News Corp closed fiscal 2026 with record full-year revenue of $9.03 billion, up 7% from $8.45 billion in fiscal 2025, alongside net income from continuing operations of $743 million, a 15% increase. Diluted EPS from continuing operations came in at $1.03, up 23% from $0.84, while adjusted EPS rose 33% to $1.18 from $0.89. The fourth quarter alone delivered $2.34 billion in revenue, an 11% increase, and net income from continuing operations more than doubled to $230 million on reported EPS of $0.33 and adjusted EPS of $0.35. Growth across both periods was driven by the company's three core engines, Digital Real Estate Services, Dow Jones, and Book Publishing, which together lifted full-year Total Segment EBITDA 15% to $1.63 billion and pushed the EBITDA margin from 16.7% to 18%.
Note: News Corp's FY'26 ended on June 30, 2026.
Alongside the earnings release, CEO Robert Thomson used his shareholder letter to lay out News Corp's AI strategy, framing the company's journalism and data as essential to trustworthy AI systems. The company already has paid content-licensing relationships with OpenAI and Meta Platforms, the latter a three-year deal struck in March 2026 reportedly worth up to $50 million annually for use of Wall Street Journal and other News Corp content in Meta's AI products. Thomson said the company is in advanced discussions with additional AI companies while simultaneously pursuing legal action against firms it believes are using its content without authorization, an approach he called News Corp's "woo and sue" strategy. Management has not disclosed how much revenue AI licensing currently contributes, but said the deals are now embedded across the Dow Jones and News Media businesses.
Below are key drivers of News Corp's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for News Corp at the top of the page.
News Corp is a global, diversified media and information services company operating through four core segments: Dow Jones, which distributes business news and data through The Wall Street Journal, Barron's, Factiva, and its Risk and Compliance and Energy data businesses; Digital Real Estate Services, comprising its majority stake in Australia's REA Group and Move's Realtor.com in the United States; Book Publishing through HarperCollins, which operates in 15 countries; and News Media, which houses News Corp Australia, News UK, and the New York Post. The company monetizes its content and data through subscriptions, professional information licensing, digital and print advertising, real estate listings and referral fees, and consumer book sales, with digital and recurring revenue streams now accounting for the majority of the top line.
Dow Jones' high-margin, subscription-driven data franchise is the clearest source of value in News Corp's portfolio, though REA Group and HarperCollins each contribute distinct competitive advantages of their own.
Dow Jones' professional information business, including Risk and Compliance and Dow Jones Energy, grew full-year revenue 9%, with Risk and Compliance revenue up 16% to $392 million and Dow Jones Energy up 8% to $301 million. B2B products now generate more than half of Dow Jones' segment profitability, and management has set a target of $1 billion in segment EBITDA by fiscal 2030. This recurring, enterprise-subscription model, layered on top of consumer titles like The Wall Street Journal and Barron's, gives Dow Jones structurally higher margins and stickier revenue than News Corp's other segments.
REA Group holds the leading position in Australian online real estate listings, a market with high barriers to entry given the network effects between buyers, sellers and agents. Full-year segment EBITDA for Digital Real Estate Services rose 23% to $741 million, aided by REA Group's ability to push through price increases on Premier Plus listings without losing share, a sign of genuine pricing power rather than just favorable housing-cycle timing.
HarperCollins' scale across 15 countries and a deep backlist, which still made up roughly 62% of consumer revenue in fiscal 2026, gives Book Publishing a buffer against any single year's frontlist performance. Full-year segment revenue grew 6% to $2.29 billion, helped by strong titles including Rachel Reid's Game Changers series and continued growth in Christian Publishing, even as one-time inventory and receivable write-offs weighed on segment EBITDA, which fell 3% for the year.
The rise of generative AI has turned News Corp's decades of archived journalism and proprietary data into a licensable asset rather than purely a defensive concern. Beyond the Meta and OpenAI deals, CEO Robert Thomson said the company is in advanced discussions with several additional AI companies while continuing to pursue litigation, such as its prior copyright suit against Perplexity AI, over unauthorized use of its content. As more AI platforms sign licensing agreements with publishers, this revenue stream could become a durable, high-margin addition to Dow Jones and News Media, though management has not broken out its current size.
Free cash flow rose 42% to $811 million in fiscal 2026, driven by higher Total Segment EBITDA and working capital improvements, giving News Corp room to accelerate share buybacks to $643 million for the year, more than four times the prior year's pace. The company also declared a semi-annual dividend of $0.10 per share, payable in October 2026. Continued buybacks at this pace would meaningfully reduce diluted share count over time, supporting per-share earnings growth even if underlying segment growth moderates.
Digital revenues now represent the majority of News Corp's business, with Dow Jones digital revenue at 84% of segment revenue and digital circulation making up 76% of circulation revenue company-wide in fiscal 2026. This shift has offset structural pressure on print, where News Media segment EBITDA fell 9% for the year on print volume declines and costs tied to launches like the California Post. As the digital and recurring base continues to grow relative to legacy print and advertising, News Corp's earnings quality and margin profile should keep improving, provided digital subscriber growth at the Journal and Barron's continues at its current high-single-digit pace.
