New York Times

NYT · NYSE · Communication Services · Financials, fiscal 2016 to 2025

NYT · Last close · October 26, 2026

$70.66

New York Times' revenue rose 9.2% to $2.8 billion in fiscal 2025. Its operating margin was 15.3%, up from 13.6% a year earlier. Free cash flow was $550 million, up 44.4%. It paid out $276 million in dividends and buybacks, 50% of free cash flow. The diluted share count fell 0.5%.

THE NEW YORK TIMES COMPANY Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000071691-26-000011 Updated October 9, 2026

Revenue

$2.8B

9.2%

Operating margin

15.3%

1.7 pts

Net income

$344M

17.1%

Free cash flow

$550M

44.4%

Return on capital

23.8%

3.7 pts

Market cap

$11.5B

Oct 26 close

P/E

29.4x

On $2.40 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. The New York Times has had no borrowings since it repaid its notes in 2019 (its credit line is undrawn), so debt is counted as zero from then.

What New York Times does

The New York Times Company is a news organization. It sells The New York Times in print and online, and also The Athletic (sports), Cooking, Games, Audio and Wirecutter (product reviews). Readers can buy one product or a bundle of the digital ones. It had about 12.78 million subscribers at the end of 2025.

Revenue comes mainly from subscriptions and advertising. Digital ads were about 73% of advertising revenue in 2025, and print ads the rest. It also earns money from licensing its content, from affiliate links in Wirecutter (it is paid a share when a reader buys through a link), and from printing for other companies at its plant in College Point, N.Y.

The Times says it competes for readers, subscribers and advertisers with other news outlets, search engines, social media, streaming services and AI companies. It had about 6,000 full-time equivalent employees at the end of 2025, and many are represented by unions.

Its biggest risks, as it describes them

Strong competition for readers and advertisers from news outlets, social media and other platforms.
Generative AI hurting its audience, subscriptions, ad demand and the value of its content.
Depending on search engines, app stores and other outside platforms to reach users.
Pension plan obligations that take cash and can swing in size.
Labor agreements that could raise costs or limit how efficiently it runs its operations.

From New York Times's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 31.3% a year and net income 31.6% a year, as new shares raised the share count by 1% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value New York Times yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from New York Times' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from New York Times' fiscal 2025 free cash flow of $550M, net cash of $642M at December 31, 2025 and 165 million diluted shares, from its filings. The scenarios are fitted to New York Times: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Publishing); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to New York Times's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 7% then 5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 10.5% then 7% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $70.66
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from New York Times' earnings per share of $2.40 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.3×, the middle of New York Times' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: John Wiley & Sons, Scholastic, News.

Earnings growth in the years ahead (% a year) Starts at New York Times' revenue growth over the last 3 years, 7.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $70.66
Value at this multiple, against the last close: —
New York Times' P/E at the last close: 29.4×

Company	Last close	Earnings per share	P/E today
NewsNWSA	$30.59	$1.03	29.7×
New York TimesNYT	$70.66	$2.40	29.4×
ScholasticSCHL	$38.76	$1.42	27.3×
John Wiley & SonsWLY	$53.63	$3.71	14.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	661	347	452	566	642
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−661	−347	−452	−566	−642
Net debt to EBITDA	−2.0x	−1.2x	−1.2x	−1.3x	−1.2x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	490.9x	127.6x	390.2x	490.4x	3,887.9x
Current ratio	1.7x	1.1x	1.3x	1.5x	1.5x
Quick ratio	1.7x	1.1x	1.3x	1.5x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought New York Times shares on the open market, and 7 insiders sold $9.8 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 3, 2026	Jacqueline M WelchEVP and CHRO	Sold	4,000	$74.14	$296,560	Form 4
May 12, 2026	Levien Meredith A. KopitPresident & CEO, Director	Sold	9,750	$78.00	$760,500	Form 4
May 12, 2026	William BardeenEVP, Chief Financial Officer	Sold	4,121	$77.85	$320,820	Form 4
May 11, 2026	David S. PerpichDirector	Sold	9,000	$77.06	$693,540	Form 4
Mar 3, 2026	Levien Meredith A. KopitPresident & CEO, Director	Sold	51,949	$79.70	$4.1 million	Form 4
Mar 3, 2026	Arthur G. SulzbergerChairman and Publisher, Director	Sold	13,000	$79.95	$1.0 million	Form 4
Mar 3, 2026	William BardeenEVP, Chief Financial Officer	Sold	13,000	$79.56	$1.0 million	Form 4
Feb 20, 2026	Diane BraytonEVP, Chief Legal Officer	Sold	4,600	$77.03	$354,338	Form 4
Feb 17, 2026	Benten R AnthonySVP, Treasurer & CAO	Sold	1,913	$73.57	$140,739	Form 4
Nov 6, 2025	Levien Meredith A. KopitPresident & CEO, Director	Sold	16,972	$59.68	$1.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	7 of 8	5 of 8	7 of 8
Accruals ratio	−4.9%	−4.2%	−8.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put New York Times side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
New York Times	FY25	9.2%	15.3%	19.5%	23.8%	−1.2x	7
Pearson	FY25	0.7%	14.2%	—	7.3%	—	—	Compare
John Wiley & Sons	FY26	−0.1%	16.5%	12.5%	18.9%	1.4x	8	Compare
Scholastic	FY26	−2.7%	1.0%	0.2%	1.1%	−0.7x	7	Compare
News	FY26	6.8%	—	9.0%	8.9%	−0.1x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,555	1,676	1,749	1,812	1,784	2,075	2,308	2,426	2,586	2,825
Revenue growth	−1.5%	7.7%	4.3%	3.6%	−1.6%	16.3%	11.2%	5.1%	6.6%	9.2%
Gross profit	926	1,059	1,749	1,812	—	—	—	—	—	—
Research and development	—	—	84	106	133	161	204	229	248	264
Operating income	113	177	190	176	176	268	202	276	351	432
Net income	29	4	126	140	100	220	174	232	294	344
Diluted EPS (US$)	0.18	0.03	0.75	0.83	0.60	1.31	1.04	1.40	1.77	2.09
Diluted shares (millions)	163	164	167	168	168	168	167	166	166	165
Cash flow
Cash from operations	104	87	157	190	298	269	151	361	410	584
Capital expenditure	30	85	78	45	34	35	37	23	29	34
Free cash flow	74	2	80	144	263	234	114	338	381	550
Dividends paid	26	26	26	32	38	45	57	70	83	110
Share buybacks	16	0	0	0	0	0	105	45	85	165
Acquisitions	40	0	0	0	33	0	516	0	0	0
Stock-based compensation	12	15	13	13	14	22	35	55	68	74
Balance sheet at fiscal year end
Cash and short-term investments	550	492	613	432	595	661	347	452	566	642
Debt incl. finance leases	247	250	507	0	0	0	0	0	0	0
Total assets	2,185	2,100	2,197	2,089	2,308	2,564	2,534	2,715	2,842	2,997
Total liabilities	1,341	1,202	1,154	915	980	1,023	934	951	914	956
Shareholders' equity	848	897	1,041	1,172	1,326	1,539	1,598	1,763	1,927	2,041
Margins and ratios
Gross margin	59.5%	63.2%	100.0%	100.0%	—	—	—	—	—	—
Operating margin	7.2%	10.5%	10.9%	9.7%	9.9%	12.9%	8.8%	11.4%	13.6%	15.3%
Net margin	1.9%	0.3%	7.2%	7.7%	5.6%	10.6%	7.5%	9.6%	11.4%	12.2%
Free cash flow margin	4.7%	0.1%	4.5%	8.0%	14.8%	11.3%	4.9%	13.9%	14.8%	19.5%
Return on capital	16.2%	14.8%	17.3%	17.8%	20.9%	25.2%	14.0%	16.6%	20.1%	23.8%
Return on equity	3.5%	0.5%	13.0%	12.7%	8.0%	15.4%	11.1%	13.8%	15.9%	17.3%
Return on assets	1.3%	0.2%	5.8%	6.5%	4.5%	9.0%	6.8%	8.9%	10.6%	11.8%
Net debt to EBITDA	−1.7x	−1.0x	−0.4x	−1.8x	−2.5x	−2.0x	−1.2x	−1.2x	−1.3x	−1.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: New York Times' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with New York Times.