New York Times Company (the) · NYSE:NYT

New York Times Company (the) — Q1 2026 Earnings Presentation

20 slides from New York Times Company (the)'s earnings presentation, May 6, 2026

  1. Slide 1: First Quarter 2026 Earnings Presentation

    First Quarter 2026 Earnings Presentation May 6, 2026

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended

  3. Slide 3: First quarter 2026 business highlights

    First quarter 2026 business highlights Digital Advertising and Affiliate, Licensing Digital-only Subscription Revenues AOP and AOP margin and Other Revenues • Digital-only subscription revenues increased 16.1% • Digital advertising revenues increased 31.6% year- • Year-over-year adjusted operating c

  4. Slide 4: First quarter 2026 actual results compared to guidance

    First quarter 2026 actual results compared to guidance Q1 2026 Guidance Q1 2026 Actuals Digital-only subscription revenues increase 14 - 17% +16.1% Total subscription revenues increase 9 - 11% +11.3% Digital advertising revenues increase high-teens-to-low-twenties +31.6% Total advertising revenues i

  5. Slide 5: Continued execution of the Company's strategy is driving healthy financial results

    Continued execution of the Company’s strategy is driving healthy financial results Total revenues Adjusted operating profit Adjusted diluted earnings per share +12.0% +27.2% $+0.20 $712M $118M $0.61 $636M $93M $0.41 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Adjusted operating profit is a non-G

  6. Slide 6: Total subscription revenues grew 11.3% year-over-year as growth from digital was partially offset by print declines

    Total subscription revenues grew 11.3% year-over-year as growth from digital was partially offset by print declines Total subscription revenues Digital-only subscription revenues Print subscription revenues +11.3% +16.1% $517M $464M $389M $335M (1.1)% $129M $128M Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2

  7. Slide 7: The Company added approximately 310K digital-only net new subscribers

    The Company added approximately 310K digital-only net new subscribers in the first quarter, bringing the total subscriber count to 13.08 million Total subscribers Digital-only subscriber net adds1 Digital-only¹ Print 460K 450K 12.78M 13.08M 12.33M 11.66M 11.88M 0.57M 0.56M 0.57M 310K 0.60M 0.58M 250

  8. Slide 8: Digital-only ARPU grew 2.4% year-over-year

    Digital-only ARPU grew 2.4% year-over-year Digital-only ARPU +2.4% $9.54 $9.64 $9.79 $9.72 $9.77 460K 450K 310K 250K 230K Q1 Q2 Q3 Q4 Q1 2025 2025 2025 2025 2026 ARPU Net Adds Subscribers (including net subscriber changes) are rounded to the nearest ten thousand. Average Revenue Per User or “ARPU,”

  9. Slide 9: The Company continued to scale its digital-only subscriber base and grow digital-only subscription revenues

    The Company continued to scale its digital-only subscriber base and grow digital-only subscription revenues Digital-only subscribers Digital-only subscription revenues $389M 12.52M $335M 11.06M $293M 9.91M 9.02M $259M 8.23M $227M Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2022 Q1 2023 Q1 2024 Q1 202

  10. Slide 10: Total advertising revenues increased 17.3% year-over-year

    Total advertising revenues increased 17.3% year-over-year Growth was driven by higher digital advertising revenues Total advertising revenues Digital advertising revenues Print advertising revenues +17.3% +31.6% $127M $108M $93M $71M (9.8)% $37M $34M Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026

  11. Slide 11: Affiliate, licensing and other revenues grew 7.8% year-over-year

    Affiliate, licensing and other revenues grew 7.8% year-over-year Growth was driven by continued strength from licensing revenues Affiliate, licensing and other revenues +7.8% $69M $64M Q1 2025 Q1 2026

  12. Slide 12: Adjusted operating costs grew 9.4% year-over-year

    Adjusted operating costs grew 9.4% year-over-year Growth was driven largely as a result of higher compensation and benefits expenses, primarily relating to our journalism Adjusted operating costs +9.4% $594M $543M $84M $76M $70M $67M $77M $66M $335M $363M Q1 2025 Q1 2026 Cost of revenue (excluding d

  13. Slide 13: Adjusted operating profit grew 27.2% year-over-year and margin expanded 200 basis points to 16.6%

    Adjusted operating profit grew 27.2% year-over-year and adjusted operating profit margin expanded 200 basis points to 16.6% Adjusted operating profit and adjusted operating profit margin +27.2% $118M $93M 16.6% 14.6% Q1 2025 Q1 2026 AOP AOP Margin Adjusted operating profit and adjusted operating pro

  14. Slide 14: The Company continued to generate strong free cash flow

    The Company continued to generate strong free cash flow and aims to return at least 50% of free cash flow to shareholders over the mid-term Free Cash Flow1 $537M $551M $542M $455M $425M Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Last twelve months ended (1) The One Big Beautifu

  15. Slide 15: The New York Times Company's second quarter 2026 guidance

    The New York Times Company’s second quarter 2026 guidance Below is the Company’s guidance for revenues and adjusted operating costs for the second quarter of 2026 compared with the second quarter of 2025 Q2 2026 Guidance Digital-only subscription revenues increase 14 - 17% Total subscription revenue

  16. Slide 16: Appendix

    Appendix @? The New York Times é& Company

  17. Slide 17: Reconciliation of operating profit to adjusted operating profit and adjusted operating profit margin

    Reconciliation of operating profit to adjusted operating profit and adjusted operating profit margin We define adjusted operating profit as operating profit, as reported, before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operatin

  18. Slide 18: Reconciliation of total operating costs to adjusted operating costs and general and administrative costs

    Reconciliation of total operating costs to adjusted operating costs and general and administrative costs to adjusted general and administrative costs We define adjusted operating costs as operating costs, as reported, before depreciation and amortization, severance, multiemployer pension withdrawal

  19. Slide 19: Reconciliation of diluted earnings per share to adjusted diluted earnings per share

    Reconciliation of diluted earnings per share to adjusted diluted earnings per share We define adjusted diluted earnings per share as diluted EPS, as reported, excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items First Quarter % Change 2026

  20. Slide 20: Reconciliation of net cash provided by operating activities to free cash flow

    Reconciliation of net cash provided by/(used in) operating activities to free cash flow We define free cash flow as net cash provided by operating activities, as reported, less capital expenditures Last Twelve Months Ended ($ in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31,

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