News Corporation-B 2026 Quarter Report

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company,or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2of theExchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Exchange Act). Yes☐No☒ As of January30, 2026, 370,225,794 shares of ClassA Common Stock and185,152,266shares of ClassB Common Stock were outstanding. Table of Contents NEWS CORPORATIONFORM 10-QTABLE OF CONTENTS Part I. Financial Information Item 1. Financial StatementsConsolidated Statements of Operations for the three and six months ended December 31, 2025 and 2024(unaudited)2Consolidated Statements of Comprehensive Income(Loss)for the three and six months ended December 31, 2025and 2024(unaudited)3Consolidated Balance Sheets as of December 31, 2025 (unaudited) and June30, 2025 (audited)4Consolidated Statements of Cash Flows for the six months ended December 31, 2025 and 2024 (unaudited)5 PART I NEWS CORPORATION The accompanying notes are an integral part of these unaudited consolidated financial statements. The accompanying notes are an integral part of these unaudited consolidated financial statements. NEWS CORPORATIONNOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a globaldiversified media and information services company comprised of businesses across a range of media, including: information services Basis of Presentation The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “ConsolidatedFinancial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States ofAmerica (“GAAP”) for interim financial information and with the instructions to Form10-Qand Article 10 of RegulationS-X. In theopinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significantinfluence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments inwhich the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readilydeterminable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheetsare referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidatedfinancial statements and notes thereto included in the Company’s Annual Report on Form10-Kfor the fiscal year ended June30, 2025 The Company’s fiscal year ends on the Sunday closest to June30. Fiscal 2026 and fiscal 2025 include 52 weeks. All references to thethree and six months ended December31, 2025 and 2024 relate to the three and six months ended December28, 2025 andDecember29, 2024, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as Recently Issued Accounting Pronouncements Issued In December 2023, the FASB issued ASU 2023-09,Income Taxes (Topic 740): Improvements to Income Tax Disclosures(“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations aswell as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certaindisclosures currently required under Topic 740. ASU 2023-09 is effective for the Company’s annual reporting periods beginning on In November 2024, the FASB issued ASU 2024-03,Income Statement—Reporting Comprehensive Income—Expense DisaggregationDisclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses(“ASU 2024-03”). The amendments in ASU 2024-03require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company’s NEWS CORPORATIONNOTES TO THE U