The New York Times Company (NYT) Q3 2024 earnings summary

Executive summary

• Added 260,000 net digital-only subscribers in Q3 2024, reaching 11.09 million total subscribers, with over 5 million on bundles or multiple products and digital-only ARPU up 1.8% to $9.45.

• Digital subscription revenue grew 14.2% year-over-year, driving total revenue growth alongside digital advertising and other revenue streams.

• Operating profit increased 20.7% year-over-year to $76.7 million; adjusted operating profit rose 16.1% to $104.2 million, with margins improving to 12.0% and 16.3%, respectively.

• Subscriber engagement reached its highest level since 2020, reflecting strong direct relationships and deepening user engagement.

• Continued innovation in product offerings, including a redesigned app, expanded audio/video formats, and new features in Games and The Athletic.

Financial highlights

• Total revenues grew 7.0% year-over-year to $640.2 million in Q3 2024; digital-only subscription revenues up 14.2% to $322.2 million; total subscription revenues up 8.3% to $453.3 million.

• Digital advertising revenue increased 8.8% to $81.6 million, while print advertising declined 12.6%; total advertising revenue rose 1.1% to $118.4 million.

• Other revenues increased 9.3% to $69 million, driven by Wirecutter, affiliate, and licensing revenues.

• Adjusted operating profit (AOP) grew 16.1% year-over-year to $104.2 million, with AOP margin expanding by 130 basis points to 16.3%.

• Free cash flow for the first nine months was $237.7 million, up from $207.6 million year-over-year.

Outlook and guidance

• Q4 2024 digital-only subscription revenues expected to increase 14–17% year-over-year; total subscription revenues to rise 7–9%.

• Digital advertising revenues projected to grow high single digits to low double digits; total advertising revenues to increase low single digits.

• Other revenues anticipated to rise 11–13%, with continued strength from Wirecutter and licensing.

• Adjusted operating costs expected to increase 5–6% in Q4.

• 2024 full-year guidance: depreciation/amortization ~$80M, interest income/other ~$35M, capex ~$35M.