TDAY

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USA TODAY Co. Announces Second Quarter Results & Reiterates Business Outlook

NEW YORK, NY — August 6, 2026 — USA TODAY Co., Inc. ("USA TODAY Co.", "we", "us", "our", or the "Company") (NYSE: TDAY) today reported its financial results for the second quarter ended June 30, 2026.

"The second quarter reflected continued progress against our long-term strategy and reinforced our confidence in reaffirming our full-year outlook. We reduced operating expenses by approximately 8% year-over-year, generated approximately $20 million of free cash flow, an increase of approximately 11% year-over-year, and delivered positive net income for the second consecutive quarter," said Michael Reed, Chairman and Chief Executive Officer.

"Our Digital-only subscription and Digital other businesses continued to build momentum and remain important drivers of our long-term growth. Digital-only subscription revenues grew year-over-year for the second consecutive quarter, while digital-only ARPU reached another record high. Digital other revenues also grew year-over-year, and we expect this revenue stream to continue expanding throughout the year as we broaden our portfolio of content licensing partners and further grow our commerce opportunities."

"Consumer discovery continues to evolve beyond traditional search, and we have been preparing for that shift by expanding our reach across social, video and newsletters while strengthening our first-party audience capabilities. Combined with investments in technologies like Palantir, these initiatives are helping us better understand and monetize our audience while building a more diversified and resilient business."

"While quarterly results may fluctuate as we execute our strategy, our long-term business plan remains intact and supports our confidence in reaffirming our full-year outlook. Across the business we continue to see meaningful progress, and we believe are getting close to crossing that revenue inflection point. We believe we are building a strong operating foundation on a large and engaged audience, from which data and signals will drive greatly improved monetization as we leverage that intelligence."

"We are confident in the steps we are taking to position the Company for sustainable long-term revenue growth combined with free cash flow growth and margin expansion, leading to long-term value creation for shareholders."

Second Quarter 2026 Financial Highlights:

•Total revenues of $536.3 million decreased 8.3% year-over-year and decreased 6.1% on a same-store basis(1)

•Total digital revenues of $254.3 million, or 47.4% of total revenues

•Net income attributable to USA TODAY Co. of $9.1 million, reflecting the second consecutive quarter of positive net income

•Total Adjusted EBITDA(1) of $56.9 million

•Cash provided by operating activities of $35.4 million

•Free cash flow(1) of $19.6 million

Second Quarter 2026 Digital Highlights:

•158 million average monthly unique visitors(2)

•Digital advertising revenues of $79.8 million

•Digital-only subscription revenues of $45.6 million, representing the second consecutive quarter of year-over-year growth

•LocaliQ segment core platform revenues(3) of $106.3 million

(1) Total Adjusted EBITDA, Segment Adjusted EBITDA, Total Adjusted EBITDA margin, Adjusted net income (loss) attributable to USA TODAY Co., Free cash flow, and Same store revenues are non-GAAP measures. See "Use of Non-GAAP Information" below for information about these non-GAAP measures.

(2) 158 million average monthly unique visitors in the second quarter of 2026 with approximately 107 million average monthly unique visitors coming from our U.S. media network, which includes USA TODAY (as measured by © 2026 Comscore, Media Metrix (June 2026), Desktop + Mobile) and approximately 51 million average monthly unique visitors resulting from our U.K. digital properties (based on Adobe Analytics).

(3) See "Key Performance Indicators" ("KPI") below for information about our use of KPIs.

◦Key metrics improved sequentially including core platform revenues(3), Segment Adjusted EBITDA(1), core platform average revenue per user(3) and core platform average customer count(3)

Second Quarter 2026 Capital Structure Highlights:

•Cash and cash equivalents of $86.7 million as of June 30, 2026

•Total debt principal outstanding at June 30, 2026 was $970.5 million, including $722.7 million in first lien debt

•First lien net leverage(4) was 2.3x, a decrease of 14% year-over-year

Business Outlook:(5)

The Company reiterates its full year 2026 outlook.

•Full Year 2026 Business Outlook(5)

◦Total revenues are expected to be flat to down in the low single digits on a same store basis(1)

▪Total digital revenues are expected to grow versus the prior year on a same store basis(1) and are expected to make up 50%+ of total revenues during 2026

◦Net income attributable to USA TODAY Co. is expected to grow versus the prior yea

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USA TODAY Co. Announces Fourth Quarter Results & 2026 Business Outlook

NEW YORK, NY — February 26, 2026 — USA TODAY Co., Inc. ("USA TODAY Co.", "we", "us", "our", or the "Company") (NYSE: TDAY) today reported its financial results for the fourth quarter ended December 31, 2025.

"In the fourth quarter, we delivered one of our strongest performances in recent years. Same-store revenue trends achieved their best performance in nearly four years, driven by an expansion of digital revenues, which returned to year-over-year growth on a same-store basis. As a result, total digital revenues surpassed 47% of total revenues, representing an all-time high," said Michael Reed, Chairman and Chief Executive Officer.

"Total Adjusted EBITDA exceeded $90 million, marking our highest quarterly result in four years. We also generated our highest level of free cash flow in over two years."

"During the full year of 2025, we delivered our third consecutive year of free cash flow growth over the prior year, generated positive net income for the first time since our merger in 2019, and signed several AI licensing deals that are expected to be highly accretive to Total Adjusted EBITDA. We also strengthened our balance sheet, evidenced by long-term debt repayment of approximately $136 million in the year, a solid cash position of over $90 million to end the year, and a first lien net leverage of 2.4x, which decreased 11% over the prior year."

"The strength of our results underscores both the traction we have gained and the long-term potential of the strategic initiatives that were advanced in 2025. Importantly, our performance punctuated what we believe was a defining year for the Company, marked by significant milestones and a successful rebrand that fully embraces the ethos of a dynamic media company."

"Overall, we are excited by the progress achieved in 2025 and we look forward to building on this success in 2026."

Fourth Quarter 2025 Financial Highlights:

•Total revenues of $585.0 million decreased 5.8% year-over-year and 3.9% on a same-store basis(1), representing a 290 basis point improvement from the third quarter of 2025, and our best performance since the first quarter of 2022

•Total digital revenues of $277.5 million, 47.4% of total revenues

◦Total digital revenues returned to year-over-year growth on a same store basis(1), and improved sequentially by 410 basis points

•Net loss attributable to USA TODAY Co. of $30.1 million, reflecting a 5.1% net loss margin

•Total Adjusted EBITDA(1) of $91.1 million, an increase of 16.6% year-over-year

◦Total Adjusted EBITDA margin(1) of 15.6% improved 300 basis points compared to Total Adjusted EBITDA margin(1) of 12.6% in the fourth quarter of 2024

•Cash provided by operating activities of $43.4 million, an increase of 382.4% year-over year

•Free cash flow(1) of $31.5 million, an increase of 722.3% year-over-year

Fourth Quarter 2025 Digital Highlights:

•179 million average monthly unique visitors(2)

•Digital advertising revenues of $94.4 million, an increase of 1.8% versus the prior year period, representing the third consecutive quarter of year-over-year growth

•Digital-only subscription revenues of $45.6 million

(1) Total Adjusted EBITDA, Total Adjusted EBITDA margin, Adjusted net income (loss) attributable to USA TODAY Co., Free cash flow, and Same store revenues are non-GAAP measures. See "Use of Non-GAAP Information" below for information about these non-GAAP measures.

(2) 179 million average monthly unique visitors in the fourth quarter of 2025 with approximately 125 million average monthly unique visitors coming from our U.S. media network, which includes USA TODAY (as measured by © 2025 Comscore, Media Metrix (December 2025), Desktop + Mobile) and approximately 54 million average monthly unique visitors resulting from our U.K. digital properties (based on Adobe Analytics).

◦Digital-only subscription revenues recorded its second consecutive quarter of sequential growth

•Digital Marketing Solutions segment core platform revenues(3) of $107.3 million

Fourth Quarter 2025 Capital Structure Highlights:

•Cash and cash equivalents of $90.2 million as of December 31, 2025

•Total debt principal outstanding at December 31, 2025 was $977.3 million, including $729.5 million in first lien debt

•First lien net leverage(4) was 2.4x, a decrease of 10.7% year-over-year

•Repaid $19.1 million of debt

•Subsequent to the fourth quarter of 2025, the Company completed the transfer of The Detroit News from MediaNews Group (the "Detroit News Transaction"). Financing for the Detroit News Transaction was funded partially with cash on the balance sheet, and in part with incremental debt financing under our 2029 Term Loan Facility in an aggregate principal amount equal to $15.0 million from funds managed by affiliates of Apollo Global Management Inc.  As part of the financing, certain terms of our 2029 Term Loan Facilit