NEW YORK TIMES CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEW YORK TIMES CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,555	1,676	1,749	1,812	1,784	2,075	2,308	2,426	2,586	2,825
Cost of revenue	629	616	0	0	959	1,040	1,209	1,249	1,310	1,390
Gross profit	926	1,059	1,749	1,812	824	1,035	1,099	1,177	1,276	1,435
Research and development			84.1	106	133	161	204	229	248	264
Selling, general and administrative	728	815	0	0
Selling and marketing			271	273	229	295	268	260	278	307
General and administrative			197	207	224	250	289	311	308	328
Operating income	113	177	190	176	176	268	202	276	351	432
Interest income	9.02	9.9	14.5	19.7	14	6.57	7.26	22.1	37.5	43.5
Pre-tax income	30.5	111	176	164	115	291	236	303	383	451
Income tax	4.42	104	48.6	24.5	14.6	70.5	62.1	69.8	89.6	107
Income from continuing operations	31.3	4.73	126	140	100	220	174
Net income to minority interests	-5.24	2.54	1.78	0	0.73	0	0	0.37	0	0
Net income	29.1	4.3	126	140	100	220	174	232	294	344
EBITDA	174	238	249	236	238	326	285	362	434	517
EPS, basic	0.18	0.03	0.76	0.84	0.60	1.31	1.04	1.41	1.79	2.11
EPS, diluted	0.18	0.03	0.75	0.83	0.60	1.31	1.04	1.40	1.77	2.09
Shares, basic (weighted)	161	162	165	166	167	168	167	165	164	163
Shares, diluted (weighted)	163	164	167	168	168	169	167	166	166	165
Dividend per share	0.16	0.16	0.16	0.20	0.24	0.28	0.36	0.44	0.52	0.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	101	183	242	230	286	320	221	289	199	255
Short-term investments	450	309	371	202	309	341	126	162	366	387
Receivables	197	185	222	213	184	233	218	242	250	291
Other current assets	32.6	50.5	33.3	42.1	27.5	25.6	35.9	27.9	71	35.1
Total current assets	796	750	894	717	836	953	656	782	936	1,028
Property, plant and equipment	597	641	639	627	595	575	554	514	489	462
Lease right-of-use assets			36	53.5	52.3	62.6	57.6	35.4	32.3	33.4
Goodwill	135	144	140	139	172	166	414	416	412	409
Intangible assets						14.2	317	285	258	229
Long-term investments	187	241	214	252	287	413	139	258	346	526
Other non-current assets	154	171	182	240	319	196	231	227	185	270
Total assets	2,185	2,100	2,197	2,089	2,308	2,564	2,534	2,715	2,841	2,997
Accounts payable	104	125	112	117	123	127	115	117	124	136
Accrued liabilities	131	111	120	124	137	146	136	148	125	137
Deferred revenue	66.7	75.1	84	88.4	105	119	156	173	187	208
Short-term debt	0	0	-254	0
Total current liabilities	399	416	673	438	487	559	571	612	614	667
Long-term debt	240	243	247
Lease liabilities			0	55.1	52.7	63.6	59.1	42.9	37.3	36.6
Other non-current liabilities	78.6	82.3	77.8	126	128	133	111	101	86.1	78.2
Total liabilities	1,341	1,202	1,154	915	980	1,023	934	951	914	956
Total debt	240	243	247
Paid-in capital	150	164	206	208	217	230	256	301	356	412
Retained earnings	1,332	1,310	1,506	1,613	1,673	1,845	1,959	2,118	2,325	2,551
Treasury stock	-171	-171	-171	-171	-171	-171	-276	-321	-406	-573
Other comprehensive income	-480	-423	-518	-495	-410	-383	-358	-353	-366	-366
Shareholders' equity	848	897	1,041	1,172	1,326	1,539	1,598	1,763	1,927	2,041
Minority interests	-3.57	0.08	1.86	1.86	2.59	2.01	2.01	0
Total equity	844	897	1,043	1,174	1,328	1,541	1,600	1,763	1,927	2,041
Total liabilities and equity	2,185	2,100	2,197	2,089	2,308	2,564	2,534	2,715	2,841	2,997

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	23.8	6.84	127	140	101	220	174	233	294	344
Depreciation and amortization	61.7	61.9	59	60.7	62.1	57.5	82.7	86.1	82.9	85
Stock-based compensation	12.4	14.8	13	12.9	14.4	22.2	35.3	54.8	67.5	74.2
Deferred income tax	-15.5	103	6.04	4.24	-15.2	-6.36	-46.2	-19.8	7.94	38.5
Change in receivables	9.83	12.5	-37.6	9.06	29.7	-49.2	20.9	-25	-7.04	-41.3
Change in payables	-32.3	10	20.5	-13.2	8.47	39.7	-111	-7.32	-21	55.7
Cash from operations	104	86.7	157	190	298	269	151	361	411	584
Capital expenditures	-30.1	-84.8	-77.5	-45.4	-34.5	-34.6	-37	-22.7	-29.2	-34
Acquisitions	-40.4	0	0	0	-33.1	0	-516	0	0
Purchases of investments	-567	-467	-470	-572	-632	-763	-6.65	-286	-480	-653
Cash from investing	124	14.1	-101	93.2	-199	-181	-73.6	-160	-306	-221
Debt repaid	-190	-0.55	-0.55	-253	0	0
Stock issued	0.76	4.6	41.3	4.52	6.07	2.45	0	0	0
Share buybacks	-15.7	0	0		0	0	-105	-44.6	-85	-165
Dividends paid	-25.9	-26	-26.4	-31.6	-38.4	-45.3	-56.8	-69.5	-82.9	-110
Cash from financing	-237	-26	3.82	-295	-45	-54.9	-174	-133	-193	-306
Exchange rate effect	-0.24	0.59	-0.98	-0.1	0.57	-1	-1.95	-0.22	-1.03	-0.43
Net change in cash	-8.68	74.8	59.8	-12.2	53.9	33.3	-97.2	68.2	-88.3	57
Free cash flow	73.8	1.96	79.6	144	263	234	114	338	381	551
Interest paid	0.04	27.7	28.1	28	0.51	0.55	1.58	0.71	0.72	0.11
Income taxes paid	0.05	21.6	-1.07	30.4	24.4	66.4	110	71.8	113	71.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.4%	Gross profit / revenue.
Operating margin	16.0%	Operating income / revenue.
EBITDA margin	18.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.8%	Pre-tax income / revenue.
Net margin	13.2%	Net income / revenue.
FCF margin	20.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.1%	Cash from operations / revenue.
Effective tax rate	21.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.2%	Net income / average total assets.
Return on invested capital (ROIC)	20.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.2%	Research and development expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	28.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	25.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	28.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	28.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	42.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	57.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	44.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	69.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	15.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	38.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	26.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	24.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	1.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.02x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	31.4%	Total liabilities / total assets.
Working capital	$375.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	6.54x	Revenue / average property, plant and equipment.
Receivables turnover	12.6x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
FCF conversion	158.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.26	Revenue / diluted weighted shares.
FCF per share	$3.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.04	Cash from operations / diluted weighted shares.
Book value per share	$12.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.74	Tangible book value / shares outstanding.
Cash per share	$4.05	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	28.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.24B	Share price x shares outstanding.
Enterprise value	$9.58B	Market cap + total debt - cash - short-term investments.
P/E	26.1x	Market cap / net income. Only when net income is positive.
P/S	3.44x	Market cap / revenue.
P/B	5.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.19x	Market cap / tangible book value, when positive.
P/FCF	16.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	3.22x	Enterprise value / revenue.
EV/EBIT	20.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.
PEG	1.00x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NEW YORK TIMES CO's revenue in fiscal 2025?

NEW YORK TIMES CO reported revenue of $2.82B for fiscal 2025, 9.2% higher than the year before.

Was NEW YORK TIMES CO profitable in fiscal 2025?

Yes. Net income was $344.0M, a net margin of 12.2%.

How much free cash flow did NEW YORK TIMES CO generate in fiscal 2025?

Cash from operations of $584.5M minus capital expenditures of $34.0M left free cash flow of $550.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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