# The New York Times Company (NYT)

> Source: Nexqual · https://nexqual.com/NYT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The New York Times Company (NYT), nexqual.com/NYT" · informational, not investment advice.

**Price:** USD 69.42 (+0.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 68.86 · day 68.72–69.72 · 52w 55.93–87.1 · market cap $11.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.98B, net income $393M (13.2% margin), free cash flow $623M (SEC filings).
- Valuation: P/E 28.5x (avg 32.5x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold NYT (13F, Q2 2026): 1 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (10 analysts), mean target USD 76.89 (range 63–85).
- Total return with dividends: 1Y +23.3% vs S&P 500 +14.9%; 5Y +33.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.65, revenue estimate $767M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.07B | $2.31B | $2.43B | $2.59B | $2.82B | $2.98B |
| Operating income | $268M | $202M | $276M | $351M | $432M | $475M |
| Net income | $220M | $174M | $232M | $294M | $344M | $393M |
| EPS (diluted) | $1.31 | $1.04 | $1.40 | $1.77 | $2.09 | — |
| Free cash flow | $234M | $114M | $338M | $381M | $551M | $623M |
| Operating margin | 12.9% | 8.7% | 11.4% | 13.6% | 15.3% | 16.0% |
| Net margin | 10.6% | 7.5% | 9.6% | 11.4% | 12.2% | 13.2% |
| Revenue growth | +16.3% | +11.3% | +5.1% | +6.6% | +9.2% | — |
| Cash + short-term investments | $661M | $347M | $452M | $566M | $642M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 28.5x · P/S 3.8x · P/FCF 18.0x · P/B 5.5x · FCF yield 5.56% · Earnings yield 3.51% · Dividend yield (paid, TTM) 1.13% · Buyback yield (TTM) 1.56%
P/E at fiscal year-ends: Dec 2025 33.3x, Dec 2024 29.4x, Dec 2023 34.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold NYT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Abrams Bison Investments, LLC |  | 4.55% | $93.2M | Reduced -6.0% |
| Francois Rochon | Giverny Capital | 1.14% | $33.9M | New position |
| Warren Buffett | Berkshire Hathaway | 0.37% | $1.10B | Added +3.6% |

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 10 analysts; mean target USD 76.89 (low 63, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Morgan Stanley | Target lowered | Equal-Weight | $90 → $75 |
| 2026-09-15 | Guggenheim | Upgrade | Neutral → Buy | $70 → $82 |
| 2026-08-06 | Evercore ISI Group | Target lowered | Outperform | $92 → $85 |
| 2026-08-06 | Barclays | Target lowered | Equal-Weight | $66 → $63 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +23.3% | +33.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +23.4% | +5.9% |
| Volatility (annualized) | 32.0% | 28.1% |
| Max drawdown | -27.7% (Apr 2026→Sep 2026) | -48.8% (Oct 2021→Sep 2022) |

## Peers (Publishing)
PSO (Pearson, Plc) USD 18.39 +1.32% · WLYB (John Wiley & Sons, Inc.) USD 54.08 +0.63% · TDAY (USA TODAY Co., Inc.) USD 7.04 +1.73% · SCHL (Scholastic Corporation) USD 39.01 +0.88%

## More
Full page: https://nexqual.com/NYT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NYT's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Microsoft (MSFT) | "Our news and lifestyle products compete for audience, subscriptions, advertising, affiliate referrals and licensees with other providers of U.S. and global news and lifestyle information, from companies such as The Wall …" |
| Competitor | OpenAI | "Our news and lifestyle products compete for audience, subscriptions, advertising, affiliate referrals and licensees with other providers of U.S. and global news and lifestyle information, from companies such as The Wall …" |
| Competitor | Apple (AAPL) | "Our news and lifestyle products compete for audience, subscriptions, advertising, affiliate referrals and licensees with other providers of U.S. and global news and lifestyle information, from companies such as The Wall …" |
| Competitor | Alphabet (Google) (GOOGL) | "Our news and lifestyle products compete for audience, subscriptions, advertising, affiliate referrals and licensees with other providers of U.S. and global news and lifestyle information, from companies such as The Wall …" |
| Competitor | ByteDance | "Our news and lifestyle products compete for audience, subscriptions, advertising, affiliate referrals and licensees with other providers of U.S. and global news and lifestyle information, from companies such as The Wall …" |
| Competitor | Meta Platforms (META) | "Our news and lifestyle products compete for audience, subscriptions, advertising, affiliate referrals and licensees with other providers of U.S. and global news and lifestyle information, from companies such as The Wall …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $537.9M | 70.5% | +11.7% |
| Advertising | $149.1M | 19.6% | +11.3% |
| Affiliate, licensing and other | $75.5M | 9.9% | +7.1% |
| Total revenue | $762.5M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Below is the Company's guidance for revenues and adjusted operating costs for the third quarter of 2026 compared with the third quarter of 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.65 | $0.67 | -4.1% | $766.9M | 7 |
| Next quarter (ends 2026-12-31) | $0.97 | $0.98 | -0.8% | $868.7M | 7 |
| Current fiscal year (ends 2026-12-31) | $2.85 | $2.88 | -0.8% | $3.11B | 9 |
| Next fiscal year (ends 2027-12-31) | $3.13 | $3.22 | -2.9% | $3.33B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±9.8%; last 8 reports averaged ±6.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.0% | ±9.8% |
| 2026-12-18 | 56 | 38.2% | ±12.1% |
| 2027-01-15 | 84 | 35.8% | ±13.8% |
| 2027-04-16 | 175 | 35.9% | ±19.8% |