New York Times Co. - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.15%.
Did NYT Beat Earnings? Q4 2025 Results
The New York Times Company capped 2025 with a strong fourth quarter, beating Wall Street expectations on both the top and bottom lines as its digital transformation continued to gain traction. Adjusted diluted EPS came in at $0.89, ahead of the $0.86 consensus estimate by 2.97%, while revenue of $802.31 million topped forecasts by 1.42% and grew 10.4% year-over-year. The primary engine behind the quarter was digital, where subscription revenues climbed 13.9% to $381.51 million and digital advertising surged 24.9% to $147.24 million on strong marketer demand, more than offsetting continued declines in print. The company added roughly 450,000 net digital-only subscribers in the period, bringing its total subscriber base to 12.78 million. Management expressed confidence in sustaining that momentum, guiding for digital-only subscription revenue growth of 14-17% in Q1 2026 and low-double-digit total advertising gains, with the board punctuating the optimism by raising the quarterly dividend by $0.05 to $0.23 per share.
- Digital-only subscriber growth of approximately 1.4 million year-over-year to 12.21 million
- Strong digital advertising demand with 24.9% YoY growth driven by marketer demand and new advertising supply
- Subscribers transitioning from promotional to higher prices and price increases on tenured subscribers driving ARPU growth
- Bundle and multiproduct subscribers reached 6.48 million of 12.21 million digital-only subscribers
- Higher licensing revenues contributing to affiliate, licensing and other revenue growth
“The fourth quarter capped another strong year for The Times, and our results demonstrated that our strategy continues to work as designed. Our world-class news coverage and premium lifestyle products proved more valuable to more people in 2025. We have confidence that in 2026, we can deliver another year of healthy growth in subscribers, revenue, and profitability, as well as strong free cash flow.”
New York Times CEO, on the earnings call
Forward Guidance & Outlook
For Q1 2026, the company expects: digital-only subscription revenues to increase 14-17%; total subscription revenues to increase 9-11%; digital advertising revenues to increase high-teens-to-low-twenties; total advertising revenues to increase low-double-digits; affiliate, licensing and other revenues to increase high-single-digits; and adjusted operating costs to increase 8-9%. For full-year 2026, the company expects depreciation and amortization of approximately $80-$85 million (including approximately $25-$30 million of acquired intangible assets amortization), interest income and other, net of approximately $40-$45 million, and capital expenditures of approximately $35-$45 million.
NYT YoY Financials
NYT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.