Financial Performance - Total revenues for the quarter ended September 30, 2025, were $700.8 million, an increase of 9.4% compared to $640.2 million for the same quarter in 2024[15] - Subscription revenues reached $494.6 million for the quarter, up 9.1% from $453.3 million in the prior year[15] - Net income for the quarter was $81.6 million, representing a 27.4% increase from $64.1 million in the same quarter last year[15] - Operating profit for the nine months ended September 30, 2025, was $270.0 million, compared to $204.5 million for the same period in 2024, reflecting a 32% increase[15] - Total revenues for the nine months ended September 30, 2025, reached $2,022,604 thousand, up from $1,859,290 thousand in 2024, indicating a year-over-year increase of about 8.8%[38] - Adjusted operating profit for the third quarter of 2025 was $131.4 million, compared to $104.2 million in Q3 2024, reflecting a 26.1% increase[90] Cash and Assets - Cash and cash equivalents increased to $249.3 million as of September 30, 2025, from $199.4 million at the end of 2024[9] - Total assets as of September 30, 2025, were $2.89 billion, up from $2.84 billion at the end of 2024[12] - Cash, cash equivalents, and restricted cash at the end of the period increased to $264,209,000 from $218,863,000, marking a rise of 20.8%[27] - Long-term marketable securities increased to $479.4 million as of September 30, 2025, from $345.9 million at the end of 2024[9] - Total stockholders' equity rose to $1.98 billion as of September 30, 2025, compared to $1.93 billion at the end of 2024[12] Dividends and Share Repurchases - The company declared dividends of $0.18 per share for the quarter, compared to $0.13 per share in the same quarter last year[15] - Dividends paid increased to $89,146,000 in 2025 from $64,962,000 in 2024, indicating a rise of 37.2%[25][27] - The company repurchased 2,123,155 Class A shares for $110,506,000 during the nine months ended September 30, 2025[27] - Share repurchases during the nine months ended September 30, 2025, amounted to approximately $109.8 million, with $405.6 million remaining authorized for future repurchases[84] Revenue Breakdown - Total revenue from subscriptions and advertising is the primary source of income, with subscription revenues including digital and print products[34][35] - Digital-only subscription revenue was $367.4 million, accounting for 74.3% of total subscription revenue, up from $322.2 million and 71.1% in the same quarter of 2024[39] - Advertising revenue for the quarter was $132.3 million, a 11.8% increase from $118.4 million in the same quarter of 2024[40] - Digital advertising revenue was $98.1 million, representing 74.2% of total advertising revenue, compared to $81.6 million and 68.9% in the prior year[40] Operating Costs and Expenses - Operating costs for Q3 2025 totaled $596,033,000, a 5.8% increase from $563,451,000 in Q3 2024[15] - The company reported a depreciation and amortization expense of $64,115,000 for the nine months ended September 30, 2025, compared to $61,865,000 in 2024[27] - Stock-based compensation expense for the nine months ended September 30, 2025, totaled $53.7 million, up from $49.9 million in the same period of 2024[87] Tax and Pension - The income tax expense for the third quarter of 2025 was $26.4 million, an increase from $20.9 million in the same quarter of 2024[76] - The effective tax rates for the third quarter and first nine months of 2025 were 24.4% and 24.5%, respectively, compared to 24.6% and 25.3% for the same periods in 2024[76] - The net periodic pension cost for the first nine months of 2025 was $18,234,000, compared to $6,357,000 for the same period in 2024[72] - The company made pension contributions of $9.4 million in the first nine months of 2025, with expected contributions of approximately $13 million for the full year[72] Legal Proceedings - The company is involved in ongoing legal proceedings, including a lawsuit against Microsoft and OpenAI for copyright infringement[92] Other Comprehensive Income - The company reported a net current-period other comprehensive income of $9.0 million for the nine months ended September 30, 2025[85] - The accumulated other comprehensive income (AOCI) balance as of September 30, 2025, was $(356.8) million, reflecting a decrease from $(365.8) million at the end of 2024[85]

Core Insights - New York Times Co. reported $700.82 million in revenue for the quarter ended September 2025, marking a year-over-year increase of 9.5% and exceeding the Zacks Consensus Estimate of $691.65 million by 1.33% [1] - The company achieved an EPS of $0.59, up from $0.45 a year ago, with an EPS surprise of 9.26% compared to the consensus estimate of $0.54 [1] Financial Performance Metrics - Total digital-only subscriptions reached 11,760, surpassing the two-analyst average estimate of 11,569 [4] - Print subscriptions totaled 570, slightly below the two-analyst average estimate of 578 [4] - Total subscriptions (Digital & Print) amounted to 12,330, exceeding the average estimate of 12,147 [4] - Digital-only subscription revenues were $367.44 million, compared to the average estimate of $368.91 million, reflecting a year-over-year increase of 14% [4] - Total digital advertising revenues were $98.11 million, exceeding the average estimate of $90.36 million, with a year-over-year change of 20.3% [4] - Total print advertising revenues were $34.18 million, above the average estimate of $32.61 million, representing a year-over-year decline of 7.1% [4] - Subscription revenues totaled $494.63 million, slightly above the average estimate of $494.36 million, indicating a year-over-year increase of 9.1% [4] Stock Performance - Shares of New York Times have returned +4.9% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Arizona Gold & Silver Inc. has successfully intersected 34.45 meters of the Perry Vein in core hole PC25-157, located 60 meters north of a previous high-grade gold intercept in PC25-156 [1][2] - The drilling continues with core hole PC25-158 in progress, targeting a vein intersection approximately 60 meters further north from PC25-157 [2][6] Geological Findings - The Perry Vein exhibits several facies similar to those found in PC25-156, including distinct characteristics such as strong bladed dark calcite and quartz, banded quartz veins, and various breccia types [3][4] - All facies in PC25-157 contained gold, with no apparent preference for higher or lower gold grades among the different facies [4] Sample Analysis - Core samples from PC25-157 have been sent to Skyline Labs for analysis, including fire assay for gold and four-acid digestion for silver and trace metals [5] - Any gold values exceeding 5 grams per tonne will undergo additional testing to ensure accuracy [5] Future Exploration Plans - The company aims to define the potential strike length of the Perry Vein at depths greater than 300 meters before proceeding with deeper drilling [2] - Core hole PC25-158 is expected to reach its target later in November 2025 [6] Company Overview - Arizona Gold & Silver Inc. focuses on exploring precious metal resources in Arizona and Nevada, emphasizing sustainable practices and innovative exploration techniques [7] - The flagship asset is the Philadelphia gold-silver property, where the company is drilling to assess an epithermal gold-silver system ahead of an initial resource calculation [8]

Core Insights - New York Times Co. (NYT) reported quarterly earnings of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.54 per share, and up from $0.45 per share a year ago, representing an earnings surprise of +9.26% [1] - The company achieved revenues of $700.82 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.33% and increasing from $640.18 million year-over-year [2] - The stock has gained approximately 11% since the beginning of the year, while the S&P 500 has increased by 15.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.85 on revenues of $779.15 million, and for the current fiscal year, it is $2.28 on revenues of $2.79 billion [7] - The estimate revisions trend for New York Times was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Publishing - Newspapers industry, to which New York Times belongs, is currently ranked in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by $0.14 to $0.59, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to approximately 12.3 million, with digital subscription revenue increasing by 14% to $367 million [4][12] - Total subscription revenues grew approximately 9% to $495 million, in line with guidance [12] - Digital advertising revenues increased approximately 20% to $98 million, while total advertising revenues grew approximately 12% to $132 million [12][13] Market Data and Key Metrics Changes - Digital advertising growth was attributed to strong marketer demand and new advertising supply, indicating a robust market environment [12][40] - Affiliate licensing and other revenues increased approximately 8% to $74 million, primarily due to higher licensing revenues [13] Company Strategy and Development Direction - The company is focused on a multi-revenue stream model that includes subscription, advertising, licensing, and affiliate revenues, all of which are growing [3][4] - The strategy emphasizes enhancing product value through video, audio, and AI, aiming to engage a larger audience and drive subscriber growth [5][7] - The company aims to become more essential to a broader audience, expecting to deliver more value for shareholders and society [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic market environment, highlighting the importance of independent journalism and compelling product experiences [9][14] - The outlook for Q4 includes expectations for digital-only subscription revenues to increase by 13%-16% and total subscription revenues to grow by 8%-10% [14] Other Important Information - The company has maintained disciplined expense growth while investing in journalism and product experiences, which are seen as sources of long-term advantage [8][10] - The family plan subscription offering has shown positive results, contributing to market penetration and engagement [11][18] Q&A Session Summary Question: Can you elaborate on the video format and its impact on advertising? - Management sees video as a significant opportunity for engagement and brand building, with potential for expanding into video advertising opportunities [16][17] Question: What is the growth rate in operating expenses for Q4? - The company expects adjusted operating costs to increase by 6%-7%, driven by investments in journalism and product development [21][23] Question: Can you discuss the dynamics behind advertising growth? - The advertising growth is attributed to a combination of market demand and new product innovations, with a focus on providing more value to advertisers [39][40] Question: How is The Athletic performing? - The Athletic continues to perform well, contributing positively to engagement and advertising, with the introduction of NFL footage enhancing its product offering [46] Question: Are single product subscriptions converting to higher value products as expected? - The model is working as designed, with single products driving audience engagement and contributing to overall subscription and advertising growth [48]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by 14 cents to 59 cents, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to approximately 12.3 million, with digital subscription revenue increasing by 14% to $367 million [4][12] - Total advertising revenues for the quarter were $132 million, an increase of approximately 12%, with digital advertising revenues increasing approximately 20% to $98 million [12][13] - Affiliate licensing and other revenues increased approximately 8% to $74 million, primarily due to higher licensing revenues [13] Market Data and Key Metrics Changes - Digital-only average revenue per user (ARPU) grew 3.6% to $9.79, reflecting successful pricing strategies [12] - The company expects digital-only subscription revenues to increase by 13-16% and total subscription revenues to increase by 8-10% in Q4 [14] Company Strategy and Development Direction - The company emphasizes a multi-revenue stream model, including subscription, advertising, licensing, and affiliate revenues, which are all growing [3][4] - The strategy focuses on enhancing product value through video, audio, and AI, aiming to engage users more effectively [5][7] - The company aims to become more essential to a larger audience, thereby increasing shareholder value and societal impact [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a changing media landscape, highlighting persistent demand for quality journalism [9] - The company plans to continue disciplined investments in journalism and product experiences while maintaining cost efficiency [14] Other Important Information - The company returned approximately $191 million to shareholders, consisting of share repurchases and dividends, consistent with its capital allocation strategy [10][11] - The family plan subscription offering is performing well, contributing positively to market penetration and engagement [18] Q&A Session Summary Question: Video format opportunity and advertising impact - Management sees video as a significant growth opportunity and is focused on increasing engagement before fully monetizing through advertising [16][17] Question: Growth rate in operating expenses for Q4 - Management indicated that the growth in operating expenses is driven by investments in journalism and product development, with a focus on long-term sustainable growth [21][22] Question: Dynamics of advertising growth - Management noted that advertising growth is attributed to a combination of market demand and new product innovations, with a focus on providing value to advertisers [40][42] Question: Performance of The Athletic - Management confirmed that The Athletic is performing well, contributing positively to engagement and advertising revenue [50] Question: Conversion rates from single product subscribers - Management stated that single product subscriptions are effectively driving audience engagement and conversion to higher-value products [52]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated revenues grew approximately 9.5% year-over-year, with adjusted operating profit (AOP) increasing by approximately 26% and AOP margin expanding by approximately 240 basis points [10][11] - Free cash flow generated in the first nine months of the year was approximately $393 million, reflecting a capital-efficient model [10] - Adjusted diluted EPS in Q3 increased by 14 cents to 59 cents, primarily driven by higher operating profit [13] Business Line Data and Key Metrics Changes - Digital subscription revenue increased by 14% in Q3, reaching $367 million, driven by strong audience engagement [4][12] - Total subscription revenues grew approximately 9% to $495 million, in line with guidance [12] - Digital advertising revenues increased approximately 20% to $98 million, while total advertising revenues grew approximately 12% to $132 million [12][13] Market Data and Key Metrics Changes - The company added 460,000 net new digital subscribers in Q3, bringing the total subscriber base to 12.3 million [4][11] - Digital-only average revenue per user (ARPU) grew 3.6% to $9.79, reflecting successful pricing strategies [12] Company Strategy and Development Direction - The company is focused on a multi-revenue stream model, including subscription, advertising, licensing, and affiliate revenues, which are all growing [3][4] - There is a strong emphasis on enhancing video, audio, and AI capabilities to increase user engagement and product value [5][6] - The company aims to become more essential to a larger audience, thereby increasing shareholder value and societal impact [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic market environment, expecting healthy growth in revenues and AOP, margin expansion, and strong free cash flow generation for the full year [15] - The company remains focused on sustaining healthy revenue growth while making disciplined investments in high-quality journalism and digital products [24][31] Other Important Information - The company returned approximately $191 million to shareholders, consisting of $110 million in share repurchases and $81 million in dividends [10][11] - The family plan subscription offering is performing well, contributing positively to market penetration and engagement [19] Q&A Session Summary Question: Video format opportunity and advertising impact - Management sees video as a significant growth opportunity and believes it will enhance engagement and advertising potential [18] Question: Growth rate in operating expenses for Q4 - Management indicated that the growth in operating expenses is driven by investments in journalism and product development, with a focus on long-term sustainable growth [24][26] Question: Advertising dynamics and new product innovations - The advertising strength is attributed to a combination of market demand and new product innovations, with a focus on providing more value to advertisers [44][46] Question: Performance of The Athletic - Management reported strong performance from The Athletic, highlighting the introduction of NFL footage and its positive impact on engagement and advertising [52] Question: Surge in single product subscribers and conversion rates - Management confirmed that the model is working as designed, with single products driving audience engagement and contributing to overall subscription growth [56]

Corporate Earnings Drive Pre-Market Activity - Amgen Inc. reported a 12% increase in total revenues to $9.6 billion and non-GAAP EPS of $5.64, exceeding forecasts and leading to a 3% rise in stock [3] - Lumentum Holdings Inc. saw a 17% stock increase after reporting Q3 2025 EPS of $0.57 on revenues of $425.2 million, driven by growth in its Cloud and Networking segment [4] - Rivian Automotive, Inc. reported Q3 2025 revenues of $1.56 billion, surpassing estimates, with a narrower loss per share of -$0.65 and a 47% year-over-year increase in automotive sales [5] - Johnson Controls International plc reported an adjusted EPS of $1.05 and sales of $6.1 billion, representing a 6% organic increase year-over-year, with an 11% growth in backlog [6] - The New York Times Company added 460,000 digital-only subscribers, boosting total revenue by 9.5% year-over-year to $700.8 million [7] Media and Global Trade Developments - China's Foreign Minister announced willingness to negotiate a free trade agreement with the European Union, emphasizing cooperation over rivalry [9] - The New York Times Company demonstrated strength in digital transformation, contributing to its revenue growth [7] Crude Oil Markets Face Headwinds - WTI crude oil prices are trading near $60.59, facing downward pressure from a stronger U.S. dollar and increased U.S. crude inventories [10] - OPEC+ has paused output hikes for Q1 2026, agreeing to a modest increase in December, but market sentiment remains cautiously bearish [10]

Subscriber Growth and ARPU - The Company added approximately 460,000 net digital-only subscribers in Q3 2025, bringing the total to 12.33 million[8] - Bundle and multiproduct subscribers now constitute 51% of the Company's total subscriber base[8] - Total digital-only ARPU increased 3.6% year-over-year to $9.79[8] Revenue Performance - Digital-only subscription revenues increased 14.0% year-over-year[8] - Digital advertising revenues increased 20.3% year-over-year[8] - Affiliate, licensing, and other revenues increased 7.9% year-over-year[8] - Total subscription revenues grew 9.1% year-over-year, reaching $495 million in Q3 2025 compared to $453 million in Q3 2024[27] - Total advertising revenues increased 11.8% year-over-year[34] Profitability and Costs - Adjusted operating profit (AOP) grew 26.1% year-over-year to approximately $131 million[8] - AOP margin increased approximately 240 basis points year-over-year to 18.7%[8] - Year-over-year adjusted operating costs (AOC) grew 6.2%[8] Financial Outlook - The Company aims to return at least 50% of free cash flow to shareholders over the mid-term[46]

Core Insights - The New York Times Company reported an increase in both profit and revenue for the third quarter, driven by ongoing subscription growth [1] Financial Performance - The company experienced higher third-quarter profit compared to previous periods [1] - Revenue also saw an increase, attributed to the growth in subscriptions [1] Subscription Growth - Continued growth in subscriptions has been a significant factor contributing to the company's financial success [1]