New York Times (NYT)
Market Price (7/24/2026): $70.32 | Market Cap: $11.4 BilSector: Communication Services | Industry: Publishing
New York Times (NYT)
Market Price (7/24/2026): $70.32Market Cap: $11.4 BilSector: Communication ServicesIndustry: Publishing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Digital Content & Streaming, and E-commerce & DTC Adoption. Themes include Gaming Content & Platforms, Video Streaming, Show more. | Key risksNYT key risks include [1] navigating subscriber churn and defending its copyright against AI companies through litigation, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and E-commerce & DTC Adoption. Themes include Gaming Content & Platforms, Video Streaming, Show more. |
| Key risksNYT key risks include [1] navigating subscriber churn and defending its copyright against AI companies through litigation, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/23/2026
New York Times (NYT) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Macroeconomic headwinds impacting advertising revenue for "published brands" negatively affected investor sentiment. The Q2 2026 IPA Bellwether Report, released on July 22, 2026, indicated a significant contraction in ad spending for "published brands" during fiscal Q2 2026, with a net balance of -8.3%. As The New York Times Company operates within this segment, this broader industry downturn in advertising budgets likely contributed to investor apprehension regarding its future revenue prospects, despite strong digital subscription growth.
2. The stock was identified as significantly overvalued, potentially prompting a market correction. As of July 15, 2026, GuruFocus assessed The New York Times Company's stock as trading at a 20.7% premium to its intrinsic value, with a current price of $75.09 against a GF Value™ of $62.21. This indicated overvaluation likely contributed to a downward price adjustment as investors recalibrated their positions, leading to a decline since fiscal Q1 2026.
Show more
New York Times (NYT) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Macroeconomic headwinds impacting advertising revenue for "published brands" negatively affected investor sentiment. The Q2 2026 IPA Bellwether Report, released on July 22, 2026, indicated a significant contraction in ad spending for "published brands" during fiscal Q2 2026, with a net balance of -8.3%. As The New York Times Company operates within this segment, this broader industry downturn in advertising budgets likely contributed to investor apprehension regarding its future revenue prospects, despite strong digital subscription growth.
2. The stock was identified as significantly overvalued, potentially prompting a market correction. As of July 15, 2026, GuruFocus assessed The New York Times Company's stock as trading at a 20.7% premium to its intrinsic value, with a current price of $75.09 against a GF Value™ of $62.21. This indicated overvaluation likely contributed to a downward price adjustment as investors recalibrated their positions, leading to a decline since fiscal Q1 2026.
Show more
Updated on 7/23/2026
New York Times (NYT) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Macroeconomic headwinds impacting advertising revenue for "published brands" negatively affected investor sentiment. The Q2 2026 IPA Bellwether Report, released on July 22, 2026, indicated a significant contraction in ad spending for "published brands" during fiscal Q2 2026, with a net balance of -8.3%. As The New York Times Company operates within this segment, this broader industry downturn in advertising budgets likely contributed to investor apprehension regarding its future revenue prospects, despite strong digital subscription growth.
2. The stock was identified as significantly overvalued, potentially prompting a market correction. As of July 15, 2026, GuruFocus assessed The New York Times Company's stock as trading at a 20.7% premium to its intrinsic value, with a current price of $75.09 against a GF Value™ of $62.21. This indicated overvaluation likely contributed to a downward price adjustment as investors recalibrated their positions, leading to a decline since fiscal Q1 2026.
3. Aggregate insider selling activity exceeded the specified threshold, signaling reduced insider confidence. Over fiscal Q2 2026, aggregate insider selling of New York Times Company (NYT) stock amounted to $6.8 million, involving the sale of 88.3K shares. This substantial volume of insider sales, surpassing the $5 million threshold, suggests a potential decrease in confidence regarding the company's near-term outlook among its executives and directors, contributing to downward pressure on the stock price.
4. Persistent competitive pressures and evolving consumer preferences in the media industry created investor caution. The New York Times Company continues to contend with intense competition within the dynamic news industry, which poses a threat to its ability to retain and expand its subscriber base. Furthermore, shifting consumer preferences and technological advancements are expected to restrain revenue generation in both its subscription and advertising segments, exacerbated by rising operational costs and potential economic downturns affecting advertising markets. This challenging competitive landscape and uncertain revenue outlook contributed to investor apprehension.
Show less
New York Times (NYT) stock has lost about 15% since 3/31/2026 because of the following key factors:
1. Macroeconomic headwinds impacting advertising revenue for "published brands" negatively affected investor sentiment. The Q2 2026 IPA Bellwether Report, released on July 22, 2026, indicated a significant contraction in ad spending for "published brands" during fiscal Q2 2026, with a net balance of -8.3%. As The New York Times Company operates within this segment, this broader industry downturn in advertising budgets likely contributed to investor apprehension regarding its future revenue prospects, despite strong digital subscription growth.
2. The stock was identified as significantly overvalued, potentially prompting a market correction. As of July 15, 2026, GuruFocus assessed The New York Times Company's stock as trading at a 20.7% premium to its intrinsic value, with a current price of $75.09 against a GF Value™ of $62.21. This indicated overvaluation likely contributed to a downward price adjustment as investors recalibrated their positions, leading to a decline since fiscal Q1 2026.
3. Aggregate insider selling activity exceeded the specified threshold, signaling reduced insider confidence. Over fiscal Q2 2026, aggregate insider selling of New York Times Company (NYT) stock amounted to $6.8 million, involving the sale of 88.3K shares. This substantial volume of insider sales, surpassing the $5 million threshold, suggests a potential decrease in confidence regarding the company's near-term outlook among its executives and directors, contributing to downward pressure on the stock price.
4. Persistent competitive pressures and evolving consumer preferences in the media industry created investor caution. The New York Times Company continues to contend with intense competition within the dynamic news industry, which poses a threat to its ability to retain and expand its subscriber base. Furthermore, shifting consumer preferences and technological advancements are expected to restrain revenue generation in both its subscription and advertising segments, exacerbated by rising operational costs and potential economic downturns affecting advertising markets. This challenging competitive landscape and uncertain revenue outlook contributed to investor apprehension.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -15.7% change in NYT stock from 3/31/2026 to 7/23/2026 was primarily driven by a -24.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.24 | 70.17 | -15.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,825 | 2,901 | 2.7% |
| Net Income Margin (%) | 12.2% | 13.2% | 8.2% |
| P/E Multiple | 39.3 | 29.7 | -24.4% |
| Shares Outstanding (Mil) | 162 | 162 | 0.3% |
| Cumulative Contribution | -15.7% |
Market Drivers
3/31/2026 to 7/23/2026| Return | Correlation | |
|---|---|---|
| NYT | -15.7% | |
| Market (SPY) | 13.5% | 5.9% |
| Sector (XLC) | -4.9% | 33.6% |
Fundamental Drivers
The 1.9% change in NYT stock from 12/31/2025 to 7/23/2026 was primarily driven by a 7.2% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.84 | 70.17 | 1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,749 | 2,901 | 5.5% |
| Net Income Margin (%) | 12.3% | 13.2% | 7.2% |
| P/E Multiple | 33.2 | 29.7 | -10.5% |
| Shares Outstanding (Mil) | 163 | 162 | 0.6% |
| Cumulative Contribution | 1.9% |
Market Drivers
12/31/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| NYT | 1.9% | |
| Market (SPY) | 8.5% | 10.3% |
| Sector (XLC) | -10.2% | 35.2% |
Fundamental Drivers
The 27.2% change in NYT stock from 6/30/2025 to 7/23/2026 was primarily driven by a 14.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.15 | 70.17 | 27.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,628 | 2,901 | 10.4% |
| Net Income Margin (%) | 11.5% | 13.2% | 14.3% |
| P/E Multiple | 29.8 | 29.7 | -0.3% |
| Shares Outstanding (Mil) | 164 | 162 | 1.1% |
| Cumulative Contribution | 27.2% |
Market Drivers
6/30/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| NYT | 27.2% | |
| Market (SPY) | 20.5% | 10.2% |
| Sector (XLC) | -1.9% | 27.9% |
Fundamental Drivers
The 84.8% change in NYT stock from 6/30/2023 to 7/23/2026 was primarily driven by a 60.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.96 | 70.17 | 84.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,332 | 2,901 | 24.4% |
| Net Income Margin (%) | 8.2% | 13.2% | 60.5% |
| P/E Multiple | 32.7 | 29.7 | -9.1% |
| Shares Outstanding (Mil) | 165 | 162 | 1.8% |
| Cumulative Contribution | 84.8% |
Market Drivers
6/30/2023 to 7/23/2026| Return | Correlation | |
|---|---|---|
| NYT | 84.8% | |
| Market (SPY) | 72.4% | 28.9% |
| Sector (XLC) | 67.1% | 33.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NYT Return | -6% | -32% | 53% | 7% | 35% | 6% | 49% |
| Peers Return | 51% | -29% | 6% | 34% | 27% | 2% | 97% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| NYT Win Rate | 50% | 42% | 75% | 50% | 58% | 57% | |
| Peers Win Rate | 55% | 38% | 55% | 48% | 55% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| NYT Max Drawdown | -28% | -42% | -14% | -16% | -19% | -20% | |
| Peers Max Drawdown | -35% | -46% | -34% | -25% | -38% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NWSA, FOXA, WBD, TRI, LEE. See NYT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/23/2026 (YTD)
How Low Can It Go
| Event | NYT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.9% | -24.5% |
| % Gain to Breakeven | 72.2% | 32.4% |
| Time to Breakeven | 519 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.3% | -33.7% |
| % Gain to Breakeven | 39.5% | 50.9% |
| Time to Breakeven | 62 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.1% | -3.7% |
| % Gain to Breakeven | 11.2% | 3.9% |
| Time to Breakeven | 8 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.8% | -12.2% |
| % Gain to Breakeven | 13.4% | 13.9% |
| Time to Breakeven | 31 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.6% | -17.9% |
| % Gain to Breakeven | 60.2% | 21.8% |
| Time to Breakeven | 320 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.9% | -15.4% |
| % Gain to Breakeven | 35.0% | 18.2% |
| Time to Breakeven | 1119 days | 125 days |
In The Past
New York Times's stock fell -7.8% during the 2025 US Tariff Shock. Such a loss loss requires a 8.5% gain to breakeven.
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Asset Allocation
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| Event | NYT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.9% | -24.5% |
| % Gain to Breakeven | 72.2% | 32.4% |
| Time to Breakeven | 519 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.3% | -33.7% |
| % Gain to Breakeven | 39.5% | 50.9% |
| Time to Breakeven | 62 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.6% | -17.9% |
| % Gain to Breakeven | 60.2% | 21.8% |
| Time to Breakeven | 320 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.9% | -15.4% |
| % Gain to Breakeven | 35.0% | 18.2% |
| Time to Breakeven | 1119 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.9% | -53.4% |
| % Gain to Breakeven | 374.0% | 114.4% |
| Time to Breakeven | 1845 days | 1085 days |
In The Past
New York Times's stock fell -7.8% during the 2025 US Tariff Shock. Such a loss loss requires a 8.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About New York Times (NYT)
The New York Times Company (NYT) is a leading global news and information organization centered around its flagship publication, The New York Times. The company produces a daily and Sunday newspaper in the United States, an international edition, and maintains the widely popular NYTimes.com website. Its primary business is to deliver high-quality journalism and content to a vast audience of readers and viewers across various platforms worldwide.
Beyond its core news offerings, NYT has diversified into a range of digital products and services. These include licensing articles, graphics, and photographs to other publications, as well as electronic databases to business, professional, and library markets. The company generates revenue through direct-sold digital advertising, operates Wirecutter for product reviews and recommendations, and develops mobile applications such as games and cooking products. NYT also hosts live events that connect audiences with journalists, and provides printing and distribution services for third parties, illustrating a multi-faceted approach to serving its global customer base.
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Here are 1-3 brief analogies for The New York Times Company (NYT):
- The Netflix of premium journalism.
- Like Apple for information and lifestyle content.
AI Analysis | Feedback
- Newspaper Publication: Publishes The New York Times, available as daily and Sunday newspapers in print (US and international editions) and digitally.
- Digital News Platform: Operates NYTimes.com, providing online access to news and information.
- Content Syndication & Licensing: Licenses articles, graphics, photographs, and electronic databases to other publications and resellers.
- Advertising Services: Sells direct-sold website, mobile application, podcast, email, and video advertisements, as well as digital advertising services.
- Live Events: Hosts physical and virtual live events to connect audiences with journalists and thought leaders.
- Wirecutter: Operates a product review and recommendation website.
- Mobile Applications: Develops and offers mobile applications, including games and cooking products.
- Third-Party Printing & Distribution: Provides printing and distribution services for other companies.
AI Analysis | Feedback
The New York Times Company (NYT) primarily sells its products and services to individuals.
Here are up to three categories of customers that it serves:
- News Subscribers: Individuals who subscribe to The New York Times for its news and information content. This includes both print subscribers who receive the daily and Sunday newspaper, and digital subscribers who access content via NYTimes.com and its news-focused mobile applications.
- Digital Product Users: Individuals who subscribe to or utilize the company's supplementary digital products and mobile applications, such as its games and cooking products. This category also includes users who engage with services like Wirecutter for product reviews and recommendations.
- Live Event Attendees: Individuals who purchase tickets or participate in the company's physical and virtual live events, which are designed to connect audiences with journalists and outside thought leaders.
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- Alphabet Inc. (GOOGL)
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Meredith Kopit Levien, President and Chief Executive Officer
Meredith Kopit Levien became CEO of The New York Times Company in September 2020. She joined The Times Company in 2013 as head of advertising, later becoming chief revenue officer and chief operating officer. Prior to joining The New York Times, she worked at The Advisory Board Company, a consulting firm, and then for the digital agency i33/AppNet. She was recruited to Atlantic Media as an advertising director in 2003 and became the first publisher of its magazine 02138 in 2006. In 2008, she joined Forbes Media, where she ran Forbes Life magazine, focusing on its digital side and later being appointed group publisher in 2010 and chief revenue officer in 2012.
William T. Bardeen, Executive Vice President and Chief Financial Officer
William T. Bardeen was appointed Executive Vice President and Chief Financial Officer of The New York Times Company, effective July 1, 2023. He joined the company in 2004 and has held various leadership roles, including chief strategy officer since 2018, overseeing strategy, business development, mergers and acquisitions, investing, and financial planning and analysis. Earlier in his career, he was a management consultant working with early-stage media and communications companies. He started his career at A.T. Kearney in 1996.
Jacqueline M. Welch, Executive Vice President and Chief Human Resources Officer
Jacqueline M. Welch is the Executive Vice President and Chief Human Resources Officer for The New York Times Company, leading the human resources department and overseeing talent acquisition, development, compensation, and diversity, equity, and inclusion. Before joining The Times in 2021, she was Senior Vice President, Chief Human Resources Officer, and Chief Diversity Officer at Freddie Mac from 2016 to 2021. Her previous experience includes roles at Turner Broadcasting System, WestRock, Accenture, Rock-Tenn, and Willis Towers Watson.
David Perpich, Vice Chairman
David Perpich has served as Vice Chairman of The New York Times Company and publisher of The Athletic. He joined the company in 2010, initially as executive director of paid products, where he played a key role in launching The Times's digital subscription plan in 2011. He later served as general manager of new digital products, leading the creation of subscription products like Cooking and Games, and was president and general manager of Wirecutter, which The Times Company acquired in 2016. Prior to The Times, he founded and ran two companies in the music industry and worked in product management and business development at About.com (a former New York Times Company property), and was a member of the consumer, media, and digital industries practice at Booz & Company.
Hannah Yang, Chief Growth and Customer Officer
Hannah Yang is the Chief Growth and Customer Officer at The New York Times Company, responsible for leading its global subscription business. She co-leads a cross-functional organization focused on driving subscription growth across the company's product portfolio. Before joining The Times, she worked as an attorney at Simpson Thacher & Bartlett and as a management consultant at Katzenbach Partners LLC (now part of Strategy&).
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The New York Times Company (NYT) faces several key risks to its business, primarily stemming from the evolving media landscape and economic pressures.
Key Risks
- Slowing Subscriber Growth and Increased Churn: The New York Times Company's core business model relies heavily on digital subscriptions. However, the company is experiencing a deceleration in subscriber growth and average revenue per user (ARPU) growth. This trend is exacerbated by a highly competitive environment where numerous free news alternatives are readily available, potentially leading to increased subscriber churn, especially after major news cycles such as elections.
- Threat from Generative AI Technology and Intellectual Property Misuse: An emerging and significant risk is the unauthorized use of The New York Times' extensive content by generative artificial intelligence technologies. This poses a threat to the company's intellectual property, potentially impacting its website traffic, brand reputation, and crucial revenue streams derived from its journalism. The company is actively engaged in litigation to protect its intellectual property in this evolving area.
- Rising Operating Costs and Inflationary Pressures: The company faces ongoing challenges from rising operating costs, including increased newsroom expenses and broader inflationary pressures. While The New York Times has demonstrated efforts in cost management and some operating margin expansion, sustained cost inflation could put pressure on profitability if not effectively mitigated through revenue growth or further efficiencies.
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Emerging Threat: Generative Artificial Intelligence (AI) for News Consumption and Creation
Generative AI models, such as large language models, are rapidly advancing in their ability to summarize complex articles, extract key information, and answer factual queries based on real-time data. These AI capabilities, when integrated into search engines, digital assistants, or standalone AI platforms, can provide users with concise news summaries and direct answers to information requests. This development poses a clear emerging threat by potentially disintermediating traditional news publishers like The New York Times. If users can obtain the essence of news stories or answers to questions directly from AI, they may bypass NYT's website or apps, leading to reduced direct traffic, lower advertising revenue, and a diminished incentive to subscribe for full article access. This challenges the value proposition of human-sourced, in-depth journalism by potentially commoditizing information delivery and undermining the subscription-based business model that relies on direct engagement with original content.
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The New York Times Company (symbol: NYT) operates in several addressable markets for its main products and services.
Digital News and Information Subscriptions
The global digital newspaper and magazines market was valued at USD 38.2 billion in 2024 and is projected to grow to USD 65.49 billion by 2030. In the United States, the paid online news market was estimated at US$5.9 billion to US$6.9 billion in 2024.Digital Advertising
The global digital advertising market was estimated at USD 488.40 billion in 2024 and is expected to reach USD 567.85 billion in 2025. This market is projected to reach USD 1,164.25 billion by 2030. North America dominated the digital advertising market with a share of over 31% in 2024. The U.S. digital advertising market alone was valued at USD 315.3 billion in 2024 and is expected to increase to USD 974.5 billion by 2032.Mobile Applications (Games)
The global mobile gaming market was estimated at USD 139.38 billion in 2024 and is projected to reach USD 256.19 billion by 2030. In the United States, the mobile gaming market is projected to grow from USD 22.49 billion in 2024 to USD 54.88 billion by 2035.Content and Copyright Licensing
The global content licensing and distribution market was valued at USD 200 billion in 2025 and is projected to expand to USD 430 billion by 2033. The global copyright licensing market was valued at US$1.15 billion in 2024 and is expected to reach US$1.88 billion by 2034. The North American copyright licensing market is anticipated to reach US$459.1 million by 2034.Other Products and Services
For products and services such as Wirecutter (product review and recommendation products), the live events business, and printing and distributing products for third parties, specific addressable market sizes are null.AI Analysis | Feedback
The New York Times Company (NYT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Continued Digital Subscription Growth and Bundling Strategies: The company's primary focus remains on expanding its digital subscriber base, with a stated long-term goal of reaching 15 million subscribers. A significant driver for this is the expansion of its digital subscription bundles, which integrate offerings like news, Games, Cooking, Wirecutter, and The Athletic. This strategy aims to attract new subscribers and convert existing casual readers into more committed, paying customers by providing diversified content value.
- Subscription Price Increases and Average Revenue Per User (ARPU) Expansion: The New York Times Company is implementing targeted price increases for tenured subscribers and those transitioning from introductory promotional rates to higher standard pricing, particularly for non-bundle news and games subscriptions. This approach is anticipated to enhance digital ARPU, contributing to overall subscription revenue growth.
- Growth in Digital Advertising Revenue: Robust growth in digital advertising is expected to continue, fueled by strong marketer demand, the introduction of new advertising inventory, and the success of branded content and multimedia formats. The company's expanding digital ecosystem, including its games and sports offerings, provides more opportunities for advertising supply and engagement.
- Expansion into Video Journalism and Products: Strategic investments in video journalism and digital product experiences are a significant anticipated growth driver. The company views video expansion as a crucial opportunity to attract new audiences and generate revenue, with plans to scale its video offerings and establish itself as a prominent brand for news consumption across various video formats.
- Leveraging a Diversified Multi-Product Portfolio: Beyond its core news product, The New York Times Company is strengthening and leveraging its portfolio of distinct digital products, including The Athletic, Cooking, Games, and Wirecutter. Engaging audiences across these multiple products and revenue streams is a key element of its strategy to monetize a broader base of users and ensure sustained revenue growth.
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Share Repurchases
- The Board of Directors approved a new $350.0 million Class A share repurchase program in February 2025, in addition to the amount remaining under the 2023 authorization.
- The company repurchased approximately $165.3 million in shares during fiscal year 2025.
- In the fourth quarter of 2025, The New York Times Company repurchased Class A Common Stock for approximately $55.4 million.
Share Issuance
- The number of shares outstanding for New York Times decreased by 0.52% from 2024 to 0.165 billion in 2025.
- In 2024, shares outstanding saw a slight increase of 0.08% from 2023, reaching 0.166 billion.
- The shares outstanding declined by 0.88% from 2022 to 0.166 billion in 2023.
Inbound Investments
- ValueAct Capital took a stake in The New York Times Company in August 2022, with the aim of promoting bundled subscriptions.
- Berkshire Hathaway disclosed an addition of approximately 5.07 million shares of New York Times stock to its portfolio in February 2026, valued at around $351 million as of the end of 2025.
Outbound Investments
- In February 2022, The New York Times Company acquired The Athletic, a subscription-based sports news website, for $550 million.
- The company acquired Wordle, an internet word puzzle game, in January 2022 for a price reported "in the low seven figures".
- In March 2020, the New York Times Company acquired Audm, a subscription-based audio app.
Capital Expenditures
- Capital expenditures totaled approximately $29 million in 2024 and $23 million in 2023.
- Expected capital expenditures for 2025 are approximately $40 million, to be funded from cash on hand.
- The primary focus for capital expenditures in 2025 includes the College Point, N.Y., printing and distribution facility, improvements to the Company Headquarters, and investments in technology supporting strategic initiatives.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 40.71 |
| Mkt Cap | 19.0 |
| Rev LTM | 8,232 |
| Op Inc LTM | 1,400 |
| FCF LTM | 1,307 |
| FCF 3Y Avg | 1,200 |
| CFO LTM | 1,728 |
| CFO 3Y Avg | 1,592 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.5% |
| Rev Chg 3Y Avg | 0.4% |
| Rev Chg Q | 3.9% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 18.8% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 14.2% |
| Op Mgn 3Y Avg | 12.9% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 12.9% |
| CFO/Rev 3Y Avg | 14.7% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 12.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 2,825 | 2,586 | |||
| Intersegment Eliminations (I/E) | -1 | 0 | |||
| New York Times Group (NYTG) | 2,296 | 2,224 | 2,075 | ||
| The Athletic | 131 | 85 | |||
| Total | 2,825 | 2,586 | 2,426 | 2,308 | 2,075 |
| $ Mil | 2023 | 2022 | 2011 | 2010 | 2007 |
|---|---|---|---|---|---|
| New York Times Group (NYTG) | 421 | 389 | |||
| Multiemployer pension plan liability adjustment | 1 | -15 | |||
| Acquisition-related costs | 0 | -35 | |||
| Multiemployer pension plan withdrawal costs | -5 | -5 | |||
| Severance | -8 | -5 | |||
| Impairment charges | -15 | -4 | |||
| The Athletic | -31 | -41 | |||
| Depreciation and amortization | -86 | -83 | |||
| About Group | 41 | 62 | 35 | ||
| Corporate | -45 | -47 | |||
| New Media | 61 | 219 | 249 | ||
| Total | 276 | 202 | 57 | 234 | 283 |
| $ Mil | 2011 | 2010 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| New Media | 1,620 | 1,870 | 2,486 | 2,537 | |
| Corporate | 846 | 986 | 619 | ||
| About Group | 417 | 430 | 448 | 450 | |
| Investments in joint ventures | 113 | ||||
| News Media Group | 2,222 | ||||
| About.com | 417 | ||||
| Broadcast | 391 | ||||
| Total | 2,883 | 3,286 | 3,402 | 2,936 | 3,345 |
Price Behavior
Price Behavior
| Market Price | $70.17 | |
| Market Cap ($ Bil) | 11.4 | |
| First Trading Date | 05/03/1973 | |
| Distance from 52W High | -18.0% | |
| 50 Days | 200 Days | |
| DMA Price | $73.88 | $71.52 |
| DMA Trend | up | down |
| Distance from DMA | -5.0% | -1.9% |
| 3M | 1YR | |
| Volatility | 32.2% | 30.1% |
| Downside Capture | 19.99 | 5.97 |
| Upside Capture | -44.50 | 39.89 |
| Correlation (SPY) | 2.3% | 8.5% |
NYT Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.39 | 0.06 | 0.11 | 0.19 | 0.22 | 0.49 |
| Up Beta | 1.54 | 2.02 | 0.98 | 0.52 | 0.65 | 0.57 |
| Down Beta | -1.19 | -0.79 | -0.86 | 0.07 | -0.29 | 0.32 |
| Up Capture | -105% | -53% | -33% | 9% | 29% | 29% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 16 | 28 | 68 | 136 | 413 |
| Down Capture | -26% | 20% | 35% | 12% | 18% | 71% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 25 | 34 | 56 | 114 | 332 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NYT | |
|---|---|---|---|---|
| NYT | 33.0% | 30.0% | 0.95 | - |
| Sector ETF (XLC) | -1.3% | 14.4% | -0.31 | 27.5% |
| Equity (SPY) | 18.5% | 12.7% | 1.06 | 9.5% |
| Gold (GLD) | 17.6% | 28.1% | 0.57 | 0.7% |
| Commodities (DBC) | 35.2% | 19.1% | 1.45 | -16.9% |
| Real Estate (VNQ) | 11.6% | 13.9% | 0.55 | 14.5% |
| Bitcoin (BTCUSD) | -45.1% | 42.9% | -1.28 | 0.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NYT | |
|---|---|---|---|---|
| NYT | 11.6% | 29.6% | 0.39 | - |
| Sector ETF (XLC) | 6.3% | 20.8% | 0.22 | 42.9% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 39.4% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 4.7% |
| Commodities (DBC) | 9.8% | 19.5% | 0.39 | 6.0% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.03 | 33.4% |
| Bitcoin (BTCUSD) | 15.8% | 53.4% | 0.47 | 20.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NYT | |
|---|---|---|---|---|
| NYT | 19.7% | 30.8% | 0.65 | - |
| Sector ETF (XLC) | 8.6% | 22.2% | 0.44 | 44.4% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 42.0% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 2.6% |
| Commodities (DBC) | 7.4% | 17.9% | 0.33 | 14.4% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 33.3% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 8.3% | 0.9% | -2.6% |
| 2/4/2026 | -6.3% | -2.1% | 13.5% |
| 11/5/2025 | -0.2% | 9.1% | 12.1% |
| 8/6/2025 | 15.5% | 8.2% | 10.4% |
| 5/7/2025 | -0.0% | 3.9% | 5.9% |
| 2/5/2025 | -11.9% | -11.3% | -15.2% |
| 11/4/2024 | -7.7% | -1.0% | -5.1% |
| 8/7/2024 | 3.4% | 4.7% | 3.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 12 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 6.0% | 7.8% | 11.3% |
| Median Negative | -6.3% | -6.9% | -5.8% |
| Max Positive | 15.5% | 18.7% | 23.6% |
| Max Negative | -11.9% | -14.6% | -15.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 8.3% | 0.9% | -2.6% |
| 2/4/2026 | -6.3% | -2.1% | 13.5% |
| 11/5/2025 | -0.2% | 9.1% | 12.1% |
| 8/6/2025 | 15.5% | 8.2% | 10.4% |
| 5/7/2025 | -0.0% | 3.9% | 5.9% |
| 2/5/2025 | -11.9% | -11.3% | -15.2% |
| 11/4/2024 | -7.7% | -1.0% | -5.1% |
| 8/7/2024 | 3.4% | 4.7% | 3.8% |
| 5/8/2024 | 3.2% | 4.0% | 10.1% |
| 2/7/2024 | -7.3% | -9.0% | -10.7% |
| 11/8/2023 | 6.0% | 6.6% | 13.7% |
| 8/8/2023 | 8.5% | 7.8% | 9.5% |
| 5/10/2023 | -7.8% | -7.7% | -5.5% |
| 2/8/2023 | 12.0% | 8.6% | -0.2% |
| 11/2/2022 | 7.4% | 18.7% | 23.6% |
| 8/3/2022 | -1.1% | -1.7% | -2.1% |
| 5/4/2022 | 1.6% | -14.6% | -10.7% |
| 2/2/2022 | 0.8% | -0.9% | 8.3% |
| 11/3/2021 | -9.6% | -12.2% | -15.7% |
| 8/4/2021 | 7.7% | 10.2% | 19.1% |
| 5/5/2021 | -3.7% | -1.7% | -6.1% |
| 2/4/2021 | 1.1% | -3.8% | -0.8% |
| 11/5/2020 | -5.3% | -7.0% | 14.0% |
| 8/5/2020 | 1.3% | -6.9% | -6.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 12 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 6.0% | 7.8% | 11.3% |
| Median Negative | -6.3% | -6.9% | -5.8% |
| Max Positive | 15.5% | 18.7% | 23.6% |
| Max Negative | -11.9% | -14.6% | -15.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Digital-only subscription revenues growth | 14.0% | 15.5% | 17.0% | 0 | Same New | Guidance: 15.5% for Q1 2026 | |
| Q2 2026 Total subscription revenues growth | 10.0% | 11.0% | 12.0% | 1.0% | Higher New | Guidance: 10.0% for Q1 2026 | |
| Q2 2026 Adjusted operating costs growth | 8.0% | 8.5% | 9.0% | 0 | Same New | Guidance: 8.5% for Q1 2026 | |
| 2026 Depreciation and amortization | 80.00 Mil | 82.50 Mil | 85.00 Mil | 0 | Affirmed | Guidance: 82.50 Mil for 2026 | |
| 2026 Interest income and other, net | 40.00 Mil | 42.50 Mil | 45.00 Mil | 0 | Affirmed | Guidance: 42.50 Mil for 2026 | |
| 2026 Capital expenditures | 35.00 Mil | 40.00 Mil | 45.00 Mil | 0 | Affirmed | Guidance: 40.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Digital-only subscription revenues growth | 14.0% | 15.5% | 17.0% | 1.0% | Higher New | Guidance: 14.5% for Q4 2025 | |
| Q1 2026 Total subscription revenues growth | 9.0% | 10.0% | 11.0% | 1.0% | Higher New | Guidance: 9.0% for Q4 2025 | |
| Q1 2026 Adjusted operating costs growth | 8.0% | 8.5% | 9.0% | 2.0% | Higher New | Guidance: 6.5% for Q4 2025 | |
| 2026 Depreciation and amortization | 80.00 Mil | 82.50 Mil | 85.00 Mil | -2.9% | Lower New | Guidance: 85.00 Mil for 2025 | |
| 2026 Interest income and other, net | 40.00 Mil | 42.50 Mil | 45.00 Mil | 6.2% | Higher New | Guidance: 40.00 Mil for 2025 | |
| 2026 Capital expenditures | 35.00 Mil | 40.00 Mil | 45.00 Mil | 14.3% | Higher New | Guidance: 35.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Digital-only subscription revenues | 0.13 | 0.14 | 0.16 | 0.0% | Affirmed | Guidance: 0.14 for Q3 2025 | |
| Q4 2025 Total subscription revenues | 0.08 | 0.09 | 0.1 | 0.0% | Affirmed | Guidance: 0.09 for Q3 2025 | |
| Q4 2025 Digital advertising revenues | 0.13 | 0.16 | 0.19 | 4.5% | Raised | Guidance: 0.12 for Q3 2025 | |
| Q4 2025 Total advertising revenues | 0.07 | 0.09 | 0.1 | 4.0% | Raised | Guidance: 0.04 for Q3 2025 | |
| Q4 2025 Affiliate, licensing and other revenues | 0.04 | 0.05 | 0.06 | -2.5% | Lowered | Guidance: 0.07 for Q3 2025 | |
| Q4 2025 Adjusted operating costs | 0.06 | 0.07 | 0.07 | 1.0% | Raised | Guidance: 0.06 for Q3 2025 | |
| 2025 Depreciation and amortization | 85.00 Mil | 6.2% | Raised | Guidance: 80.00 Mil for 2025 | |||
| 2025 Interest income and other, net | 40.00 Mil | 0.0% | Affirmed | Guidance: 40.00 Mil for 2025 | |||
| 2025 Capital Expenditures | 35.00 Mil | -12.5% | Lowered | Guidance: 40.00 Mil for 2025 | |||
Insider Activity
Updated 6/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Welch, Jacqueline M | EVP and CHRO | Direct | Sell | 6052026 | 74.14 | 4,000 | 296,548 | 1,769,873 | Form |
| 2 | Bardeen, William | EVP, Chief Financial Officer | Direct | Sell | 5142026 | 77.85 | 4,121 | 320,824 | 1,133,511 | Form |
| 3 | Kopit, Levien Meredith A | PRESIDENT & CEO | Direct | Sell | 5142026 | 78.00 | 9,750 | 760,500 | 17,129,736 | Form |
| 4 | Perpich, David S | Direct | Sell | 5122026 | 77.06 | 9,000 | 693,540 | 2,193,821 | Form | |
| 5 | Bardeen, William | EVP, Chief Financial Officer | Direct | Sell | 3052026 | 79.56 | 13,000 | 1,034,280 | 1,486,260 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Welch, Jacqueline M | EVP and CHRO | Direct | Sell | 6052026 | 74.14 | 4,000 | 296,548 | 1,769,873 | Form |
| 2 | Bardeen, William | EVP, Chief Financial Officer | Direct | Sell | 5142026 | 77.85 | 4,121 | 320,824 | 1,133,511 | Form |
| 3 | Kopit, Levien Meredith A | PRESIDENT & CEO | Direct | Sell | 5142026 | 78.00 | 9,750 | 760,500 | 17,129,736 | Form |
| 4 | Perpich, David S | Direct | Sell | 5122026 | 77.06 | 9,000 | 693,540 | 2,193,821 | Form | |
| 5 | Bardeen, William | EVP, Chief Financial Officer | Direct | Sell | 3052026 | 79.56 | 13,000 | 1,034,280 | 1,486,260 | Form |
| 6 | Kopit, Levien Meredith A | PRESIDENT & CEO | Direct | Sell | 3052026 | 79.70 | 51,949 | 4,140,439 | 18,280,610 | Form |
| 7 | Sulzberger, Arthur G | Chairman and Publisher | Direct | Sell | 3052026 | 79.95 | 13,000 | 1,039,349 | 13,778,406 | Form |
| 8 | Brayton, Diane | EVP, CHIEF LEGAL OFFICER | Direct | Sell | 2242026 | 77.03 | 4,600 | 354,338 | 2,178,331 | Form |
| 9 | Benten, R Anthony | SVP, Treasurer & CAO | Direct | Sell | 2192026 | 73.57 | 1,913 | 140,747 | 2,779,037 | Form |
| 10 | Kopit, Levien Meredith A | PRESIDENT & CEO | Direct | Sell | 11102025 | 59.68 | 16,972 | 1,012,940 | 6,348,182 | Form |
| 11 | Welch, Jacqueline M | EVP and CHRO | Direct | Sell | 9022025 | 60.04 | 5,500 | 330,220 | 868,779 | Form |
| 12 | Bardeen, William | EVP, Chief Financial Officer | Direct | Sell | 8132025 | 58.04 | 5,000 | 290,200 | 652,544 | Form |
| 13 | Perpich, David S | Direct | Sell | 6052025 | 56.18 | 4,000 | 224,720 | 1,548,826 | Form | |
| 14 | Kopit, Levien Meredith A | PRESIDENT & CEO | Direct | Sell | 6042025 | 56.82 | 19,260 | 1,094,353 | 7,008,008 | Form |
| 15 | Brayton, Diane | EVP, CHIEF LEGAL OFFICER | Direct | Sell | 6042025 | 56.48 | 10,000 | 564,830 | 1,857,105 | Form |
| 16 | Benten, R Anthony | SVP, Treasurer & CAO | Direct | Sell | 6032025 | 56.75 | 1,990 | 112,925 | 2,251,965 | Form |
| 17 | Bardeen, William | EVP, Chief Financial Officer | Direct | Sell | 6032025 | 56.83 | 2,500 | 142,065 | 950,529 | Form |
Investor Activity (13F)
Updated Jul 24, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Linonia Partnership LP | $756.4 Mil | 14.1% | 14 | New | 13F |
| Route One Investment Company, L.P. | $205.9 Mil | 9.0% | 18 | TRIM -20.8% | 13F |
| Darsana Capital Partners LP | $421.9 Mil | 9.0% | 14 | TRIM -34.2% | 13F |
| Abrams Bison Investments, LLC | $118.6 Mil | 5.1% | 11 | Hold | 13F |
| Weybosset Research & Management LLC | $17.5 Mil | 5.0% | 33 | Hold | 13F |
| 2Xideas AG | $8.0 Mil | 3.1% | 47 | TRIM -24.8% | 13F |
| Long Corridor Asset Management Ltd | $6.6 Mil | 1.6% | 38 | ADD +89.6% | 13F |
| Valueworks LLC | $5.7 Mil | 1.6% | 35 | TRIM -19.6% | 13F |
| Egerton Capital (UK) LLP | $81.4 Mil | 0.9% | 24 | TRIM -31.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Fivespan Partners, LP | $46.0 Mil | 12.6% | 6 | Exited | Dec 31, 2025 | 13F |
| Darsana Capital Partners LP | $421.9 Mil | 9.0% | 14 | TRIM -34.2% | Mar 31, 2026 | 13F |
| Egerton Capital (UK) LLP | $81.4 Mil | 0.9% | 24 | TRIM -31.1% | Mar 31, 2026 | 13F |
| 2Xideas AG | $8.0 Mil | 3.1% | 47 | TRIM -24.8% | Mar 31, 2026 | 13F |
| Route One Investment Company, L.P. | $205.9 Mil | 9.0% | 18 | TRIM -20.8% | Mar 31, 2026 | 13F |
| Valueworks LLC | $5.7 Mil | 1.6% | 35 | TRIM -19.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Linonia Partnership LP | $756.4 Mil | 14.1% | 14 | New | 13F |
| Darsana Capital Partners LP | $421.9 Mil | 9.0% | 14 | TRIM -34.2% | 13F |
| Route One Investment Company, L.P. | $205.9 Mil | 9.0% | 18 | TRIM -20.8% | 13F |
| Abrams Bison Investments, LLC | $118.6 Mil | 5.1% | 11 | Hold | 13F |
| Egerton Capital (UK) LLP | $81.4 Mil | 0.9% | 24 | TRIM -31.1% | 13F |
| Weybosset Research & Management LLC | $17.5 Mil | 5.0% | 33 | Hold | 13F |
| 2Xideas AG | $8.0 Mil | 3.1% | 47 | TRIM -24.8% | 13F |
| Long Corridor Asset Management Ltd | $6.6 Mil | 1.6% | 38 | ADD +89.6% | 13F |
| Valueworks LLC | $5.7 Mil | 1.6% | 35 | TRIM -19.6% | 13F |
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