NEWS CORP Earnings Per Share Disclosure
| For the fiscal years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| Net income from continuing operations | $ | 648 | $ | 379 | $ | 228 | |||||||||||
| Net income (loss) from discontinued operations, net of tax | 692 | (25) | (41) | ||||||||||||||
| Net income | 1,340 | 354 | 187 | ||||||||||||||
| Net income attributable to noncontrolling interests from continuing operations | (168) | (110) | (65) | ||||||||||||||
| Net loss attributable to noncontrolling interests from discontinued operations | 8 | 22 | 27 | ||||||||||||||
| Net income attributable to News Corporation stockholders | $ | 1,180 | $ | 266 | $ | 149 | |||||||||||
| Weighted-average number of shares of common stock outstanding—basic | 567.7 | 571.2 | 576.4 | ||||||||||||||
| Dilutive effect of equity awards | 2.2 | 2.3 | 2.4 | ||||||||||||||
| Weighted-average number of shares of common stock outstanding—diluted | 569.9 | 573.5 | 578.8 | ||||||||||||||
| Net income (loss) attributable to News Corporation stockholders per share: | |||||||||||||||||
| Basic: | |||||||||||||||||
| Continuing operations | $ | 0.85 | $ | 0.47 | $ | 0.28 | |||||||||||
| Discontinued operations | 1.23 | — | (0.02) | ||||||||||||||
| $ | 2.08 | $ | 0.47 | $ | 0.26 | ||||||||||||
| Diluted: | |||||||||||||||||
| Continuing operations | $ | 0.84 | $ | 0.47 | $ | 0.28 | |||||||||||
| Discontinued operations | 1.23 | (0.01) | (0.02) | ||||||||||||||
| $ | 2.07 | $ | 0.46 | $ | 0.26 | ||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.