Did The New York Times beat or miss consensus estimates last quarter?

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What is the revenue and EPS growth rate for The New York Times year over year?

What is The New York Times's latest dividend and current dividend yield?

What factors drove the changes in The New York Times's revenue and profit?

What guidance did The New York Times's management provide for the next earnings period?

What does The New York Times do and what are its main business segments?

What were the key takeaways from The New York Times’s earnings call?

- **Subscriber Milestone**: 12.8 million total digital subscribers, up 1.4M in 2025.
- **Revenue Records**: Digital revenues exceed $2B; Q4 digital sub revenue +14%, ARPU $9.72.
- **Video Expansion**: 2026 investments in video journalism to drive engagement and ad growth.
- **Profitability**: AOP +21% to $550M, margin 19.5%; free cash flow $551M.
- **Shareholder Returns**: $275M returned in 2025; dividend increased to $0.23/Q1 2026.
- **Ad Growth**: Digital ads +25% in Q4, 2025 total +20%; Q1 2026 guidance: +high teens to low 20s.
- **Family Plan Success**: Added 1.4M subscribers via carrot-based sharing model.


**【CEO Summary Section】**
- **Subscriber Growth**: Added 1.4 million net new digital subscribers in 2025, reaching 12.8 million total. Q4 added 450,000 net new subscribers.
- **Revenue Milestones**: Total digital revenues exceeded $2 billion for the first time. Digital subscription revenue grew 14% in Q4, driven by ARPU growth to $9.72.
- **Strategic Initiatives**: Expanded video journalism, including reporter videos, visual investigations, and podcast adaptations. Family plan subscriptions performed well, adding new revenue streams.
- **Market Positioning**: Emphasized differentiation through high-quality journalism, multi-revenue streams (subscriptions, ads, licensing), and engagement across news, sports, games, and lifestyle content.

**【CFO Financial Commentary】**
- **2025 Financial Highlights**: Total revenue grew 9% to $3.3 billion. AOP expanded 21% to $550 million, with margin increasing to 19.5%. Free cash flow reached $551 million.
- **Q4 Results**: Digital subscription revenue up 14% to $382 million. Digital advertising grew 25% to $147 million. Total advertising increased 16%.
- **Cost Management**: Adjusted operating costs rose 9.7% in Q4, driven by incentive compensation. Q1 2026 guidance: digital subscription revenue +14-17%, AOP growth to continue with disciplined investments in video and journalism.
- **Capital Allocation**: Returned $275 million to shareholders in 2025 ($165M buybacks, $110M dividends). Dividend increased to $0.23/Q1 2026. $30M remaining on share repurchase authorization.

**【Q&A Highlights】**
- **Advertising Growth**: 2025 digital ad revenue up 20%, driven by new supply (video, sports, lifestyle), improved demand (larger deals, new marketers), and ad product performance. Q1 2026 ad growth expected at high teens to low 20s.
- **Cost Investments**: Video production ramped in H2 2025, contributing to Q4 cost overruns. Q1 2026 costs +8-9% due to video, sales/marketing, and incentive comp. Long-term focus on revenue > cost growth.
- **Subscriber ARPU**: Q4 ARPU growth decelerated due to mix of promotional vs. tenured subs. 2026 outlook: bundle price increase to $30 and step-ups for tenured subs expected to stabilize ARPU trajectory.
- **Password Sharing**: Family plan (carrot approach) added 1.4M subscribers in 2025. No immediate plans for stick-based enforcement; focus on engagement and value-added features.
- **Video Strategy**: Scaling video across news, sports, and lifestyle. Watch tab in app and platform distribution driving engagement. Q1 2026 video investments to continue.
- **Single Product Growth**: Non-news products (Games, The Athletic, Cooking, Wirecutter) contributed 40% of Q4 subs. Funnel effect: single-product users convert to bundles over time.


The New York Times Company (NYT) Q4 2025 Earnings Call Transcript

- **Subscriber growth**: 460,000 net adds in Q3, total 12.3M subscribers.
- **Video expansion**: NFL footage in The Athletic, AI-driven cooking features, and Watch tab video engagement.
- **Revenue momentum**: Digital advertising +20%, licensing growth via gaming and shopping partnerships.
- **Capital return**: 50%+ free cash flow to shareholders, disciplined R&D in video/AI.

**【CEO Summary Section】**
- Added 460,000 net new digital subscribers, reaching 12.3 million total subscribers.
- Digital subscription revenue grew 14% driven by video expansion (e.g., NFL footage integration in The Athletic, AI-powered personalization in cooking and news apps).
- Video content now comprises a significant portion of the Times app, with new tabs and placements for video journalism.
- Family plan subscriptions grew to 2% of digital-only base, with premium pricing reflecting added value.
- Advertising revenue grew 20% in digital and 12% overall, driven by video and AI-targeted ad products.
- Licensing revenue increased due to partnerships leveraging Times IP in gaming and shopping.

**【CFO Financial Commentary】**
- Q3 consolidated revenue grew 9.5%, AOP expanded 26%, and free cash flow reached $393M year-to-date.
- Q4 guidance: Digital-only subscription revenue +13-16%, total subscription revenue +8-10%, digital advertising growth mid- to high-teens.
- Capital allocation: 50% of free cash flow returned to shareholders via buybacks and dividends.
- Cost control maintained with 6.2% AOP growth, aligning with 5-6% annual target.

**【Q&A Highlights】**
- Video strategy: NFL footage integration in The Athletic drove engagement and ad revenue; Watch tab expanded video content (podcasts, reporter videos) to 10+ million monthly users.
- Family plan: 2% of digital subscribers on premium family plan, with no immediate plans to restrict sharing.
- The Athletic: NFL footage integration boosted engagement and ad targeting; Q3 net adds driven by single-product subscriptions (e.g., cooking, games) and AI-powered step-up pricing.
- Licensing: Gaming partnerships (e.g., NYT Cooking, The Athletic) monetize Times IP in high-engagement spaces.
- Capital allocation: 50%+ of free cash flow returned to shareholders, with disciplined R&D investments in video/AI.

The New York Times Company (NYT) Q3 2025 Earnings Call Transcript

- **Subscriber Milestone**: 11.9M total, 50% on bundles; targeting 15M by 2027.
- **Revenue Growth**: All streams up YoY; digital subs +15%, ad +19%.
- **Strategic Deal**: Amazon AI partnership drives affiliate/licensing growth, with fair value exchange.
- **Video Expansion**: Early success in video-first platforms, enhancing engagement and monetization.
- **Resilience Strategy**: Direct relationships and habit-forming products mitigate tech traffic declines.
- **Financial Strength**: Free cash flow $193M (first half), returning 50%+ to shareholders.
- **Q3 Guidance**: Subs +8-10%, ad +low single digits, affiliate +high single digits.


**【CEO Summary Section】**
- **Subscriber Growth**: Added 230,000 net digital subscribers, total reaching 11.9 million, with 50% now on bundled/multi-product plans. Targeting 15 million subscribers by 2027.
- **Revenue Performance**: All major revenue streams (subscription, advertising, affiliate/licensing) grew YoY. Digital subscription revenue up 15%, driven by ARPU growth and bundle adoption.
- **Video Expansion**: Scaling news videos, full-length shows (e.g., Ezra Klein Show), and video-enhanced lifestyle products. Early success in building video-first platform presence.
- **Advertising Strength**: Digital ad revenue +19%, total ad revenue +12%, driven by high-quality ad products and new supply in high-demand categories like sports and games.
- **Strategic Deals**: Signed multi-year Amazon AI deal to integrate Times content into Amazon's AI models, reflecting fair value exchange and control over IP use.
- **Resilience Strategy**: Focused on direct relationships and habit-forming products to mitigate big tech traffic declines.

**【CFO Financial Commentary】**
- **Q2 Financials**: Revenue +10% YoY, AOP +28%, AOP margin expanded 280bps. Free cash flow $193M (first half), returning $134M to shareholders (50%+ of FCF).
- **Subscription Metrics**: Digital-only ARPU +3.2% to $9.64. Family plan rollout early but promising for LTV and monetization.
- **Revenue Guidance (Q3)**: 
  - Digital-only subs +13-16%, total subs +8-10%
  - Digital ad +low double digits, total ad +low-mid single digits
  - Affiliate/licensing +high single digits
- **Cost Management**: AOP +6.1%, below 5-6% guidance. Disciplined investments in journalism and product differentiation.

**【Q&A Highlights】**
- **Advertising Success**: High-performing ad products, first-party data, and new supply in lifestyle categories (sports, games) drove outperformance. AI tools like Brand Match enable quick marketer execution.
- **Amazon Deal Impact**: Included in Q3 guidance, contributing to affiliate/licensing growth acceleration. Terms align with IP value and control principles.
- **Bundle Strategy**: Bundled subscribers have higher engagement, retention, and ARPU. Family plan early results positive for penetration and monetization.
- **Traffic Challenges**: Tech platforms reducing publisher traffic, but NYT's direct relationships (150M registered users) and habit-forming apps (news, cooking, sports) provide resilience.
- **Pricing Discipline**: Step-up pricing at 6/12-month marks performing well, supporting ARPU trajectory.


The New York Times Company (NYT) Q2 2025 Earnings Call Transcript

- **Record Subscriber Growth**: 250K net adds in Q1, 11.7M total subs, 49% on bundles
- **Strong Ad Recovery**: Digital ad +12% YoY, fastest growth in 3 years
- **Profitability Boost**: 180bps margin expansion, $90M free cash flow
- **Video Engagement Surge**: +100% YoY engagement in video/audio
- **Shareholder Returns**: $81M returned via buybacks/dividends

**【CEO Summary Section】**
- **Subscription Growth**: Added 250,000 net new digital subscribers, reaching 11.7 million total subscribers. Digital subscription revenue grew 14% YoY, driven by ARPU increases and bundle penetration (49% of subscribers). 
- **Advertising Momentum**: Digital ad revenue rose 12% YoY, strongest growth in 3 years, fueled by broad category appeal (news, sports, lifestyle) and improved ad targeting. 
- **Free Cash Flow**: Generated $90M in Q1, including $33M from land sale. Returned $81M to shareholders via buybacks and dividends. 
- **Strategic Priorities**: 
  1. Pulitzer-winning journalism (4 prizes in Q1) 
  2. Video/audio innovation (engagement +100% YoY) 
  3. Product enhancements (games, Wirecutter reviews, The Athletic NFL draft guide)
  4. Audience expansion despite declining referrers from big tech platforms.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Digital Subscriptions: $335M (14% YoY)
  - Advertising: $108M (+4% YoY)
  - Affiliate/Licensing: $64M (+4% YoY)
- **Profitability**: AOP margin expanded 180bps YoY to 22% growth. Adjusted EPS rose $0.10 to $0.41.
- **Q2 Outlook**: 
  - Digital sub rev: +13-16%
  - Ad rev: high single-digit growth
  - Free cash flow: ~$90M
- **Cost Management**: Operating expenses grew 4.9% vs. 5-6% guidance, with disciplined investment in journalism and product innovation.

**【Q&A Highlights】**
1. **Ad Growth Drivers**: Strong demand in lifestyle categories (recipes, shopping) and new ad inventory. 
2. **Subscription Strategy**: 50%+ of new subs now on bundles. News-only ARPU up 3.6% YoY due to step-up pricing.
3. **Video/Audio Innovation**: Short-form video clips, automated voice podcasts, and new shows (e.g., "Interesting Times" with Ross Douthat) driving +100% engagement YoY.
4. **Tariff Impact**: Minimal effect on business to date.


The New York Times Company (NYT)-7 May 25-2025 Q1 Earnings call transcript

- **Subscription dominance**: 1.1M new digital subs in 2024, 14% revenue growth, and 48% bundled subscriber penetration highlight core strategy success.
- **ARPU acceleration**: Digital-only ARPU +4.4% to $9.65, driven by step-ups and product value, with confidence in sustained growth.
- **Ad innovation payoff**: 9.5% digital ad growth, Brand Match AI targeting, and expanded lifestyle ad inventory fuel diversification.
- **Cash power**: $381M free cash flow and $1B+ balance sheet enable M&A flexibility while returning 50%+ to shareholders.

**【CEO Summary Section】**
- **Digital subscriber growth**: Added 1.1 million digital subscribers in 2024, reaching 11.4 million total. Digital subscription revenue grew 14%, driven by ARPU increases and bundled product adoption.
- **Bundled product momentum**: Bundled and multiproduct subscribers now account for 48% of total subscribers, with plans to exceed 50% by 2025. ARPU growth reflects value from expanded journalism and product innovation.
- **2025 strategic priorities**: Expand video/audio content, enhance product experiences (e.g., games, cooking, sports), and grow engaged audiences across all verticals. Focus on high ROI marketing and subscription step-ups.

**【CFO Financial Commentary】**
- **2024 financial highlights**: Total revenue grew 7% to $2.6 billion, AOP expanded 17% to $455 million, and free cash flow reached $381 million. Share repurchases and dividends returned $168 million to shareholders.
- **Q1 2025 guidance**: Digital-only subscription revenue +14-17%, total subscription revenue +7-10%. Digital advertising growth expected in high single digits, supported by expanded ad supply and AI-driven targeting.
- **Capital allocation**: Increased quarterly dividend to $0.18 and authorized $350 million in share buybacks. Maintaining disciplined cost management to support margin expansion.

**【Q&A Key Themes】**
- **Long-term strategy confidence**: CEO emphasizes resilience in dynamic media landscape, with ARPU growth driven by product differentiation and engaged audiences.
- **Ad revenue diversification**: Growth in Wirecutter, licensing, and programmatic ad expansion, with focus on high-value lifestyle products.
- **Cash flexibility**: $1 billion+ in cash and securities enables strategic M&A (e.g., Wirecutter, The Athletic) while maintaining shareholder returns.
- **Marketing ROI dynamics**: Opportunistic Q4 media spend reflects high confidence in LTV/CAC metrics, with ROI realized over multiple quarters.

Actual											0.17	0.18	0.22	0.4	0.26	0.36	0.23	0.43	0.19	0.24	0.21	0.59	0.19	0.38	0.37	0.7	0.31	0.45	0.45	0.8	0.41	0.58	0.59	0.89
Forecast											0.082	0.026	0.1083	0.3452	0.1233	0.265	0.2025	0.3455	0.1771	0.187	0.1319	0.4323	0.1667	0.21	0.29	0.6141	0.201	0.4069	0.4123	0.753	0.3416	0.5145	0.5325	0.8803
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+107.32%	+592.31%	+103.14%	+15.87%	+110.87%	+35.85%	+13.58%	+24.46%	+7.28%	+28.34%	+59.21%	+36.48%	+13.98%	+80.95%	+27.59%	+13.99%	+54.23%	+10.59%	+9.14%	+6.24%	+20.02%	+12.73%	+10.80%	+1.10%

NYT

NYT fundamentals

NYT Q4 2025 Earnings

Earnings Call

You can ask Aime

NYT

NYT fundamentals

NYT Q4 2025 Earnings

Earnings Call

NYT Earnings Call Summary for Q4/20258:00 AM on Feb 4, 2026

NYT Earnings Call Summary for Q3/20258:00 AM on Nov 5, 2025

NYT Earnings Call Summary for Q2/20258:00 AM on Aug 6, 2025

NYT Earnings Call Summary for Q1/20258:00 AM on May 7, 2025

NYT Earnings Call Summary for Q4/20248:00 AM on Feb 5, 2025

You can ask Aime