NEW YORK TIMES CO
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
NYT$68.36+4.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000071691-25-000100
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000071691-25-000119
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 158 previous paragraphs and 167 current paragraphs.
97 unchanged; 56 reworded; 13 added; 5 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
•Total revenues increased 9.7% to $685.9 million in the second quarter of 2025 from $625.1 million in the second quarter of 2024.
Current report
•Total advertising revenues increased 12.4% to $134.0 million in the second quarter of 2025 from $119.2 million in the second quarter of 2024, due to an increase of 18.7% in digital advertising revenues. Print advertising revenues decreased 0.1% to $39.6 million.
Current report
(3)As of the second quarter of 2025, includes subscribers related to Family Subscriptions. Each Family Subscription is priced higher than a comparable individual subscription and is counted as one billed subscriber and one additional subscriber to reflect the additional entitlements in these subscriptions. The additional subscribers represented a de minimis percentage of total digital-only subscribers as of the end of the second quarter of 2025.
Current report
Digital advertising revenues, which represented 68.3% of total advertising revenues in the first six months of 2025, increased $22.7 million, or 15.9%, to $165.3 million compared with $142.6 million in the same prior-year period. The increase was primarily a result of higher display revenues of $29.2 million, driven by new advertising supply in areas of strong marketer demand, partially offset by lower creative services fees of $4.3 million as a result of the volume of custom advertising campaigns and lower podcast revenues of $3.7 million. Display impressions increased 27%, while the average rate increased 1%.
Current report
Print advertising revenues, which represented 29.5% of total advertising revenues in the second quarter of 2025, were relatively flat compared to the same prior-year period. Print advertising revenues in 2025 continue to be impacted by secular trends.
Current report
Affiliate, licensing and other revenues increased $3.9 million, or 5.8%, in the second quarter of 2025 compared with the same prior-year period, primarily as a result higher content licensing revenues of $3.8 million, largely related to commercial agreements with third-party digital platforms, as well as growth in Wirecutter affiliate referral revenues of $1.6 million, partially offset by lower books, television and film revenues of $2.4 million.
Current report
Cost of revenue in the first six months of 2025 increased $33.8 million, or 5.3%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $18.7 million, higher subscriber servicing costs of $10.1 million, higher digital content delivery costs of $3.7 million and higher advertising servicing costs of $1.5 million, partially offset by lower print production and distribution costs of $1.0 million. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by growth in the number of employees who work in our newsrooms, higher salaries, higher benefits costs and higher incentive compensation, partially offset by lower outside services costs. The increase in subscriber servicing was largely due to higher commissions and higher credit card processing fees due to an increase in subscriptions, as well as higher compensation and benefits. The increase in digital content delivery costs was largely due to higher cloud related costs. The increase in advertising servicing costs was largely due to an increase in outside services costs. The decrease in print production and distribution costs was primarily due to lower compensation and benefit costs and fewer print copies produced, partially offset by higher distribution costs, as well as higher occupancy, repairs and maintenance costs.
Current report
Sales and marketing costs in the second quarter of 2025 increased $7.9 million, or 12.8%, compared with the same prior-year period. The increase was due to higher marketing costs of $4.9 million and higher sales costs of $3.0 million. The increase in marketing costs was primarily due to higher media expenses. The increase in sales costs was primarily due to higher compensation and benefits largely driven by growth in the number of employees and higher outside services costs.
Current report
Sales and marketing costs in the first six months of 2025 increased $8.7 million, or 6.9%, compared with the same prior-year period. The increase was due to higher marketing costs of $5.3 million and higher sales costs of $3.4 million. The increase in marketing costs was primarily due to higher media expenses. The increase in sales costs was primarily due to higher compensation and benefits largely driven by growth in the number of employees and higher outside services costs.
Current report
Product development costs in the first six months of 2025 increased $5.1 million, or 4.0%, compared with the same prior-year period. The increase in the first six months of 2025 was largely due to higher compensation and benefits expenses of $2.6 million driven by higher benefits costs, as well as higher outside services costs of $1.3 million.
Current report
General and administrative costs in the second quarter of 2025 increased $5.7 million, or 7.4%, compared with the same prior-year period. The increase was primarily due to higher professional fees of $2.1 million, unrealized losses from foreign currency cash flow hedges of $1.6 million and an asset impairment charge of $1.0 million.
Current report
•$3.5 million of Generative AI Litigation Costs ($2.6 million or $0.02 per share after tax) in the second quarter and $7.9 million ($5.8 million or $0.04 per share after tax) for the first six months.
Current report
•$2.0 million of Generative AI Litigation Costs ($1.5 million or $0.01 per share after tax) in the second quarter and $3.0 million ($2.2 million or $0.02 per share after tax) for the first six months.
Removed paragraphs (5)
Previous report
•Total revenues increased 7.1% to $635.9 million in the first quarter of 2025 from $594.0 million in the first quarter of 2024.
Previous report
•Total advertising revenues increased 4.2% to $108.1 million in the first quarter of 2025 from $103.7 million in the first quarter of 2024, due to an increase of 12.4% in digital advertising revenues, partially offset by a decrease of 8.5% in print advertising revenues.
Previous report
Sales and marketing costs in the first quarter of 2025 increased $0.8 million, or 1.3%, compared with the same prior-year period. The increase was due to higher sales costs of $0.4 million and higher marketing costs of $0.4 million.
Previous report
•$4.4 million of Generative AI Litigation Costs ($3.2 million or $0.02 per share after tax).
Previous report
•$1.0 million of Generative AI Litigation Costs ($0.7 million or $0.0 per share after tax).
Reworded paragraphs (56)
Previous wording
We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. The Company has changed the revenue caption on its Condensed Consolidated Statement of Operations from “Other” to “Affiliate, licensing and other” effective for the quarter ended March 31, 2025. Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), retail commerce and our live events business. Our main operating costs are employee-related costs.
Current wording
We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. The Company changed the revenue caption on its Condensed Consolidated Statement of Operations from “Other” to “Affiliate, licensing and other” effective for the quarter ended March 31, 2025. Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), our live events business and retail commerce. Our main operating costs are employee-related costs.
Previous wording
There was one fewer day in the first quarter of 2025 compared with the first quarter of 2024 as a result of 2024 being a leap year.
Current wording
There was one fewer day in the first six months of 2025 compared with the first six months of 2024 as a result of 2024 being a leap year.
Previous wording
•The Company added approximately 250,000 net digital-only subscribers compared with the end of 2024, driven largely by bundle and multiproduct subscriber additions as well as other single products subscriber additions. The Company ended the first quarter of 2025 with approximately 11.66 million subscribers to its print and digital products, including approximately 11.06 million digital-only subscribers. Of the 11.06 million digital-only subscribers, approximately 5.76 million were bundle and multiproduct subscribers. Compared with the end of the first quarter of 2024, there was a net increase of 1,150,000 digital-only subscribers.
Current wording
•The Company added approximately 230,000 net digital-only subscribers compared with the end of the first quarter of 2025, driven largely by bundle and multiproduct subscriber additions as well as other single products subscriber additions. The Company ended the second quarter of 2025 with approximately 11.88 million subscribers to its print and digital products, including approximately 11.30 million digital-only subscribers. Of the 11.30 million digital-only subscribers, approximately 6.02 million were bundle and multiproduct subscribers. Compared with the end of the second quarter of 2024, there was a net increase of 1,080,000 digital-only subscribers.
Previous wording
•Total digital-only average revenue per user (“ARPU”) increased 3.6% year-over-year to $9.54 driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Current wording
•Total digital-only average revenue per user (“ARPU”) increased 3.2% year-over-year to $9.64 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.
Previous wording
•Operating profit increased 21.3% to $58.6 million in the first quarter of 2025 from $48.3 million in the first quarter of 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 21.9% to $92.7 million in the first quarter of 2025 from $76.1 million in the first quarter of 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 9.2% in the first quarter of 2025, compared with 8.1% in the first quarter of 2024. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased to 14.6% in the first quarter of 2025, compared with 12.8% in the first quarter of 2024.
Current wording
•Operating profit increased 34.2% to $106.6 million in the second quarter of 2025 from $79.4 million in the second quarter of 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 27.8% to $133.8 million in the second quarter of 2025 from $104.7 million in the second quarter of 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.5% in the second quarter of 2025, compared with 12.7% in the second quarter of 2024. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased to 19.5% in the second quarter of 2025, compared with 16.7% in the second quarter of 2024.
Previous wording
•Total subscription revenues increased 8.2% to $464.3 million in the first quarter of 2025 from $429.0 million in the first quarter of 2024. Digital-only subscription revenues increased 14.4% to $335.0 million in the first quarter of 2025 from $293.0 million in the first quarter of 2024.
Current wording
•Total subscription revenues increased 9.6% to $481.4 million in the second quarter of 2025 from $439.3 million in the second quarter of 2024. Digital-only subscription revenues increased 15.1% to $350.4 million in the second quarter of 2025 from $304.5 million in the second quarter of 2024.
Previous wording
•Affiliate, licensing and other revenues increased 3.7% to $63.6 million in the first quarter of 2025 from $61.3 million in the first quarter of 2024, as a result of higher Wirecutter affiliate referral revenues and higher licensing revenues.
Current wording
•Affiliate, licensing and other revenues increased 5.8% to $70.5 million in the second quarter of 2025 from $66.6 million in the second quarter of 2024, as a result of higher licensing revenues and Wirecutter affiliate referral revenues.
Previous wording
•Operating costs increased 5.8% to $577.3 million in the first quarter of 2025 from $545.7 million in the first quarter of 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 4.9% to $543.2 million in the first quarter of 2025 from $518.0 million in the first quarter of 2024.
Current wording
•Operating costs increased 6.2% to $579.3 million in the second quarter of 2025 from $545.7 million in the second quarter of 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 6.1% to $552.1 million in the second quarter of 2025 from $520.4 million in the second quarter of 2024.
Previous wording
•Diluted earnings per share were $0.30 and $0.24 for the first quarters of 2025 and 2024, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), were $0.41 and $0.31 for the first quarters of 2025 and 2024, respectively.
Current wording
•Diluted earnings per share were $0.50 and $0.40 for the second quarters of 2025 and 2024, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), were $0.58 and $0.45 for the second quarters of 2025 and 2024, respectively.
Previous wording
We operate in a highly competitive environment that is subject to rapid change. Companies shaping our competitive environment include content providers and distributors, news aggregators, search engines, social media platforms, streaming services and products and tools powered by generative artificial intelligence. Competition among these companies is robust, and new competitors can quickly emerge and have in recent years. We have designed our strategy to navigate the challenges and take advantage of opportunities presented by this period of transformation in our industry.
Current wording
We operate in a highly competitive environment that is subject to rapid change. We compete for audience, subscribers, licensees and advertising against a wide variety of companies. Companies shaping our competitive environment include content providers and distributors, news aggregators, search engines, social media platforms, streaming services and products and tools powered by generative artificial intelligence, many of which have attracted and may continue to attract audiences and/or advertisers to their platforms and away from ours. Competition among these companies is robust, and new competitors can quickly emerge and have in recent years. We have designed our strategy to navigate the challenges and take advantage of opportunities presented by this period of transformation in our industry.
Previous wording
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represented less than 5% of our subscription revenues in the first quarters of 2025 and 2024). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
Current wording
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represented less than 5% of our subscription revenues in the second quarters of 2025 and 2024). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
Previous wording
Subscription revenues increased $35.3 million, or 8.2%, in the first quarter of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $42.0 million, or 14.4%, partially offset by a decrease in print subscription revenues of $6.8 million, or 5.0%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $55.4 million and an increase in other single-product subscription revenues of $6.6 million, partially offset by a decrease in news-only subscription revenues of $20.0 million. Bundle and multiproduct average digital-only subscribers increased 1,230,000, or 28.0%, while bundle and multiproduct ARPU increased $0.59, or 5.0%. Other single-product average digital-only subscribers increased 650,000, or 23.5%, while other single-product ARPU decreased $0.05, or 1.4%. News-only average digital-only subscribers decreased 760,000, or 28.9%, while news-only ARPU increased $1.24, or 11.4%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two). Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
Current wording
Subscription revenues increased $42.1 million, or 9.6%, in the second quarter of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $45.9 million, or 15.1%, partially offset by a decrease in print subscription revenues of $3.8 million, or 2.8%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $58.9 million and an increase in other single-product subscription revenues of $5.3 million, partially offset by a decrease in news-only subscription revenues of $18.3 million. Bundle and multiproduct average digital-only subscribers increased 1,240,000, or 26.5%, while bundle and multiproduct ARPU increased $0.56, or 4.7%. Other single-product average digital-only subscribers increased 580,000, or 19.5%, while other single-product ARPU decreased $0.14, or 3.8%. News-only average digital-only subscribers decreased 660,000, or 27.5%, while news-only ARPU increased $1.02, or 9.1%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two). Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.
Previous wording
The following table summarizes digital and print subscription revenues for the first quarters of 2025 and 2024:
Current wording
The following table summarizes digital and print subscription revenues for the second quarters and first six months of 2025 and 2024:
Previous wording
A subscriber is defined as a customer who has subscribed (and provided a valid method of payment) for the right to access one or more of the Company’s products. The Company ended the first quarter of 2025 with approximately 11.66 million subscribers to its print and digital products, including approximately 11.06 million digital-only subscribers.
Current wording
A subscriber is defined as a user who has subscribed (and for whom a valid method of payment has been provided) for the right to access one or more of the Company’s products. The Company ended the second quarter of 2025 with approximately 11.88 million subscribers to its print and digital products, including approximately 11.30 million digital-only subscribers.
Previous wording
Compared with the end of the fourth quarter of 2024, there was a net increase of 250,000 digital-only subscribers. Compared with the end of the first quarter of 2024, there was a net increase of 1,150,000 digital-only subscribers.
Current wording
Compared with the end of the first quarter of 2025, there was a net increase of 230,000 digital-only subscribers. Compared with the end of the second quarter of 2024, there was a net increase of 1,080,000 digital-only subscribers.
Previous wording
Print domestic home-delivery subscribers totaled approximately 600,000 at the end of the first quarter of 2025, a net decrease of 10,000 subscribers compared with the end of the fourth quarter of 2024 and a net decrease of 50,000 subscribers compared with the end of the first quarter of 2024. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.
Current wording
Print domestic home-delivery subscribers totaled approximately 580,000 at the end of the second quarter of 2025, a net decrease of 10,000 subscribers compared with the end of the first quarter of 2025 and a net decrease of 40,000 subscribers compared with the end of the second quarter of 2024. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.
Previous wording
(2)Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the first quarter of 2025. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
Current wording
(2)Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the second quarter of 2025. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.
Previous wording
(3)Subscribers with only a digital-only news product subscription.
Current wording
(4)Subscribers with only a digital-only news product subscription.
Previous wording
(4)Subscribers with only one digital-only subscription to The Athletic or to our Audio, Cooking, Games or Wirecutter products.
Current wording
(5)Subscribers with only one digital-only subscription to The Athletic or to our Audio, Cooking, Games or Wirecutter products.
Previous wording
(5)Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Audio, Cooking, Games and Wirecutter products.
Current wording
(6)Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Audio, Cooking, Games and Wirecutter products.
Previous wording
(6)Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
Current wording
(7)Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.
Previous wording
Total digital-only ARPU was $9.54 for the first quarter of 2025, an increase of 3.6% compared with the first quarter of 2024. The year-over-year increase was driven primarily by subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers.
Current wording
Total digital-only ARPU was $9.64 for the second quarter of 2025, an increase of 3.2% compared with the second quarter of 2024. The year-over-year increase was driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.
Previous wording
Advertising revenue is primarily derived from advertisers (such as luxury goods, technology, and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we have updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, currently for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.
Current wording
Advertising revenue is primarily derived from advertisers (such as luxury goods, technology, and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.
Previous wording
The following table summarizes digital and print advertising revenues for the first quarters of 2025 and 2024:
Current wording
The following table summarizes digital and print advertising revenues for the second quarters and first six months of 2025 and 2024:
Previous wording
Digital advertising revenues, which represented 65.6% of total advertising revenues in the first quarter of 2025, increased $7.9 million, or 12.4%, to $70.9 million compared with $63.0 million in the same prior-year period. The increase was primarily a result of higher display revenues of $9.9 million, driven by areas of strong marketer demand and new advertising supply, partially offset by lower creative services fees of $2.7 million as a result of the volume of custom advertising campaigns. Display impressions increased 20%, while the average rate increased 2%.
Current wording
Digital advertising revenues, which represented 70.5% of total advertising revenues in the second quarter of 2025, increased $14.8 million, or 18.7%, to $94.4 million compared with $79.6 million in the same prior-year period. The increase was primarily a result of higher display revenues of $19.3 million, driven by new advertising supply in areas of strong marketer demand, partially offset by lower podcast revenues of $2.7 million and lower creative services fees of $1.6 million as a result of the volume of custom advertising campaigns. Display impressions increased 33%, while the average rate decreased 1%.
Previous wording
Print advertising revenues, which represented 34.4% of total advertising revenues in the first quarter of 2025, decreased $3.5 million, or 8.5%, to $37.2 million compared with $40.7 million in the same prior-year period. The decrease in the first quarter of 2025 was primarily due to a 7.8% decrease in column-inches. Print advertising revenues in 2025 continue to be impacted by secular trends.
Current wording
Print advertising revenues, which represented 31.7% of total advertising revenues in the first six months of 2025, decreased $3.5 million, or 4.4%, to $76.8 million compared with $80.3 million in the same prior-year period. The decrease in the first six months was primarily due to a 6.7% decrease in revenues from column-inch ads.
Previous wording
Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company Headquarters, retail commerce and our live events business.
Current wording
Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company Headquarters, our live events business and retail commerce.
Previous wording
Affiliate, licensing and other revenues increased $2.3 million, or 3.7%, in the first quarter of 2025 compared with the same prior-year period, primarily as a result of growth in Wirecutter affiliate referral revenues of $2.3 million, as well as higher content licensing revenues of $0.9 million, primarily related to a commercial agreement with Google and a licensing agreement with Apple.
Current wording
Affiliate, licensing and other revenues increased $6.1 million, or 4.8% in the first six months of 2025 compared with the same prior-year period, primarily as a result higher content licensing revenues of $4.7 million, largely related to commercial agreements with third-party digital platforms, as well as growth in Wirecutter affiliate referral revenues of $3.9 million, partially offset by lower books, television and film revenues of $2.3 million.
Previous wording
Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $40.1 million and $35.8 million in the first quarters of 2025 and 2024, respectively.
Current wording
Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $45.4 million and $40.6 million in the second quarters of 2025 and 2024, respectively, and $85.6 million and $76.4 million in the first six months of 2025 and 2024, respectively.
Previous wording
Cost of revenue in the first quarter of 2025 increased $17.8 million, or 5.6%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $9.8 million, higher subscriber servicing costs of $5.9 million and higher digital content delivery costs of $2.4 million. Advertising servicing costs and print production and distribution costs were relatively flat compared to prior year. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by growth in the number of employees who work in our newsrooms, higher salaries, higher benefits costs and higher incentive compensation. The increase in subscriber servicing costs was largely due to higher third-party commissions due to an increase in subscriptions. The increase in digital content delivery costs was largely due to higher cloud-related costs.
Current wording
Cost of revenue in the second quarter of 2025 increased $16.0 million, or 5.0%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $8.8 million, higher subscriber servicing costs of $5.1 million, higher digital content delivery costs of $1.3 million and higher advertising servicing costs of $1.3 million. Print production and distribution costs were relatively flat compared to prior year. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by higher salaries and growth in the number of employees who work in our newsrooms, higher benefits costs and higher incentive compensation. The increase in subscriber servicing costs was largely due to higher third-party commissions due to an increase in subscriptions and higher salaries. The increase in digital content delivery costs was largely due to higher cloud-related costs. The increase in advertising servicing costs was largely due to higher outside services costs.
Previous wording
Media expenses, a component of sales and marketing costs that primarily represents the cost to promote our subscription business, increased 4.7% to $31.3 million in the first quarter of 2025 from $29.9 million in the first quarter of 2024.
Current wording
Media expenses, a component of sales and marketing costs that primarily represents the cost to promote our subscription business, increased 15.9% to $31.9 million in the second quarter of 2025 from $27.5 million in the second quarter of 2024 and increased 10.0% to $63.2 million in the first six months of 2025 from $57.4 million in the first six months of 2024. The increase in both periods was largely a result of higher subscriber acquisition spending.
Previous wording
Product development includes costs associated with the Company’s investment in developing and enhancing new and existing product technology, including engineering, product development and data insights.
Current wording
Product development includes costs associated with the Company’s investment in developing and enhancing new and existing product technology, including engineering, product management, design and data.
Previous wording
Product development costs in the first quarter of 2025 increased $3.4 million, or 5.3%, compared with the same prior-year period. The increase in the first quarter of 2025 was largely due to higher compensation and benefits expenses of $2.0 million driven by higher benefits costs, as well as higher outside services costs of $0.6 million.
Current wording
Product development costs in the second quarter of 2025 increased $1.7 million, or 2.8%, compared with the same prior-year period. The increase in the second quarter of 2025 was largely due to higher outside services costs of $0.8 million, as well as higher compensation and benefits expenses of $0.6 million driven by higher benefits costs.
Previous wording
General and administrative costs in the first quarter of 2025 increased $1.1 million, or 1.4%, compared with the same prior-year period. The increase was primarily due to higher professional fees of $1.7 million, higher compensation and benefits of $1.4 million, which was driven by higher benefits costs and higher incentive compensation, partially offset by lower severance expense of $1.8 million.
Current wording
General and administrative costs in the first six months of 2025 increased $6.8 million, or 4.4%, compared with the same prior-year period. The increase was primarily due to higher professional fees of $3.8 million and higher compensation and benefits of $2.1 million driven by incentive compensation and higher benefits costs, partially offset by lower severance expense of $2.3 million.
Previous wording
Depreciation and amortization costs in the first quarter of 2025 increased $0.7 million, or 3.2%, compared with the same prior-year period.
Current wording
Depreciation and amortization costs in the second quarter and first six months of 2025 increased $0.9 million, or 4.2%, and $1.5 million, or 3.7%, compared with the same prior-year period.
Previous wording
In the first quarters of 2025 and 2024, the Company recorded $4.4 million and $1.0 million, respectively, of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation and Open AI Inc. and various of its corporate affiliates alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). Management determined to report Generative AI Litigation Costs as a special item beginning in the first quarter of 2024 because, unlike other litigation expenses, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. See Note 14 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Current wording
In the second quarter and first six months of 2025, the Company recorded $3.5 million and $7.9 million, respectively, and $2.0 million and $3.0 million in the second quarter and first six months of 2024, respectively, of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation and Open AI Inc. and various of its corporate affiliates alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). Management determined to report Generative AI Litigation Costs as a special item beginning in the first quarter of 2024 because, unlike other litigation expenses, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management’s view, reflect the Company’s ongoing business operational performance. See Note 14 of the Notes to the Condensed Consolidated Financial Statements for additional information.
Previous wording
(1)Excludes severance of $2.6 million and multiemployer pension withdrawal costs of $1.2 million for the first quarter of 2025. Excludes severance of $4.0 million and multiemployer pension withdrawal costs of $1.6 million for the first quarter of 2024.
Current wording
(1)Excludes severance of $1.0 million and $3.6 million for the second quarter and first six months of 2025, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.6 million for the second quarter and first six months of 2025, respectively. Excludes severance of $1.5 million and $5.5 million for the second quarter and first six months of 2024, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.9 million for the second quarter and first six months of 2024, respectively.
Previous wording
(2)Excludes severance of $0.4 million for the first quarter of 2024. There were no severance costs in the first quarter of 2025.
Current wording
(2)There were no severance costs for the second quarter and first six months of 2025. Excludes severance of $0.4 million for the first six months of 2024. There were no severance costs for the second quarter of 2024.
Previous wording
NYTG revenues increased 5.7% in the first quarter of 2025 to $588.9 million from $557.4 million in the first quarter of 2024. Subscription revenues increased 7.5% in the first quarter of 2025 to $431.5 million from $401.4 million in the first quarter of 2024, due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues decreased 0.4% in the first quarter of 2025 to $97.7 million from $98.0 million in the first quarter of 2024 due to lower revenues from print advertising, which more than offset higher revenues from digital advertising. Print advertising decreased primarily as a result of a decrease in column-inches. Digital advertising revenues increased primarily as a result of higher display revenues, partially offset by lower creative services fees. Affiliate, licensing, and other revenues increased 3.0% in the first quarter of 2025 to $59.7 million from $58.0 million in the first quarter of 2024 due to higher Wirecutter affiliate referral revenues.
Current wording
NYTG revenues increased 8.1% in the second quarter of 2025 to $632.4 million from $585.2 million in the second quarter of 2024 and increased 6.9% in the first six months of 2025 to $1,221.3 million from $1,142.6 million in the first six months of 2024. Subscription revenues increased 9.0% in the second quarter of 2025 to $446.8 million from $410.0 million in the second quarter of 2024 and increased 8.3% in the first six months of 2025 to $878.3 million from $811.4 million in the first six months of 2024, due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues increased 7.0% in the second quarter of 2025 to $119.9 million from $112.1 million in the second quarter of 2024 due to higher digital advertising revenues. Print advertising was relatively flat compared to prior year. Digital advertising revenues increased primarily as a result of higher display revenues, partially offset by lower podcast revenues and creative services fees. Advertising revenues increased 3.6% to $217.6 million from $210.1 million in the first six months of 2025 due to higher digital advertising revenues, partially offset by declines in print advertising revenues. Digital advertising revenues increased primarily as a result of higher display revenues, partially offset by creative services fees and lower podcast revenues. Print advertising revenues decreased primarily as a result of a decrease in column-inch ads. Affiliate, licensing and other revenues increased 4.2% in the second quarter of 2025 to $65.7 million from $63.1 million in the second quarter of 2024 and increased 3.6% in the first six months of 2025 to $125.4 million from $121.1 million in the first six months of 2024, due to higher licensing revenues and Wirecutter affiliate referral revenues, partially offset by lower books, television and film revenues.
Previous wording
NYTG adjusted operating costs increased 5.6% in the first quarter of 2025 to $499.1 million from $472.7 million in the first quarter of 2024. The increase in costs in the first quarter of 2025 was primarily related to higher journalism, subscriber servicing, general and administrative, and sales and marketing costs.
Current wording
NYTG adjusted operating costs increased 5.5% in the second quarter of 2025 to $504.4 million from $478.1 million in the second quarter of 2024 and increased 5.6% in the first six months of 2025 to $1,003.5 million from $950.7 million in the first six months of 2024. The increase in costs in the second quarter of 2025 was primarily due to higher sales and marketing, general and administrative, journalism and subscriber servicing costs. The increase in costs in the first six months of 2025 was primarily due to higher sales and marketing, journalism, subscriber servicing and general and administrative costs.
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Current report — wording carried from elsewhere
Subscription revenues increased $77.4 million, or 8.9%, in the first six months of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $87.9 million, or 14.7%, partially offset by a decrease in print subscription revenues of $10.6 million, or 3.9%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $114.3 million and an increase in other single-product subscription revenues of $11.9 million, partially offset by a decrease in news-only subscription revenues of $38.3 million. Bundle and multiproduct average digital-only subscribers increased 1,230,000, or 27.2%, while bundle and multiproduct ARPU increased $0.58, or 4.9%. Other single-product average digital-only subscribers increased 620,000, or 21.4%, while other single-product ARPU decreased $0.10, or 2.7%. News-only average digital-only subscribers decreased 710,000, or 28.3%, while news-only ARPU increased $1.14, or 10.3%. Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.