A leading U.S. news publisher leveraging its massive daily readership to drive digital ad revenue and branded content partnerships while navigating a transition from traditional print to digital-first monetization.
Investors might consider TDAY if they believe the company can successfully monetize its massive audience through high-value branded content and sponsored segments to offset falling display ad rates; the recent return to positive net income demonstrates operational efficiency gains that could stabilize cash flows, making the current valuation attractive for a turnaround play in the resilient news media sector.
The stock faces headwinds from a five-year revenue contraction of over 20%, signaling deep structural challenges in the traditional advertising model; with operating profits still negative and significant long-term debt obligations, the company's ability to sustain profitability without further aggressive cost reductions or new growth vectors remains uncertain.
USA TODAY Co., Inc. (TDAY) operates as a diversified media company providing news content, digital advertising services, and branded entertainment primarily through its flagship publication, USA TODAY, available globally via print and digital platforms.
While 2025 net income turned positive at $1.8M following years of losses, the company is still grappling with declining total revenue that has fallen from $2.95B in 2022 to $2.30B in 2025, indicating that recent profitability improvements are driven by cost-cutting rather than top-line growth; operating profit remains negative at -$1.3M, suggesting underlying margin pressure persists despite the turnaround in bottom-line earnings.
The media industry is undergoing a profound transformation as advertisers shift budgets from traditional print and display ads to video and audio formats, forcing legacy publishers like USA TODAY to pivot their business models; success now depends on building direct-to-consumer relationships and leveraging proprietary data to create premium ad products that withstand privacy regulation changes.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.95B | $2.66B | $2.51B | $2.30B |
| Cost of Revenue | $1.86B | $1.69B | $1.55B | $1.41B |
| Gross Profit | $1.08B | $971.5M | $963.7M | $891.4M |
| Operating Expenses | $1.12B | $885.2M | $1.01B | $892.7M |
| Operating Income | $-33.6M | $86.3M | $-42.8M | $-1.3M |
| G&A | $852.5M | $735.3M | $726.0M | $639.7M |
| Stock-Based Comp | $16.8M | $16.6M | $12.5M | $9.1M |
| D&A | $182.0M | $162.6M | $156.3M | $165.8M |
| Depreciation | $86.4M | $72.6M | $68.2M | $86.4M |
| Amortization | $95.6M | $90.0M | $88.1M | $79.4M |
| Other OpEx | $266.1M | $149.9M | $280.5M | $253.0M |
| Non-Operating Income | $-43.3M | $-92.4M | $-34.8M | $0 |
| Interest Expense | $108.4M | $111.8M | — | — |
| Pre-Tax Income | $-76.9M | $-6.2M | $-77.7M | $-1.3M |
| Income Tax | $1.3M | $21.7M | $-51.3M | $-3.0M |
| Continuing Ops | $-78.3M | $-27.9M | $-26.4M | $1.8M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-78.3M | $-27.9M | $-26.4M | $1.8M |
| Minority Interest | $-253.0K | $-103.0K | $-33.0K | $6.0K |
| Net to Common | $-78.0M | $-27.8M | $-26.4M | $1.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $507.8M | $444.2M | $425.9M | $389.2M |
| Cash & Equivalents | $94.3M | $100.2M | $106.3M | $90.2M |
| Accounts Receivable | $289.4M | $266.1M | $239.6M | $223.6M |
| Inventory | $45.2M | $26.8M | $20.9M | $12.9M |
| Prepaid Expenses | $78.9M | — | — | — |
| Other Current Assets | $0 | $51.2M | $59.0M | $62.5M |
| Long-Term Assets | $1.89B | $1.74B | $1.61B | $1.45B |
| PP&E (Net) | $306.0M | $239.1M | $241.0M | $178.5M |
| Intangibles | $613.4M | $524.4M | $430.4M | $337.8M |
| Goodwill | $533.2M | $533.9M | $530.0M | $518.8M |
| Operating Leases | $233.3M | $221.7M | $144.0M | $122.5M |
| Other LT Assets | $199.9M | $218.0M | $268.9M | $290.4M |
| Total Assets | $2.39B | $2.18B | $2.04B | $1.84B |
| Current Liabilities | $617.0M | $533.5M | $545.6M | $517.8M |
| Accounts Payable | $189.1M | $142.2M | $154.2M | $144.4M |
| Current Debt | $60.5M | $63.8M | $74.3M | $69.3M |
| Current Leases | $44.9M | $45.8M | $39.8M | $33.4M |
| Deferred Revenue | $153.6M | $120.5M | $108.0M | $105.4M |
| Other Current Liab | $168.9M | $161.2M | $169.4M | $165.2M |
| Long-Term Liabilities | $1.48B | $1.33B | $1.34B | $1.16B |
| Long-Term Debt | $1.10B | $980.8M | $1.01B | $884.9M |
| LT Operating Leases | $219.1M | $203.9M | $167.7M | $146.4M |
| Other LT Liab | $160.7M | $145.8M | $168.7M | $133.4M |
| Total Liabilities | $2.10B | $1.86B | $1.89B | $1.68B |
| Shareholders' Equity | $295.4M | $317.3M | $152.6M | $154.6M |
| Retained Earnings | $-999.4M | $-1.03B | $-1.05B | $-1.05B |
| AOCI | $-101.2M | $-65.5M | $-56.2M | $-58.9M |
| Total L&E | $2.39B | $2.18B | $2.04B | $1.84B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-78.3M | $-27.9M | $-26.4M | $1.8M |
| Non-Cash Adjustments | $320.3M | $291.9M | $137.3M | $130.3M |
| Working Capital Changes | $-201.3M | $-169.4M | $-10.6M | $-17.6M |
| Cash from Operations | $40.8M | $94.6M | $100.3M | $114.4M |
| Capital Expenditures | $45.4M | $38.1M | $49.5M | $51.5M |
| Cash from Investing | $22.1M | $47.0M | $-27.9M | $9.0M |
| Share Buybacks | $6.6M | $2.6M | $3.1M | $3.1M |
| Cash from Financing | $-102.9M | $-135.5M | $-68.9M | $-139.8M |
| FX Effect | $1.2M | $-234.0K | $2.1M | $-1.9M |
| Net Change in Cash | $-38.8M | $5.8M | $5.6M | $-18.4M |
| Beginning Cash | $143.6M | $104.8M | $110.6M | $116.2M |
| Ending Cash | $104.8M | $110.6M | $116.2M | $97.8M |
The company generates revenue through three primary streams: direct advertising sales tied to its high-traffic news sites, sponsored content and branded entertainment initiatives, and distribution fees from syndicated news feeds sold to third-party publishers and mobile apps.
The primary risk is the continued secular decline of print advertising revenue and the erosion of digital display ad rates due to privacy changes and programmatic market saturation; significant debt levels relative to equity could strain liquidity during economic downturns or if cash flow from operations deteriorates; reliance on a few large enterprise clients for ad spend creates concentration risk.
TDAY possesses a dominant market share in the U.S. newsgathering space with one of the largest daily readership bases in the country, providing unparalleled brand recognition; its diversified revenue mix reduces reliance on any single ad client, and its extensive network of local news bureaus ensures comprehensive real-time coverage.
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