News Corp (NWS) Q2 2026 earnings summary

Executive summary

• Revenue grew 6% year-over-year to $2.36 billion, led by Dow Jones, Digital Real Estate Services, and Book Publishing, with positive foreign currency impact.

• Net income from continuing operations was $242 million, down 21% year-over-year, mainly due to the absence of prior-year gains and higher costs.

• Segment EBITDA increased 9% to $521 million, including a $16 million one-time inventory write-off at HarperCollins.

• Adjusted EPS rose to $0.40 from $0.33 in the prior quarter; reported EPS was $0.34 versus $0.40 last year.

• Management highlighted strong momentum in core segments and an expanded buyback program.

Financial highlights

• Total revenues for the six months ended December 31, 2025, were $4.51 billion, up 4% year-over-year.

• Operating expenses rose 5% to $1.01 billion for the quarter, mainly due to higher Book Publishing costs and a $16 million one-time inventory write-off.

• Segment EBITDA for the quarter was $521 million, up 9% year-over-year.

• Free cash flow for the six months was $136 million, up from $121 million in the prior year.

• Share repurchases totaled $172 million in the quarter, with $264 million in stock repurchases and $104 million in dividends paid during the six months.

Outlook and guidance

• Management expects favorable trends to continue into the third quarter, with strong performance in Dow Jones and Digital Real Estate Services.

• Digital Real Estate expects healthy revenue growth, supported by innovation and market recovery.

• Book Publishing trends remain healthy, with modest investments planned for News Media.

• Management expects liquidity needs to be met for at least the next twelve months through cash on hand, operations, and access to credit markets.

• No material changes to risk factors or forward-looking statements were disclosed.