# NEW YORK TIMES CO (NYT)

Informational only - not investment advice.

CIK: 0000071691
SIC: 2711 Newspapers: Publishing or  Publishing & Printing
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 27](/major-group/27/) > [SIC 2711 Newspapers: Publishing or  Publishing & Printing](/industry/2711/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=71691
Filing source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000071691-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000071691.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,824,918,000 USD | 2025 | verified |
| Net income | 343,981,000 USD | 2025 | verified |
| Assets | 2,997,090,000 USD | 2025 | verified |
| Free cash flow | 550,505,000 USD | 2025 | computed |
| Net margin | 12.18% | 2025 | computed |
| Operating margin | 15.28% | 2025 | computed |
| Revenue YoY | +9.24% | 2025 | computed |
| ROE | 16.85% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NYT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 12.2% | 3.2% | 85 | 14 |
| Operating margin | 15.3% | 10.1% | 92 | 13 |
| Revenue growth | 9.2% | 0.3% | 77 | 14 |
| FCF margin | 19.5% | 8.6% | 100 | 12 |
| ROE | 16.9% | 7.6% | 80 | 11 |
| ROA | 11.5% | 3.5% | 85 | 14 |
| Liabilities / equity | 0.47 | 1.30 | 30 | 11 |
| Current ratio | 1.54 | 1.39 | 54 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 27 SIC Major Group 27, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2824918000 | USD | 2025 | 2026-02-27 |
| Net income | 343981000 | USD | 2025 | 2026-02-27 |
| Assets | 2997090000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000071691.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 1,555,342,000 | 1,675,639,000 | 1,748,598,000 | 1,812,184,000 | 1,783,639,000 | 2,074,877,000 | 2,308,321,000 | 2,426,152,000 | 2,585,919,000 | 2,824,918,000 |
| Net income |  | 29,068,000 | 4,296,000 | 125,684,000 | 139,966,000 | 100,103,000 | 219,971,000 | 173,905,000 | 232,387,000 | 293,825,000 | 343,981,000 |
| Operating income |  | 112,678,000 | 176,591,000 | 190,167,000 | 175,582,000 | 176,256,000 | 268,034,000 | 201,967,000 | 276,272,000 | 351,096,000 | 431,557,000 |
| Diluted EPS |  | 0.18 | 0.03 | 0.75 | 0.83 | 0.60 | 1.31 | 1.04 | 1.40 | 1.77 | 2.09 |
| Operating cash flow |  | 103,876,000 | 86,712,000 | 157,117,000 | 189,898,000 | 297,933,000 | 269,098,000 | 150,687,000 | 360,618,000 | 410,512,000 | 584,489,000 |
| Capital expenditures |  | 30,095,000 | 84,753,000 | 77,487,000 | 45,441,000 | 34,451,000 | 34,637,000 | 36,961,000 | 22,669,000 | 29,173,000 | 33,984,000 |
| Dividends paid |  | 25,897,000 | 26,004,000 | 26,418,000 | 31,604,000 | 38,437,000 | 45,337,000 | 56,790,000 | 69,464,000 | 82,855,000 | 110,363,000 |
| Share buybacks | 69,293,000 | 15,684,000 | 0.00 | 0.00 |  | 0.00 | 0.00 | 105,056,000 | 44,553,000 | 85,043,000 | 165,341,000 |
| Assets |  | 2,185,395,000 | 2,099,780,000 | 2,197,123,000 | 2,089,138,000 | 2,307,689,000 | 2,564,108,000 | 2,533,752,000 | 2,714,595,000 | 2,841,479,000 | 2,997,090,000 |
| Stockholders' equity |  | 847,815,000 | 897,279,000 | 1,040,781,000 | 1,172,003,000 | 1,325,517,000 | 1,538,720,000 | 1,597,967,000 | 1,763,219,000 | 1,927,209,000 | 2,041,363,000 |
| Cash and cash equivalents |  | 100,692,000 | 182,911,000 | 241,504,000 | 230,431,000 | 286,079,000 | 319,973,000 | 221,385,000 | 289,472,000 | 199,448,000 | 255,445,000 |
| Free cash flow |  | 73,781,000 | 1,959,000 | 79,630,000 | 144,457,000 | 263,482,000 | 234,461,000 | 113,726,000 | 337,949,000 | 381,339,000 | 550,505,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 1.87% | 0.26% | 7.19% | 7.72% | 5.61% | 10.60% | 7.53% | 9.58% | 11.36% | 12.18% |
| Operating margin |  | 7.24% | 10.54% | 10.88% | 9.69% | 9.88% | 12.92% | 8.75% | 11.39% | 13.58% | 15.28% |
| Return on equity |  | 3.43% | 0.48% | 12.08% | 11.94% | 7.55% | 14.30% | 10.88% | 13.18% | 15.25% | 16.85% |
| Return on assets |  | 1.33% | 0.20% | 5.72% | 6.70% | 4.34% | 8.58% | 6.86% | 8.56% | 10.34% | 11.48% |
| Liabilities / equity |  | 1.58 | 1.34 | 1.11 | 0.78 | 0.74 | 0.67 | 0.59 | 0.54 | 0.47 | 0.47 |
| Current ratio |  | 2.00 | 1.80 | 1.33 | 1.64 | 1.72 | 1.70 | 1.15 | 1.28 | 1.53 | 1.54 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NYT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000071691.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-25 |  |  | 0.22 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.13 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.28 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 598,345,000 | 53,615,000 | 0.32 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 676,215,000 | 109,877,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 594,015,000 | 40,417,000 | 0.24 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 625,097,000 | 65,540,000 | 0.40 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 640,178,000 | 64,143,000 | 0.39 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 726,629,000 | 123,725,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 635,910,000 | 49,551,000 | 0.30 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 685,873,000 | 82,945,000 | 0.50 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 700,821,000 | 81,647,000 | 0.50 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 802,314,000 | 129,838,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 712,236,000 | 87,922,000 | 0.54 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 762,455,000 | 93,418,000 | 0.57 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NYT's latest 10-K: [/company/NYT/business/](/company/NYT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NYT's latest 10-K: [/company/NYT/risk-factors/](/company/NYT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000034/nyt-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

EXECUTIVE OVERVIEW

We are a global media organization focused on creating and distributing high-quality news and information that help our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other sources and are at the heart of what makes our journalism worth paying for.

We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. Affiliate, licensing and other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), and retail commerce. Our main operating costs are employee-related costs.

In the accompanying analysis of financial information, we present certain information derived from our consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We are presenting in this report supplemental non-GAAP financial performance measures that exclude depreciation, amortization, severance, non-operating retirement costs and certain identified special items, as applicable. In addition, we present our free cash flow, defined as net cash provided by operating activities less capital expenditures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures and should be read in conjunction with financial information presented on a GAAP basis. For further information and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see “— Results of Operations — Non-GAAP Financial Measures.”

In the third quarter of 2025, the Company updated its internal reporting to reflect how the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker) manages the business, and, as a result, the Company has determined it has one reportable segment and one reporting unit.

Financial Highlights

•Total revenues increased 11.2% to $762.5 million in the second quarter of 2026 from $685.9 million in the second quarter of 2025.

•Total subscription revenues increased 11.7% to $537.9 million in the second quarter of 2026 from $481.4 million in the second quarter of 2025. Digital-only subscription revenues increased 16.4% to $407.9 million in the second quarter of 2026 from $350.4 million in the second quarter of 2025. The Company added approximately 280,000 net digital-only subscribers compared with the end of the first quarter of 2026, bringing the total number of subscribers to 13.35 million subscribers, including approximately 12.80 million digital-only subscribers. Compared with the end of the second quarter of 2025, there was a net increase of 1,500,000 digital-only subscribers. Digital-only average revenue per user (“ARPU”) increased 3.1% year-over-year to $9.94.

•Total advertising revenues increased 11.3% to $149.1 million in the second quarter of 2026 from $134.0 million in the second quarter of 2025, due to an increase in digital advertising revenues of 20.7% to $114.0 million.

•Affiliate, licensing and other revenues increased 7.1% to $75.5 million in the second quarter of 2026 from $70.5 million in the second quarter of 2025, as a result of higher Wirecutter affiliate referral revenues.

•Operating costs increased 11.2% to $644.4 million in the second quarter of 2026 from $579.3 million in the second quarter of 2025. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased 10.0% to $607.2 million in the second quarter of 2026 from $552.1 million in the second quarter of 2025.

•Operating profit increased 10.8% to $118.0 million in the second quarter of 2026 from $106.6 million in the second quarter of 2025. Adjusted operating profit, defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased 16.1% to $155.3 million in the second quarter of 2026 from $133.8 million in the second quarter of 2025.

20

•Operating profit margin (operating profit expressed as a percentage of revenues) remained flat at 15.5% in the second quarter of 2026, compared with the second quarter of 2025. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased to 20.4% in the second quarter of 2026, compared with 19.5% in the second quarter of 2025.

•Diluted earnings per share were $0.57 and $0.50 for the second quarters of 2026 and 2025, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), were $0.69 and $0.58 for the second quarters of 2026 and 2025, respectively.

Industry Trends, Economic Conditions, Challenges and Risks

We operate in a highly competitive environment that is subject to rapid and, at times, unpredictable change. We compete for audience, subscribers, advertisers and licensees against a wide variety of companies. Companies shaping our competitive environment include content creators, providers and distributors; news aggregators; search engines; social media platforms; streaming services; and AI companies, certain of which have attracted and any of which may further attract audiences, subscribers, advertisers and/or licensees to their platforms and away from ours. Competition among these companies is robust, and new competitors can quickly emerge and have in recent years. We have designed our strategy to navigate the challenges and take advantage of opportunities presented by this period of transformation in our industry.

We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic weakness, instability and volatility, including the potential for a recession; expanded or retaliatory tariffs or taxes or other trade barriers; a competitive talent market; inflation; supply chain disruptions; high interest rates and interest rates volatility; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results. Macroeconomic uncertainty has had in the past, and may have in the future, an adverse impact on both digital and print advertising spending. Additionally, we believe that there is marketer sensitivity to being adjacent to news or specific news topics, impacting overall advertising spend.

The newspaper industry has transitioned from being primarily print-focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs, including those associated with raw materials, delivery and distribution and outside printing, or if they were to become subject to expanded or retaliatory tariffs.

We actively monitor industry trends and political and economic conditions, challenges and risks to remain flexible and to optimize and evolve our business as appropriate; however, the full impact they will have on our business, operations and financial results is uncertain and will depend on numerous factors and future developments. The risks related to our business are further described in the section titled “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

21

RESULTS OF OPERATIONS

The following table presents our consolidated financial results:

[[GREPCENT_TABLE]]
[["","","For the Quarters Ended","","For the Six Months Ended"],["(In thousands)","","June 30, 2026","","June 30, 2025","","% Change","","June 30, 2026","","June 30, 2025","","% Change"],["Revenues"],["Subscription","","$","537,880","","","$","481,420","","","11.7","%","","$","1,054,751","","","$","945,677","","","11.5","%"],["Advertising","","149,123","","","133,974","","","11.3","%","","275,947","","","242,050","","","14.0","%"],["Affiliate, licensing and other","","75,452","","","70,479","","","7.1","%","","143,993","","","134,056","","","7.4","%"],["Total revenues","","762,455","","","685,873","","","11.2","%","","1,474,691","","","1,321,783","","","11.6","%"],["Operating costs"],["Cost of revenue (excluding depreciation and amortization)","","367,841","","","338,779","","","8.6","%","","730,777","","","673,416","","","8.5","%"],["Sales and marketing","","85,509","","","69,165","","","23.6","%","","162,772","","","135,124","","","20.5","%"],["Product development","","70,350","","","63,940","","","10.0","%","","140,543","","","130,479","","","7.7","%"],["General and administrative","","85,767","","","82,552","","","3.9","%","","172,219","","","162,465","","","6.0","%"],["Depreciation and amortization","","21,123","","","21,396","","","(1.3)","%","","41,686","","","42,774","","","(2.5)","%"],["Generative AI Litigation Costs","","4,628","","","3,490","","","32.6","%","","8,840","","","7,887","","","12.1","%"],["Multiemployer pension plan liability adjustments","","9,219","","","\u2014","","","*","","9,219","","","4,453","","","*"],["Total operating costs","","644,437","","","579,322","","","11.2","%","","1,266,056","","","1,156,598","","","9.5","%"],["Operating profit","","118,018","","","106,551","","","10.8","%","","208,635","","","165,185","","","26.3","%"],["Other components of net periodic benefit costs","","(3,637)","","","(4,639)","","","(21.6)","%","","(7,219)","","","(9,277)","","","(22.2)","%"],["Interest income and other, net","","10,834","","","9,752","","","11.1","%","","22,117","","","19,724","","","12.1","%"],["Income before income taxes","","125,215","","","111,664","","","12.1","%","","223,533","","","175,632","","","27.3","%"],["Income tax expense","","31,797","","","28,719","","","10.7","%","","42,193","","","43,136","","","(2.2)","%"],["Net income","","$","93,418","","","$","82,945","","","12.6","%","","$","181,340","","","$","132,496","","","36.9","%"]]
[[/GREPCENT_TABLE]]

* Represents a change equal to or in excess of 100% or not meaningful.

22

Revenues

Subscription Revenues

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represented less than 5% of our subscription revenues in the second quarters of 2026 and 2025). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.

We offer a digital-only bundle that includes access to our digital news product (which includes our news website, NYTimes.com, and mobile application), as well as The Athletic and our Audio, Cookin

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm
Complete FY 2025 MD&A: /company/NYT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated financial condition as of December 31, 2025, and results of operations for the two years ended December 31, 2025. Please read this item together with our Consolidated Financial Statements and the related Notes included in this Annual Report. For comparison of results of operations for the fiscal years ended December 31, 2024, and December 31, 2023 see Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the SEC on February 27, 2025.

Significant components of the management’s discussion and analysis of financial condition and results of operations section include:

[[GREPCENT_TABLE]]
[["","","","","PAGE"],["Executive Overview:","The executive overview section provides a summary of The New York Times Company and our business.","31"],["Results of Operations:","The results of operations section provides an analysis of our results on a consolidated basis.","35"],["Non-Operating Items:","The non-operating items section discusses certain non-operating items.","42"],["Non-GAAP Financial Measures:","The non-GAAP financial measures section provides a comparison of our non-GAAP financial measures to the most directly comparable GAAP measures for the two years ended December 31, 2025, and December 31, 2024.","43"],["Liquidity and Capital Resources:","The liquidity and capital resources section provides a discussion of our cash flows for the two years ended December 31, 2025, and December 31, 2024, and restricted cash, capital expenditures and third-party financing, commitments and contingencies existing as of December 31, 2025.","47"],["Critical Accounting Estimates:","The critical accounting estimates section provides detail with respect to accounting policies that are considered by management to require significant judgment and use of estimates and that could have a significant impact on our financial statements.","51"]]
[[/GREPCENT_TABLE]]

EXECUTIVE OVERVIEW

We are a global media organization focused on creating and distributing high-quality news and information that help our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other sources and are at the heart of what makes our journalism worth paying for. For further information, see “Item 1 — Business – Overview” and “– Our Strategy.”

We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. The Company changed the revenue caption “Other” on its Consolidated Statement of Operations to “Affiliate, licensing and other” beginning with the quarter ended March 31, 2025. Affiliate, licensing and other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our Company Headquarters, our live events business and retail commerce. Our main operating costs are employee-related costs.

In the accompanying analysis of financial information, we present certain information derived from our consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We are presenting in this report supplemental non-GAAP financial performance measures that may exclude depreciation, amortization, severance, non-operating retirement costs and certain identified special items, as applicable. In addition, we present our free cash flow, defined as net cash provided by operating activities less capital expenditures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures and should be read in conjunction with our financial information presented on a GAAP basis. For further information and

THE NEW YORK TIMES COMPANY – P. 31

reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see “— Results of Operations — Non-GAAP Financial Measures.”

Fiscal year 2024, ended December 31, 2024, was composed of one additional day as compared to fiscal year 2025, ended December 31, 2025, as a result of 2024 being a leap year.

In the third quarter of 2025, the Company updated its internal reporting to reflect how the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker) manages the business, and as a result, the Company has determined it has one reportable segment and one reporting unit.

2025 Financial Highlights

•The Company ended 2025 with approximately 12.78 million subscribers to its print and digital products, including approximately 12.21 million digital-only subscribers. Of the 12.21 million digital-only subscribers, approximately 6.48 million were bundle and multiproduct subscribers. Compared with the end of 2024, there was a net increase of approximately 1,400,000 digital-only subscribers.

•Total digital-only average revenue per user (“ARPU”) grew 2.7% year-over-year to $9.68 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.

•Operating profit increased 22.9% to $431.6 million in 2025 from $351.1 million in 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 20.8% to $550.1 million in 2025 from $455.4 million in 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.3% in 2025, compared with 13.6% in 2024. Adjusted operating profit margin (adjusted operating profit expressed as a percentage of revenues) increased to 19.5% in 2025, compared with 17.6% in 2024.

•Total revenues increased 9.2% to $2.82 billion in 2025 from $2.59 billion in 2024.

•Total subscription revenues increased 9.1% to $1.95 billion in 2025 from $1.79 billion in 2024. Digital-only subscription revenues increased 14.3% to $1.43 billion in 2025 from $1.25 billion in 2024.

•Total advertising revenues increased 11.8% to $566.0 million in 2025 from $506.3 million in 2024, due to an increase of 20.0% in digital advertising revenues, partially offset by a decrease of 5.4% in print advertising revenues.

•Affiliate, licensing and other revenues increased 5.7% to $308.1 million in 2025 from $291.4 million in 2024, as a result of higher licensing revenues.

•Operating costs increased 7.1% to $2.39 billion in 2025 from $2.23 billion in 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 6.8% to $2.27 billion in 2025 from $2.13 billion in 2024.

•Diluted earnings per share were $2.09 and $1.77 for 2025 and 2024, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”) were $2.46 and $2.01 for 2025 and 2024, respectively.

•Net cash from operating activities for 2025 was $584.5 million compared with $410.5 million in 2024, and free cash flow, defined as net cash provided by operating activities less capital expenditures (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), was $550.5 million compared with $381.3 million in 2024.

P. 32 – THE NEW YORK TIMES COMPANY

Industry Trends, Economic Conditions, Challenges and Risks

We operate in a highly competitive environment that is subject to rapid and, at times, unpredictable change. We compete for audience, subscribers, advertisers and licensees against a wide variety of companies. Companies shaping our competitive environment include content creators, providers and distributors; news aggregators; search engines; social media platforms; streaming services; and AI companies, certain of which have attracted and any of which may further attract audiences, subscribers, advertisers and/or licensees to their platforms and away from ours. Competition among these companies is robust, and new competitors can quickly emerge and have in recent years. We have designed our strategy to navigate the challenges and take advantage of opportunities presented by this period of transformation in our industry.

We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic weakness, instability and volatility, including the potential for a recession; expanded or retaliatory tariffs or taxes or other trade barriers; a competitive talent market; inflation; supply chain disruptions; high interest rates and interest rates volatility; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results. Macroeconomic uncertainty has had in the past, and may have in the future, an adverse impact on both digital and print advertising spending. Additionally, we believe that there is marketer sensitivity to being adjacent to news or specific news topics, impacting overall advertising spend.

The newspaper industry has transitioned from being primarily print-focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs, including those associated with raw materials, delivery and distribution and outside printing, or if they were to become subject to expanded or retaliatory tariffs (though newsprint is currently exempt from the proposed expansion of U.S. tariffs on goods from Canada).

We actively monitor industry trends and political and economic conditions, challenges and risks to remain flexible and to optimize and evolve our business as appropriate; however, the full impact they will have on our business, operations and financial results is uncertain and will depend on numerous factors and future developments. The risks related to our business are further described in the section titled “Item 1A — Risk Factors.”

Liquidity

Throughout 2025, we returned capital to shareholders through dividends and share repurchases and continued to manage our pension liability as discussed below. As of December 31, 2025, the Company had cash, cash equivalents and marketable securities of approximately $1.2 billion and was debt-free.

Capital Return

The Company aims to return at least 50% of free cash flow to stockholders in the form of dividends and share repurchases over the next three to five years.

We have paid quarterly dividends on the Class A and Class B Common Stock each quarter since late 2013. In February 2026, our Board of Directors approved a quarterly dividend of $0.23 per share, an increase of $0.05 per share from the previous quarter. We currently expect to continue to pay cash dividends in the future, although changes in our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant.

Our Board of Direc

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NYT/mda/fy2025/
All MD&A years: /company/NYT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NYT/mda/fy2024/): filed 2025-02-27; accession 0000071691-25-000047 (https://www.sec.gov/Archives/edgar/data/71691/000007169125000047/nyt-20241231.htm)
- [FY 2023 MD&A](/company/NYT/mda/fy2023/): filed 2024-02-20; accession 0000071691-24-000030 (https://www.sec.gov/Archives/edgar/data/71691/000007169124000030/nyt-20231231.htm)
- [FY 2022 MD&A](/company/NYT/mda/fy2022/): filed 2023-02-28; accession 0000071691-23-000006 (https://www.sec.gov/Archives/edgar/data/71691/000007169123000006/nyt-20221231.htm)
- [FY 2021 MD&A](/company/NYT/mda/fy2021/): filed 2022-02-23; accession 0000071691-22-000006 (https://www.sec.gov/Archives/edgar/data/71691/000007169122000006/nyt-20211226.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2711 Newspapers: Publishing or  Publishing & Printing) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NYT.md · JSON record: /company/NYT.json · verified financials: /company/NYT/financials.json / /company/NYT/financials.csv · machine TOC for the whole site: /llms.txt