Executive Summary

Q4 FY25 delivered modest top-line growth and improved profitability: revenue $2.11B (+1% YoY), Total Segment EBITDA $322M (+5% YoY), GAAP diluted EPS $0.09; Adjusted EPS $0.19. Strength at Dow Jones and Digital Real Estate offset softness in Book Publishing and News Media .
Results were modest beats relative to S&P Global consensus: Adjusted EPS $0.19 vs $0.18*, revenue $2.109B vs $2.092B*; revenue beat ~$17M and EPS beat $0.01*, aided by Dow Jones’ professional information growth and REA resilience (currency headwinds diluted reported growth)*.
Management emphasized accelerated capital returns: a new $1B buyback (in addition to ~$300M remaining on the prior program) to be executed “at an accelerated rate,” plus a semi-annual dividend of $0.10 per share .
Narrative focus: durability of core pillars (Dow Jones, REA, Book Publishing), cost discipline in News Media, and assertive defense/monetization of IP in the AI era (CEO: “The Art of the Deal has become The Art of the Steal”) .

What Went Well and What Went Wrong

What Went Well
- Dow Jones growth with mix shift to digital and professional information: Q4 revenues +7% YoY to $604M; Risk & Compliance +21% to $92M; Energy +12% to $73M .
- REA Group remained robust: Q4 revenue +4% (+7% ccy) despite -8% Australian listing volumes; Digital Real Estate Services EBITDA +13% YoY to $152M .
- Capital return stepped up: new $1B buyback and intent to accelerate repurchases; CEO: “This significantly larger total and significantly faster tempo emphasize our belief in the Company’s financial strength.” .
What Went Wrong
- Book Publishing softer in Q4 on industry demand and fewer notable frontlist titles: revenue -4% YoY to $494M; Segment EBITDA -12% to $50M .
- News Media faced ad and printing headwinds: segment revenue -4% YoY; EBITDA -13% as third-party printing contract transfer and print ad declines in Australia weighed; digital users fell at The Sun and New York Post .
- Factiva pressure: Dow Jones cited lower Factiva revenues due to a customer dispute, partially offsetting PI growth .

Financial Results

Headline P&L (oldest → newest)

Metric	Q2 FY25	Q3 FY25	Q4 FY25
Revenue ($B)	$2.238	$2.009	$2.109
Net Income from Continuing Ops ($M)	$306	$107	$86
Total Segment EBITDA ($M)	$478	$290	$322
Diluted EPS – Continuing Ops	$0.40	$0.14	$0.09
Adjusted EPS	$0.33	$0.17	$0.19
EBITDA Margin % (calc.)	21.4% (478/2,238)	14.4% (290/2,009)	15.3% (322/2,109)

Q4 FY25 vs S&P Global consensus

Metric	Consensus	Actual	Diff
Adjusted EPS	$0.18*	$0.19	+$0.01*
Revenue ($B)	$2.092*	$2.109	+$0.017*
EPS Estimates (#)	3*	—	—
Revenue Estimates (#)	11*	—	—

Values marked with * retrieved from S&P Global.

Segment performance (revenues)

Segment Revenue ($M)	Q2 FY25	Q3 FY25	Q4 FY25
Dow Jones	$600	$575	$604
Digital Real Estate Services	$473	$406	$466
Book Publishing	$595	$514	$494
News Media	$570	$514	$545
Total	$2,238	$2,009	$2,109

Segment performance (Segment EBITDA)

Segment EBITDA ($M)	Q2 FY25	Q3 FY25	Q4 FY25
Dow Jones	$174	$132	$151
Digital Real Estate Services	$185	$124	$152
Book Publishing	$101	$64	$50
News Media	$74	$33	$28
Other	$(56)	$(63)	$(59)
Total	$478	$290	$322

Key KPIs

KPI	Q2 FY25	Q3 FY25	Q4 FY25
Dow Jones digital revenue mix	81%	82%	83%
WSJ digital-only subs (000s)	3,787	3,913	4,126
WSJ total subs (000s)	4,225	4,339	4,538
Total Consumer digital-only subs (000s)	5,352	5,543	5,719
Move (Realtor.com) avg. monthly unique users (MM)	62	66	72
Move lead volume YoY	-2%	-17%	-13%
REA national listings YoY	+4%	Flat	-8% (Sydney -10%, Melbourne -11%)

Cash flow and capital returns (FY25)

Free cash flow: $571M vs $540M in FY24; Operating cash flow $978M; Capex $407M .
Dividend: $0.10 per share payable Oct 8, 2025 (record Sept 10, 2025) .
Buyback: New $1B authorization announced in July; plan to accelerate execution .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Capital returns – Share repurchase	Ongoing	Prior $1B program with ~$300M remaining	New $1B authorization in addition; intent to accelerate repurchases	Raised/Accelerated
Dividend	Next payable	Prior semi-annual $0.10	$0.10 payable Oct 8, 2025 (record Sept 10, 2025)	Maintained
Financial guidance (revenue, margins, tax, OI&E)	FY26	Not provided	Not provided	— (no explicit guidance)

Earnings Call Themes & Trends

Topic	Q2 FY25 (Dec)	Q3 FY25 (Mar)	Q4 FY25 (Jun)	Trend
AI/IP and legal posture	Emphasized generative AI partnerships and legal action vs Perplexity; “content will be king”	Reiterated importance of credible journalism as AI blurs lines	Strong IP-defense rhetoric; “The Art of the Steal” remark	Intensifying focus on IP monetization/defense
Professional Information Business (PIB)	R&C +11%, Energy +10%	R&C +11%, Energy +10%	R&C +21%, Energy +12% (acquisitions aided)	Strengthening
Real estate macro (Move)	Users -6% YoY; leads -2%	Users -8%; leads -17% (pivot to higher rev/lead)	Users -3%; leads -13%; Zillow partnership, premium focus	Stabilizing but still pressured
REA Australia	Listings +4% YoY	Flat	-8% YoY; depth/price offsets	Softening listings; pricing offsets
News Media ad/platform traffic	UK digital traffic/algorithm drag; print ad declines	Continued ad softness; cost actions help EBITDA	Ad -4% YoY; digital users down at The Sun and NY Post	Mixed: costs helping, demand/traffic headwinds persist
Capital allocation	Foxtel sale agreement; simplification narrative	Foxtel sale closed; balance sheet strengthened	New $1B buyback; accelerated pace	More aggressive returns

Sources: Company 8-Ks/press release as cited above.

Management Commentary

“News Corp reported a sterling performance sustained across the four quarters of Fiscal 2025… net income from continuing operations… increasing 71 percent to $648 million, while Total Segment EBITDA improved 14 percent…” .
“Last month, the Board of Directors authorized a new $1 billion stock repurchase program… We expect to begin executing repurchases at an accelerated rate shortly after the release of these results.” .
On IP and AI: “The AI age must cherish the value of intellectual property… To undermine that comparative advantage by stripping away IP rights is to vandalize our virtuosity… The Art of the Deal has become The Art of the Steal.” .
Strategic focus and balance sheet (Q3): sale of Foxtel to DAZN “meaningfully strengthened our balance sheet” and supports EPS accretion and ROIC improvement .

Q&A Highlights

Capex/outlook: CFO indicated higher Q4 capex tied to Dow Jones growth initiatives and Sky News studio relocation; continued investment expected in Dow Jones and Realtor.com (no specific FY26 capex guide) .
M&A focus: CEO signaled openness to opportunities in professional information/data subscriptions, surveying the landscape from a position of strength (no targets named) .
Buyback execution: Management plans accelerated repurchases “shortly after” results, highlighting confidence in financial strength .
Full transcript available (Seeking Alpha; MarketScreener) .

Estimates Context

Q4 FY25 beats: Adjusted EPS $0.19 vs $0.18*; revenue $2.109B vs $2.092B*; EPS beat $0.01*, revenue beat ~$17M*. Estimate counts: EPS (3*), Revenue (11*) (S&P Global).
Likely estimate revisions:
- Upward bias for Dow Jones PIB and Digital Real Estate EBITDA given sustained momentum and mix; cautious for Book Publishing near-term on softer frontlist; News Media estimates likely reflect ongoing ad/traffic headwinds with cost offsets .