Company profile
SEC EDGAR ↗- Industry
- Newspapers: Publishing or Publishing & Printing
- Listed
- NYSE: NYT
- Incorporated
- NY
- Headquarters
- New York, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $2.82B
- Net income
- $344.0M
- Total assets
- $3.00B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $2.82B | $344.0M | $3.00B |
| FY2024 | $2.59B | $293.8M | $2.84B |
| FY2023 | $2.43B | $232.4M | $2.71B |
| FY2022 | $2.31B | $173.9M | $2.53B |
| FY2021 | $2.07B | $220.0M | $2.56B |
| FY2020 | $1.78B | $100.1M | $2.31B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
6 verified Decision Records on New York Times, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2009 | The Turnaround | Read the story → | The Turnaround Casebook → |
| 2011 | The Turnaround | Read the story → | The Turnaround Casebook → |
| 2022 | The Money Machine | Read the story → | The Money Machine Casebook → |
| 2022 | The Money Machine | Read the story → | The Money Machine Casebook → |
| 2022 | The Reversal | Read the story → | The Reversal Casebook → |
| 2022 | Adjacency Expansion | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions New York Times faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Decision ForksThe ReversalsWhen do you reverse a position, and what does a year of waiting cost?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
The New York Times Bought Games as an On-Ramp — Its Fastest-Growing Cohort Pays $3.36
Everyone says the Times paid low-seven figures for Wordle and became a games company. Wrong frame. Games is the cheapest on-ramp into the bundle - and the data show that the on-ramp's natural home, single-product subscribers, is the fastest-growing cohort and the lowest-paying one, at $3.36 ARPU.
7 min
The Money Machine · Business Model
The New York Times Stopped Being a Newspaper. The Money Proves It.
Everyone calls the Times an ad-supported media company. It isn't anymore: in 2024, subscriptions were a clear majority of $2.59B in revenue, advertising shrank to a minority stream, and free cash flow hit $381M. It's a software business that happens to employ journalists.
7 min
The Money Machine · Business Model
The NYT Bundle Trades Price for Lock-In — ARPU Fell 6.7% as Cheap Subscribers Flooded In
Everyone reads the NYT bundle as an ARPU machine. The 2024 10-K says otherwise: bundle ARPU fell 6.7% as cheap subscribers flooded in, while the news-only base shrank 30.6%. The Times is trading price for lock-in - and won't tell you how well it's working.
8 min
The Reversal · Decision Forks
A $550M Sports-Site Deal Pushed the NYT Past 10 Million Subscribers
The NYT's digital turnaround is real - but the 10-million milestone was reached because a $550M sports-site purchase added 1.2M subscribers overnight. And the bundle that drives growth now trades higher-paying news subscribers for cheaper ones: bundle ARPU fell 6.7% in 2024.
8 min
The Turnaround · Crisis & Reinvention
Time and a Slow-Burning Paywall Saved the New York Times After a $250 Million Loan at 14%
In 2009 the Times borrowed $250 million from a Mexican billionaire's companies at a punishing 14% and sold 21 floors of its own headquarters. The heroic-turnaround story skips the part that actually saved it: time, and a paywall that paid off years later than anyone remembers.
8 min
The Turnaround · Crisis & Reinvention
The New York Times Stopped Selling Eyeballs and Started Selling Readers. It Worked - With an Asterisk.
The Times turned a dying ad business into 12.78 million paying subscribers by 2025. But the turnaround leaned on a $550M acquisition that ran at a loss for years - and a 15-million target that needs growth it has rarely sustained twice in a row.
8 min