News Corporation

Strong topline/profit/cash results (record profitability) - Q4 FY2026: Revenue $2.3B (+11% YoY); Total segment EBITDA $423M (+31% YoY); margins +280 bps to 18.1% (highest Q4 profit on record, even vs prior-year Foxtel comparability). - EPS: reported $0.33 vs $0.09 prior year; adjusted $0.35 vs $0.19. - Full year: Revenue $9.0B (+7%); EBITDA >$1.6B (+15%); margin 16.7% → 18%. - Cash: Free cash flow $811M (+42%), implying ~50% conversion from EBITDA; driven by EBITDA growth + working-capital improvements.

Capital return / buybacks accelerated (shareholder-friendly) - FY2026 buyback: $643M (over 4x FY2025 $150M). - Q4 buyback: $184M. - CFO noted buybacks were helped by about $380M repayment of Foxtel shareholder loans. - Management’s stance: believes the stock is materially undervalued and intends to keep maximizing total shareholder returns (TSR).

Segment drivers: “digital-first” transformation + recurring premium revenue - Strategy emphasizes expanding majority-digital and premium recurring revenues; investor materials cited 61% of FY2026 revenue digital. - Core engines all strong in Q4: - Dow Jones: Q4 revenue $644M (+7%); EBITDA $181M (+20%); margins 28.1% (+310 bps). B2B accounts for >50% of segment profitability; confidence in reaching $1B segment EBITDA by FY2030. - Digital Real Estate (REA + Realtor.com): Q4 revenues $553M (+19%); EBITDA $222M (+46%) (very strong operating leverage). Realtor.com repeatedly growing despite housing headwinds. - HarperCollins: Q4 revenue $566M (+15%); EBITDA $57M (+14%); digital revenues +12%, including audiobooks +16%.