Hello, everyone, and welcome to News Corp's fiscal fourth quarter 2026 earnings call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com. Additionally, this call will include certain non-GAAP financial measurements such as total segment EBITDA, adjusted segment EBITDA, and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in the earnings releases for the applicable periods posted on our website.

Reported EPS for the quarter was $0.33 compared to $0.09 in the prior year, and adjusted EPS was $0.35 compared to $0.19. These results mean that we have posted 12 consecutive quarters of year-on-year revenue growth and 13 consecutive quarters of year-on-year total segment EBITDA growth on a continuing operations basis. That positive trajectory reflects our transformation to a company that is majority digital and has vastly expanded its portfolio of premium recurring revenues. The robustness of our strategy has allowed us to navigate tech and economic and political turbulence, and given us a firm foundation for future growth.

For the full year, annual revenues rose 7% to $9 billion, and total segment EBITDA increased 15% to over $1.6 billion. It is particularly noteworthy that our margin for the fiscal year rose from 16.7% to 18%, and we are encouraged by the prospect of further margin expansion in the current fiscal year. That stronger cash position enabled us to aggressively return capital to shareholders, with the buyback accelerating to well over four times the prior year's rate at $643 million for the fiscal year. Dow Jones delivered impressive results to close the year, with fourth quarter revenues rising 7% to $644 million, and EBITDA growth of 20% to $191 million.

What went well
  • Record fourth-quarter profitability: revenue rose 11% to $2.3 billion, total segment EBITDA jumped 31% to $423 million, and margins expanded 280 basis points to 18.1% (fastest quarterly growth in four years); net income from continuing operations surged 167% to $230 million and adjusted EPS reached $0.35 versus $0.19.
  • Digital Real Estate Services was the standout, with revenue up 19% to $553 million and EBITDA up 46% to $222 million; Realtor.com revenue grew 13% to $167 million (seventh straight quarter of growth, third straight of double-digit growth) and REA revenue rose 21% on strong Australian listings (+11%).
  • Dow Jones posted another record quarter with revenue up 7% to $644 million and EBITDA up 20% (margins +310 bps to 28.1%); Risk & Compliance grew 11% to $102 million, B2B accounted for ~50% of segment EBITDA, and digital advertising rose 10% driving Dow Jones' first full year of ad growth in four years.
  • HarperCollins revenue rose 15% to $566 million and EBITDA rose 14% to $57 million, its highest fourth-quarter segment EBITDA since fiscal 2018, powered by a strong frontlist plus digital growth of 12% (audiobooks +16%, e-books +11%).
  • Full-year free cash flow rose 42% to $811 million and the company accelerated buybacks to $643 million (over four times the prior year's $150 million), including $184 million repurchased in Q4.
What went wrong
  • News Media segment EBITDA fell $4 million year-over-year to $24 million, reflecting reinvestment to support the California Post launch, with adjusted revenues essentially flat.
  • Dow Jones Energy revenue grew only 4% to $76 million, held back by the conflict in the Middle East affecting clients and the timing of new contracts.
  • Realtor.com's average monthly users fell 6% to 68 million and lead volume rose just 1%, reflecting the challenging U.S. housing market and a deliberate shift toward higher-quality, higher-value leads.
  • Dow Jones print advertising declined 6% in the quarter (offset by digital growth).

More on News Corp

Reported 2026-08-05 · figures from the News Corp Q4 2026 earnings call.

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