NYT Filings — The New York Times Company - FilingSpy
NYT
The New York Times Company
A global media company built around its namesake newspaper, The New York Times, plus interest-specific digital products like The Athletic, Cooking, Games, and Wirecutter — offered alone or in a bundle to millions of subscribers worldwide. It was founded in 1851 as the New-York Daily Times and came under the control of Adolph Ochs in 1896, who coined its famous motto "All the News That's Fit to Print." A fun quirk: the company resisted crosswords for decades as a "passing fad" before launching one in 1942 — today its games draw so many daily players that staff joke it's become a gaming company that also happens to offer news.
Digital advertising growth accelerated to 20.7% and free cash flow more than doubled from the prior quarter.
Digital advertising growth accelerated for the fourth straight quarter. rose 11.2% to $762.5 million and adjusted widened to 20.4% as digital subscription and advertising revenue both grew more than 16%, while reached $184.2 million. The subscriber base grew by 1.5 million , but a $9.2 million pension withdrawal charge and rising marketing costs are pressuring reported margins.
Key takeaways
Digital advertising rose 20.7% to $114.0 million, accelerating from 18.7% growth in the same quarter a year ago and from 31.6% growth in the prior quarter, driven by higher display impressions and rates.
Digital-only subscription rose 16.4% to $407.9 million, with digital-only up 3.1% to $9.94 as subscribers moved to higher price tiers; total digital-only subscribers reached 12.80 million, a net increase of 1,500,000 .
rose 16.1% to $155.3 million and adjusted widened to 20.4% from 19.5% a year ago, as growth outpaced the increase in operating costs.
Section summaries
Management's Discussion and Analysis
Total revenues rose 11.2% to $762.5M in Q2 2026, driven by 16.4% digital subscription growth and 20.7% digital advertising growth.
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Total revenues increased 11.2% to $762.5 million, with digital-only subscription revenues up 16.4% to $407.9 million and digital advertising revenues up 20.7% to $114.0 million.
Digital-only subscribers grew by 1,500,000 to 12.80 million, and digital-only increased 3.1% to $9.94, driven by subscribers moving to higher prices.
rose 10.8% to $118.0 million, held back by a $9.2 million charge for withdrawal from a and $4.6 million in generative AI litigation costs.
rose 78.3% to $184.2 million, and for the first half of 2026 reached $265.7 million, supported by higher and lower tax payments from the One Big Beautiful Bill Act.
Sales and marketing costs rose 23.6% to $85.5 million, reflecting higher marketing and promotion expenses as the company invested in subscriber acquisition.
What changed
Digital advertising growth accelerated to 20.7% in Q2 2026, up from 18.7% in Q2 2025 and continuing the acceleration flagged in prior quarters, though it decelerated from the 31.6% rate in Q1 2026.
The Athletic's trajectory: the turned profitable in 2025 and the filing notes its contribution to digital subscription and advertising growth, though a specific segment profit figure for Q2 2026 was not disclosed.
Generative AI litigation costs persisted at $4.6 million in the quarter, and the company filed a motion in June 2026 to dismiss its own contributory infringement claim against OpenAI and amend claims against Microsoft, while dropping trademark claims against both.
Labor negotiations flagged in the FY 2025 10-K as a risk for early 2026 were not mentioned as resolved or disrupted in this filing, and the $9.2 million multiemployer pension withdrawal charge suggests a change in pension obligations.
, which had been aided by a $33 million land sale in Q1 2025, rose to $184.2 million in Q2 2026 without such a one-time benefit, indicating underlying cash generation improved.
What to watch
Digital advertising growth sustainability: whether the 20.7% rate in Q2 2026, which decelerated from 31.6% in Q1 2026, stabilizes or continues to moderate as the phase-out of third-party cookies and AI-powered competition intensify.
Subscriber acquisition cost efficiency: whether the 23.6% increase in sales and marketing costs translates into sustained net subscriber additions or pressures adjusted operating margins in coming quarters.
Generative AI litigation outcome: the June 2026 motion to drop trademark claims and amend others against Microsoft and OpenAI may signal a shift in legal strategy, with potential implications for settlement or licensing .
Multiemployer pension withdrawal: whether the $9.2 million charge is a one-time item or signals further restructuring of pension obligations that could affect cash flow and reported earnings.
rose 10.8% to $118.0 million, while increased 16.1% to $155.3 million; adjusted operating profit margin expanded to 20.4% from 19.5%.
Sales and marketing costs jumped 23.6% to $85.5 million due to higher marketing and promotion expenses, and cost of rose 8.6% to $367.8 million, largely from higher journalism costs.
for the first six months of 2026 was $265.7 million, up from $193.2 million, supported by higher and lower tax payments from the One Big Beautiful Bill Act.
The company recorded $4.6 million in Generative AI Litigation Costs and a $9.2 million charge for withdrawal from a as in the quarter.
Quantitative and Qualitative Disclosures About Market Risk
Our Annual Report on Form 10-K for the year ended December 31, 2025, details our disclosures about market risk. As of June 30, 2026, there were no material changes in our market risks from December 31, 2025. 34
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Our Annual Report on Form 10-K for the year ended December 31, 2025, details our disclosures about market risk. As of June 30, 2026, there were no material changes in our market risks from December 31, 2025.
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The Company is pursuing copyright and trademark lawsuits against Microsoft/OpenAI and Perplexity AI, with no material loss beyond recorded amounts expected.
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The Company states that no amount of loss in excess of recorded amounts as of June 30, 2026, is believed to be reasonably possible for pending legal actions.
A December 2023 lawsuit against Microsoft and OpenAI alleges copyright infringement, unfair competition, trademark , and violations related to unauthorized use of the Company's journalism.
In the Microsoft/OpenAI case, the court dismissed unfair competition and claims (with leave to replead the latter) but allowed other disputed claims to proceed.
The Company filed a motion in June 2026 to dismiss its own contributory infringement claim against OpenAI and amend claims against Microsoft, while dropping trademark claims against both.
A December 2025 lawsuit against Perplexity AI alleges copyright infringement, trademark , and trademark infringement for unauthorized use of the Company's content.
Perplexity filed a renewed partial motion to dismiss in April 2026 targeting direct, contributory, vicarious infringement, and trademark claims.
There have been no material changes to our risk factors as set forth in “Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. 36
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There have been no material changes to our risk factors as set forth in “Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.
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