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John Wiley & Sons (WLY) investor relations material

John Wiley & Sons Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary4 Dec, 2025

Executive summary

  • Q2 revenue was $422 million, down 1% year-over-year, with strong Research and AI growth offset by declines in the Learning segment due to market headwinds and inventory management changes at Amazon.

  • Research publishing achieved 7% revenue growth, with record submission volumes and robust global demand, while AI initiatives generated $6 million in Q2 and $35 million year-to-date.

  • Adjusted EBITDA grew 8% to $115 million, with margin up 240–250 bps to 27.3% and adjusted operating margin at 18.8%.

  • Share repurchases increased 69% to $21 million in Q2; $73 million returned to shareholders year-to-date through buybacks and dividends.

  • Confident long-term outlook based on Research strength, transformative AI opportunities, and operational discipline.

Financial highlights

  • Adjusted EBITDA up 8% to $115 million; margin increased 240 bps to 27.3%.

  • Research segment revenue up 5–6%, with a 220 bps improvement in EBITDA margin to 33.5%.

  • Learning segment revenue declined 11%, with professional down 16% and academic down 8%.

  • Free cash flow use improved to $108 million in the first half, a 17% improvement from prior year; on track for $200 million full-year outlook.

  • Adjusted EPS up 12% to $1.10; GAAP diluted EPS up 14% to $0.84.

Outlook and guidance

  • Fiscal 2026 outlook reaffirmed: low-single digit adjusted revenue growth, adjusted EBITDA margin 25.5%–26.5%, adjusted EPS $3.90–$4.35, and free cash flow around $200 million.

  • Learning revenue declines expected to moderate in 2H as inventories stabilize, but remain down for the year.

  • Research and AI momentum expected to continue; steady subscription renewals for CY26.

  • Margin improvement and lower leverage anticipated through ongoing cost actions.

  • Q3 expected to be lighter due to AI project timing; growth weighted to Q4.

Detail Learning segment's path to H2 moderation
Update on vertical AI application customer pipeline
H2 FCF: Impact on buyback pace vs. deleveraging
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Frequently asked questions

John Wiley & Sons, Inc. operates as a research and education company worldwide. It publishes scientific, technical, medical, and scholarly journals, as well as encyclopedias, books, and online products and services; and professional and consumer books, subscription products, certification and training services, and educational materials for undergraduate and graduate students as well as lifelong learners. The company was founded in 1807 and is headquartered in Hoboken, New Jersey.

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