Leases

12 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

LEASES

Lessee Arrangements

The following amounts were recorded in the Company’s Balance Sheets relating to its operating leases and other supplemental information:

	As of June 30,
	2026			2025
	(in millions)
ROU assets	$	851		$	814
Lease liabilities
Current lease liabilities	$	45		$	41
Non-current lease liabilities	917			822
Total lease liabilities	$	962		$	863
Other supplemental information
Weighted average remaining lease term	14 Years			15 years
Weighted average discount rate	5		%	5		%

The following table presents information about the Company’s lease costs and supplemental cash flows information for leases:

	For the years ended June 30,
	2026		2025		2024
	(in millions)
Lease costs
Total lease costs(a)	$	146	$	146	$	147
Supplemental cash flows information
Operating cash flows from operating leases	$	82	$	125	$	126
ROU assets obtained in exchange for operating lease liabilities	$	147	$	19	$	36

(a) Total lease costs for fiscal 2026, 2025 and 2024 are net of sublease income of approximately $5 million, $15 million and $15 million, respectively.

The following table presents the lease payments relating to the Company’s operating leases:

	As of June 30, 2026
	(in millions)
Fiscal Year
2027	$	81
2028	112
2029	106
2030	95
2031	84
Thereafter	948
Total lease payments	1,426
Less: imputed interest	(464)
Present value of operating lease liabilities	$	962

Lessor Arrangements

The Company’s lessor arrangements primarily relate to its owned production and office facilities at the FOX Studio Lot, which is located in Los Angeles, California. In fiscal 2026 and 2025, the Company leased production and office space on the FOX Studio Lot, which was predominantly utilized by The Walt Disney Company (“Disney”) until March of 2026.

The Company recorded total lease income for fiscal 2026, 2025 and 2024 of approximately $25 million, $45 million and $55 million, respectively, which is included in Revenues in the Statements of Operations. The Company recognizes lease payments for operating leases as revenue on a straight-line basis over the lease term and variable lease payments as revenue in the period incurred.

Leases

LEASES

Lessee Arrangements

The following amounts were recorded in the Company’s Balance Sheets relating to its operating leases and other supplemental information:

	As of June 30,
	2026			2025
	(in millions)
ROU assets	$	851		$	814
Lease liabilities
Current lease liabilities	$	45		$	41
Non-current lease liabilities	917			822
Total lease liabilities	$	962		$	863
Other supplemental information
Weighted average remaining lease term	14 Years			15 years
Weighted average discount rate	5		%	5		%

The following table presents information about the Company’s lease costs and supplemental cash flows information for leases:

	For the years ended June 30,
	2026		2025		2024
	(in millions)
Lease costs
Total lease costs(a)	$	146	$	146	$	147
Supplemental cash flows information
Operating cash flows from operating leases	$	82	$	125	$	126
ROU assets obtained in exchange for operating lease liabilities	$	147	$	19	$	36

(a) Total lease costs for fiscal 2026, 2025 and 2024 are net of sublease income of approximately $5 million, $15 million and $15 million, respectively.

The following table presents the lease payments relating to the Company’s operating leases:

	As of June 30, 2026
	(in millions)
Fiscal Year
2027	$	81
2028	112
2029	106
2030	95
2031	84
Thereafter	948
Total lease payments	1,426
Less: imputed interest	(464)
Present value of operating lease liabilities	$	962

Lessor Arrangements

The Company’s lessor arrangements primarily relate to its owned production and office facilities at the FOX Studio Lot, which is located in Los Angeles, California. In fiscal 2026 and 2025, the Company leased production and office space on the FOX Studio Lot, which was predominantly utilized by The Walt Disney Company (“Disney”) until March of 2026.

The Company recorded total lease income for fiscal 2026, 2025 and 2024 of approximately $25 million, $45 million and $55 million, respectively, which is included in Revenues in the Statements of Operations. The Company recognizes lease payments for operating leases as revenue on a straight-line basis over the lease term and variable lease payments as revenue in the period incurred.