| Metric | Fiscal 2024 Results | Fiscal 2025 Results | Fiscal 2026 Outlook | ||||||||
| Adj. Revenue | $1,617M | $1,660M | Low to mid-single digit growth | ||||||||
| Adj. EBITDA Margin | 22.8% | 24% | 25.5% to 26.5% | ||||||||
| Adj. EPS | $2.78 | $3.64 | $3.90 to $4.35 | ||||||||
| Free Cash Flow | $114M | $126M | Approximately $200M | ||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenue, net | $ | 396,800 | $ | 403,809 | |||||||
| Costs and expenses: | |||||||||||
| Cost of sales | 109,259 | 109,220 | |||||||||
| Operating and administrative expenses | 240,330 | 248,819 | |||||||||
| Restructuring and related charges | 3,038 | 3,870 | |||||||||
| Amortization of intangible assets | 13,210 | 12,927 | |||||||||
| Total costs and expenses | 365,837 | 374,836 | |||||||||
| Operating income | 30,963 | 28,973 | |||||||||
| As a % of revenue | 7.8 | % | 7.2 | % | |||||||
| Interest expense | (11,042) | (12,787) | |||||||||
| Net foreign exchange transaction (losses) gains | (971) | 234 | |||||||||
Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale (3) | (1,116) | 5,801 | |||||||||
| Other (expense) income, net | (127) | 782 | |||||||||
| Income before taxes | 17,707 | 23,003 | |||||||||
| Provision for income taxes | 6,007 | 24,439 | |||||||||
| Effective tax rate | 33.9 | % | 106.2 | % | |||||||
| Net income (loss) | $ | 11,700 | $ | (1,436) | |||||||
| As a % of revenue | 2.9 | % | -0.4 | % | |||||||
| Earnings (loss) per share | |||||||||||
| Basic | $ | 0.22 | $ | (0.03) | |||||||
Diluted (4) | $ | 0.22 | $ | (0.03) | |||||||
| Weighted average number of common shares outstanding | |||||||||||
| Basic | 53,377 | 54,377 | |||||||||
Diluted (4) | 53,966 | 54,377 | |||||||||
Notes: | ||
| (1) The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. | ||
| (2) All amounts are approximate due to rounding. | ||
(3) We recorded net pretax (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | ||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| University Services | $ | (934) | $ | 1,489 | |||||||
| CrossKnowledge | — | 4,360 | |||||||||
| Wiley Edge | — | (168) | |||||||||
| Tuition Manager | — | 120 | |||||||||
| Other disposition activity | (182) | — | |||||||||
| Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale | $ | (1,116) | $ | 5,801 | |||||||
On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. As a result of the sale of these assets, we recognized an additional pretax loss of $0.9 million in the three months ended July 31, 2025. | ||
| (4) In calculating diluted net loss per common share for the three months ended July 31, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | ||
| Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS | |||||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| US GAAP Earnings (Loss) Per Share - Diluted | $ | 0.22 | $ | (0.03) | |||||||
| Adjustments: | |||||||||||
| Restructuring and related charges | 0.05 | 0.06 | |||||||||
Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments (3) | — | (0.05) | |||||||||
Amortization of acquired intangible assets (4) | 0.20 | 0.20 | |||||||||
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) | 0.02 | (0.09) | |||||||||
Held for Sale or Sold segment Adjusted Net Loss (5) | — | 0.04 | |||||||||
| Income tax adjustments | — | 0.33 | |||||||||
EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (6) | — | 0.01 | |||||||||
| Non-GAAP Adjusted Earnings Per Share - Diluted | $ | 0.49 | $ | 0.47 | |||||||
| Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes | |||||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| US GAAP Income Before Taxes | $ | 17,707 | $ | 23,003 | |||||||
| Pretax Impact of Adjustments: | |||||||||||
| Restructuring and related charges | 3,038 | 3,870 | |||||||||
Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments (3) | (440) | (2,591) | |||||||||
Amortization of acquired intangible assets (4) | 13,210 | 12,969 | |||||||||
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) | 1,116 | (5,801) | |||||||||
Held for Sale or Sold segment Adjusted Loss Before Taxes (5) | — | 2,519 | |||||||||
| Non-GAAP Adjusted Income Before Taxes | $ | 34,631 | $ | 33,969 | |||||||
| Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate | |||||||||||
| US GAAP Income Tax Provision | $ | 6,007 | $ | 24,439 | |||||||
Income Tax Impact of Adjustments (7) | |||||||||||
| Restructuring and related charges | 519 | 749 | |||||||||
Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments (3) | (750) | (390) | |||||||||
Amortization of acquired intangible assets (4) | 2,068 | 1,809 | |||||||||
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) | 54 | (925) | |||||||||
Held for Sale or Sold segment Adjusted Tax Benefit (5) | — | 372 | |||||||||
| Income Tax Adjustments | |||||||||||
Impact of valuation allowance on the US GAAP effective tax rate (8) | 166 | (18,030) | |||||||||
| Non-GAAP Adjusted Income Tax Provision | $ | 8,064 | $ | 8,024 | |||||||
| US GAAP Effective Tax Rate | 33.9 | % | 106.2 | % | |||||||
| Non-GAAP Adjusted Effective Tax Rate | 23.3 | % | 23.6 | % | |||||||
Notes: | ||
| (1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. | ||
| (2) All amounts are approximate due to rounding. | ||
| (3) In fiscal year 2023 due to the closure of our operations in Russia, the Russia entity was deemed substantially liquidated. The formal liquidation was completed in the fourth quarter of fiscal year 2025. In the three months ended July 31, 2024, we wrote off an additional $0.5 million of cumulative translation adjustments in earnings. This amount is reflected in Net foreign exchange transaction (losses) gains on our Condensed Consolidated Statements of Net Income (Loss). | ||
| (4) Reflects the amortization of intangible assets established on the opening balance sheet for an acquired business. This includes the amortization of intangible assets such as developed technology, customer relationships, tradenames, etc., which is reflected in the "Amortization of intangible assets" line in the Condensed Consolidated Statements of Net Income (Loss). It also includes the amortization of acquired product development assets, which is reflected in Cost of sales in the Condensed Consolidated Statements of Net Income (Loss). | ||
| (5) We recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | |||||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| University Services | $ | 934 | $ | (1,489) | |||||||
| CrossKnowledge | — | (4,360) | |||||||||
| Wiley Edge | — | 168 | |||||||||
| Tuition Manager | — | (120) | |||||||||
| Other disposition activity | 182 | — | |||||||||
| Net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | $ | 1,116 | $ | (5,801) | |||||||
| We recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | |||||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| University Services | $ | — | $ | — | |||||||
| CrossKnowledge | — | — | |||||||||
| Wiley Edge | — | (895) | |||||||||
| Tuition Manager | — | (30) | |||||||||
| Other disposition activity | 54 | — | |||||||||
| Benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale | $ | 54 | $ | (925) | |||||||
| In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. | |||||||||||
| (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.0 million for the three months ended July 31, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | ||
| (7) For the three months ended July 31, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. | ||
| (8) In the three months ended July 31, 2025 and 2024, there was an impact on the US GAAP effective tax rate due to the valuation allowance on deferred tax assets in the US of $0.2 million and $(18.0) million, respectively. | ||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Net Income (Loss) | $ | 11,700 | $ | (1,436) | |||||||
| Interest expense | 11,042 | 12,787 | |||||||||
| Provision for income taxes | 6,007 | 24,439 | |||||||||
| Depreciation and amortization | 36,446 | 37,253 | |||||||||
| Non-GAAP EBITDA | 65,195 | 73,043 | |||||||||
| Restructuring and related charges | 3,038 | 3,870 | |||||||||
| Net foreign exchange transaction losses (gains) | 971 | (234) | |||||||||
| Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 1,116 | (5,801) | |||||||||
| Other expense (income), net | 127 | (782) | |||||||||
Held for Sale or Sold segment Adjusted EBITDA (2) | — | 2,519 | |||||||||
| Non-GAAP Adjusted EBITDA | $ | 70,447 | $ | 72,615 | |||||||
| Adjusted EBITDA Margin | 17.8 | % | 18.6 | % | |||||||
Notes: | ||
| (1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. | ||
| (2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA. | ||
| % Change | |||||||||||||||||||||||
| Three Months Ended July 31, | Favorable (Unfavorable) | ||||||||||||||||||||||
| 2025 | 2024 | Reported | Constant Currency | ||||||||||||||||||||
| Research: | |||||||||||||||||||||||
| Revenue, net | |||||||||||||||||||||||
| Research Publishing | $ | 231,827 | $ | 230,951 | 0 | % | -1 | % | |||||||||||||||
| Research Solutions | 49,865 | 34,358 | 45 | % | 44 | % | |||||||||||||||||
| Total Revenue, net | $ | 281,692 | $ | 265,309 | 6 | % | 5 | % | |||||||||||||||
| Non-GAAP Adjusted Operating Income | $ | 56,248 | $ | 55,216 | 2 | % | 3 | % | |||||||||||||||
| Depreciation and amortization | 23,385 | 22,559 | -4 | % | -2 | % | |||||||||||||||||
| Non-GAAP Adjusted EBITDA | $ | 79,633 | $ | 77,775 | 2 | % | 2 | % | |||||||||||||||
| Adjusted EBITDA margin | 28.3 | % | 29.3 | % | |||||||||||||||||||
| Learning: | |||||||||||||||||||||||
| Revenue, net | |||||||||||||||||||||||
| Academic | $ | 55,472 | $ | 59,964 | -7 | % | -8 | % | |||||||||||||||
| Professional | 59,636 | 64,350 | -7 | % | -8 | % | |||||||||||||||||
| Total Revenue, net | $ | 115,108 | $ | 124,314 | -7 | % | -8 | % | |||||||||||||||
| Non-GAAP Adjusted Operating Income | $ | 21,655 | $ | 22,500 | -4 | % | -4 | % | |||||||||||||||
| Depreciation and amortization | 9,844 | 11,294 | 13 | % | 13 | % | |||||||||||||||||
| Non-GAAP Adjusted EBITDA | $ | 31,499 | $ | 33,794 | -7 | % | -7 | % | |||||||||||||||
| Adjusted EBITDA margin | 27.4 | % | 27.2 | % | |||||||||||||||||||
| Held for Sale or Sold: | |||||||||||||||||||||||
| Revenue, net | $ | — | $ | 14,186 | # | # | |||||||||||||||||
| Non-GAAP Adjusted Operating Loss | $ | — | $ | (2,519) | # | # | |||||||||||||||||
| Depreciation and amortization | — | — | # | # | |||||||||||||||||||
| Non-GAAP Adjusted EBITDA | $ | — | $ | (2,519) | # | # | |||||||||||||||||
| Adjusted EBITDA margin | 0.0 | % | -17.8 | % | |||||||||||||||||||
| Corporate Expenses: | |||||||||||||||||||||||
| Non-GAAP Adjusted Corporate Expenses | $ | (43,902) | $ | (42,354) | -4 | % | -3 | % | |||||||||||||||
| Depreciation and amortization | 3,217 | 3,400 | 5 | % | 6 | % | |||||||||||||||||
| Non-GAAP Adjusted EBITDA | $ | (40,685) | $ | (38,954) | -4 | % | -4 | % | |||||||||||||||
| Consolidated Results: | |||||||||||||||||||||||
| Revenue, net | $ | 396,800 | $ | 403,809 | -2 | % | -3 | % | |||||||||||||||
Less: Held for Sale or Sold Segment (3) | — | (14,186) | # | # | |||||||||||||||||||
| Adjusted Revenue, net | $ | 396,800 | $ | 389,623 | 2 | % | 1 | % | |||||||||||||||
| Operating Income | $ | 30,963 | $ | 28,973 | 7 | % | 9 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Restructuring charges | 3,038 | 3,870 | 21 | % | 21 | % | |||||||||||||||||
Held for Sale or Sold Segment Adjusted Operating Loss (3) | — | 2,519 | # | # | |||||||||||||||||||
| Non-GAAP Adjusted Operating Income | $ | 34,001 | $ | 35,362 | -4 | % | -2 | % | |||||||||||||||
| Adjusted Operating Income margin | 8.6 | % | 9.1 | % | |||||||||||||||||||
| Depreciation and amortization | 36,446 | 37,253 | 2 | % | 4 | % | |||||||||||||||||
Less: Held for Sale or Sold Segment depreciation and amortization (3) | — | — | # | # | |||||||||||||||||||
| Non-GAAP Adjusted EBITDA | $ | 70,447 | $ | 72,615 | -3 | % | -3 | % | |||||||||||||||
| Adjusted EBITDA margin | 17.8 | % | 18.6 | % | |||||||||||||||||||
Notes: | ||
| (1) The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. | ||
| (2) All amounts are approximate due to rounding. | ||
| (3) Our Adjusted Revenue, Adjusted Operating Income and Adjusted EBITDA excludes the impact of our Held for Sale or Sold segment Revenue, Adjusted Operating Income or Loss and Adjusted EBITDA results. | ||
| # Variance greater than 100% | ||
| July 31, 2025 | April 30, 2025 | ||||||||||
| Assets: | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 81,850 | $ | 85,882 | |||||||
| Accounts receivable, net | 220,317 | 228,410 | |||||||||
| Inventories, net | 21,951 | 22,875 | |||||||||
| Prepaid expenses and other current assets | 96,177 | 102,717 | |||||||||
| Total current assets | 420,295 | 439,884 | |||||||||
| Technology, property and equipment, net | 152,430 | 162,125 | |||||||||
| Intangible assets, net | 580,331 | 595,044 | |||||||||
| Goodwill | 1,117,827 | 1,121,505 | |||||||||
| Operating lease right-of-use assets | 63,626 | 66,128 | |||||||||
| Other non-current assets | 189,823 | 306,780 | |||||||||
| Total assets | $ | 2,524,332 | $ | 2,691,466 | |||||||
| Liabilities and shareholders' equity: | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 36,384 | $ | 60,948 | |||||||
| Accrued royalties | 112,535 | 109,765 | |||||||||
| Short-term portion of long-term debt | 10,000 | 10,000 | |||||||||
| Contract liabilities | 361,677 | 462,693 | |||||||||
| Accrued employment costs | 44,706 | 93,117 | |||||||||
| Short-term portion of operating lease liabilities | 17,512 | 18,282 | |||||||||
| Other accrued liabilities | 66,029 | 66,051 | |||||||||
| Total current liabilities | 648,843 | 820,856 | |||||||||
| Long-term debt | 818,272 | 789,435 | |||||||||
| Accrued pension liability | 71,954 | 71,899 | |||||||||
| Deferred income tax liabilities | 104,105 | 105,145 | |||||||||
| Operating lease liabilities | 78,200 | 81,482 | |||||||||
| Other long-term liabilities | 69,899 | 70,443 | |||||||||
| Total liabilities | 1,791,273 | 1,939,260 | |||||||||
| Shareholders' equity | 733,059 | 752,206 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,524,332 | $ | 2,691,466 | |||||||
Notes: | ||
| (1) The supplementary information included in this press release for July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. | ||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating activities: | |||||||||||
| Net income (loss) | $ | 11,700 | $ | (1,436) | |||||||
| Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 1,116 | (5,801) | |||||||||
| Amortization of intangible assets | 13,210 | 12,927 | |||||||||
| Amortization of product development assets | 3,792 | 4,476 | |||||||||
| Depreciation and amortization of technology, property, and equipment | 19,444 | 19,850 | |||||||||
| Other noncash charges | 19,274 | 20,370 | |||||||||
| Net change in operating assets and liabilities | (153,541) | (139,098) | |||||||||
| Net cash used in operating activities | (85,005) | (88,712) | |||||||||
| Investing activities: | |||||||||||
| Additions to technology, property, and equipment | (12,005) | (14,502) | |||||||||
| Product development spending | (2,890) | (3,351) | |||||||||
| Businesses acquired in purchase transactions, net of cash acquired | — | (915) | |||||||||
| Net cash proceeds (transferred) related to the sale of businesses and assets | 115,168 | (6,387) | |||||||||
| Acquisitions of publication rights and other | (1,417) | 1,348 | |||||||||
| Net cash provided by (used in) investing activities | 98,856 | (23,807) | |||||||||
| Financing activities: | |||||||||||
| Net debt borrowings | 30,591 | 143,749 | |||||||||
| Cash dividends | (18,985) | (19,184) | |||||||||
| Purchases of treasury shares | (13,500) | (12,500) | |||||||||
| Other | (15,030) | (10,476) | |||||||||
| Net cash (used in) provided by financing activities | (16,924) | 101,589 | |||||||||
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (959) | 798 | |||||||||
| Change in cash, cash equivalents and restricted cash for period | (4,032) | (10,132) | |||||||||
| Cash, cash equivalents and restricted cash - beginning | 85,932 | 99,543 | |||||||||
| Cash, cash equivalents and restricted cash - ending | $ | 81,900 | $ | 89,411 | |||||||
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (2) | |||||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Net cash used in operating activities | $ | (85,005) | $ | (88,712) | |||||||
| Less: Additions to technology, property, and equipment | (12,005) | (14,502) | |||||||||
| Less: Product development spending | (2,890) | (3,351) | |||||||||
| Free cash flow less product development spending | $ | (99,900) | $ | (106,565) | |||||||
Notes: | ||
| (1) The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. | ||
| (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplemental information. | ||