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New York Times cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$170M in Q3 2026 · $593M over twelve months

Operating cash flow$176M
Capital spending−$5.6M
Free cash flow+$170M
Cash / net income1.8×
Cash conversion cycle-9 days

Analysis

In Q3 2026, New York Times generated $176M of operating cash flow and spent $5.6M on capital projects, leaving free cash flow of $170M. That is $29.6M less than in Q3 2025 ($200M).

Over the twelve months to Sep 30, 2026, operating cash flow was $626M; the largest uses were buybacks ($226M), other investing ($206M), dividends ($134M); the cash balance fell by $28.9M.

Operating cash flow was $176M against net income of $97.4M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: payables +$23.9M, depreciation & amortization +$21.1M, stock-based pay +$19.1M.

Its cash conversion cycle was -9 days (receivables 29 + inventory 0 − payables 38): suppliers fund its working capital.

Free cash flow

New York Times: free cash flow by quarterNew York Times: free cash flow by quarter$144MQ4 2024$89.9MQ1 2025$103MQ2 2025$200MQ3 2025$158MQ4 2025$81.5MQ1 2026$184MQ2 2026$170MQ3 2026
Operating cash flow less capital spending.
New York Times: operating cash flow against capital spendingNew York Times: operating cash flow against capital spendingOperating cash flowCapital spending$152M$8.1MQ4 2024$99.1M$9.2MQ1 2025$114M$10.3MQ2 2025$208M$7.9MQ3 2025$164M$6.5MQ4 2025$92.2M$10.7MQ1 2026$194M$10.1MQ2 2026$176M$5.6MQ3 2026
Latest (Q3 2026): Operating cash flow $176M, Capital spending $5.6M.

Capital allocation, year by year

New York Times: where the cash came from (up) and went (down), by fiscal yearNew York Times: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $269MFY2021: Shares issued $2.5MFY2021: Capital spending −$34.6MFY2021: Dividends −$45.3M$272MFY2021FY2022: Operating cash flow $151MFY2022: Shares issued $3KFY2022: Capital spending −$37.0MFY2022: Acquisitions −$516MFY2022: Buybacks −$105MFY2022: Dividends −$56.8M$151MFY2022FY2023: Operating cash flow $361MFY2023: Capital spending −$22.7MFY2023: Buybacks −$44.6MFY2023: Dividends −$69.5M$361MFY2023FY2024: Operating cash flow $411MFY2024: Capital spending −$29.2MFY2024: Buybacks −$85.0MFY2024: Dividends −$82.9M$411MFY2024FY2025: Operating cash flow $584MFY2025: Capital spending −$34.0MFY2025: Buybacks −$165MFY2025: Dividends −$110M$584MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were acquisitions ($516M) and buybacks ($400M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$673M
Debtnone
Net cash$673M

New York Times funds itself: free cash flow was $593M over the last twelve months, with $673M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

New York Times: sources (+) and uses (−) of cash, Q3 2026New York Times: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$176MBuybacks−$79.1MOther investing−$64.1MDividends−$37.2MCash drawn (+) / kept (−)$11.2MCapital spending−$5.6MTaxes on employees’ shares−$1.6MExchange rates$615K
New York Times: sources (+) and uses (−) of cash, TTM to Q3 2026New York Times: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$626MBuybacks−$226MOther investing−$206MDividends−$134MTaxes on employees’ shares−$55.7MCapital spending−$33.0MCash drawn (+) / kept (−)$28.9MExchange rates−$533K

From profit to cash

New York Times: net income to operating cash flow, Q3 2026New York Times: net income to operating cash flow, Q3 2026Net income$97.4MDepreciation & amortization$21.1MStock-based pay$19.1MReceivables−$12.7MPayables$23.9MDeferred revenue$7.9MPrepaid and other assets$15.0MOperating cash flow$176M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202629—38-9
Q2 202628—36-8
Q1 202633—34-1
Q4 202528—33-5
Q3 202527—33-6
Q2 202527—32-6
Q1 202531—33-2
Q4 202428—35-8

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$176M−$5.6M−$79.1M−$37.2M$11.2M$170M
Q2 2026$194M−$10.1M−$35.4M−$37.2M−$46.0M$184M
Q1 2026$92.2M−$10.7M−$56.3M−$30.4M$70.0M$81.5M
Q4 2025$164M−$6.5M−$55.5M−$29.3M−$6.3M$158M
Q3 2025$208M−$7.9M−$27.3M−$29.4M−$51.3M$200M
Q2 2025$114M−$10.3M−$23.6M−$29.6M−$15.8M$103M
Q1 2025$99.1M−$9.2M−$59.0M−$22.1M$16.7M$89.9M
Q4 2024$152M−$8.1M−$24.7M−$21.4M$5.0M$144M

New York Times: income statement and cash flow

New York Times, Q3 2026: revenue $769M (+10% year over year), operating margin 15.9%. The chart follows the revenue to costs, profit and cash.

New York Times: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.