New York Times Company looks like a high-quality but no longer cheap business: strong profitability is combined with a noticeable premium to the sector on key valuation multiples. P/E of 28.0, P/S of 3.73, P/B of 5.31, and P/FCF of 17.74 are materially above the sector median, which limits upside from re-rating and requires very sustainable earnings growth to justify current levels. At the same time, the trend in the multiples is generally improving: P/S, P/B, and P/FCF have declined from higher levels earlier in the period, and P/E has also pulled back from peak levels, suggesting that some of the valuation overheating has eased. Operating efficiency remains strong: ROE of 19.48%, ROA of 13.27%, and net profit margin of 13.2% are above industry benchmarks, while the operating margin of 15.99% confirms good cost discipline. It is especially important that profitability is not a one-off: ROE, ROA, and net margin have generally remained at high levels or improved in recent periods. Revenue, earnings, and operating income remain positive and appear stable on an annual basis, although EBITDA has declined noticeably compared with stronger quarters, indicating some volatility in operating cash flow. The balance sheet looks comfortable: debt-to-equity is effectively absent, current ratio is 1.60, and a cash position of $595 million supports financial flexibility. The company’s strength lies in its high return on capital with low leverage and stable margins. Its weakness is the very high relative valuation on sales, book value, and cash flow, meaning the market is already pricing in a significant portion of the business quality. The dividend yield of 0.31% remains too low to be a meaningful valuation support factor for an income-oriented investor. Overall, the fundamentals support a premium valuation, but do not justify an aggressive increase in the target price, so a moderately conservative downward adjustment is appropriate.

New York Times Company (The)

Сильный индекс, значительно вырос. Быки резко укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls sharply strengthened confidence in their positions.

Средний индекс, без изменений. Рынок не поддерживает быков.

Medium index, flat. The market does not support the bulls.

Слабый индекс, значительно упал. Увеличился отток средств из лонгов.

Weak index, significantly down. The outflow of funds from longs has increased.

NYT demonstrates high profitability and a strong balance sheet, but trades at a significant premium to the industry on P/E, P/S, P/B, and P/FCF, which limits upside.

Key Points
Berkshire Hathaway had been amassing an ever-growing war chest since 2022.
But in the second quarter, the company bought more stock than it sold for the first time in 14 quarters.
Although this doesn’t guarantee more immediate deployment of the remaining cash balance, it does suggest Berkshire is more open-minded on the matter than it had been of late.
After nearly four years of steadily amassing a cash balance of $397 billion, Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) is finally putting a measurable amount of that money back to work.
Oh, most of it still remains on the sidelines, undeployed. Specifically, as of the end of the conglomerate's second fiscal quarter, which ended in June, it still had nearly $366 billion in liquidity. That's a reduction of $31 billion in just three months' time, or less than one-tenth of its cash pile.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Still, it's a start.
So where did all that money go? It's not too tough to figure out.
Where the money went
The biggest chunk of that $31 billion went toward the purchase of more shares of technology giant Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Berkshire ended Q1 with 54.2 million "A" shares of the company (worth roughly $15.6 billion at the time), plus a handful of "C" shares. Now it owns a bunch more of both, with a collective stake worth nearly $36 billion. That makes Alphabet Berkshire Hathaway's third-biggest holding, right behind American Express.
That's certainly not the only addition Berkshire's current CEO Greg Abel -- with some guidance from Warren Buffett, of course -- made to the company's equity portfolio during the second quarter, though. Although it already owned stakes in both, the company scooped up another 17.5 million shares of Delta Air Lines (NYSE: DAL) to bring its count to 57.3 million, and more than doubled its position in department store chain Macy's (NYSE: M), adding another 4.3 million shares. Those trades would have cost on the order of $1.6 billion and $100 million, respectively.
Expanded positions in homebuilder Lennar (NYSE: LEN) (NYSE: LENB) and The New York Times Company (NYSE: NYT) would have also used up some of Berkshire's cash, although not nearly as much as the $17 billion it shelled out to expand its stake in Alphabet.
Perhaps Abel's most noteworthy use of Berkshire Hathaway's idle cash during Q2, however, wasn't a new pick or adding to an existing one. It's the $4.5 billion used to repurchase outstanding shares of Berkshire itself. That's a dramatic increase from the $235 million spent on the company's own stock in Q1, snapping a six-quarter hiatus in share buybacks.
It's also worth noting that Berkshire Hathaway sold on the order of $3.7 billion in equity holdings during the three months in question, bolstering the conglomerate's quarter-ending cash balance. The remainder of any difference between the sum total of these purchases minus the proceeds of these sales reflects capital spending or net costs incurred by Berkshire's privately owned businesses, such as GEICO Insurance, Clayton Homes, Pilot Travel Centers, and Dairy Queen, just to name a few.
Picky about picks, but also patient
The allocation of this cash deployment is interesting, to be sure. Perhaps more interesting, however, is the fact that Abel is finally doing something with all of that idle capital. Yet, Berkshire's CEO doesn't appear to be in a rush to put it all to work at once. This patience is just as impressive as the conglomerate's stock's long-term price performance.
Should you buy stock in Berkshire Hathaway right now?
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American Express is an advertising partner of Motley Fool Money. James Brumley has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, American Express, Berkshire Hathaway, Lennar, and The New York Times Co. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Berkshire Hathaway's Cash Fell From $397 Billion to $366 Billion in a Single Quarter

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in UnitedHealth Group Inc (Symbol: UNH), where a total of 37,504 contracts have traded so far, representing approximately 3.8 million underlying shares. That amounts to about 86.8% of UNH's average daily trading volume over the past month of 4.3 million shares. Especially high volume was seen for the $390 strike call option expiring August 21, 2026, with 3,448 contracts trading so far today, representing approximately 344,800 underlying shares of UNH. Below is a chart showing UNH's trailing twelve month trading history, with the $390 strike highlighted in orange:
New York Times Co. (Symbol: NYT) saw options trading volume of 19,473 contracts, representing approximately 1.9 million underlying shares or approximately 82.5% of NYT's average daily trading volume over the past month, of 2.4 million shares. Particularly high volume was seen for the $72.50 strike call option expiring September 18, 2026, with 4,893 contracts trading so far today, representing approximately 489,300 underlying shares of NYT. Below is a chart showing NYT's trailing twelve month trading history, with the $72.50 strike highlighted in orange:
And Marathon Digital Holdings Inc (Symbol: MARA) saw options trading volume of 362,525 contracts, representing approximately 36.3 million underlying shares or approximately 82.2% of MARA's average daily trading volume over the past month, of 44.1 million shares. Especially high volume was seen for the $11 strike call option expiring August 21, 2026, with 43,522 contracts trading so far today, representing approximately 4.4 million underlying shares of MARA. Below is a chart showing MARA's trailing twelve month trading history, with the $11 strike highlighted in orange:
For the various different available expirations for UNH options, NYT options, or MARA options, visit StockOptionsChannel.com.
Further UNH Research:

Notable Thursday Option Activity: UNH, NYT, MARA

Key Points
Delta's revenue increased this quarter, but its expenses -- led by fuel costs -- increased even more.
Lennnar has been changing strategies in the face of a challenging housing market.
The New York Times Company successfully shifted to a digital model while the newspaper industry suffers.
Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) is shuffling its portfolio again. The Omaha, Nebraska-based conglomerate filed its second-quarter 13F form with the Securities and Exchange Commission, detailing the company's huge stock portfolio and changes made since the first quarter.
Chief Executive Officer Greg Abel, who took over from the legendary Warren Buffett at the beginning of the year, was an active buyer, increasing the portfolio's size from $263 billion to $299 billion. Abel is getting the most attention for his purchase of Alphabet stock, which is now the third-largest position in the company's portfolio. He increased the size of its holdings in the company by 83%, bringing its stake to more than $36 billion.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
However, I'm also intrigued by some of his smaller stock purchases. Here are three companies that Berkshire bought last quarter -- not including Alphabet.
No. 1: Delta Air Lines
Delta Air Lines (NYSE: DAL) is one of the biggest airlines in the world, serving 290 destinations and operating about 5,000 flights per day. When you add Delta's partner network, the airline can get you to more than 700 destinations in 130 countries and territories.
Operating an airline can be a tough business when you factor in jet fuel costs, competition from low-fare operators, and the overhead of purchasing and maintaining a fleet of aircraft. Operating revenue was $19.8 billion in the quarter, up 19% from a year ago.
But expenses grew even faster. Fuel costs jumped 67%, and refinery expenses were up 89%. Overall, Delta reported operating expense of $17.9 billion, up 25% from a year ago. That led to net income falling 25% year over year to $1.6 billion.
Berkshire Hathaway initiated a stake in Delta in the first quarter and increased it by 44% in the second quarter. The conglomerate now owns 8.7% of the airline, with 57.3 million shares representing a stake of about $5 billion in Delta stock.
No. 2: Lennar
Lennar (NYSE: LEN) is a home construction and real estate company and one of the nation's largest homebuilders. The company delivered just over 20,500 homes in the second quarter, near the midpoint of its forecast, with an average sale price of $371,000.
However, revenue from home sales fell 2% in the quarter to $7.6 billion, with housing prices falling by an average of 5% from last year. Gross margin was 15.6%, down from 17.8% year over year, and operating earnings for the company's financial services segment fell from $157 million to $100 million.
The company is in the process of making over its business, moving from a capital-heavy land developer to a land-light strategy built on land-option platforms and option agreements. Lennar has said the change will make it more efficient, freeing up capital and improving returns on inventory and equity over the long term.
Abel apparently sees it as a good value. Berkshire increased its stake in Lennar Class B shares by 43% in the quarter, and the conglomerate now holds 13.4 million shares of its Class A and Class B stock that represents a combined stake of almost $1.2 billion.
No. 3: The New York Times Company
Berkshire used to be big into the newspaper business, operating a chain of daily papers under the Berkshire Hathaway Media Group. Buffett once said that he liked that daily newspapers essentially held monopolies in the communities they served by providing news, supermarket ads, and job listings.
All that changed with the internet, however, and Berkshire sold its last newspapers in 2020. Buffett declared that the industry was "toast."
But there are always exceptions, and one of those is The New York Times Company (NYSE: NYT). Berkshire opened a position in the company in the fourth quarter of 2025 and has been adding to it steadily. Abel tripled Berkshire's position in the first quarter this year, and in the second quarter, he increased the conglomerate's stake again, by 4%.
The news company has transitioned to a digital model, with digital-only subscriptions up 16.4% from a year ago and digital ad revenue up 20.7%. Overall, the company has 13.4 million subscribers, of which 12.8 million are digital-only.
Total revenue was $762.5 million in the quarter, up 11%, and adjusted operating profit was $155.3 million, up 20% from last year. Berkshire Hathaway now owns 15.7 million shares of New York Times stock, or 9.8% of the company, and its stake is valued at a little more than $1 billion.
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Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, Lennar, and The New York Times Co. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

3 Stocks That Warren Buffett's Successor, Greg Abel, Bought (Besides Alphabet). Should You?

Key Points
Berkshire Hathaway initiated one new stake in Q2 and added to seven other positions.
Stocks bought included Alphabet, Delta Air Lines, D.R. Horton, and Lennar.
One of the Q2 purchases clearly stands out above the others due to its growth prospects.
Berkshire Hathaway's (NYSE: BRKA) (NYSE: BRKB) selling streak is over. For 14 consecutive quarters, the giant conglomerate was a net seller of stocks. However, Berkshire's 13F filing for the second quarter of 2026 revealed that it bought more shares of companies than it sold for the first time in over three years.
Officially, Berkshire's CEO, Greg Abel, is now responsible for deploying capital. But Warren Buffett continues to make investment decisions much as he did for more than six decades at the company's helm.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Buffett and Abel bought eight stocks in Q2. And one of them clearly stands out as the best of the bunch.
A Q2 buying spree
While Berkshire Hathaway made eight purchases during the recent quarter, only one was for a brand-new position. The company initiated a small stake in D.R. Horton (NYSE: DHI) valued at less than $600,000 at the end of Q2. D.R. Horton isn't entirely new to Berkshire, though. Under Buffett's leadership, the conglomerate owned shares of the housing stock for a while before exiting the position last year.
Buffett and Abel also added to Berkshire's stake in one of D.R. Horton's rivals, Lennar (NYSE: LEN) (NYSE: LENB). Berkshire scooped up more of Lennar's Class A and Class B shares.
However, Berkshire's biggest move in Q2 was loading up on Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Buffett acknowledged in a July interview with CNBC that he was the mastermind behind a significant investment in Google's parent company. In the latest quarter, Berkshire upped its stake in Alphabet's Class A shares by 45% and increased its position in the company's Class C shares by a whopping 658%.
Delta Air Lines (NYSE: DAL) was another significant Q2 purchase. Berkshire Hathaway increased its position in the airline stock by roughly 44%.
Last (and least), Berkshire modestly boosted its stakes in Macy's (NYSE: M) and The New York Times (NYSE: NYT). Even after the Q2 transactions, the two positions each make up 0.3% or less of Berkshire's overall portfolio.
What Buffett and Abel like about these eight stocks
Buffett hasn't been bashful about admitting that he made a mistake by not buying Alphabet stock years ago. He knows that the company is an advertising juggernaut thanks primarily to its dominance in the search engine market.
The "Oracle of Omaha" also understands the appeal of investing in the housing industry. That's evidenced by the Q2 purchases of D.R. Horton and Lennar, as well as Berkshire's recent acquisition of homebuilder Taylor Morrison. The U.S. continues to have an imbalance between the supply and demand for new homes that works to the advantage of companies such as D.R. Horton, Lennar, and Taylor Morrison.
Buffett hasn't been a fan of airline stocks in the past. In 2007, he wrote to Berkshire shareholders that the U.S. airline industry was "a bottomless pit." So why buy more shares of Delta Air Lines now? The decision could reflect Abel's influence. However, it could also indicate that Buffett has changed his mind, at least in part, due to Delta's premium positioning in the aviation market.
The Macy's and New York Times positions are so small that they really don't matter very much. Perhaps Buffett's value investing background came to the forefront with adding more shares of Macy's. The retail stock was down 17% year-to-date at the beginning of Q2 and still trades at only 10.3 times forward earnings.
As for The New York Times, Buffett has always had a soft spot for the newspaper business. It doesn't hurt, either, that The New York Times has been quite successful in building its digital media operations.
The best of the bunch
I think that two stocks bought by Buffett and Abel in Q2 are hands-down the best of the bunch -- Alphabet's Class A and Class C shares. With these two share classes combined, Alphabet now ranks as Berkshire's fourth-largest position.
Don't underestimate the significance of Buffett personally spearheading the massive investment in Alphabet. His move wasn't just an attempt to remedy a mistake from years ago; Buffett almost certainly believes in Alphabet's long-term prospects, given the size of Berkshire's position in the company.
Alphabet is well-positioned in nearly every major technology poised to shape the future. Google Gemini is one of the top artificial intelligence (AI) models. Google Cloud is the fastest-growing of the big three cloud platforms. Waymo is the leader in autonomous ride-hailing. Google Quantum AI is one of a handful of companies at the forefront of quantum computing.
There's one more thing in Alphabet's favor, too: valuation. Its shares trade below 17 times forward earnings, the lowest multiple among the so-called "Magnificent Seven" stocks. Buffett and Abel undoubtedly view Google's parent company as a great opportunity for Berkshire to make money. They're probably right.
Should you buy stock in Alphabet right now?
Before you buy stock in Alphabet, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!*
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Keith Speights has positions in Alphabet and Berkshire Hathaway. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, D.R. Horton, Lennar, and The New York Times Co. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Warren Buffett and Greg Abel Just Bought 8 Stocks. Here's the Best of the Bunch.

Key Points
Greg Abel ended Berkshire's 14-quarter streak of net stock sales by purchasing approximately $19.8 billion more in equities than were sold in the second quarter.
Form 13F filings allow investors to track which stocks Wall Street's savviest money managers have been buying and selling -- and Berkshire's will be filed after the closing bell today, Aug. 14.
Although Abel was a big-time buyer of Alphabet stock in the second quarter, there are other clues as to where he put Berkshire's capital to work.
The trillion-dollar conglomerate that Warren Buffett built entered uncharted territory in 2026. Following the Oracle of Omaha's Dec. 31 retirement as CEO of Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB), the company's day-to-day operations and the oversight of its $355 billion investment portfolio fell to his successor, Greg Abel.
Abel has wasted little time making his mark. During the first quarter, he completely revamped Berkshire's portfolio by jettisoning 16 holdings and reducing six others. But he didn't stop there.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
According to Berkshire's second-quarter operating results, released this past weekend, Abel ended a 14-quarter streak of net stock sales that began with Buffett in late 2022. The consolidated cash flow statement shows that $23.47 billion in equity securities were purchased compared to just $3.69 billion in sales.
This roughly $19.8 billion in net purchases is of massive interest to Wall Street and investors -- and in mere hours, we're going to know exactly what Warren Buffett's protégé has been buying.
Alphabet has been on the menu, but what else?
Today, Aug. 14, marks the deadline for institutional investors with at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission. A 13F provides a concise snapshot of the stocks Wall Street's savviest money managers have been buying and selling. In this case, it'll cover buying and selling activity for the June-ended quarter.
Berkshire always releases its 13F after the closing bell (usually around 4:30 p.m. ET) to avoid causing a stir during normal trading hours.
One thing we know for certain is that Google parent Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) played a meaningful role in Abel's second-quarter stock purchases.
BREAKING: Berkshire Hathaway has begun deploying the $397.4 billion cash pile that Warren Buffett accumulated for 14 consecutive quarters.
Details include:
1. Instead of continuing stock sales, Berkshire was a net buyer of equities in Q2 with $19.8 billion in net purchases
2....
-- The Kobeissi Letter (@KobeissiLetter) August 8, 2026
During the March-ended quarter, Abel more than tripled Berkshire's stake in Alphabet's Class A shares (GOOGL) and opened a new position in the Class C shares (GOOG). On June 1, Berkshire announced that it would purchase an additional $10 billion in Alphabet shares ($5 billion of each share class) via private placement. Alphabet's virtual monopoly in internet search and its leadership in the artificial intelligence applications arena are clearly exciting Abel and his investment team.
But this represents only $10 billion of the $23.47 billion that Abel deployed in the June-ended quarter, begging the question: What else has Berkshire's new boss been buying?
Historically, Warren Buffett and his team have built up core and mid-sized positions over several quarters. For instance, Berkshire has purchased shares of The New York Times Co. in each of the two previously reported quarters, as well as shares of Lennar in three of the previous five quarters (through March 31). If the past helps to predict the future, both companies are logical buy candidates.
The other clue can be seen in the breakout of Berkshire's cost basis by category. Here's a side-by-side of Berkshire's investment cost basis from the first quarter (Q1) to the second quarter (Q2) in its three reported categories:
Banks, insurance, and finance: $14.685 billion (Q1) / $15.279 billion (Q2)
Consumer products: $8.847 billion (Q1) / $8.65 billion (Q2)
Commercial, industrial, and other: $61.063 billion (Q1) / $82.142 billion (Q2)
From the look of things, Abel was a seller of consumer product stocks, a modest buyer of financials, and a big-time buyer of commercial, industrial, and other companies. Tech-driven companies like Alphabet fall into the "other" category.
After the closing bell today, Berkshire's boss is primed to drop a bombshell on Wall Street.
Should you buy stock in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!*
Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Sean Williams has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, Lennar, and The New York Times Co. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Warren Buffett's Successor, Greg Abel, Is About to Drop a Bombshell on Wall Street Later Today, Aug. 14

The New York Times Company NYT delivered second-quarter 2026 revenue growth across subscriptions, advertising and other digital businesses, while adjusted operating profit and earnings also increased. The results reinforced the strength of its digital model.
Subscriber growth remains positive, but quarterly digital-only additions have moderated from the second half of 2025. That puts more weight on engagement, pricing and newer monetization channels as NYT works toward its next subscriber milestone.
NYT Earnings Highlight Digital Momentum
Second-quarter revenues rose 11.2% year over year to $762.5 million. Digital-only subscription revenues increased 16.4% to $407.9 million, while total subscription revenues advanced 11.7% to $537.9 million. Adjusted operating profit climbed 16.1% to $155.3 million and the adjusted operating profit margin expanded 90 basis points to 20.4%.
NYT’s multi-product strategy spans News, The Athletic, Audio, Cooking, Games and Wirecutter. Subscription growth came from multiple products across the portfolio, supporting a model that can deepen engagement and create more opportunities to monetize existing audiences.
Image Source: Zacks Investment Research
NYT Advertising Gains Expand Monetization
Digital advertising revenues increased 20.7% year over year to $114 million, while total advertising revenues rose 11.3% to $149.1 million. Management attributed the digital gain to marketer demand, expanding advertising supply and engagement across News, Games, Sports and other products.
News Corporation NWSA provides a relevant digital-publishing comparison, with Dow Jones continuing to expand digital-only subscriptions. Fox Corporation FOXA also shows how media companies are pushing further into digital monetization through businesses such as Tubi. NYT expects third-quarter digital advertising revenues to increase in the mid-to-high teens.
NYT Video Strategy Opens New Opportunities
Video is becoming a larger strategic investment for NYT. The company is producing thousands of original videos across reporter-led formats, news clips, visual investigations and shows, while its Watch and Shows tabs are designed to increase discovery and engagement on owned platforms.
The monetization opportunity is still developing. Management said video currently contributes only a relatively minor share of advertising growth, leaving room for production, engagement and commercial capabilities to scale over time. The near-term trade-off is higher investment as the company builds that audience.
NYT Subscriber Trends Need Monitoring
NYT ended the quarter with 13.35 million total subscribers, including 12.80 million digital-only subscribers. Management continues to target 15 million subscribers and beyond.
Sequential momentum has cooled. Digital-only net additions fell to 280,000 from 310,000 in the first quarter, after reaching 460,000 and 450,000 in the third and fourth quarters of 2025, respectively. Pricing helps offset that moderation. Digital-only average revenue per user rose 3.1% to $9.94, supported by promotional roll-offs and price increases for certain tenured subscribers.
The New York Times Company Price, Consensus and EPS Surprise
NYT Rankings Add Context After Earnings
The earnings update supports a constructive view of NYT’s digital growth, but subscriber moderation, print declines and rising costs keep the outlook balanced. Adjusted operating costs increased 10% in the second quarter, and third-quarter guidance calls for an 8-9% increase as investment continues.
NYT currently carries a Zacks Rank #4 (Sell). It has a Growth Score of A, Momentum Score of A, Value Score of D and VGM Score of B. The growth and momentum grades point to favorable characteristics in those styles, while the weaker Value Score reflects less attractive value characteristics. Style Scores complement the Zacks Rank, so the current rank keeps the near-term signal cautious despite the stronger Growth and Momentum Scores. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NYT Earnings Show Digital Growth as Subscriber Momentum Moderates

The New York Times Company NYT shares have fallen 12.8% over the past four weeks, putting attention on whether the retreat has improved the stock’s risk-reward profile.
The business still shows digital strength, but slower subscriber additions, print declines and elevated costs complicate the case. Investors must weigh recurring digital revenue growth and pricing power against those execution risks.
NYT Subscriber Growth Faces New Questions
NYT ended the second quarter of 2026 with 13.35 million total subscribers, including 12.80 million digital-only subscribers. It added 280,000 net digital-only subscribers during the quarter, down from 310,000 in the first quarter.
The slowdown is clearer against the second half of 2025, when quarterly digital-only net additions reached 460,000 and 450,000.
The New York Times Company Price, Consensus and EPS Surprise
Digital Revenue Supports NYT’s Business Model
Digital-only subscription revenues rose 16.4% year over year to $407.9 million in the second quarter. Digital-only average revenue per user increased 3.1% to $9.94, supported by subscribers moving from promotional offers to higher prices and pricing actions for certain tenured subscribers.
Digital advertising revenues climbed 20.7% to $114 million, helped by marketer demand and greater advertising supply. News Corporation NWSA offers a relevant comparison, with Dow Jones continuing to grow digital-only subscriptions while print volume declines. Fox Corporation FOXA is also leaning on digital growth, including streaming, as media companies compete for audience attention and advertising budgets.
NYT Print Declines Add Pressure
Print remains a structural drag. Second-quarter print advertising revenues fell 11.1% year over year to $35.2 million, while print subscription revenues declined 0.8% to $130 million.
Print subscribers also slipped to about 550,000 from 580,000 a year earlier. That makes continued digital growth increasingly important because the newer revenue streams must absorb ongoing erosion in the legacy business.
NYT Valuation Tests Investor Confidence
The recent pullback has brought NYT’s forward 12-month earnings multiple down to 20.9X. That compares with 19.6X for its Zacks sub-industry, 17.2X for the Zacks sector and 20.7X for the S&P 500.
The discount from NYT’s five-year median multiple of 27.3X is meaningful, but the stock is not clearly cheap relative to current benchmarks. The Zacks Consensus Estimate calls for 2026 earnings of $2.92 per share and revenues of $3.10 billion, while the current-year earnings estimate has edged 0.3% lower over the past four weeks.
Image Source: Zacks Investment Research
NYT’s Rankings Reflect Mixed Signals
The pullback creates a more measured valuation setup, but near-term caution remains warranted given slowing subscriber additions, print weakness and continued spending on journalism, marketing and product development. Second-quarter adjusted operating costs rose 10% year over year to $607.2 million.
NYT currently carries a Zacks Rank #4 (Sell), a short-term signal tied to earnings estimate revisions. Its Growth Score of A and Momentum Score of A point to favorable growth and momentum characteristics, while its Value Score of D indicates weaker value characteristics. The VGM Score of B is favorable, but Style Scores are designed to complement the Zacks Rank rather than override it. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NYT Stock Fell 12.8% in One Month Can Weakness Create Opportunity

The New York Times Company NYT combines durable digital growth with a valuation that still demands consistent execution. Its expanding subscription base, pricing power and digital advertising momentum support the long-term case.
The trade-off is that subscriber additions have slowed, costs are rising and competition for audience attention remains intense. Those factors make entry timing important even as the business continues to grow.
NYT Builds a Strong Subscription Ecosystem
NYT’s bundle spans News, The Athletic, Audio, Cooking, Games and Wirecutter, giving subscribers multiple reasons to engage across the company’s products. The strategy supports cross-selling while reducing dependence on a single content category.
The company ended the second quarter of 2026 with 13.35 million total subscribers, including 12.80 million digital-only subscribers. NYT added 280,000 net digital-only subscribers in the second quarter, down from 310,000 in the first quarter and 450,000 in the fourth quarter of 2025.
The New York Times Company Price, Consensus and EPS Surprise
NYT Pricing Power Drives Revenue Growth
Digital-only subscription revenues rose 16.4% year over year to $407.9 million in the second quarter, while digital-only average revenue per user increased 3.1% to $9.94. Management said pricing gains reflected subscribers moving off promotions and price increases for certain tenured subscribers.
That pricing support matters as subscriber growth normalizes. Management expects third-quarter digital-only subscription revenues to increase 12-15%, showing that revenue growth can remain healthy even if net additions do not return to the unusually high levels seen in late 2025.
NYT Faces Cost and Competition Risks
Adjusted operating costs increased 10% year over year to $607.2 million in the second quarter. Sales and marketing costs rose 23.6%, while product development costs increased 10%, reflecting continued spending on marketing, journalism, technology and digital experiences.
Competition is broad. News Corporation NWSA reported 7% revenue growth at Dow Jones in its fiscal fourth quarter of 2026, with digital revenues representing 84% of the segment’s total. Fox Corporation FOXA has also cited continued digital growth led by Tubi, underscoring how media companies are investing to capture digital audiences and advertising dollars.
NYT Valuation Requires Balanced Expectations
NYT trades at 20.9X forward 12-month earnings, compared with 19.6X for its Zacks sub-industry, 17.2X for the Zacks sector and 20.7X for the S&P 500. The stock therefore remains slightly above its sub-industry and broad-market benchmarks despite trading well below its five-year median multiple of 27.3X.
The Zacks Consensus Estimate calls for 2026 earnings of $2.92 per share. The current-year earnings estimate has slipped 0.3% over the past four weeks, suggesting that investors are paying a still-demanding multiple while near-term estimate momentum has softened.
Image Source: Zacks Investment Research
NYT Signals Show Growth Strength but Value Concerns
For investors weighing whether to buy now, the current setup argues for patience rather than an aggressive entry. NYT’s business continues to expand, but slower subscriber additions, higher costs and a valuation near the broader market leave limited room for execution missteps.
NYT currently carries a Zacks Rank #4 (Sell), which points to an unfavorable near-term earnings-revision backdrop. Its Growth Score of A and Momentum Score of A indicate favorable growth and momentum characteristics, while the Value Score of D flags weaker value characteristics. The VGM Score of B is favorable, but Style Scores are designed to complement the Zacks Rank rather than override it. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should Investors Buy Hold or Wait on NYT Amid Growth and Valuation

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in New York Times Co. (Symbol: NYT), where a total of 20,914 contracts have traded so far, representing approximately 2.1 million underlying shares. That amounts to about 130.5% of NYT's average daily trading volume over the past month of 1.6 million shares. Especially high volume was seen for the $67.50 strike call option expiring August 21, 2026, with 4,626 contracts trading so far today, representing approximately 462,600 underlying shares of NYT. Below is a chart showing NYT's trailing twelve month trading history, with the $67.50 strike highlighted in orange:
Celanese Corp (Symbol: CE) saw options trading volume of 22,375 contracts, representing approximately 2.2 million underlying shares or approximately 120.3% of CE's average daily trading volume over the past month, of 1.9 million shares. Particularly high volume was seen for the $45 strike call option expiring September 18, 2026, with 10,122 contracts trading so far today, representing approximately 1.0 million underlying shares of CE. Below is a chart showing CE's trailing twelve month trading history, with the $45 strike highlighted in orange:
And Pediatrix Medical Group Inc (Symbol: MD) options are showing a volume of 8,330 contracts thus far today. That number of contracts represents approximately 833,000 underlying shares, working out to a sizeable 107.3% of MD's average daily trading volume over the past month, of 776,465 shares. Particularly high volume was seen for the $30 strike call option expiring August 21, 2026, with 8,273 contracts trading so far today, representing approximately 827,300 underlying shares of MD. Below is a chart showing MD's trailing twelve month trading history, with the $30 strike highlighted in orange:
For the various different available expirations for NYT options, CE options, or MD options, visit StockOptionsChannel.com.
Further NYT Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Wednesday Option Activity: NYT, CE, MD

(RTTNews) - The New York Times Co., (NYT) released earnings for its second quarter that Increases, from last year
The company's bottom line totaled $93.41 million, or $0.57 per share. This compares with $82.94 million, or $0.50 per share, last year.
Excluding items, The New York Times Co., reported adjusted earnings of $0.69 per share for the period.
The company's revenue for the period rose 11.2% to $762.45 million from $685.87 million last year.
The New York Times Co., earnings at a glance (GAAP) :
-Earnings: $93.41 Mln. vs. $82.94 Mln. last year. -EPS: $0.57 vs. $0.50 last year. -Revenue: $762.45 Mln vs. $685.87 Mln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

New York Times Company (The)

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