New York Times Company (the) · NYSE:NYT
New York Times Company (the) — The New York Times Company — Q3 2026 Earnings Presentation
20 slides from New York Times Company (the)'s earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation November 4, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended
Slide 3: Third quarter 2026 business highlights
Third quarter 2026 business highlights Digital Advertising and Affiliate, Licensing Digital-only Subscription Revenues AOP and AOP margin and Other Revenues • Digital-only subscription revenues increased 14.6% • Digital advertising revenues increased 12.0% year- • Year-over-year adjusted operating c
Slide 4: Third quarter 2026 actual results compared to guidance
Third quarter 2026 actual results compared to guidance Q3 2026 Guidance Q3 2026 Actuals Digital-only subscription revenues increase 12 - 15% +14.6% Total subscription revenues increase 9 - 11% +10.7% Digital advertising revenues increase mid-to-high-teens +12.0% increase high-single-to-low-double- T
Slide 5: Continued execution of the Company's strategy is driving healthy financial results
Continued execution of the Company’s strategy is driving healthy financial results Total revenues Adjusted operating profit Adjusted diluted earnings per share +9.7% +13.9% $+0.09 $769M $150M $0.68 $701M $131M $0.59 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Adjusted operating profit is a non-G
Slide 6: Total subscription revenues grew 10.7% year-over-year, driven by 14.6% growth in digital-only
Total subscription revenues grew 10.7% year-over-year, driven by 14.6% growth in digital-only subscription revenues Total subscription revenues Digital-only subscription revenues Print subscription revenues +10.7% $548M +14.6% $495M $421M $367M (0.7)% $127M $126M Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2
Slide 7: The Company added approximately 420K digital-only net new subscribers in the third quarter
The Company added approximately 420K digital-only net new subscribers in the third quarter, bringing the total subscriber count to 13.76 million Total subscribers Digital-only subscriber net adds Digital-only Print 460K 450K 420K 13.35M 13.76M 12.78M 13.08M 12.33M 0.54M 0.56M 0.55M 0.57M 0.57M 310K
Slide 8: Digital-only ARPU grew 1.4% year-over-year
Digital-only ARPU grew 1.4% year-over-year Digital-only ARPU +1.4% $9.79 $9.72 $9.77 $9.94 $9.93 460K 450K 420K 310K 280K Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 ARPU Net Adds Subscribers (including net subscriber changes) are rounded to the nearest ten thousand. Digital-only ARPU, a metric we calcu
Slide 9: The Company continued to scale its digital-only subscriber base and grow revenues
The Company continued to scale its digital-only subscriber base and grow digital-only subscription revenues Digital-only subscribers Digital-only subscription revenues 13.22M $421M 11.76M $367M 10.47M $322M 9.41M 8.59M $282M $244M Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Q3 2022 Q3 2023 Q3 2024 Q3 20
Slide 10: Total advertising revenues increased 7.8% year-over-year
Total advertising revenues increased 7.8% year-over-year, driven by 12.0% growth in digital advertising revenues Total advertising revenues Digital advertising revenues Print advertising revenues +7.8% +12.0% $143M $132M $110M $98M (4.3)% $34M $33M Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026
Slide 11: Affiliate, licensing and other revenues grew 6.2% year-over-year
Affiliate, licensing and other revenues grew 6.2% year-over-year Growth was driven by higher licensing and higher Wirecutter affiliate referral revenues, which more than offset a shift in the timing of a marketing promotion by one of our partners Affiliate, licensing and other revenues +6.2% $78M $7
Slide 12: Adjusted operating costs grew 8.7% year-over-year
Adjusted operating costs grew 8.7% year-over-year Growth was driven largely as a result of higher compensation and benefits expenses, primarily relating to our journalism, higher general and administrative costs, as well as higher marketing and promotion costs Adjusted operating costs +8.7% $619M $5
Slide 13: Adjusted operating profit grew 13.9% and margin expanded 80 basis points to 19.5%
Adjusted operating profit grew 13.9% year-over-year and adjusted operating profit margin expanded 80 basis points to 19.5% Adjusted operating profit and adjusted operating profit margin +13.9% $150M $131M 19.5% 18.7% Q3 2025 Q3 2026 AOP AOP Margin Adjusted operating profit and adjusted operating pro
Slide 14: The Company continued to generate strong free cash flow and aims to return at least 50%
The Company continued to generate strong free cash flow and aims to return at least 50% of free cash flow to shareholders over the mid-term Free Cash Flow1 $623M $593M $537M $551M $542M Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 Last twelve months ended (1) The One Big Beautifu
Slide 15: The New York Times Company's fourth quarter 2026 guidance
The New York Times Company’s fourth quarter 2026 guidance Below is the Company’s guidance for revenues and adjusted operating costs for the fourth quarter of 2026 compared with the fourth quarter of 2025 Q4 2026 Guidance Digital-only subscription revenues increase 12 - 15% Total subscription revenue
Slide 16: Appendix
Appendix @? The New York Times é& Company
Slide 17: Reconciliation of operating profit to adjusted operating profit and margin
Reconciliation of operating profit to adjusted operating profit and adjusted operating profit margin We define adjusted operating profit as operating profit, as reported, before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operatin
Slide 18: Reconciliation of total operating costs to adjusted operating costs
Reconciliation of total operating costs to adjusted operating costs and general and administrative costs to adjusted general and administrative costs We define adjusted operating costs as operating costs, as reported, before depreciation and amortization, severance, multiemployer pension withdrawal
Slide 19: Reconciliation of diluted EPS to adjusted diluted EPS
Reconciliation of diluted earnings per share to adjusted diluted earnings per share We define adjusted diluted earnings per share as diluted EPS, as reported, excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items Third Quarter % Change 2026
Slide 20: Reconciliation of operating cash flow to free cash flow
Reconciliation of net cash provided by/(used in) operating activities to free cash flow We define free cash flow as net cash provided by operating activities, as reported, less capital expenditures Last Twelve Months Ended ($ in thousands) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30,
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