NYSE:NYT
NEW YORK TIMES CO
A premier global media powerhouse monetizing its trusted news brand through robust digital subscriptions and diversified revenue streams.
Key Metrics
Investment Thesis
Bull Case
Investors should consider this stock for its resilient cash flow generation and the high-margin nature of its subscription business, which offers predictable recurring revenue. The company's ability to monetize its vast digital audience through targeted advertising provides a defensive buffer against pure-play streaming competitors. Strong balance sheet metrics with $255.4M in cash and equivalents allow for continued strategic investments and capital returns to shareholders.
Bear Case
The stock may be exposed to secular declines in print circulation and the potential saturation of digital subscriber growth rates as the market matures. Significant accumulated other comprehensive income loss of -$365.8M and a retained earnings deficit of $2.55B suggest historical volatility or accounting complexities that warrant caution. Heavy reliance on third-party platforms for traffic distribution creates ongoing vulnerability to algorithmic changes by search engines and social networks.
About NEW YORK TIMES CO
New York Times Company (NYSE: NYT) operates as a diversified media and information business serving global audiences through its flagship newspaper, digital news platforms, and premium subscription services. The company leverages its century-old brand equity to deliver breaking news, investigative journalism, and multimedia content across print, mobile, and web channels. Revenue growth is driven by the expansion of its direct-to-consumer subscription model and diversified advertising portfolio.
Analysis
Management Discussion
Financial performance demonstrates strong operational execution with revenue growing from $2.59B in 2024 to $2.82B, driven by successful subscription conversions and ad rate optimization. Net income expanded significantly to $344.0M, reflecting improved operating leverage and effective cost management amidst rising digital infrastructure costs. Cash flow from operations of $584.5M provides ample liquidity to fund capital expenditures of $34.0M and support substantial share repurchases of $165.3M.
Industry Overview
The media landscape is rapidly evolving toward direct-to-consumer models, forcing legacy publishers to prioritize subscription growth over declining classified ad revenues. Industry leaders are increasingly investing in proprietary technology stacks to reduce dependency on external ad exchanges and enhance first-party data utilization. Consolidation remains a key theme as smaller publishers struggle with rising content production costs and fragmented audience attention spans.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.31B | $2.43B | $2.59B | $2.82B |
| Cost of Revenue | $1.21B | $1.25B | $1.31B | $1.39B |
| Gross Profit | $1.10B | $1.18B | $1.28B | $1.44B |
| Operating Expenses | $897.4M | $900.8M | $925.3M | $1.00B |
| Operating Income | $202.0M | $276.3M | $351.1M | $431.6M |
| R&D | $204.2M | $228.8M | $248.2M | $264.3M |
| G&A | $289.3M | $311.0M | $307.9M | $328.1M |
| Marketing | $267.6M | $260.2M | $278.4M | $307.1M |
| Stock-Based Comp | $35.3M | $54.8M | $67.5M | $74.2M |
| D&A | $82.7M | $86.1M | $82.9M | $85.0M |
| Depreciation | — | — | $55.5M | $57.4M |
| Amortization | $27.1M | $29.3M | $27.5M | $27.6M |
| Other OpEx | $136.4M | $100.7M | $90.8M | $104.2M |
| Non-Operating Income | $34.0M | $26.3M | $32.3M | $19.7M |
| Interest Income | $7.3M | $22.1M | $37.5M | $43.5M |
| Pre-Tax Income | $236.0M | $302.6M | $383.4M | $451.3M |
| Income Tax | $62.1M | $69.8M | $89.6M | $107.3M |
| Continuing Ops | $173.9M | $232.8M | $293.8M | $344.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $173.9M | $232.8M | $293.8M | $344.0M |
| Minority Interest | $0 | $365.0K | $0 | $0 |
| Net to Common | $173.9M | $232.4M | $293.8M | $344.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $655.7M | $781.7M | $936.3M | $1.03B |
| Cash & Equivalents | $221.4M | $289.5M | $199.4M | $255.4M |
| Marketable Securities | $126.0M | $162.1M | $366.5M | $386.7M |
| Accounts Receivable | $217.5M | $242.5M | $249.5M | $290.8M |
| Other Current Assets | $90.8M | $87.6M | $120.9M | $95.1M |
| Long-Term Assets | $1.88B | $1.93B | $1.91B | $1.97B |
| Intangibles | $317.3M | $285.5M | $258.0M | $229.4M |
| Goodwill | $414.0M | $416.1M | $412.2M | $409.2M |
| Operating Leases | $57.6M | $35.4M | $32.3M | $33.4M |
| LT Securities | $138.9M | $257.6M | $345.9M | $525.7M |
| Other LT Assets | $950.2M | $938.3M | $856.7M | $771.3M |
| Total Assets | $2.53B | $2.71B | $2.84B | $3.00B |
| Current Liabilities | $571.2M | $611.6M | $613.5M | $666.7M |
| Accounts Payable | $114.6M | $116.9M | $123.6M | $135.6M |
| Current Leases | $9.9M | $10.1M | $10.5M | $12.1M |
| Deferred Revenue | $155.9M | $172.8M | $187.1M | $207.6M |
| Other Current Liab | $154.7M | $164.2M | $167.3M | $174.0M |
| Long-Term Liabilities | $362.6M | $339.8M | $300.7M | $289.0M |
| LT Operating Leases | $59.1M | $42.9M | $37.3M | $36.6M |
| Other LT Liab | $303.4M | $296.9M | $263.5M | $252.4M |
| Total Liabilities | $933.8M | $951.4M | $914.3M | $955.7M |
| Shareholders' Equity | $1.60B | $1.76B | $1.93B | $2.04B |
| Retained Earnings | $1.96B | $2.12B | $2.33B | $2.55B |
| AOCI | $-357.8M | $-352.9M | $-365.8M | $-365.8M |
| Total L&E | $2.53B | $2.71B | $2.84B | $3.00B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $173.9M | $232.8M | $293.8M | $344.0M |
| Non-Cash Adjustments | $77.1M | $101.7M | $124.7M | $163.1M |
| Working Capital Changes | $-100.3M | $26.2M | $-8.0M | $77.4M |
| Cash from Operations | $150.7M | $360.6M | $410.5M | $584.5M |
| Capital Expenditures | $37.0M | $22.7M | $29.2M | $34.0M |
| Cash from Investing | $-73.6M | $-159.7M | $-306.1M | $-221.3M |
| Share Buybacks | $105.1M | $44.6M | $85.0M | $165.3M |
| Dividends Paid | $56.8M | $69.5M | $82.9M | $110.4M |
| Cash from Financing | $-174.3M | $-132.7M | $-192.7M | $-306.1M |
| FX Effect | $-2.0M | $-219.0K | $-1.0M | $-430.0K |
| Net Change in Cash | $-97.2M | $68.2M | $-88.3M | $57.0M |
| Beginning Cash | $334.3M | $235.2M | $303.2M | $213.9M |
| Ending Cash | $235.2M | $303.2M | $213.9M | $270.5M |
Frequently Asked Questions
How does NEW YORK TIMES CO make money?
The company's primary revenue segments include Direct (subscription services like NYT, The Athletic, Cooking, and Wirecutter), Advertising (digital display, classifieds, and sponsored content), and Other (including licensing, syndication, and print advertising). These segments reflect a strategic shift toward high-margin digital subscriptions while maintaining a diversified ad business to mitigate market volatility.
What are the main risks for NYT?
Macroeconomic headwinds could suppress discretionary spending on premium digital subscriptions and reduce overall advertising budgets. Intense competition from social media platforms and free news aggregators continues to fragment audience attention and challenge traditional ad inventory valuation. Potential regulatory changes regarding data privacy or content labeling could impact digital targeting capabilities and platform distribution strategies.
What is NYT's competitive advantage?
The company possesses an unassailable brand moat built over 175 years of journalistic excellence, fostering immense consumer trust and loyalty. Its proprietary data analytics engine allows for precise audience targeting, enhancing advertising yield and enabling personalized content experiences that competitors struggle to replicate. A diversified portfolio of premium vertical brands (e.g., The Athletic in sports, Cooking in lifestyle) creates multiple high-growth revenue streams beyond the core newspaper business.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.