New York Times (NYSE:NYT) reported 10% revenue growth in the third quarter of 2026 as gains in digital subscriptions and advertising helped lift adjusted operating profit and earnings.
The company added approximately 420,000 net digital-only subscribers during the quarter, bringing its total subscriber base to 13.8 million. President and CEO Meredith Kopit Levien said the company remains on track toward its next milestone of 15 million subscribers.
Total revenue rose to $769 million from a year earlier, while adjusted operating profit increased 14% to approximately $150 million. Adjusted diluted earnings per share rose to $0.68 from $0.59, Executive Vice President and CFO Will Bardeen said.
Subscription growth drives revenue
Digital-only subscription revenue increased 14.6% to $421 million, while total subscription revenue rose 10.7% to approximately $548 million. Both measures were within the company’s quarterly guidance ranges.
Average digital-only subscribers increased 13.1% year over year, supported by multiple products and strong retention. Digital-only average revenue per user rose 1.4% to $9.93, helped by subscribers moving off promotional rates and existing price-increase programs, Bardeen said.
Bardeen said the company was pleased with retention among subscribers affected by the addition of a paywall to the Mini puzzle in the third quarter of 2025. That group also contributed to a relatively large mix of lower-priced, single-product subscribers, affecting average revenue per user in the quarter.
Kopit Levien attributed the net subscriber additions to engagement and retention across the company’s portfolio. Asked whether election coverage contributed to growth, she did not identify a specific effect, saying the subscription model is designed to capture demand from different sources.
Digital advertising misses guidance
Total advertising revenue increased 7.8% to $143 million, within guidance. Digital advertising rose 12% to $110 million, driven by marketer demand and growth in advertising supply, but came in slightly below the company’s guidance range. Affiliate, licensing and other revenue rose 6% to $78 million, slightly above guidance.
Asked whether changes in traffic or engagement explained the digital advertising result, Kopit Levien said the precise quarterly outcome can be difficult to predict. She said the company remains optimistic about advertising as a long-term growth driver and expects to add inventory incrementally across its portfolio.
Kopit Levien noted that the fourth quarter is the company’s largest for advertising and that digital advertising grew 25% in the prior-year period. She said last year benefited from structural increases in advertising supply in parts of the portfolio.
AI, video and investment priorities
Kopit Levien said moves by large technology companies continue to reduce traffic to publishers, including The Times, but argued that its subscription strategy benefits from journalism and products that users seek out directly.
Asked whether personal AI agents were changing cancellation or churn behavior, she said the technology was still in its early stages and the company had not seen an impact so far. The Times is monitoring consumer behavior and evaluating how automated third-party tools interact with its platforms, she said, adding that the company can permit, restrict or block specific tools.
Video remains a strategic investment. Kopit Levien said the company is expanding shows, visual investigations and short-form video, with the aim of increasing engagement and eventually enhancing monetization. Adjusted operating costs rose 8.7% to $619 million in the quarter, driven primarily by compensation and benefits tied to investments in journalism and digital products, including video, as well as higher general and administrative and marketing costs.
Fourth-quarter outlook and capital returns
For the fourth quarter, the company expects digital-only subscription revenue to grow 12% to 15% and total subscription revenue to rise 9% to 11%. It forecasts digital advertising growth in the high single digits to low double digits and total advertising growth in the mid-single digits. Adjusted operating costs are expected to increase 6% to 8%.
Bardeen said fourth-quarter compensation and benefits costs can vary with financial performance, contributing to the width of the cost guidance range.
The company generated approximately $436 million in free cash flow through the first nine months of the year and ended September with approximately $1.3 billion in cash and marketable securities. It returned approximately $276 million to shareholders over that period, including $171 million in share repurchases and $105 million in dividends.
Bardeen said the company accelerated repurchases in the third quarter after identifying attractive return opportunities. He said organic growth investment remains the priority, while the company also considers acquisitions that meet its brand, strategic and return criteria.
About New York Times (NYSE:NYT)
The New York Times Company (NYSE: NYT) is a media and technology company best known for publishing The New York Times, a daily newspaper founded in 1851 by Henry Jarvis Raymond and George Jones. The company produces journalism across national and international news, business, politics, culture, science, sports and other topics through print and digital platforms.
In addition to its core news operation, the company offers a range of subscription products and digital services, including NYT Cooking, Games, Audio and The Athletic, a subscription-based sports media platform.
