The New York Times Company 8-K
PositiveEarningsNew guidanceImpairment / chargeLegal / investigation
Digital-only subscriber gains, higher ARPU and digital ad demand drove growth as journalism and marketing costs rose.
Filed 2026-08-05 07:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 and FY2026 outlook. Revenue and operating profit grew, supported by digital-only subscriptions and digital advertising; subscriber growth and higher digital-only ARPU also contributed. The company ended the quarter with 13.35M total subscribers, including 12.80M digital-only subscribers.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $762.5M | $685.9M | 11.2% |
| Operating profit | $118.0M | $106.6M | 10.8% |
| Adjusted operating profit, non-GAAP | $155.3M | $133.8M | 16.1% |
| Net income | $93.4M | $82.9M | 12.6% |
| Diluted EPS | $0.57 | $0.50 | 14.0% |
| Adjusted diluted EPS, non-GAAP | $0.69 | $0.58 | 19.0% |
- Digital-only subscription revenue rose 16.4% to $407.9M, with 280,000 net additions Q/Q and ARPU up 3.1% to $9.94. Digital advertising revenue grew 20.7% to $114.0M; the company cited marketer demand and increased advertising supply.
- Operating costs rose 11.2%, driven largely by higher compensation and benefits, particularly for journalism, and higher marketing and promotion costs. Q2 included $4.6M of pre-tax generative AI litigation costs and a $9.2M pension-plan withdrawal charge.
- H1 operating cash flow was $286.5M vs $212.7M; FCF was $265.7M vs $193.2M. At 6/30/2026, cash and marketable securities were $1.22B and the company had no outstanding debt. It repurchased 473,691 shares for $35.4M; average diluted shares fell 0.8% Y/Y.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Digital-only subscription revenue | Q3 2026 | Increase 12%-15% Y/Y | — | — |
| Total subscription revenue | Q3 2026 | Increase 9%-11% Y/Y | — | — |
| Digital advertising revenue | Q3 2026 | Increase mid-to-high teens Y/Y | — | — |
| Total advertising revenue | Q3 2026 | Increase high-single-to-low-double digits Y/Y | — | — |
| Affiliate, licensing and other revenue | Q3 2026 | Increase low-to-mid-single digits Y/Y | — | — |
| Adjusted operating costs, non-GAAP | Q3 2026 | Increase 8%-9% Y/Y | — | — |
| Depreciation and amortization, pre-tax | FY2026 | ≈$85M, including ≈$25M-$30M of acquired intangible amortization | — | — |
| Interest income and other, net, pre-tax | FY2026 | ≈$45M-$50M | — | — |
| Capital expenditures, pre-tax | FY2026 | ≈$35M-$45M | — | — |
| Cash tax payment reduction from OBBBA | FY2026 | ≈$60M total | — | — |
Investor Takeaways
- Q3 results will show whether subscription and advertising growth track the company’s outlook while adjusted operating cost growth remains within its range.
- The company expects most of the FY2026 cash-tax benefit not to recur beyond 2026, making cash flow after that benefit a metric to watch.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3