stockrowLatest quarter
The New York Times reported second-quarter revenue of $762.5 million, above the consensus estimate of $748.0 million. Adjusted earnings per share were $0.69, compared with the consensus estimate of $0.67. Diluted earnings per share were $0.57, up from $0.50 a year earlier.
The company’s filing attributed subscription revenue growth to digital-only subscriptions, partly offset by lower print subscription revenue. It said digital subscriber growth and higher average revenue per user contributed to the increase. Subscribers moving off promotional prices and price increases for some existing customers raised digital revenue per user, the filing said.
The company reported higher advertising revenue as digital advertising growth offset a decline in print. It attributed growth in affiliate, licensing and other revenue to higher Wirecutter referral revenue. Operating margin was 15.5%, unchanged from the year before, while free cash flow rose to $184.2 million from $103.3 million.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $762.5 million | $685.9 million | 11.2% |
| Diluted EPS | $0.57 | $0.50 | 14.0% |
| Gross margin | 51.8% | 50.6% | 1.1 percentage points |
| Operating margin | 15.5% | 15.5% | −0.1 percentage points |
| Free cash flow | $184.2 million | $103.3 million | 78.3% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.69 | $0.67 | Beat by 2.99% |
| Revenue | $762.5 million | $748.0 million | Beat by 1.94% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
The company attributed higher digital-only subscription revenue to subscriber growth and higher average revenue per user in its quarterly filing.
Guidance
The New York Times expects third-quarter advertising revenue to increase by high single to low double digits year over year, with digital advertising revenue up by the mid-to-high teens.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Capex | FY2026 | $35.0 million–$45.0 million | — | New |
| Revenue, Affiliate Licensing and Other | Q3 FY2026 | The New York Times Company expects affiliate, licensing and other revenue to increase by low to mid single digits year over year in Q3 FY2026. | — | — |
| Revenue, Advertising | Q3 FY2026 | The New York Times Company expects total advertising revenue to increase by high single to low double digits year over year in Q3 FY2026. | — | — |
| Revenue, Digital Advertising | Q3 FY2026 | The New York Times Company expects digital advertising revenue to increase by the mid-to-high teens year over year in Q3 FY2026. | — | — |