REVENUES

12 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 4. REVENUES

Disaggregated Revenue

The following tables present the Company’s disaggregated revenues by type and segment for the fiscal years ended June 30, 2026, 2025 and 2024:

	For the fiscal year ended June 30, 2026
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	2,020	$	8	$	—	$	1,175	$	3,203
Advertising	418		169		—		804		1,391
Consumer	—		—		2,185		—		2,185
Real estate	—		1,571		—		—		1,571
Other	59		268		103		248		678
Total Revenues	$	2,497	$	2,016	$	2,288	$	2,227	$	9,028

	For the fiscal year ended June 30, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,884	$	7	$	—	$	1,118	$	3,009
Advertising	396		151		—		820		1,367
Consumer	—		—		2,047		—		2,047
Real estate	—		1,410		—		—		1,410
Other	51		234		102		232		619
Total Revenues	$	2,331	$	1,802	$	2,149	$	2,170	$	8,452

	For the fiscal year ended June 30, 2024
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	1,771	$	10	$	—	$	1,128	$	2,909
Advertising	405		136		—		859		1,400
Consumer	—		—		2,000		—		2,000
Real estate	—		1,284		—		—		1,284
Other	55		228		93		283		659
Total Revenues	$	2,231	$	1,658	$	2,093	$	2,270	$	8,252

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 fiscal years ended June 30, 2026 and 2025:

	For the fiscal years ended June 30,
	2026		2025
	(in millions)
Beginning balance	$	498	$	483
Deferral of revenue	3,278		3,198
Recognition of deferred revenue(a)	(3,229)		(3,197)
Other	(4)		14
Ending balance	$	543	$	498

(a)For the fiscal years ended June 30, 2026 and 2025, the Company recognized approximately $473 million and $451 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $73 million and $53 million as of June 30, 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.

During the fiscal year ended June 30, 2026, the Company recognized approximately $447 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 June 30, 2026 was approximately $1,259 million, of which approximately $487 million is expected to be recognized in fiscal 2027, $283 million is expected to be recognized in fiscal 2028 and $181 million is expected to be recognized in fiscal 2029, 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.