News Corporation

Record financial performance + continued growth streak - Q4: Revenue +$11% YoY to $2.3B; total segment EBITDA $423M (+31% YoY); EBITDA margin up ~280 bps to 18.1%; net income (continuing ops) $230M (+167% YoY). - EPS: Reported $0.33 (vs $0.09 prior year); adjusted $0.35 (vs $0.19). - Streak: 12 consecutive quarters of YoY revenue growth and 13 consecutive quarters of YoY total segment EBITDA growth (continuing ops).

Full-year strength, margin expansion, and cash generation enabling capital returns - FY 2026: Revenue +$7% to $9.0B; total segment EBITDA +15% to >$1.6B; margin expanded 16.7% → 18%. - Free cash flow: +$42% to $811M (management notes ~50% conversion from EBITDA), driven by EBITDA growth and working-capital improvements. - Buybacks: $643M in FY 2026, >4x FY2025 ($150M). Q4 buyback $184M. (Management cites a ~$380M repayment of Foxtel shareholder loans as a key factor supporting buybacks.)

Business momentum by segment (where growth is coming from) - Core growth engines: Dow Jones, Digital Real Estate Services (REA/Realtor), and Book Publishing (HarperCollins) collectively drove ~30% EBITDA growth in Q4 (accelerating vs Q3). - Dow Jones: Q4 revenue +$7% to $644M; segment EBITDA +20% to $181M; margins up 310 bps to 28.1%. Digital = 84% of segment revenue. - Digital Real Estate: Q4 revenue +$19% to $553M; EBITDA +46% to $222M (major outperformance). - Realtor.com: revenues +$13%; 7 straight quarters of growth; improving yield via premium products (e.g., RealPro Select) and adjacencies; AI-led UX enhancements cited (e.g., conversational search). - REA (AU): revenues +$21%; growth supported by listings/yields and adds-on products. - HarperCollins: Q4 revenue +$15% to $566M; EBITDA +14% to $57M; digital +12% with audiobooks +16%.