NEW YORK TIMES CO
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 5, 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 2025-06-30; filed 2025-08-06.
0000071691-25-000119
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000071691-25-000126
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 167 previous paragraphs and 148 current paragraphs.
89 unchanged; 51 reworded; 8 added; 25 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 14 previous and 11 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 (8)
Current report
In the third quarter of 2025, the Company updated its internal reporting to reflect how the Company’s President and Chief Executive Officer, (who is the Company’s Chief Operating Decision Maker (“CODM”)) manages the business, and as a result, the Company has determined it has one reportable segment and one reporting unit.
Current report
•Total revenues increased 9.5% to $700.8 million in the third quarter of 2025 from $640.2 million in the third quarter of 2024.
Current report
•Affiliate, licensing and other revenues increased 7.9% to $73.9 million in the third quarter of 2025 from $68.5 million in the third quarter of 2024, as a result of higher licensing revenues.
Current report
•Net cash provided by operating activities in the first nine months of 2025 was $420.3 million compared with $258.8 million in the same period of 2024, and free cash flow, defined as net cash provided by operating activities less capital expenditures (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), was $392.9 million for the first nine months of 2025 compared with $237.7 million in the same period of 2024.
Current report
Digital advertising revenues, which represented 74.2% of total advertising revenues in the third quarter of 2025, increased $16.5 million, or 20.3%, to $98.1 million compared with $81.6 million in the same prior-year period. The increase was primarily a result of higher display revenues of $14.5 million, driven by strong marketer demand and new advertising supply. Display impressions increased 4%, while the average rate increased 20%.
Current report
Affiliate, licensing and other revenues increased $5.4 million, or 7.9%, in the third quarter of 2025 compared with the same prior-year period. The increase was primarily a result of higher licensing revenues.
Current report
General and administrative costs in the third quarter of 2025 increased $0.4 million, or 0.6%, compared with the same prior-year period. The increase was primarily due to higher compensation and benefits of $4.4 million driven by incentive compensation and higher severance expense of $1.3 million, partially offset by lower professional fees and other miscellaneous expenses of $4.6 million.
Current report
•a $3.5 million charge ($2.6 million, or $0.02 per share, after tax) in the third quarter related to an impairment of a non-marketable equity investment. The charge is included in Interest income and other, net in our Condensed Consolidated Statements of Operations.
Removed paragraphs (25)
Previous report
The Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
Previous 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.
Previous report
•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 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.
Previous 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.
Previous report
Segment Information
Previous report
We have two reportable segments: NYTG and The Athletic. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit (loss) by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit expressed as a percentage of revenues is referred to as adjusted operating profit margin.
Previous report
Subscription revenues from and expenses associated with our bundle are allocated to NYTG and The Athletic.
Previous report
We allocate 10% of all bundle subscription revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which we derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
Previous report
We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third-party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
Previous report
(1)Intersegment eliminations (“I/E”) related to content licensing.
Previous report
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Affiliate, licensing and other revenues.
Previous report
Adjusted operating costs (operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items) details by segment
Previous report
(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 report
(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 report
(3)Intersegment eliminations (“I/E”) related to content licensing recorded in Cost of revenue (excluding depreciation and amortization).
Previous report
The New York Times Group
Previous report
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 report
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.
Previous report
NYTG adjusted operating profit increased 19.5% in the second quarter of 2025 to $128.0 million from $107.1 million in the second quarter of 2024 and increased 13.5% in the first six months of 2024 to $217.8 million from $191.8 million in the first six months of 2024. The increase in the second quarter was primarily as a result of higher digital subscription revenues; digital advertising revenues; and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs and lower print subscription revenues. The increase in the first six months was primarily a result of higher digital subscription revenues; digital advertising revenues; and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs and lower print subscription revenues.
Previous report
The Athletic
Previous report
The Athletic revenues increased 33.4% in the second quarter of 2025 to $54.0 million from $40.5 million in the second quarter of 2024 and increased 30.8% in the first six months of 2025 to $101.6 million from $77.7 million in the first six months of 2024. Subscription revenues increased 18.1% in the second quarter of 2025 to $34.6 million from $29.3 million in the second quarter of 2024 and increased 18.3% in the first six months of 2025 to $67.3 million from $56.9 million in the first six months of 2024, primarily due to growth in the number of subscribers with access to The Athletic (including through bundle subscriptions). Advertising revenues increased 98.8% in the second quarter of 2025 to $14.1 million from $7.1 million in the second quarter of 2024 and increased 91.5% in the first six months of 2025 to $24.5 million from $12.8 million in the first six months of 2024, primarily due to higher revenues from display advertising. Affiliate, licensing and other revenues increased 30.1% in the second quarter of 2025 to $5.4 million from $4.1 million in the second quarter of 2024 and increased 22.7% in the first six months of 2025 to $9.8 million from $8.0 million in the first six months of 2024, primarily due to an increase in licensing revenue.
Previous report
The Athletic adjusted operating costs increased 12.5% in the second quarter of 2025 to $48.3 million from $42.9 million in the second quarter of 2024 and increased 4.7% in the first six months of 2025 to $92.9 million from $88.8 million in the first six months of 2024. The increase in costs in the second quarter and first six months of 2025 was primarily due to higher journalism and product development costs.
Previous report
The Athletic adjusted operating profit increased $8.2 million in the second quarter of 2025 to $5.8 million from a loss of $2.4 million in the second quarter of 2024 and adjusted operating profit increased $19.8 million in the first six months of 2025 to $8.7 million from a loss of $11.1 million in the first six months of 2024. The increase in the second quarter and first six months of 2025 is primarily due to higher advertising revenues; subscription revenues; and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs.
Previous report
(1)Intersegment eliminations (“I/E”) related to content licensing.
Reworded paragraphs (51)
Previous 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.
Current wording
There was one fewer day in the first nine months of 2025 compared with the first nine months of 2024 as a result of 2024 being a leap year.
Previous 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.
Current wording
•The Company added approximately 460,000 net digital-only subscribers compared with the end of the second quarter of 2025, driven largely by other single products subscriber additions as well as bundle and multiproduct subscriber additions. The Company ended the third quarter of 2025 with approximately 12.33 million subscribers to its print and digital products, including approximately 11.76 million digital-only subscribers. Of the 11.76 million digital-only subscribers, approximately 6.27 million were bundle and multiproduct subscribers. Compared with the end of the third quarter of 2024, there was a net increase of 1,290,000 digital-only subscribers.
Previous 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.
Current wording
•Total digital-only average revenue per user (“ARPU”) increased 3.6% year-over-year to $9.79 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.
Previous 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.
Current wording
•Operating profit increased 36.6% to $104.8 million in the third quarter of 2025 from $76.7 million in the third 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 26.1% to $131.4 million in the third quarter of 2025 from $104.2 million in the third quarter of 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.0% in the third quarter of 2025, compared with 12.0% in the third 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 18.7% in the third quarter of 2025, compared with 16.3% in the third quarter of 2024.
Previous 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.
Current wording
•Total subscription revenues increased 9.1% to $494.6 million in the third quarter of 2025 from $453.3 million in the third quarter of 2024. Digital-only subscription revenues increased 14.0% to $367.4 million in the third quarter of 2025 from $322.2 million in the third quarter of 2024.
Previous wording
•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 wording
•Total advertising revenues increased 11.8% to $132.3 million in the third quarter of 2025 from $118.4 million in the third quarter of 2024, due to an increase of 20.3% in digital advertising revenues. Print advertising revenues decreased 7.1% to $34.2 million.
Previous 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.
Current wording
•Operating costs increased 5.8% to $596.0 million in the third quarter of 2025 from $563.5 million in the third 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 6.2% to $569.4 million in the third quarter of 2025 from $536.0 million in the third quarter of 2024.
Previous 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.
Current wording
•Diluted earnings per share were $0.50 and $0.39 for the third 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 $0.59 and $0.45 for the third quarters of 2025 and 2024, respectively.
Previous wording
We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic weakness, instability, uncertainty and volatility, including the potential for a recession; expanded or retaliatory tariffs or taxes or other trade barriers; a competitive labor market; inflation; supply chain disruptions; high interest rates; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results. While we do not currently anticipate a material impact to the Company’s direct costs from the imposition of tariffs by the U.S. government, such tariffs and any retaliatory actions by foreign governments could result in increased costs and could negatively affect economic conditions, which could in turn adversely impact our subscription; advertising; and/or affiliate, licensing and other revenues. We believe the macroeconomic environment has had, and may in the future have, an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.
Current wording
We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic weakness, instability, uncertainty and volatility, including the potential for a recession; expanded or retaliatory tariffs or taxes or other trade barriers; a competitive labor market; inflation; supply chain disruptions; high interest rates and interest rates volatility; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results. While we do not currently anticipate a material impact to the Company’s direct costs from the imposition of tariffs by the U.S. government, such tariffs and any retaliatory actions by foreign governments could result in increased costs and could negatively affect economic conditions, which could in turn adversely impact our subscription; advertising; and/or affiliate, licensing and other revenues. We believe the macroeconomic environment has had, and may in the future have, an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.
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 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.
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 third 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 $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.
Current wording
Subscription revenues increased $41.3 million, or 9.1%, in the third quarter of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $45.2 million, or 14.0%, partially offset by a decrease in print subscription revenues of $3.9 million, or 3.0%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $55.8 million and an increase in other single-product subscription revenues of $4.7 million, partially offset by a decrease in news-only subscription revenues of $15.3 million. Bundle and multiproduct average digital-only subscribers increased 1,130,000, or 22.8%, while bundle and multiproduct ARPU increased $0.49, or 4.0%. Other single-product average digital-only subscribers increased 480,000, or 15.0%, while other single-product ARPU decreased $0.08, or 2.2%. News-only average digital-only subscribers decreased 570,000, or 26.1%, while news-only ARPU increased $1.19, or 10.4%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the weighted average of each month’s daily average subscribers). Print subscription revenue decreased primarily due to decreases in home-delivery and single-copy revenues. The decrease in home-delivery subscription revenue 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
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.
Current wording
Subscription revenues increased $118.7 million, or 9.0%, in the first nine months of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $133.2 million, or 14.5%, partially offset by a decrease in print subscription revenues of $14.5 million, or 3.6%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $170.2 million and an increase in other single-product subscription revenues of $16.6 million, partially offset by a decrease in news-only subscription revenues of $53.6 million. Bundle and multiproduct average digital-only subscribers increased 1,200,000, or 25.7%, while bundle and multiproduct ARPU increased $0.54, or 4.5%. Other single-product average digital-only subscribers increased 570,000, or 19.1%, while other single-product ARPU decreased $0.09, or 2.5%. News-only average digital-only subscribers decreased 660,000, or 27.6%, while news-only ARPU increased $1.16, or 10.3%. Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenues, 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 second quarters and first six months of 2025 and 2024:
Current wording
The following table summarizes digital and print subscription revenues for the third quarters and first nine months of 2025 and 2024:
Previous 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.
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 third quarter of 2025 with approximately 12.33 million subscribers to its print and digital products, including approximately 11.76 million digital-only subscribers.
Previous 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.
Current wording
Compared with the end of the second quarter of 2025, there was a net increase of 460,000 digital-only subscribers. Compared with the end of the third quarter of 2024, there was a net increase of 1,290,000 digital-only subscribers.
Previous 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.
Current wording
Print domestic home-delivery subscribers totaled approximately 570,000 at the end of the third quarter of 2025, a net decrease of 10,000 subscribers compared with the end of the second quarter of 2025 and a net decrease of 40,000 subscribers compared with the end of the third 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 second 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 third 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)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 wording
(3)As of the third 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 approximately 2% of total digital-only subscribers as of the end of the third quarter of 2025.
Previous wording
ARPU metrics are calculated by dividing the digital subscription revenue in the quarter by the average number of digital-only subscribers divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. In calculating ARPU metrics, for our subscriber categories (Bundle and multiproduct, News-only and Other single-product), 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) and for Total digital-only ARPU, we use the daily average number of digital-only subscribers.
Current wording
Beginning in the second quarter of 2025, ARPU metrics are calculated by dividing the digital subscription revenues in the quarter by the average number of digital-only subscribers (calculated as the weighted average of each month's daily average subscribers) divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. This change had a de minimis impact on ARPU.
Previous 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.
Current wording
Total digital-only ARPU was $9.79 for the third quarter of 2025, an increase of 3.6% compared with the third 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 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.
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. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts.
Previous wording
The following table summarizes digital and print advertising revenues for the second quarters and first six months of 2025 and 2024:
Current wording
The following table summarizes digital and print advertising revenues for the third quarters and first nine months of 2025 and 2024:
Previous wording
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 wording
Digital advertising revenues, which represented 70.4% of total advertising revenues in the first nine months of 2025, increased $39.2 million, or 17.5%, to $263.4 million compared with $224.2 million in the same prior-year period. The increase was primarily a result of higher display revenues of $43.7 million, driven by new advertising supply in areas of strong marketer demand, partially offset by lower podcast revenues of $3.0 million and lower creative services fees of $2.8 million as a result of the volume of custom advertising campaigns. Display impressions increased 18%, while the average rate increased 7%.
Previous 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.
Current wording
Print advertising revenues, which represented 25.8% of total advertising revenues in the third quarter of 2025, decreased $2.6 million, or 7.1%, to $34.2 million compared with $36.8 million the same prior-year period. The decrease was primarily due to a 9.3% decrease in revenues from column-inch ads, partially offset by a 2.4% increase in print advertising rate.
Previous wording
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 wording
Print advertising revenues, which represented 29.6% of total advertising revenues in the first nine months of 2025, decreased $6.1 million, or 5.2%, to $110.9 million compared with $117.1 million in the same prior-year period. The decrease in the first nine months was primarily due to a 7.2% decrease in revenues from column-inch ads, partially offset by a 2.1% increase in print advertising rate. Print advertising revenues in 2025 continue to be impacted by secular trends.
Previous 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.
Current wording
Affiliate, licensing and other revenues increased $11.6 million, or 5.9% in the first nine months of 2025 compared with the same prior-year period. The increase was primarily a result of higher licensing revenues of $10.8 million, as well as growth in Wirecutter affiliate referral revenues of $4.7 million, partially offset by lower books, television and film revenues of $3.4 million.
Previous 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.
Current wording
Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $49.2 million and $43.6 million in the third quarters of 2025 and 2024, respectively, and $134.8 million and $121.6 million in the first nine months of 2025 and 2024, respectively.
Previous wording
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 wording
Cost of revenue in the third quarter of 2025 increased $17.2 million, or 5.2%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $12.7 million and higher subscriber servicing costs of $2.9 million. Advertising servicing, print production and distribution and digital content delivery 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 as well as higher salaries, benefits costs and incentive compensation. The increase in subscriber servicing costs was largely due to higher commissions and credit card processing fees due to an increase in subscriptions.
Previous 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.
Current wording
Cost of revenue in the first nine months of 2025 increased $51.0 million, or 5.3%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $31.3 million, higher subscriber servicing costs of $13.8 million, higher digital content delivery costs of $4.1 million and higher advertising servicing costs of $2.2 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 growth in the number of employees who work in our newsrooms as well as higher salaries, benefits costs and incentive compensation, partially offset by lower outside services costs. The increase in subscriber servicing was largely due to higher commissions and 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 and higher incentive compensation.
Previous wording
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 wording
Sales and marketing costs in the third quarter of 2025 increased $10.4 million, or 15.1%, compared with the same prior-year period. The increase was due to higher marketing costs of $6.5 million and higher sales costs of $4.0 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 higher incentive compensation and growth in the number of employees.
Previous wording
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 wording
Sales and marketing costs in the first nine months of 2025 increased $19.1 million, or 9.8%, compared with the same prior-year period. The increase was due to higher marketing costs of $11.7 million and higher sales costs of $7.4 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 higher incentive compensation, growth in the number of employees and higher benefit costs, as well as 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 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.
Current wording
Media expenses, a component of sales and marketing costs that primarily represents the cost to promote our subscription business, increased 18.0% to $41.3 million in the third quarter of 2025 from $35.0 million in the third quarter of 2024 and increased 13.1% to $104.4 million in the first nine months of 2025 from $92.4 million in the first nine months of 2024. The increase in the third quarter of 2025 was largely a result of higher brand marketing expenses. The increase in the first nine months of 2025 was largely a result of higher subscriber acquisition spending and higher brand marketing expenses.
Previous 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.
Current wording
Product development costs in the third quarter of 2025 increased $6.0 million, or 9.8%, compared with the same prior-year period. The increase in the third quarter of 2025 was largely due to higher compensation and benefits expenses of $2.4 million driven by higher incentive compensation, higher software and licensing costs of $1.6 million and higher outside services costs of $1.3 million.
Previous wording
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 wording
Product development costs in the first nine months of 2025 increased $11.0 million, or 5.9%, compared with the same prior-year period. The increase in the first nine months of 2025 was largely due to higher compensation and benefits expenses of $5.0 million driven by higher benefits costs and higher incentive compensation, as well as higher outside services costs of $2.7 million and higher software and licensing costs of $2.1 million.
Previous 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.
Current wording
General and administrative costs in the first nine months of 2025 increased $7.2 million, or 3.1%, compared with the same prior-year period. The increase was primarily due to higher compensation and benefits of $6.6 million driven by incentive compensation and higher benefits costs, higher professional fees of $2.7 million, partially offset by lower severance expense of $1.0 million.
Previous 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.
Current wording
Depreciation and amortization costs in the third quarter and first nine months of 2025 increased $0.7 million, or 3.5%, and $2.3 million, or 3.6%, respectively, compared with the same prior-year period.
Previous 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.
Current wording
In the third quarter and first nine months of 2025, the Company recorded $2.4 million and $10.3 million, respectively, and $4.6 million and $7.6 million in the third quarter and first nine 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
•$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.
Current wording
•$2.4 million of Generative AI Litigation Costs ($1.8 million, or $0.01 per share, after tax) in the third quarter and $10.3 million ($7.6 million, or $0.05 per share, after tax) for the first nine months.
Previous wording
•a $4.5 million charge ($3.3 million or $0.02 per share after tax) related to a multiemployer pension plan liability adjustment.
Current wording
•a $4.5 million charge ($3.3 million, or $0.02 per share, after tax) in the first quarter related to a multiemployer pension plan liability adjustment.
Previous wording
•$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 wording
•$4.6 million of Generative AI Litigation Costs ($3.4 million, or $0.03 per share, after tax) in the third quarter and $7.6 million ($5.6 million, or $0.05 per share, after tax) for the first nine months.
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Previous report — wording carried elsewhere
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 report — wording carried elsewhere
We believe the macroeconomic environment has had, and may in the future have, an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.