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Arphra AIPlain-English read on News Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $9.36B | $10.39B | $8.01B | $8.25B | $8.45B | $8.92B | $9.33B | $9.71B | $10.11B |
| Cost of revenue | $4.78B | $5.08B | $3.89B | $3.78B | $3.7B | $4.1B | $4.31B | $4.37B | $4.65B |
| Gross profit | $4.58B | $5.31B | $4.13B | $4.47B | $4.75B | $4.9B | $5.02B | $5.3B | $5.42B |
| Gross margin | +48.93% | +51.12% | +51.50% | +54.16% | +56.19% | +54.99% | +53.78% | +54.53% | +53.59% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $3.3B | $1.2B | $1.19B | $1.27B | $1.32B |
| Total operating expenses | $3.29B | $3.63B | $3.03B | $3.25B | $3.33B | $3.43B | $3.63B | $3.69B | $3.83B |
| Operating income | $1.29B | $1.68B | $1.09B | $1.22B | $1.42B | $1.34B | $1.44B | $1.49B | $1.49B |
| Operating margin | +13.74% | +16.19% | +13.64% | +14.81% | +16.74% | +15.03% | +15.49% | +15.34% | +14.78% |
| EBITDA | $1.04B | $1.42B | $878M | $970M | $1.13B | $1.38B | $1.42B | $1.42B | $1.49B |
| EBIT | $606M | $993M | $678M | $782M | $956M | $868.01M | $905.25M | $930.32M | $1.01B |
| Below the line | |||||||||
| Interest expense | $37M | $105M | $84M | $85M | $10M | $65.68M | $66.6M | $72.32M | $73.75M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$836M | -$869M | -$713M | -$637M | -$492M | — | — | — | — |
| Pre-tax income | $450M | $812M | $380M | $585M | $923M | $690.57M | $725.54M | $748.43M | $773.5M |
| Income tax expense | $61M | $52M | $152M | $206M | $275M | $239.23M | $254.14M | $263.43M | $261.7M |
| Earnings | |||||||||
| Net income | $330M | $623M | $149M | $266M | $464M | $320.8M | $335.88M | $346.51M | $353.39M |
| Net income · continuing ops | $389M | $760M | $228M | $379M | $648M | $441.36M | $482.02M | $499.2M | $515.33M |
| Net margin | +3.53% | +6.00% | +1.86% | +3.22% | +5.49% | +3.60% | +3.60% | +3.57% | +3.50% |
| EPS · basic | $0.56 | $1.06 | $0.26 | $0.47 | $0.82 | $1.05 | $1.28 | $1.50 | $1.60 |
| EPS · diluted | $0.56 | $1.05 | $0.26 | $0.47 | $0.81 | $1.06 | $1.27 | $1.48 | $1.58 |
| EPS · low estimate | — | — | — | — | — | $0.90 | $1.13 | $1.45 | $1.54 |
| EPS · high estimate | — | — | — | — | — | $1.21 | $1.40 | $1.50 | $1.60 |
| Shares · basic | 590.4M | 589.5M | 576.4M | 571.2M | 567.7M | 571.61M | 572.77M | 566.72M | 569.69M |
| Shares · diluted | 593.4M | 592.5M | 578.8M | 573.5M | 569.9M | 566.24M | 569.92M | 573.99M | 568.08M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 5 | 3 |
| Analysts (EPS) | — | — | — | — | — | 3 | 3 | 1 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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