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How much in digital advertising revenues will the New York Times Company report in its Q2 2026 earnings release?

post 44126 · question 44148 · numeric · summer-futureeval-2026 · 2026-06-23T12:01:58.499205 · View on Metaculus →
111000000.0
Submitted p50
weighted_average
Fermi logic
economics
Domain

Plan 13.19s

Combine historical NYT digital ad revenue trends (seasonal Q1-to-Q2 lift and YoY growth) with macro ad-environment stability to produce a central numeric estimate; sub-question probabilities blend via weighted average to gauge whether the figure lands above key reference points (Q1 2026 and Q2 2025).

Sub-questions (3)

sq1
Will NYT Q2 2026 digital advertising revenue exceed its Q1 2026 level of $93.255 million?
Q2 typically shows seasonal lift over Q1 in ad spending; establishes whether the baseline trend is upward.
w=0.40
sq2
Will NYT Q2 2026 digital advertising revenue exceed its Q2 2025 (year-ago) level, indicating continued YoY growth?
YoY comparison captures the secular growth trend in NYT digital ads; recent quarters have surged.
w=0.35
sq3
Will the macro advertising environment (employment/consumer spending) remain stable or growing through Q2 2026?
Digital ad spend is sensitive to macro conditions; a downturn would suppress revenue.
w=0.25

Tool requests (4)

earnings_data sq1, sq2 {"company_names": ["New York Times Company"], "tickers": ["NYT"]}
article_search sq1, sq2 {"lookback_days": 120, "queries": ["New York Times digital advertising revenue 2026 earnings", "NYT Q2 2026 advertising results", "New York Times Company advertising revenue growth quarterly"]}
fred_data sq3 {"lookback_months": 24, "search_text": "digital advertising spending", "series_ids": ["UNRATE", "PCEC96", "RSAFS"]}
code_execution sq1, sq2 {"code": "import numpy as np\n# Recent NYT quarterly digital ad revenue (approx, in $M)\n# Q1 2026 = 93.255; estimate trend with seasonal Q2 lift\nq1_2026 = 93.255\n# Historical YoY growth ~5-10% for digital ads; Q2 seasonal lift over Q1 ~5-15%\ngrowth_scenarios = [q1_2026*(1+s) for s in [0.05,0.08,0.10,0.13]]\nprint(\u0027Q2 2026 scenarios:\u0027, [round(x,1) for x in growth_scenarios])\nprint(\u0027Central estimate:\u0027, round(np.mean(growth_scenarios),1))", "description": "Estimate Q2 2026 digital ad revenue from Q1 2026 base applying seasonal and YoY growth scenarios"}

Research 11.52s · 4 tool(s) · 0 error(s)

earnings_data ok ok 0.7s
article_search ok 28 articles 0.82s
fred_data ok 3 series 11.52s
code_execution ok Estimate Q2 2026 digital ad revenue from Q1 2026 base applyi ?s
Cross-market signals
## Cross-Market Signals

### No signal found

Evidence Synthesis 15.16s · 8 items

Direction mix: UP 5 DOWN 0 NEUTRAL 3
sq1 earnings_data STRONG cred 95 NEUTRAL DATED
NYT Q1 2026 digital advertising revenue was reported at $93.255 million, the reference baseline for Q2 comparison.
sq1 code_execution MODERATE cred 45 UP VERY_RECENT
Modeled Q2 2026 digital ad scenarios applying seasonal/YoY growth range $97.9M-$105.4M, central estimate $101.6M, above Q1's $93.255M.
sq1 article_search MODERATE cred 65 UP DATED
AdExchanger reported NYT ad and subscription revenue surging while WaPo struggles, indicating positive NYT ad momentum.
sq2 article_search MODERATE cred 70 UP RECENT
2026 midterm election cycle projected at record $11.6 billion ad spend, exceeding 2024 presidential cycle, boosting overall ad demand.
sq2 article_search MODERATE cred 65 UP RECENT
Media executives at 2026 TV upfronts said macro/geopolitical issues are not significantly disrupting advertiser discussions this year.
sq3 article_search MODERATE cred 72 UP RECENT
Q1 2026 S&P 500 corporate earnings strong with 82-84% beating expectations and sixth straight quarter of double-digit profit growth.
sq3 article_search WEAK cred 60 NEUTRAL RECENT
Ongoing US-Iran Middle East conflict with a two-week ceasefire creates geopolitical uncertainty and rising fuel costs.
sq3 article_search WEAK cred 60 NEUTRAL RECENT
Federal Reserve has begun easing benchmark rates while rates remain elevated as of May 2026.

Information gaps

Key uncertainties

Forecast 29.1s · opus

Rationale

(a) The question resolves after NYT's Q2 2026 earnings release, roughly a quarter out. (b) Status quo: Q1 2026 digital ad revenue was $93.255M; with no change that is the anchor. (c) Current trend: Q2 typically shows seasonal lift over Q1 plus ~10-15% YoY growth, and modeled scenarios center around $101.6M ($97.9M-$105.4M). (d) Experts/base rates point to continued YoY growth aided by midterm election ad spend and stable macro conditions, but the central modeled estimate (~$101M) sits below the question's [110M,120M] range floor. (e) Low outcome: macro drag or weaker-than-expected seasonal lift keeps the value below $110M, resolving at the floor. (f) High outcome: a strong seasonal surge plus election-cycle ad demand pushes digital ads toward $115M. Given the tension between the modeled estimate (~$101M) and the imposed range, I expect the result to land near the lower bound, with substantial mass compressed at $110M and a right tail toward $115M+.
Evidence brief shown to forecaster
1. [sq1 | earnings_data | STRONG cred 95 | NEUTRAL | DATED] NYT Q1 2026 digital advertising revenue was reported at $93.255 million, the reference baseline for Q2 comparison.
2. [sq1 | code_execution | MODERATE cred 45 | UP | VERY_RECENT] Modeled Q2 2026 digital ad scenarios applying seasonal/YoY growth range $97.9M-$105.4M, central estimate $101.6M, above Q1's $93.255M.
3. [sq1 | article_search | MODERATE cred 65 | UP | DATED] AdExchanger reported NYT ad and subscription revenue surging while WaPo struggles, indicating positive NYT ad momentum.
4. [sq2 | article_search | MODERATE cred 70 | UP | RECENT] 2026 midterm election cycle projected at record $11.6 billion ad spend, exceeding 2024 presidential cycle, boosting overall ad demand.
5. [sq2 | article_search | MODERATE cred 65 | UP | RECENT] Media executives at 2026 TV upfronts said macro/geopolitical issues are not significantly disrupting advertiser discussions this year.
6. [sq3 | article_search | MODERATE cred 72 | UP | RECENT] Q1 2026 S&P 500 corporate earnings strong with 82-84% beating expectations and sixth straight quarter of double-digit profit growth.
7. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Ongoing US-Iran Middle East conflict with a two-week ceasefire creates geopolitical uncertainty and rising fuel costs.
8. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Federal Reserve has begun easing benchmark rates while rates remain elevated as of May 2026.

## Cross-Market Signals

### No signal found

Information gaps:
  - Q2 2025 NYT digital ad revenue figure (the YoY benchmark) not provided
  - Historical NYT Q1-to-Q2 seasonal lift base rates
  - Recent NYT-specific ad guidance or management commentary for Q2 2026
  - Q2 2026 macro employment/consumer spending data

Key uncertainties:
  - Magnitude of NYT seasonal Q2 uplift vs Q1
  - Whether YoY digital ad growth continued through Q2
  - Election-cycle ad spend benefit to NYT specifically
  - Geopolitical/fuel cost drag on advertiser budgets
Raw forecast prompt
You are an elite superforecaster. Produce a probability distribution over the answer to this Metaculus numeric question.

## Question
How much in digital advertising revenues will the New York Times Company report in its Q2 2026 earnings release?

## Description / Resolution Criteria
## Description
AdExchanger: [NYT’s Ad And Subscription Revenue Surge As WaPo Flails](https://www.adexchanger.com/publishers/nyts-ad-and-subscription-revenue-surge-as-wapo-flails/)

`{"format": "bot_tournament_question", "info": {"hash_id": "73b7a60af7927422", "sheet_id": "61"}}`

## Resolution Criteria
This question resolves as the amount of digital advertising reported by the New York Times Company for the 2nd quarter of 2026.

## Fine Print
For example, for Q1 2026, the amount of digital advertising revenues [was reported](https://nytco-assets.nytimes.com/2026/05/Q1-2026-Earnings-Release.pdf) as $93,255,000

## Range
The answer must be a number in [110000000, 120000000] (units: $).

## Sub-question decomposition (planner)
- (w=0.40) Will NYT Q2 2026 digital advertising revenue exceed its Q1 2026 level of $93.255 million?  — Q2 typically shows seasonal lift over Q1 in ad spending; establishes whether the baseline trend is upward.
- (w=0.35) Will NYT Q2 2026 digital advertising revenue exceed its Q2 2025 (year-ago) level, indicating continued YoY growth?  — YoY comparison captures the secular growth trend in NYT digital ads; recent quarters have surged.
- (w=0.25) Will the macro advertising environment (employment/consumer spending) remain stable or growing through Q2 2026?  — Digital ad spend is sensitive to macro conditions; a downturn would suppress revenue.

## Synthesized evidence
1. [sq1 | earnings_data | STRONG cred 95 | NEUTRAL | DATED] NYT Q1 2026 digital advertising revenue was reported at $93.255 million, the reference baseline for Q2 comparison.
2. [sq1 | code_execution | MODERATE cred 45 | UP | VERY_RECENT] Modeled Q2 2026 digital ad scenarios applying seasonal/YoY growth range $97.9M-$105.4M, central estimate $101.6M, above Q1's $93.255M.
3. [sq1 | article_search | MODERATE cred 65 | UP | DATED] AdExchanger reported NYT ad and subscription revenue surging while WaPo struggles, indicating positive NYT ad momentum.
4. [sq2 | article_search | MODERATE cred 70 | UP | RECENT] 2026 midterm election cycle projected at record $11.6 billion ad spend, exceeding 2024 presidential cycle, boosting overall ad demand.
5. [sq2 | article_search | MODERATE cred 65 | UP | RECENT] Media executives at 2026 TV upfronts said macro/geopolitical issues are not significantly disrupting advertiser discussions this year.
6. [sq3 | article_search | MODERATE cred 72 | UP | RECENT] Q1 2026 S&P 500 corporate earnings strong with 82-84% beating expectations and sixth straight quarter of double-digit profit growth.
7. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Ongoing US-Iran Middle East conflict with a two-week ceasefire creates geopolitical uncertainty and rising fuel costs.
8. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Federal Reserve has begun easing benchmark rates while rates remain elevated as of May 2026.

## Cross-Market Signals

### No signal found

Information gaps:
  - Q2 2025 NYT digital ad revenue figure (the YoY benchmark) not provided
  - Historical NYT Q1-to-Q2 seasonal lift base rates
  - Recent NYT-specific ad guidance or management commentary for Q2 2026
  - Q2 2026 macro employment/consumer spending data

Key uncertainties:
  - Magnitude of NYT seasonal Q2 uplift vs Q1
  - Whether YoY digital ad growth continued through Q2
  - Election-cycle ad spend benefit to NYT specifically
  - Geopolitical/fuel cost drag on advertiser budgets

## Required pre-forecast walkthrough

Before giving percentiles, address these explicitly in your rationale:
  (a) The time left until the question resolves.
  (b) The outcome if NOTHING changes from today (the status quo value).
  (c) The outcome if the CURRENT TREND continues.
  (d) The expectations of experts / markets / base rates.
  (e) A plausible scenario that produces a LOW outcome (near p10).
  (f) A plausible scenario that produces a HIGH outcome (near p90).

## Calibration guidance

- **Be humble about tails.** Good forecasters set WIDE 90/10 intervals to account for unknown unknowns. Narrow tails get punished by the log score far more than slightly-biased medians.
- **Status quo anchoring.** The p50 should be close to the status quo value unless you have strong evidence of a trend.
- Don't pile mass at one value — if you're tempted, widen the spread by 20-50%.
- **Anchor on markets/experts.** If liquid market prices, analyst forecasts, or community percentiles appear in the evidence, center your distribution on them and widen — don't override a liquid market without specific evidence it lacks.

## Output

Return ONLY valid JSON, no markdown fences:

{
  "rationale": "<address (a) through (f) above, then state your distribution — 6-10 sentences total>",
  "p10": <number>,
  "p25": <number>,
  "p50": <number>,
  "p75": <number>,
  "p90": <number>
}

Percentiles MUST be in non-decreasing order (p10 <= p25 <= p50 <= p75 <= p90).

Raw Trace JSON

Show full JSON
{
  "forecast": {
    "evidence_brief": "1. [sq1 | earnings_data | STRONG cred 95 | NEUTRAL | DATED] NYT Q1 2026 digital advertising revenue was reported at $93.255 million, the reference baseline for Q2 comparison.\n2. [sq1 | code_execution | MODERATE cred 45 | UP | VERY_RECENT] Modeled Q2 2026 digital ad scenarios applying seasonal/YoY growth range $97.9M-$105.4M, central estimate $101.6M, above Q1\u0027s $93.255M.\n3. [sq1 | article_search | MODERATE cred 65 | UP | DATED] AdExchanger reported NYT ad and subscription revenue surging while WaPo struggles, indicating positive NYT ad momentum.\n4. [sq2 | article_search | MODERATE cred 70 | UP | RECENT] 2026 midterm election cycle projected at record $11.6 billion ad spend, exceeding 2024 presidential cycle, boosting overall ad demand.\n5. [sq2 | article_search | MODERATE cred 65 | UP | RECENT] Media executives at 2026 TV upfronts said macro/geopolitical issues are not significantly disrupting advertiser discussions this year.\n6. [sq3 | article_search | MODERATE cred 72 | UP | RECENT] Q1 2026 S\u0026P 500 corporate earnings strong with 82-84% beating expectations and sixth straight quarter of double-digit profit growth.\n7. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Ongoing US-Iran Middle East conflict with a two-week ceasefire creates geopolitical uncertainty and rising fuel costs.\n8. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Federal Reserve has begun easing benchmark rates while rates remain elevated as of May 2026.\n\n## Cross-Market Signals\n\n### No signal found\n\nInformation gaps:\n  - Q2 2025 NYT digital ad revenue figure (the YoY benchmark) not provided\n  - Historical NYT Q1-to-Q2 seasonal lift base rates\n  - Recent NYT-specific ad guidance or management commentary for Q2 2026\n  - Q2 2026 macro employment/consumer spending data\n\nKey uncertainties:\n  - Magnitude of NYT seasonal Q2 uplift vs Q1\n  - Whether YoY digital ad growth continued through Q2\n  - Election-cycle ad spend benefit to NYT specifically\n  - Geopolitical/fuel cost drag on advertiser budgets",
    "forecast_prompt": "You are an elite superforecaster. Produce a probability distribution over the answer to this Metaculus numeric question.\n\n## Question\nHow much in digital advertising revenues will the New York Times Company report in its Q2 2026 earnings release?\n\n## Description / Resolution Criteria\n## Description\nAdExchanger: [NYT\u2019s Ad And Subscription Revenue Surge As WaPo Flails](https://www.adexchanger.com/publishers/nyts-ad-and-subscription-revenue-surge-as-wapo-flails/)\n\n`{\"format\": \"bot_tournament_question\", \"info\": {\"hash_id\": \"73b7a60af7927422\", \"sheet_id\": \"61\"}}`\n\n## Resolution Criteria\nThis question resolves as the amount of digital advertising reported by the New York Times Company for the 2nd quarter of 2026.\n\n## Fine Print\nFor example, for Q1 2026, the amount of digital advertising revenues [was reported](https://nytco-assets.nytimes.com/2026/05/Q1-2026-Earnings-Release.pdf) as $93,255,000\n\n## Range\nThe answer must be a number in [110000000, 120000000] (units: $).\n\n## Sub-question decomposition (planner)\n- (w=0.40) Will NYT Q2 2026 digital advertising revenue exceed its Q1 2026 level of $93.255 million?  \u2014 Q2 typically shows seasonal lift over Q1 in ad spending; establishes whether the baseline trend is upward.\n- (w=0.35) Will NYT Q2 2026 digital advertising revenue exceed its Q2 2025 (year-ago) level, indicating continued YoY growth?  \u2014 YoY comparison captures the secular growth trend in NYT digital ads; recent quarters have surged.\n- (w=0.25) Will the macro advertising environment (employment/consumer spending) remain stable or growing through Q2 2026?  \u2014 Digital ad spend is sensitive to macro conditions; a downturn would suppress revenue.\n\n## Synthesized evidence\n1. [sq1 | earnings_data | STRONG cred 95 | NEUTRAL | DATED] NYT Q1 2026 digital advertising revenue was reported at $93.255 million, the reference baseline for Q2 comparison.\n2. [sq1 | code_execution | MODERATE cred 45 | UP | VERY_RECENT] Modeled Q2 2026 digital ad scenarios applying seasonal/YoY growth range $97.9M-$105.4M, central estimate $101.6M, above Q1\u0027s $93.255M.\n3. [sq1 | article_search | MODERATE cred 65 | UP | DATED] AdExchanger reported NYT ad and subscription revenue surging while WaPo struggles, indicating positive NYT ad momentum.\n4. [sq2 | article_search | MODERATE cred 70 | UP | RECENT] 2026 midterm election cycle projected at record $11.6 billion ad spend, exceeding 2024 presidential cycle, boosting overall ad demand.\n5. [sq2 | article_search | MODERATE cred 65 | UP | RECENT] Media executives at 2026 TV upfronts said macro/geopolitical issues are not significantly disrupting advertiser discussions this year.\n6. [sq3 | article_search | MODERATE cred 72 | UP | RECENT] Q1 2026 S\u0026P 500 corporate earnings strong with 82-84% beating expectations and sixth straight quarter of double-digit profit growth.\n7. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Ongoing US-Iran Middle East conflict with a two-week ceasefire creates geopolitical uncertainty and rising fuel costs.\n8. [sq3 | article_search | WEAK cred 60 | NEUTRAL | RECENT] Federal Reserve has begun easing benchmark rates while rates remain elevated as of May 2026.\n\n## Cross-Market Signals\n\n### No signal found\n\nInformation gaps:\n  - Q2 2025 NYT digital ad revenue figure (the YoY benchmark) not provided\n  - Historical NYT Q1-to-Q2 seasonal lift base rates\n  - Recent NYT-specific ad guidance or management commentary for Q2 2026\n  - Q2 2026 macro employment/consumer spending data\n\nKey uncertainties:\n  - Magnitude of NYT seasonal Q2 uplift vs Q1\n  - Whether YoY digital ad growth continued through Q2\n  - Election-cycle ad spend benefit to NYT specifically\n  - Geopolitical/fuel cost drag on advertiser budgets\n\n## Required pre-forecast walkthrough\n\nBefore giving percentiles, address these explicitly in your rationale:\n  (a) The time left until the question resolves.\n  (b) The outcome if NOTHING changes from today (the status quo value).\n  (c) The outcome if the CURRENT TREND continues.\n  (d) The expectations of experts / markets / base rates.\n  (e) A plausible scenario that produces a LOW outcome (near p10).\n  (f) A plausible scenario that produces a HIGH outcome (near p90).\n\n## Calibration guidance\n\n- **Be humble about tails.** Good forecasters set WIDE 90/10 intervals to account for unknown unknowns. Narrow tails get punished by the log score far more than slightly-biased medians.\n- **Status quo anchoring.** The p50 should be close to the status quo value unless you have strong evidence of a trend.\n- Don\u0027t pile mass at one value \u2014 if you\u0027re tempted, widen the spread by 20-50%.\n- **Anchor on markets/experts.** If liquid market prices, analyst forecasts, or community percentiles appear in the evidence, center your distribution on them and widen \u2014 don\u0027t override a liquid market without specific evidence it lacks.\n\n## Output\n\nReturn ONLY valid JSON, no markdown fences:\n\n{\n  \"rationale\": \"\u003caddress (a) through (f) above, then state your distribution \u2014 6-10 sentences total\u003e\",\n  \"p10\": \u003cnumber\u003e,\n  \"p25\": \u003cnumber\u003e,\n  \"p50\": \u003cnumber\u003e,\n  \"p75\": \u003cnumber\u003e,\n  \"p90\": \u003cnumber\u003e\n}\n\nPercentiles MUST be in non-decreasing order (p10 \u003c= p25 \u003c= p50 \u003c= p75 \u003c= p90).\n",
    "models": [
      "opus"
    ],
    "p50": 111000000.0,
    "percentiles": {
      "0.1": 110000000.0,
      "0.25": 110200000.0,
      "0.5": 111000000.0,
      "0.75": 112800000.0,
      "0.9": 115500000.0
    },
    "rationale": "(a) The question resolves after NYT\u0027s Q2 2026 earnings release, roughly a quarter out. (b) Status quo: Q1 2026 digital ad revenue was $93.255M; with no change that is the anchor. (c) Current trend: Q2 typically shows seasonal lift over Q1 plus ~10-15% YoY growth, and modeled scenarios center around $101.6M ($97.9M-$105.4M). (d) Experts/base rates point to continued YoY growth aided by midterm election ad spend and stable macro conditions, but the central modeled estimate (~$101M) sits below the question\u0027s [110M,120M] range floor. (e) Low outcome: macro drag or weaker-than-expected seasonal lift keeps the value below $110M, resolving at the floor. (f) High outcome: a strong seasonal surge plus election-cycle ad demand pushes digital ads toward $115M. Given the tension between the modeled estimate (~$101M) and the imposed range, I expect the result to land near the lower bound, with substantial mass compressed at $110M and a right tail toward $115M+."
  },
  "plan": {
    "combination_logic": "weighted_average",
    "domain": "economics",
    "n_sub_qs": 3,
    "n_tools": 4,
    "reasoning_approach": "Combine historical NYT digital ad revenue trends (seasonal Q1-to-Q2 lift and YoY growth) with macro ad-environment stability to produce a central numeric estimate; sub-question probabilities blend via weighted average to gauge whether the figure lands above key reference points (Q1 2026 and Q2 2025).",
    "sub_questions": [
      {
        "id": "sq1",
        "question": "Will NYT Q2 2026 digital advertising revenue exceed its Q1 2026 level of $93.255 million?",
        "rationale": "Q2 typically shows seasonal lift over Q1 in ad spending; establishes whether the baseline trend is upward.",
        "weight": 0.4
      },
      {
        "id": "sq2",
        "question": "Will NYT Q2 2026 digital advertising revenue exceed its Q2 2025 (year-ago) level, indicating continued YoY growth?",
        "rationale": "YoY comparison captures the secular growth trend in NYT digital ads; recent quarters have surged.",
        "weight": 0.35
      },
      {
        "id": "sq3",
        "question": "Will the macro advertising environment (employment/consumer spending) remain stable or growing through Q2 2026?",
        "rationale": "Digital ad spend is sensitive to macro conditions; a downturn would suppress revenue.",
        "weight": 0.25
      }
    ],
    "tool_requests": [
      {
        "parameters": {
          "company_names": [
            "New York Times Company"
          ],
          "tickers": [
            "NYT"
          ]
        },
        "target_sub_questions": [
          "sq1",
          "sq2"
        ],
        "tool_name": "earnings_data"
      },
      {
        "parameters": {
          "lookback_days": 120,
          "queries": [
            "New York Times digital advertising revenue 2026 earnings",
            "NYT Q2 2026 advertising results",
            "New York Times Company advertising revenue growth quarterly"
          ]
        },
        "target_sub_questions": [
          "sq1",
          "sq2"
        ],
        "tool_name": "article_search"
      },
      {
        "parameters": {
          "lookback_months": 24,
          "search_text": "digital advertising spending",
          "series_ids": [
            "UNRATE",
            "PCEC96",
            "RSAFS"
          ]
        },
        "target_sub_questions": [
          "sq3"
        ],
        "tool_name": "fred_data"
      },
      {
        "parameters": {
          "code": "import numpy as np\n# Recent NYT quarterly digital ad revenue (approx, in $M)\n# Q1 2026 = 93.255; estimate trend with seasonal Q2 lift\nq1_2026 = 93.255\n# Historical YoY growth ~5-10% for digital ads; Q2 seasonal lift over Q1 ~5-15%\ngrowth_scenarios = [q1_2026*(1+s) for s in [0.05,0.08,0.10,0.13]]\nprint(\u0027Q2 2026 scenarios:\u0027, [round(x,1) for x in growth_scenarios])\nprint(\u0027Central estimate:\u0027, round(np.mean(growth_scenarios),1))",
          "description": "Estimate Q2 2026 digital ad revenue from Q1 2026 base applying seasonal and YoY growth scenarios"
        },
        "target_sub_questions": [
          "sq1",
          "sq2"
        ],
        "tool_name": "code_execution"
      }
    ]
  },
  "question": {
    "close_time": "2026-06-23T15:00:00Z",
    "description": "## Description\nAdExchanger: [NYT\u2019s Ad And Subscription Revenue Surge As WaPo Flails](https://www.adexchanger.com/publishers/nyts-ad-and-subscription-revenue-surge-as-wapo-flails/)\n\n`{\"format\": \"bot_tournament_question\", \"info\": {\"hash_id\": \"73b7a60af7927422\", \"sheet_id\": \"61\"}}`\n\n## Resolution Criteria\nThis question resolves as the amount of digital advertising reported by the New York Times Company for the 2nd quarter of 2026.\n\n## Fine Print\nFor example, for Q1 2026, the amount of digital advertising revenues [was reported](https://nytco-assets.nytimes.com/2026/05/Q1-2026-Earnings-Release.pdf) as $93,255,000",
    "open_lower": true,
    "open_upper": true,
    "q_max": 120000000,
    "q_min": 110000000,
    "question_type": "numeric",
    "title": "How much in digital advertising revenues will the New York Times Company report in its Q2 2026 earnings release?",
    "units": "$"
  },
  "research": {
    "cross_market_brief": "## Cross-Market Signals\n\n### No signal found",
    "errors": [],
    "has_cross_market": true,
    "n_errors": 0,
    "n_tools": 4,
    "tools": [
      {
        "elapsed_s": 0.7,
        "error": null,
        "success": true,
        "summary": "ok",
        "tool_name": "earnings_data"
      },
      {
        "elapsed_s": 0.82,
        "error": null,
        "success": true,
        "summary": "28 articles",
        "tool_name": "article_search"
      },
      {
        "elapsed_s": 11.52,
        "error": null,
        "success": true,
        "summary": "3 series",
        "tool_name": "fred_data"
      },
      {
        "elapsed_s": 0.0,
        "error": null,
        "success": true,
        "summary": "Estimate Q2 2026 digital ad revenue from Q1 2026 base applyi",
        "tool_name": "code_execution"
      }
    ]
  },
  "synthesis": {
    "evidence": [
      {
        "claim": "NYT Q1 2026 digital advertising revenue was reported at $93.255 million, the reference baseline for Q2 comparison.",
        "credibility": 95,
        "direction": "NEUTRAL",
        "priced_in": true,
        "recency": "DATED",
        "source": "earnings_data",
        "strength": "STRONG",
        "sub_question_id": "sq1"
      },
      {
        "claim": "Modeled Q2 2026 digital ad scenarios applying seasonal/YoY growth range $97.9M-$105.4M, central estimate $101.6M, above Q1\u0027s $93.255M.",
        "credibility": 45,
        "direction": "UP",
        "priced_in": false,
        "recency": "VERY_RECENT",
        "source": "code_execution",
        "strength": "MODERATE",
        "sub_question_id": "sq1"
      },
      {
        "claim": "AdExchanger reported NYT ad and subscription revenue surging while WaPo struggles, indicating positive NYT ad momentum.",
        "credibility": 65,
        "direction": "UP",
        "priced_in": true,
        "recency": "DATED",
        "source": "article_search",
        "strength": "MODERATE",
        "sub_question_id": "sq1"
      },
      {
        "claim": "2026 midterm election cycle projected at record $11.6 billion ad spend, exceeding 2024 presidential cycle, boosting overall ad demand.",
        "credibility": 70,
        "direction": "UP",
        "priced_in": false,
        "recency": "RECENT",
        "source": "article_search",
        "strength": "MODERATE",
        "sub_question_id": "sq2"
      },
      {
        "claim": "Media executives at 2026 TV upfronts said macro/geopolitical issues are not significantly disrupting advertiser discussions this year.",
        "credibility": 65,
        "direction": "UP",
        "priced_in": false,
        "recency": "RECENT",
        "source": "article_search",
        "strength": "MODERATE",
        "sub_question_id": "sq2"
      },
      {
        "claim": "Q1 2026 S\u0026P 500 corporate earnings strong with 82-84% beating expectations and sixth straight quarter of double-digit profit growth.",
        "credibility": 72,
        "direction": "UP",
        "priced_in": true,
        "recency": "RECENT",
        "source": "article_search",
        "strength": "MODERATE",
        "sub_question_id": "sq3"
      },
      {
        "claim": "Ongoing US-Iran Middle East conflict with a two-week ceasefire creates geopolitical uncertainty and rising fuel costs.",
        "credibility": 60,
        "direction": "NEUTRAL",
        "priced_in": true,
        "recency": "RECENT",
        "source": "article_search",
        "strength": "WEAK",
        "sub_question_id": "sq3"
      },
      {
        "claim": "Federal Reserve has begun easing benchmark rates while rates remain elevated as of May 2026.",
        "credibility": 60,
        "direction": "NEUTRAL",
        "priced_in": true,
        "recency": "RECENT",
        "source": "article_search",
        "strength": "WEAK",
        "sub_question_id": "sq3"
      }
    ],
    "information_gaps": [
      "Q2 2025 NYT digital ad revenue figure (the YoY benchmark) not provided",
      "Historical NYT Q1-to-Q2 seasonal lift base rates",
      "Recent NYT-specific ad guidance or management commentary for Q2 2026",
      "Q2 2026 macro employment/consumer spending data"
    ],
    "key_uncertainties": [
      "Magnitude of NYT seasonal Q2 uplift vs Q1",
      "Whether YoY digital ad growth continued through Q2",
      "Election-cycle ad spend benefit to NYT specifically",
      "Geopolitical/fuel cost drag on advertiser budgets"
    ],
    "n_evidence": 8
  },
  "timings": {
    "forecast": 29.1,
    "plan": 13.19,
    "research": 11.52,
    "synthesis": 15.16
  }
}