"Net New Digital Subscribers -- 1,400,000 additions for the year, with 450,000 added in the fourth quarter, resulting in a total subscriber count of 12,800,000. Total Digital Revenues -- Surpassed $2 billion for the first time during the year. Digital Subscription Revenue Growth -- Increased approximately 14% year over year, reaching $382 million in the fourth quarter. Total Subscription Revenues -- Grew approximately 9% year over year to $510 million in the fourth quarter, aligning with prior guidance."
"Digital Advertising Revenue Growth -- Increased approximately 25% in the fourth quarter to $147 million, outperforming internal guidance. Total Advertising Revenues -- Rose 16% in the fourth quarter, supported by higher digital advertising and broad portfolio contribution. Affiliate Licensing and Other Revenues -- Grew 5.5% in the fourth quarter to $100 million, primarily due to higher licensing revenues and tracking with prior guidance."
"Adjusted Operating Margin -- Expanded 190 basis points annually to 19.5% and reached 24% in the fourth quarter, improving by approximately 50 basis points year over year. Adjusted Diluted EPS -- Increased $0.09 to $0.89 in the fourth quarter, primarily due to growth in operating profit. Free Cash Flow -- Generated approximately $551 million in 2025, aided by robust AOP and capital efficiency, with benefits from lower cash taxes and facility asset sales."
Net new digital subscribers totaled 1,400,000 for the year, including 450,000 added in the fourth quarter, bringing total subscribers to 12,800,000. Total digital revenues surpassed $2 billion. Digital subscription revenue grew approximately 14% year over year to $382 million in the fourth quarter, while total subscription revenue rose about 9% to $510 million. Digital advertising increased roughly 25% to $147 million in Q4 and total advertising rose 16%. Affiliate, licensing, and other revenues grew 5.5% to $100 million. Adjusted operating profit increased 21% to $550 million for the year, with adjusted operating margin expanding to 19.5% annually and 24% in Q4. Adjusted diluted EPS reached $0.89 in Q4. Free cash flow was approximately $551 million in 2025.
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