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USA TODAY Co Inc

usatodayco.com

What Do They Do?

Publishes national and local journalism in print and digital formats, and provides digital marketing services to readers, advertisers, and small and medium-sized businesses.

How Do They Make Money?

Print and commercial: advertisers pay when ads appear, subscribers are billed at the start of a subscription for service over its term, and commercial customers pay when printing is delivered. Digital marketing clients typically pay monthly in advance; digital subscribers are billed at the start of the subscription period.

revenue
SegmentShareRevenue
Digital
46%
FY2022: 35%
Print and commercial
54%
FY2022: 65%

Who Are Their Customers?

Readers access print and digital news; local and national businesses buy advertising and marketing services through company sales teams, self-service options, and select agencies or resellers.

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.

Operating income, FY2025
11% of revenue
▲ Now profitable vs FY2024 (−$42.8M, −2%)
Net income, FY2025
0% of revenue
▲ Now profitable vs FY2024 (−$26.4M, −1%)
Free cash flow, FY2025
3% of revenue
▲ +24% vs FY2024 ($50.8M, 2%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▼ −8%
vs $584.9M in Q2 FY2025
Net income
▼ −88%
vs $78.4M in Q2 FY2025
Print and commercial share of revenue vs 54.6% in Q2 FY2025
  • Aug 6, 2026 Reiterated its full-year outlook Revenue is expected to be flat to down on a same-store basis, while digital revenue, net income, adjusted EBITDA and cash flow are expected to grow.

Shrinking. Revenue fell 28% in 4 years, from $3.2B in FY2021 to $2.3B in FY2025, about 8% a year.

Broader digital revenue channels The older report framed digital growth around recurring businesses and a subscription-led model; the latest emphasizes a wider set of audience monetization channels, including commerce, content partnerships and licensing.

Revenue over time
Digital Print and commercial
$5B$2.5B$0

Who Do They Compete With?

Competes with Fox News Digital Network, New York Times Digital, Insider, and WashingtonPost.com

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