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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 | $9.32B | $9.7B | $10.11B |
| Cost of revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross profit | $9.36B | $10.39B | $8.01B | $8.25B | $8.45B | $9.02B | $9.1B | $9.44B | $9.98B |
| Gross margin | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +101.15% | +97.60% | +97.31% | +98.77% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $3.25B | $3.59B | $3.01B | $3.2B | $3.3B | $3.37B | $3.67B | $3.72B | $3.95B |
| Total operating expenses | $8.77B | $9.4B | $7.34B | $7.45B | $7.5B | $7.95B | $8.61B | $8.5B | $9.36B |
| Operating income | $593M | $981M | $674M | $801M | $956M | $873.99M | $924.2M | $948.38M | $1.02B |
| Operating margin | +6.34% | +9.45% | +8.41% | +9.71% | +11.31% | +9.80% | +9.92% | +9.78% | +10.07% |
| EBITDA | $1.18B | $1.6B | $1.09B | $1.24B | $1.42B | $1.38B | $1.37B | $1.43B | $1.54B |
| EBIT | $503M | $911M | $674M | $801M | $956M | $880.97M | $926.58M | $935.81M | $990.74M |
| Below the line | |||||||||
| Interest expense | $53M | $99M | $84M | $35M | $10M | $46.4M | $50.43M | $51.77M | $54.14M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$143M | -$169M | -$294M | -$216M | -$33M | — | — | — | — |
| Pre-tax income | $450M | $812M | $380M | $585M | $923M | $669.65M | $727.67M | $736.42M | $757.88M |
| Income tax expense | $61M | $52M | $152M | $206M | $275M | $237.84M | $243.77M | $251.07M | $268.1M |
| Earnings | |||||||||
| Net income | $330M | $623M | $149M | $266M | $1.18B | $571.79M | $586.05M | $623.22M | $634.63M |
| Net income · continuing ops | $389M | $760M | $228M | $379M | $648M | $456.37M | $475.41M | $492.46M | $497.59M |
| Net margin | +3.53% | +6.00% | +1.86% | +3.22% | +13.96% | +6.41% | +6.29% | +6.42% | +6.28% |
| EPS · basic | $0.56 | $1.06 | $0.26 | $0.47 | $2.08 | $1.08 | $1.26 | $1.48 | $1.57 |
| EPS · diluted | $0.56 | $1.05 | $0.26 | $0.46 | $2.07 | $1.06 | $1.27 | $1.48 | $1.58 |
| EPS · low estimate | — | — | — | — | — | $0.94 | $1.08 | $1.27 | $1.53 |
| EPS · high estimate | — | — | — | — | — | $1.14 | $1.51 | $1.73 | $1.61 |
| Shares · basic | 590.4M | 592.5M | 576.4M | 571.2M | 567.7M | 562.93M | 571.46M | 567.99M | 565.71M |
| Shares · diluted | 593.4M | 592.5M | 578.8M | 573.5M | 569.9M | 568.92M | 568.6M | 575.26M | 575.49M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 11 | 8 |
| Analysts (EPS) | — | — | — | — | — | 4 | 4 | 5 | 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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