NYTNYSENewspapers: Publishing or Publishing & PrintingUS GAAP · USD

The New York Times Company

The New York Times Company is a global media business built around subscription journalism, digital products, and selective advertising and licensing. It publishes The New York Times in print and digital form and also operates paid products such as The Athletic, Cooking, Games, Audio, and Wirecutter, alongside affiliate, licensing, printing, and other related businesses.

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Revenue2,825m USD
+9.2 %y/y
Operating profit (EBIT)432m USD
+22.9 %y/y
EBIT margin15.3%
+1.7 ppy/y
Net income344m USD
+17.1 %y/y
Free cash flow551m USD
+44.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,000m USD2020: 509 m USD2020: EBIT 81 m USD20202021: 2,075 m USD2021: EBIT 268 m USD20212022: 2,308 m USD2022: EBIT 202 m USD20222023: 2,426 m USD2023: EBIT 276 m USD20232024: 2,586 m USD2024: EBIT 351 m USD20242025: 2,825 m USD2025: EBIT 432 m USD20252,825432
RevenueOperating profit (EBIT)
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Business

Share of revenue
Subscription products75 %

Paid access to The New York Times, The Athletic, Cooking, Games, and Audio across digital and print formats.

Advertising15 %

Display and other advertising sold across the company’s news and lifestyle properties.

Affiliate, licensing and other10 %

Wirecutter affiliate referrals, content licensing, live events, retail commerce, and HQ leasing.

Products

Reported · share of revenue
69.1%20.0%10.9%FY2025100 %
  • Subscription69.1 %
  • Advertising20.0 %
  • Affiliate Licensing and Other Products and Services10.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells primarily to individual consumers who pay for news, sports, cooking, games, and product recommendations. It also serves advertisers, digital platforms, aggregators, publishers, and other businesses that license content or use its commercial printing capacity. Subscriber growth depends on the perceived quality, relevance, and trustworthiness of the journalism and on the usefulness of the lifestyle and utility products.

Digital-only subscribers

Readers paying for access to the news app, NYTimes.com, and bundled products such as The Athletic, Cooking, Games, Audio, and Wirecutter.

Print subscribers

Domestic home-delivery and single-copy customers who still value the print newspaper and often receive digital access as part of the bundle.

Advertisers

Brands buying display and other advertising against the company’s trusted audience and engagement metrics.

Licensing and syndication clients

Digital aggregators, publishers, platforms, and media buyers that license articles, graphics, photos, and reprint rights.

Affiliate commerce users

Consumers referred through Wirecutter links that generate merchant commissions when purchases are completed.

Strategy

The company’s strategy is to deepen paid relationships by expanding high-quality journalism and adjacent products that increase subscriber value. It is also investing in technology, product development, and distribution capabilities while monetizing content through licensing, affiliate commerce, and selective advertising. Management is focused on preserving brand trust and differentiation as competition intensifies from news aggregators, platforms, and AI-powered products.

Expand digital subscription scaleShort term

Recurring subscription revenue is the core of the business and reduces reliance on volatile advertising.

Broaden product ecosystemMedium term

More products increase engagement, retention, and willingness to pay across the subscriber base.

Monetize intellectual property and audience reachMedium term

Licensing and affiliate commerce create incremental revenue from existing content and traffic.

Invest in technology and distributionShort term

Digital delivery, product performance, and print operations require ongoing capital and systems investment.

Geography

The company is headquartered in New York and its core revenue base is primarily U.S.-centric, with print production and distribution concentrated in the United States. It also sells the international edition in about 65 countries and territories and prints that edition under contract at 22 sites worldwide, which broadens reach but adds operational complexity. Commercial printing, licensing, and digital distribution extend the business beyond the domestic market, but the U.S. remains the main center of audience, subscribers, and advertising demand.

Risks

The company faces intense competition for readers, subscribers, advertisers, and licensees from publishers, platforms, search engines, social media, and AI tools. Its business is also exposed to consumer spending swings, advertising cyclicality, and execution risk as it invests in new products and monetization channels. Print operations, newsprint supply, and generative AI-related legal and reputational issues add further operational and financial risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense competition for audience and subscriptions1Execution risk in new products and investments2Advertising cyclicality and macro sensitivity3Generative AI legal and reputational risk4Print and supply-chain dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intense competition for audience and subscriptionsImpact: HighLikelihood: Medium

    Readers can switch to other publishers, aggregators, search, social, or AI products with low friction.

    Exposure: Subscription and advertising revenue

  2. Execution risk in new products and investmentsImpact: HighLikelihood: Medium

    Product expansion requires capital, talent, and user adoption; weak reception can impair returns.

    Exposure: Digital products and adjacent businesses

  3. Advertising cyclicality and macro sensitivityImpact: MediumLikelihood: Medium

    Advertisers can reduce or reallocate spending during economic weakness, inflation, or uncertainty.

    Exposure: Advertising revenue

  4. Generative AI legal and reputational riskImpact: MediumLikelihood: Medium

    AI use can create IP, privacy, cybersecurity, bias, and labor issues, including brand damage.

    Exposure: Content creation and internal operations

  5. Print and supply-chain dependenceImpact: MediumLikelihood: Low

    Newsprint procurement, printing, and delivery require reliable third-party and internal logistics.

    Exposure: Print subscriptions and commercial printing

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Accounting

Judgemental items
Revenue recognition across multiple revenue streams

Subscriptions, advertising, licensing, affiliate referrals, and printing have different recognition patterns and timing.

Impact: Quarterly revenue comparability and deferred revenue balances

Seasonality in affiliate referral revenue

Wirecutter affiliate revenue is generally higher in the fourth quarter due to consumer spending patterns.

Impact: Quarter-to-quarter revenue volatility

Goodwill and intangible asset impairment

Management must estimate future cash flows, discount rates, and growth assumptions for impairment testing.

Impact: Potential non-cash charges to earnings

Retirement benefits and pension liabilities

Assumptions about discount rates and plan performance affect expense recognition and obligations.

Impact: Operating expense and balance sheet volatility

Capitalized technology and facility investments

Spending on product development, headquarters, and printing facilities affects depreciation and future cost structure.

Impact: Depreciation expense and cash flow timing

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Last updated: 24/09/2026

The New York Times Company (NYT) Revenue, Earnings & Financials 2025 – Clarifo