v3.26.1
Segment reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment reporting
NOTE 12 — Segment reporting

We define our reportable segments based on the way the Chief Operating Decision Maker ("CODM"), which is our Chief Executive Officer, manages the operations for purposes of allocating resources and assessing segment performance. Our reportable segments include the following:

•USA TODAY Media is comprised of our portfolio of domestic local, regional, and national newspaper publishers. The results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our LocaliQ segment, digital distribution of our publications and digital content syndication and affiliate and partnership revenues as well as classified advertisements and display advertisements run on our platforms as well as third-party sites, and Print and commercial revenues mainly derived from the sale of local, national, and classified print advertising products, the sale of both home delivery and single copies of our publications, as well as commercial printing and distribution arrangements, and revenues from our events business.

•Newsquest is comprised of our portfolio of newspaper publishers in the U.K. The results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our LocaliQ segment, digital distribution of our publications and digital content syndication revenues as well as classified advertisements and display advertisements run on our platforms and third-party sites, and Print and commercial revenues mainly derived from the sale of local, classified, and national advertising as well as niche publications, the sale of both home delivery and single copies of our publications, as well as commercial printing.

•LocaliQ is comprised of our digital marketing services companies under the brand LocaliQ. The results of this segment include Digital revenues derived from digital marketing services generated through multiple services, including search advertising, display advertising, search optimization, social media, website development, web presence products, customer relationship management, and software-as-a-service solutions.

In addition to the reportable segments above, we have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes expenses associated with broad corporate functions.
In the ordinary course of business, our reportable segments enter into transactions with one another. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is the counterparty to the transaction are eliminated in consolidation and do not affect consolidated results.

We regularly provide management reports to the CODM that include Segment revenues and Segment Adjusted EBITDA (defined below). Significant Segment expenses regularly provided to the CODM, and included within Segment Adjusted EBITDA, include Payroll, Benefits, Newsprint and other production materials, Distribution, Outside services and Digital cost of goods sold.

The CODM uses Segment Adjusted EBITDA to evaluate the performance of the segments and allocate resources. Segment Adjusted EBITDA provides an assessment of controllable expenses and affords the CODM the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.

Management considers Segment Adjusted EBITDA to be an important metric to evaluate and compare the ongoing operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items that we do not believe are indicative of each segment's core operating performance.

We define Segment Adjusted EBITDA as Segment revenues less (1) operating costs and (2) selling, general and administrative expenses, plus (3) equity (income) loss in unconsolidated investees, net.

Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3) Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Loss on convertible notes derivative, (6) Depreciation and amortization, (7) Integration and reorganization costs, (8) Asset impairments, (9) Goodwill and intangible impairments, (10) Gains or losses on the sale or disposal of assets, (11) Share-based compensation expense, and (12) Other (income) expense, net.

The following tables below present summarized financial information for each of the Company's reportable segments.
Revenues
Three months ended June 30, 2026
In thousandsUSA TODAY MediaNewsquestLocaliQTotal
External revenues$371,151 $57,415 $106,631 $535,197 
Intersegment revenues26,573 1,834 — 28,407 
Segment revenues$397,724 $59,249 $106,631 $563,604 
Reconciliation of revenues:
Other revenues1,140 
Elimination of intersegment revenues(28,407)
Total revenues$536,337 
Three months ended June 30, 2025
In thousandsUSA TODAY MediaNewsquestLocaliQTotal
External revenues$406,356 $59,449 $117,478 $583,283 
Intersegment revenues32,943 1,869 — 34,812 
Segment revenues$439,299 $61,318 $117,478 $618,095 
Reconciliation of revenues:
Other revenues1,578 
Elimination of intersegment revenues(34,812)
Total revenues$584,861 
Six months ended June 30, 2026
In thousandsUSA TODAY MediaNewsquestLocaliQTotal
External revenues$760,740 $115,283 $206,315 $1,082,338 
Intersegment revenues53,095 3,742 — 56,837 
Segment revenues$813,835 $119,025 $206,315 $1,139,175 
Reconciliation of revenues:
Other revenues2,484 
Elimination of intersegment revenues(56,837)
Total revenues$1,084,822 

Six months ended June 30, 2025
In thousandsUSA TODAY MediaNewsquestLocaliQTotal
External revenues$813,588 $113,602 $226,187 $1,153,377 
Intersegment revenues65,781 3,564 — 69,345 
Segment revenues$879,369 $117,166 $226,187 $1,222,722 
Reconciliation of revenues:
Other revenues3,057 
Elimination of intersegment revenues(69,345)
Total revenues$1,156,434 
Reconciliation of Segment Revenues to Segment Adjusted EBITDA

Three months ended June 30, 2026Three months ended June 30, 2025
In thousandsUSA TODAY MediaNewsquestLocaliQUSA TODAY MediaNewsquestLocaliQ
Segment revenues$397,724 $59,249 $106,631 $439,299 $61,318 $117,478 
Less:
Payroll114,530 25,963 21,894 127,526 25,888 23,524 
Benefits19,847 919 2,715 21,799 958 3,049 
Newsprint and other production materials13,190 2,937 — 14,236 3,112 — 
Distribution60,824 3,182 — 61,957 3,186 — 
Outside services
40,662 3,137 5,665 41,570 3,085 5,247 
Digital cost of goods sold36,175 2,170 61,557 44,614 2,154 72,198 
Other(a)
70,450 6,622 1,609 83,126 8,041 1,962 
Segment Adjusted EBITDA$42,046 $14,319 $13,191 $44,471 $14,894 $11,498 
(a)    Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.
Six months ended June 30, 2026Six months ended June 30, 2025
In thousandsUSA TODAY MediaNewsquestLocaliQUSA TODAY MediaNewsquestLocaliQ
Segment revenues$813,835 $119,025 $206,315 $879,369 $117,166 $226,187 
Less:
Payroll227,805 51,828 44,102 257,205 49,340 48,551 
Benefits40,474 2,007 5,780 47,894 2,006 6,745 
Newsprint and other production materials26,482 5,898 — 30,120 6,061 — 
Distribution118,961 6,317 — 126,462 6,196 — 
Outside services
79,339 6,253 10,725 83,658 5,960 8,119 
Digital cost of goods sold73,763 4,337 122,503 86,854 4,154 138,665 
Other(a)
145,506 13,206 3,262 171,397 14,621 4,140 
Segment Adjusted EBITDA$101,505 $29,179 $19,943 $75,779 $28,828 $19,967 
(a)    Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.
Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to USA TODAY Co.

Three months ended June 30,Six months ended June 30,
in thousands2026202520262025
USA TODAY Media$42,046 $44,471 $101,505 $75,779 
Newsquest14,319 14,894 29,179 28,828 
LocaliQ13,191 11,498 19,943 19,967 
Segment Adjusted EBITDA$69,556 $70,863 $150,627 $124,574 
Corporate12,670 6,626 20,665 9,828 
Provision (benefit) for income taxes5,322 (87,472)16,106 (94,286)
Net income attributable to noncontrolling interests16 7 16 7 
Interest expense20,944 24,395 42,184 50,478 
Loss on early extinguishment of debt— 183 75 1,457 
Depreciation and amortization31,219 42,644 62,409 85,278 
Integration and reorganization costs(a)
2,302 12,318 4,495 21,816 
Asset impairments— 181 — 2,075 
Loss (gain) on sale or disposal of assets, net294 (1,584)(7,550)(22,264)
Share-based compensation expense2,502 2,082 4,572 4,961 
Other (income) expense, net(b)
(14,838)(6,908)(21,361)(5,834)
Net income attributable to USA TODAY Co.$9,125 $78,391 $29,016 $71,058 
(a)    Integration and reorganization costs mainly reflect severance-related expenses and other reorganization-related costs, designed primarily to right-size the Company's employee base, consolidate facilities and improve operations.
(b)    Other (income) expense, net primarily reflected Google litigation costs (including related reimbursements) and other legal settlements, (gains) losses from the sale of investments, third-party debt costs, the components of net periodic pension and postretirement benefits other than service cost, and consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes.
Asset and asset related information by segment are not key measures of performance used by the CODM function. Accordingly, we have not disclosed asset and asset related information by segment.