REVENUES

9 Months Ended

Mar. 31, 2026

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, 2026 and 2025:

	For the three months ended March 31, 2026
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	511	$	2	$	—	$	296	$	—	$	809
Advertising	91		40		—		191		—		322
Consumer	—		—		530		—		—		530
Real estate	—		365		—		—		—		365
Other	17		66		25		51		—		159
Total Revenues	$	619	$	473	$	555	$	538	$	—	$	2,185

	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 nine months ended March 31, 2026
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,499	$	6	$	—	$	878	$	—	$	2,383
Advertising	309		121		—		598		—		1,028
Consumer	—		—		1,647		—		—		1,647
Real estate	—		1,136		—		—		—		1,136
Other	45		200		75		177		—		497
Total Revenues	$	1,853	$	1,463	$	1,722	$	1,653	$	—	$	6,691

	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

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, 2026 and 2025:

	For the three months ended March 31,				For the nine months ended March 31,
	2026		2025		2026		2025
	(in millions)
Balance, beginning of period	$	474	$	431	$	498	$	483
Deferral of revenue	904		807		2,527		2,404
Recognition of deferred revenue(a)	(815)		(740)		(2,460)		(2,385)
Other	(7)		3		(9)		(1)
Balance, end of period	$	556	$	501	$	556	$	501

(a)For the three and nine months ended March 31, 2026, the Company recognized $206 million and $449 million, respectively, of revenue which was included in the opening deferred revenue balance. 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.

The Company had contract assets of $83 million and $52 million as of March 31, 2026 and 2025, 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 nine months ended March 31, 2026, the Company recognized approximately $123 million and $335 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, 2026 was approximately $1,288 million, of which approximately $134 million is expected to be recognized over the remainder of fiscal 2026, $438 million is expected to be recognized in fiscal 2027 and $246 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.