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New York Times

NYT NYSE Publishing Financials FY2016–FY2025

New York Times' revenue rose 9.2% to $2.8 billion in fiscal 2025. Its operating margin was 15.3%, up from 13.6% a year earlier. Free cash flow was $550 million, up 44.4%. It paid out $276 million in dividends and buybacks, 50% of free cash flow. The diluted share count fell 0.5%.

Last close · Oct 23, 2026

$69.58

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
9.2% vs prior year
Operating margin Operating income as a share of revenue.
15.3%
1.7 pts
Net income Profit after all expenses, interest and tax.
$344M
17.1%
Free cash flow Cash from operations minus capital spending.
$551M
44.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
23.8%
3.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.0x
On $2.40 EPS (TTM)

About these figures. The New York Times has had no borrowings since it repaid its notes in 2019 (its credit line is undrawn), so debt is counted as zero from then.

What New York Times does

The New York Times Company is a news organization. It sells The New York Times in print and online, and also The Athletic (sports), Cooking, Games, Audio and Wirecutter (product reviews). Readers can buy one product or a bundle of the digital ones. It had about 12.78 million subscribers at the end of 2025.

Revenue comes mainly from subscriptions and advertising. Digital ads were about 73% of advertising revenue in 2025, and print ads the rest. It also earns money from licensing its content, from affiliate links in Wirecutter (it is paid a share when a reader buys through a link), and from printing for other companies at its plant in College Point, N.Y.

The Times says it competes for readers, subscribers and advertisers with other news outlets, search engines, social media, streaming services and AI companies. It had about 6,000 full-time equivalent employees at the end of 2025, and many are represented by unions.

Legal name
THE NEW YORK TIMES COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 27, 2026
Accession · CIK
0000071691-26-000011
0000071691

Revenue and margins

New York Times had $2.8B of revenue in fiscal 2025, up 9.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 31.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $551M in fiscal 2025, 19.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

New York Times returned $276M to shareholders in fiscal 2025, 50% of free cash flow. The diluted share count fell 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value New York Times yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $642M and divides by 164.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.0x · peers 21.4x · sector 17.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably New York Times can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $661M$347M$452M$566M$642M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −2.0x−1.2x−1.3x−1.3x−1.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 490.9x127.6x390.2x490.4x3,887.9x
Current ratio 1.7x1.2x1.3x1.5x1.5x
Quick ratio 1.7x1.2x1.3x1.5x1.5x
Total assets $2.6B$2.5B$2.7B$2.8B$3.0B
Total liabilities $1.0B$934M$951M$914M$956M
Shareholders' equity $1.5B$1.6B$1.8B$1.9B$2.0B
Net debt (− = net cash) −$661M−$347M−$452M−$566M−$642M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.8M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 3, 2026 Jacqueline M WelchEVP and CHRO Sold 4,000 $74.14 $0.3M Form 4
May 12, 2026 Levien Meredith A. KopitPresident & CEO, Director Sold 9,750 $78.00 $0.8M Form 4
May 12, 2026 William BardeenEVP, Chief Financial Officer Sold 4,121 $77.85 $0.3M Form 4
May 11, 2026 David S. PerpichDirector Sold 9,000 $77.06 $0.7M Form 4
Mar 3, 2026 Arthur G. SulzbergerChairman and Publisher, Director Sold 13,000 $79.95 $1.0M Form 4
Mar 3, 2026 Levien Meredith A. KopitPresident & CEO, Director Sold 51,949 $79.70 $4.1M Form 4
Mar 3, 2026 William BardeenEVP, Chief Financial Officer Sold 13,000 $79.56 $1.0M Form 4
Feb 20, 2026 Diane BraytonEVP, Chief Legal Officer Sold 4,600 $77.03 $0.4M Form 4
Feb 17, 2026 Benten R AnthonySVP, Treasurer & CAO Sold 1,913 $73.57 $0.1M Form 4
Nov 6, 2025 Levien Meredith A. KopitPresident & CEO, Director Sold 16,972 $59.68 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 85 / 87 / 8
Accruals ratio −4.9%−4.2%−8.2%
Altman Z'' 5.586.466.78

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
New York Times NYT $11.3B 9.2% 15.3% 19.5% 23.8% 29.0x 7
John Wiley & Sons WLY $2.7B −0.1% 16.5% 12.5% 19.0% 14.5x 8 Compare →
Scholastic SCHL $728M −2.7% 1.0% 0.2% 1.1% 27.1x 7 Compare →
News NWSA $17.2B 6.8% — 9.0% 8.9% 29.8x 5 Compare →
The Trade Desk TTD $6.1B 18.5% 20.4% 27.5% — 15.7x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.7B $1.7B $1.8B $1.8B $2.1B $2.3B $2.4B $2.6B $2.8B
Gross profit $926M $1.1B $1.7B $1.8B — — — — — —
Research and development — — $84.1M $106M $133M $161M $204M $229M $248M $264M
Operating income $113M $177M $190M $176M $176M $268M $202M $276M $351M $432M
Interest expense $0.0M $27.7M $28.1M $28.0M $0.5M $0.5M $1.6M $0.7M $0.7M $0.1M
Pretax income $30.5M $111M $176M $165M $115M $291M $236M $303M $383M $451M
Income tax $4.4M $104M $48.6M $24.5M $14.6M $70.5M $62.1M $69.8M $89.6M $107M
Net income $29.1M $4.3M $126M $140M $100M $220M $174M $232M $294M $344M
Diluted EPS $0.18 $0.03 $0.75 $0.83 $0.60 $1.31 $1.04 $1.40 $1.77 $2.09
Diluted shares 0.16B 0.16B 0.17B 0.17B 0.17B 0.17B 0.17B 0.17B 0.17B 0.16B
Cash flow
Cash from operations $104M $86.7M $157M $190M $298M $269M $151M $361M $411M $585M
Capital expenditure $30.1M $84.8M $77.5M $45.4M $34.5M $34.6M $37.0M $22.7M $29.2M $34.0M
Free cash flow $73.8M $2.0M $79.6M $144M $263M $234M $114M $338M $381M $551M
Depreciation and amortization $61.7M $61.9M $59.0M $60.7M $62.1M $57.5M $82.7M $86.1M $82.9M $85.0M
Stock-based compensation $12.4M $14.8M $13.0M $12.9M $14.4M $22.2M $35.3M $54.8M $67.5M $74.2M
Acquisitions $40.4M $0.0M $0.0M $0.0M $33.1M $0.0M $516M $0.0M $0.0M $0.0M
Share buybacks $15.7M $0.0M $0.0M $0.0M $0.0M $0.0M $105M $44.6M $85.0M $165M
Dividends paid $25.9M $26.0M $26.4M $31.6M $38.4M $45.3M $56.8M $69.5M $82.9M $110M
Dividends and buybacks $41.6M $26.0M $26.4M $31.6M $38.4M $45.3M $162M $114M $168M $276M
Balance sheet
Cash and short-term investments $550M $492M $613M $432M $595M $661M $347M $452M $566M $642M
Total debt $247M $250M $507M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $796M $750M $894M $717M $836M $953M $656M $782M $936M $1.0B
Current liabilities $399M $416M $673M $438M $487M $559M $571M $612M $614M $667M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $597M $641M $639M $627M $595M $575M $554M $514M $489M $462M
Total assets $2.2B $2.1B $2.2B $2.1B $2.3B $2.6B $2.5B $2.7B $2.8B $3.0B
Total liabilities $1.3B $1.2B $1.2B $915M $980M $1.0B $934M $951M $914M $956M
Shareholders' equity $848M $897M $1.0B $1.2B $1.3B $1.5B $1.6B $1.8B $1.9B $2.0B
Margins
Gross margin 59.5% 63.2% 100.0% 100.0% — — — — — —
Operating margin 7.2% 10.5% 10.9% 9.7% 9.9% 12.9% 8.8% 11.4% 13.6% 15.3%
EBITDA margin 11.2% 14.2% 14.3% 13.0% 13.4% 15.7% 12.3% 14.9% 16.8% 18.3%
Net margin 1.9% 0.3% 7.2% 7.7% 5.6% 10.6% 7.5% 9.6% 11.4% 12.2%
FCF margin 4.7% 0.1% 4.6% 8.0% 14.8% 11.3% 4.9% 13.9% 14.8% 19.5%
Returns
Return on capital 16.2% 14.8% 17.3% 17.8% 20.9% 25.2% 14.0% 16.6% 20.1% 23.8%
Return on capital employed 6.2% 10.2% 11.9% 11.1% 10.2% 14.0% 10.2% 13.6% 16.2% 18.9%
Return on equity 3.5% 0.5% 13.0% 12.7% 8.0% 15.4% 11.1% 13.8% 15.9% 17.3%
Return on assets 1.3% 0.2% 5.9% 6.5% 4.6% 9.0% 6.8% 8.9% 10.6% 11.8%
Growth
Revenue growth −1.5% 7.7% 4.4% 3.6% −1.6% 16.3% 11.3% 5.1% 6.6% 9.2%
Net income growth −54.0% −85.2% 2,825.6% 11.4% −28.5% 119.7% −20.9% 33.6% 26.4% 17.1%
EPS growth −52.6% −83.3% 2,400.0% 10.7% −27.7% 118.3% −20.6% 34.6% 26.4% 18.1%
FCF growth −51.5% −97.3% 3,964.8% 81.4% 82.4% −11.0% −51.5% 197.2% 12.8% 44.4%
Share count change −2.2% 0.9% 1.6% 0.4% 0.3% 0.3% −0.8% −0.9% 0.1% −0.5%
Financial health
Net debt / EBITDA −1.7x −1.0x −0.4x −1.8x −2.5x −2.0x −1.2x −1.3x −1.3x −1.2x
Debt / equity 0.3x 0.3x 0.5x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 2,889.2x 6.4x 6.8x 6.3x 347.0x 490.9x 127.6x 390.2x 490.4x 3,887.9x
Current ratio 2.0x 1.8x 1.3x 1.6x 1.7x 1.7x 1.2x 1.3x 1.5x 1.5x
Quick ratio 2.0x 1.8x 1.3x 1.6x 1.7x 1.7x 1.2x 1.3x 1.5x 1.5x
Capital allocation
Capex / revenue 1.9% 5.1% 4.4% 2.5% 1.9% 1.7% 1.6% 0.9% 1.1% 1.2%
Stock comp / revenue 0.8% 0.9% 0.7% 0.7% 0.8% 1.1% 1.5% 2.3% 2.6% 2.6%
Payouts / FCF 56.4% 1,327.4% 33.2% 21.9% 14.6% 19.3% 142.3% 33.7% 44.0% 50.1%
Quality scores
Piotroski F-score 7.0 5.0 6.0 6.0 5.0 5.0 4.0 7.0 5.0 7.0
Altman Z'' 4.2 4.4 4.4 5.3 5.3 5.6 5.1 5.6 6.5 6.8
Accruals ratio −3.3% −3.9% −1.5% −2.3% −9.0% −2.0% 0.9% −4.9% −4.2% −8.2%

Source: SEC EDGAR XBRL filings (CIK 0000071691). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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