Detailed financial statements for News Corporation (NWSA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
News Corporation, an influential media and information services entity, is dedicated to producing and disseminating premium, engaging content along with a diverse array of products and services for both individual consumers and corporate clients worldwide. Its operations are strategically segmented into six distinct divisions: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and an "Other" category.
Analysis Summary
News Corporation reported revenue of $9.03B in the most recent fiscal year, growing at a 5-year CAGR of -0.7%. Net income reached $573.0M, with a 11.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 56.9%, operating margin 11.4%, net margin 6.3%. Free cash flow grew at -0.9% CAGR over 5 years.
At $30.56 (closing price, November 4, 2026), NWSA trades at a P/E of 29.67 and an ROE of 6.62%. Market capitalisation stands at $17.0B, placing it among large-cap names.
Balance sheet quality for NWSA: debt-to-equity ratio of 0.34, current ratio of 1.62 over the last 12 months, net debt of $820.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $811.0M represents 142% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.14B | $9.02B | $10.07B | $9.01B | $9.36B | $10.38B | $8.01B | $8.25B | $8.45B | $9.03B |
| Cost of Revenue | $4.98B | $5.37B | $6.28B | $4.93B | $4.78B | $5.08B | $3.89B | $3.78B | $3.70B | $3.89B |
| Gross Profit | $3.16B | $3.65B | $3.79B | $4.08B | $4.58B | $5.31B | $4.13B | $4.47B | $4.75B | $5.14B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.73B | $3.05B | $3.21B | 0 | 0 | 0 | 0 | 0 | $3.30B | $3.51B |
| Operating Expenses | $7.70B | $8.42B | $9.49B | $3.06B | $3.29B | $3.63B | $3.03B | $3.25B | $3.33B | $4.11B |
| Operating Income | $436.0M | $600.0M | $773.0M | $1.02B | $1.29B | $1.68B | $1.09B | $1.22B | $1.42B | $1.03B |
| EBITDA | $882.0M | $1.07B | $1.08B | $1.02B | $1.29B | $1.68B | $1.50B | $1.22B | $1.42B | $1.53B |
| Interest Expense | 0 | $7.0M | $59.0M | $25.0M | $37.0M | $105.0M | $84.0M | $85.0M | $10.0M | 0 |
| Pre-tax Income | -$615.0M | -$1.09B | $354.0M | -$1.52B | $450.0M | $812.0M | $380.0M | $585.0M | $923.0M | $1.05B |
| Income Tax | $28.0M | $355.0M | $126.0M | $21.0M | $61.0M | $52.0M | $152.0M | $206.0M | $275.0M | $303.0M |
| Net Income | -$738.0M | -$1.51B | $228.0M | -$1.27B | $330.0M | $623.0M | $149.0M | $266.0M | $464.0M | $573.0M |
| EPS | -$1.27 | -$2.60 | $0.39 | -$2.63 | $0.56 | $1.06 | $0.26 | $0.47 | $0.82 | $1.03 |
| EPS (Diluted) | -$1.27 | -$2.60 | $0.39 | -$2.63 | $0.56 | $1.05 | $0.26 | $0.47 | $0.81 | $1.03 |
| Shares Outstanding (Diluted) | 581.0 M | 583.0 M | 587.9 M | 587.9 M | 593.4 M | 592.5 M | 578.8 M | 573.5 M | 569.9 M | 558.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.14B | $2.36B | $2.19B | $2.34B |
| Gross Profit | $1.09B | $1.24B | $1.11B | $1.71B |
| Operating Income | $224.0M | $403.0M | $219.0M | $183.0M |
| EBITDA | $341.0M | $521.0M | $341.0M | $328.0M |
| Net Income | $112.0M | $193.0M | $89.0M | $179.0M |
| EPS | $0.20 | $0.34 | $0.16 | $0.33 |
| EPS (Diluted) | $0.20 | $0.34 | $0.16 | $0.33 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.02B | $2.03B | $1.64B | $1.52B | $2.24B | $1.82B | $1.83B | $1.87B | $2.40B | $2.10B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.28B | $1.61B | $1.54B | $1.20B | $1.50B | $1.50B | $1.43B | $1.42B | $1.56B | $1.76B |
| Inventory | $208.0M | $376.0M | $348.0M | $348.0M | $253.0M | $311.0M | $311.0M | $266.0M | $327.0M | $302.0M |
| Total Current Assets | $3.81B | $4.39B | $4.05B | $3.46B | $4.46B | $4.09B | $4.05B | $4.37B | $4.81B | $4.48B |
| Property, Plant & Equipment | $1.62B | $2.56B | $2.55B | $3.32B | $3.31B | $2.99B | $3.08B | $2.08B | $2.12B | $2.15B |
| Goodwill | $3.84B | $5.22B | $5.15B | $3.95B | $4.65B | $5.17B | $5.14B | $4.34B | $4.37B | $4.54B |
| Intangible Assets | $2.28B | $2.67B | $2.43B | $1.86B | $2.18B | $2.67B | $2.49B | $1.95B | $1.93B | $1.84B |
| Total Assets | $14.55B | $16.35B | $15.71B | $14.26B | $16.77B | $17.22B | $16.92B | $16.68B | $15.50B | $15.54B |
| Accounts Payable | $222.0M | $605.0M | $411.0M | $351.0M | $321.0M | $411.0M | $440.0M | $254.0M | $335.0M | $412.0M |
| Short-term Debt | $103.0M | $462.0M | $449.0M | $48.0M | $28.0M | $266.0M | $3.0M | $9.0M | $2.0M | 0 |
| Total Current Liabilities | $2.45B | $3.29B | $3.34B | $2.68B | $3.23B | $3.52B | $3.17B | $3.06B | $2.61B | $2.76B |
| Long-term Debt | $276.0M | $1.49B | $1.00B | $1.09B | $2.21B | $2.74B | $2.92B | $2.09B | $1.79B | $1.99B |
| Total Liabilities | $3.46B | $5.85B | $5.40B | $5.87B | $7.62B | $8.08B | $7.98B | $7.67B | $6.12B | $6.31B |
| Retained Earnings | -$648.0M | -$2.16B | -$1.98B | -$3.24B | -$2.91B | -$2.29B | -$2.14B | -$1.89B | -$747.0M | -$312.0M |
| Total Equity | $10.81B | $9.31B | $9.14B | $7.58B | $8.21B | $8.22B | $8.06B | $8.12B | $8.77B | $8.53B |
| Total Debt | $276.0M | $1.95B | $1.45B | $2.54B | $3.60B | $4.16B | $4.21B | $3.10B | $2.94B | $2.92B |
| Net Debt | -$1.74B | -$82.0M | -$190.0M | $1.02B | $1.36B | $2.33B | $2.37B | $1.23B | $537.0M | $820.0M |
| Working Capital | $1.36B | $1.10B | $710.0M | $779.0M | $1.22B | $574.0M | $888.0M | $1.32B | $2.20B | $1.72B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.20B | $2.05B | $2.17B | $2.10B |
| Total Assets | $15.34B | $15.51B | $15.52B | $15.54B |
| Total Liabilities | $6.03B | $6.05B | $6.24B | $6.31B |
| Total Equity | $8.70B | $8.79B | $8.58B | $8.53B |
| Total Debt | $2.93B | $3.82B | $2.93B | $2.92B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$643.0M | -$1.44B | $228.0M | -$401.0M | $330.0M | $760.0M | $149.0M | $269.0M | $480.0M | $743.0M |
| Depreciation & Amortization | $449.0M | $472.0M | $659.0M | $644.0M | $680.0M | $688.0M | $823.0M | $440.0M | $459.0M | $485.0M |
| Stock-based Compensation | $38.0M | $76.0M | $73.0M | $69.0M | $128.0M | $59.0M | $92.0M | 0 | 0 | 0 |
| Change in Working Capital | $94.0M | -$89.0M | -$71.0M | -$163.0M | $203.0M | -$93.0M | -$82.0M | -$139.0M | -$206.0M | -$145.0M |
| Operating Cash Flow | $494.0M | $757.0M | $928.0M | $780.0M | $1.24B | $1.35B | $1.09B | $1.10B | $1.13B | $1.24B |
| Capital Expenditure | -$256.0M | -$364.0M | -$572.0M | -$438.0M | -$390.0M | -$499.0M | -$499.0M | -$357.0M | -$407.0M | -$426.0M |
| Acquisitions | -$244.0M | -$94.0M | -$192.0M | -$40.0M | -$912.0M | -$1.50B | -$60.0M | -$38.0M | -$96.0M | -$122.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$179.0M | -$243.0M | -$117.0M | -$150.0M | -$782.0M |
| Dividends Paid | -$152.0M | -$158.0M | -$161.0M | -$158.0M | -$163.0M | -$175.0M | -$174.0M | -$172.0M | -$185.0M | -$204.0M |
| Free Cash Flow | $238.0M | $393.0M | $356.0M | $342.0M | $847.0M | $855.0M | $593.0M | $741.0M | $727.0M | $811.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $80.0M | $230.0M | $499.0M | $685.0M |
| Capital Expenditure | -$81.0M | -$99.0M | -$100.0M | -$146.0M |
| Free Cash Flow | -$1.0M | $131.0M | $399.0M | $539.0M |
| Dividends Paid | -$47.0M | -$57.0M | -$45.0M | -$55.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.9% | +11.6% | -10.6% | +3.9% | +11.0% | -22.9% | +3.0% | +2.4% | +6.8% | |
| Net Income Growth (YoY) | -105.1% | +115.1% | -656.6% | +126.0% | +88.8% | -76.1% | +78.5% | +74.4% | +23.5% | |
| EPS Growth (YoY) | -104.7% | +115.0% | -774.4% | +121.3% | +89.3% | -75.5% | +80.8% | +74.5% | +25.6% | |
| Shares Change (YoY) | +0.3% | +0.8% | +0.0% | +0.9% | -0.2% | -2.3% | -0.9% | -0.6% | -2.0% | |
| FCF Growth (YoY) | +65.1% | -9.4% | -3.9% | +147.7% | +0.9% | -30.6% | +25.0% | -1.9% | +11.6% | |
| Gross Margin | 38.8% | 40.4% | 37.6% | 45.3% | 48.9% | 51.1% | 51.5% | 54.2% | 56.2% | 56.9% |
| Operating Margin | 5.4% | 6.6% | 7.7% | 11.3% | 13.7% | 16.2% | 13.6% | 14.8% | 16.7% | 11.4% |
| EBITDA Margin | 10.8% | 11.9% | 10.7% | 11.3% | 13.7% | 16.2% | 18.7% | 14.8% | 16.7% | 17.0% |
| Net Margin | -9.1% | -16.8% | 2.3% | -14.1% | 3.5% | 6.0% | 1.9% | 3.2% | 5.5% | 6.3% |
| FCF Margin | 2.9% | 4.4% | 3.5% | 3.8% | 9.1% | 8.2% | 7.4% | 9.0% | 8.6% | 9.0% |
| Effective Tax Rate | -4.6% | -32.6% | 35.6% | -1.4% | 13.6% | 6.4% | 40.0% | 35.2% | 29.8% | 29.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.41 | $0.67 | $0.61 | $0.58 | $1.43 | $1.44 | $1.02 | $1.29 | $1.28 | $1.45 |
| Dividends Per Share | $0.26 | $0.27 | $0.27 | $0.27 | $0.27 | $0.30 | $0.30 | $0.30 | $0.32 | $0.37 |
| Shares Outstanding (Basic) | 581.0 M | 582.7 M | 584.7 M | 587.9 M | 590.4 M | 589.5 M | 576.4 M | 571.2 M | 567.7 M | 556.5 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 6.62% |
| Return on Invested Capital | 5.68% |
| Return on Assets | 3.69% |
| Gross Margin | 56.89% |
| Operating Margin | 11.40% |
| Net Margin | 6.35% |
Financial Health
| Debt / Equity | 0.34 |
| Current Ratio | 1.62 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.22 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -11.14 | -6.10 | 35.87 | -4.54 | 43.48 | 14.99 | 75.85 | 59.89 | 41.84 | 27.24 |
| P/B | 0.76 | 0.99 | 0.89 | 0.93 | 1.75 | 1.14 | 1.41 | 1.98 | 2.22 | 1.83 |
| P/S | 1.01 | 1.02 | 0.81 | 0.78 | 1.54 | 0.90 | 1.42 | 1.95 | 2.30 | 1.73 |
| Gross Margin | 38.8% | 40.4% | 37.6% | 45.3% | 48.9% | 51.1% | 51.5% | 54.2% | 56.2% | 56.9% |
| Operating Margin | 5.4% | 6.6% | 7.7% | 11.3% | 13.7% | 16.2% | 13.6% | 14.8% | 16.7% | 11.4% |
| Net Margin | -9.1% | -16.8% | 2.3% | -14.1% | 3.5% | 6.0% | 1.9% | 3.2% | 5.5% | 6.3% |
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