The New York Times Company (NYT) investor relations material

Executive summary

• Q2 2026 total revenues rose 11.2%–11.3% year-over-year to $762.5 million, led by a 16.4% increase in digital-only subscription revenues and a 20.7% rise in digital advertising.

• Net digital-only subscribers increased by 280,000 in the quarter, reaching 13.35 million, with ARPU up 3.1% to $9.94.

• Adjusted operating profit grew 16.1% to $155.3 million, with margin expanding to 20.4%; operating profit was $118.0 million (+10.8%).

• Diluted EPS was $0.57 (GAAP), $0.69 (adjusted, +19.0% YoY).

• Major investments in digital products, video, and new app features drove engagement and audience growth.

Financial highlights

• Subscription revenues: $537.9 million (+11.7% YoY); digital-only: $407.9 million (+16.4% YoY); print: $130.0 million (-0.8% YoY).

• Advertising revenues: $149.1 million (+11.3% YoY); digital advertising: $114.0 million (+20.7% YoY); print advertising: $35.2 million (-11.1% YoY).

• Affiliate, licensing, and other revenues: $75.5 million (+7.1% YoY), mainly from Wirecutter affiliate referrals.

• Free cash flow for the first half was $265.7 million, with $160 million returned to shareholders via buybacks and dividends.

• Cash and marketable securities totaled $1.22 billion as of June 30, 2026.

Outlook and guidance

• Q3 2026 guidance: digital-only subscription revenues expected to grow 12–15%; total subscription revenues 9–11%.

• Digital advertising revenues projected to increase mid-to-high teens; total advertising revenues high single to low double digits.

• Adjusted operating costs anticipated to grow 8–9%, with continued investment in journalism, digital products, and video.

• Full-year 2026 expectations: depreciation/amortization ~$85M, interest income/other $45–$50M, capex $35–$45M.