John Wiley & Sons, Inc. reported financial results for the first quarter ended July 31, 2026, showing a decline in revenue compared to the prior year but highlighting progress in its Research and AI segments. The company also reaffirmed its full-year outlook for fiscal 2027.
For the quarter, Wiley reported revenue of $386 million, a decrease of 3% compared to $397 million in the prior year. GAAP operating income was $3 million, down from $31 million, while GAAP diluted earnings per share (EPS) were negative $(0.23), compared to $0.22 in the prior year. These figures were impacted by restructuring charges and acquisition and integration costs.
On an adjusted basis, excluding the impact of these costs, revenue remained flat at $386 million. However, adjusted operating income fell to $31 million, adjusted EBITDA decreased to $68 million, and adjusted EPS dropped to $0.44. The company noted that the decline in adjusted metrics was primarily driven by revenue performance and higher net interest expense related to the acquisition of Emerald Publishing.
Wiley’s Research segment performed strongly, with revenue increasing 4% to $293 million. This growth was driven by Research Publishing, which rose 12% on a constant currency basis, largely due to the addition of Emerald Publishing. Conversely, Research Solutions revenue declined 30% due to a prior-year comparison of $29 million in AI licensing revenue. Adjusted EBITDA for the Research segment rose 9% to $87 million, with a margin of 29.6%.
The Learning segment experienced a decline, with revenue falling 19% to $93 million. This was attributed to prior-year AI licensing comparisons in Academic and Professional divisions and softness in consumer and corporate spending. Adjusted EBITDA for the Learning segment decreased 56% to $14 million.
Wiley acquired Emerald Publishing for approximately $450 million in cash, net of cash acquired, during the quarter. The company noted that the integration is ahead of schedule. Emerald brings nearly 500 journals and 500,000 backfile assets to Wiley's portfolio.
Wiley reaffirmed its fiscal 2027 outlook, projecting organic revenue growth in the low-to-mid single digits. The company expects Adjusted EBITDA margin to be between 26.5% and 27.5%, and Adjusted EPS to range from $4.60 to $5.05. Emerald is projected to add $78 million to revenue for the remainder of the fiscal year.
Regarding capital allocation, Wiley allocated $33 million to dividends and share repurchases in the quarter, including $15 million for share repurchases. The company increased its dividend for the 33rd consecutive year.
