AI Momentum, Material Margin Expansion, and Cash Flow Growth Highlight Wiley’s Third Quarter 2026
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 third quarter ended January 31, 2026.
THIRD QUARTER SUMMARY
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
Learning Segment
Corporate Expenses
“Corporate Expenses” are the portion of shared services costs not allocated to segments.
EPS
BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION
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
Three Months Ended
Nine Months Ended
January 31,
January 31,
2026
2025
2026
2025
$
410,036
$
404,626
$
1,228,587
$
1,235,030
107,781
104,219
321,428
320,439
219,097
229,960
684,514
717,670
7,057
5,574
16,127
13,071
13,343
13,042
39,801
38,913
347,278
352,795
1,061,870
1,090,093
62,758
51,831
166,717
144,937
15.3
%
12.8
%
13.6
%
11.7
%
(11,490
)
(14,027
)
(34,202
)
(41,277
)
(5,187
)
(4,222
)
(5,202
)
(7,316
)
(161
)
(15,930
)
(3,586
)
(9,760
)
(1,524
)
1,021
(3,614
)
4,029
44,396
18,673
120,113
90,613
14,717
41,627
33,843
74,545
33.1
%
222.9
%
28.2
%
82.3
%
$
29,679
$
(22,954
)
$
86,270
$
16,068
7.2
%
-5.7
%
7.0
%
1.3
%
$
0.57
$
(0.43
)
$
1.63
$
0.30
$
0.56
$
(0.43
)
$
1.62
$
0.29
52,245
53,952
52,904
54,173
52,657
53,952
53,371
54,815
Three Months Ended
Nine Months Ended
January 31,
January 31,
2026
2025
2026
2025
$
0.56
$
(0.43
)
$
1.62
$
0.29
0.11
0.09
0.24
0.21
0.04
0.09
0.03
0.09
0.21
0.20
0.64
0.62
0.03
0.29
0.09
0.20
-
-
-
0.05
-
-
-
-
0.02
0.58
(0.06
)
0.82
-
0.02
-
-
$
0.97
$
0.84
$
2.56
$
2.28
Three Months Ended
Nine Months Ended
January 31,
January 31,
2026
2025
2026
2025
$
44,396
$
18,673
$
120,113
$
90,613
7,057
5,574
16,127
13,071
3,430
5,239
1,880
5,590
13,343
13,042
39,801
38,956
161
15,930
3,586
9,760
-
-
-
3,578
-
-
108
-
$
68,387
$
58,458
$
181,615
$
161,568
$
14,717
$
41,627
$
33,843
$
74,545
1,448
404
3,238
1,315
1,314
260
346
599
1,859
1,910
5,985
5,511
(1,257
)
154
(1,203
)
(1,360
)
-
-
-
887
-
-
-
-
(1,208
)
-
(1,208
)
-
305
(31,744
)
334
(44,863
)
-
-
3,869
-
$
17,178
$
12,611
$
45,204
$
36,634
33.1
%
222.9
%
28.2
%
82.3
%
25.1
%
21.6
%
24.9
%
22.7
%
Three Months Ended
Nine Months Ended
January 31,
January 31,
2026
2025
2026
2025
$
29,679
$
(22,954
)
$
86,270
$
16,068
11,490
14,027
34,202
41,277
14,717
41,627
33,843
74,545
35,592
36,474
107,967
110,445
91,478
69,174
262,282
242,335
7,057
5,574
16,127
13,071
5,187
4,222
5,202
7,316
161
15,930
3,586
9,760
1,524
(1,021
)
3,614
(4,029
)
-
-
-
3,578
-
-
108
-
$
105,407
$
93,879
$
290,919
$
272,031
25.7
%
23.2
%
23.7
%
22.3
%
% Change
Three Months Ended January 31,
Favorable (Unfavorable)
2026
2025
Reported
Constant
Currency
$
233,435
$
225,874
3
%
1
%
40,684
41,670
-2
%
-3
%
$
274,119
$
267,544
2
%
1
%
$
67,731
$
65,669
3
%
3
%
23,024
21,918
-5
%
-3
%
$
90,755
$
87,587
4
%
3
%
33.1
%
32.7
%
$
80,108
$
78,795
2
%
1
%
55,809
58,287
-4
%
-5
%
$
135,917
$
137,082
-1
%
-2
%
$
38,270
$
37,764
1
%
1
%
10,179
10,761
5
%
6
%
$
48,449
$
48,525
0
%
-1
%
35.6
%
35.4
%
$
-
$
-
$
-
$
-
-
-
$
-
$
-
0.0
%
0.0
%
$
(36,186
)
$
(46,028
)
21
%
22
%
2,389
3,795
37
%
37
%
$
(33,797
)
$
(42,233
)
20
%
21
%
$
410,036
$
404,626
1
%
0
%
-
-
$
410,036
$
404,626
1
%
0
%
$
62,758
$
51,831
21
%
21
%
7,057
5,574
-27
%
-27
%
-
-
$
69,815
$
57,405
22
%
22
%
17.0
%
14.2
%
35,592
36,474
2
%
4
%
-
-
$
105,407
$
93,879
12
%
12
%
25.7
%
23.2
%
% Change
Nine Months Ended January 31,
Favorable (Unfavorable)
2026
2025
Reported
Constant
Currency
$
706,644
$
679,492
4
%
2
%
127,681
115,246
11
%
10
%
$
834,325
$
794,738
5
%
4
%
$
193,940
$
180,412
7
%
7
%
69,728
66,999
-4
%
-2
%
$
263,668
$
247,411
7
%
6
%
31.6
%
31.1
%
$
222,610
$
233,547
-5
%
-5
%
171,652
189,363
-9
%
-10
%
$
394,262
$
422,910
-7
%
-7
%
$
106,680
$
116,135
-8
%
-8
%
30,703
32,952
7
%
7
%
$
137,383
$
149,087
-8
%
-8
%
34.8
%
35.3
%
$
-
$
17,382
$
-
$
(3,578
)
-
-
$
-
$
(3,578
)
0.0
%
-20.6
%
$
(117,668
)
$
(134,961
)
13
%
13
%
7,536
10,494
28
%
28
%
$
(110,132
)
$
(124,467
)
12
%
12
%
$
1,228,587
$
1,235,030
-1
%
-2
%
-
(17,382
)
$
1,228,587
$
1,217,648
1
%
0
%
$
166,717
$
144,937
15
%
15
%
16,127
13,071
-23
%
-23
%
-
3,578
108
-
$
182,952
$
161,586
13
%
13
%
14.9
%
13.3
%
107,967
110,445
2
%
4
%
-
-
$
290,919
$
272,031
7
%
6
%
23.7
%
22.3
%
January 31,
April 30,
2026
2025
$
95,115
$
85,882
200,220
228,410
19,295
22,875
96,621
102,717
411,251
439,884
141,708
162,125
595,100
595,044
1,138,748
1,121,505
60,442
66,128
214,079
306,780
$
2,561,328
$
2,691,466
$
50,099
$
60,948
177,204
109,765
11,250
10,000
292,840
462,693
69,830
93,117
16,242
18,282
74,950
66,051
692,415
820,856
796,288
789,435
72,960
71,899
106,589
105,145
73,614
81,482
69,487
70,443
1,811,353
1,939,260
749,975
752,206
$
2,561,328
$
2,691,466
(2) All amounts are approximate due to rounding.
Nine Months Ended
January 31,
2026
2025
$
86,270
$
16,068
3,586
9,760
39,801
38,913
11,707
12,669
56,459
58,863
73,955
68,095
(168,466
)
(152,118
)
103,312
52,250
(37,984
)
(42,347
)
(9,785
)
(11,054
)
-
(915
)
114,126
(11,239
)
(20,751
)
(4,139
)
45,606
(69,694
)
1,087
114,319
(56,303
)
(57,243
)
(69,963
)
(35,421
)
(14,793
)
2,421
(139,972
)
24,076
287
(1,615
)
9,233
5,017
85,932
99,543
$
95,165
$
104,560
Nine Months Ended
January 31,
2026
2025
$
103,312
$
52,250
(37,984
)
(42,347
)
(9,785
)
(11,054
)
$
55,543
$
(1,151
)
JOHN WILEY & SONS, INC.
EXPLANATION OF USAGE OF NON-GAAP PERFORMANCE MEASURES
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.