John Wiley and Sons Inc (WLY)

Research and AI Momentum, Record Margins, and Cash Flow Growth Highlight Wiley's Fourth Quarter and Fiscal 2026 ResultsJune 16, 2026 7:30 AM
Business Wire 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 Metric Fiscal 2025 Fiscal 2026 Fiscal 2027 Outlook Organic Revenue Growth* Low-to-mid single digit growth (Research: mid-single digit growth) Adjusted EBITDA Margin 24.0% 26.2% 26.5% to 27.5% Adjusted EPS $3.64 $4.19 $4.60 to $5.05 Free Cash Flow $126M $195M $205M   *Organic Revenue Growth” excludes the effects of the Emerald acquisition and currency movements. All other metrics include the addition of Emerald. Emerald is projected to add $78 million to Revenue (11 months of Fiscal Year) and be accretive to Adjusted EPS by approximately $0.10 and dilutive to Free Cash Flow by $15 million (the Emerald acquisition is expected to turn Free Cash Flow accretive in Fiscal 2028) 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   Diluted $ 2.61   $ 1.25   $ 4.16   $ 1.53     Weighted average number of common shares outstanding Basic   51,109     53,683     52,466     54,054   Diluted   51,914     54,458     53,247     54,830       Notes: (1) The supplementary information included in this press release for the three months and year ended April 30, 2026 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) All amounts are approximate due to rounding. JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES (in USD thousands, except per share information) (unaudited)   Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS Three Months Ended Year Ended April 30, April 30,   2026     2025     2026     2025   US GAAP Earnings Per Share - Diluted $ 2.61   $ 1.25   $ 4.16   $ 1.53   Adjustments: Restructuring and related charges   0.03     0.14     0.27     0.36   Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments   0.02     (0.01 )   0.05     0.08   Amortization of acquired intangible assets   0.15     0.15     0.79     0.76   Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale   (0.01 )   0.18     0.08     0.38   Held for Sale or Sold segment Adjusted Net Loss   -     -     -     0.05   Income tax adjustments   (1.13 )   (0.34 )   (1.16 )   0.48   Non-GAAP Adjusted Earnings Per Share - Diluted $ 1.67   $ 1.37   $ 4.19   $ 3.64     Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes Three Months Ended Year Ended April 30, April 30,   2026     2025     2026     2025   US GAAP Income Before Taxes $ 94,973   $ 52,265   $ 215,086   $ 142,878   Pretax Impact of Adjustments: Restructuring and related charges   3,076     12,490     19,203     25,561   Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments   1,001     -     2,881     5,590   Amortization of acquired intangible assets   13,249     12,908     53,050     51,864   Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale   1,242     13,580     4,828     23,340   Held for Sale or Sold segment Adjusted Loss Before Taxes   -     -     -     3,578   Legal settlement   -     -     108     -   Non-GAAP Adjusted Income Before Taxes $ 113,541   $ 91,243   $ 295,156   $ 252,811     Reconciliation of US GAAP Income Tax (Benefit) Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate   US GAAP Income Tax (Benefit) Provision $ (40,374 ) $ (15,828 ) $ (6,531 ) $ 58,717   Income Tax Impact of Adjustments (3) Restructuring and related charges   1,444     4,633     4,682     5,947   Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments   118     571     464     1,170   Amortization of acquired intangible assets   5,313     4,720     11,298     10,231   Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale   1,684     3,715     480     2,368   Held for Sale or Sold segment Adjusted Tax Benefit   -     -     -     807   Legal settlement   -     -     -     -   Income Tax Adjustments Impact of withholding tax on Sri Lanka distribution   226     -     (982 )   -   Impact of valuation allowance on the US GAAP effective tax rate   57,990     18,776     58,324     (26,008 ) Impact of change in Germany statutory tax rate on deferred tax balances   418     -     4,286     -   Impact of change in certain US state tax rates in 2025   -     (117 )   -     (117 ) Non-GAAP Adjusted Income Tax Provision $ 26,819   $ 16,470   $ 72,021   $ 53,115     US GAAP Effective Tax Rate   -42.5 %   -30.3 %   -3.0 %   41.1 % Non-GAAP Adjusted Effective Tax Rate   23.6 %   18.1 %   24.4 %   21.0 %   Notes: (1) All amounts are approximate due to rounding.   (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.   (3) For the three months and years ended April 30, 2026 and 2025, respectively, substantially all of the tax impact was from deferred taxes. JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA (in USD thousands) (unaudited)   Three Months Ended Year Ended April 30, April 30,   2026     2025     2026     2025   Net Income $ 135,347   $ 68,093   $ 221,617   $ 84,161   Interest expense   9,646     11,270     43,848     52,547   (Benefit) provision for income taxes   (40,374 )   (15,828 )   (6,531 )   58,717   Depreciation and amortization   35,510     36,681     143,477     147,126   Non-GAAP EBITDA   140,129     100,216     402,411     342,551   Restructuring and related charges   3,076     12,490     19,203     25,561   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 ) Held for Sale or Sold segment Adjusted EBITDA   -     -     -     3,578   Legal settlement   -     -     108     -   Non-GAAP Adjusted EBITDA $ 148,728   $ 125,643   $ 439,647   $ 397,674   Adjusted EBITDA Margin   33.2 %   28.4 %   26.2 %   24.0 %   Notes: (1) All amounts are approximate due to rounding.   (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) (3) SEGMENT RESULTS (in USD thousands) (unaudited)   % Change Three Months Ended April 30, Favorable (Unfavorable)   2026     2025   Reported Constant Currency Research: Revenue, net Research Publishing $ 259,123   $ 243,061   7 % 5 % Research Solutions   36,494     37,660   -3 % -4 % Total Revenue, net $ 295,617   $ 280,721   5 % 4 %   Non-GAAP Adjusted Operating Income $ 88,664   $ 75,168   18 % 17 % Depreciation and amortization   22,744     22,303   -2 % 0 % Non-GAAP Adjusted EBITDA $ 111,408   $ 97,471   14 % 13 % Adjusted EBITDA margin   37.7 %   34.7 %   Learning: Revenue, net Academic $ 96,147   $ 100,146   -4 % -5 % Professional   56,177     61,712   -9 % -10 % Total Revenue, net $ 152,324   $ 161,858   -6 % -7 %   Non-GAAP Adjusted Operating Income $ 59,705   $ 58,715   2 % 0 % Depreciation and amortization   10,445     10,948   5 % 6 % Non-GAAP Adjusted EBITDA $ 70,150   $ 69,663   1 % -1 % Adjusted EBITDA margin   46.1 %   43.0 %   Corporate Expenses: Non-GAAP Adjusted Corporate Expenses $ (35,151 ) $ (44,921 ) 22 % 23 % Depreciation and amortization   2,321     3,430   32 % 33 % Non-GAAP Adjusted EBITDA $ (32,830 ) $ (41,491 ) 21 % 22 %   Consolidated Results: Revenue, net $ 447,941   $ 442,579   1 % 0 %   Operating Income $ 110,142   $ 76,472   44 % 43 % Adjustments: Restructuring charges   3,076     12,490   75 % 75 % Non-GAAP Adjusted Operating Income $ 113,218   $ 88,962   27 % 26 % Adjusted Operating Income margin   25.3 %   20.1 % Depreciation and amortization   35,510     36,681   3 % 5 % Non-GAAP Adjusted EBITDA $ 148,728   $ 125,643   18 % 17 % Adjusted EBITDA margin   33.2 %   28.4 %   Notes: (1) The supplementary information included in this press release for the three months and year ended April 30, 2026 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.   (2) All amounts are approximate due to rounding.   (3) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.   # Variance greater than 100% JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) (3) SEGMENT RESULTS (in USD thousands) (unaudited) % Change Year Ended April 30, Favorable (Unfavorable)   2026     2025   Reported Constant Currency Research: Revenue, net Research Publishing $ 965,767   $ 922,553   5 % 3 % Research Solutions   164,175     152,906   7 % 6 % Total Revenue, net $ 1,129,942   $ 1,075,459   5 % 4 %   Non-GAAP Adjusted Operating Income $ 282,604   $ 255,580   11 % 10 % Depreciation and amortization   92,472     89,302   -4 % -2 % Non-GAAP Adjusted EBITDA $ 375,076   $ 344,882   9 % 8 % Adjusted EBITDA margin   33.2 %   32.1 %   Learning: Revenue, net Academic $ 318,757   $ 333,693   -4 % -5 % Professional   227,829     251,075   -9 % -10 % Total Revenue, net $ 546,586   $ 584,768   -7 % -7 %   Non-GAAP Adjusted Operating Income $ 166,385   $ 174,850   -5 % -5 % Depreciation and amortization   41,148     43,900   6 % 7 % Non-GAAP Adjusted EBITDA $ 207,533   $ 218,750   -5 % -6 % Adjusted EBITDA margin   38.0 %   37.4 %   Held for Sale or Sold: Total Revenue, net $ -   $ 17,382   # #   Non-GAAP Adjusted Operating Loss $ -   $ (3,578 ) # # Depreciation and amortization   -     -   # # Non-GAAP Adjusted EBITDA $ -   $ (3,578 ) # # Adjusted EBITDA margin   0.0 %   -20.6 %   Corporate Expenses: Non-GAAP Adjusted Corporate Expenses $ (152,819 ) $ (179,882 ) 15 % 16 % Depreciation and amortization   9,857     13,924   29 % 30 % Non-GAAP Adjusted EBITDA $ (142,962 ) $ (165,958 ) 14 % 15 %   Consolidated Results: Revenue, net $ 1,676,528   $ 1,677,609   0 % -1 % Less: Held for Sale or Sold Segment   -     (17,382 ) # # Adjusted Revenue, net $ 1,676,528   $ 1,660,227   1 % 0 %   Operating Income $ 276,859   $ 221,409   25 % 25 % Adjustments: Restructuring charges   19,203   #   25,561   25 % 25 % Held for Sale or Sold Segment Adjusted Operating Loss   -     3,578   # # Legal settlement   108     -   # # Non-GAAP Adjusted Operating Income $ 296,170   $ 250,548   18 % 18 % Adjusted Operating Income margin   17.7 %   15.1 % Depreciation and amortization   143,477     147,126   2 % 4 % Less: Held for Sale or Sold depreciation and amortization   -     -   # # Non-GAAP Adjusted EBITDA $ 439,647   $ 397,674   11 % 10 % Adjusted EBITDA margin   26.2 %   24.0 %   # Variance greater than 100%   JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in USD thousands) (unaudited)   April 30, April 30, 2026 2025 Assets: Current assets Cash and cash equivalents $ 75,622 $ 85,882 Accounts receivable, net   244,164   228,410 Inventories, net   19,265   22,875 Prepaid expenses and other current assets   80,614   102,717 Total current assets   419,665   439,884   Technology, property and equipment, net   136,260   162,125 Intangible assets, net   578,959   595,044 Goodwill   1,132,392   1,121,505 Operating lease right-of-use assets   57,128   66,128 Other non-current assets   267,414   306,780 Total assets $ 2,591,818 $ 2,691,466   Liabilities and shareholders' equity: Current liabilities Accounts payable $ 67,199 $ 60,948 Accrued royalties   97,791   109,765 Short-term portion of long-term debt   12,500   10,000 Contract liabilities   451,423   462,693 Accrued employment costs   71,068   93,117 Short-term portion of operating lease liabilities   15,954   18,282 Other accrued liabilities   63,012   66,051 Total current liabilities   778,947   820,856 Long-term debt   670,897   789,435 Accrued pension liability   59,527   71,899 Deferred income tax liabilities   98,972   105,145 Operating lease liabilities   69,544   81,482 Other long-term liabilities   65,689   70,443 Total liabilities   1,743,576   1,939,260 Shareholders' equity   848,242   752,206 Total liabilities and shareholders' equity $ 2,591,818 $ 2,691,466   Notes: (1) The supplementary information included in this press release for April 30, 2026 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.   (2) All amounts are approximate due to rounding. JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in USD thousands) (unaudited)   Year Ended April 30,   2026     2025   Operating activities: Net income $ 221,617   $ 84,161   Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale   4,828     23,340   Amortization of intangible assets   53,050     51,822   Amortization of product development assets   16,058     16,610   Amortization of cloud computing arrangements   2,770     1,081   Depreciation and amortization of technology, property, and equipment   74,369     78,694   Other noncash charges   23,735     101,808   Net change in operating assets and liabilities   (135,908 )   (154,925 ) Net cash provided by operating activities   260,519     202,591     Investing activities: Additions to technology, property, and equipment   (51,166 )   (61,473 ) Product development spending   (14,012 )   (15,228 ) Businesses acquired in purchase transactions, net of cash acquired   (243 )   (3,602 ) Net cash proceeds (transferred) related to the sale of businesses and assets   112,194     (7,642 ) Acquisitions of publication rights and other   (18,668 )   (6,073 ) Net cash provided by (used in) investing activities   28,105     (94,018 )   Financing activities: Net debt (repayments) borrowings   (120,297 )   13,509   Cash dividends   (74,358 )   (76,101 ) Purchases of treasury shares   (100,082 )   (60,421 ) Other   (3,566 )   (2,317 ) Net cash used in financing activities   (298,303 )   (125,330 )   Effects of exchange rate changes on cash, cash equivalents and restricted cash   (581 )   3,146     Change in cash, cash equivalents and restricted cash for period   (10,260 )   (13,611 )   Cash, cash equivalents and restricted cash - beginning   85,932     99,543   Cash, cash equivalents and restricted cash - ending $ 75,672   $ 85,932     CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (3)   Year Ended April 30,   2026     2025   Net cash provided by operating activities $ 260,519   $ 202,591   Less: Additions to technology, property, and equipment   (51,166 )   (61,473 ) Less: Product development spending   (14,012 )   (15,228 ) Free cash flow less product development spending $ 195,341   $ 125,890     Notes: (1) The supplementary information included in this press release for the year ended April 30, 2026 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.   (2) All amounts are approximate due to rounding.   (3) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. JOHN WILEY & SONS, INC. EXPLANATION OF USAGE OF NON-GAAP PERFORMANCE MEASURES   In this earnings release and supplemental information, management may present the following non-GAAP performance measures: · Adjusted Earnings Per Share (Adjusted EPS); · Free Cash Flow less Product Development Spending; · Adjusted Revenue; · Adjusted Operating Income and margin; · Adjusted Income Before Taxes; · Adjusted Income Tax Provision; · Adjusted Effective Tax Rate; · EBITDA, Adjusted EBITDA and margin; · Organic revenue and growth; and · Results on a constant currency basis.   Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well as for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and calculate incentive compensation.   We present these non-GAAP performance measures in addition to US GAAP financial results because we believe that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose.   The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. We present both Adjusted Operating Income and Adjusted EBITDA for each of our reportable segments as we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time. It removes the impact of depreciation and amortization expense, as well as presents a consistent basis to evaluate operating profitability and compare our financial performance to that of our peer companies and competitors.   For example:   · Adjusted EPS, Adjusted Revenue, Adjusted Operating Income and margin, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, EBITDA, Adjusted EBITDA and margin, and Organic revenue (excluding acquisitions) and growth provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance.   · Free Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends, and fund share repurchases and acquisitions.   · Results on a constant currency basis remove distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of foreign currency (or at constant currency), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.   In addition, we have historically provided these or similar non-GAAP performance measures and understand that some investors and financial analysts find this information helpful in analyzing our operating margins and net income, and in comparing our financial performance to that of our peer companies and competitors. Based on interactions with investors, we also believe that our non-GAAP performance measures are regarded as useful to our investors as supplemental to our US GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.   We have not provided our 2027 outlook for the most directly comparable US 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 US GAAP.   Non-GAAP performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under US GAAP. The adjusted metrics have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, US GAAP information. It does not purport to represent any similarly titled US GAAP information and is not an indicator of our performance under US GAAP. Non-GAAP financial metrics that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-GAAP measures.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260616444615/en/ Brian Campbell
Investors
201.748.6874
brian.campbell@wiley.com Andrea Sherman
Media
203.536.7564
asherman@wiley.com Original: Research and AI Momentum, Record Margins, and Cash Flow Growth Highlight Wiley's Fourth Quarter and Fiscal 2026 Results

Wiley Announces Quarterly Dividend; Allocated $126 million to Dividends and Repurchases in 9 Months of Fiscal 2026March 26, 2026 7:30 AM
Business Wire
Wiley (NYSE: WLY), a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning, today announced that its Board of Directors has declared a quarterly cash dividend of $0.355 per share on its Class A and Class B Common Stock, payable on April 23, 2026, to shareholders of record on April 7, 2026. The quarterly dividend is equivalent to an annual dividend of $1.42 per share, an increase from $1.41 per share in Fiscal 2025. In June 2025, Wiley raised its dividend for the 32nd consecutive year.


Earlier this fiscal year, Wiley announced that it was increasing its Fiscal 2026 share repurchase allocation to $100 million, up from $60 million in Fiscal 2025 and $45 million in Fiscal 2024. On March 5, 2026, Wiley reported results for the third quarter of Fiscal 2026, highlighted by strong momentum in Research and AI, as well as material margin expansion and cash flow growth. Please see the earnings release, presentation, and call transcript at investors.wiley.com/quarterly results.


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.


CATEGORY – EARNINGS RELEASES

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326451034/en/
Brian Campbell

Investor Relations

201.748.6874

brian.campbell@wiley.com


Original: Wiley Announces Quarterly Dividend; Allocated $126 million to Dividends and Repurchases in 9 Months of Fiscal 2026

AI Momentum, Material Margin Expansion, and Cash Flow Growth Highlight Wiley’s Third Quarter 2026March 5, 2026 7:30 AM
Business Wire
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 third quarter ended January 31, 2026.


THIRD QUARTER SUMMARY



GAAP performance vs. prior year: Revenue of $410 million up 1%; Operating Income of $63 million up 21%; and Diluted Earnings Per Share (EPS) of $0.56 compared to prior year loss of ($0.43)



Adjusted Results at constant currency: Revenue of $410 million flat as expected due to unfavorable comparisons in Research and market-related softness in Learning; Adjusted Operating Income of $70 million up 22% and margin of 17% up 280 basis points; Adjusted EBITDA of $105 million up 12% and margin of 25.7% up 250 basis points; and Adjusted EPS of $0.97 up 19%



Research Publishing momentum: Delivered 3% revenue growth as reported (+1% at constant currency as expected). Research Publishing grew 4% at constant currency excluding an unfavorable comparison to prior year related to an AI agreement, driven by growth in our recurring revenue and open access models



AI and data services momentum: Realized $7 million of AI revenue this quarter and approximately $42 million year-to-date. Launched Clinical Outcomes Assessments partnership with IQVIA and announced a new AI and Data Services leader. After quarter close, Wiley executed a strategic partnership and recurring revenue agreement with OpenEvidence for AI clinical decision support



Continued operational excellence: Reduced Corporate Expenses (Adjusted EBITDA) by 21% at constant currency as part of multi-year margin expansion initiatives; announced technology managed services partnership to drive material operating efficiencies and cost savings



Cash Flow growth (YTD): Operating Cash Flow increased by $51 million to $103 million with Free Cash Flow of $56 million up from a use of ($1 million) in prior year. On track to realize $200 million of Free Cash Flow in Fiscal 2026



Significant increase in return to shareholders: Increased share repurchases to $35 million this quarter with a full year target of $100 million; allocated $126 million to share repurchases and dividends year-to-date



Fiscal 2026 outlook: Guiding to high end of range for Adjusted EBITDA margin and Adjusted EPS; reaffirming Revenue and Free Cash Flow outlook



MANAGEMENT COMMENTARY


“We continue to accelerate our progress in major areas of focus, from driving Research and AI growth to delivering materially higher margins and cash flow,” said Matthew Kissner, President and CEO. “In Research Publishing, we’re leveraging our scale and competitive moat to grow market share and drive record publishing output, with AI as a further accelerator. In AI and data services, we’re leveraging our proprietary content and unparalleled partner ecosystem to execute strategic multi-year agreements with corporations in life sciences and other verticals. We recently surpassed $100 million in lifetime AI revenue and secured our first LLM customer outside the US. Finally, margin expansion remains our company-wide ethos as evidenced by our 280 basis point improvement in our Adjusted Operating Margin.”


FINANCIAL SUMMARY


Please see the accompanying financial tables for more detail.


Research Segment



Q3 Research revenue of $274 million was up 2% as reported and 1% at constant currency driven by 1% growth in Research Publishing or 4% excluding unfavorable comparison to prior year related to AI revenue. Article submissions and output rose by 26% and 11% year-to-date, respectively, with robust demand to publish across both fast growing and mature markets. Strong volume drove growth in both author-funded open access and multi-year licenses for research institutions. Research Solutions was down 3% at constant currency largely due to softness in recruiting and databases offsetting higher licensing revenue. Year-to-date, Research revenue was up 5% as reported and 4% at constant currency.



Q3 Adjusted EBITDA of $91 million was up 4% as reported and 3% at constant currency driven by revenue growth and cost savings initiatives. Adjusted EBITDA margin for the quarter was 33.1% vs. 32.7% in the prior year period. Year-to-date, Research Adjusted EBITDA was up 7% as reported or 6% at constant currency.



Learning Segment



Q3 Learning revenue of $136 million was down 1% as reported or 2% at constant currency. Academic grew 2% or 1% at constant currency driven by licensing and digital content growth offsetting declines in print and digital courseware. Professional was down 5% at constant currency driven by soft retail channel and market conditions offsetting higher licensing revenue. Year-to-date, Learning revenue was down 7% as reported and at constant currency.



Q3 Adjusted EBITDA of $48 million for the quarter was flat as reported and down 1% at constant currency. Adjusted EBITDA margin was up twenty basis points to 35.6% with favorable product mix and restructuring savings offsetting lower revenue. Year-to-date, Learning Adjusted EBITDA was down 8% as reported and at constant currency.



Corporate Expenses


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



Q3 Corporate Expenses on an Adjusted EBITDA basis were lower by 20% as reported and 21% at constant currency due to restructuring savings and expense management across functional areas, namely Technology. Year-to-date, Corporate Expenses on an Adjusted EBITDA basis were lower by 12% as reported and constant currency.



EPS



Q3 GAAP EPS of $0.56 compared to a loss of ($0.43) in the prior year period. Q3 Adjusted EPS of $0.97 was up 15% as reported or 19% at constant currency driven by operating performance and lower share count offset by a higher adjusted effective tax rate. Year-to-date, GAAP EPS was up $1.33 and Adjusted EPS 13% at constant currency.



BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION



Net Debt-to-EBITDA Ratio (Trailing Twelve Months) at quarter end was 1.7 compared to 2.0 in the year-ago period.



Net Cash Provided by Operating Activities was $103 million year-to-date compared to $52 million in the prior year period driven by higher cash earnings.



Free Cash Flow improved to $56 million year-to-date from a use of $1 million in the prior year period. Free Cash Flow was driven by higher cash earnings and lower capex. Capex was $48 million compared to $53 million.



Returns to Shareholders: During the quarter, Wiley allocated $54 million in the quarter toward repurchases ($35 million) and dividends ($19 million), up 86% over prior year. Year-to-date, Wiley allocated $126 million to repurchases ($70 million) and dividends ($56 million), an increase of 37% compared to the prior year period. Wiley repurchased approximately 1.09 million shares in Q3 and 1.98 million shares year-to-date.



FISCAL 2026 OUTLOOK


Wiley is guiding to the high end of the range for Adjusted EBITDA margin and Adjusted EPS and reaffirming Adjusted Revenue and Free Cash Flow. Research and AI momentum are expected to remain strong.




Metric






Fiscal 2025 Results






Fiscal 2026 Outlook






Q3 2026 Update








Adj. Revenue






$1,660M






Low-single digit growth






Reaffirmed








Adj. EBITDA Margin






24%






25.5% to 26.5%






High end of range








Adj. EPS






$3.64






$3.90 to $4.35






High end of range








Free Cash Flow






$126M






Approximately $200M






Reaffirmed








Adjusted metrics exclude year over year impact of divestitures, which were primarily completed in Fiscal 2024 with remainder completed in first half of Fiscal 2025







EARNINGS CONFERENCE CALL


Scheduled for today, March 5 at 10:00 am (ET). Access webcast at Investor Relations at investors.wiley.com, or directly at http://events.q4inc.com/attendee/463112721. U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#. International callers, please dial (646) 960-0253 and enter the participant code 2521217#.


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 and Margin,” “EBITDA, Adjusted EBITDA and Margin,” “Adjusted Income before Taxes,” “Adjusted Income Tax Provision,” “Adjusted Effective Tax Rate,” “Free Cash Flow less Product Development Spending,” “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 2026 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 opportunities; (x) the ability to realize operating savings over time and in fiscal year 2026 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; (xiii) our ability to leverage artificial intelligence technologies in our products and services, including generative artificial intelligence, large language models, machine learning, and other artificial intelligence tools; and (xiv) 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: EARNINGS RELEASES



 


JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1)(2)


CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)


(in USD thousands, except per share information)


(unaudited)










 





Three Months Ended






 






Nine Months Ended










January 31,






 






January 31,










 






2026






 






 






 






2025






 






 






 






2026






 






 






 






2025






 







Revenue, net


$






410,036






 







$






404,626






 







$






1,228,587






 







$






1,235,030






 







Costs and expenses:










Cost of sales


 






107,781






 







 






104,219






 







 






321,428






 







 






320,439






 







Operating and administrative expenses


 






219,097






 







 






229,960






 







 






684,514






 







 






717,670






 







Restructuring and related charges


 






7,057






 







 






5,574






 







 






16,127






 







 






13,071






 







Amortization of intangible assets


 






13,343






 







 






13,042






 







 






39,801






 







 






38,913






 







Total costs and expenses


 






347,278






 







 






352,795






 







 






1,061,870






 







 






1,090,093






 















 


Operating income


 






62,758






 







 






51,831






 







 






166,717






 







 






144,937






 







As a % of revenue


 






15.3






%







 






12.8






%







 






13.6






%







 






11.7






%















 


Interest expense


 






(11,490






)







 






(14,027






)







 






(34,202






)







 






(41,277






)







Net foreign exchange transaction losses


 






(5,187






)







 






(4,222






)







 






(5,202






)







 






(7,316






)







Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale


 






(161






)







 






(15,930






)







 






(3,586






)







 






(9,760






)







Other (expense) income, net


 






(1,524






)







 






1,021






 







 






(3,614






)







 






4,029






 















 


Income before taxes


 






44,396






 







 






18,673






 







 






120,113






 







 






90,613






 















 


Provision for income taxes


 






14,717






 







 






41,627






 







 






33,843






 







 






74,545






 







Effective tax rate


 






33.1






%







 






222.9






%







 






28.2






%







 






82.3






%







Net income (loss)


$






29,679






 







$






(22,954






)







$






86,270






 







$






16,068






 







As a % of revenue


 






7.2






%







 






-5.7






%







 






7.0






%







 






1.3






%















 


Earnings (loss) per share










Basic


$






0.57






 







$






(0.43






)







$






1.63






 







$






0.30






 







Diluted (3)


$






0.56






 







$






(0.43






)







$






1.62






 







$






0.29






 















 


Weighted average number of common shares outstanding










Basic


 






52,245






 







 






53,952






 







 






52,904






 







 






54,173






 







Diluted (3)


 






52,657






 







 






53,952






 







 






53,371






 







 






54,815






 















 










 


Notes:










(1) The supplementary information included in this press release for the three and nine months ended January 31, 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.










 


(2) All amounts are approximate due to rounding.










 


(3) In calculating diluted net loss per common share for the three months ended January 31, 2025, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.



JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1) (2)


RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES


(in USD thousands, except per share information)


(unaudited)











 


Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS










Three Months Ended






 






Nine Months Ended











January 31,






 






January 31,











 






2026






 






 






 






2025






 






 






 






2026






 






 






 






2025






 







US GAAP Earnings (Loss) Per Share - Diluted


$






0.56






 







$






(0.43






)







$






1.62






 







$






0.29






 







Adjustments:











Restructuring and related charges


 






0.11






 







 






0.09






 







 






0.24






 







 






0.21






 








Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments


 






0.04






 







 






0.09






 







 






0.03






 







 






0.09






 








Amortization of acquired intangible assets


 






0.21






 







 






0.20






 







 






0.64






 







 






0.62






 








Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale


 






0.03






 







 






0.29






 







 






0.09






 







 






0.20






 








Held for Sale or Sold segment Adjusted Net Loss


 






-






 







 






-






 







 






-






 







 






0.05






 








Legal settlement


 






-






 







 






-






 







 






-






 







 






-






 








Income tax adjustments


 






0.02






 







 






0.58






 







 






(0.06






)







 






0.82






 








EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (3)


 






-






 







 






0.02






 







 






-






 







 






-






 







Non-GAAP Adjusted Earnings Per Share - Diluted


$






0.97






 







$






0.84






 







$






2.56






 







$






2.28






 
















 


Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes






Three Months Ended






 






Nine Months Ended











January 31,






 






January 31,











 






2026






 






 






 






2025






 






 






 






2026






 






 






 






2025






 







US GAAP Income Before Taxes


$






44,396






 







$






18,673






 







$






120,113






 







$






90,613






 







Pretax Impact of Adjustments:











Restructuring and related charges


 






7,057






 







 






5,574






 







 






16,127






 







 






13,071






 








Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments


 






3,430






 







 






5,239






 







 






1,880






 







 






5,590






 








Amortization of acquired intangible assets


 






13,343






 







 






13,042






 







 






39,801






 







 






38,956






 








Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale


 






161






 







 






15,930






 







 






3,586






 







 






9,760






 








Held for Sale or Sold segment Adjusted Loss Before Taxes


 






-






 







 






-






 







 






-






 







 






3,578






 








Legal settlement


 






-






 







 






-






 







 






108






 







 






-






 







Non-GAAP Adjusted Income Before Taxes


$






68,387






 







$






58,458






 







$






181,615






 







$






161,568






 
















 


Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate











 


US GAAP Income Tax Provision


$






14,717






 







$






41,627






 







$






33,843






 







$






74,545






 







Income Tax Impact of Adjustments (4)











Restructuring and related charges


 






1,448






 







 






404






 







 






3,238






 







 






1,315






 








Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments


 






1,314






 







 






260






 







 






346






 







 






599






 








Amortization of acquired intangible assets


 






1,859






 







 






1,910






 







 






5,985






 







 






5,511






 








Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale


 






(1,257






)







 






154






 







 






(1,203






)







 






(1,360






)








Held for Sale or Sold segment Adjusted Tax Benefit


 






-






 







 






-






 







 






-






 







 






887






 








Legal settlement


 






-






 







 






-






 







 






-






 







 






-






 







Income Tax Adjustments











Impact of withholding tax on Sri Lanka distribution


 






(1,208






)







 






-






 







 






(1,208






)







 






-






 








Impact of valuation allowance on the US GAAP effective tax rate


 






305






 







 






(31,744






)







 






334






 







 






(44,863






)








Impact of change in Germany statutory tax rate on deferred tax balances


 






-






 







 






-






 







 






3,869






 







 






-






 







Non-GAAP Adjusted Income Tax Provision


$






17,178






 







$






12,611






 







$






45,204






 







$






36,634






 
















 


US GAAP Effective Tax Rate


 






33.1






%







 






222.9






%







 






28.2






%







 






82.3






%







Non-GAAP Adjusted Effective Tax Rate


 






25.1






%







 






21.6






%







 






24.9






%







 






22.7






%
















 


Notes:










(1) All amounts are approximate due to rounding.











 


(2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.











 


(3) Represents the impact of using diluted weighted-average number of common shares outstanding (54.6 million shares for the three months ended January 31, 2025) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.











 


(4) For the three and nine months ended January 31, 2026 and 2025, respectively, substantially all of the tax impact was from deferred taxes.



JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1)(2)


RECONCILIATION OF US GAAP NET INCOME (LOSS) TO NON-GAAP EBITDA AND ADJUSTED EBITDA


(in USD thousands)


(unaudited)











 






Three Months Ended






 






Nine Months Ended











January 31,






 






January 31,











 






2026






 






 






 






2025






 






 






 






2026






 






 






 






2025






 







Net Income (loss)


$






29,679






 







$






(22,954






)







$






86,270






 







$






16,068






 








Interest expense


 






11,490






 







 






14,027






 







 






34,202






 







 






41,277






 








Provision for income taxes


 






14,717






 







 






41,627






 







 






33,843






 







 






74,545






 








Depreciation and amortization


 






35,592






 







 






36,474






 







 






107,967






 







 






110,445






 







Non-GAAP EBITDA


 






91,478






 







 






69,174






 







 






262,282






 







 






242,335






 








Restructuring and related charges


 






7,057






 







 






5,574






 







 






16,127






 







 






13,071






 








Net foreign exchange transaction losses


 






5,187






 







 






4,222






 







 






5,202






 







 






7,316






 








Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale


 






161






 







 






15,930






 







 






3,586






 







 






9,760






 








Other expense (income), net


 






1,524






 







 






(1,021






)







 






3,614






 







 






(4,029






)








Held for Sale or Sold segment Adjusted EBITDA


 






-






 







 






-






 







 






-






 







 






3,578






 








Legal settlement


 






-






 







 






-






 







 






108






 







 






-






 







Non-GAAP Adjusted EBITDA


$






105,407






 







$






93,879






 







$






290,919






 







$






272,031






 








Adjusted EBITDA Margin


 






25.7






%







 






23.2






%







 






23.7






%







 






22.3






%
















 


Notes:










(1) All amounts are approximate due to rounding.











 


(2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.



JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1) (2) (3)


SEGMENT RESULTS


(in USD thousands)


(unaudited)











 







 






 






 






 






% Change












Three Months Ended January 31,






 






Favorable (Unfavorable)












 






2026






 






 






 






2025






 






 






Reported






Constant

Currency







Research:









Revenue, net










Research Publishing


$






233,435






 







$






225,874






 







3






%






1






%








Research Solutions


 






40,684






 







 






41,670






 







-2






%






-3






%







Total Revenue, net


$






274,119






 







$






267,544






 







2






%






1






%
















 


Non-GAAP Adjusted Operating Income


$






67,731






 







$






65,669






 







3






%






3






%







Depreciation and amortization


 






23,024






 







 






21,918






 







-5






%






-3






%







Non-GAAP Adjusted EBITDA


$






90,755






 







$






87,587






 







4






%






3






%








Adjusted EBITDA margin


 






33.1






%







 






32.7






%



















 


Learning:









Revenue, net










Academic


$






80,108






 







$






78,795






 







2






%






1






%








Professional


 






55,809






 







 






58,287






 







-4






%






-5






%







Total Revenue, net


$






135,917






 







$






137,082






 







-1






%






-2






%
















 


Non-GAAP Adjusted Operating Income


$






38,270






 







$






37,764






 







1






%






1






%







Depreciation and amortization


 






10,179






 







 






10,761






 







5






%






6






%







Non-GAAP Adjusted EBITDA


$






48,449






 







$






48,525






 







0






%






-1






%








Adjusted EBITDA margin


 






35.6






%







 






35.4






%



















 


Held for Sale or Sold:









Total Revenue, net


$






-






 







$






-






 






#
#











 


Non-GAAP Adjusted Operating Loss


$






-






 







$






-






 






#
#


Depreciation and amortization


 






-






 







 






-






 






#
#


Non-GAAP Adjusted EBITDA


$






-






 







$






-






 






#
#



Adjusted EBITDA margin


 






0.0






%







 






0.0






%



















 


Corporate Expenses:









Non-GAAP Adjusted Corporate Expenses


$






(36,186






)







$






(46,028






)







21






%






22






%







Depreciation and amortization


 






2,389






 







 






3,795






 







37






%






37






%







Non-GAAP Adjusted EBITDA


$






(33,797






)







$






(42,233






)







20






%






21






%
















 


Consolidated Results:









Revenue, net


$






410,036






 







$






404,626






 







1






%






0






%







Less: Held for Sale or Sold Segment


 






-






 







 






-






 






#
#


Adjusted Revenue, net


$






410,036






 







$






404,626






 







1






%






0






%
















 


Operating Income


$






62,758






 







$






51,831






 







21






%






21






%








Adjustments:










Restructuring charges


 






7,057






 







 






5,574






 







-27






%






-27






%








Held for Sale or Sold Segment Adjusted Operating Loss


 






-






 







 






-






 






#
#


Non-GAAP Adjusted Operating Income


$






69,815






 







$






57,405






 







22






%






22






%








Adjusted Operating Income margin


 






17.0






%







 






14.2






%










Depreciation and amortization


 






35,592






 







 






36,474






 







2






%






4






%







Less: Held for Sale or Sold Segment depreciation and amortization


 






-






 







 






-






 






#
#


Non-GAAP Adjusted EBITDA


$






105,407






 







$






93,879






 







12






%






12






%








Adjusted EBITDA margin


 






25.7






%







 






23.2






%



















 


Notes:









(1) The supplementary information included in this press release for the three and nine months ended January 31, 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.











 


(2) All amounts are approximate due to rounding.











 


(3) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.











 


#
Variance greater than 100%









JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1) (2) (3)


SEGMENT RESULTS


(in USD thousands)


(unaudited)







 






 






 






 






% Change












Nine Months Ended January 31,






 






Favorable (Unfavorable)












 






2026






 






 






 






2025






 






 






Reported






Constant

Currency







Research:









Revenue, net










Research Publishing


$






706,644






 







$






679,492






 







4






%






2






%








Research Solutions


 






127,681






 







 






115,246






 







11






%






10






%







Total Revenue, net


$






834,325






 







$






794,738






 







5






%






4






%
















 


Non-GAAP Adjusted Operating Income


$






193,940






 







$






180,412






 







7






%






7






%







Depreciation and amortization


 






69,728






 







 






66,999






 







-4






%






-2






%







Non-GAAP Adjusted EBITDA


$






263,668






 







$






247,411






 







7






%






6






%








Adjusted EBITDA margin


 






31.6






%







 






31.1






%



















 


Learning:









Revenue, net










Academic


$






222,610






 







$






233,547






 







-5






%






-5






%








Professional


 






171,652






 







 






189,363






 







-9






%






-10






%







Total Revenue, net


$






394,262






 







$






422,910






 







-7






%






-7






%
















 


Non-GAAP Adjusted Operating Income


$






106,680






 







$






116,135






 







-8






%






-8






%







Depreciation and amortization


 






30,703






 







 






32,952






 







7






%






7






%







Non-GAAP Adjusted EBITDA


$






137,383






 







$






149,087






 







-8






%






-8






%








Adjusted EBITDA margin


 






34.8






%







 






35.3






%



















 


Held for Sale or Sold:









Total Revenue, net


$






-






 







$






17,382






 






#
#











 


Non-GAAP Adjusted Operating Loss


$






-






 







$






(3,578






)






#
#


Depreciation and amortization


 






-






 







 






-






 






#
#


Non-GAAP Adjusted EBITDA


$






-






 







$






(3,578






)






#
#



Adjusted EBITDA margin


 






0.0






%







 






-20.6






%



















 


Corporate Expenses:









Non-GAAP Adjusted Corporate Expenses


$






(117,668






)







$






(134,961






)







13






%






13






%







Depreciation and amortization


 






7,536






 







 






10,494






 







28






%






28






%







Non-GAAP Adjusted EBITDA


$






(110,132






)







$






(124,467






)







12






%






12






%
















 


Consolidated Results:









Revenue, net


$






1,228,587






 







$






1,235,030






 







-1






%






-2






%







Less: Held for Sale or Sold Segment


 






-






 







 






(17,382






)






#
#


Adjusted Revenue, net


$






1,228,587






 







$






1,217,648






 







1






%






0






%
















 


Operating Income


$






166,717






 







$






144,937






 







15






%






15






%








Adjustments:










Restructuring charges


 






16,127






 





#

 






13,071






 







-23






%






-23






%








Held for Sale or Sold Segment Adjusted Operating Loss


 






-






 







 






3,578






 






#
#



Legal settlement


 






108






 







 






-






 






#
#


Non-GAAP Adjusted Operating Income


$






182,952






 







$






161,586






 







13






%






13






%








Adjusted Operating Income margin


 






14.9






%







 






13.3






%










Depreciation and amortization


 






107,967






 







 






110,445






 







2






%






4






%







Less: Held for Sale or Sold depreciation and amortization


 






-






 







 






-






 






#
#


Non-GAAP Adjusted EBITDA


$






290,919






 







$






272,031






 







7






%






6






%








Adjusted EBITDA margin


 






23.7






%







 






22.3






%



















 


#
Variance greater than 100%


















 



JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1) (2)


CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


(in USD thousands)


(unaudited)







 






January 31,






 






April 30,











2026






 






2025







Assets:






Current assets







Cash and cash equivalents


$






95,115







$






85,882








Accounts receivable, net


 






200,220







 






228,410








Inventories, net


 






19,295







 






22,875








Prepaid expenses and other current assets


 






96,621







 






102,717








Total current assets


 






411,251







 






439,884












 


Technology, property and equipment, net


 






141,708







 






162,125







Intangible assets, net


 






595,100







 






595,044







Goodwill


 






1,138,748







 






1,121,505







Operating lease right-of-use assets


 






60,442







 






66,128







Other non-current assets


 






214,079







 






306,780








Total assets


$






2,561,328







$






2,691,466












 


Liabilities and shareholders' equity:






Current liabilities







Accounts payable


$






50,099







$






60,948








Accrued royalties


 






177,204







 






109,765








Short-term portion of long-term debt


 






11,250







 






10,000








Contract liabilities


 






292,840







 






462,693








Accrued employment costs


 






69,830







 






93,117








Short-term portion of operating lease liabilities


 






16,242







 






18,282








Other accrued liabilities


 






74,950







 






66,051








Total current liabilities


 






692,415







 






820,856







Long-term debt


 






796,288







 






789,435







Accrued pension liability


 






72,960







 






71,899







Deferred income tax liabilities


 






106,589







 






105,145







Operating lease liabilities


 






73,614







 






81,482







Other long-term liabilities


 






69,487







 






70,443








Total liabilities


 






1,811,353







 






1,939,260







Shareholders' equity


 






749,975







 






752,206








Total liabilities and shareholders' equity


$






2,561,328







$






2,691,466












 


Notes:






(1) The supplementary information included in this press release for January 31, 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.







 



(2) All amounts are approximate due to rounding.








JOHN WILEY & SONS, INC.


SUPPLEMENTARY INFORMATION (1) (2)


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(in USD thousands)


(unaudited)







 






Nine Months Ended











January 31,











 






2026






 







 






2025






 







Operating activities:







Net income


$






86,270






 







$






16,068






 








Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale


 






3,586






 







 






9,760






 








Amortization of intangible assets


 






39,801






 







 






38,913






 








Amortization of product development assets


 






11,707






 







 






12,669






 








Depreciation and amortization of technology, property, and equipment


 






56,459






 







 






58,863






 








Other noncash charges


 






73,955






 







 






68,095






 








Net change in operating assets and liabilities


 






(168,466






)







 






(152,118






)








Net cash provided by operating activities


 






103,312






 







 






52,250






 












 


Investing activities:







Additions to technology, property, and equipment


 






(37,984






)







 






(42,347






)








Product development spending


 






(9,785






)







 






(11,054






)








Businesses acquired in purchase transactions, net of cash acquired


 






-






 







 






(915






)








Net cash proceeds (transferred) related to the sale of businesses and assets


 






114,126






 







 






(11,239






)








Acquisitions of publication rights and other


 






(20,751






)







 






(4,139






)








Net cash provided by (used in) investing activities


 






45,606






 







 






(69,694






)












 


Financing activities:







Net debt borrowings


 






1,087






 







 






114,319






 








Cash dividends


 






(56,303






)







 






(57,243






)








Purchases of treasury shares


 






(69,963






)







 






(35,421






)








Other


 






(14,793






)







 






2,421






 








Net cash (used in) provided by financing activities


 






(139,972






)







 






24,076






 












 


Effects of exchange rate changes on cash, cash equivalents and restricted cash


 






287






 







 






(1,615






)












 


Change in cash, cash equivalents and restricted cash for period


 






9,233






 







 






5,017






 












 


Cash, cash equivalents and restricted cash - beginning


 






85,932






 







 






99,543






 







Cash, cash equivalents and restricted cash - ending


$






95,165






 







$






104,560






 












 


CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (3)







 






Nine Months Ended











January 31,











 






2026






 







 






2025






 







Net cash provided by operating activities


$






103,312






 







$






52,250






 







Less:
Additions to technology, property, and equipment


 






(37,984






)







 






(42,347






)







Less:
Product development spending


 






(9,785






)







 






(11,054






)







Free cash flow less product development spending


$






55,543






 







$






(1,151






)












 


Notes:






(1) The supplementary information included in this press release for the nine months ended January 31, 2026 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.







 


(2) All amounts are approximate due to rounding.







 


(3) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors.




JOHN WILEY & SONS, INC.








EXPLANATION OF USAGE OF NON-GAAP PERFORMANCE MEASURES








In this earnings release and supplemental information, management may present the following non-GAAP performance measures:


· Adjusted Earnings Per Share (Adjusted EPS);


· Free Cash Flow less Product Development Spending;


· Adjusted Revenue;


· Adjusted Operating Income and margin;


· Adjusted Income Before Taxes;


· Adjusted Income Tax Provision;


· Adjusted Effective Tax Rate;


· EBITDA, Adjusted EBITDA and margin; and


· Results on a constant currency basis.


Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well as for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and calculate incentive compensation.


We present these non-GAAP performance measures in addition to US GAAP financial results because we believe that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose.



The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. We present both Adjusted Operating Income and Adjusted EBITDA for each of our reportable segments as we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time. It removes the impact of depreciation and amortization expense, as well as presents a consistent basis to evaluate operating profitability and compare our financial performance to that of our peer companies and competitors.






For example:


· Adjusted EPS, Adjusted Revenue, Adjusted Operating Income and margin, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, EBITDA, and Adjusted EBITDA and margin provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance.


· Free Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends, and fund share repurchases and acquisitions.


· Results on a constant currency basis remove distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of foreign currency (or at constant currency), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.


In addition, we have historically provided these or similar non-GAAP performance measures and understand that some investors and financial analysts find this information helpful in analyzing our operating margins and net income, and in comparing our financial performance to that of our peer companies and competitors. Based on interactions with investors, we also believe that our non-GAAP performance measures are regarded as useful to our investors as supplemental to our US GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.


We have not provided our 2026 outlook for the most directly comparable US 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 US GAAP.


Non-GAAP performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under US GAAP. The adjusted metrics have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, US GAAP information. It does not purport to represent any similarly titled US GAAP information and is not an indicator of our performance under US GAAP. Non-GAAP financial metrics that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-GAAP measures.


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305269505/en/
Brian Campbell

Investor Relations

brian.campbell@wiley.com

201.748.6874


Original: AI Momentum, Material Margin Expansion, and Cash Flow Growth Highlight Wiley’s Third Quarter 2026