At a glance
New York Times Company is worth $11.16B, about 33 times its fiscal 2025 earnings. Revenue grew 9.2% to $2.82B in fiscal 2025, with 12.2% kept as profit; over 5 years it has grown 9.6% a year. It pays a 1.26% dividend yield, raised every year for at least 7 years, and returned $764.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.9% over the past year with dividends reinvested and +6.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.3% in the 2020 crash (S&P 500: 33.7%) and 41.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 17 months after the lows.
The business in plain English
The New York Times Company publishes The New York Times through its app, its website, podcasts and a printed newspaper first published in 1851. Around that news product it has built special-interest products: The Athletic (sports), Cooking (recipes), Games (puzzles such as Wordle and Connections), Audio and Wirecutter (product reviews). Its main offer is a “bundle”: one digital subscription that covers all of them. Each product can also be bought on its own.
Subscriptions pay most of the bills. In the year ended December 31, 2025, subscription revenue was about $1.95 billion, or 69.1% of total revenue of $2.82 billion. Advertising brought in about $566 million (20%) from advertisers such as luxury, technology and financial brands. The remaining $308 million (10.9%) came from affiliate fees, content licensing and commercial printing. Affiliate fees are commissions earned when readers make purchases through recommendation links.
As of December 31, 2025, the company had about 12.78 million subscribers in 234 countries and territories, the most in its history. About 12.21 million paid for digital-only access, and roughly 26% of digital-only subscriptions came from outside the United States. Free content such as Wordle draws a much larger audience, which the company tries to turn into paying subscribers. Management aims to reach 15 million subscribers by the end of 2027.
Price history
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NYT +21.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscription | $1.95B | 69.1% |
| Advertising | $566.0M | 20% |
| Affiliate, licensing and other | $308.1M | 10.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $762.5M, up 11.2% from a year earlier, and net income was $93.4M (+12.6%).
- For fiscal 2025, revenue was $2.82B (+9.2% year over year; +9.6% a year from FY2020 to FY2025) with a 12.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.6% good |
|---|---|
| Operating margin | 15.3% good |
| Free cash flow margin | 19.5% good |
| Return on equity (FY2025) | 16.9% good |
| Return on assets (FY2025) | 11.5% good |
| Cash and investments | $1.22B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.78B | $100.1M | $263.5M |
| FY2021 | $2.07B | $220.0M | $234.5M |
| FY2022 | $2.31B | $173.9M | $113.7M |
| FY2023 | $2.43B | $232.4M | $337.9M |
| FY2024 | $2.59B | $293.8M | $381.3M |
| FY2025 | $2.82B | $344.0M | $550.5M |
Valuation snapshot
| Market value | $11.16B |
|---|---|
| P/E ratio | 33.1 |
| Dividend yield | 1.26% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NYT price data to Oct 28, 2026 | +0.9% | +21.9% | +21.5% | +6.2% | +21.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.8% |
| 2025 | +35.1% |
| 2024 | +7.3% |
| 2023 | +52.6% |
| 2022 | -32.2% |
| 2021 | -6.2% |
| 2020 | +61.9% |
| 2019 | +45.3% |
| 2018 | +21.3% |
| 2017 | +40.5% |
| 2016 | +0.4% |
| 2015 | +2.8% |
| 2014 | -15.8% |
| 2013 | +86.7% |
| 2012 | +10.3% |
| 2011 | -21.1% |
| 2010 | -20.7% |
| 2009 | +68.6% |
| 2008 | -56.0% |
| 2007 | -25.1% |
| 2006 | -5.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 79.1% over that stretch · deepest drop along the way 82.5%, back to its old high 101.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.3% over that stretch · deepest drop along the way 28.3%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.1% over that stretch · deepest drop along the way 41.9%, back to its old high 17 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($1.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Levien Meredith A. Kopit PRESIDENT & CEO, Director | sell | $761K |
| May 12, 2026 | William Bardeen EVP, Chief Financial Officer | sell | $321K |
| Jun 3, 2026 | Jacqueline M Welch EVP and CHRO | sell | $297K |
Who owns it
Large shareholders (13G filings)
| Warren E. Buffett | 9.4% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.1% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 5% | Jun 30, 2026 |
| Linonia Partners Fund LP | 4.98% | Aug 4, 2026 |
| Vanguard Capital Management | 4.79% | Jun 30, 2026 |
| Darsana Capital Partners LP | 4.7% | Dec 31, 2025 |
| Farallon Capital Partners, L.P. | 3.5% | Jun 30, 2025 |
ETFs with the most weight in NYT
| RSPC Invesco S&P 500 Equal Weight Communication Services ETF | 4.66% |
| USMF WisdomTree US Multifactor Fund | 0.91% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.85% |
| WCEO Hypatia Women CEO ETF | 0.81% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.59% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 0.56% |
| VUSE Vident U.S. Equity Strategy ETF | 0.56% |
| TMFX Motley Fool Next Index ETF | 0.48% |
What could go wrong
- Generative AI competes for its readers. The company says generative AI has already hurt its ability to attract readers, advertisers and licensees, and to protect its journalism. Chatbots that answer questions directly give people less reason to visit its sites.
- Big tech platforms control how readers find it. Search engines, app stores and AI chatbots control how its content is discovered, and they often change their algorithms without notice. It also relies on outside platforms, including Apple and Alphabet app stores, for subscriptions and licensing.
- Subscriber growth may slow or cost more. Subscriptions made up 69.1% of fiscal 2025 revenue. Reaching the 15 million subscriber target may require pricing changes or heavier marketing spending. Either could squeeze profit margins.
- One family trust holds control. Class B shares are mainly held by descendants of Adolph S. Ochs through a family trust. That control could create conflicts with other shareholders and could discourage a takeover or other change of control.
- Legacy print, labor and pension costs. Print remains significant and is exposed to newsprint supply disruptions and rising printing and delivery costs. A significant number of employees are unionized, and large, volatile pension obligations could require extra cash.
- Advertising swings with the economy. Advertising was 20% of fiscal 2025 revenue. It depends on market conditions and changing digital ad trends, and advertisers often trim budgets when the economy weakens.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
NYT pays a small but fast-growing dividend. Regular dividends rose from $0.24 per share in fiscal 2020 to $0.72 in fiscal 2025, about 24.6% a year, and the company has raised its dividend 7 years in a row. In fiscal 2025 the dividend took 32.1% of earnings and 20% of free cash flow (the cash left after running and investing in the business). The yield was 1.26% as of October 28, 2026, which is low for income seekers. From fiscal 2021 to 2025 the company also spent about $400 million on share repurchases (buybacks), more than the $365 million it paid in dividends.
The stock has fallen hard in downturns. It dropped as much as 82.5% in the 2008 financial crisis and took about 101 months to recover. It fell 41.9% in the 2022 bear market (17 months to recover) and 28.3% in the 2020 COVID crash (2.5 months). Like any single stock, NYT carries more risk than a diversified fund.
Questions investors ask
How does The New York Times make money?
Mostly from subscriptions. In the year ended December 31, 2025, subscriptions brought in about $1.95 billion, or 69.1% of $2.82 billion in total revenue. That includes digital bundles, standalone products such as Games or The Athletic, and print sales. Advertising added about $566 million (20%). Affiliate fees, content licensing and commercial printing made up the remaining $308 million (10.9%).
How many subscribers does The New York Times have?
About 12.78 million as of December 31, 2025, the most in the company's history, spread across 234 countries and territories. About 12.21 million of them paid for digital-only access, and about 26% of digital-only subscriptions came from outside the United States. Print home-delivery subscribers also get the digital products at no extra charge. Management's goal is 15 million subscribers by the end of 2027.
Does The New York Times raise its dividend every year?
It has for 7 years in a row. Regular dividends rose from $0.24 per share in fiscal 2020 to $0.72 in fiscal 2025, an average increase of about 24.6% a year. In fiscal 2025 the dividend used 32.1% of earnings and 20% of free cash flow (the cash left after running and investing in the business). The yield was a modest 1.26% as of October 28, 2026. Past increases do not guarantee future ones.
Does Warren Buffett own New York Times stock?
Yes, according to filings. A Schedule 13G (a disclosure that large, mostly passive shareholders file) showed Warren E. Buffett with a 9.4% stake as of March 31, 2026, the largest such holding listed. Other filings list AQR Capital Management (5.1%), T. Rowe Price (5%) and Vanguard (4.79%). Control, however, sits with a family trust of Adolph S. Ochs's descendants, which mainly holds the company's Class B shares.
How has New York Times stock performed?
Strongly over ten years, less so over five. As of October 28, 2026, the share price had gained 21.9% over one year and averaged 21.2% a year over ten years, a cumulative 585%. The five-year figure is weaker at 6.2% a year, a period that includes a 32.16% drop in 2022. These are price returns and leave out dividends. On that date the shares traded at 33.1 times fiscal 2025 earnings, meaning investors paid about $33 for each $1 of annual profit.