NYT New York Times Company 10-Q 2026-09-30 section summaries

The New York Times Company — Q3 and first nine months of 2026

Results

The Company, which reports one operating segment, grew Q3 revenue 9.7% and nine-month revenue 10.9%. Digital subscriptions and advertising supported growth, while print subscription and advertising revenue declined. Operating profit and net income grew faster than revenue.

Nine-month subscription revenue was $1.602268B versus $1.440307B, and affiliate, licensing and other revenue was $222.441M versus $207.956M. Advertising was $418.520M versus $374.341M: its 9M growth of 11.8% was about four percentage points faster than Q3 growth of 7.8%.

Digital-only subscription revenue grew 14.6% in Q3 to $421.250M from $367.443M, reaching 76.9% of subscription revenue, versus 74.3%. Nine-month digital-only subscription revenue rose 15.7% to $1.218221B from $1.052822B. By contrast, Q3 print subscription revenue was $126.267M versus $127.187M, and print advertising was $32.720M versus $34.180M. Digital advertising grew 12.0% in Q3 to $109.853M from $98.111M.

Operating performance and significant costs

The Company’s adjusted operating profit, a non-GAAP measure, was $149.636M in Q3 versus $131.384M, and $422.872M for 9M versus $357.857M. Nine-month growth of 18.2% was about four percentage points faster than Q3 growth of 13.9%. Sales and marketing expense increased more quickly over 9M than in Q3.

Nine-month sales and marketing expense was $252.314M versus $214.701M (17.5% growth, compared with 12.5% in Q3). Adjusted general and administrative expense for 9M was $250.978M versus $230.087M. Reconciliation items included Q3 / 9M generative-AI litigation costs of $3.786M / $12.626M, versus $2.411M / $10.298M in 2025; and a 9M multiemployer pension-plan liability adjustment of $9.219M versus $4.453M (with none in either Q3). Nine-month stock-based compensation expense was $58.394M versus $53.663M.

Cash flow, capital returns and liquidity

Cash, cash equivalents and restricted cash declined to $235.335M from $270.461M at the start of 2026. The Company paid $104.787M of dividends versus $81.073M in the prior-year period and repurchased $170.879M of shares versus $109.880M. It repurchased 2.412M Class A shares for $171.832M; the completed 2023 authorization was replaced by a $350M 2025 authorization, of which $179.4M remained at September 30. Repurchases are intended to return capital and offset equity-compensation dilution. Shares outstanding, including Class B and based on issued shares less treasury shares, were approximately 161.830M at December 31, 2025 and 160.406M at September 30, 2026.

Net intangible assets comprised trademark ($123.198M; prior $129.729M), existing subscriber base ($82.500M; $90.937M), developed technology ($2.840M; $8.344M), and content archive ($0; $0.366M). Goodwill’s decline reflected $2.399M of foreign-currency translation. AFS securities were all Level 2; their $8.164M net unrealized loss at September 30, 2026 (amortized cost $1.051499B versus fair value $1.043362B) compared with $3.212M of net unrealized gains at year-end. The losses were primarily rate-related, not credit deterioration; the Company intended to hold the securities until recovery and recorded no impairment or credit-loss allowance.

The Company had no borrowings on its $400M revolving credit facility, which matures June 13, 2030; approximately $0.4M of letters of credit were outstanding and the Company was covenant-compliant. The balance sheet presents no debt.

Other developments and outlook

Remaining performance obligations for contracts longer than one year were approximately $144M: $26M expected for the remainder of 2026, $63M in 2027, and $55M thereafter through 2031. The Company received approximately $33M net proceeds from the College Point land sale in February 2025.

The Company is pursuing copyright-related claims against technology companies over alleged unauthorized use of its journalism in AI products. Litigation against Microsoft and OpenAI is continuing, with cross-motions for summary judgment filed in September 2026; it also has litigation involving Perplexity and filed suit against Brave in November 2026. Outcomes are uncertain, but the Company stated that no loss in excess of amounts recorded at September 30, 2026 was reasonably possible. The Company noted that its business is seasonal and interim results may not indicate full-year performance.

NYT — Q3 and first nine months of 2026

Consolidated results

Revenue increased 9.7% in Q3 and 10.9% in 9M; operating profit grew 16.4% and 22.4%, respectively. GAAP operating margin expanded to 15.9% from 15.0% in Q3 and to 14.7% from 13.3% in 9M. Adjusted margins were 19.5% versus 18.7% and 18.9% versus 17.7%. Adjustments include items such as acquired-intangible amortization, severance, retirement costs and designated special items.

Revenue mix

Digital-only subscriptions grew 14.6% in Q3 and 15.7% in 9M, supported by subscriber growth, higher ARPU as subscribers moved off promotions, and price increases for some tenured subscribers. Digital advertising rose 12.0% in Q3 and 20.4% in 9M. Q3 growth reflected stronger display demand and more audio/video advertising supply, partly offset by lower creative-services fees. Print advertising declined with lower column-inch volume; slightly higher rates provided a partial offset. Affiliate, licensing and other growth primarily reflected licensing and Wirecutter referral revenue. Print subscription declines reflected secular trends, including fewer single-copy sales and lower average home-delivery subscribers, partly offset by home-delivery price increases.

Operating costs

Total operating costs grew 8.5% in Q3 and 9.1% in 9M, slower than revenue in both periods. Cost-of-revenue increases were driven principally by journalism costs—up $18.5 million in Q3 and $66.7 million in 9M—including newsroom compensation, incentive pay and outside services. Higher digital delivery, subscriber servicing and print production/distribution costs also contributed. Sales and marketing growth reflected promotion spending and sales headcount; G&A increases included professional fees and one-time 175th-anniversary promotional expenses.

Generative-AI litigation costs relate to discrete lawsuits alleging unauthorized use of NYT journalism and content to develop AI products. The 9M 2026 cost was $9.3 million after tax, or $0.06 per share. A $9.2 million multiemployer pension withdrawal charge was recorded in Q2 2026. The 2025 comparison included a $3.5 million Q3 impairment of a non-marketable equity investment.

Subscriber metrics

For 9M, average digital-only subscribers increased 1.47 million, or 13.1%; ARPU increased 2.3%, or $0.22.

Cash flow and capital

Operating cash flow rose 10.0%, despite the prior-year period including about $33 million of proceeds from the lease and sale of excess College Point land. Higher net income was the main driver. Investing outflows included $140.4 million of net marketable-security purchases and $26.4 million of capital expenditures. Financing outflows primarily reflected $170.9 million of share repurchases, $104.8 million of dividends and $55.0 million of share-based compensation tax withholding. At September 30, 2026, cash, cash equivalents and short- and long-term marketable securities totaled $1.26 billion.

The board increased the quarterly dividend to $0.23 per share in February 2026 and declared that amount again in June and September. Nine-month repurchases totaled $170.8 million; an additional $33.4 million was repurchased from October 1–30, leaving about $146.0 million under the 2025 authorization. A 2025 tax-law change reduced 2025 cash taxes by $65 million and is expected to reduce 2026 cash taxes by about $60 million, with most of the benefit not expected to recur after 2026.

NYT’s $400.0 million revolving credit facility matures June 13, 2030. It had no borrowings at September 30, 2026; approximately $0.4 million of letters of credit was outstanding, and the company was in compliance with its financial covenants. The company said available cash, operating cash flow and other sources should meet financing needs for the next 12 months.

Business risks

NYT cited intense competition for audiences, subscribers, advertisers and licensees, including from digital platforms, streaming and AI companies. Other risks include reliance on third-party platforms; advertising-market volatility and sensitivity to news placement; the ongoing shift from print to digital; newsprint, printing and distribution costs or disruptions; talent and labor costs; pension obligations; cybersecurity, privacy and consumer-protection regulation; and macroeconomic, political and trade uncertainty.

As of September 30, 2026, The New York Times Company reported no material changes in its market risks from December 31, 2025. The company refers investors to its 2025 Form 10-K for detailed market-risk disclosures.

Disclosure Controls and Internal Control

As of September 30, 2026, management, including the principal executive and financial officers, concluded that the company’s disclosure controls and procedures were effective. During the quarter ended September 30, 2026, no changes materially affected, or were reasonably likely to materially affect, internal control over financial reporting.

No material changes were reported to the risk factors described in the company’s Form 10-K for the year ended December 31, 2025. The section identifies no new or changed business risks.

For the quarter ended September 30, 2026, no directors or executive officers adopted or terminated a Rule 10b5-1(c) trading plan or a non-Rule 10b5-1 trading arrangement involving Company securities. This section reported no financial results or other material business developments.