REVENUES

3 Months Ended

Sep. 30, 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 months ended September 30, 2025 and 2024:

	For the three months ended September 30, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	491	$	2	$	—	$	289	$	—	$	782
Advertising	85		41		—		191		—		317
Consumer	—		—		510		—		—		510
Real estate	—		370		—		—		—		370
Other	10		66		24		65		—		165
Total Revenues	$	586	$	479	$	534	$	545	$	—	$	2,144

	For the three months ended September 30, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	459	$	2	$	—	$	282	$	—	$	743
Advertising	85		38		—		198		—		321
Consumer	—		—		521		—		—		521
Real estate	—		357		—		—		—		357
Other	8		60		25		61		—		154
Total Revenues	$	552	$	457	$	546	$	541	$	—	$	2,096

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 months ended September 30, 2025 and 2024:

	For the three months ended September 30,
	2025		2024
	(in millions)
Balance, beginning of period	$	498	$	483
Deferral of revenue	809		787
Recognition of deferred revenue(a)	(801)		(790)
Other	(2)		8
Balance, end of period	$	504	$	488

(a)For the three months ended September 30, 2025 and 2024, the Company recognized $292 million and $277 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $57 million and $20 million as of September 30, 2025 and 2024, respectively.

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 the consideration is received within twelve months or less of the transfer of the good or service.

For the three months ended September 30, 2025, the Company recognized approximately $107 million 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 September 30, 2025 was approximately $1,114 million, of which approximately $362 million is expected to be recognized over the remainder of fiscal 2026, $318 million is expected to be recognized in fiscal 2027 and $142 million is expected to be recognized in fiscal 2028, 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.