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Supplemental equity and other information
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Supplemental equity and other information NOTE 13 — Supplemental equity and other information
Income (loss) per share
The following table sets forth the information to compute basic and diluted Income (loss) per share:
Year ended December 31,
In thousands, except per share data
2025
2024
2023
Net income (loss) attributable to USA TODAY Co.
$1,749
$(26,354)
$(27,791)
Basic weighted average shares outstanding
145,095
142,516
139,633
Effect of dilutive securities:
Restricted stock grants (a)
882
—
—
Diluted weighted average shares outstanding
145,977
142,516
139,633
Income (loss) per share attributable to USA TODAY Co. - basic
$0.01
$(0.18)
$(0.20)
Income (loss) per share attributable to USA TODAY Co. - diluted
$0.01
$(0.18)
$(0.20)
(a) Includes restricted stock awards ("RSA"), restricted stock units ("RSU") and performance stock units ("PSU").
The Company excluded the following securities from the computation of diluted Income (loss) per share because their
effect would have been antidilutive:
Year ended December 31,
In thousands
2025
2024
2023
2027 Notes(a)
4,822
7,612
97,057
2031 Notes(b)
44,745
44,745
—
Restricted stock grants(c)
—
7,267
8,608
Stock options
4,716
5,416
6,068
(a)Represents the total number of shares that would have been convertible as of December 31, 2025, 2024 and 2023 as stipulated in the 2027 Notes Indenture.
(b)Represents the total number of shares that would have been convertible as of December 31, 2025 and 2024 as stipulated in the 2031 Notes Indenture.
(c) Includes restricted stock awards ("RSA"), restricted stock units ("RSU") and performance stock units ("PSU").
The 2027 Notes and 2031 Notes may be converted at any time by the Holders into cash, shares of the Company's Common
Stock or any combination of cash and Common Stock, at the Company's election. Conversion of all of the 2027 Notes and 2031
Notes into Common Stock (assuming the maximum increase in the conversion rate as a result of a Make-Whole Fundamental
Change but no other adjustments to the conversion rate), would result in the issuance of an aggregate of 14.3 million shares of
Common Stock and 143.9 million shares of Common Stock, respectively. The Company has excluded from the income (loss)
per share calculation approximately 9.4 million shares related to the possible conversion of the 2027 Notes and 99.1 million
shares related to the possible conversion of the 2031 Notes, representing the difference between the total number of shares that
would be convertible at December 31, 2025 and the total number of shares issuable assuming the maximum increase in the
conversion rate.
Share-based compensation
Share-based compensation expense was $9.1 million, $12.5 million, and $16.6 million for the years ended December 31,
2025, 2024, and 2023, respectively, and is included in Selling, general and administrative expenses on the Consolidated
statements of operations and comprehensive income (loss). Total compensation cost not yet recognized related to non-vested
awards as of December 31, 2025 was $15.4 million, which is expected to be recognized over a weighted average period of
approximately 2.2 years through March 2028.
Equity awards
On June 5, 2023, the Company's 2023 Stock Incentive Plan (the "2023 Incentive Plan") was approved by the Company's
stockholders and became effective. The 2023 Incentive Plan replaced the Company's 2020 Omnibus Incentive Compensation
Plan (the "2020 Incentive Plan"), which had replaced the Company's 2015 Omnibus Incentive Compensation Plan (the "2015
Incentive Plan"), such that no further awards were or will be granted pursuant to the 2020 Incentive Plan and the 2015 Incentive
Plan.
With respect to restricted stock awards ("RSAs"), if service terminates for certain specified conditions, all unvested shares
of restricted stock may be forfeited. During the period prior to the lapse and removal of the vesting restrictions, a grantee of a
RSA will have all the rights of a stockholder, including without limitation, the right to vote and the right to receive dividends or
other distributions, if any. Any dividends or other distributions that are declared with respect to the shares of restricted stock
will be paid at the time such shares vest. The value of the RSAs on the date of issuance is recognized in Selling, general, and
administrative expenses over the vesting period with a corresponding increase to additional paid-in-capital. RSAs granted
generally vest in equal annual installments over a three-year period subject to the participants' continued employment with the
Company and the terms of the applicable award agreements.
The following table outlines RSA activity:
Year ended December 31,
 
2025
2024
2023
Number
of RSAs
(In thousands)
Weighted-
average
grant date
fair value
Number
of RSAs
(In thousands)
Weighted-
average
grant date
fair value
Number
of RSAs
(In thousands)
Weighted-
average
grant date
fair value
Unvested at beginning of year
4,161
$2.71
8,456
$3.09
8,616
$4.40
Granted
332
3.53
272
4.04
5,171
1.87
Vested
(3,013)
3.17
(4,024)
3.57
(3,910)
4.11
Forfeited
(374)
2.27
(543)
3.01
(1,421)
3.68
Unvested at end of year
1,106
$1.86
4,161
$2.71
8,456
$3.09
As of December 31, 2025, the aggregate intrinsic value of unvested RSAs was $5.7 million.
Restricted stock units ("RSUs") generally vest in equal annual installments over a three-year period subject to the
participants' continued employment with the Company and the terms of the applicable award agreement, and we recognize
compensation costs for these awards based on the fair market value of the award as of the grant date.
Performance stock units ("PSUs") are subject to the achievement of certain performance goals over the eligible period and
the terms of the applicable award agreement. Compensation cost ultimately recognized for these PSUs will equal the grant-date
fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, we
record compensation cost based on the expected level of achievement of the performance conditions.
The following table outlines RSU and PSU activity:
Year ended December 31,
 
2025
2024
2023
Number
of RSUs &
PSUs
(In thousands)
Weighted-
average
grant date
fair value
Number
of RSUs &
PSUs
(In thousands)
Weighted-
average
grant date
fair value
Number
of RSUs &
PSUs
(In thousands)
Weighted-
average
grant date
fair value
Unvested at beginning of year
3,114
$4.10
181
$1.83
1,000
$3.04
Granted(a)
2,782
4.17
3,074
4.15
332
1.83
Vested
(1,179)
3.59
—
—
(152)
3.04
Forfeited and canceled(b)
(532)
4.39
(141)
2.44
(999)
2.85
Unvested at end of year
4,185
$4.25
3,114
$4.10
181
$1.83
(a) There were no RSUs granted during the year ended December 31, 2023.
(b)For the year ended December 31, 2025, there were no PSUs and RSUs canceled by the Company. For the years ended December 31, 2024 and 2023, the
Company canceled 15 thousand, and 900 thousand, respectively, of PSUs and RSUs.
As of December 31, 2025, the aggregate intrinsic value of unvested RSUs was $21.6 million.
Stock options
As of December 31, 2025, FIG LLC, the former manager of the Company, held stock options exercisable for 4,716
thousand shares of Common Stock, all of which are exercisable and had a weighted-average grant date fair value, weighted-
average exercise price and weighted-average remaining contractual term of $0.86, $14.23 and 3.1 years, respectively.
Cash awards
The Company grants certain employees either long-term cash awards ("LTCAs") or cash performance units ("CPUs").
CPUs generally vest and pay out in cash on the third anniversary of the grant date based upon the achievement of threshold
goals depending on actual performance against financial objectives over a three-year period. LTCAs generally vest and pay out
in cash on the first, second and third anniversaries of the date of grant. As of December 31, 2025, there was approximately
$14.9 million of unrecognized compensation expense related to cash awards.
Preferred stock
The Company has authorized 300,000 shares of preferred stock, par value $0.01 per share, issuable in one or more series
designated by the Company's Board of Directors, none of which have been issued. There were no issuances of preferred stock
during the year ended December 31, 2025.
Stock repurchase program
The Company's Board of Directors has authorized the repurchase of up to $100 million (the "Stock Repurchase Program")
of the Company's Common Stock. Repurchases may be made from time to time through open market purchases or privately
negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act
of 1934, as amended, or by means of one or more tender offers, in each case, as permitted by securities laws and other legal
requirements. The amount and timing of the purchases, if any, will depend on a number of factors, including, but not limited to,
the price and availability of the Company's shares, trading volume, capital availability, Company performance and general
economic and market conditions. The Stock Repurchase Program may be suspended or discontinued at any time. Further, future
repurchases under our Stock Repurchase Program may be subject to various conditions under the terms of our various debt
instruments and agreements, unless an exception is available or we obtain a waiver or similar relief.
During the year ended December 31, 2025, we did not repurchase any shares of Common Stock under the Stock
Repurchase Program. As of December 31, 2025, the remaining authorized amount under the Stock Repurchase Program was
approximately $96.9 million.
Accumulated other comprehensive income (loss), net of tax
The following tables summarize the components of, and the changes in, Accumulated other comprehensive income (loss),
net of tax:
In thousands
Pension and
postretirement
benefit plans
Foreign
currency
translation
Total
Balance at December 31, 2022
$(86,351)
$(14,880)
$(101,231)
Other comprehensive income before reclassifications
22,639
13,683
36,322
Amounts reclassified from accumulated other comprehensive income(a)(b)
(632)
—
(632)
Current period other comprehensive income
22,007
13,683
35,690
Balance at December 31, 2023
$(64,344)
$(1,197)
$(65,541)
Other comprehensive income (loss) before reclassifications
8,981
(14)
8,967
Amounts reclassified from accumulated other comprehensive income (loss)(a)(b)
410
—
410
Current period other comprehensive income (loss)
9,391
(14)
9,377
Balance at December 31, 2024
$(54,953)
$(1,211)
$(56,164)
Other comprehensive (loss) income before reclassifications
(10,096)
16,313
6,217
Amounts reclassified from accumulated other comprehensive (loss) income(a)(b)(c)
(8,958)
—
(8,958)
Current period other comprehensive (loss) income
(19,054)
16,313
(2,741)
Balance at December 31, 2025
$(74,007)
$15,102
$(58,905)
(a)Accumulated other comprehensive income (loss) component represents amortization of actuarial gain (loss) and is included in the computation of net
periodic benefit cost. See Note 10 — Pensions and other postretirement benefit plans.
(b) Amounts reclassified from accumulated other comprehensive income (loss) are recorded net of income tax benefit of $2.9 million for the year ended
December 31, 2025, net of income tax provision of $0.1 million for the year ended December 31, 2024 and net of income tax benefit of $0.2 million for the
year ended December 31, 2023.
(c) Amounts reclassified from accumulated other comprehensive income (loss) include a net pension settlement gain of $11.8 million ($8.9 million, net of tax)
for the year ended December 31, 2025.