The New York Times Company reported total revenue of $802.3 million for the fourth quarter of 2025, a 10.4% year‑over‑year increase from $726.63 million in Q4 2024. The growth was largely driven by a 24.9% rise in digital advertising revenue and a 14% increase in digital‑only subscription revenue, while print revenue declined modestly as the company continues to shift focus to its digital platforms.
Net income for the quarter was $129.8 million, giving earnings per share of $0.89. The company beat consensus estimates of $0.88 by $0.01, a 1.1% surprise. The beat was largely attributable to disciplined cost management, a higher mix of high‑margin digital content, and lower print‑related expenses.
Adjusted operating profit margin expanded to 24.0% from 23.5% year‑over‑year, reflecting improved operating leverage and pricing power in the digital business. However, adjusted operating costs rose 9.7% in Q4, exceeding the 6‑7% guidance range and raising concerns about margin compression if cost growth continues.
Management guidance for the first quarter of 2026 remains unchanged: revenue growth of 4–5% and an adjusted operating margin of 23–24%. CEO Meredith Kopit Levien said, “2025 was a great year for The New York Times, thanks to strong execution against a clear long‑term strategy,” and added confidence in continued subscriber growth and free‑cash‑flow expansion. CFO Will Bardeen noted ongoing headwinds but emphasized the company’s resilience, citing strategic investments in video journalism and product development.
Investors reacted cautiously, citing the small EPS beat and higher‑than‑expected cost growth. The results reinforce the company’s digital momentum but signal that margin expansion may slow if operating costs keep rising, prompting a reassessment of growth expectations.
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