Financial Analysis

Commitments and Contingent Liabilities Restricted Cash We were required to maintain $15.0 million and $14.4 million of restricted cash as of December 31, 2025, and December 31, 2024, respectively, the majority of which is set aside to collateralize workers compensation obligations. Legal Proceedings We are involved in various legal actions incidental to our business that are now pending against us. These actions generally assert damages claims that are greatly in excess of the amount, if any, that we would be liable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of December 31, 2025, is believed to be reasonably possible. On December 27, 2023, we filed a lawsuit against Microsoft Corporation (Microsoft), Open AI Inc. and various of its corporate affiliates (collectively, OpenAI) in the United States District Court for the Southern District of New York (SDNY), alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act (DMCA), related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. On February 26, 20 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Subscription; advertising; and affiliate, licensing and other revenues were as follows: Years Ended (In thousands) December 31, 2025 As % of total December 31, 2024 As % of total December 31, 2023 As % of total Subscription $ 1,950,778 69.1 % $ 1,788,207 69.2 % $ 1,656,153 68.3 % Advertising 565,993 20.0 % 506,311 19.6 % 505,206 20.8 % Affiliate, licensing and other (1) 308,147 10.9 % 291,401 11.2 % 264,793 10.9 % Total revenues $ 2,824,918 100.0 % $ 2,585,919 100.0 % $ 2,426,152 100.0 % (1) Affiliate, licensing and other revenue includes building rental revenue , which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $27 million for each of the years ended December 31, 2025, December 31, 2024, and December 31, 2023. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 31, 2025, December 31, 2024, and December 31, 2023: Years Ended (In thousands) December 31, 2025 As % of total December 31, 2024 As % of total December 31, 2023 As % of total Digital-only subscription revenues (1) $ 1,434,336 73.5 % $ 1,254,592 70.2 % $ 1,099,439 66.4 % Print subscription revenues (2) 516,442 26.5 % 533,615 29.8 % 556,714 33.6 % Total subscription revenues $ 1,950,778 100.0 % $ 1,788,207 100.0 % $ 1,656,153 100.0 % (1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic an …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Awards As of December 31, 2025, the Company was authorized to grant stock-based compensation under its 2020 Incentive Compensation Plan (the 2020 Incentive Plan), which became effective April 22, 2020. The 2020 Incentive Plan replaced the 2010 Incentive Compensation Plan (the 2010 Incentive Plan). The Companys long-term incentive compensation program provides executives and certain employees the opportunity to earn shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of financial goals tied to financial metrics and in part on stock price performance relative to companies in the Standard & Poors 500 Stock Index. In addition, the Company grants time-vested restricted stock units annually to executives and a number of employees. These are settled in shares of Class A Common Stock. Each non-employee director of the Company receives an annual grant of restricted stock units under the 2020 Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the date of the subsequent years annual meeting, with the shares to be delivered upon a directors cessation of membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units with a value equal to the amount of all dividends paid on the Companys Class A Common Stock. The Companys directors are considered employees for purposes of stock-based compensation. We recogn …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of December 31, 2025, and December 31, 2024, we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 9. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, and December 31, 2024: (In thousands) December 31, 2025 December 31, 2024 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S. Treasury securities $ 201,263 $ $ 201,263 $ $ 203,729 $ $ 203,729 $ Corporate debt securities 185,449 185, …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangibles The changes in the carrying amount of goodwill as of December 31, 2025, and since December 31, 2023, were as follows: (In thousands) Total (1) Balance as of December 31, 2023 $ 416,098 Foreign currency translation (2) (3,925) Balance as of December 31, 2024 412,173 Foreign currency translation (2) (2,961) Balance as of December 31, 2025 $ 409,212 (1) Prior periods presented have been recast to conform to the current presentation. See Note 1 for additional information. (2) The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. For the 2025 and 2024 annual impairment testing, based on our qualitative assessments, we concluded that goodwill is not impaired. The aggregate carrying amount of intangible assets of $229.4 million is included in Intangible Assets, net in our Consolidated Balance Sheet as of December 31, 2025. As of December 31, 2025, and December 31, 2024, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows: December 31, 2025 (In thousands) Gross book value Accumulated amortization Net book value Weighted-Average Useful Life (Years) Trademark (1) $ 164,034 $ (34,305) $ 129,729 16.2 Existing subscriber base 136,500 (45,563) 90,937 8.2 Developed technology 38,401 (30,057) 8,344 1.2 Content archive 5,751 (5,385) 366 0.6 Total $ 344,686 $ (115,310) $ 229,376 12.4 ( …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Company adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures (ASU 2023-09) on a retrospective basis. See Note 2 for additional information. Income before income tax expense was attributable to the following jurisdictions: (In thousands) December 31, 2025 December 31, 2024 December 31, 2023 U.S. $ 442,512 $ 378,092 $ 295,567 Foreign 8,744 5,331 7,021 Income before income taxes $ 451,256 $ 383,423 $ 302,588 The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 31, 2025 December 31, 2024 December 31, 2023 Current tax expense/(benefit) Federal $ 39,407 $ 54,547 $ 56,139 Foreign 2,681 2,360 2,590 State and local 26,659 24,751 30,901 Total current tax expense 68,747 81,658 89,630 Deferred tax expense/(benefit) Federal 34,589 4,713 (12,715) Foreign (280) State and local 4,219 3,227 (7,079) Total deferred tax expense/(benefit) 38,528 7,940 (19,794) Income tax expense $ 107,275 $ 89,598 $ 69,836 The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Companys effective rate for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, in accordance with the guidance in ASU 2023-09. December 31, 2025 December 31, 2024 (1) December 31, 2023 (1) (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax U.S. Federal statutory tax rate $ 94,764 21.0 $ 80,519 21.0 $ 63,544 21.0 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Lessee activities Operating leases We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheets as of December 31, 2025, as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 31, 2025 December 31, 2024 Operating lease right-of-use assets Right of use assets $ 33,429 $ 32,315 Current operating lease liabilities Accrued expenses and other $ 12,125 $ 10,520 Noncurrent operating lease liabilities Other 36,596 37,255 Total operating lease liabilities $ 48,721 $ 47,775 The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2023 Operating lease cost $ 12,459 $ 11,593 $ 12,026 Short-term and variable lease cost 1,969 2,111 1,645 Total lease cost $ 14,428 $ 13,704 $ 13,671 The table below presents supplemental cash flow information: For the Twelve Months Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 14,178 $ 13,679 $ 13,476 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,657 $ 6,29 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures Fiscal years, beginning after December 15, 2024. Early adoption is permitted. Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a retrospective basis and has enhanced its income tax disclosures included in Note 11, Income Taxes , to comply with the requirements. The adoption did not have an impact on the Companys financial statements. Recently Issued Accounting Pronouncements The Financial Accounting Standards Board issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2024-03 2025-01 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses Fiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Companys disclosures. 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Improvements to the A …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension and Other Postretirement Benefits Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the Pension Plan), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York (the Guild) known as the Guild-Times Adjustable Pension Plan (the APP) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the foreign plan). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension Cost The components of net periodic pension cost were as follows: December 31, 2025 December 31, 2024 December 31, 2023 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 6,644 $ 92 $ 6,736 $ 6,163 $ 73 $ 6,236 $ 5,669 $ 73 $ 5,742 Interest cost 52,869 8,347 61,216 53,503 8,856 62,359 56,793 9,218 66,011 Expected return on plan assets (61,127) (61,127) (72,432) (72,432) (76,489) (76,489) Amortization and other costs 16,103 3,445 19,548 10,413 3,970 14,383 2,654 3,538 6,192 Amortization of prior service (credit)/cost (1,945) 53 (1,892) (1,945) 47 (1,898) (1,945) 50 (1,895) Effect of settlement (32) (32) (40) (40) Net periodic pension cost/(credit) $ 12,544 $ 11,905 $ …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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 includes revenue from display (which includes website and mobile applications), audio, email and video advertisements that are sold either directly to marketers by our advertising sales teams or, for a smaller proportion of advertising revenue, through programmatic auctions run by third-party ad exchanges. Digital advertising revenue also includes revenues generated by creative services …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Companys President and Chief Executive Officer (who is the Companys CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. In the third quarter of 2025, the Company revised its operating segments to align with how the CODM manages the business, and as a result, the Company has determined it has one reportable segment. The segment is evaluated regularly on a consolidated basis by the Companys CODM in assessing performance and allocating resources. The Companys CODM uses adjusted operating profit (loss) to allocate resources during the annual budgeting and forecasting process and to assess the Companys performance. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is presented below, along with a reconciliation to income before taxes. Asset information is not a measure of performance used by the Companys CODM. Accordingly, we have not disclosed asset information. The following table presents segment information with respect to the Companys single operating segment for the fiscal years ended December 31, 2025, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. We classify amounts in transit from credit and debit payment processors as cash and cash equivalents on our consolidated balance sheets. Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Companys marketable securities are accounted for as available for sale (AFS). AFS securities are reported at fair value. We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the securitys amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evalu …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity Shares of our Companys Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Companys Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock. As of both December 31, 2025, and December 31, 2024, there were 780,724 shares of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock. The Ochs-Sulzberger Family Trust holds approximately 95% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to di …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events Quarterly Dividend In February 2026, the Companys Board of Directors declared a $0.23 dividend per share on the Companys Class A and Class B common stock, an increase of $0.05 per share from the previous quarter. The dividend is payable on April 16, 2026, to stockholders of record as of the close of business on April 1, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

CONTINGENCIES Legal Proceedings We are involved in various legal actions incidental to our business that are now pending against us. These actions generally assert damages claims that are greatly in excess of the amount, if any, that we would be liable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as o f September 30, 2025, is believed to be reasonably possible. In December 2023, we filed a lawsuit against Microsoft and OpenAI in the United States District Court for the Southern District of New York (SDNY), alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act (DMCA), related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. In early 2024, OpenAI and Microsoft filed partial motions to dismiss, seeking dismissal of the unfair competition, contributory copyright infringement and DMCA claims. OpenAI also sought dismissal of a portion of the direct copyright infringement claim as being time-barred. In March 2025, the court dismissed our unfair competition claim and DMCA claims, with leave to replead t …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Subscription; advertising; and affiliate, licensing and other revenues were as follows: For the Quarters Ended For the Nine Months Ended (In thousands) September 30, 2025 As % of total September 30, 2024 As % of total September 30, 2025 As % of total September 30, 2024 As % of total Subscription $ 494,630 70.6 % $ 453,327 70.8 % $ 1,440,307 71.2 % $ 1,321,654 71.1 % Advertising 132,291 18.9 % 118,370 18.5 % 374,341 18.5 % 341,244 18.4 % Affiliate, licensing and other (1) 73,900 10.5 % 68,481 10.7 % 207,956 10.3 % 196,392 10.5 % Total $ 700,821 100.0 % $ 640,178 100.0 % $ 2,022,604 100.0 % $ 1,859,290 100.0 % (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 and $6.6 million for the third quarters of 2025 and 2024, respectively, and $20.1 million and $19.9 million for the first nine months of 2025 and 2024, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the third quarters and first nine months ended September 30, 2025, and September 30, 2024: For the Quarters Ended For the Nine Months Ended (In thousands) September 30, 2025 As % of total September 30, 2024 As % of total September 30, 2025 As % of total September 30, 2024 As % of total Digital-only subscription revenues (1) $ 367,443 74.3 % $ 322,198 71.1 % $ 1,052,822 73.1 % $ 919,677 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025, and December 31, 2024: (In thousands) September 30, 2025 December 31, 2024 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 192,097 $ $ 192,097 $ $ 154,375 $ $ 154,375 $ U.S. Treasury securities 171,516 171,516 203,729 203,729 Certificates of deposit 4,400 4,400 4,400 4,400 U.S. governmental agency securities 3,970 3,970 Total short-term AFS securities $ 368,013 $ $ 368,013 $ $ 366,474 $ $ 366,474 $ …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill as of September 30, 2025, and since December 31, 2023, were as follows: (In thousands) Total (1) Balance as of December 31, 2023 $ 416,098 Foreign currency translation (2) (3,925) Balance as of December 31, 2024 412,173 Foreign currency translation (2) (2,981) Balance as of September 30, 2025 $ 409,192 (1) Prior periods presented have been recast to conform to the current presentation. See Note 1 for additional information. (2) The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. The aggregate carrying amount of intangible assets of $236.4 million is included in Intangible assets, net , in our Condensed Consolidated Balance Sheets as of September 30, 2025. As of September 30, 2025, and December 31, 2024, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows: September 30, 2025 (In thousands) Gross Book Value Accumulated Amortization Net Book Value Remaining Weighted-Average Useful Life (Years) Trademark (1) $ 164,034 $ (32,128) $ 131,906 16.4 Existing subscriber base 136,500 (42,750) 93,750 8.5 Developed technology 38,401 (28,223) 10,178 1.4 Content archive 5,751 (5,228) 523 0.8 Total finite-lived intangibles $ 344,686 $ (108,329) $ 236,357 12.6 (1) As of September 30, 2025, includes $1.2 million previously classified as a …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The Company had income tax expense of $26.4 million and $69.5 million in the third quarter and first nine months of 2025, respectively, compared to $20.9 million and $57.7 million in the third quarter and first nine months of 2024, respectively. The Companys effective tax rates were 24.4% and 24.5% for the third quarter and first nine months of 2025, respectively, compared to 24.6% and 25.3% for the third quarter and first nine months of 2024, respectively. The increase in income tax expense in the third quarter of 2025 was primarily due to higher pre-tax income. The effective income tax rate in the third quarter of 2025 is consistent with the third quarter of 2024. On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted into law. The OBBBA includes provisions retroactive to January 1, 2025, and among other provisions, eliminates the requirement to capitalize and amortize domestic research and experimentation expenditures over five years and provides an election for taxpayers to deduct such expenditures in the year incurred. These changes will result in lower cash tax payments for fiscal year 2025. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework (Pillar Two), and certain governments globally enacted these rules effective January 1, 2024. The Company continues to assess the potential impacts of Pillar Two and does not expect it to have a material effect on the Companys financial …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements Accounting Standard Updates Topic Effective Period Summary 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures Fiscal years, beginning after December 15, 2024. Early adoption is permitted. Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company plans to adopt this guidance in the fourth quarter of 2025 and does not expect a significant impact on its income tax disclosures. 2024-03 2025-01 Income Statement- Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses Fiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Companys disclosures. 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for and Disclosure of Internal-Use Software Fiscal years, beginning after December 15, 2027, and for interim periods within those fiscal years. Early adoption is permitted at the beginning of an annual period. Removes all references to software development project stages. Under the new guidance, entities are required to capital …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

PENSION AND OTHER POSTRETIREMENT BENEFITS Pension Single-Employer Plans We maintain The New York Times Companies Pension Plan, a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the APP) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the foreign plan). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. The components of net periodic pension cost/(income) were as follows: For the Quarters Ended September 30, 2025 September 30, 2024 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 1,661 $ $ 1,661 $ 1,541 $ $ 1,541 Interest cost 13,217 2,076 15,293 13,376 2,206 15,582 Expected return on plan assets (15,282) (15,282) (18,109) (18,109) Amortization of actuarial loss 4,026 866 4,892 2,603 997 3,600 Amortization of prior service credit (486) (486) (486) (486) Net periodic pension cost/(income) $ 3,136 $ 2,942 $ 6,078 $ (1,075) $ 3,203 $ 2,128 For the Nine Months Ended September 30, 2025 September 30, 2024 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 4,983 $ $ 4,983 $ 4,623 $ $ 4,623 Interest cost …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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. Print advertising inclu …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Companys President and Chief Executive Officer (who is the Companys CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. In the third quarter of 2025, the Company revised its operating segments to align with how the CODM manages the business, and as a result, the Company has determined it has one reportable segment. The segment is evaluated regularly on a consolidated basis by the Companys CODM in assessing performance and allocating resources. The Companys CODM uses adjusted operating profit (loss) to allocate resources during the annual budgeting and forecasting process and to assess the Companys performance. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is presented below, along with a reconciliation to income before taxes. Asset information is not a measure of performance used by the Companys CODM. Accordingly, we have not disclosed asset information. The following table presents segment information with respect to the Companys single operating segment for the three and nine months ended September 3 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 30, 2025, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2024, have not changed. Recently Issued Accounting Pronouncements Accounting Standard Updates Topic Effective Period Summary 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures Fiscal years, beginning after December 15, 2024. Early adoption is permitted. Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company plans to adopt this guidance in the fourth quarter of 2025 and does not expect a significant impact on its income tax disclosures. 2024-03 2025-01 Income Statement- Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses Fiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Companys disclosures. 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for and Disclosure of Internal-Use Software Fiscal years, beginning after December 15, 2027, and for interim perio …

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SUPPLEMENTAL STOCKHOLDERS EQUITY INFORMATION Share Repurchases The Board of Directors approved Class A share repurchase programs in February 2023 ($250.0 million) and February 2025 ($350.0 million). The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. During the nine months ended September 30, 2025, repurchases totaled approximately $109.8 million (excluding commissions and excise taxes). As of September 30, 2025, approximately $405.6 million remains available and authorized for repurchases. Accumulated Other Comprehensive Income The following table summarizes the changes in AOCI by component as of September 30, 2025: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 31, 2024 $ (2,762) $ (363,874) $ 830 $ (365,806) Other comprehensive (loss)/income before reclassifications, before tax (2,701) 1,715 (986) Amounts reclassified from accumulated other comprehensive loss, before tax 13,217 13,217 Income tax (benefit)/expense (709) 3 …

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