Revenue growth has accelerated to 12.0% as of 2026Q1, though operating margins remain sensitive to SG&A overhead which reached $213.3M in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.9B | 2.82B | 2.59B | 2.43B | 2.31B | 2.07B | 1.78B | 1.81B | 1.75B | 1.68B | 1.56B | 1.58B | 1.59B | 1.58B | 1.99B | 2.32B | 2.39B | 2.44B | 2.95B | 3.2B | 3.29B | 3.37B | 3.3B | 3.23B | 3.08B | 3.02B | 3.49B | 3.13B | 2.94B | 2.87B | 2.62B |
| Revenue Growth % | 10.41% | 9.24% | 6.59% | 5.1% | 11.25% | 16.33% | -1.58% | 3.64% | 4.35% | 7.73% | -1.51% | -0.59% | 0.72% | -20.75% | -14.35% | -2.93% | -1.92% | -17.24% | -7.71% | -2.88% | -2.46% | 2.09% | 2.37% | 4.81% | 2.09% | -13.57% | 11.46% | 6.6% | 2.45% | 9.61% | 8.53% |
| Cost of Goods Sold | 1.39B | 1.39B | 1.31B | 1.25B | 1.21B | 1.04B | 959.31M | 988.16M | 947.88M | 616.34M | 629.36M | 617.81M | 644M | 626.91M | 651.32M | 640.26M | 806.47M | 1.02B | 1.31B | 1.34B | 1.53B | 1.47B | 1.41B | 1.43B | 1.35B | 1.36B | 1.43B | 1.33B | 1.18B | 1.24B | 1.21B |
| COGS % of Revenue | - | 49.19% | 50.64% | 51.48% | 52.37% | 50.1% | 53.78% | 54.53% | 54.21% | 36.78% | 40.46% | 39.12% | 40.54% | 39.75% | 32.73% | 27.56% | 33.69% | 41.85% | 44.44% | 41.97% | 46.49% | 43.55% | 42.58% | 44.27% | 43.93% | 45.19% | 41.09% | 42.54% | 40.13% | 43.2% | 46.39% |
| Gross Profit | 1.51B | 1.44B | 1.28B | 1.18B | 1.1B | 1.04B | 824.33M | 824.02M | 800.71M | 1.06B | 925.99M | 961.4M | 944.53M | 950.32M | 944.02M | 914.31M | 1.17B | 1.42B | 1.63B | 1.85B | 1.76B | 1.76B | 1.75B | 1.8B | 1.73B | 1.65B | 1.94B | 1.71B | 1.78B | 1.63B | 1.42B |
| Gross Margin % | 52.12% | 50.81% | 49.36% | 48.52% | 47.63% | 49.9% | 46.22% | 45.47% | 45.79% | 63.22% | 59.54% | 60.88% | 59.46% | 60.25% | 47.44% | 39.35% | 49.06% | 58.15% | 55.26% | 58.03% | 53.51% | 52.25% | 53.06% | 55.73% | 56.07% | 54.81% | 55.6% | 54.76% | 60.55% | 56.8% | 54.11% |
| Gross Profit Growth % | - | 12.44% | 8.44% | 7.07% | 6.19% | 25.59% | 0.04% | 2.91% | -24.41% | 14.4% | -3.68% | 1.79% | -0.61% | 0.67% | 3.25% | -22.14% | -17.26% | -12.9% | -12.11% | 5.32% | -0.11% | 0.54% | -2.54% | 4.17% | 4.43% | -14.79% | 13.17% | -3.59% | 9.22% | 15.04% | 13.75% |
| Operating Expenses | 1.07B | 984.5M | 925.31M | 900.82M | 897.42M | 767.27M | 648.07M | 648.44M | 610.55M | 882.71M | 813.31M | 824.82M | 852.59M | 794.23M | 840.37M | 787.58M | 1.03B | 1.35B | 1.67B | 1.63B | 2.28B | 1.32B | 1.29B | 1.26B | 1.18B | 1.28B | 1.32B | 1.16B | 1.27B | 1.17B | 1.11B |
| OpEx % of Revenue | - | 34.85% | 35.78% | 37.13% | 38.88% | 36.98% | 36.33% | 35.78% | 34.92% | 52.68% | 52.29% | 52.23% | 53.67% | 50.36% | 42.23% | 33.9% | 42.99% | 55.12% | 56.65% | 50.91% | 69.33% | 39.13% | 39.05% | 39.01% | 38.37% | 42.4% | 37.93% | 37.11% | 43.2% | 40.92% | 42.64% |
| Selling, General & Admin | 755.27M | 635.15M | 586.36M | 571.27M | 556.81M | 545.07M | 452.55M | 479.4M | 472.29M | 815.07M | 728.34M | 754.17M | 770.58M | 709.58M | 758.77M | 687.56M | 909.91M | 1.29B | 1.33B | 1.4B | 1.47B | 1.44B | 1.29B | 1.26B | 1.18B | 1.28B | 1.32B | 1.16B | 1.08B | 999.1M | 967.1M |
| SG&A % of Revenue | - | 22.48% | 22.67% | 23.55% | 24.12% | 26.27% | 25.37% | 26.45% | 27.01% | 48.64% | 46.83% | 47.76% | 48.51% | 44.99% | 38.13% | 29.59% | 38.02% | 52.69% | 45.05% | 43.74% | 44.58% | 42.77% | 39.05% | 39.01% | 38.37% | 42.4% | 37.93% | 37.11% | 36.79% | 34.86% | 36.98% |
| Research & Development | 268M | 264.35M | 248.2M | 228.8M | 204.19M | 160.87M | 132.43M | 106.42M | 84.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 9.36% | 9.6% | 9.43% | 8.85% | 7.75% | 7.42% | 5.87% | 4.81% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 85.01M | 90.76M | 100.75M | 136.42M | 61.33M | 62.14M | 62.62M | 54.16M | 67.64M | 84.97M | 70.65M | 82M | 84.65M | 81.6M | 100.02M | 119.04M | 59.38M | 342.18M | 229.14M | 814.43M | -122.95M | 0 | 0 | 0 | 0 | 0 | 0 | 188.24M | 173.9M | 147.9M |
| Operating Income | 467.94M | 450.7M | 351.1M | 276.27M | 201.97M | 268.03M | 176.26M | 175.58M | 190.17M | 176.59M | 112.68M | 136.59M | 91.95M | 156.09M | 103.65M | 126.74M | 145.31M | 74.06M | -41.19M | 227.43M | -520.61M | 442.5M | 462.61M | 539.55M | 544.87M | 374.4M | 616.58M | 552.63M | 509.39M | 455M | 300.1M |
| Operating Margin % | 16.13% | 15.95% | 13.58% | 11.39% | 8.75% | 12.92% | 9.88% | 9.69% | 10.88% | 10.54% | 7.24% | 8.65% | 5.79% | 9.9% | 5.21% | 5.45% | 6.07% | 3.03% | -1.4% | 7.12% | -15.82% | 13.12% | 14% | 16.72% | 17.7% | 12.41% | 17.67% | 17.65% | 17.35% | 15.87% | 11.48% |
| Operating Income Growth % | - | 28.37% | 27.08% | 36.79% | -24.65% | 52.07% | 0.38% | -7.67% | 7.69% | 56.72% | -17.5% | 48.55% | -41.09% | 50.58% | -18.21% | -12.78% | 96.21% | 279.79% | -118.11% | 143.69% | -217.65% | -4.35% | -14.26% | -0.98% | 45.53% | -39.28% | 11.57% | 8.49% | 11.95% | 51.62% | 31.28% |
| EBITDA | 557.42M | 545.85M | 443.12M | 371.62M | 294.54M | 335.02M | 246.96M | 243.63M | 249.18M | 238.46M | 174.4M | 198.18M | 171.4M | 241.56M | 207.43M | 243.19M | 266.26M | 207.83M | 103.22M | 416.99M | -350.76M | 586.26M | 605.14M | 687.3M | 698.22M | 568.41M | 844.55M | 750.12M | 697.62M | 628.9M | 448M |
| EBITDA Margin % | 19.21% | 19.32% | 17.14% | 15.32% | 12.76% | 16.15% | 13.85% | 13.44% | 14.25% | 14.23% | 11.21% | 12.55% | 10.79% | 15.32% | 10.42% | 10.47% | 11.12% | 8.52% | 3.5% | 13.05% | -10.66% | 17.38% | 18.32% | 21.3% | 22.68% | 18.85% | 24.2% | 23.96% | 23.76% | 21.94% | 17.13% |
| EBITDA Growth % | 22.72% | 23.18% | 19.24% | 26.17% | -12.08% | 35.66% | 1.37% | -2.23% | 4.49% | 36.73% | -12% | 15.62% | -29.04% | 16.46% | -14.7% | -8.66% | 28.11% | 101.35% | -75.25% | 218.88% | -159.83% | -3.12% | -11.95% | -1.56% | 22.84% | -32.7% | 12.59% | 7.53% | 10.93% | 40.38% | 21.87% |
| D&A (Non-Cash Add-back) | 89.48M | 95.15M | 92.02M | 95.35M | 92.58M | 66.99M | 70.7M | 68.05M | 59.01M | 61.87M | 61.72M | 61.6M | 79.45M | 85.48M | 103.78M | 116.45M | 120.95M | 133.78M | 144.41M | 189.56M | 169.85M | 143.77M | 142.53M | 147.75M | 153.35M | 194.01M | 227.97M | 197.49M | 188.24M | 173.9M | 147.9M |
| EBIT | 388.26M | 452.42M | 384.44M | 303.6M | 236.8M | 291.28M | 116.16M | 191.32M | 203.77M | 137.7M | 69.45M | 138.39M | 81.58M | 154.39M | 316.83M | 144.77M | 167.46M | 85.48M | -71.87M | 227.43M | -520.61M | 442.5M | 520.84M | 539.55M | 544.87M | 374.4M | 616.58M | 552.63M | 509.39M | 455M | 300.1M |
| Net Interest Income | 28.85M | 42.31M | 36.48M | 21.1M | 6.46M | 5.79M | 13.26M | -5.71M | -16.57M | -19.78M | -34.8M | -39.05M | -53.73M | -58.07M | -62.38M | -85.24M | -85.06M | -81.7M | -47.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 29.82M | 43.48M | 37.5M | 22.12M | 7.26M | 6.56M | 13.98M | 21.58M | 14.51M | 9.9M | 9.02M | 7.34M | 5.18M | 1.51M | 410K | 0 | 0 | 0 | 401K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 976K | 1.17M | 1.02M | 1.01M | 800K | 769K | 727K | 3.82M | 31.08M | 29.68M | 43.83M | 46.39M | 58.91M | 59.59M | 62.81M | 85.24M | 85.06M | 81.7M | 220.81M | 0 | 820.66M | 0 | 25.45M | 34.08M | 61.53M | 0 | 0 | 14.9M | 0 | 0 | 177.8M |
| Other Income/Expense | 17.67M | 553K | 32.33M | 26.32M | 34.03M | 22.47M | -60.82M | -11.12M | -14.08M | -65.37M | -82.15M | -39.83M | -62.1M | -61.29M | 154.9M | -60.72M | -56.9M | -70.28M | -30.73M | -42.46M | -31.31M | -34.95M | -33.31M | -39.7M | -53.48M | -34.55M | 37.16M | -32.82M | -3.87M | -17.6M | -102.2M |
| Pretax Income | 485.61M | 451.26M | 383.42M | 302.59M | 236M | 290.5M | 115.43M | 164.46M | 176.09M | 111.22M | 30.53M | 96.75M | 29.85M | 94.8M | 263.3M | -3.72M | 177.22M | 3.77M | -71.36M | 184.97M | -551.92M | 446.1M | 476.64M | 499.85M | 491.39M | 339.85M | 673.09M | 538.5M | 505.5M | 437.4M | 197.9M |
| Pretax Margin % | 16.74% | 15.97% | 14.83% | 12.47% | 10.22% | 14% | 6.47% | 9.08% | 10.07% | 6.64% | 1.96% | 6.13% | 1.88% | 6.01% | 13.23% | -0.16% | 7.4% | 0.15% | -2.42% | 5.79% | -16.78% | 13.23% | 14.43% | 15.49% | 15.96% | 11.27% | 19.29% | 17.2% | 17.21% | 15.26% | 7.57% |
| Income Tax | 103.25M | 107.28M | 89.6M | 69.84M | 62.09M | 70.53M | 14.6M | 24.49M | 48.63M | 103.96M | 4.42M | 33.91M | -3.54M | 37.89M | 103.48M | 36.51M | 68.52M | 2.21M | -5.73M | 76.14M | 16.61M | 180.24M | 183.5M | 197.76M | 191.64M | 137.63M | 275.55M | 228.3M | 218.9M | 175.1M | 113.4M |
| Effective Tax Rate % | 21.26% | 23.77% | 23.37% | 23.08% | 26.31% | 24.28% | 12.64% | 14.89% | 27.62% | 93.47% | 14.48% | 35.05% | -11.86% | 39.97% | 39.3% | -981.87% | 38.66% | 58.44% | 8.02% | 41.16% | -3.01% | 40.4% | 38.5% | 39.56% | 39% | 40.5% | 40.94% | 42.4% | 43.3% | 40.03% | 57.3% |
| Net Income | 382.35M | 343.98M | 293.82M | 232.39M | 173.91M | 219.97M | 100.1M | 139.97M | 125.68M | 4.3M | 29.07M | 63.25M | 33.31M | 65.11M | 133.17M | -39.67M | 107.7M | 19.89M | -57.84M | 208.7M | -543.44M | 259.75M | 292.56M | 302.65M | 299.75M | 444.67M | 397.54M | 310.2M | 278.9M | 262.3M | 84.5M |
| Net Margin % | 13.18% | 12.18% | 11.36% | 9.58% | 7.53% | 10.6% | 5.61% | 7.72% | 7.19% | 0.26% | 1.87% | 4% | 2.1% | 4.13% | 6.69% | -1.71% | 4.5% | 0.82% | -1.96% | 6.53% | -16.52% | 7.7% | 8.86% | 9.38% | 9.74% | 14.74% | 11.39% | 9.91% | 9.5% | 9.15% | 3.23% |
| Net Income Growth % | 26.21% | 17.07% | 26.44% | 33.63% | -20.94% | 119.74% | -28.48% | 11.36% | 2825.61% | -85.22% | -54.04% | 89.89% | -48.84% | -51.11% | 435.71% | -136.83% | 441.47% | 134.39% | -127.71% | 138.4% | -309.22% | -11.21% | -3.34% | 0.97% | -32.59% | 11.86% | 28.15% | 11.22% | 6.33% | 210.41% | -37.82% |
| Net Income (Continuing) | 382.35M | 343.98M | 293.82M | 232.75M | 173.91M | 219.97M | 100.84M | 139.97M | 127.46M | 7.27M | 26.11M | 62.84M | 33.39M | 56.91M | 163.94M | 44.6M | 108.7M | 1.57M | -65.64M | 108.83M | -568.53M | 265.86M | 293.15M | 302.65M | 299.75M | 202.22M | 386.24M | 299.43M | 286.63M | 262.3M | 84.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -53.61M | 0 | -8.6M | 107K | 0 | -22.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 2M | 2M | 2.59M | 1.86M | 1.86M | 84K | -3.57M | 1.7M | 2.02M | 3.62M | 3.31M | 3.15M | 4.15M | 3.2M | 3.07M | 5.91M | 5.97M | 188.98M | 134.62M | 91.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.34 | 2.09 | 1.77 | 1.40 | 1.04 | 1.31 | 0.60 | 0.84 | 0.75 | 0.03 | 0.18 | 0.38 | 0.20 | 0.41 | 0.87 | -0.27 | 0.71 | 0.14 | -0.40 | 1.45 | -3.76 | 1.74 | 1.93 | 1.98 | 1.94 | 2.78 | 2.32 | 1.73 | 1.45 | 1.33 | 0.43 |
| EPS Growth % | 26.63% | 18.08% | 26.43% | 34.62% | -20.61% | 118.33% | -28.57% | 12% | 2400% | -83.33% | -52.63% | 90% | -51.22% | -52.87% | 422.22% | -138.03% | 407.14% | 135% | -127.59% | 138.56% | -316.09% | -9.84% | -2.53% | 2.06% | -30.22% | 19.83% | 34.1% | 19.31% | 9.02% | 209.3% | -38.57% |
| EPS (Basic) | - | 2.11 | 1.79 | 1.41 | 1.04 | 1.31 | 0.60 | 0.84 | 0.76 | 0.03 | 0.18 | 0.38 | 0.22 | 0.43 | 0.90 | -0.27 | 0.74 | 0.14 | -0.40 | 1.45 | -3.76 | 1.74 | 1.95 | 2.01 | 1.98 | 2.83 | 2.37 | 1.77 | 1.48 | 1.36 | 0.44 |
| Diluted Shares Outstanding | 163.7M | 164.94M | 165.8M | 165.66M | 167.14M | 168.53M | 168.04M | 167.54M | 166.94M | 164.26M | 162.82M | 166.42M | 161.32M | 157.77M | 152.69M | 147.19M | 152.6M | 146.37M | 143.78M | 144.16M | 144.58M | 145.88M | 149.36M | 152.84M | 154.81M | 160.08M | 171.6M | 179.24M | 192.85M | 197.14M | 196.28M |
| Basic Shares Outstanding | 162.04M | 163.16M | 164.43M | 164.72M | 166.87M | 167.93M | 166.97M | 166.04M | 164.84M | 161.93M | 161.13M | 164.39M | 150.67M | 149.75M | 148.15M | 147.19M | 145.64M | 144.19M | 143.78M | 143.89M | 144.58M | 145.44M | 147.57M | 150.28M | 151.56M | 157.08M | 167.99M | 175.59M | 188.76M | 192.79M | 191.82M |
| Dividend Payout Ratio | - | 32.08% | 28.2% | 29.89% | 32.66% | 20.61% | 38.4% | 22.58% | 21.02% | 605.31% | 89.09% | 42.06% | 74.63% | 9.28% | - | - | - | - | - | 59.92% | - | 36.39% | 30.81% | 28.25% | 26.78% | 17.32% | 18.97% | 23.21% | 24.96% | 23.6% | 65.68% |
AI-driven traffic commoditization
According to the latest quarterly income statements, NYT has achieved a notable revenue growth acceleration, reaching 12.0% in 2026Q1 compared to 5.9% in 2024Q1, suggesting that the company's strategic pivot toward a diversified digital bundle is successfully capturing incremental market share despite broader industry headwinds.
The consistent upward trend in revenue growth indicates that the company's transition from transactional advertising to a recurring subscription model is gaining traction. This acceleration appears to be driven by the successful integration of non-news verticals, which likely reduces churn and increases the lifetime value of the subscriber base.
As reported in financial filings, gross margins have fluctuated between 46.7% and 54.3% over the last ten quarters, reflecting the inherent costs of maintaining a premium newsroom while simultaneously scaling digital product offerings that carry different cost profiles than legacy print operations.
The variability in gross margins suggests that the company is still navigating the cost-efficiency of its digital-first strategy. Investors should monitor whether the recent compression to 49.0% in 2026Q1 represents a temporary investment in content or a more permanent shift in the cost of digital delivery.
Based on the provided income statement data, operating income has shown significant volatility, scaling from $48.3M in 2024Q1 to $90.6M in 2026Q1, which indicates that while the company is growing, SG&A expenses remain a substantial drag on the conversion of gross profit into operating profit.
The lack of consistent operating margin expansion suggests that the company is heavily reinvesting in subscriber acquisition and technical infrastructure. This strategy appears to prioritize long-term market dominance over immediate bottom-line optimization, which may warrant further investigation into the efficiency of current marketing spend.
Analysis of the company's cost structure reveals that SG&A and R&D expenses remain elevated, with SG&A reaching $213.3M in 2026Q1, highlighting the significant capital required to support the specialized newsroom and digital platform development necessary to maintain the company's competitive moat.
The high fixed-cost nature of the business implies that profitability is highly sensitive to subscriber volume growth. If the company fails to maintain its current growth trajectory, the existing cost structure could lead to rapid margin compression, as the newsroom and technical staff represent largely non-discretionary expenses.
While the company reports strong subscription growth, the potential for AI-driven search and discovery to bypass traditional publisher platforms, as noted in industry risk assessments, poses a fundamental threat to the long-term sustainability of the company's digital traffic and its associated advertising and affiliate revenue streams.
Short-term financial performance may mask the underlying risk that AI agents could commoditize the very content that drives the company's subscription bundle. Investors should consider whether the current valuation adequately prices in the potential for a structural decline in organic traffic if AI models successfully replicate the utility of Wirecutter and Cooking.
Quick answers to the most common questions about buying NYT stock.
For fiscal year 2025, The New York Times Company (NYT) reported total revenue of $2.82B. This represents a 8.0% increase compared to $2.62B in 1996.
The New York Times Company (NYT) is profitable, generating $344.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.2%.
The New York Times Company (NYT) reported an operating income of $450.7M, resulting in an operating profit margin of 16.0%. This margin reflects the operational efficiency of the business before interest and taxes.
The New York Times Company (NYT) generated $1.44B in gross profit for the year, representing a gross profit margin of 50.8%. This demonstrates the company's core pricing power and production efficiency.