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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
USA TODAY
USA TODAY (TDAY) investor relations material
USA TODAY Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue was $519.2M, down 7.4% reported and 5.8% same-store; search-driven audience and indirect advertising pressure weighed on results.
Audience trends stabilized sequentially, with average monthly unique visitors rising to 161M from 158M in Q2.
A $100M annualized cost-reduction program was fully implemented by early October; management expects significant sequential Q4 Adjusted EBITDA and free cash flow improvement.
Management sees a path to same-store revenue, Adjusted EBITDA and free cash flow growth in 2027.
Financial highlights
Total Adjusted EBITDA was $36.6M versus $57.2M a year earlier; margin was 7.0% versus 10.2%.
Net loss was $4.6M versus $39.2M a year earlier; adjusted net income was $1.4M versus an adjusted net loss of $31.0M.
Digital revenue was $249.3M, down 5.1% reported and 4.2% same-store, and accounted for 48% of total revenue; digital advertising fell 13.9%.
Digital-only subscription revenue grew 5.3% to $46.0M, with ARPU up 23% to a record $10.82; digital-other revenue rose 24.8% to $21.3M.
Operating cash flow was $16.7M and free cash flow was $4.3M; Q3 free cash flow included $12.6M of capital expenditures.
Outlook and guidance
FY2026 same-store revenue is expected to decline at a mid-single-digit rate; digital revenue is expected to exceed 50% of total revenue during 2027.
FY Adjusted EBITDA, operating cash flow and free cash flow are expected to decline YoY, with sequential Q4 improvement and substantial margin expansion.
FY net income is expected to grow YoY, with sequential improvement in Q4.
Digital direct-sold advertising and digital-other revenue are expected to grow sequentially in Q4.
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Next USA TODAY earnings date
Q4 202625 Feb, 2027
USA TODAY
Next USA TODAY earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Extra, Extra, Read All About It
Gannett Co, Inc., is an American media holding company known primarily for its national newspaper, "USA Today." The company owns numerous daily newspapers and non-daily publications across the country and is one of the largest newspaper publishers in the US. Besides USA Today, the company’s other publications are primarily focused on local journalism, providing journalism for smaller communities. It is headquartered in Tysons, Virginia, and its shares are listed on the NYSE.
The Elmira Gazette
What would later go on to become the company we know today can trace its roots back to 1906 and the Elmira Gazette, a small local newspaper founded by Frank Gannett. In 1923, he founded the company and began acquiring and incorporating various local newspapers. In the following decades, Gannett would continue to acquire newspapers and broadcast stations, focusing on smaller and medium-sized communities while avoiding major metropolitan areas and cities. In 1982, Gannett launched USA Today, a national newspaper that quickly gained popularity across the country for its graphical format and easily digestible news.
In 2015, Gannett spun off its broadcast and digital businesses into a separate company named Tegna, Inc. This split allowed Gannett to focus exclusively on its publishing operations, primarily USA Today and its local market daily newspapers.
USA Today
Known for its succinct, easy-to-read stories and colorful, graphic-heavy layout, USA Today is one of America's most widely circulated daily newspapers. USA Today has a broad coverage that spans local, national, and international news, along with sections dedicated to sports, entertainment, and lifestyle. It is particularly notable for its "Snapshots" - colorful infographics that concisely present data on various topics. The publication has also adapted to the digital era, maintaining a significant online presence. USA Today also publishes in Europe.
Some other publicly traded companies with a similar focus are The New York Times Company, News Corp, and Daily Journal.
Local Journalism
Apart from its flagship USA Today, Gannett Company, Inc. oversees a vast network of local and regional newspapers across the United States. These publications, numbering over 100, serve as vital news sources in their respective communities. They primarily focus on local news, offering in-depth coverage of community events, local politics, regional business developments, and area sports teams. Notable examples include The Arizona Republic, The Detroit Free Press, and The Indianapolis Star. Each publication maintains its unique identity and editorial focus, catering to the specific geographical area of its local audience.