NEW YORK TIMES CO
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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, 2026 · Filed Nov 4, 2026
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 2026-06-30; filed 2026-08-05.
0000071691-26-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0000071691-26-000041
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 143 previous paragraphs and 143 current paragraphs.
94 unchanged; 43 reworded; 6 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 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 (6)
Current report
We have one reportable segment.
Current report
•Total revenues increased 9.7% to $768.5 million in the third quarter of 2026 from $700.8 million in the third quarter of 2025.
Current report
Print advertising revenues, which represented 22.9% of total advertising revenues in the third quarter of 2026, decreased $1.5 million, or 4.3%, to $32.7 million compared with $34.2 million in the same prior-year period. The decrease was primarily due to a 5.3% decrease in the volume of column-inch ads, partially offset by a 1.1% increase in print advertising rate.
Current report
General and administrative costs in the third quarter of 2026 increased $9.7 million, or 12.7%, compared with the same prior-year period. The increase was primarily due to higher outside services costs of $7.2 million, driven by higher professional fees and one-time promotional expenses related to the 175th anniversary of the Company.
Current report
General and administrative costs in the first nine months of 2026 increased $19.5 million, or 8.2%, compared with the same prior-year period. The increase was primarily due to higher outside services costs of $9.2 million, driven by higher professional fees and one-time promotional expenses related to the 175th anniversary of the Company, as well as higher compensation and benefits of $7.2 million, which was driven by higher salaries and higher incentive compensation.
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; and
Removed paragraphs (6)
Previous 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) manages the business, and, as a result, the Company has determined it has one reportable segment and one reporting unit.
Previous report
•Total revenues increased 11.2% to $762.5 million in the second quarter of 2026 from $685.9 million in the second quarter of 2025.
Previous report
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 report
General and administrative costs in the second quarter of 2026 increased $3.2 million, or 3.9%, compared with the same prior-year period. The increase was primarily due to higher compensation and benefits of $4.7 million driven by incentive compensation, partially offset by a net favorable impact from foreign currency cash flow hedges of $2.0 million.
Previous report
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 report
(2)Net cash provided by operating activities in the last twelve months ended June 30, 2026, was impacted by lower cash tax payments as a result of the OBBBA, as discussed above.
Reworded paragraphs (43)
Previous 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.
Current wording
•Total subscription revenues increased 10.7% to $547.5 million in the third quarter of 2026 from $494.6 million in the third quarter of 2025. Digital-only subscription revenues increased 14.6% to $421.3 million in the third quarter of 2026 from $367.4 million in the third quarter of 2025. The Company added approximately 420,000 net digital-only subscribers compared with the end of the second quarter of 2026, bringing the total number of subscribers to 13.76 million subscribers, including approximately 13.22 million digital-only subscribers. Compared with the end of the third quarter of 2025, there was a net increase of 1,460,000 digital-only subscribers. Digital-only average revenue per user (“ARPU”) increased 1.4% year-over-year to $9.93.
Previous 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.
Current wording
•Total advertising revenues increased 7.8% to $142.6 million in the third quarter of 2026 from $132.3 million in the third quarter of 2025, due to an increase in digital advertising revenues of 12.0% to $109.9 million.
Previous 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.
Current wording
•Affiliate, licensing and other revenues increased 6.2% to $78.4 million in the third quarter of 2026 from $73.9 million in the third quarter of 2025, as a result of higher licensing and Wirecutter affiliate referral revenues.
Previous 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.
Current wording
•Operating costs increased 8.5% to $646.6 million in the third quarter of 2026 from $596.0 million in the third 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 8.7% to $618.9 million in the third quarter of 2026 from $569.4 million in the third quarter of 2025.
Previous wording
•Operating profit increased 10.8% to $118.0 million in the second quarter of 2026 from $106.6 million in the second quarter of 2025. Adjusted operating profit, defined as operating profit 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 16.1% to $155.3 million in the second quarter of 2026 from $133.8 million in the second quarter of 2025.
Current wording
•Operating profit increased 16.4% to $121.9 million in the third quarter of 2026 from $104.8 million in the third quarter of 2025. Adjusted operating profit, defined as operating profit 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 13.9% to $149.6 million in the third quarter of 2026 from $131.4 million in the third quarter of 2025.
Previous 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.
Current wording
•Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.9% in the third quarter of 2026, compared with 15.0% in the third 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 19.5% in the third quarter of 2026, compared with 18.7% in the third quarter of 2025.
Previous 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.
Current wording
•Diluted earnings per share were $0.60 and $0.50 for the third 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 $0.68 and $0.59 for the third quarters of 2026 and 2025, respectively.
Previous wording
The newspaper industry has transitioned from being primarily print-focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs, including those associated with raw materials, delivery and distribution and outside printing, or if they were to become subject to expanded or retaliatory tariffs.
Current wording
The newspaper industry has transitioned from being primarily print-focused to digital and is experiencing secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs, including those associated with raw materials, delivery and distribution and outside printing, or if they were to become subject to expanded or retaliatory tariffs.
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 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 third 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 second quarters and first six months of 2026 and 2025:
Current wording
The following table summarizes digital-only and print subscription revenues for the third quarters and first nine months of 2026 and 2025:
Previous 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.
Current wording
Subscription revenues increased $52.9 million, or 10.7%, in the third quarter of 2026 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $53.8 million, or 14.6%, partially offset by a decrease in print subscription revenues of $0.9 million, or 0.7%. Average digital-only subscribers increased 1,490,000, or 13.1%, and digital-only ARPU (as defined below) increased $0.14, or 1.4%. 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 decrease in single-copy subscription revenues, which was driven by a lower number of copies sold, reflecting secular trends.
Previous wording
Subscription revenues increased $109.1 million, or 11.5%, in the first six months of 2026 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $111.6 million, or 16.3%, partially offset by a decrease in print subscription revenues of $2.5 million, or 1.0%. Average digital-only subscribers increased 1,450,000 or 13.1%, and digital-only ARPU (as defined below) increased $0.27, or 2.8%. 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.
Current wording
Subscription revenues increased $162.0 million, or 11.2%, in the first nine months of 2026 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $165.4 million, or 15.7%, partially offset by a decrease in print subscription revenues of $3.4 million, or 0.9%. Average digital-only subscribers increased 1,470,000 or 13.1%, and digital-only ARPU (as defined below) increased $0.22, or 2.3%. 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
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.
Current wording
The Company ended the third quarter of 2026 with approximately 13.76 million subscribers to its print and digital products, including approximately 13.22 million digital-only subscribers. Compared with the end of the second quarter of 2026, there was a net increase of approximately 420,000 digital-only subscribers. Compared with the end of the third quarter of 2025, there was a net increase of approximately 1,460,000 digital-only subscribers.
Previous 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.
Current wording
Print domestic home-delivery subscribers totaled approximately 540,000 at the end of the third quarter of 2026, a net decrease of approximately 10,000 subscribers compared with the end of the second quarter of 2026 and a net decrease of approximately 30,000 subscribers compared with the end of the third quarter of 2025.
Previous wording
The following table summarizes digital and print advertising revenues for the second quarters and first six months of 2026 and 2025:
Current wording
The following table summarizes digital and print advertising revenues for the third quarters and first nine months of 2026 and 2025:
Previous wording
Digital advertising revenues, which represented 75.1% of total advertising revenues in the first six months of 2026, increased $41.9 million, or 25.4%, to $207.2 million compared with $165.3 million in the same prior-year period. The increase was primarily a result of higher display revenues of $22.8 million, driven by strong marketer demand, and higher non-display revenues of $19.1 million, driven by growth in advertising supply, primarily in our audio products, as well as higher creative services fees.
Current wording
Digital advertising revenues, which represented 77.1% of total advertising revenues in the third quarter of 2026, increased $11.7 million, or 12.0%, to $109.9 million compared with $98.1 million in the same prior-year period. The increase was primarily a result of higher display revenues of $9.1 million, driven by continued marketer demand, and higher non-display revenues of $2.6 million, which was driven by growth in advertising supply, primarily in our audio and video products, partially offset by declines in creative services fees.
Previous 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.
Current wording
Digital advertising revenues, which represented 75.8% of total advertising revenues in the first nine months of 2026, increased $53.7 million, or 20.4%, to $317.1 million compared with $263.4 million in the same prior-year period. The increase was primarily a result of higher display revenues of $31.9 million, driven by continued marketer demand, and higher non-display revenues of $21.8 million, which was driven by growth in advertising supply, primarily in our audio and video products.
Previous wording
Print advertising revenues, which represented 24.9% of total advertising revenues in the first six months of 2026, decreased $8.0 million, or 10.5%, to $68.7 million compared with $76.8 million in the same prior-year period. The decrease in the first six months was primarily due to a 11.1% decrease in revenues from column-inch ads, partially offset by a 0.8% increase in print advertising rate. Print advertising revenues in 2026 continue to be impacted by secular trends.
Current wording
Print advertising revenues, which represented 24.2% of total advertising revenues in the first nine months of 2026, decreased $9.5 million, or 8.6%, to $101.5 million compared with $110.9 million in the same prior-year period. The decrease in the first nine months was primarily due to a 9.4% decrease in the volume of column-inch ads, partially offset by a 0.9% increase in print advertising rate. Print advertising revenues in 2026 continue to be impacted by secular trends.
Previous 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.
Current wording
Affiliate, licensing and other revenues increased $4.5 million, or 6.2%, in the third quarter of 2026 compared with the same prior-year period. The increase was primarily a result of higher licensing revenues of $3.3 million and higher Wirecutter affiliate referral revenues of $1.0 million, which more than offset a shift in the timing of a marketing promotion by one of our partners.
Previous wording
Affiliate, licensing and other revenues increased $9.9 million, or 7.4% in the first six months of 2026 compared with the same prior-year period. The increase was primarily a result of higher licensing revenues of $5.7 million, as well as growth in Wirecutter affiliate referral revenues of $3.9 million, which benefited from a shift in the timing of a marketing promotion by one of our partners.
Current wording
Affiliate, licensing and other revenues increased $14.5 million, or 7.0% in the first nine months of 2026 compared with the same prior-year period. The increase was primarily a result of higher licensing revenues of $9.0 million and higher Wirecutter affiliate referral revenues of $4.8 million.
Previous 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.
Current wording
Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $54.4 million and $49.2 million in the third quarters of 2026 and 2025, respectively, and $149.7 million and $134.8 million in the first nine months of 2026 and 2025, respectively.
Previous wording
Cost of revenue in the second quarter of 2026 increased $29.1 million, or 8.6%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $23.6 million, higher digital content delivery costs of $3.0 million and higher subscriber servicing costs of $1.7 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.
Current wording
Cost of revenue in the third quarter of 2026 increased $24.4 million, or 7.0%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $18.5 million, higher digital content delivery costs of $3.1 million, higher subscriber servicing costs of $2.1 million and higher print production and distribution costs of $1.9 million, partially offset by lower advertising servicing costs of $1.2 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, as well as higher outside services costs. The increase in digital content delivery costs was largely due to higher software and cloud-related costs. The increase in subscriber servicing costs was largely due to higher credit card processing fees due to an increase in subscriptions. The increase in print production and distribution costs was largely due to higher compensation and benefits.
Previous 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.
Current wording
Cost of revenue in the first nine months of 2026 increased $81.8 million, or 8.0%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $66.7 million, higher digital content delivery costs of $8.3 million, higher subscriber servicing costs of $5.8 million and higher print production and distribution costs of $1.0 million. Advertising servicing 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 software and 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. The increase in print production and distribution costs was largely due to higher compensation and benefits.
Previous 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.
Current wording
Sales and marketing costs in the third quarter of 2026 increased $10.0 million, or 12.5%, compared with the same prior-year period. The increase was due to higher marketing costs of $6.2 million and higher sales costs of $3.8 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, which was largely driven by growth in the number of employees.
Previous wording
Sales and marketing costs in the first six months of 2026 increased $27.6 million, or 20.5%, compared with the same prior-year period. The increase was due to higher marketing costs of $17.7 million and higher sales costs of $9.9 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, higher incentive compensation and higher benefit costs.
Current wording
Sales and marketing costs in the first nine months of 2026 increased $37.6 million, or 17.5%, compared with the same prior-year period. The increase was due to higher marketing costs of $23.9 million and higher sales costs of $13.7 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, which was largely driven by growth in the number of employees, higher incentive compensation and higher benefit costs.
Previous 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.
Current wording
Product development costs in the third quarter of 2026 increased $5.3 million, or 7.9%, compared with the same prior-year period. The increase in the third quarter of 2026 was largely due to higher compensation and benefits expenses of $3.1 million, which was driven by growth in the number of employees, as well as higher technology-related expenses of $2.5 million.
Previous wording
Product development costs in the first six months of 2026 increased $10.1 million, or 7.7%, compared with the same prior-year period. The increase in the first six months of 2026 was largely due to higher compensation and benefits expenses of $5.5 million driven by higher benefits costs, growth in the number of employees and higher incentive compensation, as well as higher software and licensing costs of $2.8 million and higher outside services costs of $1.5 million.
Current wording
Product development costs in the first nine months of 2026 increased $15.4 million, or 7.8%, compared with the same prior-year period. The increase in the first nine months of 2026 was largely due to higher compensation and benefits expenses of $8.6 million, which was driven by growth in the number of employees, as well as higher technology-related expenses of $5.6 million.
Previous 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.
Current wording
Depreciation and amortization costs in the third quarter and first nine months of 2026 decreased $0.2 million, or 0.9%, and $1.3 million, or 2.0%, respectively, compared with the same prior-year period.
Previous 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.
Current wording
In the third quarter and first nine months of 2026, the Company recorded $3.8 million and $12.6 million, respectively, and in the third quarter and first nine months of 2025, the Company recorded $2.4 million and $10.3 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
•$4.6 million of Generative AI Litigation Costs ($3.4 million, or $0.02 per share, after tax) in the second quarter and $8.8 million ($6.5 million, or $0.04 per share, after tax) for the first six months; and
Current wording
•$3.8 million of Generative AI Litigation Costs ($2.8 million, or $0.02 per share, after tax) in the third quarter and $12.6 million ($9.3 million, or $0.06 per share, after tax) for the first nine months; and
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; and
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
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.
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 September 30, 2026, we had cash, cash equivalents and short- and long-term marketable securities of $1.26 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. 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.
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 and September 2026, the Board of Directors declared quarterly dividends of $0.23 per share on the Class A and Class B Common Stock, which were paid in July and October 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 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.
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 nine months ended September 30, 2026, repurchases totaled approximately $170.8 million (excluding commissions and excise taxes), which fully utilized the 2023 authorization, and we repurchased an additional $33.4 million (excluding commissions and excise taxes) between October 1, 2026, and October 30, 2026, leaving approximately $146.0 million remaining under the 2025 authorization.
Previous 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.
Current wording
Net cash provided by operating activities increased in the first nine months of 2026 compared with the same prior-year period primarily due to higher net income in the current year, partially offset by nonrecurring net proceeds from the sale of land in 2025.
Previous 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.
Current wording
Net cash used in investing activities in the first nine months of 2026 was primarily related to $140.4 million in net purchases of marketable securities and capital expenditures of $26.4 million.
Previous 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.
Current wording
Net cash used in financing activities in the first nine months of 2026 was primarily related to share repurchases of $170.9 million, dividend payments of $104.8 million and share-based compensation tax withholding payments of $55.0 million.
Previous 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.
Current wording
(1)Net cash provided by operating activities in the first nine 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 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.
Current wording
Free cash flow in the first nine months of 2026 was $435.8 million compared with $392.9 million in 2025. Free cash flow increased primarily due to higher cash provided by operating activities, as discussed above.
Previous wording
(3)Net cash provided by operating activities in the last twelve months ended June 30, 2025, included net proceeds of approximately$33 million in connection with the sale of excess land in 2025, as discussed above.
Current wording
(2)Net cash provided by operating activities in the last twelve months ended September 30, 2025, included net proceeds of approximately $33 million in connection with the sale of excess land in 2025, as discussed above.
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