nyt-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 1-5837

THE NEW YORK TIMES COMPANY

(Exact name of registrant as specified in its charter)


New York						13-1102020
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

620 Eighth Avenue, New York, New York 10018

(Address and zip code of principal executive offices)

Registrant’s telephone number, including area code 212-556-1234

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock

NYT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Number of shares of each class of the registrant’s common stock outstanding as of May 1, 2026 (exclusive of treasury shares):


Class A Common Stock	161,081,975	shares
Class B Common Stock	780,724	shares

THE NEW YORK TIMES COMPANY

INDEX



PART I		Financial Information	1
Item	1	Financial Statements	1
		Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	1
		Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 31, 2026 and March 31, 2025	3
		Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 31, 2026 and March 31, 2025	4
		Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the quarters ended March 31, 2026 and March 31, 2025	5
		Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 31, 2026 and March 31, 2025	6
		Notes to the Condensed Consolidated Financial Statements	7
Item	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item	3	Quantitative and Qualitative Disclosures About Market Risk	32
Item	4	Controls and Procedures	33

PART II		Other Information	34
Item	1	Legal Proceedings	34
Item	1A	Risk Factors	34
Item	2	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item	5	Other Information	35
Item	6	Exhibits	36

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)


	March 31, 2026		December 31, 2025
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	186,733	$	255,445
Short-term marketable securities	407,790		386,712
Accounts receivable (net of allowances of $11,553 as of March 31, 2026, and $11,406 as of December 31, 2025)	234,857		290,823
Prepaid expenses	58,723		60,017
Other current assets	39,108		35,070
Total current assets	927,211		1,028,067
Other assets
Long-term marketable securities	512,666		525,695
Property, plant and equipment (less accumulated depreciation and amortization of $958,767 as of March 31, 2026, and $945,338 as of December 31, 2025)	459,708		462,365
Goodwill	407,788		409,212
Intangible assets, net	222,395		229,376
Deferred income taxes	61,565		72,830


Miscellaneous assets	268,018		269,545
Total assets	$	2,859,351	$	2,997,090

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)

(In thousands, except share and per share data)


	March 31, 2026		December 31, 2025
	(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	137,809	$	135,623
Accrued payroll and other related liabilities	100,753		186,129
Unexpired subscriptions revenue	215,824		207,623

Accrued expenses and other	123,496		137,320
Total current liabilities	577,882		666,695
Other liabilities

Pension and postretirement benefits obligation	206,951		210,838

Other	73,037		78,194
Total other liabilities	279,988		289,032
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: as of March 31, 2026 – 179,798,017; as of December 31, 2025 – 178,951,695 (including treasury shares: as of March 31, 2026 – 18,682,134; as of December 31, 2025 – 17,902,769)	17,983		17,898
Class B – convertible – authorized and issued shares: as of March 31, 2026 – 780,724; as of December 31, 2025 – 780,724	78		78
Additional paid-in capital	378,296		411,532
Retained earnings	2,600,692		2,550,539
Common stock held in treasury, at cost	(629,226)		(572,878)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	(6,300)		(4,883)
Funded status of benefit plans	(359,604)		(363,262)
Net unrealized (loss)/gain on available-for-sale securities	(438)		2,339
Total accumulated other comprehensive loss, net of income taxes	(366,342)		(365,806)


Total stockholders’ equity	2,001,481		2,041,363
Total liabilities and stockholders’ equity	$	2,859,351	$	2,997,090

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)


	For the Quarters Ended
	March 31, 2026		March 31, 2025

Revenues
Subscription	$	516,871	$	464,257
Advertising	126,824		108,076
Affiliate, licensing and other	68,541		63,577
Total revenues	712,236		635,910
Operating costs
Cost of revenue (excluding depreciation and amortization)	362,936		334,637
Sales and marketing	77,263		65,959
Product development	70,193		66,539
General and administrative	86,452		79,913
Depreciation and amortization	20,563		21,378
Generative AI Litigation Costs	4,212		4,397

Multiemployer pension plan liability adjustment	—		4,453
Total operating costs	621,619		577,276
Operating profit	90,617		58,634
Other components of net periodic benefit costs	(3,582)		(4,638)

Interest income and other, net	11,283		9,972
Income before income taxes	98,318		63,968
Income tax expense	10,396		14,417