v3.25.4
REVENUES
 6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 3. REVENUES
The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2025 and 2024:
For the three months ended December 31, 2025
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$497 $2 $— $293 $— $792 
Advertising133 40 — 216 — 389 
Consumer— — 607 — — 607 
Real estate— 401 — — — 401 
Other18 68 26 61 — 173 
Total Revenues$648 $511 $633 $570 $— $2,362 
For the three months ended December 31, 2024
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$461 $2 $— $282 $— $745 
Advertising121 35 — 229 — 385 
Consumer— — 572 — — 572 
Real estate— 377 — — — 377 
Other18 59 23 59 — 159 
Total Revenues$600 $473 $595 $570 $— $2,238 
For the six months ended December 31, 2025
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$988 $4 $— $582 $— $1,574 
Advertising218 81 — 407 — 706 
Consumer— — 1,117 — — 1,117 
Real estate— 771 — — — 771 
Other28 134 50 126 — 338 
Total Revenues$1,234 $990 $1,167 $1,115 $— $4,506 
For the six months ended December 31, 2024
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$920 $4 $— $564 $— $1,488 
Advertising206 73 — 427 — 706 
Consumer— — 1,093 — — 1,093 
Real estate— 734 — — — 734 
Other26 119 48 120 — 313 
Total Revenues$1,152 $930 $1,141 $1,111 $— $4,334 
Contract Liabilities and Assets
The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2025 and 2024:
For the three months ended
December 31,		For the six months ended
December 31,
2025202420252024
(in millions)
Balance, beginning of period$504 $488 $498 $483 
Deferral of revenue814 810 1,623 1,597 
Recognition of deferred revenue(a)
(844)(855)(1,645)(1,645)
Other— (12)(2)(4)
Balance, end of period$474 $431 $474 $431 
(a)For the three and six months ended December 31, 2025, the Company recognized $222 million and $389 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2024, the Company recognized $205 million and $378 million, respectively, of revenue which was included in the opening deferred revenue balance.
The Company had contract assets of $72 million and $37 million as of December 31, 2025 and 2024, respectively.
Other Revenue Disclosures
The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or the consideration is received within twelve months or less of the transfer of the good or service.
For the three and six months ended December 31, 2025, the Company recognized approximately $105 million and $212 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of December 31, 2025 was approximately $1,110 million, of which approximately $235 million is expected to be recognized over the remainder of fiscal 2026, $355 million is expected to be recognized in fiscal 2027 and $172 million is expected to be recognized in fiscal 2028, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606, Revenue from Contracts with Customers.