Operating margins remain constrained and highly inconsistent, fluctuating between a low of 7.3% in 2024Q4 and a peak of 18.2% in 2026Q2, reflecting limited scalability across the company's diverse business segments.
| 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 | 9.03B | 8.45B | 8.25B | 8.01B | 10.38B | 9.36B | 9.01B | 10.07B | 9.02B | 8.14B | 8.29B | 8.52B | 8.49B | 8.89B | 8.65B | 9.1B |
| Revenue Growth % | 1.21% | 2.42% | 3% | -22.85% | 10.97% | 3.89% | -10.58% | 11.64% | 10.87% | -1.85% | -2.72% | 0.45% | -4.56% | 2.74% | -4.85% | - |
| Cost of Goods Sold | 2.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 6.67B | 8.45B | 8.25B | 8.01B | 10.38B | 9.36B | 9.01B | 10.07B | 9.02B | 8.14B | 8.29B | 8.52B | 8.49B | 8.89B | 8.65B | 9.1B |
| Gross Margin % | 73.9% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 2.42% | 3% | -22.85% | 10.97% | 3.89% | -10.58% | 11.64% | 10.87% | -1.85% | -2.72% | 0.45% | -4.56% | 2.74% | -4.85% | - |
| Operating Expenses | 5.56B | 7.5B | 7.45B | 7.34B | 9.4B | 8.77B | 8.64B | 9.49B | 8.43B | 7.71B | 7.96B | 8.08B | 8.8B | 8.75B | 8.36B | 8.31B |
| OpEx % of Revenue | - | 88.69% | 90.29% | 91.59% | 90.55% | 93.66% | 95.9% | 94.19% | 93.36% | 94.68% | 95.94% | 94.76% | 103.65% | 98.43% | 96.55% | 91.39% |
| Selling, General & Admin | 3.46B | 3.3B | 3.2B | 3.01B | 3.59B | 3.25B | 3B | 3.19B | 3.05B | 2.73B | 2.72B | 2.63B | 2.45B | 2.78B | 2.75B | 2.65B |
| SG&A % of Revenue | - | 39.06% | 38.74% | 37.59% | 34.59% | 34.77% | 33.25% | 31.68% | 33.79% | 33.52% | 32.83% | 30.82% | 28.86% | 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 | 2M | 4.2B | 4.25B | 4.33B | 5.81B | 5.51B | 5.64B | 6.3B | 5.38B | 4.98B | 5.23B | 5.45B | 6.35B | 5.97B | 5.61B | 5.66B |
| Operating Income | 1.12B | 956M | 801M | 674M | 981M | 593M | 369M | 585M | 599M | 433M | 337M | 447M | -310M | 140M | 299M | 783M |
| Operating Margin % | 12.36% | 11.31% | 9.71% | 8.41% | 9.45% | 6.34% | 4.1% | 5.81% | 6.64% | 5.32% | 4.06% | 5.24% | -3.65% | 1.57% | 3.45% | 8.61% |
| Operating Income Growth % | - | 19.35% | 18.84% | -31.29% | 65.43% | 60.7% | -36.92% | -2.34% | 38.34% | 28.49% | -24.61% | 244.19% | -321.43% | -53.18% | -61.81% | - |
| EBITDA | 1.63B | 1.42B | 1.24B | 1.09B | 1.67B | 1.27B | 1.01B | 1.24B | 1.07B | 882M | 842M | 945M | 242M | 688M | 782M | 1.21B |
| EBITDA Margin % | 18.09% | 16.74% | 15.04% | 13.59% | 16.07% | 13.6% | 11.25% | 12.35% | 11.87% | 10.84% | 10.15% | 11.09% | 2.85% | 7.74% | 9.04% | 13.34% |
| EBITDA Growth % | 10.86% | 14.02% | 13.96% | -34.75% | 31.11% | 25.67% | -18.57% | 16.15% | 21.43% | 4.75% | -10.9% | 290.5% | -64.83% | -12.02% | -35.53% | - |
| D&A (Non-Cash Add-back) | 517M | 459M | 440M | 415M | 688M | 680M | 644M | 659M | 472M | 449M | 505M | 498M | 552M | 548M | 483M | 430M |
| EBIT | 1.11B | 956M | 801M | 674M | 911M | 503M | -1.5B | 413M | 599M | 433M | 337M | 447M | -310M | 140M | 299M | 783M |
| Net Interest Income | -21M | -10M | -35M | -84M | -99M | -53M | -25M | -59M | -7M | 39M | 43M | 56M | 68M | 77M | 56M | 47M |
| Interest Income | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39M | 43M | 56M | 68M | 77M | 56M | 47M |
| Interest Expense | 26M | 10M | 35M | 84M | 99M | 53M | 25M | 59M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -351M | -33M | -216M | -294M | -169M | -143M | -1.89B | -231M | -1.69B | -1.05B | -156M | 105M | 132M | 33M | -2.68B | 178M |
| Pretax Income | 765M | 923M | 585M | 380M | 812M | 450M | -1.52B | 354M | -1.09B | -615M | 181M | 552M | -178M | 173M | -2.38B | 961M |
| Pretax Margin % | 8.47% | 10.92% | 7.09% | 4.74% | 7.82% | 4.81% | -16.92% | 3.51% | -12.07% | -7.56% | 2.18% | 6.48% | -2.1% | 1.95% | -27.47% | 10.57% |
| Income Tax | 252M | 275M | 206M | 152M | 52M | 61M | 21M | 126M | 355M | 28M | -54M | 185M | -614M | -374M | -337M | 257M |
| Effective Tax Rate % | 32.94% | 29.79% | 35.21% | 40% | 6.4% | 13.56% | -1.38% | 35.59% | -32.6% | -4.55% | -29.83% | 33.51% | 344.94% | -216.18% | 14.18% | 26.74% |
| Net Income | 1.06B | 1.18B | 266M | 149M | 623M | 330M | -1.27B | 155M | -1.51B | -738M | 179M | -147M | 239M | 506M | -2.08B | 678M |
| Net Margin % | 11.8% | 13.96% | 3.22% | 1.86% | 6% | 3.53% | -14.09% | 1.54% | -16.78% | -9.07% | 2.16% | -1.72% | 2.82% | 5.69% | -23.98% | 7.45% |
| Net Income Growth % | 118.69% | 343.61% | 78.52% | -76.08% | 88.79% | 126% | -918.71% | 110.24% | -105.15% | -512.29% | 221.77% | -161.51% | -52.77% | 124.39% | -406.05% | - |
| Net Income (Continuing) | 513M | 648M | 379M | 228M | 760M | 389M | -1.54B | 228M | -1.44B | -643M | 235M | 367M | 436M | 547M | -2.04B | 704M |
| Discontinued Operations | 1000K | 692M | -25M | -41M | 0 | 0 | 0 | 0 | 0 | 0 | 15M | -445M | -142M | 0 | 0 | 0 |
| Minority Interest | 697M | 615M | 891M | 881M | 921M | 935M | 807M | 1.17B | 1.19B | 284M | 218M | 171M | 156M | 118M | 110M | 0 |
| EPS (Diluted) | 1.90 | 2.07 | 0.46 | 0.26 | 1.05 | 0.56 | -2.16 | 0.26 | -2.60 | -1.27 | 0.30 | -0.25 | 0.41 | 0.87 | -3.59 | 1.17 |
| EPS Growth % | 118.13% | 350% | 76.92% | -75.24% | 87.5% | 125.93% | -930.77% | 110% | -104.72% | -523.33% | 220% | -160.98% | -52.87% | 124.23% | -406.84% | - |
| EPS (Basic) | - | 2.08 | 0.47 | 0.26 | 1.06 | 0.56 | -2.16 | 0.27 | -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 | 582.7M | 581.4M | 582.5M | 582.6M | 579.7M | 579.4M | 578.5M | 578.64M |
| Basic Shares Outstanding | 559.8M | 567.7M | 571.2M | 576.4M | 592.5M | 590.4M | 587.9M | 587.9M | 581.93M | 579.83M | 641.53M | 581M | 579M | 578.8M | 578.5M | 578.64M |
| Dividend Payout Ratio | - | 15.68% | 64.66% | 116.78% | 28.09% | 49.39% | - | 103.87% | - | - | 82.12% | - | 10.04% | 3.95% | - | 1.47% |
Cyclical Australian real estate exposure
As reported in recent financial filings, NWSA's revenue growth has exhibited significant quarterly variance, ranging from a 18.2% contraction in 2025Q4 to a 15.7% expansion in 2026Q2, suggesting that the company's top-line performance remains highly sensitive to cyclical fluctuations in its diverse business segments.
The inconsistent revenue trajectory appears to reflect the tension between declining legacy print assets and the scaling of digital-first B2B data services. Investors should monitor whether the recent implementation of AI content licensing agreements can provide a more stable, recurring growth floor to offset the inherent volatility of the Australian real estate market.
Based on the provided income statement data, NWSA's operating income has failed to scale consistently with revenue, as evidenced by operating margins fluctuating between 7.3% and 18.2% over the last ten quarters, indicating limited operating leverage within the current cost structure.
The persistent reliance on high fixed-cost editorial and technical infrastructure suggests that incremental revenue gains are frequently absorbed by SG&A expenses. This lack of clear margin expansion implies that the company's profitability remains tethered to its ability to manage legacy overhead while simultaneously funding its digital transformation.
According to historical income statements, NWSA's net income has experienced extreme volatility, highlighted by a $743 million profit in 2025Q4 compared to $50 million in 2024Q4, which suggests that reported earnings are frequently influenced by non-operating items rather than core operational performance.
The significant disparity between operating income and net income warrants further investigation into the impact of divestitures, tax anomalies, or equity method accounting from the REA Group stake. Analysts should focus on adjusted EBITDA metrics to strip away these distortions and better assess the underlying cash-generating capacity of the business.
As noted in recent market analysis, the persistent valuation gap between NWSA and its pure-play peers suggests that investors remain skeptical of the conglomerate structure, particularly given the potential for margin compression in the legacy media segments to outweigh gains from the Dow Jones data business.
Short-term performance may be artificially bolstered by the consolidation of the REA Group, which could mask underlying weakness in the core publishing and broadcast assets. The dual-class share structure further complicates the narrative, as it may limit the strategic flexibility required to divest underperforming units and unlock shareholder value.
Quick answers to the most common questions about buying NWSA stock.
For fiscal year 2025, News Corporation (NWSA) reported total revenue of $8.45B. This represents a 7.1% decline compared to $9.10B in 2011.
News Corporation (NWSA) is profitable, generating $1.18B in net income for the fiscal year ending 2025 with a net profit margin of 14.0%.
News Corporation (NWSA) reported an operating income of $956.0M, resulting in an operating profit margin of 11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
News Corporation (NWSA) generated $8.45B in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.