USA TODAY Co Inc 2025年度报告

AnnualReport Nationalvoice.Localstrength. About USA TODAY Co. USA TODAY Co., Inc. (“we”, “us”, “our”, “USA TODAY Co.” or the “Company”) is a diversified media companywith expansive reach at the national and local level dedicated to empowering and enriching communities.Our mission is to inspire, inform, and connect audiences. As a media and digital marketing solutions companywe are focused on sustainable growth. Through our trusted brands, including theUSA TODAY NETWORK, comprised ofthe national publication, USA TODAY,and our network of local properties, in theUnited States, and Newsquest, a wholly-owned subsidiary operating in the UnitedKingdom, we provide essential journalism,local content, and digital experiences toaudiences and businesses. We delivertrusted unbiased journalism when andwhere consumers want it. LocaliQ, ourdigital marketing solutions brand, supportssmall and medium-sized businesses withinnovative digital marketing products andsolutions. million Digital-only paidsubscriptionsas of December 31, 2025 Total Digital Revenues,or 46% of Total Revenuesas of December 31, 2025 thousand LocaliQ segment coreplatform averagecustomer countas of December 31, 2025 Of our daily mediabrands domesticallyhave been publishedfor more than100 years Reach of nearly 1 in 2 adults(2) In the U.S., led by USA TODAY and amplified by local media brandswithin the USA TODAY NETWORK Letter to Stockholders DEAR STOCKHOLDERS As a diversified media enterprise with national reach and deep local roots, we are dedicated to empowering andenriching communities. Our business strategy unifies trusted content, unbiased journalism, and digital innovationunder our unified brand: USA TODAY Co. and is clearly summarized with our motto, “Nationalvoice. Localstrength.” We have built a strong network of media organizations that uniquely position us to support and sustain the future oflocal journalism. Growing digital revenue is a core strategic priority, and we employ a digital-first strategy, focusedon audience growth and engagement as we strategically diversify revenue streams. In November 2025, we rebranded from Gannett Co., Inc. to USA TODAY Co., Inc., marking a defining milestonein our evolution as a dynamic media company built for a digital-first future. The rebrand represents a boldtransformation, unifying our national and local portfolio under a singular, trusted brand and corporate identity thatis widely recognized and respected by consumers and advertisers. Importantly, this reinforces our commitment tomission-driven journalism, deep community engagement, and sustained digital innovation while strengthening ourcompetitive position in a rapidly evolving media environment. For many reasons, 2025 was a milestone year for USA TODAY Co., Inc. As of December 31, 2025, we built oneof the largest digital audiences in the U.S. media sector, with an average of 186 million(1)unique visitors in totalduring 2025 across both the USA TODAY Media and Newsquest segments. Our audience remains one of our mostpowerful competitive advantages and helped accelerate our digital strategy, with total digital revenues reaching $1.1billion in 2025, surpassing 47% of total revenues. The successful execution of our strategy in 2025 drove sustainedimprovement across many of our key financial metrics, highlighted by our third consecutive year of full-year free cashflow growth over the prior year and generating positive net income for the first time since our merger in 2019. We also continued to strengthen our capital structure in 2025 by repaying approximately $136 million of long-termdebt and reducing our total debt principal outstanding to below $1.0 billion. This reflects our ongoing commitmentto disciplined capital management, balance sheet strength, and long-term financial stability. We remain focused onreducing debt, generating consistently growing cash flow, and creating flexibility to reinvest in future growth. Webelieve this disciplined approach supports our ability to innovate and adapt while ensuring long-term financial health. Our strategy is rooted in three operating pillars: (i) expanding our reach and engagement, (ii) diversifying ourdigital revenues, and (iii) strengthening our capital structure, all supported by an increasingly integrated operatingfoundation, including modernized technology systems, automated workflows, enhanced data capabilities, andcontinued investment in our people and talent development. Our digital strategy focuses on expanding our content offerings and enhancing our product suite to meet the needsof our consumers and leverage our expansive organic audience. The scale of our audience, continues to drivemeaningful digital advertising opportunities. Digital advertising revenues delivered three consecutive quarters ofyear-year-year growth in 2025 and we believe further growth is achievable as we continue to leverage the strengthof the USA TODAY brand. Letter to Stockholders In 2025, we made important pr