Revenue continues to face secular headwinds, declining 4.0% year-over-year in 2026Q1, while operating margins remain constrained at 7.1% due to the high fixed-cost nature of legacy printing operations.
| 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 |
|---|
| Sales/Revenue | 2.28B | 2.3B | 2.51B | 2.66B | 2.95B | 3.21B | 3.41B | 1.87B | 1.53B | 1.34B | 1.26B | 1.2B | 652.32M | 516.5M | 488.55M | 514.67M |
| Revenue Growth % | -6.79% | -8.25% | -5.79% | -9.57% | -8.19% | -5.8% | 82.33% | 22.4% | 13.71% | 6.9% | 4.98% | 83.32% | 26.3% | 5.72% | -5.07% | - |
| Cost of Goods Sold | 1.49B | 1.58B | 1.55B | 1.69B | 1.86B | 1.9B | 2.03B | 1.19B | 865.23M | 742.82M | 699.31M | 656.55M | 368.42M | 268.22M | 268.22M | 281.88M |
| COGS % of Revenue | - | 68.48% | 61.59% | 63.53% | 63.16% | 59.27% | 59.73% | 63.79% | 56.7% | 55.35% | 55.71% | 54.9% | 56.48% | 51.93% | 54.9% | 54.77% |
| Gross Profit | 785.95M | 725.68M | 963.73M | 971.52M | 1.08B | 1.31B | 1.37B | 676.43M | 660.79M | 599.18M | 556.04M | 539.26M | 283.9M | 248.28M | 220.33M | 232.79M |
| Gross Margin % | 34.48% | 31.52% | 38.41% | 36.47% | 36.84% | 40.73% | 40.27% | 36.21% | 43.3% | 44.65% | 44.29% | 45.1% | 43.52% | 48.07% | 45.1% | 45.23% |
| Gross Profit Growth % | - | -24.7% | -0.8% | -10.46% | -16.96% | -4.73% | 102.74% | 2.37% | 10.28% | 7.76% | 3.11% | 89.95% | 14.35% | 12.68% | -5.35% | - |
| Operating Expenses | 665.81M | 639.75M | 1.01B | 885.25M | 1.12B | 1.2B | 1.82B | 606.92M | 590.07M | 522.73M | 482.76M | 474.03M | 253.28M | -357.2M | 184.91M | 188.72M |
| OpEx % of Revenue | - | 27.79% | 40.11% | 33.24% | 37.98% | 37.33% | 53.42% | 32.49% | 38.67% | 38.95% | 38.46% | 39.64% | 38.83% | -69.16% | 37.85% | 36.67% |
| Selling, General & Admin | 623.16M | 639.75M | 726.03M | 735.34M | 852.49M | 902.06M | 999.79M | 606.92M | 505.28M | 448.33M | 414.98M | 406.28M | 211.83M | 165.6M | 145.02M | 146.29M |
| SG&A % of Revenue | - | 27.79% | 28.93% | 27.61% | 28.94% | 28.12% | 29.36% | 32.49% | 33.11% | 33.41% | 33.06% | 33.98% | 32.47% | 32.06% | 29.68% | 28.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 280.54M | 149.91M | 266.06M | 295.38M | 819.5M | 0 | 838K | 196K | -2.41M | -350K | -65K | -522.8M | 85K | 395K |
| Operating Income | 120.14M | 85.93M | -42.84M | 86.27M | -33.6M | 109.08M | -447.89M | 69.52M | 58.14M | 34.61M | 61.37M | 103.42M | 26.36M | 873.8M | 29.79M | 35.61M |
| Operating Margin % | 5.27% | 3.73% | -1.71% | 3.24% | -1.14% | 3.4% | -13.15% | 3.72% | 3.81% | 2.58% | 4.89% | 8.65% | 4.04% | 169.18% | 6.1% | 6.92% |
| Operating Income Growth % | - | 300.6% | -149.66% | 356.77% | -130.8% | 124.35% | -744.29% | 19.57% | 67.97% | -43.6% | -40.66% | 292.42% | -96.98% | 2832.9% | -16.33% | - |
| EBITDA | 274.46M | 251.69M | 113.45M | 242.19M | 148.42M | 313.04M | -184.07M | 181.4M | 142.93M | 109.01M | 129.15M | 171.18M | 67.81M | 913.9M | 70.42M | 79M |
| EBITDA Margin % | 12.04% | 10.93% | 4.52% | 9.09% | 5.04% | 9.76% | -5.4% | 9.71% | 9.37% | 8.12% | 10.29% | 14.31% | 10.39% | 176.94% | 14.41% | 15.35% |
| EBITDA Growth % | 63.21% | 121.85% | -53.16% | 63.18% | -52.59% | 270.06% | -201.47% | 26.91% | 31.12% | -15.59% | -24.55% | 152.45% | -92.58% | 1197.78% | -10.86% | - |
| D&A (Non-Cash Add-back) | 154.31M | 165.76M | 156.29M | 155.92M | 182.02M | 203.96M | 263.82M | 111.88M | 84.79M | 74.39M | 67.77M | 67.75M | 41.45M | 40.1M | 40.63M | 43.39M |
| EBIT | 116.94M | 85.93M | 27.02M | 105.61M | 31.46M | 47.83M | -477.33M | -143.52M | 56.09M | 30.04M | 58.96M | 65.23M | 30.62M | 872.75M | 30.26M | 35.56M |
| Net Interest Income | -93.23M | -99.14M | -104.7M | -111.78M | -108.37M | -135.75M | -228.51M | -63.66M | -36.07M | -30.48M | -29.64M | -32.06M | -17.68M | -77.03M | 57.55M | -59.67M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.55M | 0 |
| Interest Expense | 93.23M | 99.14M | 104.7M | 111.78M | 108.37M | 135.75M | 228.51M | 63.66M | 36.07M | 30.48M | 29.64M | 32.06M | 17.68M | 77.03M | 0 | 58.31M |
| Other Income/Expense | -76.6M | -87.21M | -34.84M | -92.44M | -43.31M | -197M | -257.96M | -276.7M | -38.12M | -34.27M | -31.26M | -32.41M | -26.85M | 869.6M | -57.46M | -66.82M |
| Pretax Income | 43.55M | -1.27M | -77.67M | -6.17M | -76.91M | -87.92M | -705.85M | -207.18M | 20.02M | -434K | 29.32M | 71.02M | -492K | 795.7M | -27.67M | -22.75M |
| Pretax Margin % | 1.91% | -0.06% | -3.1% | -0.23% | -2.61% | -2.74% | -20.73% | -11.09% | 1.31% | -0.03% | 2.34% | 5.94% | -0.08% | 154.06% | -5.66% | -4.42% |
| Income Tax | 14.57M | -3.03M | -51.29M | 21.73M | 1.35M | 48.25M | -33.45M | -85.99M | 1.91M | 481K | -2.32M | 3.4M | 2.71M | 300K | -207K | -1.8M |
| Effective Tax Rate % | 33.45% | 237.65% | 66.03% | -352.46% | -1.75% | -54.88% | 4.74% | 41.51% | 9.55% | -110.83% | -7.91% | 4.79% | -551.42% | 0.04% | 0.75% | 7.92% |
| Net Income | 28.97M | 1.75M | -26.35M | -27.79M | -78M | -134.96M | -670.48M | -119.84M | 18.2M | -915K | 31.64M | 67.61M | -3.21M | 794.6M | -29.8M | -21.65M |
| Net Margin % | 1.27% | 0.08% | -1.05% | -1.04% | -2.65% | -4.21% | -19.69% | -6.42% | 1.19% | -0.07% | 2.52% | 5.65% | -0.49% | 153.84% | -6.1% | -4.21% |
| Net Income Growth % | -43.28% | 106.64% | 5.17% | 64.37% | 42.2% | 79.87% | -459.47% | -758.62% | 2088.63% | -102.89% | -53.2% | 2209.64% | -100.4% | 2766.17% | -37.66% | - |
| Net Income (Continuing) | 28.98M | 1.75M | -26.39M | -27.89M | -78.25M | -136.17M | -672.4M | -121.19M | 18.11M | -915K | 31.64M | 67.61M | -3.21M | 795.45M | -27.46M | -20.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | 0 | 0 |
| Minority Interest | -499K | -499K | -505K | -472K | -369K | -2.48M | -1.15M | 1.85M | 1.55M | 0 | 0 | 0 | 0 | 0 | -2.2M | -1.67M |
| EPS (Diluted) | 0.17 | 0.01 | -0.18 | -0.20 | -0.57 | -1.01 | -5.10 | -1.79 | 0.31 | -0.02 | 0.70 | 1.53 | -0.10 | 26.49 | -0.99 | -0.72 |
| EPS Growth % | -41.19% | 106.67% | 10% | 64.91% | 43.56% | 80.2% | -184.92% | -677.42% | 1891.91% | -102.47% | -54.25% | 1630% | -100.38% | 2775.76% | -37.5% | - |
| EPS (Basic) | - | 0.01 | -0.18 | -0.20 | -0.57 | -1.01 | -5.10 | -1.79 | 0.31 | -0.02 | 0.70 | 1.54 | -0.10 | 26.49 | -0.99 | -0.72 |
| Diluted Shares Outstanding | 165.76M | 145.98M | 142.52M | 139.63M | 136.9M | 134.78M | 131.74M | 67.67M | 58.4M | 53.01M | 45.32M | 44.21M | 31.97M | 30M | 30M | 30M |
| Basic Shares Outstanding | 142.08M | 145.09M | 142.52M | 139.63M | 136.9M | 134.78M | 131.74M | 67.67M | 58.01M | 53.01M | 45.23M | 44.04M | 31.97M | 30M | 30M | 30M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 479.2% | - | 188.87% | 84.83% | - | 18.75% | - | - |
Secular print revenue decline
As reported in recent financial filings, TDAY's top-line performance remains under pressure, with revenue declining by 8.25% year-over-year, reflecting the ongoing struggle to offset the secular erosion of legacy print advertising through its digital marketing solutions and subscription-based initiatives across its diverse geographic segments.
The consistent negative growth trajectory suggests that the company's digital transformation efforts have yet to reach a critical mass capable of stabilizing the overall revenue base. Investors should monitor whether the rebranding to USA TODAY Co., Inc. can effectively catalyze a shift in consumer perception or if the structural decline in print remains the dominant force.
Based on the provided income statement data, TDAY's gross margin has fluctuated significantly, reaching a low of 29.5% in 2025Q3, which highlights the company's vulnerability to input cost volatility and the high fixed-cost nature of its physical news distribution and printing infrastructure.
The inability to maintain consistent gross margins suggests that the company lacks the pricing power necessary to pass through inflationary pressures in newsprint and logistics. This margin instability appears to be a direct consequence of a business model that remains tethered to legacy production assets while attempting to pivot toward higher-margin digital services.
According to the historical income statement, TDAY's operating income has struggled to scale, with operating margins frequently dipping into single digits or negative territory, indicating that SG&A expenses remain disproportionately high relative to the company's ability to generate sustainable, high-margin revenue growth.
The data suggests that management's efforts to streamline operations have been insufficient to overcome the inherent inefficiencies of the legacy cost structure. Without a more aggressive reduction in overhead, the company may continue to face significant earnings volatility whenever revenue growth falters.
As evidenced by the erratic net income figures, which swung from a $78.4M profit in 2025Q2 to a $39.2M loss in 2025Q3, TDAY's reported earnings appear heavily influenced by non-operating items and restructuring charges rather than core operational performance.
The wide variance in net income suggests that investors should exercise caution when relying on GAAP earnings as a proxy for operational health. The recurring nature of these fluctuations warrants further investigation into the underlying tax valuation allowances and the impact of past acquisition-related amortization on the bottom line.
While management emphasizes the growth of the LocaliQ platform, the persistent revenue decline suggests that the market may be overestimating the scalability of this segment, as the high-touch sales model required to maintain local accounts may be masking significant customer acquisition costs.
Short-sellers might focus on the potential for margin compression if the company is forced to increase spending to defend its market share against larger digital aggregators. The current razor-thin net margin of 0.08% leaves virtually no room for error, suggesting that any further deterioration in the DMS segment could lead to a rapid erosion of liquidity.
Quick answers to the most common questions about buying TDAY stock.
For fiscal year 2025, USA TODAY Co., Inc. (TDAY) reported total revenue of $2.30B. This represents a 347.3% increase compared to $514.7M in 2011.
USA TODAY Co., Inc. (TDAY) is profitable, generating $1.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.1%.
USA TODAY Co., Inc. (TDAY) reported an operating income of $85.9M, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
USA TODAY Co., Inc. (TDAY) generated $725.7M in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.