News Corp’s digital engines push fiscal 2026 revenue to a record $9 billion

Record Revenue and Cash Generation

News Corporation (ASX:NWS) has closed fiscal 2026 with record continuing-operations revenue of $9 billion, up 7%, as the company’s information, real estate and publishing businesses delivered another year of growth. Total Segment EBITDA rose 15% to more than $1.6 billion, while free cash flow climbed 42% to $811 million and net income from continuing operations increased 15% to $743 million.

The cash generation also changed the pace of shareholder returns. News Corp said its buyback accelerated to $643 million, more than four times the prior year’s rate. The filing presents that capital return alongside a stronger cash position, rather than as a substitute for operating growth.

Dow Jones Builds Its Earnings Lead

Dow Jones was one of the clearest engines of the result. Revenue rose 7% to nearly $2.5 billion and Segment EBITDA increased 13% to $663 million. The business finished the year with more than 6.7 million total subscriptions, up 7%, while business-to-business operations benefited from expanded offerings in Risk and Compliance and Dow Jones Energy.

Management has identified a path towards $1 billion in Dow Jones Segment EBITDA. That is a company target rather than a reported outcome, but the division’s fiscal 2026 performance gives the ambition a measurable starting point. The next question is whether subscription growth, enterprise products and data services can continue to expand without eroding the margins that made the division so important to the group.

REA Group and Realtor.com Extend Digital Property Growth

Digital Real Estate Services produced an even faster earnings increase. Combined revenue from Realtor.com and REA Group rose 12% to $2 billion, while Segment EBITDA jumped 23% to $741 million. REA Group, in which News Corp holds a 62% stake, contributed revenue growth of 12% to $1.4 billion despite the Australian housing market remaining challenging.

In the United States, Realtor.com recorded three consecutive quarters of double-digit growth and seven consecutive quarters of year-on-year expansion, according to the annual report. The company attributed the progress to premium products, improved yield, lead quality and product development, although the filing also noted that US mortgage rates remained elevated during the year.

Publishing and News Media Add Scale

HarperCollins generated $2.3 billion of annual revenue, up 6%, with digital demand strong across audiobooks and e-books. Full-year Segment EBITDA was affected by two isolated write-offs, although the fourth quarter delivered year-on-year growth. News Media revenue rose 3% to $2.2 billion, supported by favourable foreign exchange movements and higher circulation and subscription revenue.

The report also highlighted the launch of The California Post and the replacement of the Sky News brand with News24 in Australia. Chief executive Robert Thomson said the company intended to pair partnerships with organisations that respect the value of its journalism with legal action against those accused of using its content without permission. That makes intellectual property protection a strategic issue as News Corp seeks to position its journalism, books and data within the developing AI ecosystem.

The numbers leave News Corp with several growth engines rather than a single hit business, but they also raise the standard for the year ahead. Investors will need to see whether Dow Jones can keep moving towards its $1 billion EBITDA ambition, whether REA Group and Realtor.com can maintain their momentum in difficult property markets, and how much of the company’s cash will continue to be directed towards buybacks rather than investment.