The New York Times Company: Steady Times

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The New York Times Company: Steady Times

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The New York Times Company

Steady Times

Reiterate Rating: NEUTRAL | PO: 80.00 USD | Price: 72.83 USD

2Q Preview: Stable subscription trends 24 June 2026

We anticipate NYT’s 2Q results will be roughly in line with company guidance and a Equity

continuation of recent trends. In 2Q, we forecast total subscription revenue growth of

~11%, driven by continued strong digital sub growth alongside modest ARPU uplift. Our

Key Changes2Q total advertising growth estimate of 9% reflects 18% digital ad growth. We forecast

2Q adj. operating cost growth of ~8.5% (driven in part by incremental video investment) (US$) Previous Current

and AOP of $154mn for the quarter, which reflects healthy Y/Y margin expansion of just Price Obj. 87.00 80.00

under 100bps.

David Plaus

Advertising trends remain positive; tough comps in 2H ResearchBofAS Analyst

Digital advertising continued to be an area of outperformance for NYT in 1Q, and while +1 646 855 1572 david.plaus@bofa.com

guidance calls for a deceleration in 2Q, trends remain strong. Alongside core news,

Jessica Reif Ehrlich

sports and games continue to be areas of strength in advertising. Digital ad growth Research Analyst

drivers include increased supply, as growth in impressions is being driven by strong BofAS +1 646 855 2921

engagement and higher ad load, as well as strong marketer demand and performance of jessica.reif@bofa.com

ad products. However, it is worth noting that supply increases were pronounced in the Peter Henderson

back half of CY25, and additional supply increases will be more incremental over the ResearchBofAS Analyst

course CY26. New advertising categories including video and podcast sponsorship can +1 646 855 4564

peter2.henderson@bofa.com