REVENUES

9 Months Ended

Mar. 31, 2025

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 nine months ended March 31, 2025 and 2024:

	For the three months ended March 31, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	478	$	1	$	—	$	276	$	—	$	755
Advertising	86		36		—		186		—		308
Consumer	—		—		492		—		—		492
Real estate	—		318		—		—		—		318
Other	11		51		22		52		—		136
Total Revenues	$	575	$	406	$	514	$	514	$	—	$	2,009

	For the three months ended March 31, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	445	$	3	$	—	$	286	$	—	$	734
Advertising	86		32		—		205		—		323
Consumer	—		—		484		—		—		484
Real estate	—		301		—		—		—		301
Other	13		52		22		65		—		152
Total Revenues	$	544	$	388	$	506	$	556	$	—	$	1,994

	For the nine months ended March 31, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,398	$	5	$	—	$	840	$	—	$	2,243
Advertising	292		109		—		613		—		1,014
Consumer	—		—		1,585		—		—		1,585
Real estate	—		1,052		—		—		—		1,052
Other	37		170		70		172		—		449
Total Revenues	$	1,727	$	1,336	$	1,655	$	1,625	$	—	$	6,343

	For the nine months ended March 31, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,322	$	8	$	—	$	853	$	—	$	2,183
Advertising	303		99		—		644		—		1,046
Consumer	—		—		1,513		—		—		1,513
Real estate	—		939		—		—		—		939
Other	40		164		68		207		—		479
Total Revenues	$	1,665	$	1,210	$	1,581	$	1,704	$	—	$	6,160

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 nine months ended March 31, 2025 and 2024:

	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	431	$	446	$	483	$	554
Deferral of revenue	807		740		2,404		2,136
Recognition of deferred revenue(a)	(740)		(694)		(2,385)		(2,201)
Other	3		(8)		(1)		(5)
Balance, end of period	$	501	$	484	$	501	$	484

(a)For the three and nine months ended March 31, 2025, the Company recognized $178 million and $428 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2024, the Company recognized $153 million and $498 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of March 31, 2025 and 2024.

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 nine months ended March 31, 2025, the Company recognized approximately $112 million and $334 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 March 31, 2025 was approximately $1,184 million, of which approximately $126 million is expected to be recognized over the remainder of fiscal 2025, $405 million is expected to be recognized in fiscal 2026 and $272 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.