The New York Times Company reported total revenues of $762.5 million for Q2 FY'26, representing an 11.2% year-over-year increase. Adjusted diluted EPS rose 19% to $0.69 (GAAP diluted EPS was $0.57), driven primarily by strong digital subscription growth and digital advertising strength. Digital-only subscribers reached approximately 12.8 million, with digital subscription revenue expanding 16.4% compared to the prior-year period.
Note: New York Times's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
The company continued to see strength in its multi-product bundle strategy, pairing core news coverage with Games, Cooking, Wirecutter, and Athletic content. A digital bundle price increase from $25 to $30 for a cohort of tenured subscribers, implemented in the first quarter, contributed to digital-only ARPU growth of 3.1% in the second quarter, alongside continued strong retention and yield as subscribers rolled off promotional pricing.
Affiliate, Licensing, and Other revenue grew 7.1% year-over-year to $75.5 million, ahead of guidance, driven primarily by higher Wirecutter affiliate referral revenues. On the earnings call, management noted the licensing line includes a mix of components, licensing deals, affiliate revenue, TV, film, and commercial printing, that can create quarter-to-quarter lumpiness, but did not disclose any new or expanded generative AI licensing agreements in the quarter.
Below are key drivers of The New York Times's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for The New York Times at the top of the page.
The New York Times Company operates a subscription-first media model focused on providing premium journalism, digital lifestyle products, and specialized athletic coverage. Revenue is primarily derived from digital and print subscriptions, advertising, licensing, and consumer affiliate revenue through Wirecutter.
Digital subscriptions remain the primary catalyst of long-term value, driven by brand equity and product diversification.
The company maintains unmatched brand authority and scale in global news reporting, creating a wide moat that enables consistent pricing power and low customer acquisition costs relative to industry peers.
Integrating non-news verticals like NYT Games, NYT Cooking, and The Athletic creates high cross-engagement, reduces subscription cancellation rates, and improves lifetime customer value.
Publishers with proprietary archives are increasingly licensing content to artificial intelligence developers. High-quality editorial data has become an essential asset for LLM training, creating high-margin revenue opportunities.
Media consumption is consolidating around all-in-one content packages. Broadening platform utility through journalism, lifestyle tools, and sports journalism enhances pricing power while mitigating churn risks.
