The New York Times Company
Publisher of The New York Times, running subscriptions, Games, Cooking, and ads across print and digital.
On the record
Checkpoint: Sanctions motion and expected summary judgment progress in NYT v. OpenAI and Microsoft copyright case
The call
Subscriber and revenue growth held up through the first years of the AI answer-engine era, with the OpenAI lawsuit still unresolved.
The New York Times sells news subscriptions, games like Wordle and Spelling Bee, and recipes to readers who pay them directly, avoiding dependence on social media platforms or search engines. AI chatbots like ChatGPT and Google Gemini can summarize news headlines cheaply, but they cannot replicate the Times's games, access the company's reporters and their sources, or legally train on the Times's archive without paying for a license. The company's financial health over the next year depends on whether it keeps adding hundreds of thousands of new digital subscribers each quarter; if subscriber growth turns negative, it would signal that AI search engines are hurting the business badly enough to matter.
Why
01
AI pressure: ChatGPT, Gemini, Copilot, and other AI answer engines. AI answer engines summarize headlines and cut referral traffic, but subscribers keep paying directly for reporting and Games. Could AI do the core job? Only partly.
02
Bigger players: OpenAI and Microsoft. OpenAI and Microsoft face an active lawsuit from the Times over using its articles to train AI models without a license. Could a giant copy it? Probably.
03
What protects it. Direct billing relationship with 13 million subscribers plus Games and Cooking habits that AI summaries cannot replace.
What would change this call
Digital-only net subscriber additions turn negative for two consecutive quarters. Would show AI answer engines are actually displacing subscriptions, not just referral traffic.
Ruling or sanctions outcome in NYT v. OpenAI/Microsoft case (July 2026 motion, later trial). Would show whether the archive's legal shield against AI training holds or weakens.
Games/Cooking bundle attach rate reported below 50% of subscribers. Would show the non-news habit hooks are losing their lock-in power.
Ruling or sanctions outcome in NYT v. OpenAI/Microsoft case (July 2026 motion, later trial). Would show whether the archive's legal shield against AI training holds or weakens.
Games/Cooking bundle attach rate reported below 50% of subscribers. Would show the non-news habit hooks are losing their lock-in power.
Key numbers
- 13 million total subscribers, up 310K net in Q1
- Q1 2026 revenue $712.2M, up 12% YoY
- Digital-only revenue topped $2B for first time in 2025
Named risks
- NYT v. OpenAI/Microsoft litigation outcome uncertain, sanctions motion pending July 2026.
- Tech Guild AI-surveillance dispute could escalate into work action during contract talks.
- AI answer engines eroding referral traffic and top-of-funnel casual readership.
- Heavy video-investment spend could pressure margins if monetization lags.
- DOJ subpoenas against NYT reporters could be reissued, renewing press-freedom tension.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Wall Street Journal | contesting | WSJ digital subs up 30% in 3 years to 3.79M by Feb 2026, vs NYT's 12.21M digital-only |
| Washington Post | losing to | WaPo cut ~300 jobs and print subs fell below 100K for first time in 55 years, early 2026 |
| Gannett/USA Today Network | losing to | Gannett has ~2M digital subscriptions vs NYT's 12M+ as of Feb 2026 |
| OpenAI/Microsoft | contesting | Active copyright litigation since Dec 2023, sanctions motion filed Jul 2026 |
| News Corp | contesting | News Corp took $250M+ OpenAI licensing deal (May 2024) vs NYT's litigation-first strategy |
Questions people ask
- Is The New York Times Company profitable in 2026?
- Yes. FY2025 net income was $344.0 million on $2.82 billion revenue, and Q1 2026 adjusted operating profit hit $117.9 million, up 27.2% YoY, reported May 6, 2026. The company is also debt-free with about $1.2 billion in cash as of year-end 2025.
- Could AI replace The New York Times?
- Unlikely soon. AI answer engines can summarize headlines but can't replicate Wordle, Cooking recipes, or reporting requiring source access. NYT passed 13 million subscribers by May 2026 and is suing OpenAI and Microsoft since December 2023 to block unlicensed use of its archive.
- Who owns The New York Times Company?
- It's publicly traded on the NYSE (ticker NYT), chaired by the Ochs-Sulzberger family since 1896. A.G. Sulzberger is chairman/publisher and Meredith Kopit Levien is President/CEO as of the Q4 2025 earnings call on February 4, 2026. Market cap was about $11.8 billion as of July 23, 2026.
- Who is The New York Times Company's biggest competitor?
- The Wall Street Journal (News Corp) is the closest premium rival, with about 3.79 million digital-only subscribers versus NYT's 12.21 million digital-only subscribers as of early 2026. Washington Post and Gannett trail further behind at roughly 2.5 million and 2 million digital subscribers respectively.
- Is The New York Times laying off employees in 2026?
- No broad layoffs reported. Full-time-equivalent headcount rose to about 6,000 as of December 31, 2025, up from 5,900 in 2024, and the newsroom hit a record ~2,300 journalists by March 12, 2026, even as rival Washington Post cut about 300 jobs around February 2026.
- Is The New York Times winning its lawsuit against OpenAI?
- Partially favorable so far: in March 2025 a judge denied most of OpenAI's motion to dismiss, and in January 2026 OpenAI was compelled to produce 20 million ChatGPT conversation logs. But on June 25, 2026 NYT narrowed the suit, dropping a claim against OpenAI and shifting focus to Microsoft; trial is expected late 2026 or 2027.
Timeline
- 2026-07-09NYT and 16 publishers file sanctions motion accusing OpenAI of withholding evidence
- 2026-06-25NYT narrows lawsuit, drops OpenAI secondary-liability claim, refocuses on Microsoft
- 2026-05-27NewsGuild/Tech Guild files grievances alleging AI surveillance of tech workers
- 2026-05-06NYT reports passing 13 million total subscribers, Q1 revenue $712.2M
- 2026-03-12NYT newsroom reaches record ~2,300 journalists
- 2026-02-27FY2025 results: $2.82B revenue, $344.0M net income, $550.5M free cash flow
- 2026-01-05Judge orders OpenAI to produce 20 million de-identified ChatGPT conversation logs
- 2025-05-29NYT signs first generative-AI licensing deal, with Amazon
- 2025-03-01Judge denies most of OpenAI's motion to dismiss NYT copyright suit
- 2023-12-27NYT sues OpenAI and Microsoft for copyright infringement in SDNY
Revision history
24 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- NYT FY 2025 net cash from operating activities rises 42.4% (2026-02-27)
- NY Times Q4 2025 Earnings Call Transcript (2026-02-04)
- The New York Times Passes 13 Million Subscribers (2026-05-06)
- gurufocus.com (2026-07-23)
- New York Times Newsroom Hits Record 2,300 Journalists (2026-03-12)
- The New York Times Company (NYT) Number of Employees 1989-2025 (2026-07-03)
- New York Times (NYT) Earnings Call Transcripts
- The New York Times and Amazon ink AI licensing deal (2025-05-29)
- New York Times, publishers seek sanctions against OpenAI (2026-07-10)
- The New York Times v. Microsoft and OpenAI
- ailawsuittracker.com (2026-05-27)
- NYT Narrows AI Lawsuit, Drops OpenAI Claim (2026-06-26)