NEW YORK TIMES CO Segments Disclosure
| (In thousands) | December 31, 2025 | December 31, 2024(1) | December 31, 2023(1) | |||||||||||||||||
| Revenues | ||||||||||||||||||||
| Subscription | $ | 1,950,778 | $ | 1,788,207 | $ | 1,656,153 | ||||||||||||||
| Advertising | 565,993 | 506,311 | 505,206 | |||||||||||||||||
| Affiliate, licensing and other | 308,147 | 291,401 | 264,793 | |||||||||||||||||
Total revenues | $ | 2,824,918 | $ | 2,585,919 | $ | 2,426,152 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Cost of revenue (excluding depreciation and amortization) | $ | 1,389,713 | $ | 1,309,514 | $ | 1,249,061 | ||||||||||||||
| Sales and marketing | 307,084 | 278,425 | 260,227 | |||||||||||||||||
| Product development | 264,347 | 248,198 | 228,804 | |||||||||||||||||
Adjusted general and administrative(2) | 313,638 | 294,380 | 298,209 | |||||||||||||||||
Total adjusted operating profit | $ | 550,136 | $ | 455,402 | $ | 389,851 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Other components of net periodic benefit costs/(income) | 18,557 | 4,158 | (2,737) | |||||||||||||||||
| Depreciation and amortization | 85,007 | 82,936 | 86,115 | |||||||||||||||||
| Severance | 9,454 | 7,512 | 7,582 | |||||||||||||||||
| Multiemployer pension plan withdrawal costs | 4,972 | 6,038 | 5,248 | |||||||||||||||||
| Generative AI Litigation Costs | 13,321 | 10,800 | — | |||||||||||||||||
| Impairment charges | 2,858 | — | 15,239 | |||||||||||||||||
| Multiemployer pension plan liability adjustments | 2,967 | (2,980) | (605) | |||||||||||||||||
| Add: | ||||||||||||||||||||
| Gain from joint ventures | — | — | 2,477 | |||||||||||||||||
| Interest income and other, net | 38,256 | 36,485 | 21,102 | |||||||||||||||||
| Income before income taxes | $ | 451,256 | $ | 383,423 | $ | 302,588 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.