New York Times Adds 420,000 Subscribers as Q3 Digital Revenue Rises

In the third quarter, The New York Times reported a revenue of $768.5 million, surpassing the expected $766.9 million. Adjusted net income increased by 19.2% to $97.4 million. Digital-only subscription revenue grew by 14.6% to $421.3 million, resulting in approximately 420,000 new digital-only subscribers. The company's total subscriber base now stands at 13.8 million.

Digital advertising revenue saw a 12% rise to $109.9 million. Analysts had forecast a mid-to-high teens growth rate in digital advertising. The Times added 420,000 digital-only subscribers in Q3, bringing the overall subscriber count to 13.8 million, exceeding Wall Street expectations. Third-quarter revenue of $768.5 million marked a 9.7% increase from the previous year's $700.8 million.

Net income rose by 19.2% to $97.4 million, with diluted earnings per share reaching 60 cents. Adjusted earnings per share were 68 cents. The results outperformed analyst consensus estimates of $766.9 million and 65 cents per share, according to Yahoo Finance. Shares climbed 4.1% to $69.93 in early trading. Q3 subscriber additions increased from 280,000 in the second quarter, when the Times had 13.35 million total subscribers.

Digital-only subscription revenue climbed 14.6% to $421.3 million, up from $367.4 million a year earlier. The company previously predicted growth of 12% to 15% for the third quarter, reflecting a growing digital subscriber base and higher subscription prices. Digital-only average revenue per user, measuring earnings per subscriber over a 28-day billing cycle, reached $9.93, up from $9.79 a year earlier.

Advertising revenue totaled $142.6 million, increasing by 7.8% from the prior year. Digital advertising revenue rose by 12% to $109.9 million, compared to $98.1 million in the third quarter of 2025. Analysts had projected a mid-to-high teens growth rate in digital advertising, following a 20.7% surge in the second quarter. Revenue from affiliates, licensing, and other sources grew by 6.2% to $78.4 million, driven by higher licensing and Wirecutter affiliate referral revenue.

Operating profit increased by 16.4% to $121.9 million, while adjusted operating profit rose by 13.9% to $149.6 million. Total operating costs climbed by 8.5% to $646.6 million, within the previously projected range of 8% to 9%. The Times anticipates digital-only subscription revenue to grow by 12% to 15% in the fourth quarter, with digital advertising revenue expected to increase in the high-single to low-double digits.