The New York Times Company (NYT) Q1 2025 earnings summary

Executive summary

• Added 250,000 net digital-only subscribers in Q1 2025, reaching 11.66 million digital-only and 11.7 million total subscribers, with digital-only ARPU up 3.6% to $9.54, driven by price increases and subscriber mix.

• Total revenues grew 7.1% year-over-year to $635.9 million, led by 14.4% digital subscription revenue growth and robust digital advertising gains.

• Adjusted operating profit rose 21.9% to $92.7 million, with margins improving to 14.6%; adjusted diluted EPS increased to $0.41.

• Free cash flow nearly doubled year-over-year to $89.9 million, aided by a $33 million land sale.

• Bundle and multiproduct subscribers now represent 49% of the base, with The Athletic turning profitable and contributing to segment growth.

Financial highlights

• Digital-only subscription revenues increased 14.4% to $335 million; total subscription revenues up 8.2% to $464 million; print subscription revenues declined 5% to $129.2 million.

• Digital advertising revenues grew 12.4% to $70.9 million, now 65.6% of total advertising; print advertising declined 8.5% to $37.2 million; total advertising revenues up 4.2% to $108 million.

• Affiliate, licensing, and other revenues rose 3.7% to $64 million, led by Wirecutter and licensing growth.

• Adjusted operating costs rose 4.9% to $543 million, mainly due to higher cost of revenue, product development, and G&A expenses.

• Adjusted operating profit margin expanded 180 basis points to 14.6%; operating profit margin was 9.2%, up from 8.1% year-over-year.

Outlook and guidance

• Q2 2025 guidance: digital-only subscription revenues expected to grow 13–16%; total subscription revenues up 8–10%; digital advertising up high single digits; total advertising flat to low single digits; affiliate/licensing/other up mid-single digits; adjusted operating costs up 5–6%.

• 2025 full-year expectations: depreciation and amortization ~$80 million, interest income and other ~$40 million, capital expenditures ~$40 million.

• Management expects continued digital subscription and ARPU growth, ongoing investment in product and technology, and margin expansion.