REVENUES

3 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 2. REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2026 and 2025:

	For the three months ended September 30, 2026
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	524	$	2	$	—	$	297	$	823
Advertising	93		43		—		187		323
Consumer	—		—		556		—		556
Real estate	—		418		—		—		418
Other	13		66		26		56		161
Total Revenues	$	630	$	529	$	582	$	540	$	2,281

	For the three months ended September 30, 2025
	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		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

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, 2026 and 2025:

	For the three months ended September 30,
	2026		2025
	(in millions)
Balance, beginning of period	$	543	$	498
Deferral of revenue	801		809
Recognition of deferred revenue(a)	(802)		(801)
Other	4		(2)
Balance, end of period	$	546	$	504

(a)For the three months ended September 30, 2026 and 2025, the Company recognized $331 million and $292 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $78 million and $57 million as of September 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.

For the three months ended September 30, 2026, the Company recognized approximately $115 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, 2026 was approximately $1,193 million, of which approximately $368 million is expected to be recognized over the remainder of fiscal 2027, $312 million is expected to be recognized in fiscal 2028 and $200 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.