The New York Times Company (NYT) Q4 2025 earnings summary

Executive summary

• Achieved 12.8 million total subscribers at year-end 2025, adding 1.4 million net new digital subscribers, with 450,000 added in Q4.

• Digital-only ARPU rose 0.7% year-over-year to $9.72, supported by price increases and subscriber transitions from promotional rates.

• Digital revenues surpassed $2 billion for the first time, with total Q4 revenues up 10.4% to $802.3 million.

• Adjusted operating profit grew 12.8% year-over-year to $192.3 million in Q4, with margin expanding to 24.0%.

• Bundle and multiproduct subscribers comprised 51% of the base, with notable strength in non-news products.

Financial highlights

• Digital advertising revenues surged 24.9% year-over-year to $147.2 million in Q4, while print advertising declined 5.8% to $44.4 million.

• Digital-only subscription revenues grew 13.9% to $381.5 million in Q4; print subscription revenues declined 2.0% to $129.0 million.

• Free cash flow reached $551 million in 2025, aided by lower cash taxes and asset sales.

• Adjusted diluted EPS in Q4 rose 11.3% to $0.89, driven by higher operating profit.

• Returned $275 million to shareholders through share repurchases and dividends; board declared a $0.23 dividend per share.

Outlook and guidance

• Q1 2026: Digital-only subscription revenues expected to rise 14–17%; total subscription revenues up 9–11%.

• Digital advertising revenues projected to grow high teens to low twenties percent; total advertising up low-double digits.

• Adjusted operating costs anticipated to rise 8–9% year-over-year.

• Full-year 2026 expected to deliver healthy revenue and AOP growth, margin expansion, and strong free cash flow.

• 2026 capital expenditures forecasted at $35–$45 million.