The New York Times delivered results in line with Wall Street’s revenue expectations for the quarter, supported by robust digital subscription growth and continued progress in its product portfolio. Management credited the strong net addition of digital subscribers to high engagement across news, lifestyle, and sports, with CEO Meredith Kopit Levien highlighting that “the growth came from strong engagement and retention kind of across the portfolio.” Digital advertising also grew, although management acknowledged that ad performance can be difficult to predict on a quarterly basis.

Is now the time to buy NYT? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our top 5 analyst questions from The New York Times’s Q3 earnings call

• David Karnovsky (JPMorgan) asked about the potential impact of personal AI agents on subscriber churn and pricing. CEO Meredith Kopit Levien replied that it is early days and no measurable change has been observed, but the company is monitoring these trends closely.
• Cameron Mansson-Perrone (Morgan Stanley) inquired about the mix of subscription plans driving net additions and the outlook for Q4 expenses. Levien emphasized strong engagement across the portfolio, while CFO Will Bardeen noted continued cost discipline and targeted investment.
• David Plaus (Bank of America) questioned the slightly below-guidance digital ad growth and the company’s approach to potential password sharing issues. Levien explained that ad revenue is hard to predict quarterly and highlighted the family plan as a positive model for increasing subscriber penetration.
• Benjamin Soff (Deutsche Bank) sought updates on the unified video strategy and investment levels. Levien described ambitions to make The Times a top video destination and noted ongoing investment in scaling video content and production capacity.
• Jason Bazinet (Citigroup) asked about the causes for digital ad revenue variability and underlying cost growth trends. Levien attributed ad variability to normal quarterly unpredictability, while Bardeen detailed that one-time costs and incentive compensation were the main factors affecting expense growth.

Catalysts in upcoming quarters

In the coming quarters, the StockStory team will be monitoring (1) the pace and monetization of video content expansion and its ability to drive deeper engagement, (2) the effectiveness of subscription bundle offerings and family plans in sustaining net additions, and (3) the resilience of digital advertising growth as traffic patterns and AI-driven search tools evolve. We will also track management’s ability to maintain cost discipline while investing in product innovation.

The New York Times currently trades at $66.47, in line with $67.12 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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