John Wiley & Sons, Inc. reported results for its fourth quarter and fiscal year ended April 30, 2026, marking what President and CEO Matthew Kissner described as a "breakout year" driven by accelerating momentum in Research and AI and data analytics. The company delivered record adjusted margins, a significant step-up in Free Cash Flow, and growing AI revenue, while also completing a strategic acquisition and strengthening its leadership team. For the fourth quarter, the company reported adjusted EPS of $1.67, beating the analyst consensus estimate of $1.65, while sales of $447.941 million missed the analyst consensus estimate of $450.000 million.

Fiscal 2026 Full-Year Financial Highlights

On a GAAP basis, full-year revenue of $1,677 million was flat versus the prior year including the impact of divestitures. Operating Income rose 25% to $277 million from $221 million, and Diluted EPS reached $4.16 versus $1.53 in the prior year. On an adjusted basis, the following key metrics were reported for the year ended April 30, 2026:

Adjusted Operating Income margin expanded by 260 basis points to a record 17.7%, while Adjusted EBITDA margin expanded by 220 basis points to 26.2%. Free Cash Flow growth of 55% to $195 million was driven by higher operating cash flow and lower capital expenditure of $65 million versus $77 million in the prior year, moderated by late renewal signings impacting the timing of cash collection.

Q4 Financial Summary

In the fourth quarter ended April 30, 2026, reported revenue was $448 million, up 1% as reported and flat at constant currency (CC). Q4 Diluted EPS reached $2.61, up 109% year-over-year. Adjusted EPS rose 22% (CC) to $1.67, and Adjusted EBITDA grew 17% (CC) to $149 million, with margin expanding 480 basis points to 33.2%.

Segment Performance

Research Segment

The Research segment was the primary growth engine for the fiscal year. Full-year Research revenue of $1,130 million was up 5% as reported and 4% at constant currency, driven by growth in recurring revenue models including subscriptions and transformational agreements, gold open access, and AI licensing. Submissions and output grew significantly during the year. Full-year Research Adjusted EBITDA of $375 million was up 8% (CC), with Adjusted EBITDA margin rising 110 basis points to 33.2%.

In Q4, Research revenue of $296 million was up 5% as reported and 4% (CC). Research Publishing grew 5% (CC), largely driven by strong growth in gold open access and AI licensing, partially offset by a 4% decline (CC) in Research Solutions due to a soft recruitment market. Q4 Research Adjusted EBITDA of $111 million was up 13% (CC), with Adjusted EBITDA margin rising 300 basis points to 37.7%.

Learning Segment

The Learning segment faced headwinds during the fiscal year. Full-year Learning revenue of $547 million was down 7% as reported and at constant currency, reflecting macro headwinds, retail channel softness, and lower AI licensing revenue. Learning Adjusted EBITDA of $208 million for the year was down 6% (CC), though Adjusted EBITDA margin rose 60 basis points to 38.0% on continued cost actions.

In Q4, Learning revenue of $152 million was down 6% as reported and 7% (CC). Q4 Learning Adjusted EBITDA of $70 million was down 1% (CC), while Adjusted EBITDA margin expanded 310 basis points to 46.1%, driven by cost discipline and favorable mix.

Corporate Expenses

Corporate Expenses on an Adjusted EBITDA basis declined 21% as reported and 22% at constant currency in Q4, driven by technology transformation and continued restructuring savings. For the full year, Corporate Expenses on an Adjusted EBITDA basis declined 14% on a reported basis and 15% at constant currency.

AI and Data Analytics Momentum

Wiley delivered $49 million of AI revenue in Fiscal 2026, representing growth of 23%, with recurring revenue rapidly scaling. Lifetime AI revenue surpassed $110 million. The company established an early lead in life sciences and healthcare AI through landmark partnerships, including with IQVIA and OpenEvidence, and a growing roster of corporate customers. 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. Rafat previously served as Chief Analytics Officer at Norstella and Chief Data Officer at Clarivate.

Balance Sheet, Cash Flow, and Capital Allocation

The Net Debt-to-EBITDA ratio improved to 1.4x from 1.8x in the year-ago period, reflecting higher Adjusted EBITDA and lower net debt of $608 million versus $714 million, due to settlement from a prior divestiture. Wiley allocated $174 million toward dividends and share repurchases, up from $137 million in the prior year. Share repurchases totaled $100 million, up from $60 million in the prior-year period, and the dividend was raised for the 32nd consecutive year.

Strategic Developments and Leadership

After fiscal year-end, Wiley acquired Emerald Publishing to increase scale in Research and strengthen its proprietary content advantage in the AI economy. In May 2026, Jessica Kowalski joined 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

The following table summarizes Wiley's guidance for Fiscal 2027, which includes the addition of Emerald Publishing. Organic Revenue Growth excludes the effects of the Emerald acquisition and currency movements. Emerald is projected to add $78 million to Revenue (11 months of fiscal year), 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).

Free Cash Flow in Fiscal 2027 is expected to be driven by 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.

Wiley and IQVIA have released a cross-sector intelligence report titled 'Scientific Discovery & AI: The Science-to-Patient Journey,' which identifies five high-potential directions for the healthcare ecosystem. The report draws on insights from an invitation-only, two-day working session co-hosted by Wiley and IQVIA in May 2026, attended by more than 25 senior leaders from pharma R&D, academic medicine, health systems, AI and technology, publishing and learned societies. The document highlights the gap between AI's technical capability and the health system's ability to absorb it, noting that acceleration at one stage of the value chain can create fractures at the next.

Key Findings and Strategic Directions

The report maps findings across four stages of the science-to-patient value chain: Discovery & Early Research, Clinical Development & Evidence Generation, Validation & Dissemination, and Real-World Adoption & Patient Impact. Participants identified five strategic directions to optimize the ecosystem:

Structural Limits and Incentive Misalignment

A consistent finding across every stage of the value chain is that incentives act as an impediment. The report states that the system rewards behaviors that do not always optimize for science, patients or long-term progress. Addressing this misalignment requires collaboration across actors and structural change.

Executive Perspectives

Armughan Rafat, Wiley SVP, Chief AI & Data Analytics Officer, emphasized the need for system-wide engagement. "AI has vastly increased the speed at which we can resolve molecular identities and surface new candidates — but if the publishing model, clinical development infrastructure and real-world adoption don't keep pace, those discoveries won't reach patients as quickly as they should," Rafat said.

Rob Kotchie, IQVIA President, Real World Evidence & Clinical Technology Solutions, highlighted the opportunity for integrated evidence ecosystems. "What emerged from The Summit is a clear need to move beyond isolated innovation toward integrated evidence ecosystems – where clinical research, real-world data and advanced analytics work in unison," Kotchie stated.

The report is available now and summarizes insights from The Summit, which included perspectives from organizations such as Novo Nordisk, Microsoft, Amazon, Salesforce, American Association for the Advancement of Science (AAAS), American Heart Association, JAMA Network, Johns Hopkins University, University of Michigan, Mapúa University, South Dakota State University, American Society of Mechanical Engineers (ASME), BMJ Group, Japan Advanced Institute of Science and Technology, Queen Mary Intellectual Property Research Institute and Turbine.