Revenue growth has shown mixed momentum, reaching 8.8% in 2026Q3, while gross margins have compressed from a peak of 58.1% in 2025Q4 to 50.8% due to rising content and infrastructure costs.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 |
|---|
| Sales/Revenue | 8.8B | 8.45B | 8.25B | 8.01B | 10.38B | 9.36B | 9.01B | 10.07B | 9.02B | 8.14B | 8.29B | 8.63B | 8.57B | 8.89B | 8.65B | 9.1B |
| Revenue Growth % | 4.3% | 2.42% | 3% | -22.85% | 10.97% | 3.89% | -10.58% | 11.64% | 10.87% | -1.85% | -3.95% | 0.69% | -3.57% | 2.74% | -4.85% | - |
| Cost of Goods Sold | 4.05B | 3.7B | 3.78B | 3.89B | 5.08B | 4.78B | 4.93B | 6.28B | 5.37B | 4.98B | 5.23B | 4.95B | 5.07B | 5.42B | 0 | 0 |
| COGS % of Revenue | - | 43.81% | 45.84% | 48.5% | 48.88% | 51.07% | 54.7% | 62.38% | 59.55% | 61.16% | 63.11% | 57.36% | 59.18% | 60.96% | - | - |
| Gross Profit | 4.75B | 4.75B | 4.47B | 4.13B | 5.31B | 4.58B | 4.08B | 3.79B | 3.65B | 3.16B | 3.06B | 3.68B | 3.5B | 3.47B | 8.65B | 9.1B |
| Gross Margin % | 53.96% | 56.19% | 54.16% | 51.5% | 51.12% | 48.93% | 45.3% | 37.62% | 40.45% | 38.84% | 36.89% | 42.64% | 40.82% | 39.04% | 100% | 100% |
| Gross Profit Growth % | - | 6.27% | 8.31% | -22.28% | 15.94% | 12.2% | 7.68% | 3.84% | 15.47% | 3.33% | -16.9% | 5.17% | 0.84% | -59.89% | -4.85% | - |
| Operating Expenses | 3.51B | 3.33B | 3.25B | 3.03B | 3.63B | 3.29B | 3.06B | 9.49B | 8.42B | 7.7B | 7.96B | 8.31B | 8.38B | 8.75B | 8.36B | 8.31B |
| OpEx % of Revenue | - | 39.45% | 39.35% | 37.86% | 34.94% | 35.19% | 34.03% | 94.19% | 93.35% | 94.64% | 95.94% | 96.27% | 97.76% | 98.43% | 96.55% | 91.39% |
| Selling, General & Admin | 3.47B | 3.3B | 0 | 0 | 0 | 0 | 0 | 3.21B | 3.05B | 2.73B | 2.72B | 2.76B | 2.67B | 2.78B | 2.75B | 2.65B |
| SG&A % of Revenue | - | 39.06% | - | - | - | - | - | 31.84% | 33.79% | 33.48% | 32.83% | 31.92% | 31.08% | 31.3% | 31.78% | 29.11% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 33M | 3.25B | 3.03B | 3.63B | 3.29B | 3.06B | 6.28B | -325M | 132M | 18M | 75M | -653M | -3M | -7M | 4M |
| Operating Income | 1.23B | 1.42B | 1.22B | 1.09B | 1.68B | 1.29B | 1.02B | 773M | 600M | 436M | 337M | 322M | -529M | 140M | 299M | 783M |
| Operating Margin % | 14.01% | 16.74% | 14.81% | 13.64% | 16.19% | 13.74% | 11.28% | 7.67% | 6.65% | 5.36% | 4.06% | 3.73% | -6.17% | 1.57% | 3.45% | 8.61% |
| Operating Income Growth % | - | 15.79% | 11.8% | -34.98% | 30.72% | 26.57% | 31.44% | 28.83% | 37.61% | 29.38% | 4.66% | 160.87% | -477.86% | -53.18% | -61.81% | - |
| EBITDA | 1.75B | 1.59B | 1.41B | 1.29B | 2.11B | 1.72B | 1.43B | 1.43B | 1.07B | 885M | 842M | 852M | 49M | 688M | 782M | 1.21B |
| EBITDA Margin % | 19.91% | 18.85% | 17.09% | 16.14% | 20.28% | 18.34% | 15.86% | 14.21% | 11.88% | 10.87% | 10.15% | 9.87% | 0.57% | 7.74% | 9.04% | 13.34% |
| EBITDA Growth % | -4.73% | 12.98% | 9.05% | -38.6% | 22.73% | 20.08% | -0.21% | 33.58% | 21.13% | 5.11% | -1.17% | 1638.78% | -92.88% | -12.02% | -35.53% | - |
| D&A (Non-Cash Add-back) | 519M | 178M | 188M | 200M | 425M | 430M | 413M | 659M | 472M | 449M | 505M | 530M | 578M | 548M | 483M | 430M |
| EBIT | 984M | 956M | 782M | 678M | 993M | 606M | 372M | 413M | 599M | 433M | 337M | 447M | -397M | 140M | 299M | 783M |
| Net Interest Income | -25M | -10M | -85M | -84M | -105M | -37M | -25M | -59M | -7M | 39M | 43M | 56M | 68M | 77M | 56M | 47M |
| Interest Income | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39M | 43M | 56M | 68M | 77M | 56M | 47M |
| Interest Expense | 39M | 10M | 85M | 84M | 105M | 37M | 25M | 59M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -378M | -492M | -637M | -713M | -869M | -836M | -2.54B | -231M | -1.69B | -1.05B | -156M | -443M | -589M | 33M | -2.68B | 178M |
| Pretax Income | 855M | 923M | 585M | 380M | 812M | 450M | -1.52B | 354M | -1.09B | -615M | 181M | 56M | -397M | 173M | -2.38B | 961M |
| Pretax Margin % | 9.72% | 10.92% | 7.09% | 4.74% | 7.82% | 4.81% | -16.92% | 3.51% | -12.07% | -7.56% | 2.18% | 0.65% | -4.63% | 1.95% | -27.47% | 10.57% |
| Income Tax | 256M | 275M | 206M | 152M | 52M | 61M | 21M | 126M | 355M | 28M | -54M | 134M | -691M | -374M | -337M | 257M |
| Effective Tax Rate % | 29.94% | 29.79% | 35.21% | 40% | 6.4% | 13.56% | -1.38% | 35.59% | -32.6% | -4.55% | -29.83% | 239.29% | 174.06% | -216.18% | 14.18% | 26.74% |
| Net Income | 425M | 464M | 266M | 149M | 623M | 330M | -1.27B | 228M | -1.51B | -738M | 179M | -147M | 239M | 506M | -2.08B | 678M |
| Net Margin % | 4.83% | 5.49% | 3.22% | 1.86% | 6% | 3.53% | -14.09% | 2.26% | -16.78% | -9.07% | 2.16% | -1.7% | 2.79% | 5.69% | -23.98% | 7.45% |
| Net Income Growth % | -12.73% | 74.44% | 78.52% | -76.08% | 88.79% | 126% | -656.58% | 115.06% | -105.15% | -512.29% | 221.77% | -161.51% | -52.77% | 124.39% | -406.05% | - |
| Net Income (Continuing) | 599M | 648M | 379M | 228M | 760M | 389M | -1.54B | 228M | -1.44B | -643M | 235M | 367M | 436M | 547M | -2.04B | 704M |
| Discontinued Operations | -1000K | -16M | -3M | -14M | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 697M | 615M | 891M | 881M | 921M | 935M | 807M | 1.17B | 1.19B | 284M | 218M | 171M | 156M | 118M | 0 | 0 |
| EPS (Diluted) | 0.76 | 0.81 | 0.47 | 0.26 | 1.05 | 0.56 | -2.63 | 0.39 | -2.60 | -1.27 | 0.30 | -0.25 | 0.41 | 0.87 | -3.59 | 1.17 |
| EPS Growth % | -12.81% | 72.34% | 80.77% | -75.24% | 87.5% | 121.29% | -774.36% | 115% | -104.72% | -523.33% | 220% | -160.98% | -52.87% | 124.23% | -406.84% | - |
| EPS (Basic) | - | 0.82 | 0.47 | 0.26 | 1.06 | 0.56 | -2.63 | 0.39 | -2.60 | -1.27 | 0.30 | -0.25 | 0.41 | 0.87 | -3.59 | 1.17 |
| Diluted Shares Outstanding | 561.5M | 569.9M | 573.5M | 578.8M | 592.5M | 593.4M | 587.9M | 587.9M | 583M | 581M | 583M | 581M | 580M | 579.4M | 578.5M | 578.5M |
| Basic Shares Outstanding | 559.8M | 567.7M | 571.2M | 576.4M | 589.5M | 590.4M | 587.9M | 584.7M | 582.7M | 581M | 581M | 581M | 579M | 578.8M | 578.5M | 578.5M |
| Dividend Payout Ratio | - | 39.87% | 64.66% | 116.78% | 28.09% | 49.39% | - | 70.61% | - | - | 82.12% | - | 10.04% | 3.95% | - | 1.47% |
Legacy media margin erosion
According to recent quarterly filings, NWS revenue growth has fluctuated significantly, reaching 8.8% in 2026Q3 compared to a 14.0% contraction in 2024Q4, suggesting that the company's transition toward digital subscriptions and B2B data services remains sensitive to broader macroeconomic cycles and shifting consumer demand patterns.
The volatility in top-line performance appears to reflect the company's diverse exposure across real estate, publishing, and media segments. While recent growth figures indicate some recovery, investors should monitor whether this trajectory is sustainable or merely a reflection of cyclical tailwinds in the Australian property market.
As reported in financial statements, gross margins have compressed from a peak of 58.1% in 2025Q4 to 50.8% by 2026Q3, indicating that the rising costs of content acquisition and digital infrastructure may be outpacing the company's ability to extract premium pricing from its diverse subscriber base.
The decline in gross margin suggests that the shift toward digital distribution is not yet yielding the expected operating efficiencies. This trend warrants further investigation into whether the Subscription Video segment's content costs are structurally impairing the company's overall profitability profile.
Based on NWS's reported figures, operating margins have fluctuated between 10.0% and 21.5% over the last ten quarters, demonstrating that the company has yet to achieve consistent operating leverage as SG&A expenses continue to consume a significant portion of the gross profit generated by its core segments.
The inconsistency in operating income suggests that management's efforts to streamline the cost base are being offset by the high fixed-cost nature of its media and publishing assets. Investors should scrutinize whether future SG&A discipline can stabilize these margins against the backdrop of declining legacy revenue streams.
Data from recent income statements reveals that net income has swung from $27 million in 2025Q4 to $197 million in 2026Q2, highlighting that reported earnings are frequently distorted by non-operating items and the consolidation of majority-owned subsidiaries like the REA Group, which complicates the assessment of parent-level profitability.
The wide variance in net income appears to be driven by factors beyond core operational performance, including potential impairment charges and currency fluctuations. Analysts should adjust for these non-controlling interests to better understand the true earnings power available to NWS shareholders.
Quick answers to the most common questions about buying NWS stock.
For fiscal year 2025, News Corporation (NWS) reported total revenue of $8.45B. This represents a 7.1% decline compared to $9.10B in 2011.
News Corporation (NWS) is profitable, generating $464.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.5%.
News Corporation (NWS) reported an operating income of $1.42B, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
News Corporation (NWS) generated $4.75B in gross profit for the year, representing a gross profit margin of 56.2%. This demonstrates the company's core pricing power and production efficiency.