The New York Times Company (NYSE: NYT) has reported its fourth-quarter and full-year 2025 results, showing significant growth in digital subscription revenues and digital advertising revenues. The company added approximately 450,000 net digital-only subscribers compared to the end of the third quarter of 2025, bringing the total number of subscribers to 12.78 million. This marks an increase from 11.43 million subscribers at the end of the fourth quarter of 2024.
Total digital-only average revenue per user (“ARPU”) increased 0.7 percent year-over-year to $9.72, driven by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers. This growth in digital subscribers and ARPU led to a year-over-year increase in digital subscription revenues of 13.9 percent and a 24.9 percent increase in digital advertising revenues.
Operating costs increased 10.5 percent year-over-year, and adjusted operating costs increased 9.7 percent year-over-year. Despite this, operating profit increased 10.2 percent year-over-year to $161.6 million, and adjusted operating profit increased 12.8 percent year-over-year to $192.3 million. The operating profit margin for the quarter was 20.1 percent, a year-over-year decrease of approximately 10 basis points, while the adjusted operating profit margin was 24.0 percent, a year-over-year increase of approximately 50 basis points.
Diluted earnings per share for the quarter was $0.79, a $0.04 increase year-over-year, and adjusted diluted earnings per share was $0.89, a $0.09 increase year-over-year. The company also reported net cash provided by operating activities for full-year 2025 of $584.5 million, compared with $410.5 million in 2024, and free cash flow for full-year 2025 was $550.5 million, compared with $381.3 million in 2024.
The company’s board of directors declared a $0.23 dividend per share, an increase of $0.05 from the previous quarter. The President and CEO, Meredith Kopit Levien, expressed confidence in the company's ability to deliver another year of healthy growth in subscribers, revenue, profitability, and strong free cash flow in 2026.
The company also announced plans to discontinue reporting digital-only subscribers and ARPU by specific categories, believing that total digital-only subscribers and total digital-only ARPU best align with how they manage the business for long-term growth.
Following these announcements, the company's shares moved -0.11%, and are now trading at a price of $71.49. Check out the company's full 8-K submission here.
