 1,562

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

As of

December 31, 2025 As of

June 30, 2025

(in millions)

Royalty advances to authors $ 386 $ 377

343 320

Retirement benefit assets 172 165

News America Marketing deferred consideration(a)

203

Other 134 138

(a)The balance of the News America Marketing deferred consideration was reclassified to Other non-current assets during the six months ended December 31, 2025, as the Company has amended the agreement to extend the payment due date.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

As of

December 31, 2025 As of

June 30, 2025

(in millions)

Royalties and commissions payable $ 240 $ 202

Allowance for sales returns 154 138

Current operating lease liabilities 75 74

Other 244 300

Total Other current liabilities $ 713 $ 714

Other, net

The following table sets forth the components of Other, net:

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

Remeasurement of equity securities $ (12) $ 18 $ (13) $ 28

Gain on sale of investment in PropertyGuru 87 87

Other (1) (13) 4 (1)

Total Other, net $ (13) $ 92 $ (9) $ 114

Supplemental Cash Flow Information

The following table sets forth the Company s cash paid for interest and taxes:

For the six months ended December 31,

2025 2024

(in millions)

Cash paid for interest $ 47 $ 41

Cash paid for taxes $ 123 $ 108

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NOTE 14. SUBSEQUENT EVENTS

In February 2026, the Company s Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend is payable on April 8, 2026 to stockholders of record as of March 11, 2026.

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ITEM 2. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This document, including the following discussion and analysis, contains statements that constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act ), and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words expect, will, estimate, anticipate, predict, believe, should and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company s business, financial condition or results of operations, the Company s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company s cost savings initiatives and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading Risk Factors in Part I, Item 1A. in News Corporation s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission (the SEC ) on August 6, 2025 (the 2025 Form 10-K ), and as may be updated in this and other subsequent Quarterly Reports on Form 10-Q. The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the SEC. This section should be read together with the unaudited consolidated financial statements of News Corporation and related notes set forth elsewhere herein and the audited consolidated financial statements of News Corporation and related notes set forth in the 2025 Form 10-K.

INTRODUCTION

News Corporation (together with its subsidiaries, News Corporation, News Corp, the Company, we or us ) is a global diversified media and information services company comprised of businesses across a range of media, including: information services and news, digital real estate services and book publishing.

The unaudited consolidated financial statements are referred to herein as the Consolidated Financial Statements. The consolidated statements of operations are referred to herein as the Statements of Operations. The consolidated balance sheets are referred to herein as the Balance Sheets. The consolidated statements of cash flows are referred to herein as the Statements of Cash Flows. The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ( GAAP ).

Management s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:

Overview of the Company s Businesses This section provides a general description of the Company s businesses, as well as developments that occurred to date during fiscal 2026 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

Results of Operations This section provides an analysis of the Company s results of operations for the three and six months ended December 31, 2025 and 2024. This analysis is presented on both a consolidated basis and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

Liquidity and Capital Resources This section provides an analysis of the Company s cash flows for the six months ended December 31, 2025 and 2024, as well as a discussion of the Company s financial arrangements and outstanding commitments, both firm and contingent, that existed as of December 31, 2025.

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OVERVIEW OF THE COMPANY S BUSINESSES

The Company manages and reports its businesses in the following five segments:

Dow Jones The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones s consumer products include premier brands such as The Wall Street Journal, Barron s, MarketWatch and Investor s Business Daily. Dow Jones s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

Digital Real Estate Services The Digital Real Estate Services segment consists of the Company s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange ( ASX ) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and Housing.com in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.

Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com , a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO SelectSM, ConnectionsSM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants.

Book Publishing The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children s books and series and a significant Christian publishing business.

News Media The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.

Other The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters (as defined in Note 10 Commitments and Contingencies to the Consolidated Financial Statements).

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RESULTS OF OPERATIONS

Results of Operations For the three and six months ended December 31, 2025 versus the three and six months ended December 31, 2024

The following table sets forth the Company s operating results for the three and six months ended December 31, 2025 as compared to the three and six months ended December 31, 2024:

For the three months ended December 31, For the six months ended December 31,

2025 2024 Change % Change 2025 2024 Change % Change

(in millions, except %) Better/(Worse) Better/(Worse)

Circulation and subscription $ 792 $ 745 $ 47 6 % $ 1,574 $ 1,488 $ 86 6 %

Advertising 389 385 4 1 % 706 706 %

Consumer 607 572 35 6 % 1,117 1,093 24 2 %

Real estate 401 377 24 6 % 771 734 37 5 %

Other 173 159 14 9 % 338 313 25 8 %

Total Revenues 2,362 2,238 124 6 % 4,506 4,334 172 4 %

Operating expenses (1,008) (963) (45) (5) % (1,949) (1,915) (34) (2) %

Selling, general and administrative (833) (797) (36) (5) % (1,696) (1,616) (80) (5) %

Depreciation and amortization (118) (113) (5) (4) % (235) (225) (10) (4) %

Impairment and restructuring charges (30) (16) (14) (88) % (49) (38) (11) (29) %

Equity losses of affiliates (2) (8) 6 75 % (4) (11) 7 64 %

Interest income (expense), net 9 (3) 12 ** 15 (3) 18 **

Other, net (13) 92 (105) ** (9) 114 (123) **

Income before income tax expense from continuing operations 367 430 (63) (15) % 579 640 (61) (10) %

Income tax expense from continuing operations (125) (124) (1) (1) % (187) (185) (2) (1) %

Net income from continuing operations 242 306 (64) (21) % 392 455 (63) (14) %

Net loss from discontinued operations, net of tax (23) 23 100 % (28) 28 100 %

Net income 242 283 (41) (14) % 392 427 (35) (8) %

Net income attributable to noncontrolling interests from continuing operations (49) (78) 29 37 % (87) (109) 22 20 %

Net loss attributable to noncontrolling interests from discontinued operations 10 (10) (100) % 16 (16) (100) %

Net income attributable to News Corporation stockholders $ 193 $ 215 $ (22) (10) % $ 305 $ 334 $ (29) (9) %

** not meaningful

Revenues Revenues increased $124 million, or 6%, and $172 million, or 4%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025.

The revenue increase for the three months ended December 31, 2025 was primarily due to higher revenues at the Dow Jones segment driven by higher circulation and subscription and advertising revenues, at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move and at the Book Publishing segment driven by the $15 million impact from recent acquisitions and higher physical book sales. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $26 million, or 2%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

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The revenue increase for the six months ended December 31, 2025 was primarily due to higher revenues at the Dow Jones segment driven by higher circulation and subscription and advertising revenues, at the Digital Real Estate Services segment driven by higher revenues at REA Group and Move and at the Book Publishing segment driven by the $22 million impact from recent acquisitions and higher physical book sales. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $30 million, or 1%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

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.

Operating expenses Operating expenses increased $45 million, or 5%, and $34 million, or 2%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025.

The increase in operating expenses for the three months ended December 31, 2025 was primarily due to the Book Publishing segment driven by higher costs related to higher sales volume and a $16 million one-time write-off primarily related to inventory at HarperCollins international operations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $9 million, or 1%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

The increase in operating expenses for the six months ended December 31, 2025 was primarily due to the Book Publishing segment driven by a $16 million one-time write-off primarily related to inventory at HarperCollins international operations and higher employee costs and at the Digital Real Estate Services segment due to higher employee costs at Move. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $14 million, or 1%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

Selling, general and administrative Selling, general and administrative increased $36 million, or 5%, and $80 million, or 5%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025.

The increase in Selling, general and administrative for the three months ended December 31, 2025 was primarily due to higher costs at the Dow Jones segment driven by higher employee and marketing costs and at the Digital Real Estate Services segment driven by higher employee costs, primarily at Move, and higher broker commissions at REA Group from higher settlements. The increase was partially offset by lower costs at the Other segment, primarily driven by lower equity-based compensation costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $11 million, or 2%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

The increase in Selling, general and administrative for the six months ended December 31, 2025 was primarily due to higher costs at the Dow Jones segment driven by higher employee and marketing costs, at the Book Publishing segment due to a $13 million write-off of a customer receivable related to the closure of a book distributor and higher employee costs and at the Digital Real Estate Services segment due to higher broker commissions at REA Group and higher employee costs at Move, partially offset by the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $12 million, or 1%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

Depreciation and amortization Depreciation and amortization expense increased $5 million, or 4%, and $10 million, or 4%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025.

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.

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.

See Note 4 Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.

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Equity losses of affiliates Equity losses of affiliates improved by $6 million, or 75%, and $7 million, or 64%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025. See Note 5 Investments in the accompanying Consolidated Financial Statements.

Interest income (expense), net Interest income (expense), net improved by $12 million and $18 million for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025, driven by higher interest income. See Note 6 Borrowings and Note 8 Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.

Other, net For the three and six months ended December 31, 2025, the Company recorded Other, net of $(13) million and $(9) million, respectively.

For the three and six months ended December 31, 2024, the Company recorded Other, net of $92 million and $114 million, respectively, primarily due to the gain recognized on the sale of REA Group s interest in PropertyGuru.

See Note 13 Additional Financial Information in the accompanying Consolidated Financial Statements.

Income tax expense from continuing operations For the three months ended December 31, 2025, the Company recorded income tax expense of $125 million on pre-tax income from continuing operations of $367 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the six months ended December 31, 2025, the Company recorded income tax expense of $187 million on pre-tax income from continuing operations of $579 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the three months ended December 31, 2024, the Company recorded income tax expense of $124 million on pre-tax income from continuing operations of $430 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group s interest in PropertyGuru.

For the six months ended December 31, 2024, the Company recorded income tax expense of $185 million on pre-tax income from continuing operations of $640 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group s interest in PropertyGuru.

See Note 11 Income Taxes in the accompanying Consolidated Financial Statements.

Net income from continuing operations Net income from continuing operations for the three and six months ended December 31, 2025 was $242 million and $392 million, respectively, compared to $306 million and $455 million for the corresponding periods of fiscal 2025. The decreases of $64 million, or 21%, and $63 million, or 14%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025 were driven by the factors discussed above.

Net loss from discontinued operations, net of tax Net loss from discontinued operations, net of tax for both the three and six months ended December 31, 2025 was nil, compared to $23 million and $28 million for the corresponding periods of fiscal 2025. The amounts recognized in fiscal 2025 relate to the reclassification of Foxtel to discontinued operations. See Note 2 Discontinued Operations in the accompanying Consolidated Financial Statements.

Net income Net income for the three and six months ended December 31, 2025 was $242 million and $392 million, respectively, compared to $283 million and $427 million for the corresponding periods of fiscal 2025. The decreases of $41 million, or 14%, and $35 million, or 8%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025 were driven by the factors discussed above.

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Net income attributable to noncontrolling interests from continuing operations Net income attributable to noncontrolling interests from continuing operations decreased by $29 million, or 37%, and $22 million, or 20%, for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025. The decreases were primarily due to the gain recognized on REA Group s sale of its investment in PropertyGuru in fiscal 2025.

Segment Analysis

The Company s chief operating decision maker is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company s chief operating decision maker to evaluate the performance of, and allocate resources within, the Company s businesses. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company s business segments and its enterprise value against historical data and competitors data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

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 table reconciles Net income from continuing operations to Total Segment EBITDA for the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31, For the six months ended December 31,

2025 2024 2025 2024

(in millions)

Net income from continuing operations $ 242 $ 306 $ 392 $ 455

Income tax expense from continuing operations 125 124 187 185

Other, net 13 (92) 9 (114)

Interest (income) expense, net (9) 3 (15) 3

Equity losses of affiliates 2 8 4 11

Impairment and restructuring charges 30 16 49 38

Depreciation and amortization 118 113 235 225

Total Segment EBITDA $ 521 $ 478 $ 861 $ 803

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The following tables set forth the Company s Revenues and Segment EBITDA by reportable segment for the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31,

2025 2024

(in millions) Revenues Segment

EBITDA Revenues Segment

EBITDA

Dow Jones $ 648 $ 191 $ 600 $ 174

Digital Real Estate Services 511 206 473 185

Book Publishing 633 99 595 101

News Media 570 70 570 74

Other (45) (56)

Total $ 2,362 $ 521 $ 2,238 $ 478

For the six months ended December 31,

2025 2024

(in millions) Revenues Segment

EBITDA Revenues Segment

EBITDA

Dow Jones $ 1,234 $ 335 $ 1,152 $ 305

Digital Real Estate Services 990 364 930 325

Book Publishing 1,167 157 1,141 182

News Media 1,115 100 1,111 92

Other (95) (101)

Total $ 4,506 $ 861 $ 4,334 $ 803

Dow Jones (27% of the Company s consolidated revenues in both the six months ended December 31, 2025 and 2024)

For the three months ended December 31, For the six months ended December 31,

2025 2024 Change % Change 2025 2024 Change % Change

(in millions, except %) Better/(Worse) Better/(Worse)

Circulation and subscription $ 497 $ 461 $ 36 8 % $ 988 $ 920 $ 68 7 %

Advertising 133 121 12 10 % 218 206 12 6 %

Other 18 18 % 28 26 2 8 %

Total Revenues 648 600 48 8 % 1,234 1,152 82 7 %

Operating expenses (237) (240) 3 1 % (475) (479) 4 1 %

Selling, general and administrative (220) (186) (34) (18) % (424) (368) (56) (15) %

Segment EBITDA $ 191 $ 174 $ 17 10 % $ 335 $ 305 $ 30 10 %

For the three months ended December 31, 2025, revenues at the Dow Jones segment increased $48 million, or 8%, as compared to the corresponding period of fiscal 2025, due to higher circulation and subscription and advertising revenues. Digital revenues represented 82% of total revenues at the Dow Jones segment for the three months ended December 31, 2025, as compared to 81% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $5 million, or 1%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

For the six months ended December 31, 2025, revenues at the Dow Jones segment increased $82 million, or 7%, as compared to the corresponding period of fiscal 2025, primarily due to higher circulation and subscription and advertising revenues. Digital revenues represented 83% of total revenues at the Dow Jones segment for the six months ended December 31, 2025, as compared to 81% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $8 million, or 1%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

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Circulation and Subscription Revenues

For the three months ended December 31, For the six months ended December 31,

2025 2024 Change % Change 2025 2024 Change % Change

(in millions, except %) Better/(Worse) Better/(Worse)

Circulation and other $ 253 $ 243 $ 10 4 % $ 501 $ 481 $ 20 4 %

Risk and Compliance

96 80 16 20 % 190 161 29 18 %

Dow Jones Energy

75 68 7 10 % 148 136 12 9 %

Other information services

73 70 3 4 % 149 142 7 5 %

Professional information business

244 218 26 12 % 487 439 48 11 %

Total circulation and subscription revenues $ 497 $ 461 $ 36 8 % $ 988 $ 920 $ 68 7 %

Circulation and subscription revenues increased $36 million, or 8%, during the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025. Professional information business revenues increased $26 million, or 12%, primarily due to the $16 million and $7 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and new products. Circulation and other revenues increased $10 million, or 4%, driven by increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, including enterprise customers, partially offset by print circulation declines. Digital revenues represented 76% of circulation revenue for the three months ended December 31, 2025, as compared to 73% in the corresponding period of fiscal 2025.

Circulation and subscription revenues increased $68 million, or 7%, during the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025. Professional information business revenues increased $48 million, or 11%, primarily due to the $29 million and $12 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and new products. Circulation and other revenues increased $20 million, or 4%, driven by increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, including enterprise customers, partially offset by print circulation declines. Digital revenues represented 76% of circulation revenue for the six months ended December 31, 2025, as compared to 73% in the corresponding period of fiscal 2025.

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The following table summarizes average daily consumer subscriptions during the three months ended December 31, 2025 and 2024 for select publications and for all consumer subscription products:(a)

For the three months ended December 31(b),

2025 2024 Change % Change

(in thousands, except %) Better/(Worse)

The Wall Street Journal

4,289 3,787 502 13 %

Total subscriptions 4,677 4,225 452 11 %

Barron s Group(d)

1,416 1,341 75 6 %

Total subscriptions 1,510 1,458 52 4 %

Total Consumer(e)

6,011 5,352 659 12 %

Total subscriptions 6,508 5,924 584 10 %

(a)Based on internal data for the periods from September 29, 2025 through December 28, 2025 and September 30, 2024 through December 29, 2024, respectively. Excludes off-platform distribution, except for certain custom workflow integration products.

(b)Subscriptions include individual consumer subscriptions, as well as subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members. Subscriptions exclude single-copy sales and copies purchased by hotels, airlines and other businesses for limited distribution or access to customers.

(c)For some publications, including The Wall Street Journal and Barron s, Dow Jones sells bundled print and digital products. For bundles that provide access to both print and digital products every day of the week, only one unit is reported each day and is designated as a print subscription. For bundled products that provide access to the print product only on specified days and full digital access, one print subscription is reported for each day that a print copy is served and one digital subscription is reported for each remaining day of the week.

(d)Barron s Group consists of Barron s, MarketWatch, Financial News and Private Equity News.

(e)Total Consumer consists of The Wall Street Journal, Barron s Group and Investor s Business Daily.

Advertising Revenues

Advertising revenues increased $12 million, or 10%, during the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025, primarily due to $9 million of higher digital advertising revenues driven by the financial services sector. Digital advertising revenues represented 65% of advertising revenue for the three months ended December 31, 2025, as compared to 64% in the corresponding period of fiscal 2025.

Advertising revenues increased $12 million, or 6%, during the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025, primarily due to $10 million of higher digital advertising revenues driven by the financial services sector. Digital advertising revenues represented 67% of advertising revenue for the six months ended December 31, 2025, as compared to 66% in the corresponding period of fiscal 2025.

Segment EBITDA

For the three months ended December 31, 2025, Segment EBITDA at the Dow Jones segment increased $17 million, or 10%, as compared to the corresponding period of fiscal 2025, primarily due to the increase in revenues discussed above, partially offset by higher employee and marketing costs.

For the six months ended December 31, 2025, Segment EBITDA at the Dow Jones segment increased $30 million, or 10%, as compared to the corresponding period of fiscal 2025, primarily due to the increase in revenues discussed above, partially offset by higher employee and marketing costs.

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Digital Real Estate Services (22% and 21% of the Company s consolidated revenues in the six months ended December 31, 2025 and 2024, respectively)

For the three months ended December 31, For the six months ended December 31,

2025 2024 Change % Change 2025 2024 Change % Change

(in millions, except %) Better/(Worse) Better/(Worse)

Circulation and subscription $ 2 $ 2 $ % $ 4 $ 4 $ %

Advertising 40 35 5 14 % 81 73 8 11 %

Real estate 401 377 24 6 % 771 734 37 5 %

Other 68 59 9 15 % 134 119 15 13 %

Total Revenues 511 473 38 8 % 990 930 60 6 %

Operating expenses (48) (45) (3) (7) % (101) (92) (9) (10) %

Selling, general and administrative (257) (243) (14) (6) % (525) (513) (12) (2) %

Segment EBITDA $ 206 $ 185 $ 21 11 % $ 364 $ 325 $ 39 12 %

For the three months ended December 31, 2025, revenues at the Digital Real Estate Services segment increased $38 million, or 8%, as compared to the corresponding period of fiscal 2025. At REA Group, revenues increased $25 million, or 7%, to $368 million for the three months ended December 31, 2025 from $343 million in the corresponding period of fiscal 2025. The increase was due to higher Australian residential revenues driven by price increases, growth in add-on products and geographic mix and higher financial services revenues from higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses. Revenues at Move increased $13 million, or 10%, to $143 million for the three months ended December 31, 2025 from $130 million in the corresponding period of fiscal 2025, driven by higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals. Lead volumes increased 13% compared to the corresponding period of fiscal 2025.

For the three months ended December 31, 2025, Segment EBITDA at the Digital Real Estate Services segment increased $21 million, or 11%, as compared to the corresponding period of fiscal 2025, primarily due to the higher revenues discussed above, partially offset by higher employee costs, primarily at Move, and higher broker commissions at REA Group from higher settlements.

For the six months ended December 31, 2025, revenues at the Digital Real Estate Services segment increased $60 million, or 6%, as compared to the corresponding period of fiscal 2025. Revenues at REA Group increased $34 million, or 5%, to $695 million for the six months ended December 31, 2025 from $661 million in the corresponding period of fiscal 2025. The increase was due to higher Australian residential revenues driven by price increases, growth in add-on products and geographic mix and higher financial services revenues from higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses and the $6 million, or 1%, negative impact of foreign currency fluctuations. Revenues at Move increased $26 million, or 10%, to $295 million for the six months ended December 31, 2025 from $269 million in the corresponding period of fiscal 2025, driven by higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals. Lead volumes increased 5% compared to the corresponding period of fiscal 2025.

For the six months ended December 31, 2025, Segment EBITDA at the Digital Real Estate Services segment increased $39 million, or 12%, as compared to the corresponding period of fiscal 2025, primarily due to the higher revenues discussed above and the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year, partially offset by higher employee costs at Move and higher broker commissions at REA Group from higher settlements.

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Book Publishing (26% of the Company s consolidated revenues in both the six months ended December 31, 2025 and 2024)

For the three months ended December 31, For the six months ended December 31,

2025 2024 Change % Change 2025 2024 Change % Change

(in millions, except %) Better/(Worse) Better/(Worse)

Consumer $ 607 $ 572 $ 35 6 % $ 1,117 $ 1,093 $ 24 2 %

Other 26 23 3 13 % 50 48 2 4 %

Total Revenues 633 595 38 6 % 1,167 1,141 26 2 %

Operating expenses (432) (390) (42) (11) % (786) (755) (31) (4) %

Selling, general and administrative (102) (104) 2 2 % (224) (204) (20) (10) %

Segment EBITDA $ 99 $ 101 $ (2) (2) % $ 157 $ 182 $ (25) (14) %

For the three months ended December 31, 2025, revenues at the Book Publishing segment increased $38 million, or 6%, as compared to the corresponding period of fiscal 2025, driven by the $15 million impact from recent acquisitions and higher physical book sales, which reflected strength in Christian Publishing and frontlist titles. Digital sales increased by 2% as compared to the corresponding period of fiscal 2025 driven by growth in e-books sales. Digital sales represented approximately 20% of consumer revenues in the three months ended December 31, 2025 as compared to 21% in the corresponding period of fiscal 2025. Backlist sales represented approximately 59% of consumer revenues during the three months ended December 31, 2025, as compared to 61% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $8 million, or 1%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

For the three months ended December 31, 2025, Segment EBITDA at the Book Publishing segment decreased $2 million, or 2%, as compared to the corresponding period of fiscal 2025, driven by higher costs due to higher sales volume and a $16 million one-time write-off primarily related to inventory at HarperCollins international operations, partially offset by the higher revenues discussed above.

For the six months ended December 31, 2025, revenues at the Book Publishing segment increased $26 million, or 2%, as compared to the corresponding period of fiscal 2025, driven by the $22 million impact from recent acquisitions and higher physical book sales, which reflected strength in Christian Publishing, partially offset by lower digital book sales. Digital sales decreased by 4% as compared to the corresponding period of fiscal 2025 driven by lower audiobook and e-book sales. Digital sales represented approximately 22% of consumer revenues in the six months ended December 31, 2025 as compared to 23% in the corresponding period of fiscal 2025. Backlist sales represented approximately 62% of consumer revenues in both the six months ended December 31, 2025 and 2024. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $13 million, or 1%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

For the six months ended December 31, 2025, Segment EBITDA at the Book Publishing segment decreased $25 million, or 14%, as compared to the corresponding period of fiscal 2025, primarily due to a $16 million one-time write-off primarily related to inventory at HarperCollins international operations, a $13 million write-off of a customer receivable related to the closure of a book distributor and higher employee costs, partially offset the higher revenues discussed above.

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News Media (25% and 26% of the Company s consolidated revenues in the six months ended December 31, 2025 and 2024, respectively)

For the three months ended December 31, For the six months ended December 31,

2025 2024 Change % Change 2025 2024 Change % Change

(in millions, except %) Better/(Worse) Better/(Worse)

Circulation and subscription $ 293 $ 282 $ 11 4 % $ 582 $ 564 $ 18 3 %

Advertising 216 229 (13) (6) % 407 427 (20) (5) %

Other 61 59 2 3 % 126 120 6 5 %

Total Revenues 570 570 % 1,115 1,111 4 %

Operating expenses (291) (288) (3) (1) % (587) (589) 2 %

Selling, general and administrative (209) (208) (1) % (428) (430) 2 %

Segment EBITDA $ 70 $ 74 $ (4) (5) % $ 100 $ 92 $ 8 9 %

Revenues at the News Media segment were flat for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025. Circulation and subscription revenues increased $11 million, or 4%, as compared to the corresponding period of fiscal 2025, driven by price increases, digital subscriber growth and the $6 million, or 2%, positive impact of foreign currency fluctuations, partially offset by print volume declines. Advertising revenues decreased $13 million, or 6%, as compared to the corresponding period of fiscal 2025, primarily due to lower print advertising revenues, partially offset by the $5 million, or 2%, positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $12 million, or 2%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

Segment EBITDA at the News Media segment decreased by $4 million, or 5%, for the three months ended December 31, 2025 as compared to the corresponding period of fiscal 2025. The decrease was primarily due to lower contribution from News Corp Australia and launch costs related to the California Post.

Revenues at the News Media segment increased $4 million for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025. Circulation and subscription revenues increased $18 million, or 3%, as compared to the corresponding period of fiscal 2025, primarily due to price increases, digital subscriber growth and the $9 million, or 1%, positive impact of foreign currency fluctuations, partially offset by print volume declines. Advertising revenues decreased $20 million, or 5%, as compared to the corresponding period of fiscal 2025, due to lower print advertising revenues, partially offset by the $6 million, or 1%, positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $15 million, or 1%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025.

Segment EBITDA at the News Media segment increased by $8 million, or 9%, for the six months ended December 31, 2025 as compared to the corresponding period of fiscal 2025. The increase was driven by cost savings initiatives, lower Talk costs and the higher revenues discussed above.

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LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company s principal source of liquidity is internally generated funds and cash and cash equivalents on hand. As of December 31, 2025, the Company s cash and cash equivalents were $2.1 billion. The Company also has available borrowing capacity under its revolving credit facility (the Revolving Facility ) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired. The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness. Although the Company believes that its cash on hand and future cash from operations, together with its access to the credit and capital markets, will provide adequate resources to fund its operating and financing needs for at least the next twelve months, its access to, and the availability of, financing on acceptable terms in the future will be affected by many factors, including: (i) the financial and operational performance of the Company and/or its operating subsidiaries, as applicable, (ii) the Company s credit ratings and/or the credit rating of its operating subsidiaries, as applicable, (iii) the provisions of any relevant debt instruments, credit agreements, indentures and similar or associated documents, (iv) the liquidity of the overall credit and capital markets and (v) the state of the economy. There can be no assurances that the Company will continue to have access to the credit and capital markets on acceptable terms.

As of December 31, 2025, the Company s consolidated assets included $815 million in cash and cash equivalents that were held by its foreign subsidiaries. Of this amount, $321 million is cash not readily accessible by the Company as it is held by REA Group, a majority owned but separately listed public company. REA Group must declare a dividend in order for the Company to have access to its share of REA Group s cash balance.

The principal uses of cash that affect the Company s liquidity position include the following: operational expenditures including employee costs and paper purchases; capital expenditures; income tax payments; investments in associated entities; acquisitions; the repurchase of shares; dividends; and the repayment of debt and related interest. In addition to the acquisitions and dispositions disclosed elsewhere, as applicable, the Company has evaluated, and expects to continue to evaluate, possible future acquisitions and dispositions of certain businesses. Such transactions may be material and may involve cash, the issuance of the Company s securities or the assumption of indebtedness.

Issuer Purchases of Equity Securities

On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company s outstanding Class A Common Stock and Class B Common Stock (the 2021 Repurchase Program ). On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company s outstanding Class A Common Stock and Class B Common Stock (the 2025 Repurchase Program and, together with the 2021 Repurchase Program, the Stock Repurchase Programs ), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.

The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Stock Repurchase Programs have no time limit and may be modified, suspended or discontinued at any time. As of December 31, 2025, the remaining authorized amount under the Stock Repurchase Programs was approximately $1,044 million.

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The following tables summarize the shares repurchased under the Stock Repurchase Programs and subsequently retired and the related consideration paid, excluding associated taxes, fees, commissions or other costs, during the three and six months ended December 31, 2025 and 2024:

For the three months ended December 31,

2025 2024

Shares Amount Shares Amount

(in millions)

Class A Common Stock

4.4 $ 115 1.0 $ 26

Class B Common Stock

1.9 57 0.5 14

Total

6.3 $ 172 1.5 $ 40

For the six months ended December 31,

2025 2024

Shares

Amount

Shares

Amount

(in millions)

Class A Common Stock

6.5 $ 177 1.9 $ 51

Class B Common Stock

2.8 89 0.9 27

Total

9.3 $ 266 2.8 $ 78

Dividends

In August 2025, the Company s Board of Directors (the Board of Directors ) declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on October 8, 2025 to stockholders of record as of September 10, 2025. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors decisions regarding the payment of future dividends will depend on many factors, including the Company s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

Sources and Uses of Cash For the six months ended December 31, 2025 versus the six months ended December 31, 2024

Net cash provided by operating activities from continuing operations for the six months ended December 31, 2025 and 2024 was as follows:

For the six months ended

December 31,

2025 2024

(in millions)

Net cash provided by operating activities from continuing operations $ 316 $ 278

Net cash provided by operating activities from continuing operations increased by $38 million for the six months ended December 31, 2025 as compared to the six months ended December 31, 2024. The increase was primarily due to higher Total Segment EBITDA, partially offset by higher working capital.

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Net cash used in investing activities from continuing operations for the six months ended December 31, 2025 and 2024 was as follows:

For the six months ended

December 31,

2025 2024

(in millions)

Net cash used in investing activities from continuing operations $ (251) $ (56)

Net cash used in investing activities from continuing operations increased by $195 million for the six months ended December 31, 2025, as compared to the six months ended December 31, 2024, driven by $172 million of lower proceeds from sales of investments and the $84 million increase in net cash used for acquisitions, partially offset by the $77 million decrease in cash used for purchases of investments.

Net cash used in financing activities from continuing operations for the six months ended December 31, 2025 and 2024 was as follows:

For the six months ended

December 31,

2025 2024

(in millions)

Net cash used in financing activities from continuing operations $ (419) $ (342)

Net cash used in financing activities from continuing operations was $419 million for the six months ended December 31, 2025, as compared to $342 million for the six months ended December 31, 2024.

During the six months ended December 31, 2025, the Company had $264 million of stock repurchases of outstanding Class A and Class B Common Stock under the Stock Repurchase Programs and dividend payments of $104 million to News Corporation stockholders and REA Group minority stockholders.

During the six months ended December 31, 2024, the Company had $196 million of borrowing repayments primarily related to REA Group, dividend payments of $92 million to News Corporation stockholders and REA Group minority stockholders and $78 million of stock repurchases of outstanding Class A and Class B Common Stock under the 2021 Repurchase Program. The net cash used in financing activities from continuing operations was partially offset by new borrowings of $61 million at REA Group.

Reconciliation of Free Cash Flow

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.

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

For the six months ended

December 31,

2025 2024

(in millions)

Net cash provided by operating activities from continuing operations $ 316 $ 278

Capital expenditures (180) (157)

Free cash flow $ 136 $ 121

Free cash flow in the six months ended December 31, 2025 was $136 million compared to $121 million in the corresponding period of fiscal 2025. Free cash flow improved primarily due to higher cash provided by operating activities from continuing operations, partially offset by higher capital expenditures.

Borrowings

News Corporation Borrowings

As of December 31, 2025, News Corporation had (i) borrowings of $1,951 million, including the current portion, consisting of its outstanding 2021 Senior Notes, 2022 Senior Notes and Term A Loans, and (ii) $750 million of undrawn commitments available under the Revolving Facility.

REA Group Borrowings

As of December 31, 2025, REA Group had A$200 million of undrawn commitments available under the 2024 REA Credit Facility. During the six months ended December 31, 2025, REA Group amended its 2024 REA Credit Facility to reduce the total amount available under the facility to A$200 million. REA Group is a consolidated but non wholly-owned subsidiary of News Corp, and its indebtedness is only guaranteed by REA Group and certain of its subsidiaries and is non-recourse to News Corp.

HarperCollins Equipment Lease

In October 2025, HarperCollins entered into a finance leasing arrangement for up to $120 million of equipment for a new warehouse (the Equipment Lease ), which is expected to increase efficiencies. Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475%. The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years. The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term. The Equipment Lease will be classified as a finance lease on the Company s balance sheet upon commencement.

All of the Company s borrowings contain customary representations, covenants and events of default. The Company was in compliance with all applicable covenants at December 31, 2025.

See Note 6 Borrowings in the accompanying Consolidated Financial Statements for further details regarding the Company s outstanding debt, including additional information about interest rates, amortization (if any), maturities and covenants related to such debt arrangements.

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Commitments

The Company has commitments under certain firm contractual arrangements to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. During the six months ended December 31, 2025, the Company entered into new leases, some of which will commence subsequent to fiscal 2026, and extended the terms of certain other leases. As a result, the Company has presented its commitments associated with its operating leases in the table below. The Company s remaining commitments as of December 31, 2025 have not changed significantly from the disclosures included in the 2025 Form 10-K.

As of December 31, 2025

Payments Due by Period

Less than 1

year 1-3 years 3-5 years More than 5

years Total

(in millions)

Operating leases

$ 103 $ 202 $ 175 $ 1,039 $ 1,519

Contingencies

The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed in Note 10 to the Consolidated Financial Statements. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. The Company recognizes gain contingencies when the gain becomes realized or realizable. See Note 10 Commitments and Contingencies in the accompanying Consolidated Financial Statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change in the Company s assessment of its sensitivity to market risk since its presentation set forth in Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in the Company s 2025 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

(a)Disclosure Controls and Procedures

The Company s management, with the participation of the Company s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act )), as of the end of the period covered by this quarterly report. Based on such evaluation, the Company s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company s disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company s management, including the Company s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Internal Control Over Financial Reporting

There has been no change in the Company s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act) during the Company s second quarter of fiscal 2026 that has materially affected, or is reasonably likely to materially affect, the Company s internal control over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS

See Note 10 Commitments and Contingencies in the accompanying Consolidated Financial Statements.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors described in the 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of its outstanding Class A Common Stock and Class B Common Stock (the 2021 Repurchase Program ). On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company s outstanding Class A Common Stock and Class B Common Stock (the 2025 Repurchase Program and, together with the 2021 Repurchase Program, the Stock Repurchase Programs ), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.

The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Stock Repurchase Programs have no time limit and may be modified, suspended or discontinued at any time.

The following table details the Company s monthly share repurchases during the three months ended December 31, 2025:

Total Number of Shares Purchased(a)

Average Price Paid Per Share(b)

Total Number of Shares Purchased as Part of Publicly Announced Program Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Program(b)

Class A

Class B

Class A

Class B

(in millions, except per share amounts)

September 29, 2025 - October 26, 2025 1.3 0.6 $ 27.21 $ 30.75 1.9 $ 1,162

October 27, 2025 - November 30, 2025 1.7 0.7 $ 25.98 $ 29.64 2.4 $ 1,096

December 1, 2025 - December 28, 2025 1.4 0.6 $ 26.00 $ 29.55 2.0 $ 1,044

Total 4.4 1.9 $ 26.35 $ 29.94 6.3

(a) The Company has not made any repurchases of Common Stock other than in connection with the publicly announced Stock Repurchase Programs described above.

(b) Amounts exclude taxes, fees, commissions or other costs associated with the repurchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5. OTHER INFORMATION

None.

Trading Plans

None.

ITEM 6. EXHIBITS

3.1 Restated Certificate of Incorporation of News Corporation, dated November 19, 2025 (Incorporated by reference to Exhibit 3.2 to the Current Report of News Corporation on Form 8-K (File No. 001-35769) filed with the Securities and Exchange Commission on November 19, 2025).

10.1 Amended and Restated Employment Agreement, dated November 18, 2025, between News Corporation and Ruth Allen.*

31.1 Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.*

31.2 Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.*

32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.**

101 The following financial information from the Company s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025 formatted in Inline XBRL: (i) Consolidated Statements of Operations for the three and six months ended December 31, 2025 and 2024 (unaudited); (ii) Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended December 31, 2025 and 2024 (unaudited); (iii) Consolidated Balance Sheets as of December 31, 2025 (unaudited) and June 30, 2025 (audited); (iv) Consolidated Statements of Cash Flows for the six months ended December 31, 2025 and 2024 (unaudited); and (v) Notes to the Unaudited Consolidated Financial Statements.*

104 The cover page from News Corporation s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, formatted in Inline XBRL (included as Exhibit 101).*

* Filed herewith.

** Furnished herewith

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NEWS CORPORATION

(Registrant)

/s/ Lavanya Chandrashekar

Lavanya Chandrashekar

Chief Financial Officer

February 6, 2026

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