New York Times (NYT) Earnings Date & Reports

Key Takeaways

• Total revenue rose 10% year over year to $768.5 million, while diluted earnings per share (EPS) reached $0.60, up from $0.50 a year earlier.
• Adjusted diluted EPS came in at $0.68, an increase from $0.59 in the prior-year quarter, reflecting higher operating profit.
• The company added roughly 420,000 net digital-only subscribers, lifting total subscribers to about 13.8 million and keeping it on track toward its 15 million milestone.
• Digital subscription revenue grew 14.6% to $421 million, while digital advertising revenue rose 12% to $110 million, coming in slightly below guidance.
• Net income increased 19.2% to $97.4 million, and adjusted operating profit rose 13.9% to $149.6 million.
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Earnings Context and Why It Matters

The New York Times Company's third-quarter results matter because they test whether its subscription-led model can keep growing revenue while absorbing rising compensation, marketing, and technology costs. The company has spent years shifting away from a print-advertising-dependent business toward a diversified portfolio of digital news, Games, Cooking, The Athletic, and Wirecutter. This quarter showed revenue growth outpacing cost growth on a percentage basis, allowing margins to widen even as expenses climbed. For investors, the report offers a read on whether the publisher can sustain subscriber momentum, maintain pricing power, and convert its audience into durable, recurring cash flow in an increasingly competitive media landscape.

Reported Results

For the third quarter ended September 30, 2026, The New York Times Company reported total revenue of $768.5 million, up 10% from $700.8 million a year earlier. Diluted EPS was $0.60, compared with $0.50 in the prior-year period, while adjusted diluted EPS (which excludes special items such as generative AI litigation costs) rose to $0.68 from $0.59.

Total subscription revenue increased 10.7% to $547.5 million, driven by a 14.6% jump in digital-only subscription revenue to $421 million. Digital-only ARPU (average revenue per user) edged up 1.4% to $9.93. Total advertising revenue grew 7.8% to $142.6 million, with digital advertising up 12% to $110 million but landing slightly below the company's guidance range. Affiliate, licensing, and other revenue rose 6% to $78.4 million.

On profitability, operating profit increased 16.4% to $121.9 million, and adjusted operating profit grew 13.9% to $149.6 million. Net income climbed 19.2% to $97.4 million. The company ended the quarter with roughly $1.26 billion in cash and marketable securities and no outstanding debt.

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Market Reaction and Investor Sentiment

Investor sentiment heading into and following the report centered on the durability of digital subscription growth and the slight miss on digital advertising relative to guidance. Management acknowledged that exactly where advertising lands in any given quarter can be difficult to predict, while noting that total advertising revenue still came in within its guidance range. The quarter also highlighted a shift in growth drivers: subscriber gains were powered by strong engagement and retention, while ARPU growth remained modest at 1.4%. Combined with continued cost discipline, these factors supported margin expansion, which investors have historically viewed as a key signal of the company's ability to translate audience growth into profitability.

Forward Outlook and Key Factors to Monitor

Looking ahead, the company provided fourth-quarter guidance that investors will track closely. Digital-only subscription revenue is expected to increase 12% to 15%, and total subscription revenue is expected to rise 9% to 11%. Digital advertising revenue is expected to grow in the high single digits to low double digits, while total advertising revenue is expected to increase in the mid single digits. Adjusted operating costs are guided to rise 6% to 8%.

Several factors could shape the coming quarters. The fourth quarter faces tougher advertising comparisons after 25% growth in the prior-year period, when the company benefited from structural supply increases that are unlikely to repeat. Management also flagged a persistent industry headwind: moves by large technology platforms continue to reduce traffic to publishers, which can pressure both audience reach and licensing opportunities.

On the cost side, compensation and benefits can vary based on financial performance, particularly in the fourth quarter. Investors will also be watching the company's progress toward its 15 million subscriber milestone, its continued investment in video, and the trajectory of ARPU as more subscribers transition from promotional pricing to higher-priced plans. The expiration of a temporary cash tax benefit under the One Big Beautiful Bill Act is another item to monitor, as management does not expect most of that cash flow benefit to recur beyond fiscal 2026.

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