The New York Times Company (NYT)
NYSE:NYT
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New York Times
(NYSE:NYT)
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Rating:73Outperform
Price Target:
$89.00
▲(11.98% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial quality (low leverage, improving margins/ROE, and robust free cash flow) and a positive earnings outlook with solid subscriber and advertising momentum. The main offsets are a rich valuation (high P/E with a modest yield) and only neutral-to-soft near-term technical momentum (negative MACD and trading slightly below short-term averages).
Positive Factors
Recurring Subscription Strength
Large, growing digital subscription base and rising ARPU create durable recurring revenue that underpins predictable cash flows. Net adds and double-digit subscription revenue growth support scale advantages in content distribution, reducing reliance on volatile ad sales and improving long-term revenue visibility.
Negative Factors
Rising Operating Costs from Strategic Investments
Aggressive investment in video, hiring and marketing is elevating recurring operating expenses. If monetization of these investments lags, margin expansion may stall and free cash flow could be pressured. Sustained higher cost growth increases execution risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Subscription Strength
Large, growing digital subscription base and rising ARPU create durable recurring revenue that underpins predictable cash flows. Net adds and double-digit subscription revenue growth support scale advantages in content distribution, reducing reliance on volatile ad sales and improving long-term revenue visibility.
Read all positive factors
New York Times (NYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.06B
Dividend Yield0.95%
Average Volume (3M)2.16M
Price to Earnings (P/E)38.6
Beta (1Y)0.35
Revenue Growth10.41%
EPS Growth27.40%
CountryUS
Employees5,900
SectorCommunication Services
Sector Strength97
IndustryPublishing
Share Statistics
EPS (TTM)2.35
Shares Outstanding161,081,970
10 Day Avg. Volume2,292,487
30 Day Avg. Volume2,163,918
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 Cap1.01
Enterprise Value/Revenue4.21
Enterprise Value/Gross Profit8.20
Enterprise Value/Ebitda21.20
Forecast
1Y Price Target
$84.88Price Target Upside6.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)2.85
Revenue Forecast (FY)$3.09B
New York Times Business Overview & Revenue Model
Company Description
The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. It offers The New York Times (The Times), a daily and Sunday newspaper in the United States, as w...
How the Company Makes Money
NYT generates revenue primarily through subscriptions and, secondarily, through advertising and other ancillary sources. Subscriptions include digital-only subscriptions and bundled multi-product offerings across NYT’s digital properties, as well ...
New York Times Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial picture: strong subscriber adds, double-digit revenue growth across subscriptions and ads, significant AOP and margin expansion, and robust free cash flow. Management is investing aggressively in video and other product areas which is driving cost growth and keeps some monetization questions open. Platform-driven traffic risk and ad predictability are acknowledged but were presented as manageable. On balance, the positive growth, profitability and cash generation materially outweigh the identified execution and timing risks.Positive Updates
Strong Consolidated Revenue and Profit Growth
Consolidated revenues grew 12% year-over-year. Adjusted operating profit (AOP) grew ~27% to approximately $118M and AOP margin expanded 200 basis points to 16.6%.
Negative Updates
Rising Operating Costs and Investment-Driven Expense Growth
Adjusted operating costs grew ~9.4% in the quarter, driven by higher compensation and benefits and increased sales & marketing spending tied to strategic investments (including video). Guidance calls for adjusted operating costs to rise 8%–9% in the near term.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Consolidated Revenue and Profit Growth
Consolidated revenues grew 12% year-over-year. Adjusted operating profit (AOP) grew ~27% to approximately $118M and AOP margin expanded 200 basis points to 16.6%.
Read all positive updates
Company Guidance
For Q2 2026 the company guided digital‑only subscription revenues to rise 14%–17% and total subscription revenues to rise 10%–12%, digital advertising to grow in the high‑teens and total advertising to grow in the high‑single‑digits, affiliate/licensing/other to rise in the low‑single‑digits, and adjusted operating costs to increase 8%–9%; management also expects an annual effective tax rate of about 25%–26% (with quarterly variability) and reiterated that 2026 should deliver revenue growth, AOP growth, margin expansion and strong free cash flow (LTM FCF $542M) while noting an approximate $60M operating cash‑flow benefit to 2026 from the tax bill. For context, Q1 results included digital‑only subscription revenues of $389M (+16%) with 310k net digital adds (total subscribers >13M), total subscription revenues of ~$517M (+11.3%), digital advertising $93M (+32%), total advertising $127M (+17%), affiliate/licensing/other $68.5M (+8%), AOP of ~ $118M (+27%) with AOP margin 16.6% (+200bps), and adjusted diluted EPS of $0.61 (+$0.20).New York Times Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.90B | 2.82B | 2.59B | 2.43B | 2.31B | 2.07B |
| Gross Profit | 1.49B | 1.44B | 1.28B | 1.18B | 1.10B | 1.04B |
| EBITDA | 576.72M | 547.57M | 476.46M | 398.95M | 328.58M | 358.26M |
| Net Income | 382.35M | 343.98M | 293.82M | 232.39M | 173.91M | 219.97M |
Balance Sheet | ||||||
| Total Assets | 2.86B | 3.00B | 2.84B | 2.71B | 2.53B | 2.56B |
| Cash, Cash Equivalents and Short-Term Investments | 594.52M | 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 | 857.87M | 955.73M | 914.27M | 951.38M | 933.78M | 1.02B |
| Stockholders Equity | 2.00B | 2.04B | 1.93B | 1.76B | 1.60B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 542.17M | 550.50M | 381.34M | 337.95M | 113.73M | 234.46M |
| Operating Cash Flow | 577.64M | 584.49M | 410.51M | 360.62M | 150.69M | 269.10M |
| Investing Cash Flow | -235.65M | -221.32M | -306.09M | -159.69M | -73.56M | -180.81M |
| Financing Cash Flow | -338.03M | -306.14M | -192.72M | -132.71M | -174.31M | -54.95M |
New York Times Technical Analysis
Positive
79.48
Price Trends
80.44
Negative
76.63
Positive
68.12
Positive
Market Momentum
-1.16
Positive
44.23
Neutral
9.41
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NYT, the sentiment is Positive. The current price of 79.48 is above the 20-day moving average (MA) of 78.80, below the 50-day MA of 80.44, and above the 200-day MA of 68.12, indicating a neutral trend. The MACD of -1.16 indicates Positive momentum. The RSI at 44.23 is Neutral, neither overbought nor oversold. The STOCH value of 9.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $12.06B | 38.58 | 19.22% | 0.95% | 10.41% | 27.40% | |
71 Outperform | $2.06B | 13.74 | 20.75% | 4.48% | -1.90% | 283.01% | |
64 Neutral | $8.86B | 9.74 | 9.26% | 2.11% | 3.91% | -19.81% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $193.62M | -6.22 | 48.57% | ― | -9.93% | 66.64% |
* Communication Services Sector Average
NYT
New York Times
76.68
22.07
40.41%
WLY
John Wiley Sons Cl A
41.66
-0.45
-1.06%
LEE
Lee Enterprises
8.73
1.28
17.18%
PSO
Pearson
15.29
-0.65
-4.08%
New York Times Corporate Events
Executive/Board ChangesShareholder Meetings
New York Times Shareholders Back Board, Pay and Auditors
Positive
Apr 23, 2026
At its annual meeting of stockholders held on April 22, 2026, The New York Times Company’s shareholders elected all management-nominated directors, with Class A and Class B common stockholders voting separately. The vote reaffirmed the exist...
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.