REVENUES

6 Months Ended

Dec. 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 six months ended December 31, 2025 and 2024:

	For the three months ended December 31, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	497	$	2	$	—	$	293	$	—	$	792
Advertising	133		40		—		216		—		389
Consumer	—		—		607		—		—		607
Real estate	—		401		—		—		—		401
Other	18		68		26		61		—		173
Total Revenues	$	648	$	511	$	633	$	570	$	—	$	2,362

	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 six months ended December 31, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	988	$	4	$	—	$	582	$	—	$	1,574
Advertising	218		81		—		407		—		706
Consumer	—		—		1,117		—		—		1,117
Real estate	—		771		—		—		—		771
Other	28		134		50		126		—		338
Total Revenues	$	1,234	$	990	$	1,167	$	1,115	$	—	$	4,506

	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

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, 2025 and 2024:

	For the three months ended December 31,				For the six months ended December 31,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	504	$	488	$	498	$	483
Deferral of revenue	814		810		1,623		1,597
Recognition of deferred revenue(a)	(844)		(855)		(1,645)		(1,645)
Other	—		(12)		(2)		(4)
Balance, end of period	$	474	$	431	$	474	$	431

(a)For the three and six months ended December 31, 2025, the Company recognized $222 million and $389 million, respectively, of revenue which was included in the opening deferred revenue balance. 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.

The Company had contract assets of $72 million and $37 million as of December 31, 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 and six months ended December 31, 2025, the Company recognized approximately $105 million and $212 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, 2025 was approximately $1,110 million, of which approximately $235 million is expected to be recognized over the remainder of fiscal 2026, $355 million is expected to be recognized in fiscal 2027 and $172 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.