The New York Times Company 8-K
PositiveEarningsNew guidance
Digital-only subscriber growth and higher prices lifted subscriptions; strong marketer demand and new ad supply boosted digital advertising.
Filed 2026-02-04 07:01 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with Q1 2026 and FY2026 guidance. Q4 revenue and operating profit grew, led by higher digital subscription and advertising revenue; full-year free cash flow also increased. The company will continue reporting total digital-only subscribers and ARPU but discontinue category-level subscriber and ARPU breakouts.
Key Figures
Quarterly results:
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $802M | $727M | 10.4% |
| Operating profit | $162M | $147M | 10.2% |
| Adjusted operating profit, non-GAAP | $192M | $170M | 12.8% |
| Net income | $130M | $124M | 4.9% |
| Diluted EPS | $0.79 | $0.75 | 5.3% |
| Adjusted diluted EPS, non-GAAP | $0.89 | $0.80 | 11.3% |
| Digital-only subscribers | 12.21M | 10.82M | 12.8% |
Full-year results:
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $2.82B | $2.59B | 9.2% |
| Operating profit | $432M | $351M | 22.9% |
| Adjusted operating profit, non-GAAP | $550M | $455M | 20.8% |
| Net income | $344M | $294M | 17.1% |
| Diluted EPS | $2.09 | $1.77 | 18.1% |
| Adjusted diluted EPS, non-GAAP | $2.46 | $2.01 | 22.4% |
| Operating cash flow | $584M | $411M | 42.4% |
| Free cash flow, non-GAAP | $551M | $381M | 44.4% |
- Q4 digital-only subscription revenue rose 13.9% to $382M, supported by subscriber growth and higher prices; digital advertising revenue rose 24.9% to $147M on strong marketer demand and new advertising supply. Total operating costs increased 10.5%; adjusted operating costs increased 9.7% to $610M.
- FY2025 operating cash flow included lower cash tax payments due to the OBBBA and ≈$33M in net proceeds from the lease and sale of excess land.
- Cash and marketable securities were $1.2B at year-end; the company had no debt. Q4 repurchases totaled $55.4M for 883,602 shares, with $334.4M remaining authorized. The board declared a $0.23/share dividend, payable 4/16/2026 to holders of record 4/1/2026. Q4 also included a $2.9M impairment charge for excess leased office space.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Digital-only subscription revenue | Q1 2026 | Increase 14%-17% Y/Y | — | — |
| Total subscription revenue | Q1 2026 | Increase 9%-11% Y/Y | — | — |
| Digital advertising revenue | Q1 2026 | Increase high teens to low twenties Y/Y | — | — |
| Total advertising revenue | Q1 2026 | Increase low double digits Y/Y | — | — |
| Affiliate, licensing and other revenue | Q1 2026 | Increase high single digits Y/Y | — | — |
| Adjusted operating costs, non-GAAP | Q1 2026 | Increase 8%-9% Y/Y | — | — |
| Depreciation and amortization, pre-tax | FY2026 | $80M-$85M, including $25M-$30M of acquired intangible amortization | — | — |
| Interest income and other, net, pre-tax | FY2026 | $40M-$45M | — | — |
| Capital expenditures, pre-tax | FY2026 | $35M-$45M | — | — |
Investor Takeaways
- Q1 2026 revenue growth and adjusted operating-cost growth vs the guided ranges will show whether subscription and advertising momentum is continuing alongside cost increases.
- Future subscriber disclosures will retain total digital-only subscribers and ARPU but not the prior category-level breakouts.
The summary is written by an AI model reading the filing.
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