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 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) |
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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) |
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- 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
