New York Times (NYT) financial statements
New York Times reported revenue of $2.8B in fiscal 2025, up 6.9% a year over 9 years.
Net income was $344M and the operating margin 15.3%, against 7.2% in 2016.
Free cash flow was $551M, and the company returned $110M in dividends and $165M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from New York Times's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.7B | $1.7B | $1.8B | $1.8B | $2.1B | $2.3B | $2.4B | $2.6B | $2.8B |
| Cost of revenue | $629M | $616M | $654M | $706M | $959M | $1.0B | $1.2B | $1.2B | $1.3B | $1.4B |
| Gross profit | $926M | $1.1B | $1.1B | $1.1B | $824M | $1.0B | $1.1B | $1.2B | $1.3B | $1.4B |
| Research and development | — | — | $84M | $106M | $133M | $161M | $204M | $229M | $248M | $264M |
| Selling, general and admin | $728M | $815M | $846M | $868M | $453M | $545M | $557M | $571M | $586M | $635M |
| Operating income | $113M | $177M | $190M | $176M | $176M | $268M | $202M | $276M | $351M | $432M |
| Pre-tax income | $31M | $111M | $176M | $164M | $115M | $291M | $236M | $303M | $383M | $451M |
| Income tax | $4M | $104M | $49M | $24M | $15M | $71M | $62M | $70M | $90M | $107M |
| Net income | $29M | $4M | $126M | $140M | $100M | $220M | $174M | $232M | $294M | $344M |
| EPS (diluted) | $0.18 | $0.03 | $0.75 | $0.83 | $0.60 | $1.31 | $1.04 | $1.40 | $1.77 | $2.09 |
| Diluted shares | 163M | 164M | 167M | 168M | 168M | 169M | 167M | 166M | 166M | 165M |
| Gross margin | 59.5% | 63.2% | 62.6% | 61.0% | 46.2% | 49.9% | 47.6% | 48.5% | 49.4% | 50.8% |
| Operating margin | 7.2% | 10.5% | 10.9% | 9.7% | 9.9% | 12.9% | 8.7% | 11.4% | 13.6% | 15.3% |
| Net margin | 1.9% | 0.3% | 7.2% | 7.7% | 5.6% | 10.6% | 7.5% | 9.6% | 11.4% | 12.2% |
Balance sheet
Fiscal years, from New York Times's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $550M | $492M | $613M | $432M | $595M | $661M | $347M | $452M | $566M | $642M |
| Receivables | $197M | $185M | $222M | $213M | $184M | $233M | $218M | $242M | $250M | $291M |
| Total current assets | $796M | $750M | $894M | $717M | $836M | $953M | $656M | $782M | $936M | $1.0B |
| Property, plant and equipment | $597M | $641M | $639M | $627M | $595M | $575M | $554M | $514M | $489M | $462M |
| Goodwill | $135M | $144M | $140M | $139M | $172M | $166M | $414M | $416M | $412M | $409M |
| Total assets | $2.2B | $2.1B | $2.2B | $2.1B | $2.3B | $2.6B | $2.5B | $2.7B | $2.8B | $3.0B |
| Total current liabilities | $399M | $416M | $673M | $438M | $487M | $559M | $571M | $612M | $614M | $667M |
| Long-term debt | $247M | $250M | $0 | — | — | — | — | — | — | — |
| Total liabilities | $1.3B | $1.2B | $1.2B | $915M | $980M | $1.0B | $934M | $951M | $914M | $956M |
| Shareholders' equity | $848M | $897M | $1.0B | $1.2B | $1.3B | $1.5B | $1.6B | $1.8B | $1.9B | $2.0B |
| Net debt | $146M | $67M | -$242M | -$230M | -$286M | -$320M | -$221M | -$289M | -$199M | -$255M |
Cash flow
Fiscal years, from New York Times's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $104M | $87M | $157M | $190M | $298M | $269M | $151M | $361M | $411M | $584M |
| Capital spending | $30M | $85M | $77M | $45M | $34M | $35M | $37M | $23M | $29M | $34M |
| Free cash flow | $74M | $2M | $80M | $144M | $263M | $234M | $114M | $338M | $381M | $551M |
| Stock-based compensation | $12M | $15M | $13M | $13M | $14M | $22M | $35M | $55M | $67M | $74M |
| Dividends paid | $26M | $26M | $26M | $32M | $38M | $45M | $57M | $69M | $83M | $110M |
| Share buybacks (net) | -$16M | $0 | $0 | — | $0 | $0 | -$105M | -$45M | -$85M | -$165M |
| Net borrowing | -$190M | -$552,000 | -$552,000 | -$253M | $0 | $0 | — | — | — | — |
| Free cash flow margin | 4.7% | 0.1% | 4.6% | 8.0% | 14.8% | 11.3% | 4.9% | 13.9% | 14.7% | 19.5% |
| Dividends per share | $0.16 | $0.16 | $0.16 | $0.19 | $0.23 | $0.27 | $0.34 | $0.42 | $0.50 | $0.67 |
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Open NYT in InvestinglyQuestions
What was New York Times's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does New York Times generate?
$551M in fiscal 2025 (operating cash flow minus capital spending).
From New York Times's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.