About The New York Times Company
The New York Times Company (NYSE: NYT) is a leading global media organization best known for publishing The New York Times, one of the world’s most influential newspapers. Founded in 1851 and headquartered in New York City, the company focuses on high-quality journalism across news, opinion, culture, and analysis.
Over the years, it has successfully transformed into a digital-first business, generating a majority of its revenue from digital subscriptions, alongside advertising and other products such as NYT Cooking, Games, and Audio. The company is widely recognized for its journalistic integrity, innovation in media, and numerous Pulitzer Prize wins.
Overall Results – Q4 2025
The New York Times Company reported total revenue of $802.3 million for Q4 2025, a 10.4% increase year-over-year. Net digital-only subscribers increased by 450,000, bringing total subscribers to 12.78 million. Digital-only average revenue per user (ARPU) rose to $9.72, up 0.7% from the prior year.
Profitability – Q4 2025
Diluted earnings per share (EPS) for the quarter were $0.79, up from the prior year, with adjusted EPS of $0.89. Operating profit rose 10.2% to $161.6 million, and adjusted operating profit grew 12.8%.
Revenue Breakdown – Q4 2025
Digital subscription revenues grew 13.9%, driven by subscriber growth and pricing transitions. Digital advertising revenue jumped nearly 25%, reflecting strong advertiser demand and increased inventory. Affiliate, licensing, and other revenues also increased, highlighting diversified income streams.
Costs & Investments – Q4 2025
Total operating costs increased 10.5%, largely due to higher content, marketing, and product development expenses. Adjusted operating costs rose 9.7%, consistent with strategic investments in growth areas.
Cash and Returns
For full-year 2025, the company generated $550.5 million in free cash flow, significantly higher than the prior year. The Board declared a $0.23 quarterly dividend, up from the previous quarter.
Outlook for First Quarter 2026
For the first quarter of 2026 compared with the first quarter of 2025, The New York Times Company expects digital-only subscription revenues to increase by 14%–17% and total subscription revenues to rise by 9%–11%.
Digital advertising revenues are projected to grow at a high-teens to low-twenties percentage rate, while total advertising revenues are expected to increase at a low double-digit rate. Affiliate, licensing, and other revenues are anticipated to grow at a high single-digit rate, and adjusted operating costs are forecast to increase by 8%–9%.
2026 Financial Expectations
On a pre-tax basis for full-year 2026, the company expects depreciation and amortization of approximately $80–$85 million, including $25–$30 million related to acquired intangible assets. Interest income and other items, net, are projected to be $40–$45 million, while capital expenditures are expected to total approximately $35–$45 million.
