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New York Times
(NYSE:NYT)
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Rating:74Outperform
Price Target:
$73.00
▲(1.88% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial performance (robust free cash flow, improving profitability, and a near debt-free balance sheet) and a positive earnings outlook with healthy Q3 guidance. These strengths are offset by weak current technical momentum (price below key moving averages with negative MACD) and a relatively high P/E that limits valuation appeal.
Positive Factors
Strong free cash flow generation
NYT generates durable free cash flow (TTM FCF ~$623M) with operating cash flow rising materially over recent years. Consistent FCF supports shareholder returns, reinvestment in products and buffers against cyclicality, underpinning long‑term strategic optionality.
Negative Factors
Operating cost growth outpacing guidance
Sustained elevated cost growth—driven by compensation, incentives and expanded sales/marketing—can compress operating margins and delay the conversion of revenue gains into durable profit expansion, raising execution risk around midterm margin targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
NYT generates durable free cash flow (TTM FCF ~$623M) with operating cash flow rising materially over recent years. Consistent FCF supports shareholder returns, reinvestment in products and buffers against cyclicality, underpinning long‑term strategic optionality.
Read all positive factors
New York Times (NYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.12B
Dividend Yield1.09%
Average Volume (3M)1.59M
Price to Earnings (P/E)31.9
Beta (1Y)0.38
Revenue Growth10.41%
EPS Growth27.40%
CountryUS
Employees6,000
SectorCommunication Services
Sector Strength97
IndustryPublishing
Share Statistics
EPS (TTM)2.42
Shares Outstanding161,081,970
10 Day Avg. Volume1,501,433
30 Day Avg. Volume1,591,222
Financial Highlights & Ratios
PEG Ratio1.84
Price to Book (P/B)5.55
Price to Sales (P/S)4.01
P/FCF Ratio20.57
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$81.17Price Target Upside13.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.86
Revenue Forecast (FY)$3.11B
New York Times Business Overview & Revenue Model
Company Description
The New York Times Company, in conjunction with its subsidiaries, furnishes news and vital information to a worldwide readership and viewership through a diverse array of digital and traditional media. Its premier publication is The New York Times...
How the Company Makes Money
NYT primarily makes money through subscriptions and advertising, with subscriptions representing its central revenue engine. (1) Subscription revenue: The company sells paid subscriptions for its digital products (news and bundled “All Access” off...
New York Times Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented strong top-line growth across subscriptions, advertising and consolidated revenues, plus meaningful free cash flow and shareholder returns. Management highlighted strategic progress—scaling video, product enhancements, and audience engagement—with robust Q2 results and constructive Q3 guidance. Headwinds include higher-than-expected operating cost growth (largely driven by compensation, incentive payouts, marketing and new sales staffing), platform-driven traffic pressures, early-stage video monetization, and some timing-related lumpiness in affiliate revenues and cash flow. Overall, positive operational momentum and financial performance outweighed the cited challenges and near-term cost/headwind risks.Positive Updates
Strong Digital Subscription Growth
Digital subscription revenues grew ~16% year-over-year (16.4% per CFO) to $408M; added 280,000 net new digital subscribers in Q2, bringing the total subscriber base to ~13.4M and keeping the company on track toward a 15M milestone. Digital-only subscriber base was ~13.3% higher year-over-year and digital-only ARPU grew 3.1%.
Negative Updates
Higher-Than-Guided Cost Growth
Adjusted operating costs grew ~10% in Q2, exceeding the prior guidance range primarily due to higher compensation and benefits (including incremental variable compensation tied to financial outperformance) and increases in sales and marketing and advertising-related costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Digital Subscription Growth
Digital subscription revenues grew ~16% year-over-year (16.4% per CFO) to $408M; added 280,000 net new digital subscribers in Q2, bringing the total subscriber base to ~13.4M and keeping the company on track toward a 15M milestone. Digital-only subscriber base was ~13.3% higher year-over-year and digital-only ARPU grew 3.1%.
Read all positive updates
Company Guidance
For Q3 the Company guided digital‑only subscription revenues to increase 12%–15% and total subscription revenues to increase 9%–11%; digital advertising revenues to rise mid‑ to high‑teens and total advertising to increase high single‑ to low double‑digits; affiliate, licensing & other revenues to grow low‑ to mid‑single digits; and adjusted operating costs to increase 8%–9%. Management reiterated that it expects 2026 to be another year of healthy revenue and AOP growth with strong free cash flow and to remain on track for its midterm targets for subscribers, AOP growth and capital returns. For context, Q2 results underpinning the guide included +11% consolidated revenues, +16% AOP (~$155M), digital‑only subscription revenue up 16.4% to $408M with ~280k net new digital subs (total subs ~13.3–13.4M), total subscription revenue of ~$538M (+11.7%), digital advertising $114M (+20.7%) and total advertising $149M (+11.3%), adjusted diluted EPS $0.69 (up $0.11, +19%), H1 free cash flow ~$266M, and ~$160M returned to shareholders (≈$92M repurchases, $68M dividends).New York Times Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.98B | 2.82B | 2.59B | 2.43B | 2.31B | 2.07B |
| Gross Profit | 1.54B | 1.44B | 1.28B | 1.18B | 1.10B | 1.04B |
| EBITDA | 615.40M | 547.57M | 476.46M | 398.95M | 328.58M | 358.26M |
| Net Income | 392.82M | 343.98M | 293.82M | 232.39M | 173.91M | 219.97M |
Balance Sheet | ||||||
| Total Assets | 2.98B | 3.00B | 2.84B | 2.71B | 2.53B | 2.56B |
| Cash, Cash Equivalents and Short-Term Investments | 660.81M | 642.16M | 565.92M | 451.57M | 347.36M | 661.05M |
| Total Debt | 0.00 | 48.72M | 47.77M | 42.91M | 59.12M | 63.61M |
| Total Liabilities | 936.99M | 955.73M | 914.27M | 951.38M | 933.78M | 1.02B |
| Stockholders Equity | 2.05B | 2.04B | 1.93B | 1.76B | 1.60B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 704.53M | 550.50M | 381.34M | 337.95M | 113.73M | 234.46M |
| Operating Cash Flow | 750.50M | 584.49M | 410.51M | 360.62M | 150.69M | 269.10M |
| Investing Cash Flow | -288.65M | -221.32M | -306.09M | -159.69M | -73.56M | -180.81M |
| Financing Cash Flow | -496.39M | -306.14M | -192.72M | -132.71M | -174.31M | -54.95M |
New York Times Technical Analysis
Negative
71.65
Price Trends
73.18
Negative
76.43
Negative
72.47
Negative
Market Momentum
-1.57
Positive
30.75
Neutral
10.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NYT, the sentiment is Negative. The current price of 71.65 is below the 20-day moving average (MA) of 73.07, below the 50-day MA of 73.18, and below the 200-day MA of 72.47, indicating a bearish trend. The MACD of -1.57 indicates Positive momentum. The RSI at 30.75 is Neutral, neither overbought nor oversold. The STOCH value of 10.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NYT.
New York Times Risk Analysis
New York Times disclosed 30 risk factors in its most recent earnings report. New York Times reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
New York Times Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $2.66B | 12.37 | 28.86% | 2.87% | -0.06% | 173.86% | |
74 Outperform | $12.12B | 31.87 | 19.47% | 1.14% | 10.41% | 27.40% | |
64 Neutral | $10.14B | 24.65 | 9.26% | 2.10% | 7.10% | -22.39% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $171.84M | -2.94 | 27.53% | ― | -9.93% | 66.64% |
* Communication Services Sector Average
NYT
New York Times
63.54
6.72
11.83%
WLY
John Wiley Sons Cl A
52.33
15.00
40.19%
LEE
Lee Enterprises
8.19
3.83
87.67%
PSO
Pearson
16.46
2.36
16.75%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.