NEW YORK TIMES CO
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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. Segment Information
- Segment Information
The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
In the third quarter of 2025, the Company revised its operating segments to align with how the CODM manages the business, and as a result, the Company has determined it hasone reportable segment. The segment is evaluated regularly on a consolidated basis by the Company’s CODM in assessing performance and allocating resources. The Company’s CODM uses adjusted operating profit (loss) to allocate resources during the annual budgeting and forecasting process and to assess the Company’s performance. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is presented below, along with a reconciliation to income before taxes. Asset information is not a measure of performance used by the Company’s CODM. Accordingly, we have not disclosed asset information.
The following table presents segment information with respect to the Company’s single operating segment for the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023:
| (In thousands) | December 31, 2025 | December 31, 2024(1) | December 31, 2023(1) |
|---|---|---|---|
| Revenues | |||
| Subscription | $1,950,778 | $1,788,207 | $1,656,153 |
| Advertising | 565,993 | 506,311 | 505,206 |
| Affiliate, licensing and other | 308,147 | 291,401 | 264,793 |
| Total revenues | $2,824,918 | $2,585,919 | $2,426,152 |
| Less: | |||
| Cost of revenue (excluding depreciation and amortization) | $1,389,713 | $1,309,514 | $1,249,061 |
| Sales and marketing | 307,084 | 278,425 | 260,227 |
| Product development | 264,347 | 248,198 | 228,804 |
| Adjusted general and administrative(2) | 313,638 | 294,380 | 298,209 |
| Total adjusted operating profit | $550,136 | $455,402 | $389,851 |
| Less: | |||
| Other components of net periodic benefit costs/(income) | 18,557 | 4,158 | (2,737) |
| Depreciation and amortization | 85,007 | 82,936 | 86,115 |
| Severance | 9,454 | 7,512 | 7,582 |
| Multiemployer pension plan withdrawal costs | 4,972 | 6,038 | 5,248 |
| Generative AI Litigation Costs | 13,321 | 10,800 | — |
| Impairment charges | 2,858 | — | 15,239 |
| Multiemployer pension plan liability adjustments | 2,967 | (2,980) | (605) |
| Add: | |||
| Gain from joint ventures | — | — | 2,477 |
| Interest income and other, net | 38,256 | 36,485 | 21,102 |
| Income before income taxes | $451,256 | $383,423 | $302,588 |
(1)Prior periods presented have been recast to conform to the current presentation. See Note 1 for additional information.
(2)Excludes severance and multiemployer pension plan withdrawal costs.
P. 104 – THE NEW YORK TIMES COMPANY
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.