# USA TODAY Co., Inc. (TDAY)

> Source: Nexqual · https://nexqual.com/TDAY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, USA TODAY Co., Inc. (TDAY), nexqual.com/TDAY" · informational, not investment advice.

**Price:** USD 7.04 (+1.73% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.92 · day 6.85–7.1 · 52w 3.65–9.21 · market cap $1.03B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.23B, net income -$40.3M (-1.8% margin), free cash flow $61.6M (SEC filings).
- 2 of 80 tracked superinvestors hold TDAY (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $79K; 1 not under a Rule 10b5-1 plan ($79K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (6 analysts), mean target USD 8.7 (range 5–10).
- Total return with dividends: 1Y +86.7% vs S&P 500 +14.9%; 5Y +17.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.07, revenue estimate $528M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.21B | $2.95B | $2.66B | $2.51B | $2.30B | $2.23B |
| Gross profit | $1.31B | $1.08B | $972M | $964M | $891M | — |
| Operating income | $109M | -$33.6M | $86.3M | -$42.8M | — | — |
| Net income | -$135M | -$78.0M | -$27.8M | -$26.4M | $1.7M | -$40.3M |
| EPS (diluted) | -$1.00 | -$0.57 | -$0.20 | -$0.18 | $0.01 | — |
| Free cash flow | $87.9M | -$4.6M | $56.5M | $50.8M | $62.9M | $61.6M |
| Gross margin | 40.7% | 36.8% | 36.5% | 38.4% | 38.7% | — |
| Operating margin | 3.4% | -1.1% | 3.2% | -1.7% | — | — |
| Net margin | -4.2% | -2.6% | -1.0% | -1.1% | 0.1% | -1.8% |
| Revenue growth | -5.8% | -8.2% | -9.6% | -5.8% | -8.3% | — |
| Cash + short-term investments | $131M | $94.3M | $100M | $106M | $90.2M | — |
| Total debt | $1.23B | $1.16B | $1.04B | $1.08B | $954M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/Sales 0.8x · P/FCF 16.8x · P/B 6.7x · FCF yield 5.96% · Earnings yield -3.90% · Buyback yield (TTM) 0.27% · Net debt $863M · EV $1.90B
P/E at fiscal year-ends: Dec 2025 429.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold TDAY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 2.83% | $12.0M | Reduced -28.9% |
| Leon Cooperman | Omega Family Office | 1.51% | $53.6M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-02-06 | Louis John Jeffry | Director | 13,471 | $79K | 1.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 6 analysts; mean target USD 8.7 (low 5, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Rosenblatt | Maintained | Buy | $10 |
| 2026-07-14 | Citizens | Target raised | Market Outperform | $8 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +86.7% | +17.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +87.1% | +3.3% |
| Volatility (annualized) | 48.9% | 59.7% |
| Max drawdown | -31.6% (Aug 2026→Sep 2026) | -77.5% (Feb 2022→Oct 2022) |

## Peers (Publishing)
SCHL (Scholastic Corporation) USD 39.01 +0.88% · WLYB (John Wiley & Sons, Inc.) USD 54.08 +0.63% · PSO (Pearson, Plc) USD 18.39 +1.32% · NYT (New York Times Company (The)) USD 69.42 +0.81%

## More
Full page: https://nexqual.com/TDAY · 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

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| USA TODAY Media | $397.7M | 74.2% | -9.5% |
| LocaliQ | $106.6M | 19.9% | -9.2% |
| Newsquest | $59.2M | 11.0% | -3.4% |
| Total revenue | $536.3M | 100% | — |
The lines above cover 105.1% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Print and commercial | $282.0M | 52.6% | -11.7% |
| Digital | $254.3M | 47.4% | -4.2% |
| Print circulation | $109.3M | 20.4% | -14.4% |
| Print advertising | $93.6M | 17.4% | -11.3% |
| Digital advertising | $66.9M | 12.5% | -11.0% |
| Digital-only subscription | $43.0M | 8.0% | +6.3% |
| Commercial and other | $41.1M | 7.7% | -8.7% |
| Digital marketing services | $28.3M | 5.3% | -14.7% |
| Commercial Printing and Delivery Revenue | $26.9M | 5.0% | -6.3% |
| Digital other | $15.6M | 2.9% | +27.1% |
| Total revenue | $536.3M | 100% | — |
The lines above cover 179.2% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "("USA TODAY Co.", "we", "us", "our", or the "Company") (NYSE: TDAY) today reported its financial results for the second quarter ended June 30, 2026. "The second quarter reflected continued progress against our long-term strategy and reinforced our confidence in reaffirming our full-year outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.07 | $-0.03 | +183.7% | $528.4M | 4 |
| Next quarter (ends 2026-12-31) | $0.16 | $0.12 | +29.5% | $569.8M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.29 | $0.31 | -4.0% | $2.18B | 5 |
| Next fiscal year (ends 2027-12-31) | $0.27 | $0.31 | -12.0% | $2.14B | 4 |

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

Expected move by 2026-12-18 (includes earnings 2026-11-05): ±20.6%; last 8 reports averaged ±11.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 65.8% | ±20.6% |
| 2027-01-15 | 84 | 60.2% | ±23.1% |
| 2027-04-16 | 175 | 58.3% | ±31.6% |