The New York Times Company reported adjusted earnings per share of $0.89 for the fourth quarter of 2025, surpassing consensus estimates by 3.5%. Total revenue rose 10.4% year-over-year, driven by diversified growth across digital subscriptions, advertising and print products. Operating profit increased 10.2% to $161.6 million, while adjusted operating profit climbed 12.8% to $192.3 million, translating into an expanded adjusted operating margin of 24.0%, up 50 basis points from the prior year.

Digital subscription revenue jumped 13.9% to $381.5 million as the company added approximately 450,000 net new digital-only subscribers during the quarter, bringing the total to 12.78 million. Concurrently, digital advertising revenue surged 24.9% to $147.2 million, reflecting strong marketer demand and expanded ad inventory. Average revenue per user (ARPU) improvements and strategic bundling of news and lifestyle products contributed to sustained subscriber engagement and monetization.

Free cash flow reached $550.5 million for the quarter, underscoring the company’s ability to convert earnings into cash despite ongoing investments in content and technology. While print revenue continued to decline modestly, the impact was more than offset by digital gains, resulting in an overall 9% revenue increase for full-year 2025. The multi-revenue stream model—including licensing, events and podcast sponsorships—provided additional stability to the top line.

For the first quarter of 2026, management forecasts digital-only subscription revenue growth of 14% to 17% and total subscription revenue growth of 9% to 11%. Digital advertising revenue is expected to grow in the high teens to low twenties percentage range. These targets imply continued momentum in user acquisition, higher ARPU from bundled offerings and robust advertiser demand, supporting the company’s long-term strategy to expand digital engagement and profitability.