The New York Times Company 8-K

Summary

Q3 2026 results with Q4 guidance.

Digital-only subscriptions drove growth, with revenue up 14.6% Y/Y as the company added 420,000 net digital-only subscribers Q/Q; digital advertising also increased on continued marketer demand and higher advertising supply.

For Q4, adjusted operating cost growth is guided to 6%-8% Y/Y vs 8.7% in Q3; digital-only subscription revenue growth to 12%-15% vs 14.6%, and digital advertising growth to high-single-to-low-double-digits vs 12%.

Developments

• The company said it continued investing in video and tied its strategy to human-made journalism and digital products that subscribers seek out directly.

Key Figures

• Digital-only subscription revenue was $421.3M, up 14.6% Y/Y, supported by higher subscriber numbers and average revenue per user (ARPU); digital-only ARPU was $9.93, up 1.4% Y/Y, primarily as subscribers moved from promotional to higher prices and some tenured subscribers received price increases. Print subscription revenue was $126.3M, down 0.7% Y/Y.
• Digital advertising revenue rose 12.0% Y/Y to $109.9M, while print advertising revenue fell 4.3% to $32.7M. Affiliate, licensing and other revenue increased 6.2% to $78.4M, primarily on higher licensing and Wirecutter affiliate referral revenue.
• Operating costs rose 8.5% Y/Y to $646.6M; adjusted operating costs, non-GAAP, increased 8.7% to $618.9M. Higher compensation and benefits, primarily for journalism, along with higher general and administrative and marketing costs drove the increases. The quarter included $3.8M of pre-tax generative AI litigation costs ($2.8M after tax, or $0.02 per share); adjusted diluted EPS also excludes items including $0.04 per share of acquired-intangible amortization.
• The company repurchased 1,158,652 Class A shares for $79.1M in the quarter; average diluted shares outstanding declined 1.3% Y/Y to 162.3M. Cash and marketable securities were $1.26B at 9/30/2026, with no debt; $146.0M remained authorized for repurchases as of 10/30/2026.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Depreciation and amortization, pre-tax	FY2026	≈$85M, including ≈$25M-$30M of acquired intangible amortization	≈$85M, including ≈$25M-$30M of acquired-intangible amortization	reaffirmed
Interest income and other, net, pre-tax	FY2026	≈$45M-$50M	≈$45M-$50M	reaffirmed
Capital expenditures	FY2026	≈$35M-$45M	≈$35M-$40M	narrowed (lowered high end)
Lower cash tax payments from the One Big Beautiful Bill Act	FY2026	≈$60M total	≈$60M in total	reaffirmed