10-Q · May 6, 2026
The New York Times Company reported strong Q1 2026 results with revenues of $712.2 million, surpassing estimates and reflecting a 12% increase year-over-year. Diluted EPS also beat expectations at $0.54, showing a…
Earnings analysis · 10-Q
NYT earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
The New York Times delivered a strong Q3, with revenue of $768.5 million and adjusted EPS of $0.68 exceeding estimates of $766.2 million and $0.65. Operating profit rose 16.4% to $121.9 million and operating margin…
Read full summary
The New York Times delivered a strong Q3, with revenue of $768.5 million and adjusted EPS of $0.68 exceeding estimates of $766.2 million and $0.65. Operating profit rose 16.4% to $121.9 million and operating margin reached 15.9%, supported by subscription momentum, advertising, and operating leverage. Management’s Q4 outlook calls for continued subscription and advertising growth, although adjusted operating costs are expected to increase 6%-8%. The filing also highlights ongoing AI-related litigation, including a newly filed November 2, 2026 action against Brave.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.68
- Operating margin
- 15.9%
What stood out
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Revenue and adjusted EPS beat estimates
Q3 revenue was $768.5 million, above the $766.2 million consensus estimate, while adjusted EPS was $0.68 versus the $0.65 estimate.
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Operating leverage expanded margins
Operating profit increased 16.4% to $121.9 million, and operating margin expanded to 15.9%, indicating positive operating leverage versus the prior-year quarter.
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Share repurchases continued
The company repurchased 1,158,652 Class A shares during Q3 at an average price of $68.27, with $179.358 million remaining under the authorization at September 30, 2026.
What to watch
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Multiple generative-AI legal proceedings
The company faces several AI-related copyright lawsuits: the Microsoft/OpenAI case was filed on December 27, 2023, the Perplexity case on December 5, 2025, and the Brave case on November 2, 2026. The company states there is no guarantee it will succeed in these proceedings.
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Costs expected to grow 6%-8%
The Q4 2026 outlook calls for adjusted operating-cost growth of 6%-8%, which could pressure margins if revenue growth falls short of the stated subscription and advertising ranges.
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Capital allocation reduces authorization
The company repurchased 1,158,652 shares in Q3 and had only $179.358 million remaining under the $350.0 million authorization at September 30, 2026, reducing cash available for other capital uses.
Management's outlook
The Q3 filing/report provides Q4 2026 outlook ranges but no comparable prior Q4 outlook, so direction cannot be determined: digital-only subscription revenue growth of 12%-15%, total subscription revenue growth of 9%-11%, digital advertising growth in the high-single-to-low-double-digits, total advertising growth in the mid-single-digits, affiliate/licensing/other revenue growth in the low-single-to-mid-single-digits, and adjusted operating-cost growth of 6%-8%.
Earlier filings 4
10-K · February 27, 2026
The New York Times Company reported record subscribers (approximately 12.78 million as of December 31, 2025) and 2025 revenue of $2,824,918,000, with operating profit of $431,557,000 and diluted EPS of $2.09. Management…
10-Q · August 6, 2025
The New York Times Company reported Q2 2025 revenue of $685.9M, up 9.7% year-over-year, with operating profit rising 34.2% to $106.6M. GAAP diluted EPS was $0.50 (adjusted diluted EPS $0.58), and digital subscription…
10-K · February 27, 2025
The New York Times reported record subscribers (approximately 11.43 million as of December 31, 2024) and grew 2024 revenues to $2,585,919,000 with operating profit of $351,096,000 and net income of $293,825,000.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.