NY Times Adds 280,000 Digital-Only Subscribers as Gains Slow

new york times Aug 06, 2026

Digital-only subscription revenue increased 16.4%, but net additions declined from the previous quarter and the company forecast slower revenue growth for Q3.

The New York Times Company added approximately 280,000 net digital-only subscribers during the second quarter, bringing its digital-only subscriber base to 12.80 million.

The gain was smaller than the 310,000 net additions reported in the first quarter and fell below analysts’ average estimate of approximately 295,000.

Digital-only subscription revenue increased 16.4% year over year to $407.9 million. Digital-only average revenue per user rose 3.1% to $9.94, driven primarily by subscribers moving beyond promotional pricing and price increases for some longer-term subscribers.

The Times ended the quarter with approximately 13.35 million total subscribers across its digital and print products. The company’s goal is to reach 15 million subscribers by the end of 2027.

New York Times Company shares fell 13.4% Wednesday, their largest one-day decline since 2012. Market coverage connected the selloff to slower digital-only subscriber additions, the company’s Q3 subscription-revenue outlook and concern about rising costs.

Revenue Growth Holds as Subscriber Additions Slow

The Times added fewer digital-only subscribers than it did in the previous quarter. Yet digital-only subscription revenue grew more than 16%, and average revenue per user increased 3.1%.

Total subscription revenue increased 11.7% to $537.9 million. Growth in digital-only subscriptions more than offset a 0.8% decline in print subscription revenue.

The Times uses introductory offers to bring customers into its product portfolio, then generates more revenue as subscribers move to higher ongoing prices. Its bundle combines news with Games, Cooking, The Athletic and Wirecutter.

Management said subscription growth came from multiple products across the portfolio. The company was also pleased with subscriber additions and the performance of customers moving to higher prices.

The Times did not disclose how many new subscribers selected the bundle or how many were acquired through introductory offers.

Q3 Outlook Points to Slower Revenue Growth

The Times expects digital-only subscription revenue to increase between 12% and 15% year over year in the third quarter. That would be slower than the 16.4% growth reported in Q2.

Management said the prior-year cohort of lower-priced, single-product subscribers acquired after The Mini crossword moved behind the paywall will affect the comparison and subscriber mix in Q3.

The company expects total subscription revenue to grow between 9% and 11%, compared with 11.7% in the second quarter.

Costs are expected to rise. The Times forecast an 8% to 9% increase in adjusted operating costs as it continues investing in journalism and digital products, including video.

Adjusted operating profit increased 16.1% to $155.3 million, while the adjusted operating margin rose to 20.4%.

Strong Results, Higher Expectations

The Times added fewer digital-only subscribers than analysts expected and fewer than in the previous quarter. But the 280,000 additions exceeded the 230,000 added during the same quarter last year.

Management said the company remains on track toward its goal of 15 million subscribers. Reaching it will require the Times to maintain a strong pace of net digital additions as its print subscriber base continues to decline.

Investors are focused on the future pace of growth. As the Times’ digital subscriber base gets larger, the company must continue adding subscribers while increasing revenue per customer and protecting margins.

Insider Take

The Times’ quarter is a revenue-quality story. Net additions slowed, but subscriber growth, promotional-price step-ups and price increases helped digital-only subscription revenue rise 16.4%.

Acquisition volume is only part of the picture. Fewer additions can still produce healthy growth when customers stay and move to higher ongoing prices.

The reported figures leave important gaps. The Times did not disclose retention by product, bundle adoption among new subscribers, acquisition costs or the share of subscribers still paying introductory rates. Those measures would provide a clearer view of whether the current revenue and margin gains can continue as the subscriber base grows.

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