v3.26.1
REVENUES
 9 Months Ended
Mar. 31, 2026
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 nine months ended March 31, 2026 and 2025:
For the three months ended March 31, 2026
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$511 $2 $— $296 $— $809 
Advertising91 40 — 191 — 322 
Consumer— — 530 — — 530 
Real estate— 365 — — — 365 
Other17 66 25 51 — 159 
Total Revenues$619 $473 $555 $538 $— $2,185 
For the three months ended March 31, 2025
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$478 $1 $— $276 $— $755 
Advertising86 36 — 186 — 308 
Consumer— — 492 — — 492 
Real estate— 318 — — — 318 
Other11 51 22 52 — 136 
Total Revenues$575 $406 $514 $514 $— $2,009 
For the nine months ended March 31, 2026
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$1,499 $6 $— $878 $— $2,383 
Advertising309 121 — 598 — 1,028 
Consumer— — 1,647 — — 1,647 
Real estate— 1,136 — — — 1,136 
Other45 200 75 177 — 497 
Total Revenues$1,853 $1,463 $1,722 $1,653 $— $6,691 
For the nine months ended March 31, 2025
Dow JonesDigital Real
Estate
Services		Book
Publishing		News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$1,398 $5 $— $840 $— $2,243 
Advertising292 109 — 613 — 1,014 
Consumer— — 1,585 — — 1,585 
Real estate— 1,052 — — — 1,052 
Other37 170 70 172 — 449 
Total Revenues$1,727 $1,336 $1,655 $1,625 $— $6,343 
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 nine months ended March 31, 2026 and 2025:
For the three months ended
March 31,		For the nine months ended
March 31,
2026202520262025
(in millions)
Balance, beginning of period$474 $431 $498 $483 
Deferral of revenue904 807 2,527 2,404 
Recognition of deferred revenue(a)
(815)(740)(2,460)(2,385)
Other(7)3 (9)(1)
Balance, end of period$556 $501 $556 $501 
(a)For the three and nine months ended March 31, 2026, the Company recognized $206 million and $449 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2025, the Company recognized $178 million and $428 million, respectively, of revenue which was included in the opening deferred revenue balance.
The Company had contract assets of $83 million and $52 million as of March 31, 2026 and 2025, 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 nine months ended March 31, 2026, the Company recognized approximately $123 million and $335 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 March 31, 2026 was approximately $1,288 million, of which approximately $134 million is expected to be recognized over the remainder of fiscal 2026, $438 million is expected to be recognized in fiscal 2027 and $246 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.