NEW York Times (NYT) Q2 FY2025 earnings: revenue $686 million, up 9.7% on the year

NEW York Times Co. (NYT) reported revenue of $686 million for Q2 FY2025, the quarter ended 30 June 2025, up 9.7% on the same quarter a year earlier. Net income was $83 million, up 26.6% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2025.

Revenue$686 millionup 9.7%

Net income$83 millionup 26.6%

Diluted EPS$0.50

QuarterQ2 FY2025ended 30 June 2025

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Revenue	686	636	625	+9.7%
Cost of revenue	339	335	323	+5.0%
Gross profit	347	301	302	+14.8%
Gross margin	50.6%	47.4%	48.4%
Research and development	63.9	66.5	62.2	+2.8%
Operating income	107	58.6	79.4	+34.2%
Operating margin	15.5%	9.2%	12.7%
Pre-tax income	112	64.0	87.1	+28.2%
Income tax	28.7	14.4	21.5	+33.3%
Effective tax rate	25.7%	22.5%	24.7%
Net income	82.9	49.6	65.5	+26.6%
Net margin	12.1%	7.8%	10.5%
Diluted EPS	$0.50	$0.30	$0.40	+25.0%

$ 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 and capital returned

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Operating cash flow	114	99.1	80.2	+41.6%
Capital expenditure	10.3	9.2	7.6	+35.5%
Free cash flow	103	89.9	72.6	+42.3%
Free cash flow margin	15.1%	14.1%	11.6%
Cash from investing	-43.7	-8.3	-29.8	n/a
Cash from financing	-54.5	-107	-33.7	n/a
Depreciation and amortisation	21.4	21.4	20.5	+4.2%
Share-based compensation	17.8	17.4	17.0	+4.5%
Buybacks	23.6	59.0	9.5	+147.3%
Dividends paid	29.6	22.1	21.4	+38.3%
Dividend per share	$0.18	$0.18	$0.13	+38.5%
Diluted shares, weighted	164m	165m	166m	-0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Shareholders' equity	1,936	1,885	1,805	+7.2%
Debt	0.0	n/a	n/a	n/a
Other liabilities	869	850	868	+0.1%
Total liabilities and equity	2,805	2,735	2,673	+4.9%
Fixed assets	n/a	n/a	503	n/a
Goodwill	409	415	414	-1.2%
Intangible assets	243	251	272	-10.4%
Investments	753	720	501	+50.4%
Cash and equivalents	198	183	223	-11.1%
Receivables	211	193	181	+16.4%
Other assets	990	974	580	+70.8%
Total assets	2,805	2,735	2,673	+4.9%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	598	676	594	625	640	727	636	686	701	802	712	762
Cost of revenue	311	321	317	323	332	338	335	339	349	367	363	368
Gross profit	287	355	277	302	308	389	301	347	352	435	349	395
Gross margin	48%	53%	47%	48%	48%	53%	47%	51%	50%	54%	49%	52%
R&D	57.4	58.3	63.2	62.2	61.0	61.8	66.5	63.9	67.0	66.9	70.2	70.3
Operating income	63.6	129	48.3	79.4	76.7	147	58.6	107	105	162	90.6	118
Operating margin	11%	19%	8%	13%	12%	20%	9%	16%	15%	20%	13%	15%
Pre-tax income	70.0	140	55.7	87.1	85.0	156	64.0	112	108	168	98.3	125
Tax rate	23%	21%	27%	25%	25%	21%	23%	26%	24%	23%	11%	25%
Net income	53.6	110	40.4	65.5	64.1	124	49.6	82.9	81.6	130	87.9	93.4
Net margin	9%	16%	7%	10%	10%	17%	8%	12%	12%	16%	12%	12%
Diluted EPS	$0.32	$0.66	$0.24	$0.40	$0.39	$0.75	$0.30	$0.50	$0.50	$0.79	$0.54	$0.57
Operating cash flow	104	137	53.1	80.2	126	152	99.1	114	208	164	92.2	194
Capital expenditure	5.7	6.1	6.4	7.6	7.1	8.1	9.2	10.3	7.9	6.5	10.7	10.1
Free cash flow	98.6	130	46.7	72.6	118	144	89.9	103	200	158	81.5	184
Buybacks	0.0	1.0	32.5	9.5	18.3	24.7	59.0	23.6	27.3	55.5	56.3	35.4
Dividends paid	18.2	18.1	18.6	21.4	21.5	21.4	22.1	29.6	29.4	29.3	30.4	37.2
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2025, filed 6 August 2025, accession 0000071691-25-000119: the filing on EDGAR. All of NEW York Times Co.'s filings: EDGAR company page.

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