NYT NYSE Russell 1000 Earnings call
New York Times Company (NYT) · Q2 2026 results and valuation
Share price: $72.70 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income up 6.3% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+6.3%
Net income vs Q1 2026
Outlook given
Net income 93.4M vs 87.9M
Revenue +7.1%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
New
Subscriber mix is split between higher-priced bundles and lower-priced single-product plans.
Valuation
Is New York Times Company undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 7.0% growth a year (3-year revenue growth), the model's fair value is $65.70 a share — the stock trades 11% above it. Today's price assumes 8.4% growth a year.
Current price
$72.70
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.4% for 10 yrs
Fair value / share
$65.70
Buy below
$49.27
Price vs fair value
Overvalued 11%
Price vs buy-below price
Overvalued 48%
Read between the lines
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Key theme
The second is mix the mix of those subs between higher-priced bundle subs, lower-priced single product subs.
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Guidance
The company continued to manage costs while investing in generational opportunities like video to maintain and extend its position.
Source quote
“We continued to manage costs even as we invest into generational opportunities, making long-term bets video among them is how we expect to maintain and extend our strong...”
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Figure
Digital advertising grew 32% in the quarter, contributing to the company's revenue performance.
Source quote
“Digital advertising grew 32% in the quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“That contribution from lower-priced single product subs a year ago plays a bit of a role in the sub mix in the quarter.”
“This makes our news coverage and lifestyle products increasingly rare and valuable in an information environment, awash in low-quality takes and disinformation.”
“Will, on the digital subscription outlook, the 12% to 15% range, that's a bit below where you've operated or guided over the past several quarters.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 762.5M | 712.2M | +7.1% | 685.9M | +11.2% |
| Operating income | 118.0M | 90.6M | +30.2% | 106.6M | +10.8% |
| Net income | 93.4M | 87.9M | +6.3% | 82.9M | +12.6% |
| EPS | 0.57 | 0.54 | +5.6% | 0.50 | +14.0% |
| P/E today 26.7 | 29.2 | 35.9 | −6.7 | 29.0 | +0.2 |
Topics
Most discussed now
- New York Times is confident in its ability to generate strong returns over the long term as it grows the amount and...
- New York Times is now producing thousands of new videos each quarter to reach the enormous audience for video in all the places...
- As Meredith described, New York Times' second quarter results reflected strong progress for its business.
- New York Times saw healthy increases across its multiple revenue streams in Q2 with consolidated revenues growing 11%.
- Total subscription revenues increased 11.7% to approximately $538 million.
Faded since Q1 2026
- Fading Engine for creating original reporting and high-quality content in a rigorous journalistic way, doing reporting like this at scale and...
- Fading New York Times continues to see strong demand for the uncompromised journalism and premium lifestyle content that The Times is uniquely…
- Fading New York Times is able to meet that demand despite operating in a media environment dominated by a small number of tech companies...
- Fading Total subscription revenues grew 11.3% to approximately $517 million, which was above the guidance range New York Times provided for the…
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