The New York Times reported double-digit revenue growth in Q2, outpacing Wall Street’s expectations, yet the market’s negative reaction reflected investor concerns over rising costs and margin pressures. Management attributed performance to strong digital subscription gains, robust advertising demand, and expansion of video content. CEO Meredith Kopit Levien emphasized that “substantial progress against all of our priorities” was achieved, with digital-only subscription revenues and advertising both exceeding internal targets. However, CFO William Bardeen acknowledged that cost growth, particularly in sales, marketing, and compensation related to outperformance, was higher than anticipated.

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 Q2 Earnings Call

• Jason Bazinet (Citi) questioned whether the rise in sales and marketing costs was structural or temporary. CFO William Bardeen replied that most of the increase was variable, tied to outperformance and specific events like the World Cup, rather than a permanent change in spending.
• David Karnovsky (JPMorgan) asked about the lower digital subscription growth guidance for Q3 and platform risks. Bardeen cited subscriber mix and pricing transitions, while CEO Meredith Kopit Levien said the company is building resilience through direct user engagement and less reliance on platforms.
• Cameron Mansson-Perrone (Morgan Stanley) inquired about video investment strategy amid industry competition. Levien responded that video aligns with long-term goals to grow new audiences and engagement, with the company still early in scaling both production and monetization.
• Kutgun Maral (Evercore ISI) pressed for details on digital ad growth and the contribution of video. Levien explained that advertising strength was broad-based across products and that video is still a small contributor but expected to grow in importance.
• Douglas Arthur (Huber Research) revisited rising costs, asking about the impact of events like the World Cup and potential pullback. Bardeen clarified that much of the Q2 cost growth was variable and linked to financial outperformance, not a fundamental shift in strategy.

Catalysts in Upcoming Quarters

In the coming quarters, our team will track (1) progress in scaling and monetizing video content across the Times’ digital platforms, (2) the company’s ability to grow digital subscriptions while managing subscriber mix and pricing transitions, and (3) how effectively cost management initiatives offset increased spending on content and marketing. Shifts in referral traffic from major tech platforms will also be closely watched as a key risk factor.

The New York Times currently trades at $63.98, down from $75.61 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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