The New York Times’s Q2 Earnings Call: Our Top 5 Analyst Questions

August 13, 2025 at 01:32 AM EDT

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The New York Times delivered a quarter that surpassed Wall Street’s expectations, with management attributing the outperformance to subscription momentum, robust digital advertising, and disciplined cost management. CEO Meredith Kopit Levien pointed to strong engagement across news and lifestyle products, highlighting that over half of subscribers now take the bundle. The company’s growing audience and diversified revenue streams—subscription, advertising, affiliate, and licensing—were central to its positive results. Levien emphasized, “We grew all of our major revenue lines...with real running room ahead.”

Is now the time to buy NYT? Find out in our full research report (it’s free).

The New York Times (NYT) Q2 CY2025 Highlights:

Revenue: $685.9 million vs analyst estimates of $670.3 million (9.7% year-on-year growth, 2.3% beat)
Adjusted EPS: $0.58 vs analyst estimates of $0.51 (12.7% beat)
Adjusted EBITDA: $133.8 million vs analyst estimates of $120.7 million (19.5% margin, 10.9% beat)
Operating Margin: 15.5%, up from 12.7% in the same quarter last year
Subscribers: 11.88 million, up 1.04 million year on year
Market Capitalization: $9.45 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From The New York Times’s Q2 Earnings Call

David Karnovsky (JPMorgan) asked about digital ad acceleration. CEO Meredith Kopit Levien attributed growth to broad portfolio appeal, first-party data, and expanded ad products, including AI tools like Brand Match.
Jason Bazinet (Citigroup) inquired about reaching 15 million subscribers. Levien reaffirmed the 2027 target and outlined persistent demand, growing addressable audience, and product differentiation as the path forward.
Bazinet (Citigroup) also questioned if the Amazon AI deal was included in guidance. CFO William Bardeen confirmed its inclusion and explained its impact would be most visible in affiliate, licensing, and other revenue.
Benjamin Soff (Deutsche Bank) asked about bundle progress and the new family plan. Levien emphasized the bundle’s high engagement and retention, while Bardeen described the early rollout and long-term retention benefits of the family offering.
Thomas Yeh (Morgan Stanley) queried about direct traffic trends amid AI-driven search changes. Levien defined direct traffic as users intentionally seeking out the Times and highlighted the company’s focus on building habits and direct relationships via its apps.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) the pace of subscriber growth and adoption of new bundle and family plans, (2) the financial and strategic impact of the Amazon AI licensing agreement and any similar deals, and (3) the effectiveness of expanded video initiatives in driving engagement and monetization. Additionally, we will track how the company navigates evolving platform traffic trends and maintains cost discipline while investing in journalism and digital products.

The New York Times currently trades at $58.72, up from $53.63 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).

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The New York Times’s Q2 Earnings Call: Our Top 5 Analyst Questions

The New York Times (NYT) Q2 CY2025 Highlights:

Our Top 5 Analyst Questions From The New York Times’s Q2 Earnings Call

Catalysts in Upcoming Quarters

High-Quality Stocks for All Market Conditions

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