New York Times(US:NYT)2025-11-05 19:17Financial Performance - Total revenues for the quarter ended September 30, 2025, were $700.8 million, an increase of 9.4% compared to $640.2 million for the same quarter in 2024[15] - Subscription revenues reached $494.6 million for the quarter, up 9.1% from $453.3 million in the prior year[15] - Net income for the quarter was $81.6 million, representing a 27.4% increase from $64.1 million in the same quarter last year[15] - Operating profit for the nine months ended September 30, 2025, was $270.0 million, compared to $204.5 million for the same period in 2024, reflecting a 32% increase[15] - Total revenues for the nine months ended September 30, 2025, reached $2,022,604 thousand, up from $1,859,290 thousand in 2024, indicating a year-over-year increase of about 8.8%[38] - Adjusted operating profit for the third quarter of 2025 was $131.4 million, compared to $104.2 million in Q3 2024, reflecting a 26.1% increase[90] Cash and Assets - Cash and cash equivalents increased to $249.3 million as of September 30, 2025, from $199.4 million at the end of 2024[9] - Total assets as of September 30, 2025, were $2.89 billion, up from $2.84 billion at the end of 2024[12] - Cash, cash equivalents, and restricted cash at the end of the period increased to $264,209,000 from $218,863,000, marking a rise of 20.8%[27] - Long-term marketable securities increased to $479.4 million as of September 30, 2025, from $345.9 million at the end of 2024[9] - Total stockholders' equity rose to $1.98 billion as of September 30, 2025, compared to $1.93 billion at the end of 2024[12] Dividends and Share Repurchases - The company declared dividends of $0.18 per share for the quarter, compared to $0.13 per share in the same quarter last year[15] - Dividends paid increased to $89,146,000 in 2025 from $64,962,000 in 2024, indicating a rise of 37.2%[25][27] - The company repurchased 2,123,155 Class A shares for $110,506,000 during the nine months ended September 30, 2025[27] - Share repurchases during the nine months ended September 30, 2025, amounted to approximately $109.8 million, with $405.6 million remaining authorized for future repurchases[84] Revenue Breakdown - Total revenue from subscriptions and advertising is the primary source of income, with subscription revenues including digital and print products[34][35] - Digital-only subscription revenue was $367.4 million, accounting for 74.3% of total subscription revenue, up from $322.2 million and 71.1% in the same quarter of 2024[39] - Advertising revenue for the quarter was $132.3 million, a 11.8% increase from $118.4 million in the same quarter of 2024[40] - Digital advertising revenue was $98.1 million, representing 74.2% of total advertising revenue, compared to $81.6 million and 68.9% in the prior year[40] Operating Costs and Expenses - Operating costs for Q3 2025 totaled $596,033,000, a 5.8% increase from $563,451,000 in Q3 2024[15] - The company reported a depreciation and amortization expense of $64,115,000 for the nine months ended September 30, 2025, compared to $61,865,000 in 2024[27] - Stock-based compensation expense for the nine months ended September 30, 2025, totaled $53.7 million, up from $49.9 million in the same period of 2024[87] Tax and Pension - The income tax expense for the third quarter of 2025 was $26.4 million, an increase from $20.9 million in the same quarter of 2024[76] - The effective tax rates for the third quarter and first nine months of 2025 were 24.4% and 24.5%, respectively, compared to 24.6% and 25.3% for the same periods in 2024[76] - The net periodic pension cost for the first nine months of 2025 was $18,234,000, compared to $6,357,000 for the same period in 2024[72] - The company made pension contributions of $9.4 million in the first nine months of 2025, with expected contributions of approximately $13 million for the full year[72] Legal Proceedings - The company is involved in ongoing legal proceedings, including a lawsuit against Microsoft and OpenAI for copyright infringement[92] Other Comprehensive Income - The company reported a net current-period other comprehensive income of $9.0 million for the nine months ended September 30, 2025[85] - The accumulated other comprehensive income (AOCI) balance as of September 30, 2025, was $(356.8) million, reflecting a decrease from $(365.8) million at the end of 2024[85]