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Segment reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment reporting | NOTE 15 — Segment reporting We define our reportable segments based on the way the CODM, which is our Chief Executive Officer, manages the operations for purposes of allocating resources and assessing segment performance. Our reportable segments include the following: •USA TODAY Media is comprised of our portfolio of domestic local, regional, and national newspaper publishers. The results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our LocaliQ segment, digital distribution of our publications and digital content syndication and affiliate and partnership revenues as well as classified advertisements and display advertisements run on our platforms as well as third-party sites, and Print and commercial revenues mainly derived from the sale of local, national, and classified print advertising products, the sale of both home delivery and single copies of our publications, as well as commercial printing and distribution arrangements, and revenues from our events business. •Newsquest is comprised of our portfolio of newspaper publishers in the U.K. The results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our LocaliQ segment, digital distribution of our publications and digital content syndication revenues as well as classified advertisements and display advertisements run on our platforms and third-party sites, and Print and commercial revenues mainly derived from the sale of local, classified, and national advertising as well as niche publications, the sale of both home delivery and single copies of our publications, as well as commercial printing. •LocaliQ is comprised of our digital marketing services companies under the brand LocaliQ. The results of this segment include Digital revenues derived from digital marketing services generated through multiple services, including search advertising, display advertising, search optimization, social media, website development, web presence products, customer relationship management, and software-as-a-service solutions. In addition to the reportable segments above, we have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes expenses associated with broad corporate functions. In the ordinary course of business, our reportable segments enter into transactions with one another. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is the counterparty to the transaction are eliminated in consolidation and do not affect consolidated results. We regularly provide management reports to the CODM that include Segment revenues and Segment Adjusted EBITDA (defined below). Significant Segment expenses regularly provided to the CODM, and included within Segment Adjusted EBITDA include Payroll, Benefits, Newsprint and other production materials, Distribution, Outside services and Digital cost of goods sold. The CODM uses Segment Adjusted EBITDA to evaluate the performance of the segments and allocate resources. Segment Adjusted EBITDA provides an assessment of controllable expenses and affords the CODM the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance. Management considers Segment Adjusted EBITDA to be an important metric to evaluate and compare the ongoing operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items that we do not believe are indicative of each segment's core operating performance. We define Segment Adjusted EBITDA as Segment revenues less (1) operating costs and (2) selling, general and administrative expenses, plus (3) equity (income) loss in unconsolidated investees, net. Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3) Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Loss on convertible notes derivative, (6) Depreciation and amortization, (7) Integration and reorganization costs, (8) Asset impairments, (9) Goodwill and intangible impairments, (10) Gains or losses on the sale or disposal of assets, (11) Share-based compensation expense, and (12) Other (income) expense, net. The following tables below present summarized financial information for each of the Company's reportable segments. Revenues
| Year ended December 31, 2025
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ |  | Total
External revenues | $1,617,453 |  | $230,394 |  | $448,311 |  | $2,296,158
Intersegment revenues | 126,129 |  | 7,873 |  | — |  | 134,002
Segment revenues | 1,743,582 |  | 238,267 |  | 448,311 |  | 2,430,160
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 6,068
Elimination of intersegment revenues |  |  |  |  |  |  | (134,002)
Total revenues |  |  |  |  |  |  | $2,302,226
| Year ended December 31, 2024
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ |  | Total
External revenues | $1,793,757 |  | $232,095 |  | $477,807 |  | $2,503,659
Intersegment revenues | 144,641 |  | 7,178 |  | — |  | 151,819
Segment revenues | 1,938,398 |  | 239,273 |  | 477,807 |  | 2,655,478
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 5,656
Elimination of intersegment revenues |  |  |  |  |  |  | (151,819)
Total revenues |  |  |  |  |  |  | $2,509,315
| Year ended December 31, 2023
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ |  | Total
External revenues | $1,953,252 |  | $226,121 |  | $477,909 |  | $2,657,282
Intersegment revenues | 142,601 |  | 7,859 |  | — |  | 150,460
Segment revenues | 2,095,853 |  | 233,980 |  | 477,909 |  | 2,807,742
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 6,268
Elimination of intersegment revenues |  |  |  |  |  |  | (150,460)
Total revenues |  |  |  |  |  |  | $2,663,550
Reconciliation of Segment Revenues to Segment Adjusted EBITDA
| Year ended December 31, 2025
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ
Segment revenues | $1,743,582 |  | $238,267 |  | $448,311
Less: |  |  |  |  |
Payroll | 494,619 |  | 101,211 |  | 93,180
Benefits | 97,519 |  | 4,181 |  | 13,177
Newsprint and other production materials | 56,289 |  | 12,189 |  | —
Distribution | 246,778 |  | 12,549 |  | —
Outside services | 164,053 |  | 12,125 |  | 18,866
Digital cost of goods sold | 173,389 |  | 8,920 |  | 270,336
Other(a) | 329,819 |  | 30,202 |  | 6,417
Segment Adjusted EBITDA | $181,116 |  | $56,890 |  | $46,335
(a)Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.
| Year ended December 31, 2024
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ
Segment revenues | $1,938,398 |  | $239,273 |  | $477,807
Less: |  |  |  |  |
Payroll | 549,478 |  | 96,526 |  | 102,641
Benefits | 99,206 |  | 4,075 |  | 12,752
Newsprint and other production materials | 74,419 |  | 12,820 |  | —
Distribution | 276,069 |  | 12,755 |  | —
Outside services | 183,382 |  | 10,396 |  | 10,542
Digital cost of goods sold | 176,962 |  | 9,175 |  | 295,549
Other(a) | 376,141 |  | 40,117 |  | 12,645
Segment Adjusted EBITDA | $202,741 |  | $53,409 |  | $43,678
(a)Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.
| Year ended December 31, 2023
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ
Segment revenues | $2,095,853 |  | $233,980 |  | $477,909
Less: |  |  |  |  |
Payroll | 562,209 |  | 93,492 |  | 99,942
Benefits | 102,193 |  | 4,002 |  | 11,852
Newsprint and other production materials | 108,257 |  | 15,330 |  | —
Distribution | 323,750 |  | 13,325 |  | —
Outside services | 201,906 |  | 10,046 |  | 8,319
Digital cost of goods sold | 180,876 |  | 9,876 |  | 289,878
Other(a) | 421,631 |  | 37,781 |  | 14,695
Segment Adjusted EBITDA | $195,031 |  | $50,128 |  | $53,223
(a)Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs. Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to USA TODAY Co.
| Year ended December 31,
In thousands | 2025 |  | 2024 |  | 2023
USA TODAY Media | $181,116 |  | $202,741 |  | $195,031
Newsquest | 56,890 |  | 53,409 |  | 50,128
LocaliQ | 46,335 |  | 43,678 |  | 53,223
Segment Adjusted EBITDA | 284,341 |  | 299,828 |  | 298,382
Corporate | 21,293 |  | 26,672 |  | 30,802
(Benefit) provision for income taxes | (3,030) |  | (51,286) |  | 21,729
Net income (loss) attributable to noncontrolling interests | 6 |  | (33) |  | (103)
Interest expense | 97,225 |  | 104,697 |  | 111,776
Loss (gain) early extinguishment of debt | 1,516 |  | (55,559) |  | (4,529)
Depreciation and amortization | 165,759 |  | 156,287 |  | 162,622
Integration and reorganization costs(a) | 31,595 |  | 66,155 |  | 24,468
Asset impairments | 2,243 |  | 46,589 |  | 1,370
(Gain) loss on sale or disposal of assets, net | (16,844) |  | 1,106 |  | (40,101)
Share-based compensation expense | 9,149 |  | 12,522 |  | 16,567
Other (income) expense, net(b) | (26,320) |  | 19,032 |  | 1,572
Net income (loss) attributable to USA TODAY Co. | $1,749 |  | $(26,354) |  | $(27,791)
(a)Integration and reorganization costs mainly reflect severance-related expenses and other reorganization-related costs, designed primarily to right-size the Company's employee base, consolidate facilities and improve operations. (b)Other (income) expense, net primarily reflects the components of net periodic pension and postretirement benefits other than service cost, expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments, third-party debt costs and the components of net periodic pension and postretirement benefits other than service cost. Asset and asset related information by segment are not key measures of performance used by the CODM function. Accordingly, we have not disclosed asset and asset related information by segment. Additionally, equity income in unconsolidated investees, net, interest expense, other non-operating items, net, and provision for income taxes, as reported in the Consolidated financial statements, are not part of operating income and are primarily recorded at the corporate level.

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- Definition The entire disclosure for reporting segments including data and tables. 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