New York Times Company (the) · NYSE:NYT
New York Times Company (the) — Q2 2025 Earnings Presentation
21 slides from New York Times Company (the)'s earnings presentation, Aug 6, 2025
Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation August 6, 2025
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: Second quarter 2025 business highlights
Second quarter 2025 business highlights Subscriber growth was fueled by multiple Saw growth across the Company’s AOP and AOP margin grew even as the products across the Company’s portfolio multiple revenue streams Company continued to strategically invest • The Company added approximately 230K net •
Slide 4: Second quarter 2025 actual results compared to guidance
Second quarter 2025 actual results compared to guidance Q2 2025 Guidance Q2 2025 Actuals Digital-only subscription revenues increase 13 - 16% +15.1% Total subscription revenues increase 8 - 10% +9.6% Digital advertising revenues increase high-single-digits +18.7% Total advertising revenues flat to i
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 +9.7% +27.8% $+0.13 $686M $134M $0.58 $625M $105M $0.45 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Adjusted operating profit is a non-G
Slide 6: The Company added 230K digital-only net new subscribers in the second quarter
The Company added 230K digital-only net new subscribers in the second quarter, bringing the total subscriber count to 11.88 million Digital-only net additions were largely driven by bundle and multiproduct subscriber additions as well as other single product subscriber additions Total subscribers1 D
Slide 7: Bundle and multiproduct subscribers are becoming a larger portion of the subscriber base
Bundle and multiproduct subscribers are becoming a larger portion of the subscriber base Bundle and multiproduct subscribers Breakdown of total subscribers by type +250K Bundle and multiproduct News-only Other single product Print 6.02M 5.76M 6% 6% 5% 5% 5% 5.44M 5.12M 4.83M 29% 29% 30% 30% 30% 19%
Slide 8: Total digital-only ARPU grew 3.2% year-over-year
Total digital-only ARPU grew 3.2% 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 $12.35 $12.53
Slide 9: Total subscription revenues grew 9.6% year-over-year
Total subscription revenues grew 9.6% year-over-year as growth from digital was partially offset by print declines Total subscription revenues Digital subscription revenues Print subscription revenues +9.6% +15.1% $481M $439M $350M $305M (2.8)% $135M $131M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2
Slide 10: The Company continued to scale its digital-only subscriber base
The Company continued to scale its digital-only subscriber base and grow digital subscription revenues Total digital-only subscribers Total digital-only subscription revenues 11.30M $350M 10.21M $305M 9.19M 8.41M $270M $239M 6.19M $190M Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2021 Q2 2022 Q2 2023
Slide 11: Total advertising revenues increased 12.4% year-over-year
Total advertising revenues increased 12.4% year-over-year Growth was driven largely by higher digital advertising revenues Total advertising revenues Digital advertising revenues Print advertising revenues +12.4% $134M +18.7% $119M $94M $80M (0.1)% $40M $40M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q
Slide 12: Affiliate, licensing and other revenues grew 5.8% year-over-year
Affiliate, licensing and other revenues grew 5.8% year-over-year Growth was driven by continued strength from licensing and Wirecutter affiliate referral revenues Affiliate, licensing and other revenues +5.8% $70M $67M Q2 2024 Q2 2025 The Company has changed the revenue caption on its Condensed Cons
Slide 13: Adjusted operating costs grew 6.1% year-over-year
Adjusted operating costs grew 6.1% year-over-year Growth was driven largely by higher cost of revenue, sales and marketing and adjusted general and administrative expenses Adjusted operating costs +6.1% $552M $520M $80M $74M $64M $62M $61M $69M $323M $339M Q2 2024 Q2 2025 Cost of revenue Sales and m
Slide 14: Adjusted operating profit grew 27.8% year-over-year
Adjusted operating profit grew 27.8% year-over-year and adjusted operating profit margin expanded 280 basis points to 19.5% Adjusted operating profit and adjusted operating profit margin +27.8% $134M $105M 19.5% 16.7% Q2 2024 Q2 2025 AOP AOP Margin Adjusted operating profit and adjusted operating pr
Slide 15: 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 $455M $425M $369M $381M $348M Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Last twelve months ended (1) Net cash provided by
Slide 16: The New York Times Company's third quarter 2025 guidance
The New York Times Company’s third quarter 2025 guidance Below is the Company’s guidance for revenues and adjusted operating costs for the third quarter of 2025 compared with the third quarter of 2024 Q3 2025 Guidance Digital-only subscription revenues increase 13 - 16% Total subscription revenues i
Slide 17: Appendix
Appendix @? The New York Times é& Company
Slide 18: Reconciliation of operating profit to adjusted operating profit and margin
Reconciliation of operating profit to adjusted operating profit and adjusted operating profit margin We define adjusted operating profit as operating profit, as reported, before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operatin
Slide 19: Reconciliation of total operating costs to adjusted operating costs
Reconciliation of total operating costs to adjusted operating costs and general and administrative costs to adjusted general and administrative costs We define adjusted operating costs as operating costs, as reported, before depreciation and amortization, severance, multiemployer pension withdrawal
Slide 20: Reconciliation of diluted EPS to adjusted diluted EPS
Reconciliation of diluted earnings per share to adjusted diluted earnings per share We define adjusted diluted earnings per share as diluted EPS, as reported, excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items Second Quarter % Change 202
Slide 21: Reconciliation of operating cash flow to free cash flow
Reconciliation of net cash provided by/(used in) operating activities to free cash flow We define free cash flow as net cash provided by operating activities, as reported, less capital expenditures Last Twelve Months Ended ($ in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30,
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