John Wiley & Sons, Inc. (NYSE: WLY) reported fiscal 2026 results on June 16, 2026, posting an Adjusted Operating Income margin of a record 17.7% and free cash flow of $195 million, up 55% from the prior year, for the twelve months ended April 30, 2026.
The academic and professional publisher has operated for more than two centuries, competing in research publishing alongside Elsevier parent RELX Group and Springer Nature. Wiley has been restructuring its cost base and expanding into AI content licensing since fiscal 2024.
#Research Segment Drives 5% Revenue Growth
The Research segment generated $1.13 billion in revenue for the year, up 5% as reported and 4% at constant currency, with Research Publishing advancing 5% at constant currency on gold open access and AI licensing demand.
The Learning segment posted revenue of $547 million, down 7% as reported and at constant currency, reflecting what the company attributed to macro headwinds, retail channel softness, and lower AI licensing revenue in Academic and Professional categories.
Full-year Adjusted EBITDA reached $440 million, up 10%, with margin expanding 220 basis points to 26.2%. Adjusted earnings per share rose 15% to $4.19.
GAAP diluted earnings per share came in at $4.16, compared with $1.53 in the prior year. Revenue on a GAAP basis was $1.68 billion, essentially flat compared with the prior-year period.
#AI Revenue Reaches $49 Million as Recurring Stream Expands
Wiley reported $49 million in AI revenue for fiscal 2026, up 23% from $40 million in the prior year, with cumulative lifetime AI revenue exceeding $110 million. The company said recurring AI revenue was expanding and that corporate subscription customers across life sciences, engineering, and financial sectors numbered 19 at year end.
During the year, Wiley entered partnerships with IQVIA and OpenEvidence in healthcare AI, and separately executed an agreement with Anthropic to integrate peer-reviewed content into the Claude platform.
"Fiscal 2026 was Wiley's breakout year," Matthew Kissner, President and CEO, said in the earnings release. "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."
After the fiscal year closed, Wiley acquired Emerald Publishing for approximately $452 million, adding around 485 journals and a content portfolio in economics, business, finance, and engineering. The company said the acquisition was valued at approximately 7x Adjusted EBITDA including anticipated cost synergies of approximately $30 million per year.
#Shareholder Returns Reach Record $174 Million
Operating cash flow for the year reached $261 million, up 29%, while capital expenditure declined to $65 million from $77 million in the prior year. Net debt-to-EBITDA improved to 1.4x from 1.8x.
The company allocated $174 million to dividends and share repurchases in fiscal 2026, up from $137 million in the prior year. Share repurchases totalled $100 million, up from $60 million, and the company raised its dividend for the 32nd consecutive year.
For fiscal 2027, Wiley projected Adjusted EPS of $4.60 to $5.05, Adjusted EBITDA margin of 26.5% to 27.5%, and free cash flow of $205 million. Organic revenue growth, which excludes the Emerald acquisition and currency movements, is expected to come in at low-to-mid single digits, with the Research segment targeted at mid-single digit growth.
The company said free cash flow in fiscal 2027 would be partly offset by $15 million of dilution from Emerald in its first year, higher capital expenditure of $80 million, restructuring costs, and higher cash taxes. Integration execution risk, macroeconomic conditions affecting Learning demand, and the timing of AI licensing contract renewals remain key uncertainties for the outlook.