The New York Times Company reported adjusted earnings per share of $0.59 for the third quarter of 2025, beating the consensus estimate of $0.54 by $0.05, or 9.3%. Total revenue reached $700.8 million, outpacing the $691.65 million consensus by $9.15 million, a 1.3% lift.
The earnings beat was driven by disciplined cost management and a strong digital‑subscription expansion. Digital‑only subscription revenue grew 14% year‑over‑year, while digital advertising revenue rose 20%, reflecting higher demand for targeted ads and the success of the company’s bundling strategy. Operating margin expanded to 15% from 12% in the same quarter last year, a 3‑percentage‑point gain that underscores the company’s ability to convert higher revenue into profit.
Revenue growth was largely powered by the digital segment. Digital‑only subscriptions added 1.2 million new members, and the advertising team reported a 20% increase in revenue from digital ad sales, offsetting modest declines in legacy print revenue. The company’s diversified portfolio—news, games, cooking, and sports—contributed to a balanced mix, with the news segment remaining the largest revenue driver.
Compared with the third quarter of 2024, revenue rose 9.5% and adjusted EPS climbed 30%, reflecting both higher top‑line growth and improved margin efficiency. The company’s adjusted operating profit increased 26% year‑over‑year, and the AOP margin grew by 240 basis points.
Management reiterated its confidence in the company’s digital transformation. CEO Meredith Kopit Levien highlighted that the results validate the company’s strategy of bundling products and investing in high‑margin digital offerings. The company’s full‑year guidance remains unchanged: digital‑only subscription revenue is expected to grow 13‑16%, total subscription revenue 8‑10%, and digital advertising revenue 10‑20%.
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