Let me get the Q3 FY2026 earnings call transcript, earnings release, and the Dow Jones Investor Briefing for more color, plus recent news and stock price.Let me read the actual Q4 FY2025 earnings release document to get precise prior-year comps.Now I have all the material needed. Let me write the earnings preview.# News Corporation (NWS/NWSA) — Fiscal Q4 & Full-Year 2026 Earnings Preview
Report Date: After market close, Wednesday, August 5, 2026 | Call: 5:00 p.m. EDT Segment: Media & Information Services | Fiscal Year End: June 30
News Corp closes out fiscal 2026 having strung together 12 consecutive quarters of year-over-year Total Segment EBITDA growth on a continuing-operations basis through Q3, and management has repeatedly signaled confidence heading into the print. On the Q3 call, CEO Robert Thomson said the company delivered resounding results, indeed marking the 12th straight quarter of profitability growth on a continuing operations basis, and that News Corp remains on track for another record fiscal year of profitability given the strength seen thus far in the fourth quarter. CFO Lavanya Chandrashekar echoed that the company expects strong free cash flow growth for the fiscal year despite moderately higher capital expenditures.
The stock has been on a strong run into the print — NWS shares closed around $32.74 on August 4, 2026, up roughly 17% from a late-June low near $27.92 and comfortably above the 52-week low of ~$25.65 hit in early February 2026 amid tariff/macro jitters. Sell-side sentiment has been constructive: analysts have flagged that the company beat consensus EPS estimates in each of the last four quarters, though heading into this specific print, Wall Street's estimate of roughly $0.15 diluted EPS is actually down ~21% year-over-year versus the $0.19 adjusted EPS posted in Q4 FY2025 — a reminder that comps get tougher and that reported GAAP EPS in the year-ago quarter was distorted by non-recurring items.
Through the first three quarters of fiscal 2026, News Corp has posted: - Revenue: $6.69 billion, up 5% vs. $6.34 billion in the prior-year period - Total Segment EBITDA: $1.20 billion, up 10% vs. $1.09 billion - Net income from continuing operations: $513 million (vs. $562 million prior year, which had benefited from favorable "Other, net" items)
In Q3 specifically, total revenues were $2.19 billion, a 9% increase compared to $2.01 billion in the prior year period... Net income from continuing operations in the quarter was $121 million, a 13% increase... Third quarter Total Segment EBITDA was $343 million, an 18% increase. Management explicitly guided for continued strength: At Dow Jones, we expect continued strong revenue performance and improved margins... At Book Publishing, overall HarperCollins trends remain favorable, and we expect to benefit from a stronger frontlist program.
Dow Jones — The clear growth engine. Q3 revenue rose 8% to $619 million and segment EBITDA expanded by 11% to $147 million, with our margin expanding by 70 basis points compared to a year earlier to 23.7%, marking 13 consecutive quarters of year-over-year EBITDA growth for Dow Jones. Risk & Compliance (+19% in Q3) and Dow Jones Energy (+12%) remain the standout drivers, and management laid out at the March Investor Day a clear path for Dow Jones to reach $1 billion in annual segment EBITDA within the next 5 years. Watch for continued ARPU gains from WSJ price increases — raising the full price rate for the Wall Street Journal digital subscription to $44.99 for new customers — and management had flagged we anticipate that net additions will be notably higher in the fourth quarter, driven by growth in enterprise partnerships.
Digital Real Estate Services (REA Group / Move/Realtor.com) — Q3 was strong, with segment EBITDA surging 25% year-over-year, while the margin widened from 30.5% to 32.8%. Realtor.com revenue rose 10% even as the 30-year mortgage rate has generally remained above 6% and existing house sales were near historic lows, with realtor.com significantly outpacing competitors on engagement metrics. However, investors should note a fresher headwind: recent housing data show Australian home prices falling by the most since 2022 and New Zealand's market at a multi-decade low, which could pressure REA Group's core Australian listings growth after a solid Q3 (national buy listings +1%, April data +19%). Note REA Group reports its own FY26 results the day after News Corp, on August 6, so some detail will only firm up post-print.
Book Publishing (HarperCollins) — Momentum has been unusually strong for a typically slower-growth segment: Q3 EBITDA rose 14% to the highest third quarter segment EBITDA since fiscal 2021, fueled by the Rachel Reid "Heated Rivalry" franchise. Q4 comps get harder given a weak prior-year Q4 (revenue -4%, EBITDA -12%), but a stronger frontlist — including J.D. Vance's Communion and titles from Ann Patchett — should help.
News Media — The laggard. Q3 EBITDA fell $18 million as the decline in EBITDA reflected modestly tougher trading conditions in Australia and the U.K. and more significantly, the launch cost of the California Post. Management called the investment "not an extravagant investment, but an investment nonetheless" and guided that Q4 would see some incremental costs compared to the prior year related to the rollout of the California Post, but should also see some benefits from new content licensing revenues. A potential tailwind: the World Cup, which management said should benefit talkSPORT, which, like our other London-based media, will certainly benefit if England wins the ultimate prize.
Two themes have dominated recent quarters and will likely again be central to the Q4 discussion:
AI as a revenue driver. Management continues to frame News Corp as an "AI inputs company." Thomson noted the recent deal with Meta, which complements our partnership with OpenAI, and that the company expects to receive our fair share of the proceeds of the $1.5 billion settlement with Anthropic starting later this calendar year. Investors should listen for updates on the pace and magnitude of new licensing deals, as management indicated there will be substantial deals with the larger horizontal AI companies and then multiple meaningful agreements with specialist verticals, as well as any commentary on litigation against unauthorized scrapers (e.g., Perplexity).
Capital returns. The buyback has been accelerating all year — repurchases were $193 million in the third quarter, up from $172 million in the second quarter, bringing fiscal year-to-date repurchases to $459 million — and management has been explicit that we believe our stock remains materially undervalued relative to its net asset value. Daily ASX buyback notifications have continued right up to the print (through August 3), suggesting the pace has not slowed. Watch for the full-year repurchase tally, any increase to authorization, and dividend commentary (the company has been paying semi-annual dividends of $0.10/share).
Heading into fiscal Q4/full-year 2026 results, News Corp arrives with strong underlying momentum — accelerating EBITDA growth, expanding margins across its three core growth pillars (Dow Jones, Digital Real Estate, Book Publishing), and a well-telegraphed AI licensing tailwind. The main swing factors for the print are whether Dow Jones can sustain its double-digit Risk & Compliance/Energy growth, whether Realtor.com/REA can hold up against a softening housing backdrop in both the U.S. and Australia, and how much longer the California Post investment weighs on News Media profitability. With the stock already up sharply off its 2026 lows into the print, expectations are elevated, and the market's reaction may hinge as much on forward commentary on AI deal-making and capital return plans as on the historical Q4 numbers themselves.