NYSE$NYT
The New York Times Co · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
The New York Times Company reported fourth-quarter and full-year results and announced dividend increase.
The New York Times Company's Q4 2020 earnings showed a slight increase in total revenues, driven by subscription revenue growth offsetting declines in advertising and other revenues. Total revenues increased 0.2 percent to $509.4 million. The company achieved a record 2.3 million net new digital-only subscription additions in 2020, with 627,000 total net additions in the fourth quarter.
- Total subscriptions reached 7.5 million across digital and print products.
- Digital revenue overtook print for the first time.
- Digital subscription revenue became the largest revenue stream.
- The company ended the quarter with $882 million in cash and marketable securities.
Headline financials
Revenue & EPS history
NYT · Revenue · Quarterly
$509M
Revenue by segment
NYT · $306M total across 3 segments · Q4 2020
- Digital-only subscription$167M+36.8%54.5%
- Digital advertising$90.1M-2.3%29.4%
- Print advertising$49.1M-37.9%16.0%
Forward guidance
The company expects subscription revenues to increase approximately 15 percent, with digital-only subscription revenue expected to increase approximately 35 percent to 40 percent. Total advertising revenues are expected to decline in the high-teens, with digital advertising revenue expected to increase in the low- to mid-single digits. Other revenues are expected to decrease approximately 10 percent to 15 percent.
Tailwinds
- Total subscription revenues in the first quarter of 2021 are expected to increase approximately 15 percent compared with the first quarter of 2020.
- Digital-only subscription revenue expected to increase approximately 35 percent to 40 percent.
- Digital advertising revenue expected to increase in the low- to mid-single digits.
- Company continues to invest in the drivers of digital subscription growth.
- Interest income and other, net: $6 million to $8 million.
Headwinds
- Total advertising revenues in the first quarter of 2021 are expected to decline in the high-teens compared with the first quarter of 2020
- Other revenues in the first quarter of 2021 are expected to decrease approximately 10 percent to 15 percent compared with the first quarter of 2020.
- Operating costs and adjusted operating costs in the first quarter of 2021 are expected to increase in the mid-single digits compared with the first quarter of 2020.
- Depreciation and amortization: approximately $60 million.
- Capital expenditures: approximately $50 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2020
-0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+3.8%
Avg return
30 days after
43%
29 / 68 earnings
Positive
+17.1%
Q1 2017
Best reaction
-23.1%
Q3 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.8% | +0.0% | -0.5% | |
| Q4 2025 | -6.3% | -4.9% | +11.4% | |
| Q3 2025 | -0.3% | +8.4% | +12.1% | |
| Q1 2025 | -0.1% | +3.0% | +6.0% | |
| Q4 2024 | -11.9% | -11.9% | -11.9% | |
| Q3 2024 | -6.3% | -1.0% | -3.9% | |
| Q2 2024 | +3.0% | +3.3% | +1.6% | |
| Q1 2024 | +3.8% | +3.9% | +8.7% | |
| Q4 2023 | -9.9% | -8.7% | -10.8% | |
| Q3 2023 | +3.6% | +4.4% | +12.2% | |
| Q2 2023 | +7.5% | +8.6% | +9.3% | |
| Q1 2023 | -7.7% | -6.5% | -6.0% | |
| Q4 2022 | +9.3% | +7.4% | -0.6% | |
| Q3 2022 | +12.5% | +16.2% | +21.5% | |
| Q2 2022 | -0.9% | -0.5% | -1.6% | |
| Q1 2022 | -7.8% | -13.8% | -11.8% | |
| Q4 2021 | +0.8% | -1.4% | +11.5% | |
| Q3 2021 | -8.2% | -11.4% | -14.9% | |
| Q2 2021 | +8.6% | +9.8% | +19.7% | |
| Q1 2021 | -1.2% | -0.2% | -6.8% | |
| Q4 2020 | -0.6% | -2.7% | -0.8% | |
| Q3 2020 | -4.6% | -7.6% | +14.0% | |
| Q2 2020 | -0.7% | -4.9% | -7.4% | |
| Q1 2020 | +5.2% | +8.2% | +24.3% | |
| Q4 2019 | +9.4% | +13.0% | +9.6% | |
| Q3 2019 | -5.4% | -2.3% | +1.3% | |
| Q2 2019 | -14.4% | -20.2% | -14.7% | |
| Q1 2019 | +5.9% | -0.5% | -1.1% | |
| Q4 2018 | +13.7% | +16.1% | +23.9% | |
| Q3 2018 | +5.4% | +2.0% | +1.6% | |
| Q2 2018 | -6.0% | -6.4% | -6.0% | |
| Q1 2018 | -0.9% | -0.9% | +0.0% | |
| Q4 2017 | +8.8% | +9.0% | +11.7% | |
| Q3 2017 | -6.5% | -9.4% | -2.4% | |
| Q2 2017 | +5.2% | +4.1% | -0.5% | |
| Q1 2017 | +17.1% | +18.9% | +23.1% | |
| Q4 2016 | +5.9% | +8.1% | +7.7% | |
| Q3 2016 | -0.9% | +1.8% | +17.4% | |
| Q2 2016 | +1.5% | -0.1% | +2.0% | |
| Q1 2016 | -4.3% | — | — | |
| Q4 2015 | -2.3% | — | — | |
| Q3 2015 | +1.8% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | +6.2% | — | — | |
| Q4 2014 | +9.2% | — | — | |
| Q3 2014 | -4.2% | — | — | |
| Q2 2014 | -9.3% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +4.2% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | -2.1% | — | — | |
| Q1 2013 | -0.9% | — | — | |
| Q4 2012 | +5.2% | — | — | |
| Q3 2012 | -23.1% | — | — | |
| Q2 2012 | +9.3% | — | — | |
| Q1 2012 | -2.0% | — | — | |
| Q2 2011 | +0.8% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q3 2011 | -0.8% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q2 2010 | -7.3% | — | — | |
| Q4 2008 | -7.3% | — | — | |
| Q4 2010 | -7.3% | — | — | |
| Q3 2010 | +0.5% | — | — | |
| Q3 2009 | +0.5% | — | — | |
| Q2 2009 | -3.4% | — | — | |
| Q4 2009 | -3.4% | — | — |
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