The New York Times Company
NYTNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $72.58 Prior regular-session close from the quote source.
- $71.22–$72.80 Regular-session low and high so far today.
- 1.6M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 3 projected Projected for 2027-02-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $58.87–$87.10 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NYT if The New York Times can keep turning trusted, differentiated journalism into a direct paid relationship while scaling that product with rising cash profits.
NYT price history
Loading recent earnings…
Investment thesis
What must happen next
NYT’s brand trust and perceived editorial distinctiveness keep pulling readers into a direct paid relationship rather than leaving the company dependent on commoditized ad-supported news traffic.StrengtheningMateriality: High
GAAP annual revenue increased from $2.075 billion in FY2021 to $2.825 billion in FY2025. If this holds, revenue growth is structurally higher quality; if it breaks, NYT becomes more exposed to platform traffic, advertising cycles, and weaker pricing.
Watch: Google Search, Apple News, or major social platforms reduce direct traffic by satisfying news demand inside their own products.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $2.075 billion in FY2021 to $2.825 billion in FY2025.
Open source ↗NYT’s owned content and product platform can scale faster than its editorial and technology cost base, so incremental direct demand should keep expanding operating profit rather than being fully competed away.StrengtheningMateriality: High
GAAP annual operating income rose from $268.0 million in FY2021 to $431.6 million in FY2025. This is the path from respected media brand to valuable equity compounder; if costs rise as fast as demand, revenue growth will not translate into owner value.
Watch: Union wage inflation, newsroom expansion, or technology spending required to defend the product absorbs incremental subscription revenue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income rose from $268.0 million in FY2021 to $431.6 million in FY2025.
Open source ↗The subscription-led model produces enough cash to fund journalism, product investment, and strategic flexibility without relying on leverage or dilution.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $150.7 million in FY2022 to $584.5 million in FY2025. Strong cash conversion lets NYT invest through media disruption; weak cash conversion would make the company more cyclical and less able to defend its moat.
Watch: Subscriber billing quality deteriorates because growth depends increasingly on heavy discounts, promotional cohorts, or short-tenure users.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $150.7 million in FY2022 to $584.5 million in FY2025.
Open source ↗NYT’s conservative balance sheet gives management room to keep investing in the brand and product during advertising downturns or distribution shocks.StrengtheningMateriality: Medium
Cash and cash equivalents were $255.4 million at FY2025 year-end. A resilient balance sheet reduces the risk that a temporary media-cycle disruption forces underinvestment in the very content advantage that supports the thesis.
Watch: Management uses cash for a large acquisition that adds integration risk or weakens focus on the core NYT relationship.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $255.4 million at FY2025 year-end.
Open source ↗Per-share value creation depends on management converting brand-led revenue into earnings without offsetting it through dilution, uneconomic acquisitions, or cost growth.StrengtheningMateriality: Medium
GAAP diluted EPS increased from $1.31 in FY2021 to $2.09 in FY2025. Owners benefit only if business gains reach each share; dilution or poor capital allocation can erase the advantage of a stronger franchise.
Watch: Equity compensation or share issuance for acquisitions causes per-share earnings to lag business-level profit growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS increased from $1.31 in FY2021 to $2.09 in FY2025.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
NYT’s brand trust and perceived editorial distinctiveness keep pulling readers into a direct paid relationship rather than leaving the company dependent on commoditized ad-supported news traffic. If this holds, revenue growth is structurally higher quality; if it breaks, NYT becomes more exposed to platform traffic, advertising cycles, and weaker pricing.
NYT’s owned content and product platform can scale faster than its editorial and technology cost base, so incremental direct demand should keep expanding operating profit rather than being fully competed away. This is the path from respected media brand to valuable equity compounder; if costs rise as fast as demand, revenue growth will not translate into owner value.
The subscription-led model produces enough cash to fund journalism, product investment, and strategic flexibility without relying on leverage or dilution. Strong cash conversion lets NYT invest through media disruption; weak cash conversion would make the company more cyclical and less able to defend its moat.
NYT’s conservative balance sheet gives management room to keep investing in the brand and product during advertising downturns or distribution shocks. A resilient balance sheet reduces the risk that a temporary media-cycle disruption forces underinvestment in the very content advantage that supports the thesis.
Per-share value creation depends on management converting brand-led revenue into earnings without offsetting it through dilution, uneconomic acquisitions, or cost growth. Owners benefit only if business gains reach each share; dilution or poor capital allocation can erase the advantage of a stronger franchise.
All standing thesis claims
Original report summary
The New York Times can keep turning trusted, differentiated journalism into a direct paid relationship while scaling that product with rising cash profits.
Bull case and bear case
Bull case and bear case for New York Times Co
Where the evidence on New York Times Co stands: Strengthening on the latest evidence (Oct 12, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
NYT’s brand trust and perceived editorial distinctiveness keep pulling readers into a direct paid relationship rather than leaving the company dependent on commoditized ad-supported news traffic.
NYT’s owned content and product platform can scale faster than its editorial and technology cost base, so incremental direct demand should keep expanding operating profit rather than being fully competed away.
The subscription-led model produces enough cash to fund journalism, product investment, and strategic flexibility without relying on leverage or dilution.
NYT’s conservative balance sheet gives management room to keep investing in the brand and product during advertising downturns or distribution shocks.
Per-share value creation depends on management converting brand-led revenue into earnings without offsetting it through dilution, uneconomic acquisitions, or cost growth.
Bear case: what would count against it
Google Search, Apple News, or major social platforms reduce direct traffic by satisfying news demand inside their own products.
Union wage inflation, newsroom expansion, or technology spending required to defend the product absorbs incremental subscription revenue.
Subscriber billing quality deteriorates because growth depends increasingly on heavy discounts, promotional cohorts, or short-tenure users.
Thesis-Break Engine
What has broken in New York Times Co’s thesis
Each break OptimistFi flagged on New York Times Co, dated — with what has historically followed the same kind of break across the market, not a forecast for New York Times Co.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
New York Times Co filed an SEC 8-K on 2026-09-09: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
New York Times Co filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
New York Times Co filed an SEC 8-K on 2026-05-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Google Search, Apple News, or major social platforms reduce direct traffic by satisfying news demand inside their own products.
- Union wage inflation, newsroom expansion, or technology spending required to defend the product absorbs incremental subscription revenue.
- Subscriber billing quality deteriorates because growth depends increasingly on heavy discounts, promotional cohorts, or short-tenure users.
- Management uses cash for a large acquisition that adds integration risk or weakens focus on the core NYT relationship.
- Equity compensation or share issuance for acquisitions causes per-share earnings to lag business-level profit growth.
NYT news
Loading headlines…
Financial statements
NYT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NYT: quick answers
- When does New York Times Co (NYT) report earnings next?
- New York Times Co's next results are projected for February 3, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 4, 2026. Earnings calendar
- What is NYT's short interest?
- As of October 30, 2026, 18.6M NYT shares were sold short, 11.7% of its shares outstanding, down 0.5% from the count before. At the stock's average daily volume that is 10.0 days to cover. FINRA publishes the count twice a month. NYT short interest history
- Have members of Congress traded NYT?
- 4 trades in NYT have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed NYT trade
- Which well-known investors own NYT?
- 2 of the 37 well-known funds tracked here reported NYT shares in their latest 13F filings. By share of the fund's portfolio: Berkshire Hathaway (Warren Buffett), 0.4%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
NYT in well-known investors’ portfolios
2 of 37 funds reported NYT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Warren BuffettBerkshire Hathaway | 0.37% | $1.1B | +3.6% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.03% | $7.7M | −31.3% | Q2 2026 |