v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
We generate revenues principally from subscriptions and advertising.
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
Advertising revenue is primarily derived from advertisers (such as luxury goods, technology and financial companies) promoting products, services or brands on digital platforms in the form of display, audio, email and video ads; in print in the form of column-inch ads; and at live events. Advertising revenue is primarily determined by the volume (e.g., impressions or column inches), rate and mix of advertisements. As of the first quarter of 2025, we updated our discussion of digital advertising revenue and no longer distinguish between “core” and “other” digital advertising. Digital advertising consists of display (which includes website and mobile applications), audio, email and video advertising revenue from advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes creative services fees. NYTG and The Athletic have revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.
Affiliate, licensing and other revenues include revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), our live events business and retail commerce.
Subscription; advertising; and affiliate, licensing and other revenues were as follows:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2025As % of totalJune 30, 2024As % of totalJune 30, 2025As % of totalJune 30, 2024As % of total
Subscription$481,420 70.2 %$439,322 70.3 %$945,677 71.5 %$868,327 71.2 %
Advertising133,974 19.5 %119,163 19.1 %242,050 18.3 %222,874 18.3 %
Affiliate, licensing and other(1)
70,479 10.3 %66,612 10.6 %134,056 10.2 %127,911 10.5 %
Total$685,873 100.0 %$625,097 100.0 %$1,321,783 100.0 %$1,219,112 100.0 %
(1)Affiliate, licensing and other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was $6.7 million for the second quarters of 2025 and 2024, respectively, and $13.4 million and $13.3 million for the first six months of 2025 and 2024, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 30, 2025, and June 30, 2024:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2025As % of totalJune 30, 2024As % of totalJune 30, 2025As % of totalJune 30, 2024As % of total
Digital-only subscription revenues(1)
$350,353 72.8 %$304,501 69.3 %$685,379 72.5 %$597,479 68.8 %
Print subscription revenues(2)
131,067 27.2 %134,821 30.7 %260,298 27.5 %270,848 31.2 %
Total subscription revenues$481,420 100.0 %$439,322 100.0 %$945,677 100.0 %$868,327 100.0 %
(1)Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Audio, Cooking, Games and Wirecutter products.
(2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the second quarters and first six months ended June 30, 2025, and June 30, 2024:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2025As % of totalJune 30, 2024As % of totalJune 30, 2025As % of totalJune 30, 2024As % of total
Digital advertising revenues$94,422 70.5 %$79,575 66.8 %$165,287 68.3 %$142,602 64.0 %
Print advertising revenues39,552 29.5 %39,588 33.2 %76,763 31.7 %80,272 36.0 %
Total advertising$133,974 100.0 %$119,163 100.0 %$242,050 100.0 %$222,874 100.0 %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $160 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $60 million, $64 million and $36 million will be recognized in the remainder of 2025, 2026 and thereafter through 2030, respectively.
Unexpired Subscriptions
Payments for subscriptions are typically due upfront, and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Condensed Consolidated Balance Sheets. Total unexpired subscriptions as of December 31, 2024, were $187.1 million, of which approximately $153.2 million was recognized as revenues during the six months ended June 30, 2025.