NEW YORK TIMES CO

Previous wording

•Total subscription revenues increased 11.3% to $516.9 million in the first quarter of 2026 from $464.3 million in the first quarter of 2025. Digital-only subscription revenues increased 16.1% to $389.0 million in the first quarter of 2026 from $335.0 million in the first quarter of 2025. The Company added approximately 310,000 net digital-only subscribers compared with the end of 2025, bringing the total number of subscribers to 13.08 million subscribers, including approximately 12.52 million digital-only subscribers. Compared with the end of the first quarter of 2025, there was a net increase of 1,460,000 digital-only subscribers. Digital-only average revenue per user (“ARPU”) increased 2.4% year-over-year to $9.77.

Current wording

•Total subscription revenues increased 11.7% to $537.9 million in the second quarter of 2026 from $481.4 million in the second quarter of 2025. Digital-only subscription revenues increased 16.4% to $407.9 million in the second quarter of 2026 from $350.4 million in the second quarter of 2025. The Company added approximately 280,000 net digital-only subscribers compared with the end of the first quarter of 2026, bringing the total number of subscribers to 13.35 million subscribers, including approximately 12.80 million digital-only subscribers. Compared with the end of the second quarter of 2025, there was a net increase of 1,500,000 digital-only subscribers. Digital-only average revenue per user (“ARPU”) increased 3.1% year-over-year to $9.94.

Previous wording

•Total advertising revenues increased 17.3% to $126.8 million in the first quarter of 2026 from $108.1 million in the first quarter of 2025, due to an increase in digital advertising revenues of 31.6% to $93.3 million.

Current wording

•Total advertising revenues increased 11.3% to $149.1 million in the second quarter of 2026 from $134.0 million in the second quarter of 2025, due to an increase in digital advertising revenues of 20.7% to $114.0 million.

Previous wording

•Affiliate, licensing and other revenues increased 7.8% to $68.5 million in the first quarter of 2026 from $63.6 million in the first quarter of 2025, as a result of higher licensing revenues.

Current wording

•Affiliate, licensing and other revenues increased 7.1% to $75.5 million in the second quarter of 2026 from $70.5 million in the second quarter of 2025, as a result of higher Wirecutter affiliate referral revenues.

Previous wording

•Operating costs increased 7.7% to $621.6 million in the first quarter of 2026 from $577.3 million in the first quarter of 2025. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased 9.4% to $594.3 million in the first quarter of 2026 from $543.2 million in the first quarter of 2025.

Current wording

•Operating costs increased 11.2% to $644.4 million in the second quarter of 2026 from $579.3 million in the second quarter of 2025. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased 10.0% to $607.2 million in the second quarter of 2026 from $552.1 million in the second quarter of 2025.

Previous wording

•Operating profit margin (operating profit expressed as a percentage of revenues) increased to 12.7% in the first quarter of 2026, compared with 9.2% in the first quarter of 2025. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased to 16.6% in the first quarter of 2026, compared with 14.6% in the first quarter of 2025.

Current wording

•Operating profit margin (operating profit expressed as a percentage of revenues) remained flat at 15.5% in the second quarter of 2026, compared with the second quarter of 2025. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP financial measure discussed below under “Non-GAAP Financial Measures”), increased to 20.4% in the second quarter of 2026, compared with 19.5% in the second quarter of 2025.

Previous wording

•Diluted earnings per share were $0.54 and $0.30 for the first quarters of 2026 and 2025, 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 financial measure discussed below under “Non-GAAP Financial Measures”), were $0.61 and $0.41 for the first quarters of 2026 and 2025, respectively.

Current wording

•Diluted earnings per share were $0.57 and $0.50 for the second quarters of 2026 and 2025, 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 financial measure discussed below under “Non-GAAP Financial Measures”), were $0.69 and $0.58 for the second quarters of 2026 and 2025, respectively.

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 2026 and 2025). 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 2026 and 2025). 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

The following table summarizes digital-only and print subscription revenues for the first quarters of 2026 and 2025:

Current wording

The following table summarizes digital-only and print subscription revenues for the second quarters and first six months of 2026 and 2025:

Previous wording

Subscription revenues increased $52.6 million, or 11.3%, in the first quarter of 2026 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $54.0 million, or 16.1%, partially offset by a decrease in print subscription revenues of $1.4 million, or 1.1%. Average digital-only subscribers increased 1,460,000, or 13.2%, and digital-only ARPU (as defined below) increased $0.23, or 2.4%. The year-over-year increase in digital-only ARPU was driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers. Print subscription revenue decreased primarily due to a lower number of average home-delivery print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.

Current wording

Subscription revenues increased $56.5 million, or 11.7%, in the second quarter of 2026 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $57.6 million, or 16.4%, partially offset by a decrease in print subscription revenues of $1.1 million, or 0.8%. Average digital-only subscribers increased 1,440,000, or 12.9%, and digital-only ARPU (as defined below) increased $0.30, or 3.1%. The year-over-year increase in digital-only ARPU was driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers. Print subscription revenue decreased primarily due to a decrease in single-copy subscription revenues, which was driven by a lower number of copies sold, and domestic 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

ARPU, a metric we calculate to track the revenue generation of our digital-only subscriber base, represents the average revenue per digital-only subscriber over a 28-day billing cycle during the applicable period.

Current wording

Digital-only ARPU, a metric we calculate to track the revenue generation of our digital-only subscriber base, represents the average revenue per digital-only subscriber over a 28-day billing cycle during the applicable period.

Previous wording

(1)Includes group corporate and group education subscriptions, and, as of the second quarter of 2025, subscribers related to family subscriptions. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate. 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.

Current wording

(1)Includes group corporate and group education subscriptions and subscribers related to family subscriptions. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate. 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.

Previous wording

(3)Beginning in the second quarter of 2025, ARPU metrics are calculated by dividing the digital-only 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.

Current wording

(3)ARPU metrics are calculated by dividing the digital-only 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.

Previous wording

The Company ended the first quarter of 2026 with approximately 13.08 million subscribers to its print and digital products, including approximately 12.52 million digital-only subscribers. Compared with the end of the fourth quarter of 2025, there was a net increase of approximately 310,000 digital-only subscribers. Compared with the end of the first quarter of 2025, there was a net increase of approximately 1,460,000 digital-only subscribers.

Current wording

The Company ended the second quarter of 2026 with approximately 13.35 million subscribers to its print and digital products, including approximately 12.80 million digital-only subscribers. Compared with the end of the first quarter of 2026, there was a net increase of approximately 280,000 digital-only subscribers. Compared with the end of the second quarter of 2025, there was a net increase of approximately 1,500,000 digital-only subscribers.

Previous wording

Print domestic home-delivery subscribers totaled approximately 560,000 at the end of the first quarter of 2026, a net decrease of approximately 10,000 subscribers compared with the end of the fourth quarter of 2025 and a net decrease of approximately 40,000 subscribers compared with the end of the first quarter of 2025.

Current wording

Print domestic home-delivery subscribers totaled approximately 550,000 at the end of the second quarter of 2026, a net decrease of approximately 10,000 subscribers compared with the end of the first quarter of 2026 and a net decrease of approximately 40,000 subscribers compared with the end of the second quarter of 2025.

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. Digital advertising includes revenue from display (which includes website and mobile applications), audio, email and video advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion of advertising revenue, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes revenues generated by creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts.

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. Digital advertising includes (i) display revenue (which includes website and mobile applications); and (ii) non-display revenues generated from advertisements placed in audio, email, and video, as well as revenues generated by creative services fees. Advertisements are sold either directly to marketers by our advertising sales teams or, for a smaller proportion of advertising revenue, through programmatic auctions run by third-party ad exchanges. 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 first quarters of 2026 and 2025:

Current wording

The following table summarizes digital and print advertising revenues for the second quarters and first six months of 2026 and 2025:

Previous wording

Digital advertising revenues, which represented 73.5% of total advertising revenues in the first quarter of 2026, increased $22.4 million, or 31.6%, to $93.3 million compared with $70.9 million in the same prior-year period. The increase was primarily a result of higher display revenues of $12.4 million, driven by strong marketer demand and growth in advertising supply, higher podcast revenues of $4.6 million, higher creative service fees of $2.7 million as a result of the volume of custom advertising campaigns and higher video revenues of $2.3 million. Display impressions increased 15%, while the average rate increased 5%.

Current wording

Digital advertising revenues, which represented 76.4% of total advertising revenues in the second quarter of 2026, increased $19.5 million, or 20.7%, to $114.0 million compared with $94.4 million in the same prior-year period. The increase was primarily a result of higher display revenues of $10.4 million, driven by strong marketer demand, and higher non-display revenues of $9.1 million, driven by growth in advertising supply, primarily in our audio and video products.

Previous wording

Print advertising revenues, which represented 26.5% of total advertising revenues in the first quarter of 2026, decreased $3.6 million, or 9.8%, to $33.6 million compared with $37.2 million in the same prior-year period. The decrease was primarily due to a 13.5% decrease in revenues from column-inch ads, partially offset by a 4.3% increase in print advertising rate.

Current wording

Print advertising revenues, which represented 23.6% of total advertising revenues in the second quarter of 2026, decreased $4.4 million, or 11.1%, to $35.2 million compared with $39.6 million in the same prior-year period. The decrease was primarily due to a 9.2% decrease in revenues from column-inch ads and a 2.1% decrease in print advertising rate.

Previous wording

Affiliate, licensing and other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our Company Headquarters, and retail commerce.

Current wording

Affiliate, licensing and other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our Company Headquarters, our live events business and retail commerce.

Previous wording

Affiliate, licensing and other revenues increased $5.0 million, or 7.8%, in the first quarter of 2026 compared with the same prior-year period. The increase was primarily a result of higher licensing revenues.

Current wording

Affiliate, licensing and other revenues increased $5.0 million, or 7.1%, in the second quarter of 2026 compared with the same prior-year period. The increase was primarily a result of higher Wirecutter affiliate referral revenues, which benefited from a shift in the timing of a marketing promotion by one of our partners.

Previous wording

Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $45.2 million and $40.1 million in the first quarters of 2026 and 2025, respectively.

Current wording

Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $50.1 million and $45.4 million in the second quarters of 2026 and 2025, respectively, and $95.3 million and $85.6 million in the first six months of 2026 and 2025, respectively.

Previous wording

Cost of revenue in the first quarter of 2026 increased $28.3 million, or 8.5%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $24.6 million, higher digital content delivery costs of $2.1 million and higher subscriber servicing costs of $1.9 million. Advertising servicing 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, as well as higher outside services costs. The increase in digital content delivery costs was largely due to higher cloud-related costs. The increase in subscriber servicing costs was largely due to higher credit card processing fees and commissions due to an increase in subscriptions.

Current wording

Cost of revenue in the first six months of 2026 increased $57.4 million, or 8.5%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $48.2 million, higher digital content delivery costs of $5.2 million and higher subscriber servicing costs of $3.6 million. Advertising servicing and print production and distribution costs were relatively flat compared to the 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 and incentive compensation, as well as higher outside services costs. The increase in digital content delivery costs was largely due to higher cloud-related costs. The increase in subscriber servicing costs was largely due to higher credit card processing fees and commissions due to an increase in subscriptions.

Previous wording

Sales and marketing costs in the first quarter of 2026 increased $11.3 million, or 17.1%, compared with the same prior-year period. The increase was due to higher marketing costs of $6.4 million and higher sales costs of $4.9 million. The increase in marketing costs was primarily due to higher marketing and promotion 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 incentive compensation.

Current wording

Sales and marketing costs in the second quarter of 2026 increased $16.3 million, or 23.6%, compared with the same prior-year period. The increase was due to higher marketing costs of $11.3 million and higher sales costs of $5.0 million. The increase in marketing costs was primarily due to higher marketing and promotion 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 incentive compensation.

Previous wording

Product development costs in the first quarter of 2026 increased $3.7 million, or 5.5%, compared with the same prior-year period. The increase in the first quarter of 2026 was largely due to higher compensation and benefits expenses of $1.7 million driven by higher benefits costs, as well as higher outside services costs of $1.1 million.

Current wording

Product development costs in the second quarter of 2026 increased $6.4 million, or 10.0%, compared with the same prior-year period. The increase in the second quarter of 2026 was largely due to higher compensation and benefits expenses of $3.7 million driven by higher benefits costs, as well as higher software and licensing costs of $1.6 million.

Previous wording

General and administrative costs in the first quarter of 2026 increased $6.5 million, or 8.2%, compared with the same prior-year period. The increase was primarily due to higher compensation and benefits of $4.0 million driven by incentive compensation, higher outside services expenses and other miscellaneous expenses of $3.5 million, partially offset by lower severance expense of $1.2 million.

Current wording

General and administrative costs in the first six months of 2026 increased $9.8 million, or 6.0%, compared with the same prior-year period. The increase was primarily due to higher compensation and benefits of $8.7 million driven by incentive compensation and higher benefits costs, higher outside services expenses and other miscellaneous expenses of $2.0 million, partially offset by lower severance expense of $1.1 million.

Previous wording

Depreciation and amortization costs in the first quarter of 2026 decreased $0.8 million, or 3.8%, compared with the same prior-year period.

Current wording

Depreciation and amortization costs in the second quarter and first six months of 2026 decreased $0.3 million, or 1.3%, and $1.1 million, or 2.5%, respectively, compared with the same prior-year period.

Previous wording

In the first quarters of 2026 and 2025, the Company recorded $4.2 million and $4.4 million, respectively, of pre-tax litigation-related costs in connection with certain lawsuits alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with the 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 discrete, complex and unusual proceedings 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 2026, the Company recorded $4.6 million and $8.8 million, respectively, and in the second quarter and first six months of 2025, the Company recorded $3.5 million and $7.9 million, respectively, of pre-tax litigation-related costs in connection with certain lawsuits alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with the 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 discrete, complex and unusual proceedings 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

The special item in 2026 consisted of:

Current wording

The special items in 2025 consisted of:

Previous wording

•$4.5 million charge ($3.3 million, or $0.02 per share, after tax) related to a multiemployer pension plan liability adjustment; and

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

Excluded from our non-GAAP financial measures are non-operating retirement costs which are primarily tied to financial market performance including changes in market interest rates and investment performance. Management considers non-operating retirement costs to be outside the performance of the business and believes that presenting adjusted diluted earnings per share excluding non-operating retirement costs and presenting adjusted operating results excluding multiemployer pension plan withdrawal costs, in addition to the Company’s GAAP diluted earnings per share and GAAP operating results, provide increased transparency and a better understanding of the underlying trends in the Company’s operating business performance.

Current wording

Non-operating retirement costs include (i) interest cost, expected return on plan assets, amortization of actuarial gains and loss components and amortization of prior service credits of single-employer pension expense, (ii) interest cost, amortization of actuarial gains and loss components of other postretirement benefits and (iii) all multiemployer pension plan withdrawal costs. These non-operating retirement costs are primarily tied to financial market performance including changes in market interest rates and investment performance. Management considers non-operating retirement costs to be outside the performance of the business and believes that presenting adjusted diluted earnings per share excluding non-operating retirement costs and presenting adjusted operating results excluding multiemployer pension plan withdrawal costs, in addition to the Company’s GAAP diluted earnings per share and GAAP operating results, provide increased transparency and a better understanding of the underlying trends in the Company’s operating business performance.

Previous wording

We believe our cash balance and cash provided by operations, in combination with other sources of cash, will be sufficient to meet our financing needs over the next 12 months. As of March 31, 2026, we had cash, cash equivalents and short- and long-term marketable securities of $1.1 billion.

Current wording

We believe our cash balance and cash provided by operations, in combination with other sources of cash, will be sufficient to meet our financing needs over the next 12 months. As of June 30, 2026, we had cash, cash equivalents and short- and long-term marketable securities of $1.22 billion.

Previous wording

We have paid quarterly dividends on the Class A and Class B Common Stock each quarter since late 2013. In February 2026, the Board of Directors approved a quarterly dividend of $0.23 per share, an increase of $0.05 per share from the previous quarter, which was paid in April 2026. We currently expect to continue to pay cash dividends in the future, although changes in our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant.

Current wording

We have paid quarterly dividends on the Class A and Class B Common Stock each quarter since late 2013. In February 2026, the Board of Directors approved a quarterly dividend of $0.23 per share, an increase of $0.05 per share from the previous quarter, which was paid in April 2026. In June 2026, the Board of Directors declared a quarterly dividend of $0.23 per share on the Class A and Class B Common Stock, which was paid in July 2026. We currently expect to continue to pay cash dividends in the future, although changes in our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant.

Previous wording

The Board of Directors approved Class A share repurchase programs in February 2023 ($250.0 million) and February 2025 ($350.0 million). The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. During the quarter ended March 31, 2026, repurchases totaled approximately $56.3 million (excluding commissions and excise taxes), which fully utilized the 2023 authorization, and we repurchased an additional $2.7 million (excluding commissions and excise taxes) between April 1, 2026, and May 1, 2026, leaving approximately $291.2 million remaining under the 2025 authorization.

Current wording

The Board of Directors approved Class A Common Stock share repurchase programs in February 2023 ($250.0 million) and February 2025 ($350.0 million). The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. During the six months ended June 30, 2026, repurchases totaled approximately $91.8 million (excluding commissions and excise taxes), which fully utilized the 2023 authorization, and we repurchased an additional $18.7 million (excluding commissions and excise taxes) between July 1, 2026, and July 31, 2026, leaving approximately $239.7 million remaining under the 2025 authorization.

Previous wording

Net cash provided by operating activities decreased in the first quarter of 2026 compared with the same prior-year period primarily due to nonrecurring net proceeds from the sale of land in 2025, as well as higher cash payments for incentive compensation, partially offset by higher net income in the current year.

Current wording

Net cash provided by operating activities increased in the first six months of 2026 compared with the same prior-year period primarily due to favorable changes in working capital, higher net income in the current year and lower tax payments, partially offset by nonrecurring net proceeds from the sale of land in 2025 and higher cash payments for incentive compensation in the current year.

Previous wording

Net cash used in investing activities in the first quarter of 2026 was primarily related to $12.5 million in net purchases of marketable securities and capital expenditures of $10.7 million.

Current wording

Net cash used in investing activities in the first six months of 2026 was primarily related to $76.4 million in net purchases of marketable securities and capital expenditures of $20.8 million.

Previous wording

Cash from financing activities generally includes borrowings under third-party financing arrangements, the issuance of long-term debt and funds from stock option exercises. Cash used in financing activities generally includes the repayment of amounts outstanding under third-party financing arrangements, the payment of dividends, the payment of long-term debt and capital lease obligations, and stock-based compensation tax withholding.

Current wording

Cash from financing activities generally includes borrowings under third-party financing arrangements, the issuance of long-term debt and funds from stock option exercises. Cash used in financing activities generally includes the repayment of amounts outstanding under third-party financing arrangements, the payment of dividends, the payment of long-term debt and capital lease obligations, and share-based compensation tax withholding.

Previous wording

Net cash used in financing activities in the first quarter of 2026 was primarily related to share repurchases of $56.3 million, share-based compensation tax withholding payments of $52.4 million and dividend payments of $30.4 million.

Current wording

Net cash used in financing activities in the first six months of 2026 was primarily related to share repurchases of $91.8 million, dividend payments of $67.6 million and share-based compensation tax withholding payments of $53.5 million.

Previous wording

The following table presents a reconciliation of net cash provided by operating activities to free cash flow for the first three months of 2026 and 2025:

Current wording

The following table presents a reconciliation of net cash provided by operating activities to free cash flow:

Previous wording

(1)Net cash provided by operating activities in the first three months of 2025 included net proceeds of approximately $33 million in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y., which was finalized in February 2025.

Current wording

(1)Net cash provided by operating activities in the first six months of 2025 included net proceeds of approximately$33 million in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y., which was finalized in February 2025.

Previous wording

Free cash flow in the first quarter of 2026 was $81.5 million compared with $89.9 million in 2025. Free cash flow decreased primarily due to lower cash provided by operating activities, as discussed above.

Current wording

Free cash flow in the first six months of 2026 was $265.7 million compared with $193.2 million in 2025. Free cash flow increased primarily due to higher cash provided by operating activities, as discussed above.