The New York Times added 230,000 digital-only subscribers in the second quarter of 2025 for a total of 11.3 million. Of that total, approximately 6.02 million were bundle and multi-product subscribers. When including print, the company has a total of 11.9 million subscribers.
Total subscription revenues grew 9.6% to $481.4 million, with digital-only climbing 15.1% to $350.4 million due to an increase in bundle and multiproduct revenues and an increase in other single-product subscription revenues, partially offset by a decrease in news-only subscription revenues. Digital-only average revenue per user grew 3.2% to $9.64, driven by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers.
Print subscription revenues fell 2.8%to $131.1 million, primarily due to lower domestic home-delivery revenues.
Out of the New York Times’ many products, The Athletic brand had an especially strong quarter. The sports-focused vertical increased its revenue by 33.4% year-over-year, hitting $54.0 million during the quarter. This was partially due to growth in the number of Athletic subscribers, which grew thanks to bundling subscriptions. Subscription revenues increased 18.1% to hit $34.6 million during the quarter. Advertising revenues also increased by an impressive 98.8% to hit $14.1 million due to due to higher revenues from display advertising.
Looking ahead to the third quarter of 2025, the company plans to combine its two segments — The New York Times Group and The Athletic — to be one reportable segment.
Here are the quarterly results:
Net income: $82.95 billion, up 26.6% year over year, compared to $65.54 billion a year ago.
Earnings Per Share: Diluted earnings per share of 50 cents. Excluding certain items, adjusted EPS came in at 58 cents per share, compared to 51 cents per share expected by analysts surveyed by Yahoo Finance.
Total Revenue: $685.9 million, up 9.7% year over year, compared to $669.66 million expected by analysts surveyed by Yahoo Finance.
“We had a great second quarter across the board, and our strategy continues to work as designed. We grew all of our major revenue lines and we’re generating significant free cash flow,” NYT CEO Meredith Kopit Levien said in a statement. “That, combined with a strong balance sheet, means we can keep investing in the unparalleled journalism and best-in-class product portfolio that we see as our enduring advantage. All of which makes us confident that continued execution
against our strategy will deliver even more value to even more people, and result in a larger and more profitable business.”
NYT’s total ad revenue jumped 12.4% to $134 million, with digital up 18.7% to $94.4 million due to new advertising supply in areas of strong marketer demand and print down 0.1% to $39.6 million. Affiliate, licensing and other revenues rose 5.8% to $70.5 million, driven by higher licensing revenues and Wirecutter affiliate referral revenues.
More to come…
