The beat and strong digital subscription metrics (accelerating ARPU growth, steady net adds) reinforce NYT's premium subscription moat. With Q3 guidance pointing to continued mid-teens digital subscription growth and robust free cash flow, the stock should see positive momentum. Key catalysts to watch on the call: any acceleration in total subscriber targets, ARPU trajectory, and commentary on advertising demand trends.
Price Chart
Executive Summary
The New York Times reported Q2 2026 adjusted EPS of $0.69, a 3% beat vs consensus of $0.67, on revenue of $762.5M (+11.2% YoY, 1.4% above $751.9M consensus). Digital-only subscription revenue grew 16.4% YoY to $407.9M, with 280k net subscriber additions and ARPU up 3.1% to $9.94. Adjusted operating profit margin expanded 90 bps to 20.4%. Guidance for Q3 implies continued mid-teens digital subscription growth and stable margins, confirming the durable subscription-led model.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted diluted EPS $0.69 vs consensus $0.67 (beat by 3%)
- Total revenue $762.5M (+11.2% YoY), slightly above $751.9M consensus
- Digital-only subscription revenue $407.9M (+16.4% YoY) on 280k net subscriber adds (total 12.8M digital-only subscribers)
- Digital-only ARPU rose 3.1% YoY to $9.94
- Adjusted operating profit $155.3M (+16.1% YoY), margin 20.4% (+90 bps YoY)
- GAAP operating profit $118.0M (+10.8% YoY), margin flat at 15.5%
- Free cash flow first six months $265.7M vs $193.2M in prior year period
- Q3 guidance: digital-only subscription rev +12-15%, digital advertising mid-to-high-teens, adj operating costs +8-9%
- Share repurchases $35.4M in Q2; $239.7M remaining authorization
Financial Impact
EPS beat consensus by ~3%, revenue beat by ~1.4%, driven by 16.4% digital subscription growth and 3.1% ARPU expansion. Adjusted operating profit margin improved 90 bps to 20.4%.
Risk Factors
- Print advertising continues to decline (-11.1% YoY), partially offsetting digital gains
- Adjusted operating cost growth of 10.0% may pressure margins if revenue growth slows
- One-time pension withdrawal charge of $9.2M and ongoing generative AI litigation costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000071691-26-000032 |
| Document: nyt-20260805.htm | 0000071691-26-000032 |
| Document: 0000071691-26-000032-index-headers.html | 0000071691-26-000032 |
| Document: 0000071691-26-000032-index.html | 0000071691-26-000032 |
| Document: 0000071691-26-000032.txt | 0000071691-26-000032 |
| 8-K Data (Synthetic) | 0000071691-26-000032 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $69.58 | awaiting T+20 | — | $69.81 (−0.33%) |
Aug 5, 2026 11w ago | 8-K | $65.48 $67.68 | ▲ +3.36% | ▲ +3.96% | $69.81 (+6.61%) |
Jun 30, 2026 17w ago | Court Ruling | $69.98 $72.37 | ▲ +3.42% | ▲ +4.44% | $69.81 (−0.24%) |
Jun 30, 2026 17w ago | Court Ruling | $69.98 $72.37 | ▲ +3.42% | ▲ +4.44% | $69.81 (−0.24%) |
May 11, 2026 24w ago | Insider Cluster | $74.27 $73.80 | ▼ −0.63% | ▼ −2.74% | $69.81 (−6.00%) |
Apr 13, 2026 28w ago | Court Ruling | $79.30 $77.22 | ▼ −2.62% | ▼ −10.35% | $69.81 (−11.96%) |
Mar 13, 2026 32w ago | DEFA14A | $78.93 $79.30 | ▲ +0.47% | ▼ −3.12% | $69.81 (−11.55%) |
Mar 13, 2026 32w ago | DEFA14A | $78.93 $79.30 | ▲ +0.47% | ▼ −3.12% | $69.81 (−11.55%) |
Mar 3, 2026 34w ago | Insider Cluster | $81.22 $83.74 | ▼ −3.10% | ▼ −7.51% | $69.81 (+14.04%) |
Dec 3, 2025 47w ago | Court Ruling | $63.27 $69.27 | ▲ +9.48% | ▲ +8.70% | $69.81 (+10.33%) |
US Market Status
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