Core Insights - The New York Times Company (NYT) reported strong performance in Q4 2025, exceeding expectations for both earnings and revenues, with adjusted earnings of $0.89 per share and revenues of $802.3 million, a 10.4% year-over-year increase [1][10] Subscription Performance - NYT experienced healthy subscription momentum, adding approximately 450,000 net digital-only subscribers in the quarter, bringing the total to 12.78 million subscribers, including 12.21 million digital-only subscribers [2][5] - Total subscription revenues increased by 9.4% year over year to $510.5 million, with digital-only subscription revenues rising 13.9% to $381.5 million, despite a 2% decline in print subscription revenues [4][10] Digital Advertising Growth - Total advertising revenues improved by 16.1% year over year to $191.7 million, with digital advertising revenues surging 24.9% to $147.2 million, driven by strong demand from marketers [7][10] Financial Health - The company ended the quarter with cash and marketable securities of $1.2 billion, reflecting an increase of $256 million from the previous year, and had no outstanding debt [12] - Free cash flow for 2025 was $550.5 million, significantly up from $381.3 million in 2024, indicating strong cash generation capabilities [13][14] Future Outlook - Management is optimistic about sustaining growth, projecting digital-only subscription revenues to rise by 14-17% and total subscription revenues to increase by 9-11% in Q1 2026 [6][10] - Total advertising revenues are expected to grow in the low double digits, with digital advertising revenues projected to increase in the high teens to low twenties percentage range [8][11]