New York Times Company (the) · NYSE:NYT
New York Times Company (the) — Q4 2025 Earnings Presentation
21 slides from New York Times Company (the)'s earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation February 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release 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 amende
Slide 3: Fourth quarter 2025 business highlights
Fourth quarter 2025 business highlights The Company saw another strong quarter of Saw growth across the Company’s AOP and AOP margin grew even as the digital-only subscriber growth multiple revenue streams Company continued to strategically invest • The Company added approximately 450K net • Total d
Slide 4: Fourth quarter 2025 actual results compared to guidance
Fourth quarter 2025 actual results compared to guidance Q4 2025 Guidance Q4 2025 Actuals Digital-only subscription revenues increase 13 - 16% +13.9% Total subscription revenues increase 8 - 10% +9.4% Digital advertising revenues increase mid-to-high-teens +24.9% increase high-single-to-low-double- T
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 +10.4% +12.8% $+0.09 $802M $192M $0.89 $727M $170M $0.80 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Adjusted operating profit is a non-
Slide 6: The Company added approximately 450K digital-only net new subscribers
The Company added approximately 450K digital-only net new subscribers in the fourth quarter, bringing the total subscriber count to 12.78 million Digital-only net additions were largely driven by other single product as well as bundle and multiproduct subscriber additions Total subscribers1 Digital-
Slide 7: Bundle and multiproduct subscribers make up over 50% of the subscriber base
Bundle and multiproduct subscribers make up over 50% of the subscriber base Bundle and multiproduct subscribers Breakdown of total subscribers by type +210K Bundle and multiproduct News-only Other single product Print 6.48M 6.27M 4% 6.02M 5% 5% 5% 5% 5.76M 5.44M 30% 30% 30% 32% 33% 17% 15% 14% 13% 1
Slide 8: Total digital-only ARPU grew 0.7% year-over-year
Total digital-only ARPU grew 0.7% year-over-year The year-over-year increase was driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers Total digital-only Bundle and multiproduct News-only1 Other single-product $12.92 $12.53
Slide 9: Total subscription revenues grew 9.4% year-over-year
Total subscription revenues grew 9.4% year-over-year as growth from digital was partially offset by print declines Total subscription revenues Digital subscription revenues Print subscription revenues +9.4% $510M +13.9% $467M $382M $335M (2.0)% $132M $129M Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4
Slide 10: The Company continued to scale its digital-only subscriber base and grow digital subscription revenues
The Company continued to scale its digital-only subscriber base and grow digital subscription revenues Total digital-only subscribers Total digital-only subscription revenues $382M 12.21M $335M 10.82M $289M 9.70M $269M 8.83M $206M 6.78M Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q4 2021 Q4 2022 Q4 2023
Slide 11: Total advertising revenues increased 16.1% year-over-year
Total advertising revenues increased 16.1% year-over-year Growth was driven largely by higher digital advertising revenues Total advertising revenues Digital advertising revenues Print advertising revenues +16.1% $192M +24.9% $165M $147M $118M (5.8)% $47M $44M Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024
Slide 12: Affiliate, licensing and other revenues grew 5.5% year-over-year
Affiliate, licensing and other revenues grew 5.5% year-over-year Growth was driven by continued strength from licensing revenues Affiliate, licensing and other revenues +5.5% $100M $95M Q4 2024 Q4 2025
Slide 13: Adjusted operating costs grew 9.7% year-over-year
Adjusted operating costs grew 9.7% year-over-year Growth was driven largely by higher cost of revenue, general and administrative, sales and marketing and product development costs Adjusted operating costs +9.7% $610M $556M $84M $74M $67M $62M $92M $83M $338M $367M Q4 2024 Q4 2025 Cost of revenue (e
Slide 14: Adjusted operating profit grew 12.8% and margin expanded 50 basis points to 24.0%
Adjusted operating profit grew 12.8% year-over-year and adjusted operating profit margin expanded 50 basis points to 24.0% Adjusted operating profit and adjusted operating profit margin +12.8% $192M $170M 24.0% 23.5% Q4 2024 Q4 2025 AOP AOP Margin Adjusted operating profit and adjusted operating pro
Slide 15: Strong free cash flow; aims to return at least 50% of free cash flow to shareholders
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 $455M $425M $381M Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Last twelve months ended (1) Net cash provided by
Slide 16: The New York Times Company’s first quarter 2026 guidance
The New York Times Company’s first quarter 2026 guidance Below is the Company’s guidance for revenues and adjusted operating costs for the first quarter of 2026 compared with the first quarter of 2025 Q1 2026 Guidance Digital-only subscription revenues increase 14 - 17% Total subscription revenues i
Slide 17: Appendix
Appendix @? The New York Times é& Company
Slide 18: 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
Slide 19: 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
Slide 20: 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 Fourth Quarter % Change 202
Slide 21: 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) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31,
New York Times Company (The) — Q4 2025 Earnings Presentation on 6ix