| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | 27.8x | 17.8x | Bottom tier | |
Growth | 73 | 10.8% | 7.1% | Top tier | |
Quality | 90 | 17.6% | 4.5% | Top tier | |
Safety | 85 | — | 2.6x | Top tier | |
Capital Return | 61 | 1.23% | 2.12% | Around median | |
Momentum | 37 | 8.3% | 2.9% | Bottom tier | |
Sentiment | 75 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The New York Times Company operates a paid-content ecosystem that combines journalism and news with The Athletic, Cooking, Games, and Wirecutter, generating revenue through digital and traditional subscriptions and advertising, in addition to affiliate referrals, licensing, and other activities. In the second quarter of fiscal year 2026, subscription revenue totaled approximately $538 million, including $408 million from digital-only subscriptions, compared with $149 million from advertising and $75.5 million from affiliate referrals, licensing, and other revenue; this shows that subscriptions remain the largest driver, complemented by additional revenue sources.
In the second quarter of fiscal year 2026, consolidated revenue increased 11% year over year to $762.5 million, compared with $712.2 million in the first quarter of fiscal year 2026. Net income totaled $93.4 million, or $0.57 per share, compared with $87.9 million and $0.54 per share in the first quarter of fiscal year 2026; adjusted operating profit was approximately $155 million and grew 16%, equivalent to about 20.3% of revenue.
The company ended the second quarter of fiscal year 2026 with 280 thousand net new digital subscribers, bringing its total subscriber base to 13.4 million, while its digital-only subscriber base increased 13.3% year over year. Digital-only subscription revenue grew 16.4%, and average revenue per digital user increased 3.1%, while digital advertising revenue rose 20.7% to $114 million, reflecting simultaneous contributions from volume growth, pricing, and advertising.
The average analyst price target is $83, with a neutral consensus and a wide target range of $63 to $95; the average is below the 52-week range high of $87.1, while the highest target exceeds that high. The wide target range and its low end of $63 reflect disagreement over balancing revenue and earnings growth against slowing subscription expectations, after the shares traded between $54.1 and $87.1 over 52 weeks.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Revenue in the second quarter of fiscal year 2026 totaled approximately $762.5 million, up 11% year over year, and adjusted operating profit increased 16% to approximately $155 million. However, the company added 280 thousand net digital subscribers, below analysts' estimate of 295.3 thousand. Its guidance for digital-only subscription revenue growth in the third quarter of fiscal year 2026 also ranged between 12% and 15%, below the previous quarter's 16.4% rate. The shares therefore fell more than 12% following the August 5, 2026 announcement, as the market focused more on the slowdown in the subscriber metric and the outlook than on the strength of the current results.
Subscriptions remain the largest source of revenue, totaling approximately $538 million in the second quarter of fiscal year 2026 out of consolidated revenue of $762.5 million. Within that amount, digital-only subscriptions generated $408 million, up 16.4% year over year. The number of digital-only subscribers increased 13.3%, while average revenue per digital user rose 3.1%. Pricing benefited from raising the digital bundle price from $25 to $30 for a segment of longtime subscribers and from subscribers moving beyond promotional periods.
Automated analysis for informational purposes only — not investment advice.
Digital advertising revenue increased 20.7% to $114 million in the second quarter of fiscal year 2026, while total advertising revenue reached $149 million and grew 11.3%. Management attributed the performance to strong advertiser demand and broader engagement across news, Games, sports, and the rest of the portfolio, and it also established a mid-market sales team. The company expects mid-to-high-teens digital advertising growth in the third quarter of fiscal year 2026. However, management said video was still making a relatively limited contribution to advertising growth through the second quarter of fiscal year 2026.
The company produced approximately one thousand original videos across its portfolio in the second quarter of fiscal year 2026, including reporter videos, news clips, visual investigations, and long-form programs. It launched a Shows tab within the main app alongside the Watch tab to increase viewing on its platforms and reach new audiences. The Athletic also presented a daily long-form World Cup program on Amazon, short-form highlights, and live coverage of all 104 matches. Management views video as a long-term opportunity, but emphasized that production, engagement, and monetization remain in their early stages.
Net income totaled $93.4 million, or $0.57 per share, in the second quarter of fiscal year 2026, compared with $87.9 million and $0.54 per share in the first quarter of fiscal year 2026. Adjusted operating profit reached approximately $155 million in the second quarter of fiscal year 2026, up 16%, while adjusted diluted earnings per share totaled $0.69 and grew 19%. The company generated approximately $266 million in free cash flow during the first half of fiscal year 2026 and returned $160 million to shareholders. However, cash flow also benefited from working-capital timing and an approximately $60 million tax benefit in fiscal year 2026, most of which management does not expect to recur after that year.
The company added 280 thousand net digital subscribers in the second quarter of fiscal year 2026, below analysts' estimate of 295.3 thousand, despite its total subscriber base reaching 13.4 million. Management expects digital-only subscription revenue to grow between 12% and 15% in the third quarter of fiscal year 2026, compared with 16.4% in the second quarter of fiscal year 2026. It also noted that the subscriber mix is affected by higher-priced bundles, lower-priced standalone products, and the timing of transitions from promotional offers. This is compounded by declining referral traffic from major technology platforms, increasing the importance of building direct relationships through NYT's apps and products.
