Usa Today Co., Inc. · NYSE:TDAY
Usa Today — Q4 2025 Earnings Presentation
21 slides from Usa Today's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 26, 2026 1
Slide 2: Disclaimer and Notes
Disclaimer and Notes In General. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." USA TODAY Co., Inc. is referred to in this Pr
Slide 3: Who We Are
WHO WE ARE A LEGACY ALWAYS IN MOTION. Established Heritage USA TODAY, founded in 1982, is renowned as a disruptive brand. The cornerstone of the company’s newsroom network, the flagship masthead connects our national footprint with the scale of local markets across the country that share trusted rep
Slide 4: USA TODAY Co. is a diversified media company with expansive reach
USA TODAY Co. is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. Our mission is to inspire, inform, and connect audiences. As a media and digital marketing solutions company we are focused on sustainable growth. Our
Slide 5: Key Operating Pillars
Key Operating Pillars Strong Focus on Maximizing Long-term Stockholder Value Q4 2025 Highlights + Total Adjusted EBITDA margin(1) of 15.6% expanded 300 basis points year- over-year, marking our highest margin in five years + Delivered strongest Total Adjusted EBITDA(1) in four years, along with sign
Slide 6: Key Stats and Value Drivers
Key Stats and Value Drivers Executed on Growth Segments and Investment Strategy in Q4 2025 Diversified Digital Balanced Capital Expanded Reach Revenues Structure 179M $277.5M $19.1M Average Monthly Unique Total Digital Revenues Total Debt Paydown Visitors(1) ~$136M of long-term debt repayment for fu
Slide 7: Diversified Digital Revenue
Diversified Digital Revenue(1) Revenue Expected to Continue to be Increasingly Digital Q4 2025 Q4 2025 Q4 2025 Total Revenue Mix % of Total Digital Advertising $94.4M 16% Digital Marketing Services $109.6M 19% 47% 53% Digital-only Subscription $45.6M 8% Digital Print and commercial Digital Other $27
Slide 8: Q4 2025 Results and Non-GAAP Highlights
Q4 2025 Results and Non-GAAP Highlights(1) Revenues Total Adjusted EBITDA(1) ◦ $585.0M Total Revenues ◦ $91.1M Total Adjusted EBITDA(1) ◦ Same store revenues(1) improved to down 3.9%, up 290 ◦ Total Adjusted EBITDA(1) increased $13.0 million, or basis points over Q3 2025 16.6%, compared to Q4 2024 ◦
Slide 9: Full Year 2025 Results and Non-GAAP Highlights
Full Year 2025 Results and Non-GAAP Highlights(1) Revenues Total Adjusted EBITDA(1) ◦ $2.3B Total Revenues ◦ $263.0M Total Adjusted EBITDA(1) ◦ Same store revenues(1) down 6.2% compared to the prior ◦ Total Adjusted EBITDA(1) reflects the impact of asset year divestitures. ◦ $1.1B Total Digital Reve
Slide 10: Business Outlook
Business Outlook(1) The Company Presents its Fiscal Year 2026 Outlook Expected Full Year 2026 Business Outlook(1) Flat to down in the low single digits on a same-store basis(2) versus the prior year Total Revenues Growth in total digital revenues on a same-store basis(2) versus the prior year and ex
Slide 11: Q4 2025 Balance Sheet and Liquidity
Q4 2025 Balance Sheet and Liquidity Significant Debt Repayment Q4 2025 $1.76B $1.58B + Cash and cash equivalents of $90.2 million at the end of Q4 2025 $1.37B $1.27B $1.13B $1.1B + Total debt principal outstanding at December 31, 2025 of $977.3M $977.3 million ◦ Total net debt outstanding(1) of $887
Slide 12: Appendix
Appendix 12
Slide 13: Diversified Revenues
Diversified Revenues(1) Full Year Full Year Full Year 2024 Q4 2025 Full Year 2025 ($ in millions) 2024 % of Total Q1 2025 Q2 2025 Q3 2025 Q4 2025 % of Total 2025 % of Total Digital advertising $346.4 13.8% $83.4 $87.9 $87.2 $94.4 16.1% $352.8 15.3% Digital marketing services $476.0 19.0% $108.8 $117
Slide 14: Key Performance Indicators
Key Performance Indicators A key performance indicator ("KPI") is generally defined as a quantifiable measurement or metric used to gauge performance, specifically to help determine strategic, financial, and operational achievements, especially compared to those of similar businesses. We define Digi
Slide 15: Debt and Leverage
Debt and Leverage Principal balance as of ($ in millions) Stated interest rate December 31, 2025 (1) 2029 Term Loan Facility 8.9% $729.5 2031 Notes 6.0% $223.7 2027 Notes 6.0% $24.1 Total Debt Outstanding 8.15% Blended Rate $977.3 Q4 2025 LTM Total Adjusted EBITDA(2) $263.0 Cash and cash equivalents
Slide 16: Non-GAAP Measures
Non-GAAP Measures The Company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a U.S. generally accepted accounting principles ("U.S. GAAP") basis. We define our non-GAAP financial performance and liquidity measures as follows: • Total A
Slide 17: Non-GAAP Financial Information
Non-GAAP Financial Information Segment Information Three months ended December 31, 2025 USA TODAY (in thousands, except margin) Media Newsquest LocaliQ Segment revenues $ 447,158 $ 60,078 $ 107,706 Operating costs 265,287 31,240 72,950 Selling, general and administrative expenses 112,575 15,331 18,1
Slide 18: Non-GAAP Financial Information
Non-GAAP Financial Information(1) Reconciliation of Net income (loss) attributable to USA TODAY Co. to Total Adjusted EBITDA and Net income (loss) attributable to USA TODAY Co. margin and Total Adjusted EBITDA margin Three months ended December 31, Year ended December 31, (in thousands, except margi
Slide 19: Non-GAAP Financial Information
Non-GAAP Financial Information(1) Reconciliation of Net income (loss) attributable to USA TODAY Co. to Adjusted Net income (loss) attributable to USA TODAY Co. and Cash provided by operating activities to Free cash flow Three months ended Year ended December 31, 2025 December 31, 2025 (in thousands)
Slide 20: Non-GAAP Financial Information
Non-GAAP Financial Information(1) 2025 and 2024 Same Store Total revenues Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Same Store Year-Over-Year Total revenues (5.5)% (5.1)% (7.7)% (6.4)% (6.8)% (3.9)% (6.2)% Year ended Year ended $ % 3 months ended 3 months ended $ % (in thousands) Decem
Slide 21: Non-GAAP Financial Information
Non-GAAP Financial Information(1) 2025 and 2024 Same Store Digital revenues FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Same Store Year-Over-Year Digital revenues 5.8% (3.8)% (2.8)% (4.1)% —% (2.7)% Year ended Year ended 3 months ended 3 months ended (in thousands) December 31, 2025 December 31,