News Corp closed fiscal 2026 as a digital-first information company whose profit now sits in professional data, property portals, and book publishing rather than in newspapers or pay television. The sale of Foxtel to DAZN in the prior fiscal year removed a capital-hungry sports platform and left a first clean year of continuing operations. Cash conversion then funded a fourfold jump in share repurchases. The investment debate is whether that mix shift is durable enough to close the gap between a media multiple and a professional-information franchise.
Three engines carried the year. Digital Real Estate Services and Dow Jones together produced most of segment profit, while Book Publishing grew sales but absorbed two write-offs. Full-year revenue reached $9.03 billion. Segment EBITDA rose to $1.63 billion. Free cash flow reached $811 million. Buybacks absorbed $643 million of that cash. The newspaper segment still consumes management attention and funding for the California Post launch.
The fourth quarter showed the operating leverage inside those engines. Revenue was $2.34 billion. Segment EBITDA reached $423 million. Adjusted growth was slower once currency is stripped out. The next year resolves whether Risk and Compliance, Realtor.com premium mix, and additional artificial-intelligence licenses beyond OpenAI and Meta can outrun housing softness and newspaper investment.