The Dow Jones segment's digital revenues comprised 82% of total segment revenues in fiscal 2025, up from 80% in fiscal 2024. This was a key driver for the segment's 6% increase in circulation and subscription revenues, benefiting from digital-only subscriptions, bundled offers, and higher content licensing.

The Digital Real Estate Services segment saw revenues increase by $144 million, or 9%, in fiscal 2025. This growth was led by REA Group's 12% revenue increase due to higher Australian residential revenues and REA India contributions, and Move/Realtor.com's 1% growth from seller, new homes, and rentals, including a Zillow partnership.

The Company completed the sale of the Foxtel Group in April 2025, reclassifying it as discontinued operations. This strategic divestiture, which resulted in a $716 million pre-tax gain, indicates a clear move to streamline the business and focus on core growth areas.

Despite a 4% revenue decline, the News Media segment's EBITDA increased by $20 million, or 15%, in fiscal 2025. This improvement was primarily due to significant cost savings initiatives, including lower Talk costs and efficiencies from combining News UK’s printing operations with DMG Media.

The Company recorded $120 million in restructuring charges in fiscal 2025, following $89 million in fiscal 2024, primarily related to employee termination benefits. These ongoing restructuring efforts indicate management's commitment to operational efficiency and adaptation to market changes.

Selling, general and administrative expenses increased by $104 million, or 3%, in fiscal 2025. This was driven by higher employee costs at REA Group and Book Publishing, increased marketing and technology costs at Dow Jones, and costs related to REA Group's withdrawn offer to acquire Rightmove, reflecting strategic investments and talent acquisition.

The proliferation of generative AI tools presents a threat to revenues from products and services based on intellectual property, with unauthorized exploitation of content for training and output. Policing this is difficult and costly, and the legal framework is unsettled, potentially reducing revenue and increasing enforcement costs.

Persistent inflation, elevated interest rates, and lower consumer confidence in fiscal 2025 adversely impacted the U.S. real estate market, depressing lead and transaction volumes for Digital Real Estate Services. Softer consumer spending also affected the U.S. book publishing industry, indicating ongoing vulnerability to economic conditions.

New and evolving data privacy laws globally, including the California Age Appropriate Design Code and the UK Data (Use and Access) Act 2025, impose expanded restrictions on personal data processing. These regulations increase compliance costs, may require changes to business practices, and expose the Company to substantial penalties for non-compliance.

The Dow Jones segment's digital revenues accounted for 82% of its total revenues in fiscal 2025, demonstrating strong digital adoption and competitive positioning. This is supported by growth in digital-only subscriptions for The Wall Street Journal and Barron's Group, and new customers for professional information products like Risk & Compliance.

REA Group's realestate.com.au averaged 132.2 million monthly visits in fiscal 2025, 4.0 times more than its nearest competitor, solidifying its market-leading position in Australia. This strong audience engagement provides a significant competitive advantage in property advertising and services.

The News Media segment experienced a 5% decline in advertising revenues in fiscal 2025, primarily due to lower print and digital advertising. This reflects intense competition from other media, audience fragmentation, and the impact of algorithm changes on large digital platforms, challenging the segment's competitive standing in advertising.

Operating expenses for the News Media segment decreased by $122 million, or 10%, in fiscal 2025 compared to fiscal 2024. This was primarily driven by cost savings initiatives, including the combination of News UK’s printing operations with DMG Media, indicating successful operational streamlining.

Selling, general and administrative expenses increased by $104 million, or 3%, in fiscal 2025. This was attributed to higher employee costs across multiple segments (REA Group, Book Publishing, Dow Jones) and costs associated with strategic initiatives, suggesting increased operational overhead or investment in growth areas.

Capital expenditures rose by $50 million, or 14%, to $407 million in fiscal 2025 from $357 million in fiscal 2024. This increase reflects continued investment in property, plant, and equipment, including capitalized software, across segments like Dow Jones ($130M), Digital Real Estate Services ($154M), and News Media ($103M).

The Company is actively incorporating AI into its business, developing products and services that integrate AI solutions, and leveraging existing content for new licensing and partnership arrangements with AI-focused platforms. This indicates a forward-looking approach to technological advancement and revenue generation.

Dow Jones's digital revenues reached 82% of total revenues in FY2025, and Book Publishing's digital sales increased 5%, representing 24% of consumer revenues, driven by audiobooks and e-books. This highlights successful digital transformation efforts and the effective use of technology to meet evolving consumer preferences.

The Company maintains a comprehensive cybersecurity program, informed by the NIST Cybersecurity Framework, with dedicated CISO oversight and regular internal/third-party testing. This proactive approach aims to manage increasing cyberattack sophistication and protect critical digital assets and data.

On July 15, 2025, the Company announced a new stock repurchase program authorizing up to $1 billion for Class A and Class B Common Stock. This is in addition to the $310 million remaining from the prior program, indicating management's confidence in the Company's valuation and commitment to shareholder returns.

The Company declared and paid cash dividends of $0.20 per share for both Class A and Class B Common Stock in fiscal years 2025, 2024, and 2023. This stable dividend payout demonstrates a consistent return of capital to shareholders, reflecting a balanced capital allocation strategy.

Net cash used in investing activities from continuing operations was $406 million in fiscal 2025, including a $50 million increase in capital expenditures to $407 million and a $58 million increase in cash used for purchases of investments and acquisitions. This indicates a focus on reinvesting in the business for future growth.

News Corp has a Compliance Steering Committee overseeing global compliance policies and evaluating executive performance on ethics for incentive compensation. All employees are required to complete regular training on the Standards of Business Conduct, promoting a culture of integrity and legal awareness.

The Company's human capital management strategy emphasizes health, safety, security, and wellbeing, with targeted programs for mental and physical health. Investments in training, development, and career mobility for its 22,300 employees demonstrate a commitment to social responsibility and talent retention.

New laws and regulations, reporting requirements, and policies related to ESG matters are being adopted globally, with potential for conflicting requirements across jurisdictions. The Company anticipates incurring substantial costs and needing to modify business practices to ensure compliance, highlighting a key sustainability risk.

Persistent inflation, elevated interest rates, and lower consumer confidence in fiscal 2025 adversely impacted the U.S. real estate market and consumer spending in the book publishing industry. These conditions led to reduced demand and advertising expenditures, indicating a challenging operating environment.

The Company faces increasing competition from generative AI tools, content distribution platforms, and other digital media, which have increased consumer content choices and impacted demand and pricing for its products. This requires continuous innovation to remain competitive in a rapidly changing market.

Recent changes in trade policy, geopolitical tensions, and conflicts contribute to economic and market volatility and uncertainty. While current tariffs are not expected to have a material impact, the Company acknowledges potential negative effects on customer spending and supply chains from future changes.