The New York Times Company 8-K
PositiveEarningsNew guidance
Digital-only subscription growth and stronger ad demand expanded margins despite higher journalism compensation costs.
Filed 2026-05-06 07:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with Q2 and FY2026 outlook. Revenue rose 12.0% Y/Y to $712M, while operating profit increased 54.5%; digital-only subscriptions and advertising were key growth drivers. The company expects Q2 revenue growth across its reported categories and higher adjusted operating costs.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $712M | $636M | 12.0% |
| Operating profit | $90.6M | $58.6M | 54.5% |
| Adjusted operating profit (non-GAAP) | $118M | $92.7M | 27.2% |
| Net income | $87.9M | $49.6M | 77.4% |
| Diluted EPS | $0.54 | $0.30 | 80.0% |
| Adjusted diluted EPS (non-GAAP) | $0.61 | $0.41 | 48.8% |
| Operating cash flow | $92.2M | $99.1M | -6.9% |
| Free cash flow (non-GAAP) | $81.5M | $89.9M | -9.3% |
| Digital-only subscribers | 12.5M | 11.1M | 13.2% |
| Digital-only ARPU | $9.77 | $9.54 | 2.4% |
- Digital-only subscription revenue rose 16.1% to $389M; digital advertising revenue rose 31.6% to $93.3M, reflecting marketer demand and greater ad supply. Operating costs increased 7.7%, primarily due to higher compensation and benefits, particularly for journalism. Operating margin expanded 350 bp to 12.7%; adjusted operating margin expanded 200 bp to 16.6%.
- Cash and marketable securities were $1.1B at 3/31/2026, down $60.7M from year-end; the company had no outstanding debt. Q1 repurchases totaled $56.3M for 779,365 shares; $291.2M remained authorized. Average diluted shares fell 0.7% Y/Y to 163.7M.
- The company expects approximately $60M of lower cash tax payments in FY2026 from the One Big Beautiful Bill Act and does not expect most of that benefit to recur after FY2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Digital-only subscription revenue | Q2 2026 | Increase 14%-17% Y/Y | — | — |
| Total subscription revenue | Q2 2026 | Increase 10%-12% Y/Y | — | — |
| Digital advertising revenue | Q2 2026 | Increase high-teens Y/Y | — | — |
| Total advertising revenue | Q2 2026 | Increase high-single-digits Y/Y | — | — |
| Affiliate, licensing and other revenue | Q2 2026 | Increase low-single-digits Y/Y | — | — |
| Adjusted operating costs (non-GAAP) | Q2 2026 | Increase 8%-9% Y/Y | — | — |
| Depreciation and amortization | FY2026 | ≈$80M-$85M, including ≈$25M-$30M of acquired intangible amortization | — | — |
| Interest income and other, net | FY2026 | ≈$40M-$45M | — | — |
| Capital expenditures | FY2026 | ≈$35M-$45M | — | — |
| Cash tax payment reduction from the Act | FY2026 | ≈$60M total | — | — |
The company also expects FY2026 revenue growth, adjusted operating profit growth, margin expansion and strong free cash flow; it gave no figures for those expectations.
Investor Takeaways
- Q2 revenue growth by category and adjusted operating-cost growth versus the stated ranges will show whether the company is tracking its near-term outlook.
- Subscriber additions and digital-only ARPU remain key indicators of subscription growth; the company added approximately 310,000 digital-only subscribers in Q1.
The summary is written by an AI model reading the filing.
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