USA TODAY Co., Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data USA TODAY Co., Inc. 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	1,255	1,342	1,526	1,868	3,406	3,208	2,945	2,664	2,509	2,302
Cost of revenue		743	865	1,080	2,034	1,902	1,860	1,692	1,546	1,411
Gross profit		599	661	788	1,371	1,307	1,085	972	964	891
Selling, general and administrative	416	447	503	602	1,000	902	852	723	704	640
Operating income	60.6	33.8	58.1	-147	-448	109	-33.6	86.3	-42.8
Interest expense	29.6	30.5	36.1	63.7	229	136	108	112	105	97.2
Other non-operating income	-1.62	-34.3	-38.1	-60.2	-258	-197	-43.3	-92.4	-34.8	26.3
Pre-tax income	29.3	-0.43	20	-207	-706	-87.9	-76.9	-6.17	-77.7	-1.28
Income tax	-2.32	0.48	1.91	-86	-33.5	48.3	1.35	21.7	-51.3	-3.03
Net income to minority interests				-1.35	-1.92	-1.21	-0.25	-0.1	-0.03	0.01
Net income	31.6	-0.92	18.2	-120	-670	-135	-78	-27.8	-26.4	1.75
EBITDA	128	108	143	-35.1	-184	313	148	249	113
EPS, basic	0.70	-0.02	0.31	-1.77	-5.09	-1.00	-0.57	-0.20	-0.18	0.01
EPS, diluted	0.70	-0.02	0.31	-1.77	-5.09	-1.00	-0.57	-0.20	-0.18	0.01
Shares, basic (weighted)	45.2	53	58	67.7	132	135	137	140	143	145
Shares, diluted (weighted)	45.3	53	58.4	67.7	132	135	137	140	143	146
Dividend per share	1.34	1.42	1.49	1.52	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	172	43.1	48.7	156	171	131	94.3	100	106	90.2
Receivables		152	174	439	314	329	289	266	240	224
Inventory	18.2	18.7	25	55.1	35.1	37.7	45.2	26.8	20.9	12.9
Other current assets	19.7	23.3	21.6	129	117	80.1	32.7	15	18.8	16.6
Total current assets	370	263	298	779	637	577	508	444	426	389
Property, plant and equipment	381	373	340	816	590	415	306	239	241	178
Lease right-of-use assets			0	309	290	272	233	222	144	123
Goodwill	228	237	311	914	534	534	533	534	530	519
Intangible assets	351	403	486	1,013	825	713	613	524	430	338
Other non-current assets	4.93	7.18	9.86	113	143
Total assets	1,336	1,284	1,444	4,020	3,109	2,828	2,394	2,181	2,040	1,837
Accounts payable	19.1	15.8	16.6	147	132	157	189	142	154	144
Accrued liabilities	84.4	97	110	307
Deferred revenue	78	88.2	105	219	186	185	154	121	108	105
Short-term debt	14.4	2.72	12.4	3.3	128	69.5	60.5	63.8	74.3	69.3
Total current liabilities	196	204	248	718	741	663	617	534	546	518
Long-term debt	339	357	428	1,636	1,472	1,163	1,101	981	1,006	885
Lease liabilities			0	298	274	255	219	204	168	146
Other non-current liabilities	12.6	14.8	16.5	136	152	117	109	101	126	91.1
Total liabilities	581	609	725	3,037	2,746	2,298	2,098	1,864	1,888	1,683
Total debt	363	368	445	1,636	1,600	1,232	1,162	1,045	1,080	954
Paid-in capital	743	683	722	1,091	1,104	1,400	1,410	1,426	1,282	1,288
Retained earnings	16.3	-2.77	3.77	-116	-786	-921	-999	-1,027	-1,054	-1,052
Treasury stock	-0.42	-1.08	-1.87	-2.88	-4.9	-8.15	-14.7	-17.4	-20.5	-23.6
Other comprehensive income	-3.98	-5.46	-6.88	8.2	50.2	60	-101	-65.5	-56.2	-58.9
Shareholders' equity	755	674	717	981	364	532	296	318	153	155
Minority interests					0	-2.49	-0.37	-0.47	-0.51	-0.5
Total equity	755	674	717	981	364	530	295	317	153	155
Total liabilities and equity	1,336	1,284	1,444	4,020	3,109	2,828	2,394	2,181	2,040	1,837
Shares outstanding		53.2	60.3	129	138	142	146	149	147	147

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	31.6	-0.92	18.1	-121	-672	-136	-78.3	-27.9	-26.4	1.76
Depreciation and amortization	67.8	74.4	84.8	112	264	204	182	163	156	166
Stock-based compensation	2.44	3.14	3.16	11.3	26.4	18.4	16.8	16.6	12.5	9.15
Deferred income tax	-2.86	-0.52	0.23	-87.8	-30.2	45	2.55	11.5	-44.8	-10.3
Change in receivables	14.9	4.98	0.02	12.6	112	-33.2	44.9	34.1	25.8	17.2
Change in inventory	-1	1.07	-4.34	5.15	20	-2.82	-7.43	18.5	4.62	8.11
Change in payables	4.99	-4	-2.53	3.96	-66.4	-33.5	-23.7	-65.1	-1.93	-20.5
Cash from operations	94.8	111	110	25.5	57.8	127	40.8	94.6	100	114
Capital expenditures	-10.6	-11.1	-11.6	-14	-37	-39.6	-45.4	-38.1	-49.5	-51.5
Acquisitions	-137	-164	-205	-797	0	-0.13	-15.4	0	0
Sales and maturities of investments								0	1.05	6.16
Cash from investing	-145	-160	-201	-785	160	70.6	22.1	47	-28	8.97
Debt issued	0	20	79.7	1,792
Debt repaid	-3.51	-14.4	-3.09	-481
Stock issued	136	0	111	0	0
Share buybacks	-0.42	-5	0	0	-2.02	-3.24	-6.56	-2.64	-3.14	-3.06
Dividends paid	-59.8	-75.6	-87.2	-91.9	0	0
Cash from financing	72.1	-79.7	98.5	899	-201	-261	-103	-136	-68.9	-140
Exchange rate effect		0	0	-3.49	1.5	-0.04	1.15	-0.23	2.06	-1.89
Net change in cash	22	-129	6.61	136	18.1	-63.1	-38.8	5.81	5.57	-18.4
Free cash flow	84.2	99.4	97.9	11.6	20.8	87.9	-4.6	56.5	50.8	62.9
Interest paid	26.9	33.6	31.2	40.2	218	104	86.5	89.3	86.3	84.2
Income taxes paid	2.6	0.05	1.27	1.19	-3.96	-8.32	3.41	8.22	10.1	10.6

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 $6.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.5%	Gross profit / revenue.
Pre-tax margin	3.0%	Pre-tax income / revenue.
Net margin	-1.8%	Net income / revenue.
FCF margin	2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Effective tax rate	160.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-26.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.2%	Net income / average total assets.
SG&A / revenue	27.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-7.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.3%	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	-8.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	41.0%	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	14.6%	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	23.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	24.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-19.4%	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	-15.7%	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	-9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.4%	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	-10.0%	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	2.4%	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	2.2%	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	2.1%	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	0.81x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	6.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.1%	Total debt / total assets.
Liabilities / assets	91.4%	Total liabilities / total assets.
Net debt	$863.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$94.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$672.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.25x	Revenue / average total assets.
Fixed asset turnover	13.6x	Revenue / average property, plant and equipment.
Inventory turnover	106x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Receivables turnover	10.1x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	0 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	45.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	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	$11.50	Revenue / diluted weighted shares.
FCF per share	$0.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.58	Cash from operations / diluted weighted shares.
Book value per share	$1.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.58	Tangible book value / shares outstanding.
Cash per share	$0.59	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	4.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$942.6M	Share price x shares outstanding.
Enterprise value	$1.81B	Market cap + total debt - cash - short-term investments.
P/S	0.42x	Market cap / revenue.
P/B	6.13x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.33x	Market cap / cash from operations, when positive.
EV/Sales	0.81x	Enterprise value / revenue.
EV/FCF	29.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	-4.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.

What was USA TODAY Co., Inc.'s revenue in fiscal 2025?

USA TODAY Co., Inc. reported revenue of $2.30B for fiscal 2025, 8.3% lower than the year before.

Was USA TODAY Co., Inc. profitable in fiscal 2025?

Yes. Net income was $1.7M, a net margin of 0.1%.

How much free cash flow did USA TODAY Co., Inc. generate in fiscal 2025?

Cash from operations of $114.4M minus capital expenditures of $51.5M left free cash flow of $62.9M.

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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