HOBOKEN, N.J.: Wiley (NYSE: WLY), a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning, today reported results for the fourth quarter and fiscal year ended April 30, 2026.

Fiscal 2026 Highlights

• GAAP performance vs. prior year: Revenue of $1,677 is flat including impact of divestitures; Operating Income of $277 million vs. $221 million (+25%); and Diluted Earnings Per Share (EPS) of $4.16 vs. $1.53
• Adjusted Results at constant currency: Adjusted Revenue of $1,677 million vs. $1,660 million (+1% or flat at constant currency) with Research growth offset by market-related softness in Learning; Adjusted Operating Income of $296 million up 18% with margin expanding by 260 basis points to a record 17.7%; Adjusted EBITDA of $440 million up 10% with margin expanding by 220 basis points to 26.2%; Adjusted EPS rose 15% to $4.19
• Research momentum: Delivered 5% revenue growth or 4% at constant currency and over 100 basis points of Adjusted EBITDA margin improvement; after fiscal year-end, acquired Emerald Publishing to increase scale in Research and proprietary content advantage in AI economy, and appointed new leader in Research
• AI and data analytics momentum: Delivered $49 million of AI revenue (+23%) with recurring revenue rapidly scaling; appointed Chief AI and Data Analytics Officer; early lead in life sciences and healthcare AI with landmark partnerships and corporate customer signings; lifetime AI revenue surpassed $110 million
• Continued cash flow growth: Operating Cash Flow of $261 million (+29%) and Free Cash Flow of $195 million (+55%) driven by higher cash earnings and lower capex moderated by late renewal signings impacting the timing of cash collection
• Record return to shareholders: Returned record $174 million to shareholders through dividends and share repurchases, including $100 million of repurchases, and raised dividend for 32nd consecutive year

Management Commentary

“Fiscal 2026 was Wiley’s breakout year,” said Matthew Kissner, President and CEO. “We accelerated our two reinforcing growth engines - Research and AI and data analytics – while delivering record margins and a significant step change in Free Cash Flow. Research delivered mid-single digit growth on record submissions and output, and the recent acquisition of Emerald Publishing further extends our scale and proprietary content advantage in the AI economy. AI revenue grew double digits to nearly $50 million with a rapidly expanding recurring stream, anchored by landmark partnerships with IQVIA and OpenEvidence and a growing roster of corporate customers. With momentum across both growth engines and a proven playbook, we enter Fiscal 2027 with our strongest conviction yet.”

Q4 Financial Summary

Please see accompanying financial tables for more detail on fourth quarter and full year results.

• Q4 reported revenue of $448 million (+1% as reported, flat at constant currency, or CC)
• Q4 Diluted EPS of $2.61 (+109%); Adjusted EPS +22% (CC) to $1.67 and Adjusted EBITDA +17% (CC) to $149 million with margin up 480 basis points to 33.2%.

Research Segment

• Q4 Research revenue of $296 million was up 5% as reported and 4% (CC), with Research Publishing up 5% (CC) largely driven by strong growth in gold open access and AI licensing. This was partially offset by a 4% decline (CC) in Research Solutions due to a soft recruitment market. Q4 Adjusted EBITDA of $111 million was up 13% (CC). Adjusted EBITDA margin for the quarter rose 300 basis points to 37.7%.
• Full year Research revenue of $1,130 million was up 5% as reported and 4% CC, driven by growth in recurring revenue models (subscriptions and transformational agreements), gold open access, and AI licensing. Growth trends remained favorable, with submissions and output up significantly. Full year Adjusted EBITDA of $375 million was up 8% (CC). Adjusted EBITDA margin for the year rose 110 basis points to 33.2%.

Learning Segment

• Q4 Learning revenue of $152 million was down 6% as reported and 7% (CC) reflecting lower AI licensing revenue in Academic and Professional, macro headwinds, and retail channel softness. Q4 Adjusted EBITDA of $70 million was down 1% (CC). Adjusted EBITDA margin was up 310 basis points to 46.1%, driven by cost discipline and favorable mix.
• Full year Learning revenue of $547 million was down 7% as reported and at constant currency due to macro headwinds, retail channel softness, and lower AI licensing revenue. Learning Adjusted EBITDA of $208 million for the year was down 6% (CC). Adjusted EBITDA margin rose 60 basis points to 38.0% on continued cost actions.

Corporate Expenses

“Corporate Expenses” are the portion of shared services costs not allocated to segments.

• Q4 Corporate Expenses on an Adjusted EBITDA basis declined 21% as reported and 22% at constant currency on technology transformation and continued restructuring savings, contributing to Adjusted EBITDA margin expansion in the quarter.
• Full year Corporate Expenses on an Adjusted EBITDA basis declined 14% on a reported basis and 15% at constant currency.

Balance Sheet, Cash Flow, and Capital Allocation

• Net Debt-to-EBITDA ratio improved to 1.4x compared to 1.8x in the year-ago period, reflecting higher Adjusted EBITDA and lower net debt of $608 million vs. $714 million due to settlement from a prior divestiture.
• Net Cash provided by Operating Activities was $261 million (+29%), driven by higher Adjusted EBITDA, lower restructuring payments, and reduced retirement obligations.
• Free Cash Flow was up 55% to $195 million primarily driven by higher operating cash flow and lower capex. Note that Free Cash Flow was moderated by late renewal signings impacting the timing of cash collection. Fiscal 2026 capex was $65 million vs. $77 million in the prior year.
• Returns to Shareholders: Wiley allocated $174 million toward dividends and share repurchases, up from $137 million in the prior year. $100 million was allocated to share repurchases, up from $60 million in the prior-year period, and the dividend was raised for the 32nd consecutive year.

New Business Leaders

Wiley strengthened its leadership team this year to accelerate its AI and Research strategy. In January 2026, Armughan Rafat joined as Chief AI and Data Analytics Officer, a newly created role on the Executive Leadership Team, to lead the commercialization of AI-ready content and data products for AI developers and corporate R&D teams. Rafat previously served as Chief Analytics Officer at Norstella and Chief Data Officer at Clarivate. In May 2026, Jessica Kowalski joined Wiley as Executive Vice President and General Manager, Research, succeeding Jay Flynn. Kowalski joins from Microsoft and brings more than two decades of experience across research publishing and AI-enabled businesses, including prior senior roles at Amazon Web Services and RELX.

Fiscal 2027 Outlook

• Organic Revenue Growth - driven by expected core growth in Research, improvement in Learning, and another strong year in AI and data analytics
• Adjusted EBITDA Margin – reflecting anticipated cost savings and ongoing efficiency gains balanced with high-return, sustainable growth investment
• Adjusted EPS – growth expectation driven by higher expected Adjusted Operating Income
• Free Cash Flow – driven by expected cash earnings growth partially offset by year 1 dilution from Emerald ($15M), higher capex ($80M vs. $65M in FY26), expected restructuring costs, and higher cash taxes

Earnings Conference Call

Scheduled for today, June 16 at 10:00 am (ET). Access webcast at Investor Relations at investors.wiley.com, or directly at https://events.q4inc.com/attendee/978555203. North American callers, please dial (833) 461-5787 and enter the meeting ID: 373431738. International callers, please dial (585) 542-9983 and enter the meeting ID: 373431738.

About Wiley

Wiley (NYSE: WLY) is a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning. With more than 200 years at the center of the scholarly ecosystem, Wiley combines trusted publishing heritage with AI-powered platforms to transform how knowledge is discovered, accessed, and applied. From individual researchers and students to Fortune 500 R&D teams, Wiley enables the transformation of scientific breakthroughs into real-world impact. From knowledge to impact-Wiley is redefining what's possible in science and learning. Visit us at Wiley.com and Investors.Wiley.com. Follow us on Facebook, X, LinkedIn and Instagram

Non-GAAP Financial Measures

Wiley provides non-GAAP financial measures and performance results such as “Adjusted EPS,” “Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted Income before Taxes,” “Adjusted Income Tax Provision,” “Adjusted Effective Income Tax Rate,” “Free Cash Flow less Product Development Spending,” “organic revenue,” “Adjusted Revenue,” and results on a Constant Currency basis to assess underlying business performance and trends. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of divestitures and acquisitions provide a useful comparable basis to analyze operating results and earnings. See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information. We have not provided our 2027 outlook for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with U.S. GAAP.

Forward-Looking Statements

This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected synergies and opportunities; (x) the ability to realize operating savings over time and in fiscal year 2027 in connection with our multiyear Global Restructuring Program and completed dispositions; (xi) cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business; (xii) as a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets and we may never realize the full carrying value of these assets; and (xiii) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events.

Category: Corporate News/ Earnings Releases

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(in USD thousands, except per share information)
(unaudited)
		Three Months Ended								Year Ended
		April 30,								April 30,
			2026				2025				2026				2025
Revenue, net		$	447,941			$	442,579			$	1,676,528			$	1,677,609
Costs and expenses:
Cost of sales			110,081				110,941				431,509				431,380
Operating and administrative expenses			211,393				229,767				895,907				947,437
Restructuring and related charges			3,076				12,490				19,203				25,561
Amortization of intangible assets			13,249				12,909				53,050				51,822
Total costs and expenses			337,799				366,107				1,399,669				1,456,200
Operating income			110,142				76,472				276,859				221,409
As a % of revenue			24.6	%			17.3	%			16.5	%			13.2	%
Interest expense			(9,646	)			(11,270	)			(43,848	)			(52,547	)
Net foreign exchange transaction losses			(1,362	)			(826	)			(6,564	)			(8,142	)
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale			(1,242	)			(13,580	)			(4,828	)			(23,340	)
Other (expense) income, net			(2,919	)			1,469				(6,533	)			5,498
Income before taxes			94,973				52,265				215,086				142,878
(Benefit) provision for income taxes			(40,374	)			(15,828	)			(6,531	)			58,717
Effective tax rate			-42.5	%			-30.3	%			-3.0	%			41.1	%
Net income		$	135,347			$	68,093			$	221,617			$	84,161
As a % of revenue			30.2	%			15.4	%			13.2	%			5.0	%
Earnings per share
Basic		$	2.65			$	1.27			$	4.22			$	1.56
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