Core Insights - The New York Times Company (NYT) reported strong performance in Q3 2025, exceeding expectations with adjusted earnings of $0.59 per share and total revenues of $700.8 million, marking a 9.5% year-over-year increase [1][11] Subscription Performance - NYT added approximately 460,000 net digital-only subscribers in the quarter, contributing to a 14% increase in digital subscription revenues to $367.4 million [2][4] - Total subscription revenues rose 9.1% year over year to $494.6 million, driven by growth in bundle and multi-product revenues, despite a decline in news-only subscription revenues [4][6] - The company ended the quarter with 12.33 million total subscribers, including 11.76 million digital-only subscribers, with over half being bundle and multiproduct subscribers [6] Advertising Revenue - Total advertising revenues increased by 11.8% year over year to $132.3 million, with digital advertising revenues surging 20.3% to $98.1 million, driven by strong demand and new advertising formats [8][11] - Print advertising revenues declined by 7.1% to $34.2 million [8] Financial Health - The company ended the quarter with cash and marketable securities of $1.1 billion, an increase of $184.9 million from the previous year [14] - Free cash flow for the first nine months of 2025 was $392.9 million, significantly up from $237.7 million a year earlier [15] Cost Management and Profitability - Adjusted operating costs grew 6.2% to $569.4 million, while adjusted operating profit increased by 26.1% to $131.4 million, reflecting effective cost management [12][13] - The adjusted operating profit margin expanded by 240 basis points to 18.7% [13] Future Outlook - Management anticipates digital-only subscription revenues to rise by 13-16% and total subscription revenues to increase by 8-10% in the upcoming quarter [7] - Total advertising revenues are expected to grow in the high-single to low-double digits, with digital advertising projected to rise in the mid-to-high teens range [9]

Core Insights - The New York Times Co. reported third-quarter earnings that exceeded expectations, primarily due to growth in its digital subscription business [1] - Shares increased by 2% during intra-day trading following the earnings report [1] Financial Performance - Adjusted earnings per share were $0.59, surpassing analyst estimates of $0.53 [2] - Revenue reached $700.8 million, exceeding the consensus forecast of $686.77 million [2] - The company did not specify year-over-year revenue growth, but the strong performance indicates resilience amid challenges in the media sector [2] Strategic Development - The New York Times is expanding its digital ecosystem beyond traditional news, incorporating offerings in games, cooking, sports, and shopping content [3] - The company's strategy to attract and retain engaged readers globally is proving effective, highlighting its successful transition from a traditional newspaper to a diversified digital media platform [3]

Subscriber Growth and ARPU - The Company added approximately 460,000 net digital-only subscribers in Q3 2025, bringing the total to 12.33 million[8] - Bundle and multiproduct subscribers now constitute 51% of the Company's total subscriber base[8] - Total digital-only ARPU increased 3.6% year-over-year to $9.79[8] Revenue Performance - Digital-only subscription revenues increased 14.0% year-over-year[8] - Digital advertising revenues increased 20.3% year-over-year[8] - Affiliate, licensing, and other revenues increased 7.9% year-over-year[8] - Total subscription revenues grew 9.1% year-over-year, reaching $495 million in Q3 2025 compared to $453 million in Q3 2024[27] - Total advertising revenues increased 11.8% year-over-year[34] Profitability and Costs - Adjusted operating profit (AOP) grew 26.1% year-over-year to approximately $131 million[8] - AOP margin increased approximately 240 basis points year-over-year to 18.7%[8] - Year-over-year adjusted operating costs (AOC) grew 6.2%[8] Financial Outlook - The Company aims to return at least 50% of free cash flow to shareholders over the mid-term[46]

Core Insights - The New York Times Company (NYSE:NYT) is recognized as one of the few traditional newspapers that has successfully transitioned to the digital landscape, primarily generating revenue from digital subscriptions and online advertising [2][4] - The company has demonstrated significant growth in digital subscribers and revenue, with a focus on expanding its subscriber base and enhancing reader engagement [3][4] Financial Performance - In Q2 2025, NYT added approximately 230,000 net new digital-only subscribers, increasing the total to 11.88 million [4] - Average revenue per digital subscriber increased by 3.2% year-over-year to $9.64, contributing to a 15.1% year-over-year rise in digital subscription revenue [4] - Digital advertising revenue grew by 18.7%, driven by strong demand from marketers in key segments [4] Shareholder Returns - NYT has a strong track record of consistent dividend growth, raising dividends at an annual average growth rate of nearly 24% over the past five years [5] - The company has provided growing dividends for the past seven years, currently offering a quarterly dividend of $0.18 per share, resulting in a dividend yield of 1.27% as of October 30 [5]

Core Insights - The number of digital subscriptions for AS Ekspress Grupp increased by 10% year-over-year, reaching a total of 244,500 subscriptions by the end of September, indicating strong growth despite economic challenges [1][2][9] - The Baltic States experienced economic stagnation, which has impacted consumer confidence and subscription growth, particularly in the third quarter [3] - In Estonia, Delfi Meedia achieved stable annual growth of 8%, while Latvia and Lithuania saw significant growth in digital subscriptions at 24% and 22%, respectively, highlighting the potential for further expansion in these markets [4][5][8] Detailed Overview of Digital Subscriptions - AS Delfi Meedia's digital subscriptions totaled 121,118, reflecting an 8% year-over-year increase [8] - AS Õhtuleht Kirjastus, partially owned by Ekspress Grupp, saw a decrease of 5% in digital subscriptions, totaling 24,746 [8] - Geenius Meedia OÜ experienced a 10% decline in digital subscriptions, totaling 6,800 [8] - In Latvia, Delfi A/S reported a 24% increase in digital subscriptions, totaling 32,875 [8] - In Lithuania, Delfi's digital subscriptions increased by 22%, totaling 47,187, while Lrytas saw a 4% increase, totaling 11,774 [8] - The overall digital subscription count for Ekspress Grupp remained stable at 244,500, with a slight change of 0% from the previous quarter [7] Future Outlook - The company aims to increase the volume of digital subscriptions to 340,000 in the Baltic countries by the end of 2026, aligning with its long-term strategic goals established in early 2022 [9]

Financial Performance - The company's total revenues increased by 9.7% year-over-year, reaching $686 million in Q2 2025, compared to $625 million in Q2 2024 [11] - Adjusted operating profit (AOP) grew by 27.8% year-over-year to approximately $134 million [8, 11] - AOP margin increased by approximately 280 basis points year-over-year to 19.5% [8, 42] - Adjusted diluted earnings per share increased to $0.58 in Q2 2025, up from $0.45 in Q2 2024 [11] - Adjusted operating costs (AOC) grew by 6.1% year-over-year [8] Subscriber Growth - The company added approximately 230,000 net digital-only subscribers in Q2 2025, bringing the total subscriber count to 11.88 million [8, 13] - Bundle and multiproduct subscribers now constitute 51% of the company's total subscriber base, an increase from 49% in Q1 2025 [8] - Total digital-only average revenue per user (ARPU) increased by 3.2% year-over-year to $9.64 [8] Revenue Streams - Digital-only subscription revenues increased by 15.1% year-over-year [8, 26] - Digital advertising revenues increased by 18.7% year-over-year [8, 33] - Affiliate, licensing, and other revenues increased by 5.8% year-over-year [8, 34] Free Cash Flow - The company generated strong free cash flow, with $455 million for the last twelve months ended June 30, 2025 [44]

Core Insights - The number of digital subscriptions for AS Ekspress Grupp increased by 10% year-over-year, totaling 244,884 by the end of June [1][2] - The growth in digital subscriptions in Latvia and Lithuania was particularly strong, with increases of 23% and 11% respectively [3] - The company aims to reach a long-term goal of 340,000 digital subscribers in the Baltic States by the end of 2026 [5][8] Digital Subscription Performance - AS Delfi Meedia's digital subscriptions rose by 12% year-over-year, reaching 119,811 [7] - AS Õhtuleht Kirjastus saw a decrease of 10% year-over-year in digital subscriptions, totaling 24,460, although it experienced a 2% increase in the last quarter [4][7] - Geenius Meedia OÜ's digital subscriptions decreased by 1% year-over-year, totaling 7,388 [7] - In Latvia, Delfi A/S's digital subscriptions increased by 23% year-over-year, totaling 33,840 [7] - In Lithuania, Delfi's digital subscriptions increased by 11%, totaling 47,758, while Lrytas UAB's subscriptions increased by 13%, totaling 11,627 [7] Market Outlook - The Baltic digital subscriptions market has significant growth potential, especially in Latvia and Lithuania [5] - The company is focused on increasing digital subscribers across all markets, indicating a positive growth trend [4][5]

Core Insights - The New York Times Company (NYT) has positioned digital subscriptions as a central element of its growth strategy, focusing on high-quality journalism and personalized content to expand its subscriber base [1][2][6] - The company has diversified its digital offerings beyond news, including cooking, games, and lifestyle features, which contribute to its subscription growth [1][2] Subscriber Growth - As of the end of Q1 2025, NYT had approximately 11.66 million subscribers, with 11.06 million being digital-only subscribers, marking a net addition of 250,000 digital-only subscribers from the previous quarter [3] - The company reported that 5.76 million of its digital-only subscribers were bundle and multi-product subscribers [3] Revenue Performance - Subscription revenues reached $464.3 million in Q1 2025, reflecting an 8.2% year-over-year increase, while digital-only subscription revenues surged by 14.4% to $335 million [4] - The average revenue per user (ARPU) for digital-only subscribers increased to $9.54 from $9.21 year-over-year, driven by subscribers moving to higher rate plans and price increases for long-term non-bundle subscribers [5] Future Outlook - Management anticipates continued growth in subscriptions, projecting total subscription revenue growth of 8-10% and digital-only subscription revenue growth of 13-16% for Q2 2025 [6] - The strategic focus on building a loyal subscriber base has reduced the company's reliance on volatile advertising revenues [6] Market Positioning - NYT's emphasis on subscription growth and digital innovation has been a key factor in its success within a competitive media landscape, showcasing its ability to attract new subscribers and optimize ARPU [7] - Despite the positive trends, the company faces challenges with a decline in print advertising revenues, which fell by 8.5% in Q1 2025 [7] - Over the past three months, NYT shares have increased by 15.7%, outperforming the industry growth of 14.8% [8]

Financial Data and Key Metrics Changes - The company reported a strong start to 2025 with a 22% year-over-year growth in Adjusted Operating Profit (AOP) and an expansion of AOP margin by approximately 180 basis points [12][13] - Free cash flow generated in Q1 was approximately $90 million, including a one-time benefit of $33 million from the sale of excess land [13] - Adjusted diluted EPS increased by $0.10 to $0.41, driven by higher operating profit and interest income [17] Business Line Data and Key Metrics Changes - The company added 250,000 net new digital subscribers, surpassing 11 million digital-only subscribers, bringing the total subscriber base to 11.7 million [6][12] - Digital subscription revenue, the largest and fastest-growing revenue stream, increased by more than 14% to $335 million [15] - Digital advertising revenue grew by 12%, marking the strongest growth rate in three years, with total advertising revenues increasing by approximately 4% to $108 million [7][16] Market Data and Key Metrics Changes - The company reported that bundle and multi-product subscribers now make up approximately 49% of the total subscriber base, indicating a shift towards bundled offerings [12] - Engagement levels remained high, with 50 to 100 million people turning to the company's offerings weekly [5] Company Strategy and Development Direction - The company aims to continue comprehensive coverage of important stories, innovate in video and audio, and enhance product value through new content and features [8][10] - The strategy focuses on leveraging multiple complementary revenue lines, including subscriptions, advertising, affiliate, and licensing, which are all experiencing healthy growth [5][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth drivers and the ability to navigate an uncertain market environment, emphasizing the resilience of the business model [11][18] - The impact of tariffs on the business has been described as immaterial to date, with expectations for healthy growth in revenues and AOP for the full year [18] Other Important Information - The company won four Pulitzer Prizes, highlighting its commitment to high-quality journalism [9] - The company is focused on maintaining disciplined cost growth while investing in journalism and product enhancements [8][13] Q&A Session Summary Question: Strength in digital ad revenue - Management noted that the ad business is now viewed similarly to the consumer business, with engaged audiences and a suite of high-performing ad products [20][21] Question: News-only subscriber base stability - Management confirmed that the strategy is working as designed, with expectations for continued marketing of the bundle and gradual conversion of legacy subscribers [25][26] Question: Subscriber dynamics and ARPU - Management highlighted the year-over-year increase in total digital-only ARPU and expressed confidence in the trajectory due to strong engagement and value addition [31][33] Question: Tactics for transitioning from promotional pricing - Management explained that they monitor engagement closely and adjust pricing strategies accordingly, including intermediate pricing options [41][44] Question: Digital ad revenue performance - Management expressed optimism about the ad business, noting strong performance across various categories and improving audience targeting capabilities [48][49]

Financial Performance - Total revenues increased by 7.1% year-over-year, reaching $636 million in Q1 2025 compared to $594 million in Q1 2024[12] - Adjusted operating profit (AOP) grew by 21.9% year-over-year to approximately $93 million in Q1 2025, up from $76 million in Q1 2024[9, 12] - AOP margin increased by approximately 180 basis points year-over-year to 14.6% in Q1 2025[9] - Adjusted diluted earnings per share increased to $0.41 in Q1 2025, compared to $0.31 in Q1 2024, a 32.3% increase[12, 59] - Adjusted operating costs (AOC) grew by 4.9% year-over-year, primarily due to higher cost of revenue, product development, and adjusted general and administrative expenses[9, 40] Subscriber Growth - The company added approximately 250K net digital-only subscribers in Q1 2025, bringing the total subscriber count to 11.66 million[9, 14] - Bundle and multiproduct subscribers now constitute 49% of the company's total subscriber base, an increase from 48% in Q4 2024[9] Revenue Streams - Digital-only subscription revenues increased by 14.4% year-over-year due to growth in both digital subscribers and total digital-only ARPU[9, 28] - Total digital-only average revenue per user (ARPU) increased by 3.6% year-over-year to $9.54[9] - Digital advertising revenues increased by 12.4% year-over-year, driven by strong marketer demand and new advertising supply[9, 35]