v3.25.2
REVENUES
 12 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 4. REVENUES
Disaggregated Revenue
The following tables present the Company’s disaggregated revenues by type and segment for the fiscal years ended June 30, 2025, 2024 and 2023:
For the fiscal year ended June 30, 2025
Dow Jones
Digital Real Estate Services
Book Publishing
News Media
Other
Total Revenues
(in millions)
Revenues:
Circulation and subscription$1,884 $7 $— $1,118 $— $3,009 
Advertising
396 151 — 820 — 1,367 
Consumer
— — 2,047 — — 2,047 
Real estate
— 1,410 — — — 1,410 
Other
51 234 102 232 — 619 
Total Revenues
$2,331 $1,802 $2,149 $2,170 $— $8,452 
For the fiscal year ended June 30, 2024
Dow Jones
Digital Real Estate Services
Book Publishing
News Media
Other
Total Revenues
(in millions)
Revenues:
Circulation and subscription
$1,771 $10 $— $1,128 $— $2,909 
Advertising
405 136 — 859 — 1,400 
Consumer
— — 2,000 — — 2,000 
Real estate
— 1,284 — — — 1,284 
Other
55 228 93 283 — 659 
Total Revenues
$2,231 $1,658 $2,093 $2,270 $— $8,252 
For the fiscal year ended June 30, 2023
Dow Jones
Digital Real Estate Services
Book Publishing
News Media
Other
Total Revenues
(in millions)
Revenues:
Circulation and subscription
$1,689 $12 $— $1,117 $— $2,818 
Advertising
413 140 — 920 — 1,473 
Consumer
— — 1,899 — — 1,899 
Real estate
— 1,189 — — — 1,189 
Other
51 198 80 304 — 633 
Total Revenues
$2,153 $1,539 $1,979 $2,341 $— $8,012 
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 fiscal years ended June 30, 2025 and 2024:
For the fiscal years ended June 30,
20252024
(in millions)
Beginning balance$483 $554 
Deferral of revenue
3,198 2,953 
Recognition of deferred revenue(a)
(3,197)(3,019)
Other
14 (5)
Ending balance$498 $483 
(a)For the fiscal years ended June 30, 2025 and 2024, the Company recognized approximately $451 million and $504 million, respectively, of revenue which was included in the opening deferred revenue balance.
The Company had contract assets of $53 million and $7 million as of June 30, 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.
During the fiscal year ended June 30, 2025, the Company recognized approximately $434 million 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 June 30, 2025 was approximately $1,138 million, of which approximately $442 million is expected to be recognized during fiscal 2026, $295 million is expected to be recognized in fiscal 2027 and $125 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.