New York Times(US:NYT)2026-02-04 12:01Subscriber 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].