New York Times Q3 revenue rises 9.7%, adjusted EPS beats estimates

By Grace Kim

$768.5 million in Q3 2026 revenue, up 9.7% year on year, put The New York Times (NYSE: NYT) in line with Wall Street’s expectations. The newspaper and digital media company reported non-GAAP adjusted earnings per share (EPS) of $0.68, 5.2% above the S&P analysts’ consensus of $0.65.

The Nov. 4, 2026 results snapshot included:

• Revenue: $768.5 million, compared with $766.9 million consensus.
• Adjusted EPS: $0.68, versus $0.65 consensus and $0.59 a year earlier.
• Operating margin: 15.9%, unchanged from the same quarter last year.
• Free-cash-flow margin: 22.1%, down from 28.5% a year earlier.
• Subscribers: 13.22 million, an increase of 1.46 million year on year.
• Market capitalization and reaction: $10.83 billion; shares rose 4% to $69.80 immediately after the report.

What does the revenue trend show?

The $768.5 million result sat slightly above the $766.9 million S&P consensus, which the results assessment treated as in line with expectations. Over the last five years, revenue grew at an 8.9% annualized rate, below the consumer discretionary sector benchmark.

Over two years, annualized revenue growth was 9.6%, close to the five-year trend. The pattern points to consistently weak demand rather than an acceleration. The 9.7% latest-quarter pace barely changed that two-year profile.

Takeaway: At 8.9% five-year growth, demand has stayed consistent but modest and trails the sector benchmark.

Are subscribers translating into revenue?

The latest quarter brought total subscribers to 13.22 million, 1.46 million more than a year earlier. Across the last two years, subscribers averaged 12.2% year-on-year growth, ahead of 9.6% revenue growth over the same period. That gap indicates the company’s monetization has fallen as its subscriber base expands.

Subscriber volume is therefore growing faster than revenue, leaving less revenue generated per subscriber despite continued additions.

Sell-side analysts expect revenue to grow 7.3% over the next 12 months, according to S&P. That pace is a slight deceleration from the last two years and points to demand headwinds for the company’s products and services.

Takeaway: With subscribers up 12.2% on average and revenue up 9.6% over two years, monetization has weakened.

What happened to margins and cash flow?

The 15.9% operating margin was unchanged from the same quarter a year ago. Across the last two years, the company averaged 15.7%, and the ratio has risen over the last 12 months. The flat quarterly reading points to a relatively stable cost structure, while the 12-month rise points to better efficiency.

Operating margin—the portion of revenue left after core expenses such as cost of goods sold, advertising and wages, and before interest and taxes—remained limited for a consumer discretionary business, according to the results analysis.

Excluding interest and taxes also makes the measure useful for comparing profitability across companies with different debt and tax levels. Free-cash-flow margin, a measure of free cash flow relative to revenue, fell to 22.1% from 28.5% a year earlier. That decline means less revenue converted into free cash flow than in the prior-year quarter.

Takeaway: A 15.9% operating margin held steady, but the 22.1% free-cash-flow margin fell from 28.5%.

What does the EPS outlook show?

Five-year EPS grew at an 18.1% compounded annual rate, ahead of 8.9% annualized revenue growth. The results analysis read that gap as evidence that The New York Times became more profitable per share as it expanded. In Q3, adjusted EPS rose to $0.68 from $0.59.

Over the next 12 months, Wall Street expects full-year EPS to rise 5.8%, from $2.87 to $3.04, according to S&P. The forecast would extend the improvement in per-share profitability, though at a slower pace than the five-year record.

Takeaway: Five-year EPS growth of 18.1% has outpaced revenue, while the forecast points to 5.8% growth.

Put simply, the EPS beat did not erase the core pressure points: 7.3% expected revenue growth, weaker monetization and a 22.1% free-cash-flow margin.