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Key Takeaways Initial Jobless Claims Lower Slightly to 209KHousing Starts & Building Permits Were Up, All on Multi-FamilyPhilly Fed Slips to Negative First Time in 2026WMT Beats by a Penny; AAP, WSM Also Outperform Thursday, May 21st, 2026

It’s a big morning for data ahead of the stock market open today. Employment, housing and manufacturing data join key earnings reports as investors sort through the importance of higher bond yields and whether a peace agreement is really forthcoming from the Iran War. Early trading is in the red by -0.30% (Dow) to -0.66% (Russell 2000).

Jobless Claims Steadily Lower: 209K, 1.78M
Like any normal Thursday morning, Weekly Jobless Claims are hitting the tape today. Initial Jobless Claims ticked down to +209K from a slightly upwardly revised +212K the prior week. These remain on the low side of the range going back to Labor Day of last year — +259K — and late April’s multi-decade low of +190K.

Continuing Claims bumped up a tad, but to the exact headline numbers we saw last week: +1.782 million. The previous week was adjusted downward to 1.776 million, and is now the fourth-straight sub-1.8 million print. This is the first such stretch at these low levels in two years.

Housing Starts/Building Permits Improve in April
New Housing Starts for April came in nicely ahead of expectations: +1.465 million seasonally adjusted, annualized units versus +1.42 million anticipated. That said, it’s still the softest month since February; the March revision improved slightly to +1.507 million. Building Permits, conversely, posted its best headline since February: +1.442 million, versus +1.39 million analysts were looking for.

However, the breakdown among different styles of homebuilding is key: all of the gains last month came on the Multi-family side; Single-family homes slid -9% on new starts, -5.5% on permits. Multi-family, on the other hand, rose +14.3% on new starts and +11.5% on permits. High mortgage rates are keeping demand lower for single-family homes; multi-family is ratcheting up production from its lowest levels since 2011.

Philly Fed Slips to Negative in MayThe May Philly Fed Manufacturing Index is also out this morning. It’s the first negative print of 2026, -0.4%, and below expectations for +19.0. This follows the strongest month since January of 2025 at an unrevised +26.7. Prices paid came down for the month as well, which is something of a deflationary point, while business owners in the country’s 6th biggest city (Philadelphia) see business conditions improving six months from now.
 

Q1 Earnings at a Glance: WMT, AAP
Walmart (WMT - Free Report) posted Q1 results this morning, slightly outpacing earnings results by a penny to $0.66 per share, on $177.75 billion in revenues which improved on the Zacks consensus by +1.83% and the year-ago tally of $165.6 billion. Shares are down -3.5% ahead of the opening bell, dialing back some of the biggest-of-the-Big-Box-retailer’s gains of +17.5% year to date. Guidance was a tad shaky, taking higher fuel costs into account. For more on WMT’s earnings, click here.

Advance Auto Parts (AAP - Free Report) posted a big earnings surprise in its Q1 report this morning: +97% to $0.77 per share (the Zacks consensus had been $0.39). The company also posted its best sales growth in five years to $2.61 billion, a +2.08% positive surprise above expectations. AAP’s margin recovery turnaround plan appears on-point from this vista. For more on AAP’s earnings, click here.

Williams-Sonoma (WSM - Free Report) shares are up +3% on its Q1 earnings release ahead of the open: earnings of $1.93 per share easily surpassed the $1.80 analysts were expecting, while revenues of $1.81 billion narrowly bettered the $1.80 billion in the Zacks consensus. Comps rose +4.8%, with revenue growth leading at its West Elm stores: +8.5%. Shares are up modestly year to date, but off its all-time highs back in February of this year.

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Management also pointed to gains from merchandising initiatives, stronger parts availability and customer engagement efforts, while signaling caution around consumer spending pressure, elevated gas prices and geopolitical uncertainty.

Quarterly DetailsThe company reported first-quarter adjusted earnings per share of 77 cents, beating the analyst consensus estimate of 45 cents. Quarterly sales of $2.614 billion outpaced the Street view of $2.579 billion.

First-quarter 2025 net sales included approximately $51 million from stores closed during the first quarter of 2025 under the company's optimization program tied to its 2024 restructuring plan.

Comparable-store sales increased 3.5% in the first quarter of 2026.

Adjusted gross profit rose to $1.2 billion in the first quarter from $1.1 billion a year earlier, while adjusted gross margin expanded to 45.1% of net sales from 42.9%.

The margin expansion was primarily driven by higher product margins supported by merchandising initiatives.

Results also benefited from cycling approximately 90 basis points of atypical margin headwinds tied to the store optimization program under the company's 2024 restructuring plan.

Adjusted operating income for the first quarter of 2026 was $99 million, compared with a loss of $8 million in the prior-year quarter, while adjusted operating margin was 3.8% of net sales, versus a negative 0.3% in the first quarter of 2025.

Short InterestAdvance Auto Parts (NYSE:AAP) currently has a short interest of approximately 29.79% of its basic outstanding shares, according to Benzinga Pro data.

This represents roughly 11.55 million shares sold short, making it one of the most heavily shorted stocks in its sector as investors weigh its ongoing business turnaround.

Conference Call TakeawaysThe company said merchandising initiatives, expanded assortment availability and stronger customer service helped drive higher transaction volumes across both Pro and DIY channels.

Management highlighted strong early traction from its ARGOS-owned-brand rollout and newly launched Advance Rewards loyalty program, which boosted customer engagement and transaction counts.

Advance Auto said it is closely monitoring consumer spending trends, elevated gas prices and broader geopolitical volatility that could pressure demand and supply-chain costs in the coming quarters.

The company added that recent tariff regulations have not changed its inflation expectations, while ongoing investments in supply chain operations, market hubs and store upgrades are expected to support long-term growth.

DividendOn May 19, the company declared a regular cash dividend of 25 cents per share to be paid on July 24, 2026, to all common stockholders of record as of July 10, 2026.

OutlookAdvance Auto Parts affirmed fiscal 2026 adjusted EPS guidance of $2.40 to $3.10, compared with the analyst estimate of $2.76.

The company also maintained its fiscal 2026 sales outlook of $8.485 billion to $8.575 billion versus the Street estimate of $8.556 billion.

AAP Price Action: Advance Auto Parts shares were up 18.53% at $60.73 at the time of publication on Thursday, according to Benzinga Pro data.

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Advance Auto Parts (AAP +0.43%) stock soared on Thursday after the company posted much better-than-expected earnings in the first quarter. The company's share price closed out the daily session up 14.5% and had been up as much as 21.4% earlier in trading.

Advance Auto published its Q1 results before the market opened this morning and posted sales and earnings for the period that beat Wall Street's expectations. With the benefit of today's valuation pop, the stock is now up roughly 49% across 2026's trading.

Image source: Getty Images.

Advance Auto crushed Q1 profit expectations Advance Auto recorded non-GAAP (adjusted) earnings per share of $0.77 on sales of $2.61 billion in the first quarter, beating the average analyst estimate's call for a per-share profit of $0.44 on sales of $2.57 billion. Even though year-over-year sales growth came in at a modest 1.2%, the sales performance was better than expected -- and margins for the quarter crushed Wall Street's expectations.

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What's next for Advance Auto Parts? With its Q1 report, Advance Auto reiterated guidance for full-year sales of roughly $8.5 billion and comparable sales growth between 1% and 2%. The company also said that it expected an adjusted operating income margin between 3.8% and 4.5%.

Meanwhile, adjusted earnings per share are projected to be between $2.40 and $3.10, and free cash flow for the year is projected to come in at roughly $100 million. Even though the company didn't issue big upward guidance revisions, Advance Auto's strong Q1 results have boosted investors' expectations for outperformance this year.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Advance Auto Parts Inc. (NYSE:AAP) on Thursday posted stronger-than-expected quarterly results.

The company reported first-quarter adjusted earnings per share of 77 cents, beating the analyst consensus estimate of 45 cents. Quarterly sales of $2.614 billion outpaced the Street view of $2.579 billion.

Advance Auto Parts affirmed fiscal 2026 adjusted EPS guidance of $2.40 to $3.10, compared with the analyst estimate of $2.76. The company also maintained its fiscal 2026 sales outlook of $8.485 billion to $8.575 billion versus the Street estimate of $8.556 billion.

Advance Auto Parts shares fell 1% to trade at $58.04 on Friday.

These analysts made changes to their price targets on Advance Auto Parts following earnings announcement.

Considering buying AAP stock? Here’s what analysts think:

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Advance Auto Parts (AAP +0.43%) is a value stock opportunity. Then again, it's been that way for over a decade. The fundamental case for the stock remains the same: improve operational performance to levels close to those of peers like O'Reilly Automotive and AutoZone, and the upside potential is massive. Unfortunately, that's proven easier said than done over the years. However, based on recent evidence, CEO Shane O'Kelly is making progress, and that's why the stock rose 22.9% this week.

Advance Auto Parts' turnaround plan O'Kelly's plan involves fundamentally restructuring the company by closing 700 underperforming stores and gradually opening new stores in geographies where it has a strong market position. The recent results saw management confirm its plan to open 40 to 45 stores in 2026.

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Equally importantly, O'Kelly plans for 10 to 15 so-called "market hub" store openings. They represent larger stores with a broader inventory of parts from which it can also serve local stores. The strategy seeks to address the single most important part of the auto parts industry: ensuring the right inventory is available in time for the customer, notably the professional customer in the do-it-for-me (DIFM) market.

CFO Ryan Grimsland noted that the stores in regions with market hubs were performing "about 100 basis points better than markets without that ecosystem". For reference, 100 basis points (bps) equals 1%.

Image source: Getty Images.

Advance Auto Parts advances This week's results confirmed progress on the plan, with comparable same-store sales growth of 3.5% and 410 bps expansion in adjusted operating margin to 3.8% in the quarter. It's good progress and led management to confirm its full-year guidance for earnings per share (EPS) in the range of $2.40 to $3.10.

That said, investors need to keep an eye out for inventory, which rose to $3.82 billion from $3.65 billion in the same quarter last year. The inventory growth and capital expenditures ($300 million planned for 2026) support growth, inventory availability, and the restructuring plan, but at some point, Advance Auto Parts should start improving free cash flow generation. Something to keep an eye out for.

Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, today introduced “Good Parts,” a new brand campaign that heroes and humanizes the qualities of American motorists and Advance’s commitment to get them where they want to be – the good parts of their lives.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260526945751/en/

Advance Auto Parts introduced “Good Parts,” a new brand campaign that heroes and humanizes the qualities of American motorists and Advance’s commitment to get them where they want to be – the good parts of their lives.

The new campaign aligns with the celebration of America’s 250th birthday. Advance’s “Good Parts” campaign is anchored by a 60-second video that emotionally connects the company’s 94-year history to motorists through a nostalgic lens, drawing from familiar life moments and timeless cues highlighting the trips, memories and milestones experienced in America’s modern history.

“Good Parts is a return to our roots and focuses on what matters most in our business: helping people get back on the road quickly and back to their lives,” said Bruce Starnes, Chief Merchandising Officer at Advance Auto Parts. “America is a country built on movement and Advance has been around almost as long as Americans have been driving. We’re proud of our legacy of helping millions of people advance to what matters most to them.”

The campaign launches as Americans prepare for summer travel – a natural inflection point for automobile maintenance needs. Authenticity is the engine of the “Good Parts” campaign, which was shot at eight locations in four cities and includes real motorists.

Advance will air general market and Spanish-language versions of the “Good Parts” video across multiple social media platforms, including Meta, TikTok and Reddit, as well as on YouTube and connected TV, display and search advertising, and audio platforms, including Spotify and Pandora.

“Good Parts” will also greet customers who visit Advance’s more than 4,000 stores across America with nostalgia-inspired exterior signage, in-store signage and point-of-sale materials.

And on May 31, Advance will display “Good Parts” creative in a full paint scheme on the Team Penske No. 12 Ford Mustang Dark Horse piloted by NASCAR Cup Series Champion Ryan Blaney in the Cracker Barrel 400 at Nashville Superspeedway.

As part of the new brand campaign, Advance is introducing a new jingle that translates the company’s commitment to getting customers to the good parts into an auditory signature reflecting three core brand pillars: ease, confidence and forward momentum. The jingle is part of the 60-second video and will air across all media channels and digital touchpoints.

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of April 25, 2026, Advance operated 4,308 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The Company also served 797 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260526945751/en/

Few analysts considered this stock a buy at the start of 2026. The auto parts retailer has seen its stock price jump 44% year to date.

COLB shifts to execution after Pacific Premier deal, with cost saves, integration timing, and deposit discipline key to proving the merger's payoff.

Key Takeaways Columbia Banking raised its dividend 2.8% to 37 cents per share in November 2025, offering a 5% yield.COLB authorized $700M in buybacks, with plans to repurchase $150M-$200M quarterly in 2026.Columbia Banking trades at 9.35X forward P/E, below industry, amid expense and credit pressures. Columbia Banking System (COLB - Free Report) has leaned into shareholder returns while it works through the Pacific Premier integration. The story for income investors is a mix of a higher dividend, a sizable repurchase authorization, and capital ratios that sit above management’s long-term targets.

At the same time, near-term expense pressure and uneven credit costs remain part of the setup. That puts more weight on payout durability, buyback pacing, and what valuation is really offering today.

COLB’s Dividend Level and the Recent IncreaseIn November 2025, Columbia Banking increased its quarterly dividend 2.8% to 37 cents per share, signaling confidence in capital generation even with integration work still underway. 

In the past five years, COLB has increased its dividends three time. It has five year annualized dividend growth rate of 6.51% with a payout ratio of 48%. Currently, COLB carries a dividend yield of 5%, well above several industry peers.  For context, East West Bancorp (EWBC - Free Report) and WaFd, Inc. (WAFD - Free Report) both carry meaningfully lower dividend yields in that same comparison set.  East West Bancorp has dividend yield of 2.7% while WaFd has a dividend yield of 3.1%.

Columbia Banking System, Inc. Dividend Yield (TTM)

Columbia Banking’s Capital Ratios and Repurchase PlanCOLB capital levels improved meaningfully over the past year. As of Dec. 31, 2025, the common equity Tier 1 (CET1) risk-based capital ratio rose to 11.8%, while the total risk-based capital ratio increased to 13.6%. 

Columbia Banking’s board authorized up to $700 million in share repurchases through Nov. 30, 2026. That is a large pool of potential demand for the stock, and it pairs naturally with the dividend for total shareholder yield.

Activity already showed up in fourth-quarter 2025. The company repurchased 3.7 million common shares at an average price of $27.07. Management expects to raise the pace in 2026 to $150-$200 million per quarter, with $600 million remaining under the current authorization.

Columbia Banking’s Earnings Power Behind Payout SupportCapital returns ultimately depend on operating performance, and fourth-quarter 2025 results provided support. Operating earnings were 82 per share, topping the Zacks Consensus Estimate.

Revenue drivers were constructive. Net interest income rose 43% year over year to $627 million, while non-interest income increased to $90 million, helped by stronger service charges and higher financial services and trust revenue. Net interest margin expanded to 4.06% as funding costs declined. 

Looking forward, management’s posture is explicitly defensive on margin as rates drift down. The bank expects deposit betas for cuts around half and anticipates net interest margin to trend higher through 2026, with the margin ultimately surpassing 4% again in the second or third quarter of 2026. That earnings stability is a key pillar behind the dividend and the planned buyback ramp.

Columbia Banking’s Valuation & Price Performance AnalysisOn forward earnings, Columbia Banking trades at 9.35X forward 12-month price-to-earnings (P/E). That is below the industry at 10.47X. Its peers, East West Bancorp and WaFd trades at P/E multiple of 11.28X and 11.27X.

Price-to-Earnings F12M

Image Source: Zacks Investment Research

Over the past year, shares of Columbia Banking have gained 34.3%, outperforming the industry’s rally of 31.3%.

Price Performance

Image Source: Zacks Investment Research

Decision Framework for COLB Income InvestorsA practical way to frame COLB is as a dividend-and-capital-return story with execution risk. Start with the yield and payout cadence: the quarterly dividend is 37 cents per share, and the company has shown willingness to raise it while continuing regular declarations. 

Next, weigh buyback capacity against the timeline for expense normalization. The repurchase authorization runs through Nov. 30, 2026, with $600 million still available and an intended step-up in 2026 pacing. The offset is that operating expenses are expected to remain elevated near term, with a more normalized run rate targeted by the third quarter of 2026.

Finally, match the setup to your style. COLB has a Zacks Rank #3 (Hold) and Style Scores of Value B, Growth D, and Momentum C. A dividend-oriented investor may appreciate the Value tilt and capital return levers, while also monitoring credit trends and competitive deposit pressures. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

TACOMA, Wash., April 22, 2026 /PRNewswire/ -- Columbia Bank, a subsidiary of Columbia Banking System (Nasdaq: COLB), today announced it has been recognized by Crisil Coalition Greenwich with two regional Best Bank Awards for excellence in middle market banking.

Columbia Banking (COLB - Free Report) came out with quarterly earnings of $0.72 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.88%. A quarter ago, it was expected that this bank holding company would post earnings of $0.72 per share when it actually produced earnings of $0.82, delivering a surprise of +13.89%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Columbia Banking, which belongs to the Zacks Banks - West industry, posted revenues of $677 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.44%. This compares to year-ago revenues of $491.37 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Columbia Banking shares have added about 3.8% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Columbia Banking?While Columbia Banking has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Columbia Banking was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.74 on $685.36 million in revenues for the coming quarter and $3.06 on $2.77 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Bank of Marin (BMRC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on April 27.

This bank holding company is expected to post quarterly earnings of $0.57 per share in its upcoming report, which represents a year-over-year change of +90%. The consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level.

Bank of Marin's revenues are expected to be $34.25 million, up 23.1% from the year-ago quarter.

Columbia Banking System, Inc. (COLB) Q1 2026 Earnings Call Transcript

Columbia Banking System tops on Q1 earnings as revenues rise on NII growth, though mounting expenses, provisions and weaker credit metrics temper the upside.

Posted by Defense World Staff on Apr 27th, 2026

Columbia Banking System (NASDAQ:COLB – Get Free Report) and TriCo Bancshares (NASDAQ:TCBK – Get Free Report) are both finance companies, but which is the superior stock? We will compare the two businesses based on the strength of their analyst recommendations, earnings, valuation, dividends, institutional ownership, profitability and risk.

Volatility & Risk Columbia Banking System has a beta of 0.61, indicating that its stock price is 39% less volatile than the S&P 500. Comparatively, TriCo Bancshares has a beta of 0.59, indicating that its stock price is 41% less volatile than the S&P 500.

Profitability This table compares Columbia Banking System and TriCo Bancshares’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Columbia Banking System 19.28% 11.41% 1.30% TriCo Bancshares 23.71% 9.92% 1.31% Analyst Recommendations This is a summary of recent ratings and price targets for Columbia Banking System and TriCo Bancshares, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Columbia Banking System 0 10 4 1 2.40 TriCo Bancshares 0 3 4 0 2.57 Columbia Banking System presently has a consensus price target of $31.58, suggesting a potential upside of 8.07%. TriCo Bancshares has a consensus price target of $53.80, suggesting a potential upside of 9.06%. Given TriCo Bancshares’ stronger consensus rating and higher possible upside, analysts clearly believe TriCo Bancshares is more favorable than Columbia Banking System.

Dividends Columbia Banking System pays an annual dividend of $1.48 per share and has a dividend yield of 5.1%. TriCo Bancshares pays an annual dividend of $1.44 per share and has a dividend yield of 2.9%. Columbia Banking System pays out 59.0% of its earnings in the form of a dividend. TriCo Bancshares pays out 36.5% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. Columbia Banking System has increased its dividend for 4 consecutive years and TriCo Bancshares has increased its dividend for 12 consecutive years.

Valuation and Earnings This table compares Columbia Banking System and TriCo Bancshares”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Columbia Banking System $3.21 billion 2.64 $550.00 million $2.51 11.64 TriCo Bancshares $538.91 million 2.92 $121.56 million $3.95 12.49 Columbia Banking System has higher revenue and earnings than TriCo Bancshares. Columbia Banking System is trading at a lower price-to-earnings ratio than TriCo Bancshares, indicating that it is currently the more affordable of the two stocks.

Insider & Institutional Ownership 92.5% of Columbia Banking System shares are held by institutional investors. Comparatively, 59.1% of TriCo Bancshares shares are held by institutional investors. 0.6% of Columbia Banking System shares are held by insiders. Comparatively, 4.8% of TriCo Bancshares shares are held by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock is poised for long-term growth.

Summary TriCo Bancshares beats Columbia Banking System on 10 of the 17 factors compared between the two stocks.

About Columbia Banking System (Get Free Report)

Columbia Banking System, Inc. operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions. It also provides commercial lending products, such as commercial lines of credit and term loans, accounts receivable and inventory financing, international trade finance, commercial property loans, multifamily loans, equipment loans, commercial equipment leases, real estate construction loans and permanent financing, and small business administration program financing, as well as capital markets. In addition, the company offers wealth management comprising financial planning, investment, trust, and insurance; treasury management, which includes digital and mobile banking solutions, ACH, wires, positive pay, remote deposit capture, integrated payments, integrated receivables, lockbox, cash vault, real-time payments, commercial card, and foreign exchange and international banking related products, as well as merchant services; and brokerage services, residential real estate loans and consumer loans. It serves its products to corporate, institutional, small business, and individual customers. The company was founded in 1953 and is headquartered in Tacoma, Washington.

About TriCo Bancshares (Get Free Report)

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans. In addition, the company offers treasury management services; credit and debit cards; and other customary banking services, including safe deposit boxes; and independent financial and broker-dealer services. Further, it provides checking, saving, and money market accounts, as well as individual retirement accounts; equipment financing; certificate of deposit account registry service; certificated of deposit; and IntraFi cash service. TriCo Bancshares was founded in 1975 and is headquartered in Chico, California.

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TACOMA, Wash., May 15, 2026 /PRNewswire/ -- Columbia Banking System, Inc. ("Columbia" Nasdaq: COLB), parent company of Columbia Bank, today announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.37 per common share, payable June 15, 2026 to shareholders of record as of May 29, 2026.

COLB targets sustained NIM above 4% in 2026 as fee growth, loan remix and deposit repricing offset muted loan growth risks.

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Realtor.com® Introduces the Realtor.com® Market Clock, a New Tool That Distills Local Housing Conditions Into a Measure of Whether It's a Buyer, Seller or Balanced Market and Where It's Headed

, /PRNewswire/ -- Just over 60% of the nation's largest housing markets have tilted into balanced or buyer-friendly territory, while only 26% remain seller's markets, according to a new analysis from Realtor.com®. The findings come alongside the debut of the Realtor.com® Market Clock, a new tool designed to cut through the noise of housing data and give buyers, sellers and market watchers a clearer picture of where local markets stand and where they may be headed.

The Realtor.com® Market Clock places the national housing market at 3 o'clock — a "Balanced-Loosening" phase, heading toward buyer-friendly conditions The Realtor.com® Market Clock places the national housing market at 3 o'clock — a "Balanced-Loosening" phase, heading toward buyer-friendly conditions, though not necessarily approaching them quickly. But that national reading masks striking variation across the country's 50 largest metros, which currently span nearly the full face of the clock.

Of the top 50 metros, 13 (26%) remain seller's markets, 23 (46%) are in balanced-loosening phases, 8 (16%) are buyer's markets, and 6 (12%) are in balanced-tightening territory — meaning a small but notable group of markets are actually trending back toward seller advantage.

"A national picture is useful, but when making a real estate decision, the local details are what really matter," said Danielle Hale, Chief Economist at Realtor.com®. "Right now, a homebuyer in Houston or San Antonio is navigating a very different market than someone in Hartford or Milwaukee. The Realtor.com® Market Clock was built to make those differences visible at a glance."

A Buyer-Friendly South and West, With Pockets of Seller Strength in the Midwest and Northeast

The regional picture is varied, with all 8 buyer's markets located in the South (7) or West (1). and most of the 13 seller's markets coming from the Midwest (7) and Northeast (3). Of the metros currently classified as buyer's markets, 5 of 8 are in either Florida or Texas – including Austin, Texas; Tampa, Fla.; Jacksonville, Fla; Orlando, Fla.; and Miami. All 8 buyer's market metros currently sit in what the framework calls 'Early Buyer' conditions – meaning inventory is growing, price cuts are common, buyers are starting to hold the upper hand, and their negotiating leverage is likely to get even stronger in the coming months.

By contrast, most seller's markets are concentrated in the Midwest and Northeast. Four markets among the top 50, including Hartford, Connecticut, hold the "Peak Seller" position, while six, including Milwaukee, San Francisco, and Providence, RI, are exhibiting "Early Seller" conditions, meaning the conditions are already hot and getting hotter. Three metros, including Boston and San Jose, remain in late seller phases — still competitive, though seller advantage is beginning to soften in those markets.

A further 8 of the top 50 markets sit at 4 o'clock, or in the Late Balanced phase of the Market Clock. While these metros – which include Charlotte, NC; Washington, DC; Phoenix, and Las Vegas–are still balanced, homes are sitting longer, prices are softening, and buyers are likely to hold the upper hand outright in the coming months. 

The New Realtor.com® Market Clock

The Realtor.com® Market Clock is a new tool based on key market signals like market balance, market pressure and market pace with the goal of helping people understand their local markets. The market clock is organized as a 12-hour clockface. Seller-leaning conditions occupy the top of the clock (the 11, 12, and 1 o'clock positions), buyer-leaning conditions fall toward the bottom (5, 6, and 7 o'clock), and balanced phases occupy the space in between — with one set loosening toward buyers (2, 3, 4 o'clock) and the other tightening back toward sellers (8, 9, 10 o'clock). At 12 o'clock, conditions favor sellers most: homes sell quickly, competition is fierce, and buyers have limited leverage. At 6 o'clock, the market favors buyers: there's more inventory, less urgency, and more room to negotiate.

The framework is built on metro-level housing data tracking supply and inventory balance, market pace and competition, and pricing pressure and adjustment. Grounded in data, the Realtor.com® Market Clock is built using consistent, metro-level housing market information that tracks conditions over time, allowing markets to be compared both across geographies and across different points in the cycle. Critically, the clock captures not just where a market stands, but how fast and in which direction it is moving — a distinction that matters significantly in markets currently in transition.

"Consumers and professionals are exposed to more information than ever before, but more data hasn't always meant more clarity for people trying to make one of the biggest financial decisions of their lives," said Hale. "The Market Clock is our attempt to change that — to take the full range of signals we track and translate them into something that reflects what the market actually feels like on the ground."

The Realtor.com® Market Clock is designed to describe current conditions and track shifts in leverage over time — not to forecast home prices, sales volumes, or mortgage rates. A market moving into buyer-friendly territory does not guarantee price declines, just as a seller's market does not ensure continued price appreciation.

A Framework Validated by the Last Cycle

The Market Clock's track record from 2019 through 2025 reflects the housing cycle that consumers and industry professionals have lived through. In December 2019, conditions were already tight: 72% of the top 50 metros were in seller-leaning phases and 26% were in balanced-tightening territory — underscoring just how primed the market was for the pandemic-era boom that followed.

By December 2021, the compression was dramatic. Ninety-eight percent of the top 50 metros had reached seller-market territory — one of the most compressed and competitive environments in modern housing history, with only one metro outside seller territory.

The rate shock of 2022 began to shift conditions, and by December 2023, 62% of large metros remained in seller phases, even as the lock-in effect kept inventory constrained and markets from fully cooling. By December 2025, the landscape had opened considerably: seller markets had shrunk to 26% of large metros, buyer's markets had grown to 16%, and balanced-loosening conditions had become the dominant category at 46% — reflecting a housing market defined less by uniformity than by geographic dispersion.

How Buyers and Sellers Can Use the Market Clock

For anyone interested in buying and selling now or in the future, the Market Clock is designed to help set expectations. Buyers can use their metro's position to gauge how competitive local conditions are, how quickly they may need to act, and how much negotiating room it is realistic to expect. Sellers can use it to help calibrate pricing strategy and understand whether patience or flexibility is likely to be rewarded in their market.

"Whether you're a first-time buyer trying to figure out how aggressive your offer needs to be, or a seller wondering whether to hold firm on price, the Realtor.com market clock is a much needed solution for today's buyers and sellers," said Jake Krimmel, senior economist, Realtor.com. "It's a professional grade tool that's meant to be simple enough to give non-experts a clear takeaway. And it's best when paired with the advice and guidance of a skilled Realtor® agent when you're ready to move."

The Realtor.com® Market Clock is available as part of Realtor.com® Economics housing market research portal and the report will be updated on a quarterly basis.

Quadrant

Region

Metro

Clock Hour

Hour
Description

Seller's Markets

13 metros

(3 Northeast, 7
Midwest, 1
South, 1 West)

Midwest

Grand Rapids-Wyoming, Mich

11

Early Seller

Midwest

Kansas City, Mo.-Kan.

11

Early Seller

Midwest

Milwaukee-Waukesha-West Allis,
Wis.

11

Early Seller

Midwest

St. Louis, Mo.-Ill.

11

Early Seller

Northeast

Providence-Warwick, R.I.-Mass.

11

Early Seller

West

San Francisco-Oakland-Hayward,
Calif.

11

Early Seller

Midwest

Chicago-Naperville-Elgin, Ill.-Ind.-
Wis.

12

Peak Seller

Midwest

Indianapolis-Carmel-Anderson,
Ind.

12

Peak Seller

Northeast

Hartford-West Hartford-East
Hartford, Conn.

12

Peak Seller

South

Virginia Beach-Norfolk-Newport
News, Va.-N.C.

12

Peak Seller

Midwest

Columbus, OH

1

Late Seller

Northeast

Boston

1

Late Seller

West

San Jose

1

Late Seller

Balanced -
Loosening

23 metros +
USA Avg
(1 Northeast, 3
Midwest, 12
South, 7 West)

South

Dallas-Fort Worth-Arlington,
Texas

2

Early
Balanced

South

Louisville/Jefferson County, Ky.-
Ind.

2

Early
Balanced

West

Denver-Aurora-Lakewood, Colo.

2

Early
Balanced

West

Los Angeles-Long Beach-
Anaheim, Calif.

2

Early
Balanced

West

Sacramento--Roseville--Arden-
Arcade, Calif.

2

Early
Balanced

West

San Diego-Carlsbad, Calif.

2

Early
Balanced

West

Tucson, Ariz.

2

Early
Balanced

USA

USA

3

Balanced -
Cooling

Midwest

Cincinnati, Ohio-Ky.-Ind.

3

Balanced -
Cooling

Midwest

Cleveland-Elyria, Ohio

3

Balanced -
Cooling

Northeast

Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.

3

Balanced -
Cooling

South

Birmingham-Hoover, Ala.

3

Balanced -

Cooling

South

Houston-The Woodlands-Sugar
Land, Texas

3

Balanced -
Cooling

South

Memphis, Tenn.-Miss.-Ark.

3

Balanced -
Cooling

South

Richmond, Va.

3

Balanced -
Cooling

South

San Antonio-New Braunfels,
Texas

3

Balanced -
Cooling

Midwest

Detroit-Warren-Dearborn, Mich

4

Late
Balanced

South

Baltimore-Columbia-Towson, Md.

4

Late
Balanced

South

Charlotte-Concord-Gastonia,
N.C.-S.C.

4

Late
Balanced

South

Oklahoma City, Okla.

4

Late
Balanced

South

Raleigh, N.C.

4

Late
Balanced

South

Washington-Arlington-Alexandria,
DC-Va.-Md.-W. Va.

4

Late
Balanced

West

Las Vegas-Henderson-Paradise,
Nev.

4

Late
Balanced

West

Phoenix-Mesa-Scottsdale, Ariz.

4

Late
Balanced

Buyer's Markets

8 metros

(0 Northeast, 0
Midwest, 7
South, 1 West)

South

Atlanta-Sandy Springs-Roswell,
Ga.

5

Early Buyer

South

Austin-Round Rock, Texas

5

Early Buyer

South

Jacksonville, Fla.

5

Early Buyer

South

Miami-Fort Lauderdale-West Palm
Beach, Fla.

5

Early Buyer

South

Nashville-Davidson--
Murfreesboro--Franklin, Tenn.

5

Early Buyer

South

Orlando-Kissimmee-Sanford, Fla.

5

Early Buyer

South

Tampa-St. Petersburg-Clearwater,
Fla.

5

Early Buyer

West

Riverside-San Bernardino-Ontario,
Calif.

5

Early Buyer

Balanced -
Tightening

6 metros

(3 Northeast, 1
Midwest, 0
South, 2 West)

Midwest

Minneapolis-St. Paul-Bloomington,
Minn.-Wis.

9

Balanced -
Warming

Northeast

New York-Newark-Jersey City,
N.Y.-N.J.-Pa.

9

Balanced -
Warming

Northeast

Buffalo-Cheektowaga-Niagara
Falls, N.Y.

10

Late
Balanced

Northeast

Pittsburgh, Pa.

10

Late
Balanced

West

Portland-Vancouver-Hillsboro,
Ore.-Wash.

10

Late

Balanced

West

Seattle-Tacoma-Bellevue, Wash.

10

Late
Balanced

Methodology
The Realtor.com® Market Clock is built on Realtor.com® housing market data and analysis of deed records to classify the top 50 U.S. metropolitan areas and a national aggregate into one of 12 phases of the buyer-seller leverage cycle. The framework synthesizes measures of market balance, pace and momentum, and pricing pressure into a single clock position for each metro. Data will be updated monthly and a report released quarterly. Data span January 2018 through December 2025. The 50 largest U.S. metropolitan areas are defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, [email protected]

SOURCE Realtor.com

NEW YORK--(BUSINESS WIRE)--News Corp will release its third quarter Fiscal 2026 results on Thursday, May 7, 2026. News Corp Chief Executive Robert Thomson and Chief Financial Officer Lavanya Chandrashekar will discuss the results via a live audio webcast at 5:00 p.m. EDT (Sydney: May 8, at 7:00 a.m. AEST). To listen to the webcast, please register using the following link: https://newscorp-q3fy2026-earnings-call.open-exchange.net/registration A live audio webcast of the call and the archived we.

In Realtor.com®'s inaugural Los Angeles County rental report, a cooling market and landmark rent reform are converging, raising questions about affordability and mobility

, /PRNewswire/ -- Los Angeles County renters are seeing rents fall to their lowest point in four years, but for many, the relief only goes so far. The median asking rent dropped to $2,520 in the first quarter of 2026, according to the Q1 2026 Los Angeles County Rental Report from Realtor.com®, Realtor.com®'s first quarterly rental analysis dedicated to the nation's second-largest metro.

The $97 drop, 3.7% below a year ago, marks a new low point since the region's summer 2022 peak, when pandemic-driven demand and constrained supply pushed rents to record highs. Today, a wave of new multifamily construction is putting sustained downward pressure on the market, pulling median asking rents $298, or 10.6%, below that prior ceiling.

"Los Angeles is a market in transition," said Danielle Hale, chief economist at Realtor.com®. "Supply has finally caught up, giving renters more options and more negotiating power than they've had in years. But falling rents don't automatically mean affordable rents. A typical rental in Los Angeles still requires an annual household income of over $107,000, and for many families in this city, that bar remains simply out of reach."

City of Los Angeles: Relief at the Margin, Still Out of Reach for Many
In the City of Los Angeles, the median asking rent was $2,682 in Q1 2026, down $96 or 3.5% year-over-year. While renters are saving $219 per month, or $2,628 annually, compared to the 2022 peak, the math remains daunting: affording a typical city rental still requires a minimum annual household income of $107,280, roughly 20% above the city's estimated median of $88,730.

The affordability gap between renting in the open market and staying put is already stark. The median contract rent paid by Los Angeles tenants, reflecting years of rent stabilization, was $1,804 in 2024, more than $1,000 below the current median asking rent. That gap underpins a striking statistic: 86.5% of Los Angeles renters remained in the same unit as one year ago in 2024, up from 79% in 2010 and well above the national rate of 78.4%.

In December 2025, the city enacted its most significant rent control reform in four decades, set to take effect in July 2026. The updated Rent Stabilization Ordinance caps annual increases at 4%, down from a prior ceiling of 8%, covering approximately 650,000 units, or roughly 74% of all rentals in the city.

"The new cap is meaningful protection for the renters it covers," said Realtor.com® Economist Jiayi Xu. "But rent control is a double-edged policy. The same financial incentives that keep tenants safely housed in below-market apartments also make it harder to move, for a new job, a bigger space, a different neighborhood. With the gap between staying and switching already exceeding $1,000 a month, that lock-in will only deepen."

Coastal Luxury Cools While Inland Cities Hold Firm
City-level data reveals a market of sharp contrasts. Luxury coastal enclaves, where rents are higher, absorbed the steepest declines, with Beverly Hills falling 9.3% to $4,574 and Santa Monica dropping 2.6% to $4,187. Meanwhile, walkable, transit-connected cities held firm, with Pasadena gaining 5.8% to $2,823 and Long Beach rising 2.4% to $2,624

City-Level Rents Across LA County, 2026Q1

City

Median Asking Rent

Rent YoY

Malibu

$14,871

-3.6 %

Beverly Hills

$4,574

-9.3 %

Santa Monica

$4,187

-2.6 %

City of Los Angeles

$2,682

-3.5 %

Pasadena

$2,823

+5.8 %

Culver City

$2,821

+0.2 %

Long Beach

$2,624

+2.4 %

LA Renters Stay Local
Demand for LA County rentals is overwhelmingly homegrown. In Q1 2026, nearly two-thirds (60.6%) of online traffic to LA County rental listings on Realtor.com® originated from within the county itself, with another 18.9% from elsewhere in California. Out-of-state interest accounted for 16.6% of traffic, and international interest represented 3.8%, suggesting the market's trajectory is closely tied to the economic fortunes of its existing residents.

Small Apartments Are Leading the Decline
The steepest rent declines are concentrated among smaller apartments. The median asking rent for 0-2 bedroom units dropped $135, or 5.7%, year-over-year to $2,241, while three-bedroom-plus units saw a more modest decline of $103, or 2.8%, to $3,585.

LA County Rents by Unit Size-2026Q1

Unit Size

Median Asking Rent

Rent YoY

vs. Peak

Overall

$2,520

-3.7 %

-10.6 %

0-2 beds

$2,241

-5.7 %

-9.2 %

3+ beds

$3,585

-2.8 %

-12.2 %

Methodology
LA rental data as of 2026Q1 for all units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within LA county. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months.

About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Emily Do, [email protected]

SOURCE Realtor.com

/PRNewswire/ -- Zillow and Realtor.com today set a new standard for pre-market transparency in residential real estate - one in which more buyers can see

NEW YORK--(BUSINESS WIRE)--News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2026.

Commenting on the results, Chief Executive Robert Thomson said:

“News Corp has again delivered resounding results this quarter, and we remain on track for another year of record profitability given the strength seen thus far in the fourth quarter. For the third quarter of fiscal 2026, our total revenue rose 9 percent to $2.2 billion, while net income from continuing operations rose 13 percent to $121 million and Total Segment EBITDA increased a robust 18 percent to $343 million. Both EPS and Adjusted EPS were also notably higher.

The third quarter was compelling evidence of the transformation of our business, and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish. Given our firm belief that the current share price does not reflect the intrinsic value of the company or its prospects, we have continued to execute our enhanced buyback program at an accelerated rate.

Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI. We are in discussions with other companies who recognize the preciousness of provenance, and these potential deals should have a positive impact on our revenue and profitability.

We are also tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property. We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And we believe companies that willingly buy this stolen content from these nefarious fences are also culpable.”

THIRD QUARTER RESULTS

The Company reported fiscal 2026 third quarter total revenues of $2.19 billion, a 9% increase compared to $2.01 billion in the prior year period, primarily driven by higher real estate revenues at the Digital Real Estate Services segment, higher circulation and subscription revenues at the Dow Jones segment and higher sales at the Book Publishing segment. Results included an $88 million, or 5%, positive impact from foreign currency fluctuations. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 4% compared to the prior year.

Net income from continuing operations for the quarter was $121 million, a 13% increase compared to $107 million in the prior year, primarily driven by higher Total Segment EBITDA, partially offset by higher tax expense.

The Company reported third quarter Total Segment EBITDA of $343 million, an 18% increase compared to $290 million in the prior year primarily due to strong contributions from the Digital Real Estate Services and Dow Jones segments and lower employee costs in the Other segment. Adjusted Total Segment EBITDA (as defined in Note 2) increased 13%.

Net income from continuing operations per share attributable to News Corporation stockholders was $0.16 as compared to $0.14 in the prior year. Adjusted EPS (as defined in Note 3) were $0.21 compared to $0.17 in the prior year.

SEGMENT REVIEW

For the three months ended

March 31,

For the nine months ended

March 31,

2026

2025

%

Change

2026

2025

%

Change

(in millions)

Better/

(Worse)

(in millions)

Better/

(Worse)

Revenues:

Dow Jones

$

619

$

575

8

%

$

1,853

$

1,727

7

%

Digital Real Estate Services

473

406

17

%

1,463

1,336

10

%

Book Publishing

555

514

8

%

1,722

1,655

4

%

News Media

538

514

5

%

1,653

1,625

2

%

Other

—

—

—

%

—

—

—

%

Total Revenues

$

2,185

$

2,009

9

%

$

6,691

$

6,343

5

%

Segment EBITDA:

Dow Jones

$

147

$

132

11

%

$

482

$

437

10

%

Digital Real Estate Services

155

124

25

%

519

449

16

%

Book Publishing

73

64

14

%

230

246

(7

)%

News Media

15

33

(55

)%

115

125

(8

)%

Other

(47

)

(63

)

25

%

(142

)

(164

)

13

%

Total Segment EBITDA

$

343

$

290

18

%

$

1,204

$

1,093

10

%

Dow Jones

Revenues in the quarter increased $44 million, or 8%, compared to the prior year, driven by continued growth in the professional information business and higher digital advertising revenues. Results included a $7 million, or 2%, positive impact from foreign currency fluctuations. Digital revenues at Dow Jones in the quarter represented 84% of total revenues compared to 82% in the prior year. Adjusted Revenues increased 6%.

Circulation and subscription revenues increased $33 million, or 7%, reflecting an 11% increase in professional information business revenues, led by 19% growth in Risk & Compliance revenues to $100 million, which includes a modest contribution from recent acquisitions, and 12% growth in Dow Jones Energy revenues to $77 million. Circulation revenues increased 1% compared to the prior year driven by the conversion of customers from introductory promotions to higher pricing and the continued growth in digital-only subscriptions, partly offset by lower print volume and the absence of a licensing revenue timing benefit in the prior year. Digital circulation revenues accounted for 76% of circulation revenues for the quarter, compared to 75% in the prior year.

During the third quarter, total average subscriptions to Dow Jones’ consumer products were over 6.5 million, a 7% increase compared to the prior year. Digital-only subscriptions to Dow Jones’ consumer products grew 9% to nearly 6.1 million. Total subscriptions to The Wall Street Journal grew 8% compared to the prior year, to 4.7 million average subscriptions in the quarter. Digital-only subscriptions to The Wall Street Journal grew 11% to 4.3 million average subscriptions in the quarter, driven by growth in enterprise subscriptions, and represented 92% of total Wall Street Journal subscriptions.

For the three months ended March 31,

2026

2025

% Change

(in thousands, except %)

Better/(Worse)

The Wall Street Journal

Digital-only subscriptions

4,332

3,913

11

%

Total subscriptions

4,707

4,339

8

%

Barron’s Group

Digital-only subscriptions

1,438

1,368

5

%

Total subscriptions

1,530

1,485

3

%

Total Consumer

Digital-only subscriptions

6,064

5,543

9

%

Total subscriptions

6,546

6,103

7

%

Advertising revenues for the quarter increased $5 million, or 6%, driven by digital advertising revenues, which grew 13%, partially offset by a 6% decrease in print advertising revenues. Digital advertising accounted for 67% of total advertising revenues for the quarter, compared to 63% in the prior year.

Segment EBITDA for the quarter increased $15 million, or 11%, primarily as a result of the higher revenues discussed above, partially offset by higher employee costs. Adjusted Segment EBITDA increased 12%.

On March 16th, 2026, News Corp hosted a Dow Jones investor briefing in New York, announcing, among other things, a pathway to $1 billion in annual Segment EBITDA within five years(1), which should benefit from strong growth in Risk & Compliance and Dow Jones Energy.

Investor briefing materials can be located on the News Corp Investor Relations website: https://newscorp.com/news-corp-quarterly-earnings-reports/investor-presentation-dow-jones-investor-briefing-2026/.

Digital Real Estate Services

Revenues in the quarter increased $67 million, or 17%, compared to the prior year, driven by higher revenues at both REA Group and Move. Segment EBITDA in the quarter increased $31 million, or 25%, compared to the prior year, due to higher contribution from REA Group and improved results at Move. Adjusted Revenues and Adjusted Segment EBITDA increased 8% and 16%, respectively.

In the quarter, revenues at REA Group increased $54 million, or 20%, to $325 million, driven by a $31 million, or 12%, positive impact from foreign currency fluctuations, higher Australian residential revenues due to price increases, growth in add-on products and geographical mix and higher financial services revenues. Strong Australian revenues were partly offset by a decrease in REA India revenues due to the sale of PropTiger and the closure of Housing Edge. Australian national residential buy listing volumes in the quarter were up 1% compared to the prior year, with listings in Sydney up 4% and Melbourne up 7%.

Move’s revenues in the quarter increased $13 million, or 10%, to $148 million, primarily as a result of higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings with higher revenues per lead, and revenue growth in seller, new homes and rentals. Based on Move’s internal data, average monthly unique users of Realtor.com®’s web and mobile sites for the fiscal third quarter were 66 million, or flat compared to the prior year. Lead volume rose 6% compared to the prior year period. Monthly average visits for the third quarter for Realtor.com®, according to Comscore, were 261 million.

Book Publishing

Revenues in the quarter increased $41 million, or 8%, compared to the prior year, driven by higher physical and digital book sales led by Rachel Reid’s Game Changers, and a $6 million impact from recent acquisitions. The increase included a $12 million, or 2%, positive impact from foreign currency fluctuations. Adjusted Revenues increased 4%.

Digital sales increased 11% compared to the prior year driven by an increase in e-book and audiobook sales. Digital sales represented 26% of consumer revenues for the quarter compared to 25% for the prior year period. Backlist sales represented approximately 64% of consumer revenues in the quarter compared to 65% in the prior year.

Segment EBITDA for the quarter increased $9 million, or 14%, compared to the prior year, primarily due to the higher revenues discussed above, partially offset by higher costs due to higher sales volume. Adjusted Segment EBITDA also increased 14%.

News Media

Revenues in the quarter increased $24 million, or 5%, compared to the prior year, primarily due to a $38 million, or 8%, positive impact from foreign currency fluctuations. Adjusted Revenues for the segment decreased 2% compared to the prior year.

Circulation and subscription revenues increased $20 million, or 7%, compared to the prior year, due to a $21 million, or 7%, positive impact from foreign currency fluctuations, increased cover and subscription pricing and digital subscriber growth, partially offset by print volume declines.

Advertising revenues increased $5 million, or 3%, compared to the prior year, primarily due to a $13 million, or 7%, positive impact from foreign currency fluctuations and higher digital advertising revenues, partially offset by lower print advertising revenues, notably at News UK.

In the quarter, Segment EBITDA decreased $18 million, or 55%, compared to the prior year, primarily driven by lower contribution from News UK and costs related to the recently launched California Post. Adjusted Segment EBITDA decreased 61%.

Digital revenues represented 40% of News Media segment revenues in the quarter, compared to 39% in the prior year, and represented 38% of the combined revenues of the newspaper mastheads. Digital subscribers and users across key properties within the News Media segment are summarized below:

Closing digital subscribers at News Corp Australia as of March 31, 2026 were 1,171,000 (992,000 for news mastheads), compared to 1,148,000 (981,000 for news mastheads) in the prior year (Source: Internal data) The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of March 31, 2026 were 676,000, compared to 629,000 in the prior year (Source: Internal data). The Sun’s digital offering reached 65 million global monthly unique users in March 2026, compared to 74 million in the prior year (Source: Meta Pixel) New York Post’s digital network reached 78 million unique users in March 2026, compared to 85 million in the prior year (Source: Google Analytics) CASH FLOW

The following table presents a reconciliation of net cash provided by operating activities from continuing operations to free cash flow:

For the nine months ended

March 31,

2026

2025

(in millions)

Net cash provided by operating activities from continuing operations

$

815

$

789

Less: Capital expenditures

(280

)

(250

)

Free cash flow

$

535

$

539

Net cash provided by operating activities from continuing operations of $815 million for the nine months ended March 31, 2026 was $26 million higher than net cash provided by operating activities from continuing operations of $789 million in the prior year, primarily due to higher Total Segment EBITDA, partially offset by higher working capital due to the timing of payments and higher tax payments.

Free cash flow in the nine months ended March 31, 2026 was $535 million compared to $539 million in the prior year. The decrease in free cash flow was primarily due to higher capital expenditures, partially offset by higher cash provided by operating activities from continuing operations. News Corp expects strong growth in free cash flow generation for the full fiscal year despite moderately higher capital expenditures.

Free cash flow is a non-GAAP financial measure. Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations less capital expenditures. Free cash flow excludes cash flows from discontinued operations. Free cash flow may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.

Free cash flow does not represent the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.

The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends.

COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION

Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues and free cash flow are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2, 3 and 4 and the reconciliation of net cash provided by operating activities from continuing operations to free cash flow is included above.

Footnotes

(1) Forward-looking view of Dow Jones Segment EBITDA is not a profit forecast.

Conference call

News Corporation’s earnings conference call can be heard live at 5:00 p.m. EDT on May 7, 2026. To listen to the call, please visit http://investors.newscorp.com.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company’s business, results of operations and financial condition, Dow Jones’ business, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: information services and news, digital real estate services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

  For the three months ended
March 31,

For the nine months ended
March 31,

2026

2025

2026

2025

Revenues:

Circulation and subscription

$

809

$

755

$

2,383

$

2,243

Advertising

322

308

1,028

1,014

Consumer

530

492

1,647

1,585

Real estate

365

318

1,136

1,052

Other

159

136

497

449

Total Revenues

2,185

2,009

6,691

6,343

Operating expenses

(952

)

(904

)

(2,901

)

(2,819

)

Selling, general and administrative

(890

)

(815

)

(2,586

)

(2,431

)

Depreciation and amortization

(122

)

(114

)

(357

)

(339

)

Impairment and restructuring charges

(18

)

(13

)

(67

)

(51

)

Equity losses of affiliates

(1

)

—

(5

)

(11

)

Interest income (expense), net

5

1

20

(2

)

Other, net

(18

)

(13

)

(27

)

101

Income before income tax expense from continuing operations

189

151

768

791

Income tax expense from continuing operations

(68

)

(44

)

(255

)

(229

)

Net income from continuing operations

121

107

513

562

Net income from discontinued operations, net of tax

—

30

—

2

Net income

121

137

513

564

Net income attributable to noncontrolling interests from continuing operations

(32

)

(26

)

(119

)

(135

)

Net (income) loss attributable to noncontrolling interests from discontinued operations

—

(8

)

—

8

Net income attributable to News Corporation stockholders

$

89

$

103

$

394

$

437

Weighted-average shares outstanding

Basic

554.0

567.2

559.8

568.3

Diluted

555.7

569.5

561.5

570.3

Net income attributable to News Corporation stockholders per share:

Basic

Continuing operations

$

0.16

$

0.14

$

0.70

$

0.75

Discontinued operations

$

—

$

0.04

$

—

$

0.02

$

0.16

$

0.18

$

0.70

$

0.77

Diluted

Continuing operations

$

0.16

$

0.14

$

0.70

$

0.75

Discontinued operations

$

—

$

0.04

$

—

$

0.02

$

0.16

$

0.18

$

0.70

$

0.77

NEWS CORPORATION

   CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions)

  As of March 31, 2026

As of June 30, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

2,171

$

2,403

Receivables, net

1,778

1,562

Inventory, net

303

327

Other current assets

327

519

Total current assets

4,579

4,811

Non-current assets:

Investments

1,000

1,016

Property, plant and equipment, net

1,350

1,331

Operating lease right-of-use assets

765

789

Intangible assets, net

1,877

1,930

Goodwill

4,485

4,373

Deferred income tax assets, net

186

254

Other non-current assets

1,274

1,000

Total assets

$

15,516

$

15,504

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

384

$

335

Accrued expenses

1,041

1,036

Deferred revenue

556

498

Current borrowings

—

25

Other current liabilities

709

714

Total current liabilities

2,690

2,608

Non-current liabilities:

Borrowings

1,988

1,937

Retirement benefit obligations

115

117

Deferred income tax liabilities, net

54

57

Operating lease liabilities

854

904

Other non-current liabilities

534

492

Commitments and contingencies

Equity:

Class A common stock

4

4

Class B common stock

2

2

Additional paid-in capital

10,567

11,058

Accumulated deficit

(452

)

(747

)

Accumulated other comprehensive loss

(1,537

)

(1,543

)

Total News Corporation stockholders' equity

8,584

8,774

Noncontrolling interests

697

615

Total equity

9,281

9,389

Total liabilities and equity

$

15,516

$

15,504

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

  For the nine months ended
March 31,

2026

2025

Operating activities:

Net income

$

513

$

564

Net loss (income) from discontinued operations, net of tax

—

(2

)

Net income from continuing operations

513

562

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:

Depreciation and amortization

357

339

Operating lease expense

51

55

Equity losses of affiliates

5

11

Impairment charges

17

2

Deferred income taxes

69

83

Other, net

31

(99

)

Change in operating assets and liabilities, net of acquisitions:

Receivables and other assets

(270

)

(95

)

Inventories, net

32

(49

)

Accounts payable and other liabilities

10

(20

)

Net cash provided by operating activities from continuing operations

815

789

Investing activities:

Capital expenditures

(280

)

(250

)

Proceeds from sales of property, plant and equipment

1

—

Acquisitions, net of cash acquired

(96

)

(53

)

Purchases of investments in equity affiliates and other

(53

)

(141

)

Proceeds from sales of investments in equity affiliates and other

65

263

Other, net

(16

)

(13

)

Net cash used in investing activities from continuing operations

(379

)

(194

)

Financing activities:

Borrowings

125

61

Repayment of borrowings

(100

)

(200

)

Repurchase of News Corp shares

(456

)

(114

)

Dividends paid

(149

)

(128

)

Other, net

(96

)

(44

)

Net cash used in financing activities from continuing operations

(676

)

(425

)

Cash flows from discontinued operations:

Net cash (used in) provided by operating activities from discontinued operations

(6

)

157

Net cash used in investing activities from discontinued operations

—

(65

)

Net cash used in financing activities from discontinued operations

—

(39

)

Net cash (used in) provided by discontinued operations

(6

)

53

Net change in cash, cash equivalents and restricted cash, including discontinued operations

(246

)

223

Effect of exchange rate changes on cash, cash equivalents and restricted cash, including discontinued operations

14

(12

)

Cash, cash equivalents and restricted cash, including discontinued operations, beginning of year

2,403

1,960

Cash, cash equivalents and restricted cash, including discontinued operations, end of period

2,171

2,171

Less: Cash and cash equivalents at end of period of discontinued operations

—

(76

)

Cash and cash equivalents

$

2,171

$

2,095

NOTE 1 – TOTAL SEGMENT EBITDA

Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss) from continuing operations, cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods. The following tables reconcile net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:

For the three months ended March 31,

2026

2025

Change

% Change

(in millions)

Net income from continuing operations

121

107

14

13

%

Reconciling items:

Income tax expense from continuing operations

68

44

24

55

%

Other, net

18

13

5

38

%

Interest income, net

(5

)

(1

)

(4

)

(400

)%

Equity losses of affiliates

1

—

1

**

Impairment and restructuring charges

18

13

5

38

%

Depreciation and amortization

122

114

8

7

%

Total Segment EBITDA

$

343

$

290

$

53

18

%

For the nine months ended March 31,

2026

2025

Change

% Change

(in millions)

Net income from continuing operations

513

562

(49

)

(9

)%

Reconciling items:

Income tax expense from continuing operations

255

229

26

11

%

Other, net

27

(101

)

128

**

Interest (income) expense, net

(20

)

2

(22

)

**

Equity losses of affiliates

5

11

(6

)

(55

)%

Impairment and restructuring charges

67

51

16

31

%

Depreciation and amortization

357

339

18

5

%

Total Segment EBITDA

$

1,204

$

1,093

$

111

10

%

  ** Not meaningful

NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA

The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”), charges for other significant, non-ordinary course legal or regulatory matters (“litigation charges”) and foreign currency fluctuations (“Adjusted Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.

The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:

Revenues

Total Segment EBITDA

For the three months ended March 31,

For the three months ended March 31,

2026

2025

Difference

2026

2025

Difference

(in millions)

(in millions)

As reported

$

2,185

$

2,009

$

176

$

343

$

290

$

53

Impact of acquisitions

(16

)

—

(16

)

4

—

4

Impact of divestitures

—

(4

)

4

—

—

—

Impact of foreign currency fluctuations

(88

)

—

(88

)

(16

)

—

(16

)

Net impact of U.K. Newspaper Matters

—

—

—

—

4

(4

)

As adjusted

$

2,081

$

2,005

$

76

$

331

$

294

$

37

Revenues

Total Segment EBITDA

For the nine months ended March 31,

For the nine months ended March 31,

2026

2025

Difference

2026

2025

Difference

(in millions)

(in millions)

As reported

$

6,691

$

6,343

$

348

$

1,204

$

1,093

$

111

Impact of acquisitions

(52

)

—

(52

)

9

—

9

Impact of divestitures

(3

)

(15

)

12

1

3

(2

)

Impact of foreign currency fluctuations

(118

)

—

(118

)

(20

)

—

(20

)

Net impact of U.K. Newspaper Matters

—

—

—

1

10

(9

)

As adjusted

$

6,518

$

6,328

$

190

$

1,195

$

1,106

$

89

Foreign Exchange Rates

Average foreign exchange rates used in the calculation of the impact of foreign currency fluctuations for the three and nine months ended March 31, 2026 and 2025 are as follows:

Fiscal Year 2026

Q1

Q2

Q3

U.S. Dollar per Australian Dollar

$0.65

$0.66

$0.69

U.S. Dollar per British Pound Sterling

$1.35

$1.33

$1.35

Fiscal Year 2025

Q1

Q2

Q3

U.S. Dollar per Australian Dollar

$0.67

$0.65

$0.63

U.S. Dollar per British Pound Sterling

$1.30

$1.28

$1.26

Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2026 and 2025 are as follows:

For the three months ended March 31,

2026

2025

% Change

(in millions)

Better/(Worse)

Adjusted Revenues:

Dow Jones

$

607

$

575

6

%

Digital Real Estate Services

437

404

8

%

Book Publishing

537

514

4

%

News Media

500

512

(2

)%

Other

—

—

—

%

Adjusted Total Revenues

$

2,081

$

2,005

4

%

Adjusted Segment EBITDA:

Dow Jones

$

148

$

132

12

%

Digital Real Estate Services

144

124

16

%

Book Publishing

73

64

14

%

News Media

13

33

(61

)%

Other

(47

)

(59

)

20

%

Adjusted Total Segment EBITDA

$

331

$

294

13

%

For the nine months ended March 31,

2026

2025

% Change

(in millions)

Better/(Worse)

Adjusted Revenues:

Dow Jones

$

1,823

$

1,727

6

%

Digital Real Estate Services

1,428

1,330

7

%

Book Publishing

1,669

1,655

1

%

News Media

1,598

1,616

(1

)%

Other

—

—

—

%

Adjusted Total Revenues

$

6,518

$

6,328

3

%

Adjusted Segment EBITDA:

Dow Jones

$

483

$

437

11

%

Digital Real Estate Services

515

450

14

%

Book Publishing

228

246

(7

)%

News Media

110

127

(13

)%

Other

(141

)

(154

)

8

%

Adjusted Total Segment EBITDA

$

1,195

$

1,106

8

%

The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2026 and 2025:

For the three months ended March 31, 2026

As

Reported

Impact of Acquisitions

Impact of

Divestitures

Impact of

Foreign

Currency

Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

619

$

(5

)

$

—

$

(7

)

$

—

$

607

Digital Real Estate Services

473

(5

)

—

(31

)

—

437

Book Publishing

555

(6

)

—

(12

)

—

537

News Media

538

—

—

(38

)

—

500

Other

—

—

—

—

—

—

Total Revenues

$

2,185

$

(16

)

$

—

$

(88

)

$

—

$

2,081

Segment EBITDA:

Dow Jones

$

147

$

1

$

—

$

—

$

—

$

148

Digital Real Estate Services

155

3

—

(14

)

—

144

Book Publishing

73

—

—

—

—

73

News Media

15

—

—

(2

)

—

13

Other

(47

)

—

—

—

—

(47

)

Total Segment EBITDA

$

343

$

4

$

—

$

(16

)

$

—

$

331

For the three months ended March 31, 2025

As

Reported

Impact of Acquisitions

Impact of Divestitures

Impact of

Foreign

Currency Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

575

$

—

$

—

$

—

$

—

$

575

Digital Real Estate Services

406

—

(2

)

—

—

404

Book Publishing

514

—

—

—

—

514

News Media

514

—

(2

)

—

—

512

Other

—

—

—

—

—

—

Total Revenues

$

2,009

$

—

$

(4

)

$

—

$

—

$

2,005

Segment EBITDA:

Dow Jones

$

132

$

—

$

—

$

—

$

—

$

132

Digital Real Estate Services

124

—

—

—

—

124

Book Publishing

64

—

—

—

—

64

News Media

33

—

—

—

—

33

Other

(63

)

—

—

—

4

(59

)

Total Segment EBITDA

$

290

$

—

$

—

$

—

$

4

$

294

For the nine months ended March 31, 2026

As

Reported

Impact of Acquisitions

Impact of Divestitures

Impact of

Foreign

Currency

Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

1,853

$

(15

)

$

—

$

(15

)

$

—

$

1,823

Digital Real Estate Services

1,463

(9

)

(1

)

(25

)

—

1,428

Book Publishing

1,722

(28

)

—

(25

)

—

1,669

News Media

1,653

—

(2

)

(53

)

—

1,598

Other

—

—

—

—

—

—

Total Revenues

$

6,691

$

(52

)

$

(3

)

$

(118

)

$

—

$

6,518

Segment EBITDA:

Dow Jones

$

482

$

2

$

—

$

(1

)

$

—

$

483

Digital Real Estate Services

519

6

1

(11

)

—

515

Book Publishing

230

1

—

(3

)

—

228

News Media

115

—

—

(5

)

—

110

Other

(142

)

—

—

—

1

(141

)

Total Segment EBITDA

$

1,204

$

9

$

1

$

(20

)

$

1

$

1,195

For the nine months ended March 31, 2025

As

Reported

Impact of Acquisitions

Impact of Divestitures

Impact of

Foreign

Currency

Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

1,727

$

—

$

—

$

—

$

—

$

1,727

Digital Real Estate Services

1,336

—

(6

)

—

—

1,330

Book Publishing

1,655

—

—

—

—

1,655

News Media

1,625

—

(9

)

—

—

1,616

Other

—

—

—

—

—

—

Total Revenues

$

6,343

$

—

$

(15

)

$

—

$

—

$

6,328

Segment EBITDA:

Dow Jones

$

437

$

—

$

—

$

—

$

—

$

437

Digital Real Estate Services

449

—

1

—

—

450

Book Publishing

246

—

—

—

—

246

News Media

125

—

2

—

—

127

Other

(164

)

—

—

—

10

(154

)

Total Segment EBITDA

$

1,093

$

—

$

3

$

—

$

10

$

1,106

NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS

The Company uses net income (loss) attributable to News Corporation stockholders from continuing operations and diluted earnings per share from continuing operations (“EPS”) excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and “Other, net”, net of tax, recognized by the Company or its equity method investees, as well as the settlement of certain pre-Separation tax matters (“adjusted net income (loss) attributable to News Corporation stockholders” and “adjusted EPS,” respectively), to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items. The calculation of adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income (loss) attributable to News Corporation stockholders from continuing operations and net income (loss) per share from continuing operations as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported net income attributable to News Corporation stockholders from continuing operations and reported diluted EPS to adjusted net income attributable to News Corporation stockholders and adjusted EPS for the three and nine months ended March 31, 2026 and 2025:

For the three months ended

March 31, 2026

For the three months ended

March 31, 2025

(in millions, except per share data)

Net income

attributable to

stockholders

EPS

Net income

attributable to

stockholders

EPS

Net income from continuing operations

$

121

$

107

Less: Net income attributable to noncontrolling interests from continuing operations

(32

)

(26

)

Net income attributable to News Corporation stockholders from continuing operations

$

89

$

0.16

$

81

$

0.14

U.K. Newspaper Matters

—

—

4

0.01

Impairment and restructuring charges

18

0.03

13

0.02

Other, net

18

0.03

13

0.02

Tax impact on items above

(6

)

(0.01

)

(15

)

(0.02

)

Impact of noncontrolling interest on items above

(1

)

—

2

—

As adjusted

$

118

$

0.21

$

98

$

0.17

For the nine months ended

March 31, 2026

For the nine months ended

March 31, 2025

(in millions, except per share data)

Net income

attributable to

stockholders

EPS

Net income

attributable to

stockholders

EPS

Net income from continuing operations

$

513

$

562

Less: Net income attributable to noncontrolling interests from continuing operations

(119

)

(135

)

Net income attributable to News Corporation stockholders from continuing operations

$

394

$

0.70

$

427

$

0.75

U.K. Newspaper Matters

1

—

10

0.02

Impairment and restructuring charges

67

0.12

51

0.09

Other, net

27

0.05

(101

)

(0.18

)

Tax impact on items above

(22

)

(0.04

)

(18

)

(0.03

)

Impact of noncontrolling interest on items above

—

—

35

0.06

As adjusted

$

467

$

0.83

$

404

$

0.71

NOTE 4 – CONSTANT CURRENCY REVENUES

The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations (“constant currency revenues”) provides useful information regarding the performance of the Company’s core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar as described in Note 2.

Constant currency revenues are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for revenues as determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues to constant currency revenues for the three and nine months ended March 31, 2026:

Q3 Fiscal

2025

Q3 Fiscal

2026

FX impact

Q3 Fiscal

2026

constant

currency

% Change -

reported

% Change -

constant

currency

($ in millions)

Better/(Worse)

Consolidated results:

Circulation and subscription

$

755

$

809

$

28

$

781

7

%

3

%

Advertising

308

322

14

308

5

%

—

%

Consumer

492

530

12

518

8

%

5

%

Real estate

318

365

24

341

15

%

7

%

Other

136

159

10

149

17

%

10

%

Total revenues

$

2,009

$

2,185

$

88

$

2,097

9

%

4

%

Dow Jones:

Circulation and subscription

$

478

$

511

$

7

$

504

7

%

5

%

Advertising

86

91

—

91

6

%

6

%

Other

11

17

—

17

55

%

55

%

Total Dow Jones segment revenues

$

575

$

619

$

7

$

612

8

%

6

%

Digital Real Estate Services:

Circulation and subscription

$

1

$

2

$

—

$

2

100

%

100

%

Advertising

36

40

1

39

11

%

8

%

Real estate

318

365

24

341

15

%

7

%

Other

51

66

6

60

29

%

18

%

Total Digital Real Estate Services segment revenues

$

406

$

473

$

31

$

442

17

%

9

%

REA Group revenues

$

271

$

325

$

31

$

294

20

%

8

%

Q3 Fiscal

2025

Q3 Fiscal

2026

FX impact

Q3 Fiscal

2026

constant

currency

% Change -

reported

% Change -

constant

currency

($ in millions)

Better/(Worse)

Book Publishing:

Consumer

$

492

$

530

$

12

$

518

8

%

5

%

Other

22

25

—

25

14

%

14

%

Total Book Publishing segment revenues

$

514

$

555

$

12

$

543

8

%

6

%

News Media:

Circulation and subscription

$

276

$

296

$

21

$

275

7

%

—

%

Advertising

186

191

13

178

3

%

(4

)%

Other

52

51

4

47

(2

)%

(10

)%

Total News Media segment revenues

$

514

$

538

$

38

$

500

5

%

(3

)%

Q3 YTD

Fiscal 2025

Q3 YTD

Fiscal 2026

FX impact

Q3 YTD

Fiscal 2026

constant

currency

% Change -

reported

% Change -

constant

currency

($ in millions)

Better/(Worse)

Consolidated results:

Circulation and subscription

$

2,243

$

2,383

$

45

$

2,338

6

%

4

%

Advertising

1,014

1,028

20

1,008

1

%

(1

)%

Consumer

1,585

1,647

25

1,622

4

%

2

%

Real estate

1,052

1,136

19

1,117

8

%

6

%

Other

449

497

9

488

11

%

9

%

Total revenues

$

6,343

$

6,691

$

118

$

6,573

5

%

4

%

Dow Jones:

Circulation and subscription

$

1,398

$

1,499

$

15

$

1,484

7

%

6

%

Advertising

292

309

—

$

309

6

%

6

%

Other

37

45

—

$

45

22

%

22

%

Total Dow Jones segment revenues

$

1,727

$

1,853

$

15

$

1,838

7

%

6

%

Digital Real Estate Services:

Circulation and subscription

$

5

$

6

$

—

$

6

20

%

20

%

Advertising

109

121

1

$

120

11

%

10

%

Real estate

1,052

1,136

19

$

1,117

8

%

6

%

Other

170

200

5

$

195

18

%

15

%

Total Digital Real Estate Services segment revenues

$

1,336

$

1,463

$

25

$

1,438

10

%

8

%

REA Group revenues

$

932

$

1,020

$

25

$

995

9

%

7

%

Book Publishing:

Consumer

1,585

1,647

25

$

1,622

4

%

2

%

Other

70

75

—

$

75

7

%

7

%

Total Book Publishing segment revenues

$

1,655

$

1,722

$

25

$

1,697

4

%

3

%

News Media:

Circulation and subscription

$

840

$

878

$

30

$

848

5

%

1

%

Advertising

613

598

19

$

579

(2

)%

(6

)%

Other

172

177

4

$

173

3

%

1

%

Total News Media segment revenues

$

1,625

$

1,653

$

53

$

1,600

2

%

(2

)%