The New York Times Q3 2025 Earnings Highlights

The New York Times Company ((NYT)) has held its Q3 earnings call. Read on for the main highlights of the call.

The New York Times Company’s Q3 2025 earnings call conveyed a generally positive sentiment, underscored by robust performance in digital subscriptions, advertising revenue, and free cash flow generation. The company demonstrated significant advancements in video and AI integration while maintaining operational efficiency. Despite a slight uptick in operating costs due to investments in journalism and product experiences, the overall positive aspects significantly outweighed the challenges.

Strong Digital Subscription Growth

The New York Times Company reported a remarkable addition of 460,000 net new digital subscribers in the third quarter of 2025, bringing the total subscriber base to an impressive 12.3 million. This growth translated into a 14% increase in digital subscription revenue, showcasing the company’s successful strategy in expanding its digital footprint.

Significant Advertising Revenue Increase

The earnings call highlighted a significant boost in advertising revenues, with digital advertising revenues growing over 20% and total advertising revenues increasing nearly 12% in Q3 2025. This growth reflects the company’s effective monetization strategies in the digital advertising space.

Record Free Cash Flow and Shareholder Returns

The New York Times Company generated approximately $393 million of free cash flow in the first nine months of 2025. In alignment with its commitment to shareholder value, the company returned $191 million to shareholders through share repurchases and dividends.

Advancements in Video and AI Integration

The company made substantial progress in video journalism and AI-powered personalization, introducing new video formats and AI-driven features in products like Wirecutter. These advancements are expected to enhance user engagement and product differentiation.

Operational Efficiency and Margin Expansion

Operational efficiency was a key highlight, with adjusted operating profit growing by 26% and a margin expansion of 240 basis points year-over-year. This reflects the company’s ability to manage costs effectively while driving revenue growth.

Increased Operating Costs

Despite the positive financial metrics, the company experienced a 6.2% increase in adjusted operating costs in Q3, slightly above the guidance range. This increase was primarily driven by strategic investments in journalism and product experiences, which are expected to yield long-term benefits.

Forward-Looking Guidance

Looking ahead, The New York Times Company has set ambitious targets, aiming to reach 15 million digital subscribers. For the fourth quarter, the company projects digital-only subscription revenue to grow between 13% and 16%, with total subscription revenue expected to rise by 8% to 10%. Digital advertising revenue is anticipated to increase by mid to high teens, while affiliate licensing and other revenues are expected to grow mid-single digits. The company remains committed to disciplined expense growth alongside strategic investments.

In summary, The New York Times Company’s Q3 2025 earnings call painted a picture of strong financial health and strategic growth. The positive sentiment was driven by impressive gains in digital subscriptions and advertising revenues, alongside advancements in video and AI integration. While operating costs saw a slight increase, the company’s forward-looking guidance and strategic investments suggest a promising outlook for continued growth and shareholder value.