The New York Times Company (NYSE: NYT) reported strong first-quarter results for 2025, underscoring continued growth across its subscription, advertising, and affiliate businesses. The company added 250,000 net new digital-only subscribers, reaching 11.06 million digital subs and 11.66 million total subscribers.

Digital-only subscription revenue rose 14.4% year-over-year to $335 million, the company’s fastest-growing revenue stream.

Total subscription revenue increased 8.2% to $464 million.

Average revenue per user (ARPU) for digital-only subscribers grew 3.6% to $9.54, driven by successful promotional step-ups and pricing increases for tenured subscribers.

Notably, bundle and multiproduct subscribers now represent 49% of the digital base, a sign The Times is nearing a critical strategic milestone.

“Bundle and multiproduct subscribers now make up approximately 49 percent of the total,” said CFO Will Bardeen during the earnings call.

CEO Meredith Kopit Levien called the quarter “a strong start to the year,” adding:

“Our strategy is working and our business is growing and demonstrating resilience amidst the current economic and geopolitical uncertainty.”

Digital advertising revenue increased 12.4% year-over-year to $70.9 million, accounting for over 65% of total ad revenue.

Affiliate and licensing revenues grew 3.7% to $63.6 million, supported by Wirecutter’s performance and strong licensing growth.

The company’s adjusted operating profit (AOP) rose 21.9% to $92.7 million, with margins expanding by 180 basis points to 14.6%. Free cash flow reached $89.9 million, bolstered in part by a $33 million one-time benefit from a property sale.

Segment-wise, The Athletic turned a $2.9 million profit in Q1, a dramatic swing from an $8.7 million loss the year prior. This shift was driven by an 18.5% increase in subscription revenue and an 82.5% jump in advertising revenue.

INSIDER TAKE

The New York Times is showing that its multiproduct, value-stacked subscription strategy is working, not just to grow subscriber counts but to increase revenue per subscriber. The success of the bundle—now adopted by nearly half of all digital-only subscribers—is a critical proof point in the industry’s push toward broader engagement across product ecosystems.

“The Times draws 50 to 100 million people each week,” said Levien, citing news and lifestyle usage across Cooking, Games, Wirecutter, and The Athletic. This scale, coupled with diversified monetization, makes the Times model increasingly durable.

Meanwhile, The Athletic’s profitability turnaround offers a case study in smart integration: not only did it reduce operating costs, but it also contributed to bundle uptake and delivered ad growth. It’s a signal that niche, premium content—when bundled well—can contribute to both growth and margin.

Advertising is also pulling more weight than in prior years, buoyed by improved ad targeting and inventory expansion. “We have multiple, complementary revenue lines… all of which are growing at a healthy rate,” Levien said. For subscription businesses, this hybrid monetization model offers resilience and optionality.

With disciplined cost growth, continued free cash flow, and a strong balance sheet, The Times is playing the long game. For the broader subscription economy, the takeaway is clear: engagement + ecosystem + pricing discipline = durable growth.