News Corporation

News Corporation owns news and business-information services, digital property businesses and HarperCollins. Its brands include The Wall Street Journal, Barron's, MarketWatch, Realtor.com and major newspapers in Australia and the U.K. Its Class A shares trade on Nasdaq as NWSA and Class B shares as NWS.

News Corp owns 62% of separately listed REA Group and 80% of Move directly. REA owns the remaining 20% of Move. REA operates realestate.com.au and other property and financial-service businesses; Move operates Realtor.com in the U.S.

Latest earnings and cash flow

In the quarter reported as ending September 30, 2026, total revenue rose 6%. Reported Total Segment EBITDA increased 19% to $403 million. Excluding currency, deal-related and specified legal comparability effects, adjusted Total Segment EBITDA increased 13%.

Segment EBITDA measures revenue less operating, selling and administrative expenses, before depreciation and amortization, restructuring, equity-investment results, interest, other non-operating items and taxes. Adjusted net income attributable to stockholders was $151 million, versus $122 million, after removing specified charges and other items with their tax and minority-interest effects.

Continuing operating cash flow fell to $13 million from $85 million. Capital spending rose to $102 million from $81 million, leaving negative free cash flow of $89 million. News Corp attributed the operating-cash decline mainly to working-capital timing and higher taxes. Full-year fiscal 2026 free cash flow had been $811 million, on operating cash flow of $1.237 billion.

Property growth and the next volume test

Move's first-quarter revenue increased 5% to $160 million despite an 11% decline in lead volume. News Corp attributed growth to premium RealPRO Select sales and its seller, new-home and rental businesses. The premium strategy was already described in August's results, when Move's fourth-quarter revenue had grown 13%.

REA revenue in News Corp's U.S. accounts rose 13% to $369 million, or 5% after removing favorable currency effects. Australian national residential listings fell 2%; Sydney and Melbourne fell 16%.

REA's November update showed 14% growth in controllable revenue per residential Buy listing, which excludes geographic mix. Total revenue per listing grew 8% after mix effects. An average 8% Premiere+ price increase, extra products, premium-listing uptake and a 3% positive deferral effect supported residential revenue.

On November 5, REA retained the outlook presented at its October 23 investor day: new national Buy listings down low single digits in fiscal 2027, low-double-digit controllable yield growth, higher operating margins and mid-single-digit cost growth excluding acquisitions. October listings fell 13%, or 8% after adjusting for one fewer working day.

Dow Jones, books and newspapers

Dow Jones revenue rose 8% to $630 million and Segment EBITDA increased to $160 million from $144 million. Higher subscriptions and licensing, Risk & Compliance and Energy information products supported growth.

At its March 16, 2026 briefing, Dow Jones described a path to $1 billion of annual Segment EBITDA within five years. Annual Segment EBITDA reached $663 million in fiscal 2026, versus $588 million in fiscal 2025. The five-year ambition is separate from a forecast for the current fiscal year.

HarperCollins revenue rose 9% to $582 million. Segment EBITDA increased to $75 million from $58 million, helped by stronger sales and the absence of a prior $13 million receivable write-off. News Media revenue fell 1% to $540 million, or 4% on an adjusted basis, and Segment EBITDA fell 40% to $18 million.

Cash, debt and capital returns

Consolidated cash fell to $1.777 billion from $2.095 billion at June 30. Of the September cash balance, $181 million was held by separately listed REA and was not readily accessible to the parent without a dividend. Borrowings totaled $2.012 billion at carrying value, including $23 million of equipment finance leases.

The parent had an undrawn $1 billion revolving facility. REA replaced its undrawn credit facility with an A$500 million three-year revolver maturing September 30, 2029. REA's facility is nonrecourse to News Corp.

News Corp used $166 million of quarter cash to repurchase its own shares, compared with $92 million a year earlier. Remaining repurchase authority was about $501 million at September 30. The parent paid its semiannual dividend of $0.10 per share on October 7. The $61 million of dividends in the quarterly cash-flow statement primarily went to REA's minority shareholders.

Completed and pending transactions

REA completed the sale of its remaining Indian operating business in September. REA India retained a 24.9% undiluted interest in Aurum PropTech. News Corp recorded a $37 million pretax business-sale gain, mainly from the disposal; cash proceeds from business dispositions were $10 million.

REA also agreed to acquire 35% of Distilled, which operates digital marketplaces in Ireland and Northern Ireland, for about A$409 million. The investment remained subject to regulatory and other closing conditions and was expected to close during fiscal 2027.

Our analysis of News Corp's property growth examines how pricing, premium products and weaker market volumes are shaping the new fiscal year.