# News Corporation (Class B) (NWS) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NWS/thesis · /stocks/NWS/memo

## Financial Snapshot

---
ticker: NWS
step: 04
generated: 2026-05-13
source: quick-research
---

### News Corporation (NWS) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$10.4B | $9.90B | $8.90B | -10.1% |
| Total Segment EBITDA | $1.67B | ~$1.55B | ~$1.60B | ~+3% |
| Net Income | ~$760M | ~$1.4B* | ~$700M | n/m |
| Adj. EPS | $1.20 | ~$1.10 | ~$0.90 | n/m |

*FY2023 included gains from asset dispositions. Revenue decline in FY2024 largely reflects Foxtel deconsolidation and FX headwinds; underlying digital growth segments grew.*

*FY2025: Record profits expected; 11 consecutive quarters of EBITDA growth; FY2025 adj. EPS ~$0.89. FY2026E ~$0.97 (+9%).*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$800M |
| Free Cash Flow | ~$500M |
| Cash & Equivalents | ~$2.0B |
| Total Debt | ~$3.0B |

*Foxtel sale (April 2025) reduced debt and improved the balance sheet. $1B buyback plan underway.*

#### Key Ratios (approximate)
- P/E: ~27x (FY2025 adj.) | EV/EBITDA: ~10x | FCF Yield: ~3.5%
- Digital revenue mix: 62% of total (vs. 32% in FY2018)

#### Growth Profile
News Corp's digital transformation is well advanced. Dow Jones subscription digital revenue accounts for 75% of circulation revenue; digital-only WSJ/Barron's subscriptions reached 5.9M (+10% YoY). REA Group (Australia) and Realtor.com drive Digital Real Estate growth. Q2 FY2025 (continuing operations ex-Foxtel): revenue +5%, net income +58%, Total Segment EBITDA +20%. AI licensing — OpenAI ($250M+ over 5 years) and Meta (~$50M/year) — is an emerging high-margin revenue line.

#### Forward Estimates
- FY2026E adj. EPS: ~$0.97 (+9% vs FY2025 ~$0.89)
- Digital Real Estate (Q2 FY2025): Revenue +17% to $473M; EBITDA +25% to $155M
- Dow Jones digital subs: 5.9M (+10% YoY); total 6.4M (+8%)
- AI licensing: OpenAI deal ~$250M/5yr + Meta ~$50M/yr; additional deals in negotiation
- $1B share buyback: ongoing
- Analyst avg. price target: ~$35.57 (Strong Buy consensus, 9 analysts; ~48% upside from ~$24)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NWS/fundamental

## Navigation

- Overview: /stocks/NWS
- Financials (this page): /stocks/NWS/financials
- Thesis: /stocks/NWS/thesis
- Investment Memo: /stocks/NWS/memo
- Coverage universe: /stocks