Research and AI Momentum, Record Margins, and Cash Flow Growth Highlight Wiley's Fourth Quarter and Fiscal 2026 Results
HOBOKEN, N.J.--( 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 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."
Fiscal 2026 Highlights
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.
Research Segment
Learning Segment
Corporate Expenses
“Corporate Expenses” are the portion of shared services costs not allocated to segments.
Balance Sheet, Cash Flow, and Capital Allocation
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)
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
2026
2025
2026
2025
$
447,941
$
442,579
$
1,676,528
$
1,677,609
Cost of sales
110,081
110,941
431,509
431,380
211,393
229,767
895,907
947,437
3,076
12,490
19,203
25,561
13,249
12,909
53,050
51,822
337,799
366,107
1,399,669
1,456,200
110,142
76,472
276,859
221,409
24.6
%
17.3
%
16.5
%
13.2
%
(9,646
)
(11,270
)
(43,848
)
(52,547
)
(1,362
)
(826
)
(6,564
)
(8,142
)
(1,242
)
(13,580
)
(4,828
)
(23,340
)
(2,919
)
1,469
(6,533
)
5,498
94,973
52,265
215,086
142,878
(40,374
)
(15,828
)
(6,531
)
58,717
-42.5
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-30.3
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-3.0
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$
135,347
$
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$
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$
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15.4
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53,683
52,466
54,054
51,914
54,458
53,247
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2026
2025
2026
2025
$
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$
1.25
$
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$
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0.03
0.14
0.27
0.36
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0.05
0.08
0.15
0.15
0.79
0.76
(0.01
)
0.18
0.08
0.38
-
-
-
0.05
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(0.34
)
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$
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2026
2025
2026
2025
$
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$
52,265
$
215,086
$
142,878
3,076
12,490
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2,881
5,590
13,249
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-
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-
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$
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$
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$
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571
464
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$
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$
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-42.5
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2026
2025
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$
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$
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$
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(6,531
)
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143,477
147,126
140,129
100,216
402,411
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$
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$
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2026
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2026
2025
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152,906
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$
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$
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$
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-4
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-10
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$
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$
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)
$
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14
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-
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$
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$
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-
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$
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2026
2025
$
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$
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244,164
228,410
19,265
22,875
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102,717
419,665
439,884
136,260
162,125
578,959
595,044
1,132,392
1,121,505
57,128
66,128
267,414
306,780
$
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$
2,691,466
$
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$
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97,791
109,765
12,500
10,000
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462,693
71,068
93,117
15,954
18,282
63,012
66,051
778,947
820,856
670,897
789,435
59,527
71,899
98,972
105,145
69,544
81,482
65,689
70,443
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1,939,260
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$
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$
2,691,466
2026
2025
$
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$
84,161
4,828
23,340
53,050
51,822
16,058
16,610
2,770
1,081
74,369
78,694
23,735
101,808
(135,908
)
(154,925
)
260,519
202,591
(51,166
)
(61,473
)
(14,012
)
(15,228
)
(243
)
(3,602
)
112,194
(7,642
)
(18,668
)
(6,073
)
28,105
(94,018
)
(120,297
)
13,509
(74,358
)
(76,101
)
(100,082
)
(60,421
)
(3,566
)
(2,317
)
(298,303
)
(125,330
)
(581
)
3,146
(10,260
)
(13,611
)
85,932
99,543
$
75,672
$
85,932
2026
2025
$
260,519
$
202,591
(51,166
)
(61,473
)
(14,012
)
(15,228
)
$
195,341
$
125,890
JOHN WILEY & SONS, INC.