Cash flow generation remains erratic, as evidenced by the OCF/NI ratio swinging from a low of 0.25 in 2025Q4 to a high of 17.97 in 2024Q3, complicating the predictability of shareholder returns.
| 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 |
|---|
| Cash from Operations | 1B | 1.13B | 1.1B | 1.09B | 1.35B | 1.24B | 780M | 928M | 757M | 494M | 952M | 831M | 854M | 501M | 851M | 1.33B |
| Operating CF Margin % | - | 13.42% | 13.31% | 13.63% | 13.04% | 13.22% | 8.66% | 9.21% | 8.39% | 6.07% | 11.48% | 9.75% | 10.06% | 5.63% | 9.83% | 14.63% |
| Operating CF Growth % | -37.02% | 3.28% | 0.55% | -19.35% | 9.46% | 58.59% | -15.95% | 22.59% | 53.24% | -48.11% | 14.56% | -2.69% | 70.46% | -41.13% | -36.06% | - |
| Net Income | 1.06B | 480M | 354M | 187M | 760M | 389M | -1.54B | 228M | -1.51B | -643M | 250M | 298M | 294M | 547M | -2.04B | 704M |
| Depreciation & Amortization | 477M | 459M | 734M | 714M | 688M | 680M | 644M | 659M | 472M | 449M | 505M | 498M | 578M | 548M | 483M | 430M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 69M | 0 | 0 | 38M | 55M | 53M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 93M | 83M | 17M | 6M | -125M | -100M | -51M | 0 | 202M | -95M | -147M | 59M | 0 | -153M | 0 | 88M |
| Other Non-Cash Items | 169M | 318M | 180M | 267M | 124M | 65M | 1.83B | 112M | 1.74B | 651M | -26M | -124M | 41M | -335M | 2.31B | 3M |
| Working Capital Changes | -270M | -206M | -187M | -82M | -93M | 203M | -163M | -71M | -142M | 94M | 315M | 47M | -59M | -106M | 101M | 106M |
| Change in Receivables | -354M | -96M | -120M | -146M | -51M | -166M | 0 | 134M | 0 | 0 | 22M | 0 | 0 | 0 | 96M | 132M |
| Change in Inventory | 35M | -46M | 54M | -2M | -87M | 6M | 9M | -58M | 15M | 15M | 35M | 18M | 23M | -15M | -6M | -13M |
| Change in Payables | -34M | -64M | -121M | 66M | 45M | 363M | 1.3B | -147M | 53M | 137M | 342M | 12M | 126M | 44M | 11M | -10M |
| Cash from Investing | -273M | -153M | -524M | -574M | -2.08B | -1.29B | -427M | -677M | -321M | -420M | -1.12B | -1.74B | -306M | -1.67B | -659M | -881M |
| Capital Expenditures | -437M | -407M | -496M | -499M | -499M | -390M | -438M | -572M | -364M | -256M | -256M | -378M | -379M | -332M | -375M | -549M |
| CapEx % of Revenue | 4.84% | 4.82% | 6.01% | 6.23% | 4.81% | 4.17% | 4.86% | 5.68% | 4.03% | 3.15% | 3.09% | 4.43% | 4.47% | 3.73% | 4.33% | 6.04% |
| Acquisitions | -159M | -96M | -53M | -17M | -1.5B | -886M | -32M | -85M | 61M | -347M | -520M | -1.19B | -45M | -2.16B | -54M | -333M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 292M | 230M | 25M | -58M | -76M | -3M | 32M | -20M | 33M | 281M | -294M | -173M | 118M | 821M | -54M | -333M |
| Cash from Financing | -775M | -563M | -441M | -501M | 404M | 699M | -472M | -610M | -398M | -217M | 150M | -190M | 189M | 2.49B | -1.01B | 270M |
| Debt Issued (Net) | 22M | -142M | -107M | -75M | 852M | 958M | -300M | -435M | -118M | -23M | 342M | -129M | 0 | -235M | 0 | 0 |
| Equity Issued (Net) | -492M | -150M | -117M | -243M | -179M | 0 | 0 | 0 | 0 | 0 | -41M | -30M | 0 | 0 | 0 | 0 |
| Dividends Paid | -206M | -185M | -172M | -174M | -175M | -163M | -158M | -161M | -158M | -152M | -147M | -30M | -24M | -20M | -13M | -10M |
| Share Repurchases | -492M | -150M | -117M | -243M | -179M | 0 | 0 | 0 | 0 | 0 | -41M | -30M | 0 | 0 | 0 | 0 |
| Other Financing | -99M | -86M | -45M | -9M | -94M | -96M | -14M | -14M | -122M | -42M | -4M | -1M | 213M | 2.74B | -993M | 280M |
| Net Change in Cash | 76M | 531M | 127M | 11M | -414M | 719M | -126M | -391M | 18M | 184M | -119M | -1.19B | 764M | 1.25B | -889M | 942M |
| Free Cash Flow | 566M | 727M | 602M | 593M | 855M | 847M | 342M | 356M | 393M | 238M | 696M | 523M | 475M | 169M | 476M | 782M |
| FCF Margin % | 6.27% | 8.6% | 7.3% | 7.4% | 8.23% | 9.05% | 3.8% | 3.53% | 4.36% | 2.92% | 8.39% | 6.14% | 5.6% | 1.9% | 5.5% | 8.6% |
| FCF Growth % | -29.86% | 20.76% | 1.52% | -30.64% | 0.94% | 147.66% | -3.93% | -9.41% | 65.13% | -65.8% | 33.08% | 10.11% | 181.07% | -64.5% | -39.13% | - |
| FCF per Share | 1.01 | 1.28 | 1.05 | 1.02 | 1.44 | 1.43 | 0.58 | 0.61 | 0.67 | 0.41 | 1.19 | 0.90 | 0.82 | 0.29 | 0.82 | 1.35 |
| FCF Conversion (FCF/Net Income) | 0.53x | 0.96x | 4.13x | 7.33x | 2.17x | 3.75x | -0.61x | 5.99x | -0.50x | -0.67x | 5.32x | -5.65x | 3.57x | 0.99x | -0.41x | 1.96x |
| Interest Paid | 81M | 93M | 97M | 61M | 96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -27M | 208M | 156M | 149M | 180M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Australian real estate
According to reported financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from a low of 0.25 in 2025Q4 to a high of 17.97 in 2024Q3, indicating that reported earnings are frequently decoupled from actual cash generation.
The significant variance in the conversion ratio suggests that net income is heavily influenced by non-cash items or accounting adjustments that do not reflect the underlying cash-generating capacity of the business. Investors should monitor this divergence, as it implies that the company's reported profitability may not be a reliable proxy for its ability to fund operations or capital requirements.
As reported in quarterly filings, free cash flow margins have demonstrated extreme instability, ranging from negative territory in 2026Q1 and 2025Q1 to a peak of 24.1% in 2025Q3, highlighting a lack of predictability in the company's ability to retain cash after accounting for necessary capital expenditures.
This erratic FCF trajectory appears to be driven by the cyclical nature of the company's diverse segments, particularly the sensitivity of the Australian real estate market. The inability to maintain a consistent FCF margin suggests that the business remains vulnerable to operational shocks that can rapidly erode cash flow, even when net income remains positive.
Based on the provided cash flow statements, working capital changes have been a primary driver of quarterly cash flow volatility, with swings as large as a $264 million inflow in 2024Q3 followed by a $288 million outflow in 2025Q1, reflecting significant fluctuations in operational efficiency.
These dramatic shifts in working capital suggest that the company's cash flow is highly sensitive to timing differences in collections and payables, which may be exacerbated by the disparate nature of its business units. Such volatility warrants further investigation into whether these movements represent structural changes in customer payment behavior or merely seasonal noise within the media and real estate segments.
As indicated by recent financial statements, the company has consistently prioritized share repurchases and dividend payments, with buybacks reaching $192 million in 2026Q3, even during periods where free cash flow generation was inconsistent or negative, suggesting a management preference for returning capital over reinvestment.
The commitment to returning capital appears to be a strategic choice to support the stock price, yet it may limit the company's flexibility to pursue high-return growth opportunities in the B2B data space. Investors should monitor whether this aggressive deployment strategy remains sustainable if the core media segments continue to face structural headwinds and cash flow pressure.
Quick answers to the most common questions about buying NWSA stock.
News Corporation (NWSA) generated $1.13B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
News Corporation (NWSA) generated $727.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
News Corporation (NWSA) spent $407.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, News Corporation (NWSA) returned $185.0M to shareholders via cash dividends and spent $150.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.