REVENUES

6 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3. REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2024 and 2023:

	For the three months ended December 31, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	461	$	2	$	—	$	282	$	—	$	745
Advertising	121		35		—		229		—		385
Consumer	—		—		572		—		—		572
Real estate	—		377		—		—		—		377
Other	18		59		23		59		—		159
Total Revenues	$	600	$	473	$	595	$	570	$	—	$	2,238

	For the three months ended December 31, 2023
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	441	$	2	$	—	$	282	$	—	$	725
Advertising	126		32		—		233		—		391
Consumer	—		—		527		—		—		527
Real estate	—		327		—		—		—		327
Other	17		58		23		67		—		165
Total Revenues	$	584	$	419	$	550	$	582	$	—	$	2,135

	For the six months ended December 31, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	920	$	4	$	—	$	564	$	—	$	1,488
Advertising	206		73		—		427		—		706
Consumer	—		—		1,093		—		—		1,093
Real estate	—		734		—		—		—		734
Other	26		119		48		120		—		313
Total Revenues	$	1,152	$	930	$	1,141	$	1,111	$	—	$	4,334

	For the six months ended December 31, 2023
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	877	$	5	$	—	$	567	$	—	$	1,449
Advertising	217		67		—		439		—		723
Consumer	—		—		1,029		—		—		1,029
Real estate	—		638		—		—		—		638
Other	27		112		46		142		—		327
Total Revenues	$	1,121	$	822	$	1,075	$	1,148	$	—	$	4,166

Contract Liabilities and Assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2024 and 2023:

	For the three months ended December 31,				For the six months ended December 31,
	2024		2023		2024		2023
	(in millions)
Balance, beginning of period	$	488	$	556	$	483	$	554
Deferral of revenue	810		637		1,597		1,396
Recognition of deferred revenue(a)	(855)		(754)		(1,645)		(1,507)
Other	(12)		7		(4)		3
Balance, end of period	$	431	$	446	$	431	$	446

(a)For the three and six months ended December 31, 2024, the Company recognized $205 million and $378 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2023, the Company recognized $266 million and $435 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of December 31, 2024 and 2023.

Other Revenue Disclosures

The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service.

For the three and six months ended December 31, 2024, the Company recognized approximately $110 million and $222 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of December 31, 2024 was approximately $1,258 million, of which approximately $256 million is expected to be recognized over the remainder of fiscal 2025, $378 million is expected to be recognized in fiscal 2026 and $254 million is expected to be recognized in fiscal 2027, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606, Revenue from Contracts with Customers.