Q4 2025 New York Times Co Earnings Call Transcript
Key Points
- New York Times Co (NYT) added 1.4 million net new digital subscribers in 2025, bringing the total to 12.8 million.
- Digital advertising revenue grew by 25% in the fourth quarter, contributing to a 16% increase in total advertising revenue.
- The company achieved over $2 billion in total digital revenues for the first time.
- Adjusted operating profit grew by more than 20%, with margins expanding to 19.5%.
- NYT generated approximately $551 million in free cash flow in 2025, reflecting robust operating profit and a capital-efficient model.
- The media environment remains challenging due to polarization and low trust, impacting publishers.
- Ongoing declines in print revenues partially offset the increases in digital revenues.
- Adjusted operating costs grew by 9.7% in the fourth quarter, exceeding the guidance range due to higher incentive compensation expenses.
- The company faces headwinds from AI and the rapidly changing information ecosystem.
- There is uncertainty regarding the resolution of ongoing litigation expenses related to AI.
Good morning and welcome to the New York Times Company fourth quarter 2025 earnings conference call. (Operator Instructions)
Please note this event is being recorded. I would now like to turn the conference over to Anthony Diclemente, Senior Vice President, Investor Relations. Please go ahead.
Thank you and welcome to the New York Times Company's 4th quarter and full year 2025 earnings conference call. On the call today, we have Meredith Koppe Levian, President and Chief Executive Officer, and Will Bardine, executive Vice President and Chief Financial Officer.
Before we begin, I would like to remind you that management will make forward-looking statements during the course of this call. These statements are based on current expectations and assumptions, which may change over time. Our actual results could differ materially due to a number of risks and uncertainties that are described in the company's 2024 10k and subsequent SEC filings. In addition, our presentation. We'll
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