The New York Times Company Reports 6.6% Revenue Growth to $2.59 Billion for Fiscal Year 2024

The New York Times Company reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $2.59 billion, a 6.6% increase from $2.43 billion in 2023. Subscription revenues were a significant contributor, rising 8.0% to $1.79 billion, driven primarily by a 14.1% increase in digital-only subscription revenues, which totaled $1.25 billion. The company ended the year with approximately 11.43 million subscribers, marking a net increase of 1.11 million digital-only subscribers compared to the previous year.

Operating profit for the year increased by 27.1% to $351.1 million, up from $276.3 million in 2023, resulting in an operating profit margin of 13.6%. Adjusted operating profit, which excludes certain costs, rose 16.8% to $455.4 million, with an adjusted operating profit margin of 17.6%. The company also reported diluted earnings per share of $1.77, a 26.4% increase from $1.40 in the prior year.

In terms of strategic developments, The New York Times Company continues to focus on expanding its digital offerings and enhancing user engagement. The company aims to reach 15 million total subscribers by the end of 2027. The acquisition of The Athletic, a digital subscription-based sports media business, has also contributed to revenue growth, with The Athletic reporting a 31.1% increase in revenues to $172.1 million in 2024. The company is investing in technology and product development to improve its digital platforms and user experience.

Operationally, the company reported an average of 93 million unique visitors per month in the U.S. and approximately 137 million globally across its digital platforms. Digital advertising revenues increased by 7.7% to $342.1 million, while print advertising revenues decreased by 12.4% to $164.2 million, reflecting ongoing trends in the media industry. The company’s employee headcount stood at approximately 5,900 as of December 31, 2024, with over 2,800 involved in journalism operations.

Looking ahead, The New York Times Company is committed to maintaining its focus on high-quality journalism and expanding its digital subscriber base. The company plans to continue investing in its journalism and product features, including audio-visual programming, to enhance the value of its subscription offerings. The management remains optimistic about future growth, despite the competitive landscape and potential economic challenges, and aims to return at least 50% of free cash flow to shareholders through dividends and share repurchases over the next three to five years.