分组1 - New York Times Co. reported quarterly earnings of $0.89 per share, exceeding the Zacks Consensus Estimate of $0.88 per share, and showing an increase from $0.8 per share a year ago, representing an earnings surprise of +1.14% [1] - The company posted revenues of $802.31 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.53%, and an increase from year-ago revenues of $726.63 million [2] - New York Times has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] 分组2 - The stock has gained approximately 4% since the beginning of the year, outperforming the S&P 500's gain of 1.1% [3] - The current consensus EPS estimate for the coming quarter is $0.51 on revenues of $695.06 million, and for the current fiscal year, it is $2.69 on revenues of $3.01 billion [7] - The Publishing - Newspapers industry, to which New York Times belongs, is currently ranked in the top 2% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8]

Financial Data and Key Metrics Changes - In 2025, the company added 1.4 million net new digital subscribers, bringing the total to 12.8 million subscribers, with a goal of reaching 15 million [9][18] - Total digital revenues exceeded $2 billion for the first time, with adjusted operating profit (AOP) growing over 20% and margins expanding to 19.5% [9][19] - Digital subscription revenues grew 14% year-over-year, while total subscription revenues increased approximately 9% [22][24] - AOP for 2025 reached approximately $550 million, with a year-over-year growth of about 21% [19][24] - Free cash flow generation was approximately $551 million, reflecting a robust AOP and capital-efficient model [19] Business Line Data and Key Metrics Changes - Digital advertising revenues increased by 25%, contributing to a total advertising revenue growth of 16% [10][22] - The company reported strong performance across multiple products, with digital subscription revenues growing to $382 million in Q4 [22] - The Family Plan subscription offering has been positively received, contributing to subscriber growth [21] Market Data and Key Metrics Changes - The company operates in a challenging media environment characterized by polarization and low trust, but believes it is well-positioned to navigate these trends [10][11] - The company sees significant opportunities in engaging with global markets through its diverse portfolio of products [11][12] Company Strategy and Development Direction - The company aims to enhance its journalism and digital products, focusing on video content as a strategic investment area [13][14] - Plans for 2026 include continued growth in subscribers, revenue, AOP, and margin expansion, with a focus on building a larger and more engaged audience [14][25] - The company emphasizes the importance of independent journalism and its role in society, aiming to adapt and thrive amid industry changes [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to pursue growth opportunities and navigate industry challenges, citing a strong execution of its long-term strategy [9][10] - The company anticipates another year of healthy growth in 2026, with expectations for increased digital subscription revenues and advertising revenues [24][25] Other Important Information - The company announced an increase in the quarterly dividend from $0.18 to $0.23, reflecting its capital allocation strategy [20] - The company plans to discontinue reporting digital-only subscribers and ARPU by product categories, focusing instead on total digital-only subscribers and ARPU [21] Q&A Session Summary Question: Digital ad growth breakdown - Management noted that digital ad growth was driven by increased supply, improved demand, and effective ad products, leading to higher engagement and repeat purchases from marketers [27][28] Question: Capital allocation strategy - The company remains committed to returning at least 50% of free cash flow to shareholders while prioritizing organic investments in its subscription strategy [35][37] Question: Password sharing approach - Management discussed the Family Plan as a way to encourage engagement and revenue growth, viewing it as a positive strategy rather than a crackdown on password sharing [39][41] Question: Video journalism initiative - The company sees video as a significant long-term opportunity and is ramping up production, focusing on scalable formats and engaging content [45][49] Question: Single product growth and conversion potential - Management expressed confidence that single product users can be converted to more valuable bundle subscriptions, indicating a successful strategy in the subscription funnel [80][81] Question: Contract negotiations with NewsGuild - Management stated that they have a productive relationship with unions and are well-prepared for ongoing contract negotiations [86]

Financial Data and Key Metrics Changes - In 2025, the company added 1.4 million net new digital subscribers, bringing the total to 12.8 million, with a goal of reaching 15 million subscribers [10][18] - Total digital revenues exceeded $2 billion for the first time, with adjusted operating profit (AOP) growing over 20% and margins expanding to 19.5% [10][19] - Digital subscription revenues grew 14% year-over-year, while total subscription revenues increased approximately 9% [22][25] - AOP grew by approximately 21% year-over-year to $550 million, with AOP margin expanding by approximately 190 basis points [19][24] Business Line Data and Key Metrics Changes - Digital advertising revenues increased by 25%, contributing to total advertising revenue growth of 16% [11][22] - Licensing, affiliate, and other revenues grew by 5.5% to $100 million, primarily due to higher licensing revenues [24] - The company reported a digital-only average revenue per user (ARPU) of $9.72, reflecting a positive trend in pricing strategies [21][60] Market Data and Key Metrics Changes - The company experienced strong engagement across its portfolio, which contributed to significant growth in digital advertising [10][11] - The advertising market showed improved demand, allowing the company to secure larger deals with existing marketers and attract new ones [30][77] Company Strategy and Development Direction - The company aims to leverage its world-class journalism and lifestyle products to engage a larger audience, with a focus on video content as a key growth area [12][14] - The strategic priorities for 2026 include enhancing journalism formats, expanding product offerings, and navigating technological changes to increase value for audiences [15][26] - The company plans to continue investing in high-quality journalism and digital product experiences while maintaining operational efficiency [25][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the media landscape, including a polarized environment and competition from powerful platforms, but expressed confidence in the company's strategic positioning [11][12] - The outlook for 2026 includes expectations for continued subscriber growth, revenue growth, AOP growth, margin expansion, and strong free cash flow generation [15][26] Other Important Information - The company returned approximately $275 million to shareholders in 2025, including $165 million in share repurchases and $110 million in dividends [19][20] - The quarterly dividend was increased from $0.18 to $0.23, aligning with the company's capital allocation strategy [20][38] Q&A Session Summary Question: Digital ad growth breakdown - Management noted that digital ad growth was driven by increased supply, improved engagement, and a stronger demand environment [28][30] Question: Cost guidance for Q1 - Management explained that the cost guidance reflects ongoing investments in video and other strategic areas, while maintaining a focus on revenue growth outpacing cost growth [32][33] Question: Capital allocation strategy - The company reiterated its commitment to returning at least 50% of free cash flow to shareholders while prioritizing organic investments in its subscription strategy [37][38] Question: Password sharing approach - Management discussed the Family Plan as a way to encourage engagement and revenue growth, viewing it as a positive strategy rather than a punitive measure [40][41] Question: Video journalism initiative - The company sees video as a significant long-term opportunity and is ramping up production to establish itself as a preferred brand for news consumption [46][48] Question: Single product growth and conversion potential - Management expressed confidence in the ability to convert engaged single product users into more valuable bundle subscriptions, highlighting the interconnectedness of their product offerings [81][82] Question: Contract negotiations with NewsGuild - Management indicated confidence in navigating contract negotiations with unions, emphasizing a history of productive relationships [87]

Financial Data and Key Metrics Changes - In 2025, the company added 1.4 million net new digital subscribers, bringing the total to 12.8 million subscribers, moving towards the milestone of 15 million [7][17] - Total digital revenues exceeded $2 billion for the first time, with adjusted operating profit (AOP) growing over 20% and margins expanding to 19.5% [7][18] - Digital subscription revenues grew 14% year-over-year, while total subscription revenues increased approximately 9% [21][23] - AOP for 2025 reached approximately $550 million, with a year-over-year growth of about 21% [18][19] - Free cash flow generation was approximately $551 million, reflecting a robust AOP and capital-efficient model [18] Business Line Data and Key Metrics Changes - Digital advertising revenues increased by 25%, contributing to a total advertising revenue growth of 16% [8][22] - Licensing, affiliate, and other revenues grew by 5.5% to $100 million, primarily due to higher licensing revenues [22] - The company reported a total digital-only average revenue per user (ARPU) of $9.72, reflecting an increase year-over-year [20] Market Data and Key Metrics Changes - The company experienced strong engagement across its portfolio, which contributed to significant growth in digital advertising [7][8] - The advertising market showed improved demand, allowing the company to secure larger deals with existing marketers and attract new ones [29] Company Strategy and Development Direction - The company aims to navigate the rapidly changing information ecosystem by leveraging its unique advantages, including world-class journalism and a diversified product portfolio [10][12] - Plans for 2026 include expanding video content, enhancing product offerings, and maintaining a focus on high-quality journalism [13][25] - The company is committed to building a larger and more engaged audience, with expectations for continued subscriber and revenue growth [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a polarized, low-trust environment but expressed confidence in the company's ability to adapt and thrive [9][14] - The outlook for 2026 includes expectations for subscriber growth, revenue growth, AOP growth, margin expansion, and strong free cash flow [25] Other Important Information - The company announced an increase in the quarterly dividend from $0.18 to $0.23, consistent with its capital allocation strategy [19] - The company plans to discontinue reporting digital-only subscribers and ARPU by product categories, focusing instead on total digital-only subscribers and ARPU [20] Q&A Session Summary Question: Digital ad growth breakdown - Management noted that digital ad growth was driven by new supply, engagement, and improved demand from marketers [27][28] Question: Cost guidance for Q1 - Management explained that the cost guidance reflects ongoing investments, particularly in video, while maintaining a disciplined approach to cost management [30][31] Question: Capital allocation strategy - The company reiterated its commitment to return at least 50% of free cash flow to shareholders while prioritizing organic investments in its subscription strategy [35][37] Question: Password sharing approach - Management discussed the Family Plan as a way to encourage engagement and potentially address password sharing in the future [39][41] Question: Video journalism initiative - The company sees video as a significant long-term opportunity and is ramping up production to establish itself as a preferred brand for news consumption [45][46] Question: Single product growth and conversion potential - Management expressed confidence that single product growth is expanding the funnel for future subscription conversions [80][81] Question: Contract negotiations with NewsGuild - Management indicated confidence in navigating contract negotiations with unions, emphasizing a history of productive relationships [85][86]

The publisher posted subscriber gains and ad-revenue growth, but expenses also increased. ...

每经AI快讯，2月4日，纽约时报公布第四季度业绩后，盘前股价下跌6.1%。 ...

Fourth Quarter 2025 Earnings Presentation February 4, 2026 Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as "aim," "anticipate," "believe," "confidence," "contemplate," "continue," "conviction," "could," "drive," "estimate," "expect," "forecast ...

Core Viewpoint - The New York Times is forecasting first-quarter subscription revenue to exceed Wall Street estimates, driven by its bundling strategy for news and lifestyle products aimed at attracting more paying users [1] Group 1 - The New York Times expects to increase its subscription revenue in the first quarter [1] - The company's bundling strategy is designed to enhance user engagement and attract additional paying subscribers [1]

Subscriber Growth - The New York Times Company added approximately 450,000 net digital-only subscribers in Q4 2025, bringing the total to 12.78 million subscribers[4]. - The number of total digital-only subscribers as of Q4 2025 was 12.21 million, up from 10.82 million in Q4 2024, representing a growth of 12.8%[51]. - The company plans to discontinue reporting digital-only subscribers by categories, focusing instead on total digital-only subscribers for long-term growth[49]. Revenue Performance - Total revenues for Q4 2025 increased 10.4% year-over-year to $802.3 million, driven by strong growth in digital advertising revenues, which rose 24.9% to $147.2 million[4]. - Total revenues for 2025 reached $2,824.9 million, a 9.2% increase from $2,585.9 million in 2024, with subscription revenues growing by 9.1%[42]. - Digital-only subscription revenues for Q4 2025 reached $381.5 million, a 13.9% increase from $334.9 million in Q4 2024[45]. Profitability Metrics - Operating profit for Q4 2025 increased 10.2% year-over-year to $161.6 million, with an adjusted operating profit of $192.3 million, reflecting a 12.8% increase[4]. - Operating profit for 2025 was $431.6 million, reflecting a 22.9% increase from $351.1 million in 2024[42]. - Adjusted diluted EPS for Q4 2025 was $0.89, reflecting an 11.3% increase from $0.80 in Q4 2024, and for the full year 2025, it was $2.46, up 22.4% from $2.01 in 2024[64]. Cost Management - Total operating costs increased 10.5% year-over-year to $640.7 million, with adjusted operating costs rising 9.7% to $610.0 million[4]. - The adjusted operating profit margin for Q4 2025 was 24.0%, compared to 23.5% in Q4 2024, and for the full year 2025, it was 19.5%, up from 17.6% in 2024[66]. - The Company anticipates adjusted operating costs to increase by 8% to 9% in 2026[31]. Cash Flow and Dividends - Net cash provided by operating activities for the full year 2025 was $584.5 million, up from $410.5 million in 2024, with free cash flow increasing to $550.5 million from $381.3 million[4]. - The Company declared a quarterly dividend of $0.23 per share, an increase of $0.05 from the previous quarter[4]. - A dividend of $0.23 per share was declared in February 2026, marking a $0.05 increase from the previous quarter, payable on April 16, 2026[28]. Tax and Financial Position - The effective income tax rate for Q4 2025 was 22.5%, up from 20.5% in Q4 2024, primarily due to higher pre-tax income[23]. - As of December 31, 2025, the Company had cash and marketable securities of $1.2 billion, an increase of $256.0 million from the previous year[25]. Other Financial Metrics - Basic earnings per share increased to $2.11 in 2025, a 17.9% rise from $1.79 in 2024[42]. - Free cash flow for the full year 2025 was $550.5 million, compared to $381.3 million in 2024, driven by lower cash tax payments and proceeds from the sale of excess land[70]. - Total advertising revenues for the twelve months of 2025 amounted to $566.0 million, an 11.8% increase from $506.3 million in 2024[45].

Core Insights - The New York Times Company (NYT) is expected to report its fourth-quarter 2025 earnings on February 4, with a focus on subscription growth and advertising revenue trends [1][9] - The Zacks Consensus Estimate for fourth-quarter revenues is $790.2 million, reflecting an 8.8% increase year-over-year [1] - Earnings per share (EPS) is estimated at 88 cents, indicating a 10% rise from the previous year [2] Revenue and Subscription Growth - The consensus estimate for subscription revenues is $508.8 million, suggesting a 9% growth, while digital-only subscription revenues are projected at $383.4 million, indicating a 14.5% increase [4] - The digital-only subscriber count is expected to reach 12.1 million by the end of the fourth quarter, enhancing the company's market position for advertisers [5] Digital Advertising and Cost Management - NYT anticipates mid-to-high-teens growth in digital advertising revenues, with the consensus estimate at $138.1 million, representing a 17.1% increase [6] - The company has focused on reducing reliance on traditional advertising and improving profitability through effective content monetization and disciplined cost management [3] Challenges and Cost Projections - Print subscription revenues are estimated to decline by 4.8% to $125.4 million, and print advertising revenues are expected to fall 8% to $43.4 million [7] - Management has guided a 6-7% increase in adjusted operating costs for the quarter, which may impact margins [7] Earnings Prediction Model - The current model does not predict a definitive earnings beat for NYT, as it has an Earnings ESP of 0.00% despite holding a Zacks Rank of 2 (Buy) [8][10]