New York Times Co (NYT) · Nov 4, 2026 · Earnings
Beat — Adjusted EPS $0.68 vs ~$0.64 consensus; revenue $768.5M vs ~$767.2M
New York Times earnings slightly beat consensus on revenue and adjusted EPS, with digital subscriptions accelerating while costs came in above guidance.
The New York Times is executing a subscription-first digital media strategy aimed at reaching 15 million subscribers by the end of 2027; it entered 2026 with roughly 12.8 million subscribers and has continued building a bundle across news, games, sports, cooking, audio and shopping products. The quarter modestly beat the published bar. Revenue of $768.5 million was just above the roughly $767.2 million consensus, while adjusted diluted EPS of $0.68 exceeded the approximately $0.64 expectation; GAAP diluted EPS of $0.60 was below that consensus measure, so the beat is mainly an adjusted-earnings result.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Total revenue (Income Statement) | $768.5M (+9.7%) | $700.8M | ~$767.2M |
| Adjusted diluted EPS (EPS reconciliation) | $0.68 (+15.3%) | $0.59 | ~$0.64 |
| GAAP diluted EPS (Income Statement) | $0.60 (+20.0%) | $0.50 | ~$0.64 |
| Digital-only subscribers (Subscriber information) | 13.22M (+12.4%) | 11.76M | |
| Digital-only subscription revenue (Financial Highlights) | $421.3M (+14.6%) | $367.4M | |
| Adjusted operating-cost growth (Financial Highlights) | 8.7% | 6.2% | 6–8% guide |
The core subscription engine strengthened. Digital-only subscribers rose by 420,000 sequentially to 13.22 million, the largest quarterly addition shown in the five-quarter comparison, while digital-only subscription revenue grew 14.6%. 〔0〕 That is the most important business signal: growth was not dependent solely on pricing, because both subscriber volume and ARPU contributed. 〔1〕
The diversified digital model is working, but the cost curve is less clean. Digital advertising grew 12.0%, total advertising 7.8%, and operating profit margin expanded to 15.9% from 15.0%. But adjusted operating costs rose 8.7%, above the company’s 6–8% Q3 guide, reflecting higher journalism, marketing and administrative spending. The result is healthy margin expansion, though not as much operating leverage as the prior guidance implied.
Cash generation and capital returns remain supportive rather than transformative. Nine-month free cash flow increased to $435.8 million from $392.9 million, and the company repurchased $79.1 million of stock during the quarter. The filing also shows no outstanding debt, giving the subscription business financial flexibility, but these items largely reinforce an existing balance-sheet story rather than change it.
Bottom line: This was a modest beat that reinforces the Times’ digital subscription momentum and improving profitability. The only meaningful offset is that operating costs ran above the prior guide, keeping the quarter from being a clear-cut upside surprise.
Q4 earnings report, early February 2027
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