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New York Times (NYT) FY2025 results: revenue $2.8 billion, up 9.2% on the year

New York Times Co. (NYT) reported revenue of $2.8 billion for fiscal 2025, the year ended 31 December 2025, up 9.2% on the year before. Net income was $344 million, up 17.1%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$2.8 billion
+9.2% on the year
FY2018FY2025
Operating margin
15.3%
13.6% a year earlier
FY2018FY2025
Net income
$344 million
+17.1% on the year
FY2018FY2025
Diluted EPS
$2.09
+18.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Revenue rose 10.4 percent: Total revenues were $802.3 million, up from $726.6 million. Full-year revenues were $2,824.9 million, up 9.2 percent from $2,585.9 million.
  • Operating profit rose 10.2 percent: Operating profit was $161.6 million. Adjusted operating profit was $192.3 million, up 12.8 percent. Full-year operating profit rose 22.9 percent to $431.6 million.
  • Digital subscribers reached 12.21 million: Net additions were about 450,000 in the quarter and about 1.4 million from a year earlier. Total subscribers, including print, were 12.78 million.
  • Digital advertising rose 24.9 percent: Digital advertising revenues were $147.2 million. Management attributed the growth to marketer demand and new advertising supply. Full-year digital advertising rose 20.0 percent.
  • Adjusted operating costs up 9.7 percent: Adjusted operating costs rose to $610.0 million. Total operating costs rose 10.5 percent to $640.7 million, including special items.
Read the Q4 FY2025 earnings call summary

From this 10-K

The New York Times Company publishes The New York Times on its mobile app, its website NYTimes.com and in print, along with podcasts and other content, and it runs separate products for sports, audio, cooking, games and product reviews. It makes money mainly from subscriptions and advertising, with smaller revenue from licensing, affiliate referrals and commercial printing. It was incorporated in New York on August 26, 1896. As of December 31, 2025 it had approximately 12.78 million total subscribers across 234 countries and territories.

New York Times Co., the 10-K for 2025

The New York Times Company publishes The New York Times on its mobile app, its website NYTimes.com and in print, along with podcasts and other content, and it runs separate products for sports, audio, cooking, games and product reviews. It makes money mainly from subscriptions and advertising, with smaller revenue from licensing, affiliate referrals and commercial printing. It was incorporated in New York on August 26, 1896. As of December 31, 2025 it had approximately 12.78 million total subscribers across 234 countries and territories.

Products

Its digital-only bundle includes the news product, The Athletic for sports, and its Audio, Cooking, Games and Wirecutter products, each of which is also sold as a standalone subscription. Subscriptions can be bought by individuals, directly or through app stores run by Apple and Alphabet, and as group education or group corporate subscriptions. Registered users generally get free access to a limited amount of content before they must subscribe, and some content is free to all, including the daily word games Wordle and Connections. Paid digital-only subscribers totaled approximately 12.21 million as of December 31, 2025, and international subscribers were approximately 26% of digital-only subscriptions.

Print

The Times's print newspaper began publication in 1851 and is published seven days a week in the United States, and its international edition succeeds the International Herald Tribune, which began in Paris in 1887. The Times is printed at the company's College Point, N.Y. facility and under contract at 20 other print sites across the United States, and the international edition is printed at 22 sites worldwide and sold in approximately 65 countries and territories. According to the Alliance for Audited Media, The Times had the largest daily and Sunday print circulation of all seven-day U.S. newspapers for the six months ended September 30, 2025. In 2025 it used 51,000 metric tons of newsprint, buying a large part of it from Domtar.

Advertising and other revenue

It sells display, audio, email and video ads on its digital platforms, column-inch ads and inserts in print, and advertising at live events, to advertisers such as luxury goods, technology and financial companies. It licenses its content to digital aggregators, third-party digital platforms, newspapers, magazines and others, earns affiliate referral fees through Wirecutter, and prints products for third parties at College Point.

People

As of December 31, 2025 it had approximately 6,000 full-time equivalent employees, including more than 3,000 in its journalism operations, mostly in the United States.

From The New York Times Company's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,8252,5862,426+9.2%
Cost of revenue1,3901,3101,249+6.1%
Gross profit1,4351,2761,177+12.4%
Gross margin50.8%49.4%48.5%
Research and development264248229+6.5%
Operating income432351276+22.9%
Operating margin15.3%13.6%11.4%
Pre-tax income451383303+17.7%
Income tax10789.669.8+19.7%
Effective tax rate23.8%23.4%23.1%
Net income344294232+17.1%
Net margin12.2%11.4%9.6%
Diluted EPS$2.09$1.77$1.40+18.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow584411361+42.4%
Capital expenditure34.029.222.7+16.5%
Free cash flow551381338+44.4%
Free cash flow margin19.5%14.7%13.9%
Cash from investing-221-306-160
Cash from financing-306-193-133
Depreciation and amortisation85.082.986.1+2.5%
Share-based compensation74.267.554.8+9.9%
Buybacks16585.044.6+94.4%
Dividends paid11082.969.5+33.2%
Dividend per share$0.72$0.52$0.44+38.5%
Diluted shares, weighted165m166m166m-0.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,0411,9271,763+5.9%
Non-controlling interestn/an/a0.0
Debt0.00.00.0
Operating lease liabilities36.637.342.9-1.8%
Other liabilities919877908+4.8%
Total liabilities and equity2,9972,8412,715+5.5%
Fixed assetsn/an/a514
Goodwill409412416-0.7%
Intangible assets229258285-11.1%
Investments912712420+28.1%
Cash and equivalents255199289+28.1%
Receivables291250242+16.5%
Other assets9001,010547-10.9%
Total assets2,9972,8412,715+5.5%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.