New York Times (NYT) FY2023 results: revenue $2.4 billion, up 5.1% on the year

New York Times Co. (NYT) reported revenue of $2.4 billion for fiscal 2023, the year ended 31 December 2023, up 5.1% on the year before. Net income was $232 million, up 33.6%, and diluted earnings per share $1.40. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$2.4 billion

+5.1% on the year

FY2016FY2023

Operating margin

11.4%

8.7% a year earlier

FY2016FY2023

Net income

$232 million

+33.6% on the year

FY2016FY2023

Diluted EPS

$1.40

+34.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,426	2,308	2,075	+5.1%
Cost of revenue	1,249	1,209	1,040	+3.3%
Gross profit	1,177	1,099	1,035	+7.1%
Gross margin	48.5%	47.6%	49.9%
Research and development	229	204	161	+12.1%
Operating income	276	202	268	+36.8%
Operating margin	11.4%	8.7%	12.9%
Pre-tax income	303	236	291	+28.2%
Income tax	69.8	62.1	70.5	+12.5%
Effective tax rate	23.1%	26.3%	24.3%
Net income	232	174	220	+33.6%
Net margin	9.6%	7.5%	10.6%
Diluted EPS	$1.40	$1.04	$1.31	+34.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	361	151	269	+139.3%
Capital expenditure	22.7	37.0	34.6	-38.7%
Free cash flow	338	114	234	+197.2%
Free cash flow margin	13.9%	4.9%	11.3%
Cash from investing	-160	-73.6	-181
Cash from financing	-133	-174	-54.9
Depreciation and amortisation	86.1	82.7	57.5	+4.2%
Share-based compensation	54.8	35.3	22.2	+55.1%
Buybacks	44.6	105	0.0	-57.6%
Dividends paid	69.5	56.8	45.3	+22.3%
Dividend per share	$0.44	$0.36	$0.28	+22.2%
Diluted shares, weighted	166m	167m	169m	-0.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,763	1,598	1,539	+10.3%
Non-controlling interest	0.0	2.0	2.0
Debt	0.0	0.0	0.0
Operating lease liabilities	42.9	59.1	63.6	-27.4%
Other liabilities	908	875	960	+3.9%
Total liabilities and equity	2,715	2,534	2,564	+7.1%
Fixed assets	514	554	575	-7.1%
Goodwill	416	414	166	+0.5%
Intangible assets	285	317	14.2	-10.0%
Investments	420	265	754	+58.5%
Cash and equivalents	289	221	320	+30.8%
Receivables	242	218	233	+11.5%
Other assets	547	545	501	+0.4%
Total assets	2,715	2,534	2,564	+7.1%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.