News

NWSA · Nasdaq · Communication Services · Financials, fiscal 2017 to 2026

NWSA · Last close · October 26, 2026

$30.59

News' revenue rose 6.8% to $9.0 billion in fiscal 2026. Its net margin was 6.3%, down from 14.0% a year earlier. Free cash flow was $811 million, up 42.0%. It paid out $845 million in dividends and buybacks, 104% of free cash flow. The diluted share count fell 2.0%.

NEWS CORPORATION Latest fiscal year ended June 30, 2026 10-K filed August 7, 2026 · 0001564708-26-000175 Updated October 9, 2026

Revenue

$9.0B

6.8%

Net margin

6.3%

7.6 pts

Net income

$573M

51.4%

Free cash flow

$811M

42.0%

Return on capital

8.9%

1.1 pts

Market cap

$17.1B

Oct 26 close

P/E

29.7x

On $1.03 EPS, FY26

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What News does

News Corp is a media and information company. It owns The Wall Street Journal, Barron's and other Dow Jones news and data products, the HarperCollins book publisher, newspapers such as The Times, The Sun and The Australian, the property sites realestate.com.au and Realtor.com, and the radio brand talkSPORT. It operates mainly in the United States, Australia and the United Kingdom.

The company says its revenue comes from subscriptions, circulation sales, advertising, sales of real estate listing products, licensing fees and other consumer product sales. It reports five segments: Dow Jones, Digital Real Estate Services, Book Publishing, News Media and Other, which holds corporate costs and costs of the U.K. newspaper legal matters. At Dow Jones, digital products made up 84% of segment revenues in fiscal 2026. News Corp also licenses its content to technology companies and AI platforms.

As of June 30, 2026, it had approximately 21,700 employees: about 7,900 in the United States, 3,900 in the United Kingdom and 5,600 in Australia.

Its biggest risks, as it describes them

Competition from other media, and its ability to keep up with new technology and changes in how people read, watch and shop.
A drop in advertising spending, or changes in the online advertising market that cut its advertising revenue.
Its dependence on a single or limited number of suppliers for some products, services, data and information.
Developments in AI, including its own use of AI, which could harm its business or reputation.
Higher costs to print and distribute books and newspapers, or disruption of printing and distribution.

From News's annual report on Form 10-K, filed August 7, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2026, earnings per share grew 21.7% a year and net income 20.5% a year, as buybacks cut the share count by 5%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value News yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from News' 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from News' fiscal 2026 free cash flow of $811M, net cash of $106M at June 30, 2026 and 558 million diluted shares, from its filings. The scenarios are fitted to News: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Publishing); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to News's own revenue growth, as above. Cautious: growth of 2% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 4% then 3% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 6% then 4.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $30.59
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from News' earnings per share of $1.03 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.3×, the middle of News' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: New York Times, John Wiley & Sons, Scholastic.

Earnings growth in the years ahead (% a year) Starts at News' revenue growth over the last 3 years, 4.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $30.59
Value at this multiple, against the last close: —
News' P/E at the last close: 29.7×

Company	Last close	Earnings per share	P/E today
NewsNWSA	$30.59	$1.03	29.7×
New York TimesNYT	$70.66	$2.40	29.4×
ScholasticSCHL	$38.76	$1.42	27.3×
John Wiley & SonsWLY	$53.63	$3.71	14.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,822	1,761	1,872	2,403	2,095
Debt incl. finance leases	3,136	3,009	2,125	1,962	1,989
Net debt (negative means net cash)	1,314	1,248	253	−441	−106
Net debt to EBITDA	0.8x	1.5x	0.2x	−0.3x	−0.1x
Debt to equity	0.4x	0.4x	0.3x	0.2x	0.2x
Interest coverage	9.5x	7.2x	7.0x	10.9x	12.6x
Current ratio	1.2x	1.3x	1.4x	1.8x	1.6x
Quick ratio	1.1x	1.2x	1.3x	1.7x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought News shares on the open market, and 5 insiders sold $3.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 17, 2026	David B PitofskyGeneral Counsel	Sold	51,423	$28.76	$1.5 million	Form 4
Aug 17, 2026	Ruth AllenChief Human Resources Officer	Sold	21,521	$28.99	$623,894	Form 4
Aug 17, 2026	Marygrace DeGrazioChief Accounting Officer	Sold	18,303	$28.76	$526,394	Form 4
Aug 17, 2026	Lavanya ChandrashekarChief Financial Officer	Sold	17,785	$28.67	$509,896	Form 4
Aug 17, 2026	Julian DelanyChief Technology Officer	Sold	1,747	$28.72	$50,174	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 8	7 of 8	5 of 8
Accruals ratio	−5.0%	1.3%	−4.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put News side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
News	FY26	6.8%	—	9.0%	8.9%	−0.1x	5
Pearson	FY25	0.7%	14.2%	—	7.3%	—	—	Compare
New York Times	FY25	9.2%	15.3%	19.5%	23.8%	−1.2x	7	Compare
John Wiley & Sons	FY26	−0.1%	16.5%	12.5%	18.9%	1.4x	8	Compare
Scholastic	FY26	−2.7%	1.0%	0.2%	1.1%	−0.7x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	8,139	9,024	10,074	9,008	9,358	10,385	8,012	8,252	8,452	9,028
Revenue growth	−1.9%	10.9%	11.6%	−10.6%	3.9%	11.0%	−22.9%	3.0%	2.4%	6.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	−738	−1,514	155	−1,269	330	623	149	266	1,180	573
Diluted EPS (US$)	−1.27	−2.60	0.26	−2.16	0.56	1.05	0.26	0.46	2.07	1.03
Diluted shares (millions)	581	583	588	588	593	592	579	574	570	558
Cash flow
Cash from operations	494	757	928	780	1,237	1,354	1,092	1,098	978	1,237
Capital expenditure	256	364	572	438	390	499	347	357	407	426
Free cash flow	238	393	356	342	847	855	745	741	571	811
Dividends paid	152	158	161	158	163	175	174	172	185	204
Share buybacks	0	0	0	0	0	179	243	117	150	641
Acquisitions	347	77	188	32	886	1,501	17	38	96	122
Stock-based compensation	38	76	73	69	128	59	87	91	84	77
Balance sheet at fiscal year end
Cash and short-term investments	2,016	2,034	1,643	1,517	2,236	1,822	1,761	1,872	2,403	2,095
Debt incl. finance leases	379	1,952	1,453	1,377	2,413	3,136	3,009	2,125	1,962	1,989
Total assets	14,552	16,346	15,711	14,261	16,771	17,221	16,921	16,684	15,504	15,544
Total liabilities	3,479	5,869	5,400	5,872	7,625	8,078	7,976	7,673	6,115	6,308
Shareholders' equity	10,789	9,291	9,144	7,582	8,211	8,222	8,064	8,120	8,774	8,526
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	−9.1%	−16.8%	1.5%	−14.1%	3.5%	6.0%	1.9%	3.2%	14.0%	6.3%
Free cash flow margin	2.9%	4.4%	3.5%	3.8%	9.1%	8.2%	9.3%	9.0%	6.8%	9.0%
Return on capital	−4.8%	−8.4%	2.7%	−12.6%	5.0%	8.6%	2.6%	4.5%	7.8%	8.9%
Return on equity	−6.6%	−15.1%	1.7%	−15.2%	4.2%	7.6%	1.8%	3.3%	14.0%	6.6%
Return on assets	−4.9%	−9.8%	1.0%	−8.5%	2.1%	3.7%	0.9%	1.6%	7.3%	3.7%
Net debt to EBITDA	—	—	−0.2x	—	0.1x	0.8x	1.5x	0.2x	−0.3x	−0.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: News' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with News.