New York Times Co. - Class A
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
Did NYT Beat Earnings? Q3 2025 Results
The New York Times Company posted a strong third quarter of 2025, beating Wall Street expectations on both the top and bottom lines as accelerating digital subscription growth powered better-than-anticipated results. Adjusted diluted EPS came in at $0.59, clearing the $0.53 consensus estimate by 10.84%, while total revenue rose 9.5% year-over-year to $700.82 million, edging past the $692.01 million estimate by 1.27%. The headline driver was the company's bundling strategy, which helped add approximately 460,000 net digital-only subscribers in the quarter, pushing digital-only subscription revenues up 14.0% to $367.44 million; digital advertising delivered an additional lift, climbing 20.3% to $98.11 million on strong marketer demand. Disciplined cost management was equally notable, with operating costs growing just 5.8% against that 9.5% revenue gain, expanding the operating margin to 15.0% from 12.0% a year ago. Looking ahead, the company guided for digital-only subscription revenues to grow 13-16% in the fourth quarter, with digital advertising expected to increase in the mid-to-high-teens.
- 460,000 net digital-only subscriber additions in Q3 2025
- Digital-only ARPU increased 3.6% YoY to $9.79 driven by subscribers transitioning from promotional to higher prices and price increases on tenured subscribers
- Bundle and multiproduct subscribers grew to 6.27 million, up from 5.12 million a year ago
- Strong marketer demand and new advertising supply drove 20.3% digital advertising revenue growth
- Higher licensing revenues contributed to 7.9% growth in affiliate, licensing and other revenues
- Operating profit margin expanded 300 basis points YoY to 15.0%
“Q3 was another great quarter across the board at The Times and our results demonstrate that our strategy is working as designed. We saw strong revenue growth and we are generating significant free cash flow. We are confident in our ability to widen the number of people who use and engage deeply with The Times. That means becoming more essential to even more people. And as we do that, we expect to deliver more value for shareholders and society.”
New York Times CEO, on the earnings call
Forward Guidance & Outlook
For Q4 2025 vs. Q4 2024: Digital-only subscription revenues expected to increase 13-16%; total subscription revenues to increase 8-10%; digital advertising revenues to increase mid-to-high-teens; total advertising revenues to increase high-single-to-low-double-digits; affiliate, licensing and other revenues to increase mid-single-digits; adjusted operating costs to increase 6-7%. For full year 2025, the company expects depreciation and amortization of approximately $85 million (including approximately $28 million of acquired intangible assets amortization), interest income and other of approximately $40 million, and capital expenditures of approximately $35 million.
NYT YoY Financials
NYT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.