REVENUE

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

We generate revenues principally from subscriptions and advertising.

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.

Advertising revenue is primarily derived from advertisers (such as luxury goods, technology and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts.

Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), our live events business and retail commerce.

Subscription; advertising; and affiliate, licensing and other revenues were as follows:

	For the Quarters Ended								For the Nine Months Ended
(In thousands)	September 30, 2025		As % of total		September 30, 2024		As % of total		September 30, 2025		As % of total		September 30, 2024		As % of total
Subscription	$	494,630	70.6	%	$	453,327	70.8	%	$	1,440,307	71.2	%	$	1,321,654	71.1	%
Advertising	132,291		18.9	%	118,370		18.5	%	374,341		18.5	%	341,244		18.4	%
Affiliate, licensing and other(1)	73,900		10.5	%	68,481		10.7	%	207,956		10.3	%	196,392		10.5	%
Total	$	700,821	100.0	%	$	640,178	100.0	%	$	2,022,604	100.0	%	$	1,859,290	100.0	%

(1)Affiliate, licensing and other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was $6.7 million and $6.6 million for the third quarters of 2025 and 2024, respectively, and $20.1 million and $19.9 million for the first nine months of 2025 and 2024, respectively.

The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the third quarters and first nine months ended September 30, 2025, and September 30, 2024:

	For the Quarters Ended								For the Nine Months Ended
(In thousands)	September 30, 2025		As % of total		September 30, 2024		As % of total		September 30, 2025		As % of total		September 30, 2024		As % of total
Digital-only subscription revenues(1)	$	367,443	74.3	%	$	322,198	71.1	%	$	1,052,822	73.1	%	$	919,677	69.6	%
Print subscription revenues(2)	127,187		25.7	%	131,129		28.9	%	387,485		26.9	%	401,977		30.4	%
Total subscription revenues	$	494,630	100.0	%	$	453,327	100.0	%	$	1,440,307	100.0	%	$	1,321,654	100.0	%

(1)Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Audio, Cooking, Games and Wirecutter products.

(2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.

The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the third quarters and first nine months ended September 30, 2025, and September 30, 2024:

	For the Quarters Ended								For the Nine Months Ended
(In thousands)	September 30, 2025		As % of total		September 30, 2024		As % of total		September 30, 2025		As % of total		September 30, 2024		As % of total
Digital advertising revenues	$	98,111	74.2	%	$	81,564	68.9	%	$	263,398	70.4	%	$	224,166	65.7	%
Print advertising revenues	34,180		25.8	%	36,806		31.1	%	110,943		29.6	%	117,078		34.3	%
Total advertising	$	132,291	100.0	%	$	118,370	100.0	%	$	374,341	100.0	%	$	341,244	100.0	%

Performance Obligations

We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of September 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $139 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $32 million, $70 million and $37 million will be recognized in the remainder of 2025, 2026 and thereafter through 2030, respectively.

Unexpired Subscriptions

Payments for subscriptions are typically due upfront, and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Condensed Consolidated Balance Sheets. Total unexpired subscriptions as of December 31, 2024, were $187.1 million, of which approximately $174.9 million was recognized as revenues during the nine months ended September 30, 2025.