The New York Times Company

What they do

The company creates and distributes news and information through its core product, The New York Times, and other interest-specific products including The Athletic, Audio, Cooking, Games, and Wirecutter. It generates revenue mainly from subscriptions and advertising, with additional income from licensing, affiliate referrals, commercial printing, and other services.

Revenue drivers

• Digital-only subscriptions — Primary growth engine; Q2 2026 revenue $407.9M, up 16.4% YoY, with 12.80M digital-only subscribers and ARPU $9.94.
• Print subscriptions — Traditional subscription base; part of total 13.35M subscribers, but declining as digital grows.
• Advertising — Q2 2026 revenue $149.1M, up 11.3% YoY, with digital advertising up 20.7% to $114.0M.
• Affiliate, licensing and other — Q2 2026 revenue $75.5M, up 7.1% YoY, driven by higher Wirecutter affiliate referral revenues.

Recent performance

In Q2 2026, total revenues increased 11.2% to $762.5M, and operating profit rose 10.8% to $118.0M. Diluted EPS was $0.57, up from $0.50 in Q2 2025. The company added 280,000 net digital-only subscribers, reaching 13.35M total subscribers. Digital-only ARPU grew 3.1% to $9.94.

Strategy

Management's strategy is to be the essential subscription for curious people, focusing on best-in-class journalism, expanding product offerings, and integrating the experience across all products. They aim to reach 15 million total subscribers by year-end 2027. Investments are being made in video and market-leading lifestyle products, with a commitment to high-quality journalism.

Risks

• Intense competition — The company faces competition from content creators, news aggregators, social media platforms, streaming services, and AI companies for audience and revenue.
• Dependence on subscription growth — Overall growth relies on converting non-paying audiences to paid subscribers; any slowdown could impact financial performance.
• Advertising market volatility — Advertising revenues can fluctuate due to marketer demand and platform changes, though digital advertising is currently strong.
• Intellectual property and AI risks — Unauthorized use of content by AI developers could harm the brand and spread misinformation, affecting monetization.

Outlook

Management sees a durable business model and expects continued growth from digital subscriptions and advertising. They plan to keep investing in journalism and lifestyle products, and are focused on reaching 15 million total subscribers by the end of 2027. The company aims to maintain profitability while expanding its audience and engagement.