# EDGAR Filing Document

**Accession Number:** 0000071691
**File Stem:** 0000071691-25-000119
**Filing Date:** 2025-8
**Character Count:** 175431
**Document Hash:** 102377da32e37c20922e9cfc0a19cdf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000071691-25-000119.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000071691-25-000119

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW YORK TIMES CO
- **CENTRAL INDEX KEY:** 0000071691
- **STANDARD INDUSTRIAL CLASSIFICATION:** NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 131102020
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05837
- **FILM NUMBER:** 251188938

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 2125561234

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

?xml version='1.0' encoding='ASCII'? nyt-20250630

**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 June 30, 2025** 

**OR**

☐ **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 <br> 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 ⌧ &nbsp;&nbsp;&nbsp;&nbsp;No □

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 ⌧ &nbsp;&nbsp;&nbsp;&nbsp;No □

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 ☐ <br> 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 ☐ &nbsp;&nbsp;&nbsp;&nbsp;No ⌧

Number of shares of each class of the registrant's common stock outstanding as of August 1, 2025 (exclusive of treasury shares):

Class A Common Stock 162,038,098 shares <br> Class B Common Stock 780,724 shares

------

**THE NEW YORK TIMES COMPANY**

**INDEX**

---

| | | | |
|:---|:---|:---|:---|
| **PART I** |  | Financial Information | [1](#ife8184d456b2415f884c930f1fff2d4d_10) |
| **Item** | **1** | Financial Statements | [1](#ife8184d456b2415f884c930f1fff2d4d_13) |
|  |  | Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 | [1](#ife8184d456b2415f884c930f1fff2d4d_16) |
|  |  | Condensed Consolidated Statements of Operations (unaudited) for the quarters and six months ended June 30, 2025 and June 30, 2024 | [3](#ife8184d456b2415f884c930f1fff2d4d_19) |
|  |  | Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and six months ended June 30, 2025 and June 30, 2024 | [4](#ife8184d456b2415f884c930f1fff2d4d_22) |
|  |  | Condensed Consolidated Statements of Changes In Stockholders' Equity (unaudited) for the quarters and six months ended June 30, 2025 and June 30, 2024 | [5](#ife8184d456b2415f884c930f1fff2d4d_25) |
|  |  | Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters and six months ended June 30, 2025 and June 30, 2024 | [7](#ife8184d456b2415f884c930f1fff2d4d_28) |
|  |  | Notes to the Condensed Consolidated Financial Statements | [8](#ife8184d456b2415f884c930f1fff2d4d_31) |
| **Item** | **2** | Management's Discussion and Analysis of Financial Condition and Results of Operations | [24](#ife8184d456b2415f884c930f1fff2d4d_79) |
| **Item** | **3** | Quantitative and Qualitative Disclosures About Market Risk | [42](#ife8184d456b2415f884c930f1fff2d4d_100) |
| **Item** | **4** | Controls and Procedures | [43](#ife8184d456b2415f884c930f1fff2d4d_103) |
| **PART II** |  | Other Information | [44](#ife8184d456b2415f884c930f1fff2d4d_106) |
| **Item** | **1** | Legal Proceedings | [44](#ife8184d456b2415f884c930f1fff2d4d_109) |
| **Item** | **1A** | Risk Factors | [44](#ife8184d456b2415f884c930f1fff2d4d_112) |
| **Item** | **2** | Unregistered Sales of Equity Securities and Use of Proceeds | [44](#ife8184d456b2415f884c930f1fff2d4d_115) |
| **Item** | **5** | Other Information | [44](#ife8184d456b2415f884c930f1fff2d4d_118) |
| **Item** | **6** | Exhibits | [45](#ife8184d456b2415f884c930f1fff2d4d_121) |

---

------

**PART I. FINANCIAL INFORMATION**

**<u>Item 1. Financial Statements</u>**

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED BALANCE SHEETS</u>**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | (Unaudited) | |
| <u>Assets</u> |  |  |
| <u>Current assets</u> |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $198242 | $199448 |
| &nbsp;&nbsp;&nbsp;Short-term marketable securities | 342003 | 366474 |
| &nbsp;&nbsp;&nbsp;Accounts receivable (net of allowances of $11,301 as of June 30, 2025, and $12,118 as of December 31, 2024) | 211078 | 249530 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 57962 | 49869 |
| &nbsp;&nbsp;&nbsp;Other current assets | 45717 | 71001 |
| Total current assets | 855002 | 936322 |
| <u>Other assets</u> |  |  |
| &nbsp;&nbsp;&nbsp;Long-term marketable securities | 411300 | 345946 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment (less accumulated depreciation and amortization of $929,576 as of June 30, 2025, and $905,512 as of December 31, 2024) | 477949 | 488816 |
| &nbsp;&nbsp;&nbsp;Goodwill | 409229 | 412173 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 243338 | 258006 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 128113 | 111397 |
| &nbsp;&nbsp;&nbsp;Miscellaneous assets | 280105 | 288819 |
| Total assets | $2805036 | $2841479 |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)</u>**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | (Unaudited) | |
| <u>Liabilities and stockholders' equity</u> |  |  |
| <u>Current liabilities</u> |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $120187 | $123606 |
| &nbsp;&nbsp;&nbsp;Accrued payroll and other related liabilities | 133294 | 177859 |
| &nbsp;&nbsp;&nbsp;Unexpired subscriptions revenue | 190012 | 187082 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other | 134492 | 124982 |
| Total current liabilities | 577985 | 613529 |
| <u>Other liabilities</u> |  |  |
| &nbsp;&nbsp;&nbsp;Pension and postretirement benefits obligation | 212312 | 214641 |
| &nbsp;&nbsp;&nbsp;Other | 79031 | 86100 |
| Total other liabilities | 291343 | 300741 |
| <u>Stockholders' equity</u> |  |  |
| &nbsp;&nbsp;&nbsp;Common stock of $.10 par value: |  |  |
| &nbsp;&nbsp;&nbsp;Class A – authorized: 300,000,000 shares; issued: as of June 30, 2025 – 178,772,299; as of December 31, 2024 – 177,883,703 (including treasury shares: as of June 30, 2025 – 16,536,334; as of December 31, 2024 – 14,896,012) | 17881 | 17791 |
| &nbsp;&nbsp;&nbsp;Class B – convertible – authorized and issued shares: as of June 30, 2025 – 780,724; as of December 31, 2024 – 780,724 | 78 | 78 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 369208 | 356450 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2398105 | 2325142 |
| &nbsp;&nbsp;&nbsp;Common stock held in treasury, at cost | (489383) | (406446) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of income taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (4504) | (2762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funded status of benefit plans | (357378) | (363874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain on available-for-sale securities | 1701 | 830 |
| &nbsp;&nbsp;&nbsp;Total accumulated other comprehensive loss, net of income taxes | (360181) | (365806) |
| Total stockholders' equity | 1935708 | 1927209 |
| Total liabilities and stockholders' equity | $2805036 | $2841479 |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</u>**

**(Unaudited)**

**(In thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| <u>Revenues</u> |  |  |  |  |
| Subscription | $481420 | $439322 | $945677 | $868327 |
| Advertising | 133974 | 119163 | 242050 | 222874 |
| Affiliate, licensing and other | 70479 | 66612 | 134056 | 127911 |
| &nbsp;&nbsp;&nbsp;Total revenues | 685873 | 625097 | 1321783 | 1219112 |
| <u>Operating costs</u> |  |  |  |  |
| Cost of revenue (excluding depreciation and amortization) | 338779 | 322774 | 673416 | 639641 |
| Sales and marketing | 69165 | 61303 | 135124 | 126437 |
| Product development | 63940 | 62220 | 130479 | 125405 |
| General and administrative | 82552 | 76870 | 162465 | 155685 |
| Depreciation and amortization | 21396 | 20537 | 42774 | 41243 |
| Generative AI Litigation Costs | 3490 | 1983 | 7887 | 2972 |
| Multiemployer pension plan liability adjustment |  |  | 4453 |  |
| Total operating costs | 579322 | 545687 | 1156598 | 1091383 |
| Operating profit | 106551 | 79410 | 165185 | 127729 |
| Other components of net periodic benefit costs | (4639) | (1023) | (9277) | (2074) |
| Interest income and other, net | 9752 | 8696 | 19724 | 17083 |
| Income before income taxes | 111664 | 87083 | 175632 | 142738 |
| Income tax expense | 28719 | 21543 | 43136 | 36781 |
| Net income | $82945 | $65540 | $132496 | $105957 |
| Average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 163331 | 164540 | 163576 | 164592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 164346 | 165514 | 164787 | 165716 |
| Basic earnings per share attributable to common stockholders | $0.51 | $0.40 | $0.81 | $0.64 |
| Diluted earnings per share attributable to common stockholders | $0.50 | $0.40 | $0.80 | $0.64 |
| Dividends declared per share | $0.18 | $0.13 | $0.36 | $0.26 |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</u>**

**(Unaudited)**

**(In thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net income | $82945 | $65540 | $132496 | $105957 |
| Other comprehensive income, before tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on foreign currency translation adjustments | (4850) | (588) | (2362) | (2434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits obligation | 4406 | 3315 | 8811 | 6603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain/(loss) on available-for-sale securities | 159 | 42 | 1180 | (667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss)/income, before tax | (285) | 2769 | 7629 | 3502 |
| Income tax (benefit)/expense | (76) | 722 | 2004 | 952 |
| Other comprehensive (loss)/income, net of tax | (209) | 2047 | 5625 | 2550 |
| Comprehensive income attributable to common stockholders | $82736 | $67587 | $138121 | $108507 |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY</u>**

**For the Quarters Ended June 30, 2025 and June 30, 2024** 

**(Unaudited)**

**(In thousands, except share data)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital Stock –<br>Class A<br>and<br>Class B Common** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Common<br>Stock<br>Held in<br>Treasury,<br>at Cost** | **Accumulated<br>Other<br>Comprehensive<br>Loss, Net of<br>Income<br>Taxes** | **Total<br>Stockholders'<br>Equity** | | | | | | | |
|  | **Capital Stock –<br>Class A<br>and<br>Class B Common** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Common<br>Stock<br>Held in<br>Treasury,<br>at Cost** | **Accumulated<br>Other<br>Comprehensive<br>Loss, Net of<br>Income<br>Taxes** | **Total<br>Stockholders'<br>Equity** | Balance, March 31, 2024 | $17830 | $299483 | $2136537 | $(353529) | $(352359) | $1747962 |
| Net income |  |  | 65540 |  |  | 65540 |  |  |  |  |  |  |  |
| Dividends |  |  | (21652) |  |  | (21652) |  |  |  |  |  |  |  |
| Other comprehensive income |  |  |  |  | 2047 | 2047 |  |  |  |  |  |  |  |
| Issuance of stock-based awards, net of withholding taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Restricted stock units vested – 61,702 Class A shares | 7 | (984) |  |  |  | (977) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Employee stock purchase plan – 112,800 Class A shares | 11 | 4578 |  |  |  | 4589 |  |  |  |  |  |  |  |
| Share repurchases – 208,083 Class A shares |  |  |  | (9557) |  | (9557) |  |  |  |  |  |  |  |
| Stock-based compensation |  | 17034 |  |  |  | 17034 |  |  |  |  |  |  |  |
| Balance, June 30, 2024 | $17848 | $320111 | $2180425 | $(363086) | $(350312) | $1804986 |  |  |  |  |  |  |  |
| Balance, March 31, 2025 | $17943 | $347486 | $2345027 | $(465628) | $(359972) | $1884856 |  |  |  |  |  |  |  |
| Net income |  |  | 82945 |  |  | 82945 |  |  |  |  |  |  |  |
| Dividends |  |  | (29867) |  |  | (29867) |  |  |  |  |  |  |  |
| Other comprehensive income |  |  |  |  | (209) | (209) |  |  |  |  |  |  |  |
| Issuance of stock-based awards, net of withholding taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Restricted stock units vested – 34,065 Class A shares | 4 | (1280) |  |  |  | (1276) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Employee stock purchase plan – 117,191 Class A shares | 12 | 5199 |  |  |  | 5211 |  |  |  |  |  |  |  |
| Share repurchases – 460,136 Class A shares |  |  |  | (23755) |  | (23755) |  |  |  |  |  |  |  |
| Stock-based compensation |  | 17803 |  |  |  | 17803 |  |  |  |  |  |  |  |
| Balance, June 30, 2025 | $17959 | $369208 | $2398105 | $(489383) | $(360181) | $1935708 |  |  |  |  |  |  |  |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY</u>**

**For the Six Months Ended June 30, 2025 and June 30, 2024** 

**(Unaudited)**

**(In thousands, except share data)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital Stock –<br>Class A<br>and<br>Class B Common** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Common<br>Stock<br>Held in<br>Treasury,<br>at Cost** | **Accumulated<br>Other<br>Comprehensive<br>Loss, Net of<br>Income<br>Taxes** | **Total<br>Stockholders'<br>Equity** | | | | | | | |
|  | **Capital Stock –<br>Class A<br>and<br>Class B Common** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Common<br>Stock<br>Held in<br>Treasury,<br>at Cost** | **Accumulated<br>Other<br>Comprehensive<br>Loss, Net of<br>Income<br>Taxes** | **Total<br>Stockholders'<br>Equity** | Balance, December 31, 2023 | $17775 | $301287 | $2117839 | $(320820) | $(352862) | $1763219 |
| Net income |  |  | 105957 |  |  | 105957 |  |  |  |  |  |  |  |
| Dividends |  |  | (43371) |  |  | (43371) |  |  |  |  |  |  |  |
| Other comprehensive income |  |  |  |  | 2550 | 2550 |  |  |  |  |  |  |  |
| Issuance of stock-based awards, net of withholding taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Restricted stock units vested – 532,522 Class A shares | 54 | (15948) |  |  |  | (15894) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Performance-based awards – 85,703 Class A shares | 8 | (2696) |  |  |  | (2688) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Employee stock purchase plan – 112,800 Class A shares | 11 | 4578 |  |  |  | 4589 |  |  |  |  |  |  |  |
| Share repurchases – 911,551 Class A shares |  |  |  | (42266) |  | (42266) |  |  |  |  |  |  |  |
| Stock-based compensation |  | 32890 |  |  |  | 32890 |  |  |  |  |  |  |  |
| Balance, June 30, 2024 | $17848 | $320111 | $2180425 | $(363086) | $(350312) | $1804986 |  |  |  |  |  |  |  |
| Balance, December 31, 2024 | $17869 | $356450 | $2325142 | $(406446) | $(365806) | $1927209 |  |  |  |  |  |  |  |
| Net income |  |  | 132496 |  |  | 132496 |  |  |  |  |  |  |  |
| Dividends |  |  | (59533) |  |  | (59533) |  |  |  |  |  |  |  |
| Other comprehensive income |  |  |  |  | 5625 | 5625 |  |  |  |  |  |  |  |
| Issuance of stock-based awards, net of withholding taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Restricted stock units vested – 625,781 Class A shares | 63 | (21816) |  |  |  | (21753) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Performance-based awards – 145,624 Class A shares | 15 | (5781) |  |  |  | (5766) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Employee stock purchase plan – 117,191 Class A shares | 12 | 5199 |  |  |  | 5211 |  |  |  |  |  |  |  |
| Share repurchases – 1,640,322 Class A shares |  |  |  | (82937) |  | (82937) |  |  |  |  |  |  |  |
| Stock-based compensation |  | 35156 |  |  |  | 35156 |  |  |  |  |  |  |  |
| Balance, June 30, 2025 | $17959 | $369208 | $2398105 | $(489383) | $(360181) | $1935708 |  |  |  |  |  |  |  |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</u>**

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| <u>Cash flows from operating activities</u> |  |  |
| Net income | $132496 | $105957 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 42774 | 41243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | 4665 | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 35156 | 32890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiemployer pension plan liability adjustment | 4453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in long-term retirement benefit obligations | (5063) | (12215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other – net | 1067 | (2371) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable – net | 38452 | 61208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 29271 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued payroll and other liabilities | (75334) | (103632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unexpired subscriptions | 2930 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | 1859 | 2543 |
| Net cash provided by operating activities | 212726 | 133310 |
| <u>Cash flows from investing activities</u> |  |  |
| Purchases of marketable securities | (300360) | (185040) |
| Maturities of marketable securities | 260305 | 101562 |
| Capital expenditures | (19573) | (14054) |
| Other – net | 7546 | 1362 |
| Net cash used in investing activities | (52082) | (96170) |
| <u>Cash flows from financing activities</u> |  |  |
| Dividends paid | (51670) | (40032) |
| Payment of contingent consideration |  | (1724) |
| Capital shares: |  |  |
| &nbsp;&nbsp;Repurchases | (82561) | (42004) |
| &nbsp;&nbsp;Share-based compensation tax withholding | (27520) | (18582) |
| Net cash used in financing activities | (161751) | (102342) |
| Net decrease in cash, cash equivalents and restricted cash | (1107) | (65202) |
| Effect of exchange rate changes on cash | 207 | (964) |
| Cash, cash equivalents and restricted cash at the beginning of the period | 213857 | 303172 |
| Cash, cash equivalents and restricted cash at the end of the period | $212957 | $237006 |

---

See Notes to Condensed Consolidated Financial Statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

**NOTE 1. BASIS OF PRESENTATION**

In the opinion of management of The New York Times Company (the "Company"), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 30, 2025, and December 31, 2024, and the results of operations, changes in stockholders' equity and cash flows of the Company for the periods ended June 30, 2025, and June 30, 2024. The Company and its consolidated subsidiaries are referred to collectively as "we," "us" or "our." All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the United States Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 31, 2024. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year's operations. The first six months of 2025 contains one fewer day compared with the first six months of 2024 as a result of 2024 being a leap year.

The Company has two reportable segments: The New York Times Group ("NYTG") and The Athletic.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.

The Company changed the revenue caption on its Condensed Consolidated Statement of Operations from *Other* to *Affiliate, licensing and other* effective for the quarter ended March 31, 2025.

**NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

As of June 30, 2025, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2024, have not changed.

***<u>Recently Issued Accounting Pronouncements</u>***

---

| | | | |
|:---|:---|:---|:---|
| **Accounting Standard Updates** | **Topic** | **Effective Period** | **Summary** |
| 2023-09 | Income Taxes (Topic 740): Improvements to Income Tax Disclosures | Fiscal years, beginning after December 15, 2024. Early adoption is permitted. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company plans to adopt this guidance in the fourth quarter of 2025 and does not expect a significant impact on its income tax disclosures. |
| 2024-03<br>2025-01 | Income Statement-<br>Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses | Fiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Company's disclosures. |

---

The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.

**NOTE 3. REVENUE**

We generate revenues principally from subscriptions and advertising.

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

Advertising revenue is primarily derived from advertisers (such as luxury goods, technology and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we updated our discussion of digital advertising revenue and no longer distinguish between "core" and "other" digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.

Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the "Company Headquarters"), our live events business and retail commerce.

Subscription; advertising; and affiliate, licensing and other revenues were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **As % of total** | **June 30, 2024** | **As % of total** | **June 30, 2025** | **As % of total** | **June 30, 2024** | **As % of total** |
| Subscription | $481420 | 70.2% | $439322 | 70.3% | $945677 | 71.5% | $868327 | 71.2% |
| Advertising | 133974 | 19.5% | 119163 | 19.1% | 242050 | 18.3% | 222874 | 18.3% |
| Affiliate, licensing and other<sup>(1)</sup> | 70479 | 10.3% | 66612 | 10.6% | 134056 | 10.2% | 127911 | 10.5% |
| Total | $685873 | 100.0% | $625097 | 100.0% | $1321783 | 100.0% | $1219112 | 100.0% |

---

<sup>(1)</sup> *Affiliate, licensing and other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was $6.7 million for the second quarters of 2025 and 2024, respectively, and $13.4 million and $13.3 million for the first six months of 2025 and 2024, respectively.*

The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 30, 2025, and June 30, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **As % of total** | **June 30, 2024** | **As % of total** | **June 30, 2025** | **As % of total** | **June 30, 2024** | **As % of total** |
| Digital-only subscription revenues<sup>(1)</sup> | $350353 | 72.8% | $304501 | 69.3% | $685379 | 72.5% | $597479 | 68.8% |
| Print subscription revenues<sup>(2)</sup> | 131067 | 27.2% | 134821 | 30.7% | 260298 | 27.5% | 270848 | 31.2% |
| Total subscription revenues | $481420 | 100.0% | $439322 | 100.0% | $945677 | 100.0% | $868327 | 100.0% |

---

<sup>(1)</sup> *Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Audio, Cooking, Games and Wirecutter products.*

<sup>(2)</sup> *Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.*

The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the second quarters and first six months ended June 30, 2025, and June 30, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **As % of total** | **June 30, 2024** | **As % of total** | **June 30, 2025** | **As % of total** | **June 30, 2024** | **As % of total** |
| Digital advertising revenues | $94422 | 70.5% | $79575 | 66.8% | $165287 | 68.3% | $142602 | 64.0% |
| Print advertising revenues | 39552 | 29.5% | 39588 | 33.2% | 76763 | 31.7% | 80272 | 36.0% |
| Total advertising | $133974 | 100.0% | $119163 | 100.0% | $242050 | 100.0% | $222874 | 100.0% |

---

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

***<u>Performance Obligations</u>***

We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $160 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $60 million, $64 million and $36 million will be recognized in the remainder of 2025, 2026 and thereafter through 2030, respectively.

***<u>Unexpired Subscriptions</u>***

Payments for subscriptions are typically due upfront, and the revenue is recognized ratably over the subscription period. The proceeds are recorded within *Unexpired subscriptions revenue* in the Condensed Consolidated Balance Sheets. Total unexpired subscriptions as of December 31, 2024, were $187.1 million, of which approximately $153.2 million was recognized as revenues during the six months ended June 30, 2025.

**NOTE 4. MARKETABLE SECURITIES**

The Company accounts for its marketable securities as available for sale ("AFS"). The Company recorded $2.3 million and $1.1 million of pre-tax net unrealized gains in *Accumulated other comprehensive income* ("AOCI") as of June 30, 2025, and December 31, 2024, respectively.

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of June 30, 2025, and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>***(In thousands)*** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| **Short-term AFS securities** | | | | |
| Corporate debt securities | $202250 | $460 | $(32) | $202678 |
| U.S. Treasury securities | 134678 | 267 | (20) | 134925 |
| Certificates of deposit | 4400 |  |  | 4400 |
| &nbsp;&nbsp;&nbsp;Total short-term AFS securities | $341328 | $727 | $(52) | $342003 |
| **Long-term AFS securities** |  |  |  |  |
| U.S. Treasury securities | $248201 | $1096 | $(41) | $249256 |
| Corporate debt securities | 161480 | 605 | (41) | 162044 |
| &nbsp;&nbsp;&nbsp;Total long-term AFS securities | $409681 | $1701 | $(82) | $411300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>***(In thousands)*** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
| **Short-term AFS securities** | | | | |
| Corporate debt securities | $153988 | $415 | $(28) | $154375 |
| U.S. Treasury securities | 203238 | 511 | (20) | 203729 |
| Certificates of deposit | 4400 |  |  | 4400 |
| U.S. governmental agency securities | 3974 |  | (4) | 3970 |
| &nbsp;&nbsp;&nbsp;Total short-term AFS securities | $365600 | $926 | $(52) | $366474 |
| **Long-term AFS securities** |  |  |  |  |
| U.S. Treasury securities | $154936 | $258 | $(261) | $154933 |
| Corporate debt securities | 190772 | 544 | (303) | 191013 |
| &nbsp;&nbsp;&nbsp;Total long-term AFS securities | $345708 | $802 | $(564) | $345946 |

---

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

The following tables represent the AFS securities as of June 30, 2025, and December 31, 2024, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** |
|<br>***(In thousands)*** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** |
| **Short-term AFS securities** | | | | | | |
| Corporate debt securities | $28862 | $(32) | $— | $— | $28862 | $(32) |
| U.S. Treasury securities | 23519 | (20) |  |  | 23519 | (20) |
| &nbsp;&nbsp;&nbsp;Total short-term AFS securities | $52381 | $(52) | $— | $— | $52381 | $(52) |
| **Long-term AFS securities** |  |  |  |  |  |  |
| U.S. Treasury securities | $17638 | $(41) | $— | $— | $17638 | $(41) |
| Corporate debt securities | 35279 | (41) |  |  | 35279 | (41) |
| &nbsp;&nbsp;&nbsp;Total long-term AFS securities | $52917 | $(82) | $— | $— | $52917 | $(82) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Greater** | **12 Months or Greater** | **Total** | **Total** |
|<br>***(In thousands)*** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** |
| **Short-term AFS securities** | | | | | | |
| Corporate debt securities | $28741 | $(28) | $249 | $— | $28990 | $(28) |
| U.S. Treasury securities | 13023 | (18) | 1297 | (2) | 14320 | (20) |
| U.S. governmental agency securities |  |  | 3971 | (4) | 3971 | (4) |
| &nbsp;&nbsp;&nbsp;Total short-term AFS securities | $41764 | $(46) | $5517 | $(6) | $47281 | $(52) |
| **Long-term AFS securities** |  |  |  |  |  |  |
| U.S. Treasury securities | $64325 | $(261) | $— | $— | $64325 | $(261) |
| Corporate debt securities | 68163 | (303) |  |  | 68163 | (303) |
| &nbsp;&nbsp;&nbsp;Total long-term AFS securities | $132488 | $(564) | $— | $— | $132488 | $(564) |

---

We assess our AFS securities for impairment on a quarterly basis or more often if a potential loss-triggering event occurs.

As of June 30, 2025, and December 31, 2024, we did not intend to sell, and it was not likely that we would be required to sell, these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of June 30, 2025, and December 31, 2024, we have recognized no impairment losses or allowance for credit losses related to AFS securities.

As of June 30, 2025, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 27 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

**NOTE 5. GOODWILL AND INTANGIBLES**

The changes in the carrying amount of goodwill as of June 30, 2025, and since December 31, 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| ***(In thousands)*** | **NYTG** | **The Athletic** | **Total** |
| Balance as of December 31, 2023 | $164738 | $251360 | $416098 |
| Foreign currency translation<sup>(1)</sup> | (3925) |  | (3925) |
| Balance as of December 31, 2024 | 160813 | 251360 | 412173 |
| Foreign currency translation<sup>(1)</sup> | (2944) |  | (2944) |
| Balance as of June 30, 2025 | $157869 | $251360 | $409229 |

---

<sup>(1)</sup> *The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.*

The aggregate carrying amount of intangible assets of $243.3 million is included in *Intangible assets, net,* in our Condensed Consolidated Balance Sheets as of June 30, 2025. As of June 30, 2025, and December 31, 2024, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>***(In thousands)*** | **Gross Book Value** | **Accumulated Amortization** | **Net Book Value** | **Remaining Weighted-Average Useful Life (Years)** |
| Trademark<sup>(1)</sup> | $164034 | $(29951) | $134083 | 16.7 |
| Existing subscriber base | 136500 | (39938) | 96562 | 8.7 |
| Developed technology | 38401 | (26388) | 12013 | 1.7 |
| Content archive | 5751 | (5071) | 680 | 1.1 |
| Total finite-lived intangibles | $344686 | $(101348) | $243338 | 12.7 |

---

<sup>(1)</sup> *As of June 30, 2025, includes $1.4 million previously classified as an indefinite-lived intangible asset.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>***(In thousands)*** | **Gross Book Value** | **Accumulated Amortization** | **Net Book Value** | **Remaining Weighted-Average Useful Life (Years)** |
| Trademark | $162618 | $(25951) | $136667 | 17.3 |
| Existing subscriber base | 136500 | (34313) | 102187 | 9.2 |
| Developed technology | 38401 | (22719) | 15682 | 2.2 |
| Content archive | 5751 | (4758) | 993 | 1.6 |
| Total finite-lived intangibles | $343270 | $(87741) | $255529 | 13.1 |

---

Amortization expense for intangible assets included in *Depreciation and amortization* in our Condensed Consolidated Statements of Operations was $6.8 million for the second quarters of 2025 and 2024, and $13.6 million and $13.9 million for the first six months of 2025 and 2024, respectively. The estimated aggregate amortization expense for the remainder of 2025 and each of the following fiscal years ending December 31 is presented below:

---

| | |
|:---|:---|
| ***(In thousands)*** | |
| Remainder of 2025 | $13961 |
| 2026 | 27668 |
| 2027 | 20525 |
| 2028 | 19335 |
| 2029 | 19250 |
| Thereafter | 142599 |
| Total amortization expense | $243338 |

---

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

**NOTE 6. INVESTMENTS**

***<u>Non-Marketable Equity Securities</u>***

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable equity securities revalued, sold or impaired are recognized in *Interest income and other, net,* in our Condensed Consolidated Statements of Operations.

As of June 30, 2025, and December 31, 2024, non-marketable equity securities included in *Miscellaneous assets* in our Condensed Consolidated Balance Sheets had a carrying value of $28.8 million and $29.5 million, respectively.

**NOTE 7. OTHER**

***<u>Interest Income and Other, Net</u>***

*Interest income and other, net*, as shown in the accompanying Condensed Consolidated Statements of Operations, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Interest income | $10095 | $8948 | $20315 | $17586 |
| Interest expense | (343) | (252) | (591) | (503) |
| Total interest income and other, net | $9752 | $8696 | $19724 | $17083 |

---

***<u>College Point Land Sale</u>***

On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of excess land at our printing and distribution facility in College Point, N.Y. The transaction was accounted for as a sales-type lease and, as a result, we recognized a gain at the time of the lease commencement on April 11, 2022. On February 21, 2025, we finalized the sale and received net proceeds of approximately $33 million, which were recorded in *Net cash provided by operating activities – Other assets* in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025.

***<u>Restricted Cash</u>***

A reconciliation of cash, cash equivalents and restricted cash as of June 30, 2025, and June 30, 2024, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

---

| | | |
|:---|:---|:---|
| ***(In thousands)*** | **June 30, 2025** | **June 30, 2024** |
| Reconciliation of cash, cash equivalents and restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $198242 | $222946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash included within miscellaneous assets | 14715 | 14060 |
| Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $212957 | $237006 |

---

Substantially all of the amount included in restricted cash is set aside to collateralize workers' compensation obligations.

***<u>Revolving Credit Facility</u>***

On June 13, 2025, the Company entered into an amendment and restatement of its previous credit facility that, among other changes, increased the committed amount to $400.0 million and extended the maturity date to June 13, 2030 (as amended and restated, the "Credit Facility"). Certain of the Company's domestic subsidiaries have guaranteed the Company's obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee at an annual rate of 0.20%.

As of June 30, 2025, and December 31, 2024, there were no borrowings and approximately $0.6 million in outstanding letters of credit, with the remaining committed amount available. As of June 30, 2025, the Company was in compliance with the financial covenants contained in the Credit Facility.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

***<u>Severance Costs</u>***

We recognized $1.0 million and $1.5 million in severance costs for the second quarters of 2025 and 2024, respectively, and $3.6 million and $5.9 million for the first six months of 2025 and 2024, respectively. These costs are recorded in *General and administrative costs* in our Condensed Consolidated Statements of Operations.

We had a severance liability of $5.2 million and $4.8 million included in *Accrued expenses and other* in our Condensed Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024, respectively.

***<u>Generative AI Litigation Costs</u>***

The Company recorded $3.5 million and $2.0 million of pre-tax litigation-related costs for the second quarters of 2025 and 2024, respectively, and $7.9 million and $3.0 million for the first six months of 2025 and 2024, respectively, in connection with a lawsuit against Microsoft Corporation ("Microsoft") and Open AI Inc. and various of its corporate affiliates (collectively, "OpenAI"), alleging unlawful and unauthorized copying and use of the Company's journalism and other content in connection with their development of generative artificial intelligence products ("Generative AI Litigation Costs"). See Note 14 for additional information.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

**NOTE 8. FAIR VALUE MEASUREMENTS**

Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:

Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3–unobservable inputs for the asset or liability.

***<u>Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis</u>***

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(In thousands)*** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ***(In thousands)*** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Assets:** | | | | | | | | |
| **Short-term AFS securities**<sup>(1)</sup> | | | | | | | | |
| Corporate debt securities | $202678 | $— | $202678 | $— | $154375 | $— | $154375 | $— |
| U.S. Treasury securities | 134925 |  | 134925 |  | 203729 |  | 203729 |  |
| Certificates of deposit | 4400 |  | 4400 |  | 4400 |  | 4400 |  |
| U.S. governmental agency securities |  |  |  |  | 3970 |  | 3970 |  |
| &nbsp;&nbsp;&nbsp;Total short-term AFS securities | $342003 | $— | $342003 | $— | $366474 | $— | $366474 | $— |
| **Long-term AFS securities**<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| U.S. Treasury securities | $249256 | $— | $249256 | $— | $154933 | $— | $154933 | $— |
| Corporate debt securities | 162044 |  | 162044 |  | 191013 |  | 191013 |  |
| &nbsp;&nbsp;&nbsp;Total long-term AFS securities | $411300 | $— | $411300 | $— | $345946 | $— | $345946 | $— |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Deferred compensation<sup>(2)(3)</sup> | $10661 | $10661 | $— | $— | $13230 | $13230 | $— | $— |
| Contingent consideration | $856 | $— | $— | $856 | $1608 | $— | $— | $1608 |

---

<sup>(1)</sup> *We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities.*

<sup>(2)</sup> *The deferred compensation liability, included in* Other liabilities—other *in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the "DEC"), a frozen plan that enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives' option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015.* 

<sup>(3)</sup> *The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in* Miscellaneous assets *in our Condensed Consolidated Balance Sheets, and were $39.0 million as of June 30, 2025, and $45.0 million as of December 31, 2024. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.*

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

***<u>Level 3 Liabilities</u>***

The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability.

The following table presents changes in the contingent consideration balances for the second quarters and first six months ended June 30, 2025, and June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Six Months Ended** | **Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Balance at the beginning of the period | $1182 | $5528 | $1608 | $4991 |
| Payments |  | (1724) |  | (1724) |
| Fair value adjustments<sup>(1)</sup> | (326) | (243) | (752) | 294 |
| Contingent consideration at the end of the period | $856 | $3561 | $856 | $3561 |

---

<sup>(1)</sup> *Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.*

The remaining contingent consideration balances as of June 30, 2025, and December 31, 2024, of $0.9 million and $1.6 million, respectively, are included in *Accrued expenses and other* in our Condensed Consolidated Balance Sheets.

**NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS**

***<u>Pension</u>***

**Single-Employer Plans**

We maintain The New York Times Companies Pension Plan, a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the "APP") that continues to accrue active benefits.

We also have a foreign-based pension plan for certain employees (the "foreign plan"). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.

The components of net periodic pension cost/(income) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|<br>***(In thousands)*** | **Qualified<br>Plans** | **Non-<br>Qualified<br>Plans** | **All<br>Plans** | **Qualified<br>Plans** | **Non-<br>Qualified<br>Plans** | **All<br>Plans** |
| Service cost | $1661 | $— | $1661 | $1541 | $— | $1541 |
| Interest cost | 13217 | 2076 | 15293 | 13376 | 2206 | 15582 |
| Expected return on plan assets | (15282) |  | (15282) | (18109) |  | (18109) |
| Amortization of actuarial loss | 4026 | 866 | 4892 | 2603 | 997 | 3600 |
| Amortization of prior service credit | (486) |  | (486) | (486) |  | (486) |
| Effect of settlement |  |  |  |  | (27) | (27) |
| Net periodic pension cost/(income) | $3136 | $2942 | $6078 | $(1075) | $3176 | $2101 |

---

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|<br>***(In thousands)*** | **Qualified<br>Plans** | **Non-<br>Qualified<br>Plans** | **All<br>Plans** | **Qualified<br>Plans** | **Non-<br>Qualified<br>Plans** | **All<br>Plans** |
| Service cost | $3322 | $— | $3322 | $3082 | $— | $3082 |
| Interest cost | 26434 | 4153 | 30587 | 26752 | 4413 | 31165 |
| Expected return on plan assets | (30564) |  | (30564) | (36218) |  | (36218) |
| Amortization of actuarial loss | 8052 | 1731 | 9783 | 5206 | 1994 | 7200 |
| Amortization of prior service credit | (972) |  | (972) | (972) |  | (972) |
| Effect of settlement |  |  |  |  | (27) | (27) |
| Net periodic pension cost/(income) | $6272 | $5884 | $12156 | $(2150) | $6380 | $4230 |

---

During the first six months of 2025 and 2024, we made pension contributions of $6.4 million and $6.3 million, respectively, to the APP. We expect contributions made to satisfy the greater of minimum funding or collective bargaining agreement requirements to total approximately $13 million in 2025.

***<u>Multiemployer Plans</u>***

During the first quarter of 2025, the Company recorded a $4.5 million charge related to a multiemployer pension plan liability adjustment. This adjustment is recorded in *Multiemployer pension plan liability adjustment* in our Condensed Consolidated Statements of Operations.

***<u>Other Postretirement Benefits</u>***

The components of net periodic postretirement benefit cost were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Service cost | $3 | $4 | $6 | $8 |
| Interest cost | 204 | 272 | 408 | 544 |
| Amortization of actuarial loss |  | 174 |  | 348 |
| Net periodic postretirement benefit cost | $207 | $450 | $414 | $900 |

---

**NOTE 10. INCOME TAXES**

The Company had income tax expense of $28.7 million and $43.1 million in the second quarter and first six months of 2025, respectively, compared to $21.5 million and $36.8 million in the second quarter and first six months of 2024, respectively. The Company's effective tax rates were 25.7% and 24.6% for the second quarter and first six months of 2025, respectively, compared to 24.7% and 25.8% for the second quarter and first six months of 2024, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the second quarter of 2025. The increase in the effective income tax rate compared to the second quarter of 2025 was primarily attributable to a decrease in federal tax credits in 2025.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law. The OBBBA includes provisions retroactive to January 1, 2025, and among other provisions, eliminates the requirement to capitalize and amortize domestic research and development expenditures over five years and provides an election for taxpayers to deduct such expenditures in the year incurred. These changes are expected to result in a reduction to the Company's income tax liability for fiscal year 2025 and will be accounted for in the period of enactment.

The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework ("Pillar Two"), and certain governments globally enacted these rules effective January 1, 2024. The Company continues to assess the potential impacts of Pillar Two and does not expect it to have a material effect on the Company's financial statements.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

**NOTE 11. EARNINGS PER SHARE**

We compute earnings per share based upon the treasury stock method. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise or vesting of outstanding securities. Our stock-settled long-term performance awards, restricted stock units and Employee Stock Purchase Plan ("ESPP") could impact the diluted shares. The difference between basic and diluted shares of approximately 1.0 million and 1.2 million in the second quarter and first six months of 2025, respectively, and 1.0 million and 1.1 million in the second quarter and first six months of 2024, respectively, resulted from the dilutive effect of our stock-based awards.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock because their inclusion would result in an anti-dilutive effect on per share amounts.

There were no anti-dilutive stock-settled long-term performance awards, restricted stock units or shares estimated to be purchased under the ESPP excluded from the computation of diluted earnings per share in the second quarters and first six months of 2025 and 2024, respectively.

**NOTE 12. SUPPLEMENTAL STOCKHOLDERS' EQUITY INFORMATION**

***<u>Share Repurchases</u>***

The Board of Directors approved Class A share repurchase programs in February 2022 ($150.0 million) and February 2023 ($250.0 million). In February 2025, in addition to the remaining authorizations, the Board of Directors approved a $350.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations.

As of June 30, 2025, repurchases under these authorizations totaled approximately $317.1 million (excluding commissions and excise taxes), leaving approximately $432.9 million remaining under the 2023 and 2025 authorizations. During the six months ended June 30, 2025, repurchases under these authorizations totaled approximately $82.5 million.

***<u>Accumulated Other Comprehensive Income</u>***

The following table summarizes the changes in AOCI by component as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousands)*** | **Foreign Currency Translation Adjustments** | **Funded Status of Benefit Plans** | **Net Unrealized Gain on Available-For-Sale Securities** | **Total Accumulated Other Comprehensive Loss** |
| Balance as of December 31, 2024 | $(2762) | $(363874) | $830 | $(365806) |
| Other comprehensive (loss)/income before reclassifications, before tax | (2362) |  | 1180 | (1182) |
| Amounts reclassified from accumulated other comprehensive loss, before tax |  | 8811 |  | 8811 |
| Income tax (benefit)/expense | (620) | 2315 | 309 | 2004 |
| Net current-period other comprehensive (loss)/income, net of tax | (1742) | 6496 | 871 | 5625 |
| Balance as of June 30, 2025 | $(4504) | $(357378) | $1701 | $(360181) |

---

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

The following table summarizes the reclassifications from AOCI for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| ***(In thousands)***<br>**Detail about accumulated other comprehensive loss components** | **Amounts<br>reclassified from<br>accumulated other<br>comprehensive loss** | **Affects line item in the statement<br>where net income is presented** |
| Funded status of benefit plans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of prior service credit<sup>(1)</sup> | $(972) | Other components of net periodic benefit costs |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of actuarial loss<sup>(1)</sup> | 9783 | Other components of net periodic benefit costs |
| Total reclassification, before tax | 8811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2315 | Income tax expense |
| Total reclassification, net of tax | $6496 |  |

---

<sup>(1)</sup> *These AOCI components are included in the computation of net periodic benefit cost/(income) for pension benefits. See Note 9 for more information.*

***<u>Stock-based Compensation Expense</u>***

Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Cost of revenue | $4187 | $4196 | $8478 | $8150 |
| Sales and marketing | 711 | 412 | 1289 | 804 |
| Product development | 6616 | 6537 | 13233 | 12772 |
| General and administrative | 6289 | 5889 | 12156 | 11164 |
| Total stock-based compensation expense | $17803 | $17034 | $35156 | $32890 |

---

**NOTE 13. SEGMENT INFORMATION**

The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company's President and Chief Executive Officer (who is the Company's Chief Operating Decision Maker ("CODM")) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.

The Company has two reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company's CODM in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company's CODM uses adjusted operating profit (loss) by segment to allocate resources during the annual budgeting and forecasting process and to assess the performance of each segment. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company's CODM. Accordingly, we have not disclosed asset information by segment.

Subscription revenues from and expenses associated with our digital subscription package (or "bundle") are allocated to NYTG and The Athletic.

We allocate 10% of all bundle subscription revenues to The Athletic based on management's view of The Athletic's relative value to the bundle, which we derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.

We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third-party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

The following tables present segment information:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended June 30, 2025** | **For the Quarter Ended June 30, 2025** | **For the Quarter Ended June 30, 2025** | **For the Quarter Ended June 30, 2025** |
|<br>***(In thousands)*** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** |
| **Revenues** | | | | |
| &nbsp;&nbsp;Subscription | $446809 | $34611 | $— | $481420 |
| &nbsp;&nbsp;Advertising | 119910 | 14064 |  | 133974 |
| &nbsp;&nbsp;Affiliate, licensing and other | 65678 | 5363 | (562) | 70479 |
| **Total revenues** | $**632397** | $**54038** | $**(562)** | $**685873** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $309273 | $30068 | $(562) | $338779 |
| &nbsp;&nbsp;Sales and marketing | 62566 | 6599 |  | 69165 |
| &nbsp;&nbsp;Product development | 53810 | 10130 |  | 63940 |
| &nbsp;&nbsp;Adjusted general and administrative<sup>(2)</sup> | 78761 | 1453 |  | 80214 |
| **Total adjusted operating profit** | $**127987** | $**5788** | $**—** | $**133775** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Other components of net periodic benefit costs |  |  |  | 4639 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  | 21396 |
| &nbsp;&nbsp;Severance |  |  |  | 1000 |
| &nbsp;&nbsp;Multiemployer pension plan withdrawal costs |  |  |  | 1338 |
| &nbsp;&nbsp;Generative AI Litigation Costs |  |  |  | 3490 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Interest income and other, net |  |  |  | 9752 |
| **Income before income taxes** |  |  |  | $**111664** |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).*

<sup>(2)</sup> *Excludes severance and multiemployer pension plan withdrawal costs.*

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Quarter Ended June 30, 2024** | **For the Quarter Ended June 30, 2024** | **For the Quarter Ended June 30, 2024** | **For the Quarter Ended June 30, 2024** |
|<br>***(In thousands)*** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** |
| **Revenues** | | | | |
| &nbsp;&nbsp;Subscription | $410015 | $29307 | $— | $439322 |
| &nbsp;&nbsp;Advertising | 112088 | 7075 |  | 119163 |
| &nbsp;&nbsp;Affiliate, licensing and other | 63053 | 4122 | (563) | 66612 |
| **Total revenues** | $**585156** | $**40504** | $**(563)** | $**625097** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $298419 | $24918 | $(563) | $322774 |
| &nbsp;&nbsp;Sales and marketing | 54457 | 6846 |  | 61303 |
| &nbsp;&nbsp;Product development | 53579 | 8641 |  | 62220 |
| &nbsp;&nbsp;Adjusted general and administrative<sup>(2)</sup> | 71599 | 2501 |  | 74100 |
| **Total adjusted operating profit (loss)** | $**107102** | $**(2402)** | $**—** | $**104700** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Other components of net periodic benefit costs |  |  |  | 1023 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  | 20537 |
| &nbsp;&nbsp;Severance |  |  |  | 1473 |
| &nbsp;&nbsp;Multiemployer pension plan withdrawal costs |  |  |  | 1297 |
| &nbsp;&nbsp;Generative AI Litigation Costs |  |  |  | 1983 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Interest income and other, net |  |  |  | 8696 |
| **Income before income taxes** |  |  |  | $**87083** |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).*

<sup>(2)</sup> *Excludes severance and multiemployer pension plan withdrawal costs.*

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|<br>***(In thousands)*** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** |
| **Revenues** | | | | |
| &nbsp;&nbsp;Subscription | $878329 | $67348 | $— | $945677 |
| &nbsp;&nbsp;Advertising | 217568 | 24482 |  | 242050 |
| &nbsp;&nbsp;Affiliate, licensing and other | 125413 | 9768 | (1125) | 134056 |
| **Total revenues** | $**1221310** | $**101598** | $**(1125)** | $**1321783** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $616533 | $58008 | $(1125) | $673416 |
| &nbsp;&nbsp;Sales and marketing | 122548 | 12576 |  | 135124 |
| &nbsp;&nbsp;Product development | 111059 | 19420 |  | 130479 |
| &nbsp;&nbsp;Adjusted general and administrative<sup>(2)</sup> | 153361 | 2930 |  | 156291 |
| **Total adjusted operating profit** | $**217809** | $**8664** | $**—** | $**226473** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Other components of net periodic benefit costs |  |  |  | 9277 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  | 42774 |
| &nbsp;&nbsp;Severance |  |  |  | 3607 |
| &nbsp;&nbsp;Multiemployer pension plan withdrawal costs |  |  |  | 2567 |
| &nbsp;&nbsp;Generative AI Litigation Costs |  |  |  | 7887 |
| &nbsp;&nbsp;Multiemployer pension plan liability adjustment |  |  |  | 4453 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Interest income and other, net |  |  |  | 19724 |
| **Income before income taxes** |  |  |  | $**175632** |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).*

<sup>(2)</sup> *Excludes severance and multiemployer pension plan withdrawal costs.*

------

**<u>THE NEW YORK TIMES COMPANY</u>**

**<u>NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
|<br>***(In thousands)*** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** |
| **Revenues** | | | | |
| &nbsp;&nbsp;Subscription | $811386 | $56941 | $— | $868327 |
| &nbsp;&nbsp;Advertising | 210092 | 12782 |  | 222874 |
| &nbsp;&nbsp;Affiliate, licensing and other | 121073 | 7963 | (1125) | 127911 |
| **Total revenues** | $**1142551** | $**77686** | $**(1125)** | $**1219112** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $590875 | $49891 | $(1125) | $639641 |
| &nbsp;&nbsp;Sales and marketing | 109938 | 16499 |  | 126437 |
| &nbsp;&nbsp;Product development | 108444 | 16961 |  | 125405 |
| &nbsp;&nbsp;Adjusted general and administrative<sup>(2)</sup> | 141446 | 5429 |  | 146875 |
| **Total adjusted operating profit (loss)** | $**191848** | $**(11094)** | $**—** | $**180754** |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Other components of net periodic benefit costs |  |  |  | 2074 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  | 41243 |
| &nbsp;&nbsp;Severance |  |  |  | 5901 |
| &nbsp;&nbsp;Multiemployer pension plan withdrawal costs |  |  |  | 2909 |
| &nbsp;&nbsp;Generative AI Litigation Costs |  |  |  | 2972 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;Interest income and other, net |  |  |  | 17083 |
| **Income before income taxes** |  |  |  | $**142738** |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing recorded in Affiliate, licensing and other revenues and Cost of revenue (excluding depreciation and amortization).*

<sup>(2)</sup> *Excludes severance and multiemployer pension plan withdrawal costs.*

**NOTE 14. CONTINGENCIES**

***<u>Legal Proceedings</u>***

We are involved in various legal actions incidental to our business that are now pending against us. These actions generally assert damages claims that are greatly in excess of the amount, if any, that we would be liable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of June 30, 2025, is believed to be reasonably possible.

In December 2023, we filed a lawsuit against Microsoft and OpenAI in the United States District Court for the Southern District of New York ("SDNY"), alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act ("DMCA"), related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. In early 2024, OpenAI and Microsoft filed partial motions to dismiss, seeking dismissal of the unfair competition, contributory copyright infringement and DMCA claims. OpenAI also sought dismissal of a portion of the direct copyright infringement claim as time-barred. In March 2025, the court dismissed our unfair competition claim and DMCA claims, with leave to replead the latter, but permitted our other disputed claims to go forward. In April 2025, the Judicial Panel for Multidistrict Litigation consolidated our case with others pending against OpenAI before our assigned judge in the SDNY. We intend to vigorously pursue all of our legal remedies in this litigation, but there is no guarantee that we will be successful in our efforts.

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**<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**

**EXECUTIVE OVERVIEW**

We are a global media organization focused on creating and distributing high-quality news and information that help our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other sources and are at the heart of what makes our journalism worth paying for.

We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. The Company changed the revenue caption on its Condensed Consolidated Statement of Operations from "Other" to "Affiliate, licensing and other" effective for the quarter ended March 31, 2025. Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the "Company Headquarters"), our live events business and retail commerce. Our main operating costs are employee-related costs.

In the accompanying analysis of financial information, we present certain information derived from our consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). We are presenting in this report supplemental non-GAAP financial performance measures that exclude depreciation, amortization, severance, non-operating retirement costs and certain identified special items, as applicable. In addition, we present our free cash flow, defined as net cash provided by operating activities less capital expenditures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures and should be read in conjunction with financial information presented on a GAAP basis. For further information and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see "— Results of Operations — Non-GAAP Financial Measures."

There was one fewer day in the first six months of 2025 compared with the first six months of 2024 as a result of 2024 being a leap year.

The Company has two reportable segments: The New York Times Group ("NYTG") and The Athletic.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company added approximately 230,000 net digital-only subscribers compared with the end of the first quarter of 2025, driven largely by bundle and multiproduct subscriber additions as well as other single products subscriber additions. The Company ended the second quarter of 2025 with approximately 11.88 million subscribers to its print and digital products, including approximately 11.30 million digital-only subscribers. Of the 11.30 million digital-only subscribers, approximately 6.02 million were bundle and multiproduct subscribers. Compared with the end of the second quarter of 2024, there was a net increase of 1,080,000 digital-only subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total digital-only average revenue per user ("ARPU") increased 3.2% year-over-year to $9.64 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit increased 34.2% to $106.6 million in the second quarter of 2025 from $79.4 million in the second quarter of 2024. Adjusted operating profit ("AOP"), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under "Non-GAAP Financial Measures"), increased 27.8% to $133.8 million in the second quarter of 2025 from $104.7 million in the second quarter of 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.5% in the second quarter of 2025, compared with 12.7% in the second quarter of 2024. Adjusted operating profit margin, defined as adjusted operating profit expressed as a percentage of revenues (a non-GAAP measure discussed below under "Non-GAAP Financial Measures"), increased to 19.5% in the second quarter of 2025, compared with 16.7% in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues increased 9.7% to $685.9 million in the second quarter of 2025 from $625.1 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total subscription revenues increased 9.6% to $481.4 million in the second quarter of 2025 from $439.3 million in the second quarter of 2024. Digital-only subscription revenues increased 15.1% to $350.4 million in the second quarter of 2025 from $304.5 million in the second quarter of 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total advertising revenues increased 12.4% to $134.0 million in the second quarter of 2025 from $119.2 million in the second quarter of 2024, due to an increase of 18.7% in digital advertising revenues. Print advertising revenues decreased 0.1% to $39.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliate, licensing and other revenues increased 5.8% to $70.5 million in the second quarter of 2025 from $66.6 million in the second quarter of 2024, as a result of higher licensing revenues and Wirecutter affiliate referral revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating costs increased 6.2% to $579.3 million in the second quarter of 2025 from $545.7 million in the second quarter of 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under "Non-GAAP Financial Measures"), increased 6.1% to $552.1 million in the second quarter of 2025 from $520.4 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share were $0.50 and $0.40 for the second quarters of 2025 and 2024, respectively. Adjusted diluted earnings per share, defined as diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (a non-GAAP measure discussed below under "Non-GAAP Financial Measures"), were $0.58 and $0.45 for the second quarters of 2025 and 2024, respectively.

**Industry Trends, Economic Conditions, Challenges and Risks**

We and the companies with which we do business are subject to risks and uncertainties caused by factors beyond our control, including economic weakness, instability, uncertainty and volatility, including the potential for a recession; expanded or retaliatory tariffs or taxes or other trade barriers; a competitive labor market; inflation; supply chain disruptions; high interest rates; and political and sociopolitical uncertainties and conflicts. These factors may result in declines and/or volatility in our results. While we do not currently anticipate a material impact to the Company's direct costs from the imposition of tariffs by the U.S. government, such tariffs and any retaliatory actions by foreign governments could result in increased costs and could negatively affect economic conditions, which could in turn adversely impact our subscription; advertising; and/or affiliate, licensing and other revenues. We believe the macroeconomic environment has had, and may in the future have, an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.

The newspaper industry has transitioned from being primarily print-focused to digital, resulting in secular declines in both print subscription and print advertising revenues, and we do not expect this trend to reverse. Our printing and distribution costs have been impacted as a result of this transition, and may be further impacted in the future by higher costs, including those associated with raw materials, delivery and distribution and outside printing, or if they were to become subject to expanded or retaliatory tariffs (though newsprint is currently exempt from the proposed expansion of U.S. tariffs on goods from Canada).

We actively monitor industry trends, political and economic conditions, challenges and risks to remain flexible and to optimize and evolve our business as appropriate; however, the full impact they will have on our business, operations and financial results is uncertain and will depend on numerous factors and future developments. The risks related to our business are further described in the section titled "Item 1A — Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024.

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**RESULTS OF OPERATIONS**

The following table presents our consolidated financial results:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| <u>Revenues</u> |  |  |  |  |  |  |
| Subscription | $481420 | $439322 | 9.6% | $945677 | $868327 | 8.9% |
| Advertising | 133974 | 119163 | 12.4% | 242050 | 222874 | 8.6% |
| Affiliate, licensing and other | 70479 | 66612 | 5.8% | 134056 | 127911 | 4.8% |
| &nbsp;&nbsp;&nbsp;Total revenues | 685873 | 625097 | 9.7% | 1321783 | 1219112 | 8.4% |
| <u>Operating costs</u> |  |  |  |  |  |  |
| Cost of revenue (excluding depreciation and amortization) | 338779 | 322774 | 5.0% | 673416 | 639641 | 5.3% |
| Sales and marketing | 69165 | 61303 | 12.8% | 135124 | 126437 | 6.9% |
| Product development | 63940 | 62220 | 2.8% | 130479 | 125405 | 4.0% |
| General and administrative | 82552 | 76870 | 7.4% | 162465 | 155685 | 4.4% |
| Depreciation and amortization | 21396 | 20537 | 4.2% | 42774 | 41243 | 3.7% |
| Generative AI Litigation Costs | 3490 | 1983 | 76.0% | 7887 | 2972 | \* |
| Multiemployer pension plan liability adjustment |  |  |  | 4453 |  | \* |
| &nbsp;&nbsp;&nbsp;Total operating costs | 579322 | 545687 | 6.2% | 1156598 | 1091383 | 6.0% |
| Operating profit | 106551 | 79410 | 34.2% | 165185 | 127729 | 29.3% |
| Other components of net periodic benefit costs | (4639) | (1023) | \* | (9277) | (2074) | \* |
| Interest income and other, net | 9752 | 8696 | 12.1% | 19724 | 17083 | 15.5% |
| Income before income taxes | 111664 | 87083 | 28.2% | 175632 | 142738 | 23.0% |
| Income tax expense | 28719 | 21543 | 33.3% | 43136 | 36781 | 17.3% |
| Net income | $82945 | $65540 | 26.6% | $132496 | $105957 | 25.0% |

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*\* Represents a change equal to or in excess of 100% or not meaningful.*

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**<u>Revenues</u>**

**Subscription Revenues**

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products (which represented less than 5% of our subscription revenues in the second quarters of 2025 and 2024). Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.

We offer a digital-only bundle that includes access to our digital news product (which includes our news website, NYTimes.com, and mobile applications), as well as The Athletic and our Audio, Cooking, Games and Wirecutter products. Our subscriptions also include standalone digital subscriptions to each of these products.

Subscription revenues increased $42.1 million, or 9.6%, in the second quarter of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $45.9 million, or 15.1%, partially offset by a decrease in print subscription revenues of $3.8 million, or 2.8%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $58.9 million and an increase in other single-product subscription revenues of $5.3 million, partially offset by a decrease in news-only subscription revenues of $18.3 million. Bundle and multiproduct average digital-only subscribers increased 1,240,000, or 26.5%, while bundle and multiproduct ARPU increased $0.56, or 4.7%. Other single-product average digital-only subscribers increased 580,000, or 19.5%, while other single-product ARPU decreased $0.14, or 3.8%. News-only average digital-only subscribers decreased 660,000, or 27.5%, while news-only ARPU increased $1.02, or 9.1%. In calculating average digital-only subscribers for our subscriber categories, we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two). Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.

Subscription revenues increased $77.4 million, or 8.9%, in the first six months of 2025 compared with the same prior-year period, due to an increase in digital-only subscription revenues of $87.9 million, or 14.7%, partially offset by a decrease in print subscription revenues of $10.6 million, or 3.9%. Digital-only subscription revenues increased primarily due to an increase in bundle and multiproduct revenues of $114.3 million and an increase in other single-product subscription revenues of $11.9 million, partially offset by a decrease in news-only subscription revenues of $38.3 million. Bundle and multiproduct average digital-only subscribers increased 1,230,000, or 27.2%, while bundle and multiproduct ARPU increased $0.58, or 4.9%. Other single-product average digital-only subscribers increased 620,000, or 21.4%, while other single-product ARPU decreased $0.10, or 2.7%. News-only average digital-only subscribers decreased 710,000, or 28.3%, while news-only ARPU increased $1.14, or 10.3%. Print subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices.

The following table summarizes digital and print subscription revenues for the second quarters and first six months of 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| Digital-only subscription revenues<sup>(1)</sup> | $350353 | $304501 | 15.1% | $685379 | $597479 | 14.7% |
| Print subscription revenues<sup>(2)</sup> | 131067 | 134821 | (2.8)% | 260298 | 270848 | (3.9)% |
| Total subscription revenues | $481420 | $439322 | 9.6% | $945677 | $868327 | 8.9% |

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<sup>(1)</sup> *Includes revenue from bundled subscriptions and standalone subscriptions to our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products.*

<sup>(2)</sup> *Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.*

A subscriber is defined as a user who has subscribed (and for whom a valid method of payment has been provided) for the right to access one or more of the Company's products. The Company ended the second quarter of 2025 with approximately 11.88 million subscribers to its print and digital products, including approximately 11.30 million digital-only subscribers.

Compared with the end of the first quarter of 2025, there was a net increase of 230,000 digital-only subscribers. Compared with the end of the second quarter of 2024, there was a net increase of 1,080,000 digital-only subscribers.

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Print domestic home-delivery subscribers totaled approximately 580,000 at the end of the second quarter of 2025, a net decrease of 10,000 subscribers compared with the end of the first quarter of 2025 and a net decrease of 40,000 subscribers compared with the end of the second quarter of 2024. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers.

We report three mutually exclusive digital-only subscriber categories: bundle and multiproduct, news-only and other single-product, which collectively sum to total digital-only subscribers, as well as the average revenue per user for each of these categories.

The following table sets forth subscribers as of the end of the five most recent fiscal quarters:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** | **June 30, 2024** |
| Digital-only subscribers: |  |  |  |  |  |
| &nbsp;&nbsp;Bundle and multiproduct<sup>(1)(2)(3)</sup> | 6020 | 5760 | 5440 | 5120 | 4830 |
| &nbsp;&nbsp;News-only<sup>(2)(4)</sup> | 1690 | 1790 | 1930 | 2110 | 2290 |
| &nbsp;&nbsp;Other single-product<sup>(2)(3)(5)</sup> | 3590 | 3500 | 3450 | 3240 | 3100 |
| Total digital-only subscribers<sup>(2)(3)(6)</sup> | 11300 | 11060 | 10820 | 10470 | 10210 |
| Print subscribers<sup>(7)</sup> | 580 | 600 | 610 | 620 | 630 |
| Total subscribers | 11880 | 11660 | 11430 | 11090 | 10840 |

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<sup>(1)</sup> *Subscribers with a bundle subscription or standalone digital-only subscriptions to two or more of the Company's products.*

<sup>(2)</sup> *Includes group corporate and group education subscriptions, which collectively represented approximately 6% of total digital-only subscribers as of the end of the second quarter of 2025. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate.* 

<sup>(3)</sup> *As of the second quarter of 2025, includes subscribers related to Family Subscriptions. Each Family Subscription is priced higher than a comparable individual subscription and is counted as one billed subscriber and one additional subscriber to reflect the additional entitlements in these subscriptions. The additional subscribers represented a de minimis percentage of total digital-only subscribers as of the end of the second quarter of 2025.*

<sup>(4)</sup> *Subscribers with only a digital-only news product subscription.*

<sup>(5)</sup> *Subscribers with only one digital-only subscription to The Athletic or to our Audio, Cooking, Games or Wirecutter products.*

<sup>(6)</sup> *Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Audio, Cooking, Games and Wirecutter products.*

<sup>(7)</sup> *Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products.*

*The sum of individual metrics may not always equal total amounts indicated due to rounding. Subscribers (including net subscriber additions) are rounded to the nearest ten thousand.*

"Average revenue per user" or "ARPU," a metric we calculate to track the revenue generation of our digital subscriber base, represents the average revenue per digital subscriber over a 28-day billing cycle during the applicable quarter. The following table sets forth ARPU metrics relating to the above digital-only subscriber categories for the five most recent fiscal quarters:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** |
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** | **June 30, 2024** |
| Digital-only ARPU: |  |  |  |  |  |
| &nbsp;&nbsp;Bundle and multiproduct | $12.52 | $12.38 | $12.53 | $12.35 | $11.96 |
| &nbsp;&nbsp;News-only | $12.28 | $12.12 | $11.95 | $11.48 | $11.26 |
| &nbsp;&nbsp;Other single-product | $3.51 | $3.54 | $3.58 | $3.59 | $3.65 |
| Total digital-only ARPU | $9.64 | $9.54 | $9.65 | $9.45 | $9.34 |

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*ARPU metrics are calculated by dividing the digital subscription revenue in the quarter by the average number of digital-only subscribers divided by the number of days in the quarter multiplied by 28 to reflect a 28-day billing cycle. In calculating ARPU metrics, for our subscriber categories (Bundle and multiproduct, News-only and Other single-product), we use the monthly average number of digital-only subscribers (calculated as the sum of the number of subscribers in each category at the beginning and end of the month, divided by two) and for Total digital-only ARPU, we use the daily average number of digital-only subscribers.*

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Total digital-only ARPU was $9.64 for the second quarter of 2025, an increase of 3.2% compared with the second quarter of 2024. The year-over-year increase was driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.

**Advertising Revenues**

Advertising revenue is primarily derived from advertisers (such as luxury goods, technology, and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we updated our discussion of digital advertising revenue and no longer distinguish between "core" and "other" digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.

The following table summarizes digital and print advertising revenues for the second quarters and first six months of 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| Digital advertising revenues | $94422 | $79575 | 18.7% | $165287 | $142602 | 15.9% |
| Print advertising revenues | 39552 | 39588 | (0.1)% | 76763 | 80272 | (4.4)% |
| Total advertising revenues | $133974 | $119163 | 12.4% | $242050 | $222874 | 8.6% |

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Digital advertising revenues, which represented 70.5% of total advertising revenues in the second quarter of 2025, increased $14.8 million, or 18.7%, to $94.4 million compared with $79.6 million in the same prior-year period. The increase was primarily a result of higher display revenues of $19.3 million, driven by new advertising supply in areas of strong marketer demand, partially offset by lower podcast revenues of $2.7 million and lower creative services fees of $1.6 million as a result of the volume of custom advertising campaigns. Display impressions increased 33%, while the average rate decreased 1%.

Digital advertising revenues, which represented 68.3% of total advertising revenues in the first six months of 2025, increased $22.7 million, or 15.9%, to $165.3 million compared with $142.6 million in the same prior-year period. The increase was primarily a result of higher display revenues of $29.2 million, driven by new advertising supply in areas of strong marketer demand, partially offset by lower creative services fees of $4.3 million as a result of the volume of custom advertising campaigns and lower podcast revenues of $3.7 million. Display impressions increased 27%, while the average rate increased 1%.

Print advertising revenues, which represented 29.5% of total advertising revenues in the second quarter of 2025, were relatively flat compared to the same prior-year period. Print advertising revenues in 2025 continue to be impacted by secular trends.

Print advertising revenues, which represented 31.7% of total advertising revenues in the first six months of 2025, decreased $3.5 million, or 4.4%, to $76.8 million compared with $80.3 million in the same prior-year period. The decrease in the first six months was primarily due to a 6.7% decrease in revenues from column-inch ads.

We believe the macroeconomic environment has had, and may in the future have, an adverse impact on both digital and print advertising spending. Additionally, we believe that there may be marketer sensitivity to some news topics, impacting overall advertising spend.

**Affiliate, Licensing and Other Revenues**

Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the Company Headquarters, our live events business and retail commerce.

Affiliate, licensing and other revenues increased $3.9 million, or 5.8%, in the second quarter of 2025 compared with the same prior-year period, primarily as a result higher content licensing revenues of $3.8 million, largely related to commercial agreements with third-party digital platforms, as well as growth in Wirecutter affiliate referral revenues of $1.6 million, partially offset by lower books, television and film revenues of $2.4 million.

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Affiliate, licensing and other revenues increased $6.1 million, or 4.8% in the first six months of 2025 compared with the same prior-year period, primarily as a result higher content licensing revenues of $4.7 million, largely related to commercial agreements with third-party digital platforms, as well as growth in Wirecutter affiliate referral revenues of $3.9 million, partially offset by lower books, television and film revenues of $2.3 million.

Digital affiliate, licensing and other revenues, which consist primarily of Wirecutter affiliate referral revenue and digital licensing revenues, totaled $45.4 million and $40.6 million in the second quarters of 2025 and 2024, respectively, and $85.6 million and $76.4 million in the first six months of 2025 and 2024, respectively.

**<u>Operating Costs</u>**

Operating costs were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| Operating costs: |  |  |  |  |  |  |
| Cost of revenue (excluding depreciation and amortization) | $338779 | $322774 | 5.0% | $673416 | $639641 | 5.3% |
| Sales and marketing | 69165 | 61303 | 12.8% | 135124 | 126437 | 6.9% |
| Product development | 63940 | 62220 | 2.8% | 130479 | 125405 | 4.0% |
| General and administrative | 82552 | 76870 | 7.4% | 162465 | 155685 | 4.4% |
| Depreciation and amortization | 21396 | 20537 | 4.2% | 42774 | 41243 | 3.7% |
| Generative AI Litigation Costs | 3490 | 1983 | 76.0% | 7887 | 2972 | \* |
| Multiemployer pension plan liability adjustment |  |  |  | 4453 |  | \* |
| Total operating costs | $579322 | $545687 | 6.2% | $1156598 | $1091383 | 6.0% |

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*\* Represents a change equal to or in excess of 100% or not meaningful.*

**Cost of Revenue (excluding depreciation and amortization)**

Cost of revenue includes all costs related to content creation, subscriber and advertiser servicing, and print production and distribution as well as infrastructure costs related to delivering digital content, which include all cloud and cloud-related costs as well as compensation for employees that enhance and maintain that infrastructure.

Cost of revenue in the second quarter of 2025 increased $16.0 million, or 5.0%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $8.8 million, higher subscriber servicing costs of $5.1 million, higher digital content delivery costs of $1.3 million and higher advertising servicing costs of $1.3 million. Print production and distribution costs were relatively flat compared to prior year. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by higher salaries and growth in the number of employees who work in our newsrooms, higher benefits costs and higher incentive compensation. The increase in subscriber servicing costs was largely due to higher third-party commissions due to an increase in subscriptions and higher salaries. The increase in digital content delivery costs was largely due to higher cloud-related costs. The increase in advertising servicing costs was largely due to higher outside services costs.

Cost of revenue in the first six months of 2025 increased $33.8 million, or 5.3%, compared with the same prior-year period. The increase was largely due to higher journalism costs of $18.7 million, higher subscriber servicing costs of $10.1 million, higher digital content delivery costs of $3.7 million and higher advertising servicing costs of $1.5 million, partially offset by lower print production and distribution costs of $1.0 million. The increase in journalism costs was largely due to higher compensation and benefits, which was driven by growth in the number of employees who work in our newsrooms, higher salaries, higher benefits costs and higher incentive compensation, partially offset by lower outside services costs. The increase in subscriber servicing was largely due to higher commissions and higher credit card processing fees due to an increase in subscriptions, as well as higher compensation and benefits. The increase in digital content delivery costs was largely due to higher cloud related costs. The increase in advertising servicing costs was largely due to an increase in outside services costs. The decrease in print production and distribution costs was primarily due to lower compensation and benefit costs and fewer print copies produced, partially offset by higher distribution costs, as well as higher occupancy, repairs and maintenance costs.

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**Sales and Marketing**

Sales and marketing includes costs related to the Company's subscription and brand marketing efforts as well as advertising sales costs.

Sales and marketing costs in the second quarter of 2025 increased $7.9 million, or 12.8%, compared with the same prior-year period. The increase was due to higher marketing costs of $4.9 million and higher sales costs of $3.0 million. The increase in marketing costs was primarily due to higher media expenses. The increase in sales costs was primarily due to higher compensation and benefits largely driven by growth in the number of employees and higher outside services costs.

Sales and marketing costs in the first six months of 2025 increased $8.7 million, or 6.9%, compared with the same prior-year period. The increase was due to higher marketing costs of $5.3 million and higher sales costs of $3.4 million. The increase in marketing costs was primarily due to higher media expenses. The increase in sales costs was primarily due to higher compensation and benefits largely driven by growth in the number of employees and higher outside services costs.

Media expenses, a component of sales and marketing costs that primarily represents the cost to promote our subscription business, increased 15.9% to $31.9 million in the second quarter of 2025 from $27.5 million in the second quarter of 2024 and increased 10.0% to $63.2 million in the first six months of 2025 from $57.4 million in the first six months of 2024. The increase in both periods was largely a result of higher subscriber acquisition spending.

**Product Development**

Product development includes costs associated with the Company's investment in developing and enhancing new and existing product technology, including engineering, product management, design and data.

Product development costs in the second quarter of 2025 increased $1.7 million, or 2.8%, compared with the same prior-year period. The increase in the second quarter of 2025 was largely due to higher outside services costs of $0.8 million, as well as higher compensation and benefits expenses of $0.6 million driven by higher benefits costs.

Product development costs in the first six months of 2025 increased $5.1 million, or 4.0%, compared with the same prior-year period. The increase in the first six months of 2025 was largely due to higher compensation and benefits expenses of $2.6 million driven by higher benefits costs, as well as higher outside services costs of $1.3 million.

**General and Administrative Costs**

General and administrative costs include general management, corporate enterprise technology, building operations, unallocated overhead costs, severance and multiemployer pension plan withdrawal costs.

General and administrative costs in the second quarter of 2025 increased $5.7 million, or 7.4%, compared with the same prior-year period. The increase was primarily due to higher professional fees of $2.1 million, unrealized losses from foreign currency cash flow hedges of $1.6 million and an asset impairment charge of $1.0 million.

General and administrative costs in the first six months of 2025 increased $6.8 million, or 4.4%, compared with the same prior-year period. The increase was primarily due to higher professional fees of $3.8 million and higher compensation and benefits of $2.1 million driven by incentive compensation and higher benefits costs, partially offset by lower severance expense of $2.3 million.

**Depreciation and Amortization**

Depreciation and amortization costs in the second quarter and first six months of 2025 increased $0.9 million, or 4.2%, and $1.5 million, or 3.7%, compared with the same prior-year period.

**Generative AI Litigation Costs**

In the second quarter and first six months of 2025, the Company recorded $3.5 million and $7.9 million, respectively, and $2.0 million and $3.0 million in the second quarter and first six months of 2024, respectively, of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation and Open AI Inc. and various of its corporate affiliates alleging unlawful and unauthorized copying and use of the Company's journalism and other content in connection with their development of generative artificial intelligence products ("Generative AI Litigation Costs"). Management determined to report Generative AI Litigation Costs as a special item beginning in the first quarter of 2024 because, unlike other litigation expenses, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management's view, reflect the Company's ongoing business operational performance. See Note 14 of the Notes to the Condensed Consolidated Financial Statements for additional information.

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**Multiemployer Pension Plan Liability Adjustment**

In the first quarter of 2025, the Company recorded a $4.5 million charge related to a multiemployer pension plan liability adjustment.

**Segment Information**

We have two reportable segments: NYTG and The Athletic. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit (loss) by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit expressed as a percentage of revenues is referred to as adjusted operating profit margin.

Subscription revenues from and expenses associated with our bundle are allocated to NYTG and The Athletic.

We allocate 10% of all bundle subscription revenues to The Athletic based on management's view of The Athletic's relative value to the bundle, which we derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.

We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third-party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;NYTG | $632397 | $585156 | 8.1% | $1221310 | $1142551 | 6.9% |
| &nbsp;&nbsp;The Athletic | 54038 | 40504 | 33.4% | 101598 | 77686 | 30.8% |
| &nbsp;&nbsp;Intersegment eliminations<sup>(1)</sup> | (562) | (563) | \* | (1125) | (1125) |  |
| **Total revenues** | $685873 | $625097 | 9.7% | $1321783 | $1219112 | 8.4% |
| **Adjusted operating costs** |  |  |  |  |  |  |
| &nbsp;&nbsp;NYTG | $504410 | $478054 | 5.5% | $1003501 | $950703 | 5.6% |
| &nbsp;&nbsp;The Athletic | 48250 | 42906 | 12.5% | 92934 | 88780 | 4.7% |
| &nbsp;&nbsp;Intersegment eliminations<sup>(1)</sup> | (562) | (563) | \* | (1125) | (1125) |  |
| **Total adjusted operating costs** | $552098 | $520397 | 6.1% | $1095310 | $1038358 | 5.5% |
| **Adjusted operating profit (loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;NYTG | $127987 | $107102 | 19.5% | $217809 | $191848 | 13.5% |
| &nbsp;&nbsp;The Athletic | 5788 | (2402) | \* | 8664 | (11094) | \* |
| **Total adjusted operating profit** | $133775 | $104700 | 27.8% | $226473 | $180754 | 25.3% |
| **AOP margin % - NYTG** | 20.2% | 18.3% | 190 bps | 17.8% | 16.8% | 100 bps |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing.*

*\* Represents a change equal to or in excess of 100% or not meaningful.*

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| **Revenues detail by segment**<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| **NYTG** | | | | | | |
| &nbsp;&nbsp;Subscription | $446809 | $410015 | 9.0% | $878329 | $811386 | 8.3% |
| &nbsp;&nbsp;&nbsp;Advertising | 119910 | 112088 | 7.0% | 217568 | 210092 | 3.6% |
| &nbsp;&nbsp;&nbsp;Affiliate, licensing and other | 65678 | 63053 | 4.2% | 125413 | 121073 | 3.6% |
| **Total** | $632397 | $585156 | 8.1% | $1221310 | $1142551 | 6.9% |
| **The Athletic** |  |  |  |  |  |  |
| &nbsp;&nbsp;Subscription | $34611 | $29307 | 18.1% | $67348 | $56941 | 18.3% |
| &nbsp;&nbsp;&nbsp;Advertising | 14064 | 7075 | 98.8% | 24482 | 12782 | 91.5% |
| &nbsp;&nbsp;&nbsp;Affiliate, licensing and other | 5363 | 4122 | 30.1% | 9768 | 7963 | 22.7% |
| **Total** | $54038 | $40504 | 33.4% | $101598 | $77686 | 30.8% |
| **I/E**<sup>(1)</sup> | $(562) | $(563) | \* | $(1125) | $(1125) |  |
| **The New York Times Company** |  |  |  |  |  |  |
| &nbsp;&nbsp;Subscription | $481420 | $439322 | 9.6% | $945677 | $868327 | 8.9% |
| &nbsp;&nbsp;&nbsp;Advertising | 133974 | 119163 | 12.4% | 242050 | 222874 | 8.6% |
| &nbsp;&nbsp;&nbsp;Affiliate, licensing and other | 70479 | 66612 | 5.8% | 134056 | 127911 | 4.8% |
| **Total** | $685873 | $625097 | 9.7% | $1321783 | $1219112 | 8.4% |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing recorded in Affiliate, licensing and other revenues.*

*\* Represents a change equal to or in excess of 100% or not meaningful.*

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**Adjusted operating costs (operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items) details by segment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| **NYTG** | | | | | | |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $309273 | $298419 | 3.6% | $616533 | $590875 | 4.3% |
| &nbsp;&nbsp;Sales and marketing | 62566 | 54457 | 14.9% | 122548 | 109938 | 11.5% |
| &nbsp;&nbsp;Product development | 53810 | 53579 | 0.4% | 111059 | 108444 | 2.4% |
| &nbsp;&nbsp;Adjusted general and administrative<sup>(1)</sup> | 78761 | 71599 | 10.0% | 153361 | 141446 | 8.4% |
| **Total** | $504410 | $478054 | 5.5% | $1003501 | $950703 | 5.6% |
| **The Athletic** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $30068 | $24918 | 20.7% | $58008 | $49891 | 16.3% |
| &nbsp;&nbsp;Sales and marketing | 6599 | 6846 | (3.6)% | 12576 | 16499 | (23.8)% |
| &nbsp;&nbsp;Product development | 10130 | 8641 | 17.2% | 19420 | 16961 | 14.5% |
| &nbsp;&nbsp;Adjusted general and administrative<sup>(2)</sup> | 1453 | 2501 | (41.9)% | 2930 | 5429 | (46.0)% |
| **Total** | $48250 | $42906 | 12.5% | $92934 | $88780 | 4.7% |
| **I/E**<sup>(3)</sup> | $(562) | $(563) | \* | $(1125) | $(1125) |  |
| **The New York Times Company** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue (excluding depreciation and amortization) | $338779 | $322774 | 5.0% | $673416 | $639641 | 5.3% |
| &nbsp;&nbsp;Sales and marketing | 69165 | 61303 | 12.8% | 135124 | 126437 | 6.9% |
| &nbsp;&nbsp;Product development | 63940 | 62220 | 2.8% | 130479 | 125405 | 4.0% |
| &nbsp;&nbsp;Adjusted general and administrative | 80214 | 74100 | 8.3% | 156291 | 146875 | 6.4% |
| **Total** | $552098 | $520397 | 6.1% | $1095310 | $1038358 | 5.5% |

---

<sup>(1)</sup> *Excludes severance of $1.0 million and $3.6 million for the second quarter and first six months of 2025, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.6 million for the second quarter and first six months of 2025, respectively. Excludes severance of $1.5 million and $5.5 million for the second quarter and first six months of 2024, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.9 million for the second quarter and first six months of 2024, respectively.*

<sup>(2)</sup> *There were no severance costs for the second quarter and first six months of 2025. Excludes severance of $0.4 million for the first six months of 2024. There were no severance costs for the second quarter of 2024.*

<sup>(3)</sup> *Intersegment eliminations ("I/E") related to content licensing recorded in Cost of revenue (excluding depreciation and amortization).*

*\* Represents a change equal to or in excess of 100% or not meaningful.*

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**<u>The New York Times Group</u>**

NYTG revenues increased 8.1% in the second quarter of 2025 to $632.4 million from $585.2 million in the second quarter of 2024 and increased 6.9% in the first six months of 2025 to $1,221.3 million from $1,142.6 million in the first six months of 2024. Subscription revenues increased 9.0% in the second quarter of 2025 to $446.8 million from $410.0 million in the second quarter of 2024 and increased 8.3% in the first six months of 2025 to $878.3 million from $811.4 million in the first six months of 2024, due to growth in subscription revenues from digital-only products, partially offset by decreases in print subscription revenues. Advertising revenues increased 7.0% in the second quarter of 2025 to $119.9 million from $112.1 million in the second quarter of 2024 due to higher digital advertising revenues. Print advertising was relatively flat compared to prior year. Digital advertising revenues increased primarily as a result of higher display revenues, partially offset by lower podcast revenues and creative services fees. Advertising revenues increased 3.6% to $217.6 million from $210.1 million in the first six months of 2025 due to higher digital advertising revenues, partially offset by declines in print advertising revenues. Digital advertising revenues increased primarily as a result of higher display revenues, partially offset by creative services fees and lower podcast revenues. Print advertising revenues decreased primarily as a result of a decrease in column-inch ads. Affiliate, licensing and other revenues increased 4.2% in the second quarter of 2025 to $65.7 million from $63.1 million in the second quarter of 2024 and increased 3.6% in the first six months of 2025 to $125.4 million from $121.1 million in the first six months of 2024, due to higher licensing revenues and Wirecutter affiliate referral revenues, partially offset by lower books, television and film revenues.

NYTG adjusted operating costs increased 5.5% in the second quarter of 2025 to $504.4 million from $478.1 million in the second quarter of 2024 and increased 5.6% in the first six months of 2025 to $1,003.5 million from $950.7 million in the first six months of 2024. The increase in costs in the second quarter of 2025 was primarily due to higher sales and marketing, general and administrative, journalism and subscriber servicing costs. The increase in costs in the first six months of 2025 was primarily due to higher sales and marketing, journalism, subscriber servicing and general and administrative costs.

NYTG adjusted operating profit increased 19.5% in the second quarter of 2025 to $128.0 million from $107.1 million in the second quarter of 2024 and increased 13.5% in the first six months of 2024 to $217.8 million from $191.8 million in the first six months of 2024. The increase in the second quarter was primarily as a result of higher digital subscription revenues; digital advertising revenues; and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs and lower print subscription revenues. The increase in the first six months was primarily a result of higher digital subscription revenues; digital advertising revenues; and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs and lower print subscription revenues.

**<u>The Athletic</u>**

The Athletic revenues increased 33.4% in the second quarter of 2025 to $54.0 million from $40.5 million in the second quarter of 2024 and increased 30.8% in the first six months of 2025 to $101.6 million from $77.7 million in the first six months of 2024. Subscription revenues increased 18.1% in the second quarter of 2025 to $34.6 million from $29.3 million in the second quarter of 2024 and increased 18.3% in the first six months of 2025 to $67.3 million from $56.9 million in the first six months of 2024, primarily due to growth in the number of subscribers with access to The Athletic (including through bundle subscriptions). Advertising revenues increased 98.8% in the second quarter of 2025 to $14.1 million from $7.1 million in the second quarter of 2024 and increased 91.5% in the first six months of 2025 to $24.5 million from $12.8 million in the first six months of 2024, primarily due to higher revenues from display advertising. Affiliate, licensing and other revenues increased 30.1% in the second quarter of 2025 to $5.4 million from $4.1 million in the second quarter of 2024 and increased 22.7% in the first six months of 2025 to $9.8 million from $8.0 million in the first six months of 2024, primarily due to an increase in licensing revenue.

The Athletic adjusted operating costs increased 12.5% in the second quarter of 2025 to $48.3 million from $42.9 million in the second quarter of 2024 and increased 4.7% in the first six months of 2025 to $92.9 million from $88.8 million in the first six months of 2024. The increase in costs in the second quarter and first six months of 2025 was primarily due to higher journalism and product development costs.

The Athletic adjusted operating profit increased $8.2 million in the second quarter of 2025 to $5.8 million from a loss of $2.4 million in the second quarter of 2024 and adjusted operating profit increased $19.8 million in the first six months of 2025 to $8.7 million from a loss of $11.1 million in the first six months of 2024. The increase in the second quarter and first six months of 2025 is primarily due to higher advertising revenues; subscription revenues; and affiliate, licensing and other revenues, partially offset by higher adjusted operating costs.

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**NON-OPERATING ITEMS**

**<u>Other Components of Net Periodic Benefit Costs</u>**

See Note 9 of the Notes to the Condensed Consolidated Financial Statements for information regarding other components of net periodic benefit costs.

**<u>Interest Income and other, net</u>**

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for information regarding interest income and other, net.

**<u>Income Taxes</u>**

See Note 10 of the Notes to the Condensed Consolidated Financial Statements for information regarding income taxes.

**NON-GAAP FINANCIAL MEASURES**

We have included in this report certain supplemental financial information derived from consolidated financial information but not presented in our financial statements prepared in accordance with GAAP. Specifically, we have referred to the following non-GAAP financial measures in this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted diluted earnings per share, defined as diluted earnings per share excluding severance, non-operating retirement costs and the impact of special items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted operating profit, defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items, and expressed as a percentage of revenues, adjusted operating profit margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjusted operating costs, defined as operating costs before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• free cash flow, defined as net cash provided by operating activities less capital expenditures.

The special items in 2025 consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.5 million of Generative AI Litigation Costs ($2.6 million or $0.02 per share after tax) in the second quarter and $7.9 million ($5.8 million or $0.04 per share after tax) for the first six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a $4.5 million charge ($3.3 million or $0.02 per share after tax) related to a multiemployer pension plan liability adjustment.

The special items in 2024 consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.0 million of Generative AI Litigation Costs ($1.5 million or $0.01 per share after tax) in the second quarter and $3.0 million ($2.2 million or $0.02 per share after tax) for the first six months.

We have included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of our operations. We believe that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported diluted earnings/(loss) per share, operating profit/(loss) and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.

Adjusted diluted earnings per share provides useful information in evaluating the Company's period-to-period performance because it eliminates items that the Company does not consider to be indicative of earnings from ongoing operating activities. Adjusted operating profit and adjusted operating profit margin are useful in evaluating the ongoing performance of the Company's businesses as they exclude the significant non-cash impact of depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance and multiemployer pension plan withdrawal costs. Total operating costs, excluding these items, provides investors with helpful supplemental information on the Company's underlying operating costs that is used by management in its financial and operational decision-making.

Management considers special items, which may include impairment charges, pension settlement charges, acquisition-related costs, and beginning in the first quarter of 2024, Generative AI Litigation Costs, as well as other items that arise from time to time, to be outside the ordinary course of our operations. Management believes that excluding these items provides a better understanding of the underlying trends in the Company's operating performance and allows more accurate comparisons of the Company's operating results to historical performance. Management determined to report Generative AI Litigation Costs

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as a special item and thus exclude them beginning in the first quarter of 2024 because, unlike other litigation expenses, which are not excluded, the Generative AI Litigation Costs arise from a discrete, complex and unusual proceeding and do not, in management's view, reflect the Company's ongoing business operational performance. In addition, management excludes severance costs, which may fluctuate significantly from quarter to quarter, because it believes these costs do not necessarily reflect expected future operating costs and do not contribute to a meaningful comparison of the Company's operating results to historical performance.

Excluded from our non-GAAP financial measures are non-operating retirement costs which are primarily tied to financial market performance and changes in market interest rates and investment performance. Management considers non-operating retirement costs to be outside the performance of the business and believes that presenting adjusted diluted earnings per share excluding non-operating retirement costs and presenting adjusted operating results excluding multiemployer pension plan withdrawal costs, in addition to the Company's GAAP diluted earnings per share and GAAP operating results, provide increased transparency and a better understanding of the underlying trends in the Company's operating business performance.

The Company considers free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to provide useful information to management and investors about the amount of cash that is available to be used to strengthen the Company's balance sheet and for strategic opportunities including, among others, investing in the Company's business, strategic acquisitions, dividend payouts and repurchasing stock. See "Liquidity and Capital Resources — Free Cash Flow" below for more information and a reconciliation of free cash flow to net cash provided by operating activities.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are set out in the tables below.

**Reconciliation of diluted earnings per share excluding amortization of acquired intangible assets, severance, non-operating retirement costs and special items (or adjusted diluted earnings per share)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| Diluted earnings per share | $0.50 | $0.40 | 25.0% | $0.80 | $0.64 | 25.0% |
| Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 0.04 | 0.04 |  | 0.08 | 0.08 |  |
| &nbsp;&nbsp;&nbsp;Severance | 0.01 | 0.01 |  | 0.02 | 0.04 | (50.0)% |
| &nbsp;&nbsp;&nbsp;Non-operating retirement costs: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiemployer pension plan withdrawal costs | 0.01 | 0.01 |  | 0.02 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other components of net periodic benefit costs | 0.03 | 0.01 | \* | 0.06 | 0.01 | \* |
| &nbsp;&nbsp;&nbsp;Special items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generative AI Litigation Costs | 0.02 | 0.01 | \* | 0.05 | 0.02 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiemployer pension plan liability adjustment |  |  |  | 0.03 |  | \* |
| &nbsp;&nbsp;&nbsp;Income tax expense of adjustments | (0.03) | (0.02) | 50.0% | (0.07) | (0.04) | 75.0% |
| Adjusted diluted earnings per share<sup>(1)</sup> | $0.58 | $0.45 | 28.9% | $0.99 | $0.76 | 30.3% |

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<sup>(1)</sup> *Amounts may not add due to rounding.*

*\* Represents a change equal to or in excess of 100% or not meaningful.*

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**Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) and of adjusted operating profit margin**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** | **% Change** | **June 30, 2025** | **June 30, 2024** | **% Change** |
| Operating profit | $106551 | $79410 | 34.2% | $165185 | $127729 | 29.3% |
| Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 21396 | 20537 | 4.2% | 42774 | 41243 | 3.7% |
| &nbsp;&nbsp;&nbsp;Severance | 1000 | 1473 | (32.1)% | 3607 | 5901 | (38.9)% |
| &nbsp;&nbsp;&nbsp;Multiemployer pension plan withdrawal costs | 1338 | 1297 | 3.2% | 2567 | 2909 | (11.8)% |
| &nbsp;&nbsp;&nbsp;Generative AI Litigation Costs | 3490 | 1983 | 76.0% | 7887 | 2972 | \* |
| &nbsp;&nbsp;Multiemployer pension plan liability adjustment |  |  |  | 4453 |  | \* |
| Adjusted operating profit | $133775 | $104700 | 27.8% | $226473 | $180754 | 25.3% |
| Divided by: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue | $685873 | $625097 | 9.7% | $1321783 | $1219112 | 8.4% |
| Operating profit margin | 15.5% | 12.7% | 280 bps | 12.5% | 10.5% | 200 bps |
| Adjusted operating profit margin | 19.5% | 16.7% | 280 bps | 17.1% | 14.8% | 230 bps |

---

*\* Represents a change equal to or in excess of 100% or not meaningful.*

------

**Reconciliation of total operating costs before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating costs)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** | **For the Quarters Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | |
|<br>***(In thousands)*** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** | **% Change** |
| Total operating costs | $525035 | $54849 | $(562) | $579322 | $496747 | $49503 | $(563) | $545687 | 6.2% |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 14797 | 6599 |  | 21396 | 13940 | 6597 |  | 20537 | 4.2% |
| &nbsp;&nbsp;&nbsp;Severance | 1000 |  |  | 1000 | 1473 |  |  | 1473 | (32.1)% |
| &nbsp;&nbsp;&nbsp;Multiemployer pension plan withdrawal costs | 1338 |  |  | 1338 | 1297 |  |  | 1297 | 3.2% |
| &nbsp;&nbsp;Generative AI Litigation Costs | 3490 |  |  | 3490 | 1983 |  |  | 1983 | 76.0% |
| Adjusted operating costs | $504410 | $48250 | $(562) | $552098 | $478054 | $42906 | $(563) | $520397 | 6.1% |
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |  |
| ***(In thousands)*** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** | **NYTG** | **The Athletic** | **I/E**<sup>(1)</sup> | **Total** | **% Change** |
| Total operating costs | $1051593 | $106130 | $(1125) | $1156598 | $990022 | $102486 | $(1125) | $1091383 | 6.0% |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 29578 | 13196 |  | 42774 | 27966 | 13277 |  | 41243 | 3.7% |
| &nbsp;&nbsp;&nbsp;Severance | 3607 |  |  | 3607 | 5472 | 429 |  | 5901 | (38.9)% |
| &nbsp;&nbsp;&nbsp;Multiemployer pension plan withdrawal costs | 2567 |  |  | 2567 | 2909 |  |  | 2909 | (11.8)% |
| &nbsp;&nbsp;Generative AI Litigation Costs | 7887 |  |  | 7887 | 2972 |  |  | 2972 | \* |
| &nbsp;&nbsp;Multiemployer pension plan liability adjustment | 4453 |  |  | 4453 |  |  |  |  | \* |
| Adjusted operating costs | $1003501 | $92934 | $(1125) | $1095310 | $950703 | $88780 | $(1125) | $1038358 | 5.5% |

---

<sup>(1)</sup> *Intersegment eliminations ("I/E") related to content licensing.*

*\* Represents a change equal to or in excess of 100% or not meaningful.*

------

**LIQUIDITY AND CAPITAL RESOURCES**

We believe our cash balance and cash provided by operations, in combination with other sources of cash, will be sufficient to meet our financing needs over the next 12 months. As of June 30, 2025, we had cash, cash equivalents and short- and long-term marketable securities of $951.5 million.

We have paid quarterly dividends on the Class A and Class B Common Stock each quarter since late 2013. In February 2025, the Board of Directors approved an increase in the quarterly dividend to $0.18 per share, which was paid in April 2025. On June 26, 2025, the Board of Directors declared a quarterly dividend of $0.18 per share on the Class A and Class B Common Stock, which was paid in July 2025. We currently expect to continue to pay cash dividends in the future, although changes in our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant.

The Board of Directors approved Class A share repurchase programs in February 2022 ($150.0 million), February 2023 ($250.0 million) and February 2025 ($350.0 million). The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. As of June 30, 2025, repurchases under these authorizations totaled approximately $317.1 million (excluding commissions and excise taxes), leaving approximately $432.9 million under the 2023 and 2025 authorizations. During the six months ended June 30, 2025, repurchases under these authorizations totaled approximately $82.5 million, and we repurchased an additional $10.7 million (excluding commissions and excise taxes) between July 1, 2025 and August 1, 2025, leaving approximately $422.2 million remaining under the authorizations.

**<u>Capital Resources</u>**

**Sources and Uses of Cash**

Cash flows provided by/(used in) by category were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** | |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** |<br>**% Change** |
| Operating activities | $212726 | $133310 | 59.6% |
| Investing activities | $(52082) | $(96170) | (45.8)% |
| Financing activities | $(161751) | $(102342) | 58.0% |

---

*\* Represents a change equal to or in excess of 100% or not meaningful.*

**<u>Operating Activities</u>**

Cash from operating activities is generated by cash receipts from subscriptions; advertising sales; and affiliate, licensing, and other revenues. Operating cash outflows include payments for employee compensation, pension and other benefits, raw materials, marketing expenses and income taxes.

Net cash provided by operating activities increased in the first six months of 2025 compared with the same prior-year period primarily due to higher net income, net proceeds in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y. and lower tax payments.

**<u>Investing Activities</u>**

Cash from investing activities generally includes proceeds from marketable securities that have matured and the sale of assets, investments or a business. Cash used in investing activities generally includes purchases of marketable securities, payments for capital projects and acquisitions of new businesses and investments.

Net cash used in investing activities in the first six months of 2025 was primarily related to $40.1 million in net purchases of marketable securities and capital expenditures of $19.6 million.

**<u>Financing Activities</u>**

Cash used in financing activities generally includes the payment of dividends, share-based compensation withholding tax payments and share repurchases.

Net cash used in financing activities in the first six months of 2025 was primarily related to share repurchases of $82.6 million, dividend payments of $51.7 million and share-based compensation tax withholding payments of $27.5 million.

------

**<u>Free Cash Flow</u>**

Free cash flow is a non-GAAP financial measure defined as net cash provided by operating activities, less capital expenditures. The Company considers free cash flow to provide useful information to management and investors about the amount of cash that is available to be used to strengthen the Company's balance sheet and for strategic opportunities including, among others, investing in the Company's business, strategic acquisitions, dividend payouts and repurchasing stock. In addition, management uses free cash flow to set targets for return of capital to stockholders in the form of dividends and share repurchases.

The following table presents a reconciliation of net cash provided by operating activities to free cash flow:

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
|<br>***(In thousands)*** | **June 30, 2025** | **June 30, 2024** |
| Net cash provided by operating activities<sup>(1)</sup> | $212726 | $133310 |
| Less: Capital expenditures | (19573) | (14054) |
| &nbsp;&nbsp;Free cash flow | $193153 | $119256 |

---

<sup>(1)</sup> *Net cash provided by operating activities in the first six months of 2025 included net proceeds of approximately $33 million in connection with the lease and subsequent sale of approximately four acres of excess land at our printing and distribution facility in College Point, N.Y., which was finalized in February 2025.*

Free cash flow in the first six months of 2025 was $193.2 million compared with $119.3 million in 2024. Free cash flow increased primarily due to higher cash provided by operating activities, as discussed above.

**Restricted Cash**

We were required to maintain $14.7 million of restricted cash as of June 30, 2025, and $13.9 million as of December 31, 2024, substantially all of which is set aside to collateralize workers' compensation obligations.

**Capital Expenditures**

Capital expenditures totaled approximately $18 million and $16 million in the first six months of 2025 and 2024, respectively. The cash payments related to capital expenditures totaled approximately $20 million and $14 million in the first six months of 2025 and 2024, respectively.

**Revolving Credit Facility**

On June 13, 2025, the Company entered into an amendment and restatement of its previous credit facility that, among other changes, increased the committed amount to $400.0 million and extended the maturity date to June 13, 2030 (as amended and restated, the "Credit Facility"). Certain of the Company's domestic subsidiaries have guaranteed the Company's obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee at an annual rate of 0.20%.

As of June 30, 2025, and December 31, 2024, there were no borrowings and approximately $0.6 million in outstanding letters of credit, with the remaining committed amount available. As of June 30, 2025, the Company was in compliance with the financial covenants contained in the Credit Facility.

**CRITICAL ACCOUNTING ESTIMATES AND POLICIES** 

Our critical accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 31, 2024. Other than as described in Note 2 of the Notes to the Condensed Consolidated Financial Statements, as of June 30, 2025, our critical accounting policies have not changed from December 31, 2024.

------

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as "aim," "anticipate," "believe," "confidence," "contemplate," "continue," "conviction," "could," "drive," "estimate," "expect," "forecast," "future," "goal," "guidance," "intend," "likely," "may," "might," "objective," "opportunity," "optimistic," "outlook," "plan," "position," "potential," "predict," "project," "seek," "should," "strategy," "target," "will," "would" or similar statements or variations of such words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based upon our current expectations, estimates and assumptions and involve risks and uncertainties that change over time; actual results could differ materially from those predicted by such forward-looking statements. These risks and uncertainties include, but are not limited to: significant competition in all aspects of our business; our ability to grow the size and profitability of our subscriber base; our dependence on third-party platforms for attracting, retaining and monetizing a significant portion of our users; our dependence on user and other metrics that are subject to inherent challenges in measurement; numerous factors that affect our advertising revenues, including market dynamics, evolving digital advertising trends and the evolution of our strategy; damage to our brand or reputation from negative perceptions or publicity or otherwise; risks associated with generative artificial intelligence technology; economic, market and political conditions or other events; risks associated with the international scope of our business and foreign operations; significant disruptions in our newsprint supply chain or newspaper printing and distribution channels or a significant increase in the costs to print and distribute our newspaper; risks associated with environmental, social and governance matters; risks associated with litigation or governmental investigations; our ability to protect our intellectual property; claims against us of intellectual property infringement; our ability to improve and scale our technical and data infrastructure; security incidents and other network and information systems disruptions; our ability to comply with laws and regulations with respect to privacy, data protection and consumer marketing and subscriptions practices; payment processing risk; our dependence on continued and unimpeded access to the internet and cloud-based hosting services we utilize; risks associated with attracting and maintaining a talented and diverse workforce; the impact of labor negotiations and collective bargaining agreements; potential limits on our operating flexibility due to the nature of our employee-related costs; the effects of the size and volatility of our pension plan obligations; liabilities that may result from our participation in multiemployer pension plans; risks associated with acquisitions, divestitures, investments and similar transactions; the risks and challenges associated with investments we make in new and existing products and services; our ability to meet our publicly announced guidance and/or targets; the effects of restrictions on our operations as a result of the terms of our credit facility; potential limits on our future access to capital markets and other financing options; and the concentration of control of our company due to our dual-class capital structure.

More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth in "Item 1A — Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

**<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>**

Our Annual Report on Form 10-K for the year ended December 31, 2024, details our disclosures about market risk. As of June 30, 2025, there were no material changes in our market risks from December 31, 2024.

------

**<u>Item 4. Controls and Procedures</u>**

**EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES**

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of June 30, 2025. Based upon such evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of June 30, 2025, to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

There were no changes in our internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

**<u>Item 1. Legal Proceedings</u>**

We are involved in various legal actions incidental to our business that are now pending against us. These actions generally assert damages claims that are greatly in excess of the amount, if any, that we would be liable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of June 30, 2025, is believed to be reasonably possible.

In December 2023, we filed a lawsuit against Microsoft Corporation ("Microsoft"), Open AI Inc. and various of its corporate affiliates (collectively, "OpenAI") in the United States District Court for the Southern District of New York ("SDNY"), alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act ("DMCA"), related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. In early 2024, OpenAI and Microsoft filed partial motions to dismiss, seeking dismissal of the unfair competition, contributory copyright infringement and DMCA claims. OpenAI also sought dismissal of a portion of the direct copyright infringement claim as time-barred. In March 2025, the court dismissed our unfair competition claim and DMCA claims, with leave to replead the latter, but permitted our other disputed claims to go forward. In April 2025, the Judicial Panel for Multidistrict Litigation consolidated our case with others pending against OpenAI before our assigned judge in the SDNY. We intend to vigorously pursue all of our legal remedies in this litigation, but there is no guarantee that we will be successful in our efforts. See Note 14 of the Notes to the Condensed Consolidated Financial Statements for additional information.

**<u>Item 1A. Risk Factors</u>**

There have been no material changes to our risk factors as set forth in "Item 1A—Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024.

**<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>**

***<u>(c) Issuer Purchases of Equity Securities</u>***

The Board of Directors approved Class A stock repurchase programs in February 2022 ($150.0 million), February 2023 ($250.0 million) and February 2025 ($350.0 million). The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. As of June 30, 2025, repurchases under these authorizations totaled approximately $317.1 million (excluding commissions and excise taxes), leaving approximately $432.9 million remaining under the 2023 and 2025 authorizations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total numbers of shares of Class A Common Stock purchased** | **Average price paid per share of Class A Common Stock** | **Total number of shares of Class A Common Stock purchased as part of publicly announced plans or programs** | **Maximum number (or approximate dollar value) of shares of Class A Common Stock that may yet be purchased under the plans or programs** |
| April 1, 2025 – April 30, 2025 | 258952 | $48.85 | 258952 | $443886000 |
| May 1, 2025 – May 31, 2025 | 60273 | $52.26 | 60273 | $440737000 |
| June 1, 2025 – June 30, 2025 | 140911 | $55.32 | 140911 | $432941000 |
| Total for the second quarter of 2025 | 460136 | $51.30 | 460136 | $432941000 |

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**<u>Item 5. Other Information</u>**

***<u>Securities Trading Plans of Directors and Executive Officers</u>***

During the quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

------

**<u>Item 6. Exhibits</u>**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | |
| 10.1 | <u>[Credit Agreement, dated as of June 13, 2025, among The New York Times Company, as borrower, the financial institutions party thereto as Lenders, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, JPMorgan Chase Bank, National Association, U.S. Bank, National Association, and Wells Fargo Bank, National Association, as Co-Syndication Agents, BofA Securities, Inc., JPMorgan Chase Bank, National Association, U.S. Bank, National Association and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K, filed June 18, 2025)\*](https://www.sec.gov/Archives/edgar/data/71691/000119312525142415/d38762dex101.htm)</u> |
| 31.1 | <u>[Rule 13a-14(a)/15d-14(a) Certification.](ex311_6302025.htm)</u> |
| 31.2 | <u>[Rule 13a-14(a)/15d-14(a) Certification.](ex312_6302025.htm)</u> |
| 32.1 | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex321_6302025.htm)</u>. |
| 32.2 | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex322_6302025.htm)</u> |
| 101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| \*Schedules to this Exhibit have been omitted in accordance with Regulation S-K Items 601(a)(5). The Registrant agrees to furnish supplementally a copy of all omitted schedules to the Securities and Exchange Commission on a confidential basis upon request. | \*Schedules to this Exhibit have been omitted in accordance with Regulation S-K Items 601(a)(5). The Registrant agrees to furnish supplementally a copy of all omitted schedules to the Securities and Exchange Commission on a confidential basis upon request. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | THE NEW YORK TIMES COMPANY |
| | | (Registrant) |
| Date: | August 6, 2025 | /s/ William Bardeen |
| | | William Bardeen<br>Executive Vice President and <br>Chief Financial Officer<br>(Principal Financial Officer) |

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## Exhibit 31.1

**EXHIBIT 31.1** 

---

| | | |
|:---|:---|:---|
| **<u>Rule 13a-14(a)/15d-14(a) Certification</u>** | **<u>Rule 13a-14(a)/15d-14(a) Certification</u>** | **<u>Rule 13a-14(a)/15d-14(a) Certification</u>** |
| I, Meredith Kopit Levien, certify that: | I, Meredith Kopit Levien, certify that: | I, Meredith Kopit Levien, certify that: |
| 1. | I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company; | I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|  | (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|  | (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|  | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: August 6, 2025

---

| |
|:---|
| /s/ MEREDITH KOPIT LEVIEN |
| ***Meredith Kopit Levien*** |
| Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

---

| | | |
|:---|:---|:---|
| **<u>Rule 13a-14(a)/15d-14(a) Certification</u>** | **<u>Rule 13a-14(a)/15d-14(a) Certification</u>** | **<u>Rule 13a-14(a)/15d-14(a) Certification</u>** |
| I, William Bardeen, certify that: | I, William Bardeen, certify that: | I, William Bardeen, certify that: |
| 1. | I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company; | I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|  | (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|  | (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|  | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

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Date: August 6, 2025

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| |
|:---|
| /s/ WILLIAM BARDEEN |
| ***William Bardeen*** |
| Chief Financial Officer |

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## Exhibit 32.1

**EXHIBIT 32.1** 

**<u>Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>**

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the "Company") for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Meredith Kopit Levien, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 6, 2025

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| |
|:---|
| /s/ MEREDITH KOPIT LEVIEN |
| ***Meredith Kopit Levien*** |
| Chief Executive Officer |

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## Exhibit 32.2

**EXHIBIT 32.2**

**<u>Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>**

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the "Company") for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William Bardeen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 6, 2025

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| |
|:---|
| /s/ WILLIAM BARDEEN |
| ***William Bardeen*** |
| Chief Financial Officer |

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