Q2 2026 New York Times Co Earnings Call Transcript
Key Points
- New York Times Co (NYT) delivered strong Q2 results with consolidated revenues growing 11% and digital subscription revenues up 16%, adding 280,000 net new digital subscribers to reach a total of 13.4 million.
- Digital advertising revenue surged 21% in Q2, exceeding expectations, driven by strong marketer demand and high engagement across the portfolio.
- The company is making strategic investments in video journalism, producing thousands of new videos per quarter and launching new features like the Shows tab in its flagship app to expand audience engagement.
- New York Times Co (NYT) continues to benefit from its multi-revenue stream model, with affiliate, licensing, and other revenues growing 7% in Q2, beating expectations.
- The company remains on track to achieve its midterm targets, with strong free cash flow generation of $266 million in the first half of 2026 and a commitment to returning at least 50% of free cash flow to shareholders.
- New York Times Co (NYT) faces headwinds from big tech companies reducing traffic to publishers, and the company acknowledges it is not immune to this impact.
- Adjusted operating costs grew 10% in Q2, exceeding guidance due to incremental variable compensation tied to financial outperformance and investments in video journalism.
- The Q3 digital subscription revenue growth guidance of 12% to 15% is below recent performance, partly due to the cohort impact of paywalling The Mini in the prior year.
- Video monetization is still in early stages, playing a relatively minor role in advertising revenue growth, with significant scaling needed before it contributes meaningfully.
- The company expects some of its strong first-half free cash flow to reverse in the second half due to seasonal working capital timing, and a tax-related benefit of approximately $60 million is not expected to recur beyond 2026.
Good morning, and welcome to The New York Times Company's second quarter 2026 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 second quarter 2026 earnings conference call. On the call today, we have Meredith Kopit Levien, President and Chief Executive Officer; and Will Bardeen, Executive Vice President and Chief Financial Officer.
Before we begin, I would like to remind you that we'll be making forward-looking statements including about our business strategy and performance based on our current expectations. Our actual results could differ materially due to a number of risks and uncertainties described in the company's 10-K and subsequent SEC filings. We'll also be referencing non-GAAP financial measures for which there are reconciliations
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