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    Research Growth and AI Licensing Drive Wiley's Third Quarter 2025 Results

    3/6/25 7:30:00 AM ET
    $WLY
    $WLYB
    Books
    Consumer Discretionary
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    Reaffirming Fiscal 2025 outlook at mid-to-high end of ranges from strong performance and profit improvement year-to-date; raising Fiscal 2026 margin target

    Wiley (NYSE:WLY), one of the world's largest publishers and a trusted leader in research and learning, today reported results for the third quarter ended January 31, 2025.

    • Third quarter reported revenue of $405 million vs. $461 million due to foregone revenue from divested businesses; Adjusted Revenue (excluding divestitures) +1.2% at constant currency as expected; Research +5.2% constant currency
    • Third quarter Operating Income $52 million vs. ($46 million); Adjusted Operating Income +27% with margin up 280bps. Earnings Per Share (EPS) up $1.65 to ($0.43); Adjusted EPS +39% and Adjusted EBITDA +4%
    • Year-to-date reported revenue of $1,235 million vs. $1,405 million due to foregone revenue from divested businesses; Adjusted Revenue (excluding divestitures) +3.5% at constant currency
    • Year-to-date Operating Income of $145 million vs. ($17 million); Adjusted Operating Income +38% with margin up 330 basis points. Earnings Per Share (EPS) of $0.29 vs. ($4.10); Adjusted EPS +43%, Adjusted EBITDA +12%, Cash from Operations +115% to $52 million and Free Cash Flow +$44 million

    "We continue to deliver disciplined growth and material margin expansion as we capitalize on the global demand for scientific research and responsible AI model development," said Matthew Kissner, Wiley President and CEO. "Our recurring revenue Research business has not only proven to be resilient across economic cycles but poised for continued expansion; our authoritative content and data-driven insights are increasingly coveted by corporations for their research and development initiatives, including AI enablement; and our strong execution and cost re-engineering efforts continue to deliver tangible results, with significant margin and cash flow improvement this year and raised margin expectations for Fiscal 2026."

    RESEARCH

    • Revenue of $268 million was up 4% as reported and 5% at constant currency driven by growth in open access, solutions, and AI licensing. During the quarter, Wiley executed two landmark recurring revenue agreements, including India ("one nation, one subscription" expanding access to over 6,000 institutions) and Brazil (transformational agreement expanding access to over 430 institutions). Leading indicators remain strong year-to-date, with submissions up 18% and output up 8%. Wiley also expanded a previously executed content licensing project for training this quarter valued at $9 million. For the nine months, Research revenue was up 3% as reported and at constant currency. Excluding AI revenue, Research revenue rose 2% in the quarter and year-to-date, both at constant currency.
    • Adjusted EBITDA of $88 million was up 11% as reported and 12% at constant currency due to revenue growth. Adjusted EBITDA margin for the quarter rose to 32.7% from 30.9% in the prior year period. Year-to-date, Research Adjusted EBITDA margin was up 30 basis points to 31.1%.

    LEARNING

    • Revenue of $137 million was down 6% as reported and at constant currency. Year-over-year results were impacted by a $6 million licensing renewal in the prior year and softness in Academic. At constant currency, Academic was down 9% in a seasonally small quarter and Professional was down 1%. For the nine months, Learning revenue was up 5%, or 4% at constant currency driven by AI licensing. Excluding AI licensing revenue, Learning revenue declined 0.6% year-to-date at constant currency.
    • Adjusted EBITDA of $49 million was down 5% as reported and at constant currency due to revenue performance. Adjusted EBITDA margin for the quarter rose to 35.4% from 35.1% in the prior year. Year-to-date, Learning Adjusted EBITDA margin was up over 400 basis points to 35.3%.

    CORPORATE EXPENSES

    • Corporate expenses declined by $3 million due to lower depreciation and amortization but rose $3 million on an Adjusted EBITDA basis due to enterprise modernization and consulting fees related to strategic initiatives, including the re-engineering of our cost structure. Adjusted Corporate Expenses are the portion of shared services costs not allocated to segments.

    EARNINGS PER SHARE

    • GAAP EPS was a loss of ($0.43) compared to a loss of ($2.08) in the prior year period. The quarterly loss was primarily due to the previously disclosed non-cash income tax adjustment as a consequence of the US valuation allowance related to our divested businesses, a further loss on the sale of our Wiley Edge business, and restructuring charges. See the accompanying reconciliation table for more information.
    • Adjusted EPS of $0.84 was up 39% at constant currency due to higher adjusted operating income and a lower effective tax rate.

    BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION (YTD)

    • Net Debt-to-EBITDA Ratio (Trailing Twelve Months) was 2.0 compared to 1.9 in year-ago period.
    • Net Cash provided by Operating Activities was up $28 million to $52 million mainly due to improved operating performance and timing of working capital.
    • Free Cash Flow was up $44 million to a use of $1 million, driven by improved operating performance, lower capex, and the timing of working capital. Free Cash Flow is typically a use through nine months due to timing.
    • Returns to Shareholders: Wiley allocated $93 million toward dividends and share repurchases, up from $87 million in the prior year. $35 million was allocated to share repurchases.

    FISCAL 2025 OUTLOOK

    Wiley is reaffirming its Fiscal 2025 growth outlook in the mid-to-high end of its ranges:

    • Revenue: middle of range, equating to top line growth of approximately 3%. Research and Learning are reaffirmed at low-to-mid single digit and low single digit growth, respectively
    • Adjusted EBITDA: middle of range, equating to high-single digit growth over prior year
    • Adjusted EBITDA margin: high end of range of 23-24%
    • Adjusted EPS: high end of range, equating to strong double-digit growth over prior year
    • Free Cash Flow: reaffirmed at $125 million, equating to growth of approximately 10% over prior year

    Metric

    Fiscal 2024 Results

    Fiscal 2025 Outlook

    Q3 2025 Update

    Adj. Revenue*

    $1,617

    $1,650 to $1,690

    Middle of range

    Adj. EBITDA*

              Margin

    $369

    22.8%

    $385 to $410

    23-24%

    Middle of range

    High end of range

    Adj. EPS*

    $2.78

    $3.25 to $3.60

    High end of range

    Free Cash Flow

    $114

    Approx. $125

    Reaffirmed

    *Excludes held for sale or sold businesses. Wiley's fiscal year runs from May 1 to April 30. Refer to our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 for our Non-GAAP reconciliations to US GAAP results.

    FISCAL 2026 TARGETS

    The Company is raising its Fiscal 2026 margin target and reaffirming its Fiscal 2026 revenue and cash flow targets. Wiley will disclose its full guidance for Fiscal 2026 in June 2025.

    1. Reaffirming low-to-mid single digit revenue growth
    2. Raising Adjusted EBITDA Margin target to 25%+ from a range of 24-25%
    3. Reaffirming Free Cash Flow of $200 million

    EARNINGS CONFERENCE CALL

    Wiley will conduct a conference call with investors to discuss this earnings release today at 10:00 am (ET). You can access this via webcast at investors.wiley.com, or directly at https://events.q4inc.com/attendee/253283908. U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#. International, please dial (646) 960-0253 and enter participant code 2521217#.

    ABOUT WILEY

    Wiley (NYSE:WLY) is one of the world's largest publishers and a trusted leader in research and learning. Our industry-leading content, services, platforms, and knowledge networks are tailored to meet the evolving needs of our customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. We enable knowledge-seekers to transform today's biggest obstacles into tomorrow's brightest opportunities. For more than two centuries, Wiley has been delivering on its timeless mission to unlock human potential. Visit us at Wiley.com and investors.wiley.com

    *NON-GAAP FINANCIAL MEASURES

    Wiley provides non-GAAP financial measures and performance results such as "Adjusted EPS," "Adjusted Operating Income," "Adjusted EBITDA," "Adjusted Income before Taxes," "Adjusted Income Tax Provision," "Adjusted Effective Income Tax Rate," "Free Cash Flow less Product Development Spending," "organic revenue," "Adjusted Revenue," and results on a Constant Currency basis to assess underlying business performance and trends. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of divestitures and acquisitions provide a useful comparable basis to analyze operating results and earnings. See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information. We have not provided our 2025 outlook for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with U.S. GAAP.

    FORWARD-LOOKING STATEMENTS

    This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the ability to realize operating savings over time and in fiscal year 2025 in connection with our multiyear Global Restructuring Program and planned and completed dispositions; (xi) cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business; (xii) as a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets and we may never realize the full carrying value of these assets; (xiii) our ability to leverage artificial intelligence technologies in our products and services, including generative artificial intelligence, large language models, machine learning, and other artificial intelligence tools; and (xiv) other factors detailed from time to time in our filings with the SEC. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

    CATEGORY: EARNINGS RELEASES

    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1)(2)
    CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME
    (Dollars in thousands, except per share information)
    (unaudited)
     
    Three Months Ended Nine Months Ended
    January 31, January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Revenue, net

    $

    404,626

     

    $

    460,705

     

    $

    1,235,030

     

    $

    1,404,526

     

    Costs and expenses:
    Cost of sales

     

    104,219

     

     

    143,662

     

     

    320,439

     

     

    456,377

     

    Operating and administrative expenses

     

    229,960

     

     

    253,375

     

     

    717,670

     

     

    761,458

     

    Impairment of goodwill(3)

     

    -

     

     

    81,754

     

     

    -

     

     

    108,449

     

    Restructuring and related charges

     

    5,574

     

     

    14,808

     

     

    13,071

     

     

    52,033

     

    Amortization of intangible assets

     

    13,042

     

     

    13,517

     

     

    38,913

     

     

    42,730

     

    Total costs and expenses

     

    352,795

     

     

    507,116

     

     

    1,090,093

     

     

    1,421,047

     

     
    Operating income (loss)

     

    51,831

     

     

    (46,411

    )

     

    144,937

     

     

    (16,521

    )

    As a % of revenue

     

    12.8

    %

     

    -10.1

    %

     

    11.7

    %

     

    -1.2

    %

     
    Interest expense

     

    (14,027

    )

     

    (13,321

    )

     

    (41,277

    )

     

    (37,592

    )

    Net foreign exchange transaction (losses) gains

     

    (4,222

    )

     

    488

     

     

    (7,316

    )

     

    (3,489

    )

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale(3)

     

    (15,930

    )

     

    (52,404

    )

     

    (9,760

    )

     

    (179,747

    )

    Other income (expense), net

     

    1,021

     

     

    (648

    )

     

    4,029

     

     

    (3,700

    )

     
    Income (loss) before taxes

     

    18,673

     

     

    (112,296

    )

     

    90,613

     

     

    (241,049

    )

     
    Provision (benefit) for income taxes

     

    41,627

     

     

    1,579

     

     

    74,545

     

     

    (15,465

    )

    Effective tax rate

     

    222.9

    %

     

    -1.4

    %

     

    82.3

    %

     

    6.4

    %

    Net (loss) income

    $

    (22,954

    )

    $

    (113,875

    )

    $

    16,068

     

    $

    (225,584

    )

    As a % of revenue

     

    -5.7

    %

     

    -24.7

    %

     

    1.3

    %

     

    -16.1

    %

     
    (Loss) earnings per share
    Basic

    $

    (0.43

    )

    $

    (2.08

    )

    $

    0.30

     

    $

    (4.10

    )

    Diluted(4)

    $

    (0.43

    )

    $

    (2.08

    )

    $

    0.29

     

    $

    (4.10

    )

     
    Weighted average number of common shares outstanding
    Basic

     

    53,952

     

     

    54,812

     

     

    54,173

     

     

    55,061

     

    Diluted(4)

     

    53,952

     

     

    54,812

     

     

    54,815

     

     

    55,061

     

     
     
    Notes:
    (1) The supplementary information included in this press release for the three and nine months ended January 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) Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale

    For the three and nine months ended January 31, 2025 and 2024, we recorded net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
     
    Three Months Ended

    January 31,
    Nine Months Ended

    January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Wiley Edge

    $

    (15,566

    )

    $

    (20,676

    )

    $

    (14,778

    )

    $

    (20,676

    )

    University Services

     

    (639

    )

     

    (25,946

    )

     

    850

     

     

    (101,412

    )

    CrossKnowledge

     

    275

     

     

    (5,782

    )

     

    4,197

     

     

    (56,159

    )

    Tuition Manager

     

    -

     

     

    -

     

     

    120

     

     

    (1,500

    )

    Sale of assets

     

    -

     

     

    -

     

     

    (149

    )

     

    -

     

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale

    $

    (15,930

    )

    $

    (52,404

    )

    $

    (9,760

    )

    $

    (179,747

    )



    As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition.



    On January 1, 2024, we completed the sale of University Services. On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.



    In the three months ended January 31, 2025, we recognized a net loss of $15.6 million for Wiley Edge primarily due to subsequent changes in the fair value less costs to sell. We reduced the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero as of January 31, 2025, as current market conditions have significantly lowered expected gross profit below the payment threshold required in the agreement.



    In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.



    Impairment of goodwill

    In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.
     
    (4) In calculating diluted net loss per common share for the three months ended January 31, 2025 and the three and nine months ended January 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.
    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1) (2)
    RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES
    (unaudited)
     
    Reconciliation of US GAAP (Loss) Earnings per Share to Non-GAAP Adjusted EPS
    Three Months Ended Nine Months Ended
    January 31, January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    US GAAP (Loss) Earnings Per Share - Diluted

    $

    (0.43

    )

    $

    (2.08

    )

    $

    0.29

     

    $

    (4.10

    )

    Adjustments:
    Impairment of goodwill

     

    -

     

     

    1.48

     

     

    -

     

     

    1.90

     

    Restructuring and related charges

     

    0.09

     

     

    0.20

     

     

    0.21

     

     

    0.70

     

    Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments (3)

     

    0.09

     

     

    (0.03

    )

     

    0.09

     

     

    0.02

     

    Amortization of acquired intangible assets (4)

     

    0.20

     

     

    0.22

     

     

    0.62

     

     

    0.65

     

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5)

     

    0.29

     

     

    0.83

     

     

    0.20

     

     

    2.77

     

    Held for Sale or Sold segment Adjusted Net (Income) Loss (5)

     

    -

     

     

    (0.05

    )

     

    0.05

     

     

    (0.39

    )

    Income tax adjustments

     

    0.58

     

     

    -

     

     

    0.82

     

     

    -

     

    EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (6)

     

    0.02

     

     

    0.02

     

     

    -

     

     

    0.04

     

    Non-GAAP Adjusted Earnings Per Share - Diluted

    $

    0.84

     

    $

    0.59

     

    $

    2.28

     

    $

    1.59

     

     
    Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes
    Three Months Ended Nine Months Ended
    (amounts in thousands) January 31, January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    US GAAP Income (Loss) Before Taxes

    $

    18,673

     

    $

    (112,296

    )

    $

    90,613

     

    $

    (241,049

    )

    Pretax Impact of Adjustments:
    Impairment of goodwill

     

    -

     

     

    81,754

     

     

    -

     

     

    108,449

     

    Restructuring and related charges

     

    5,574

     

     

    14,808

     

     

    13,071

     

     

    52,033

     

    Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments (3)

     

    5,239

     

     

    (2,128

    )

     

    5,590

     

     

    1,089

     

    Amortization of acquired intangible assets (4)

     

    13,042

     

     

    13,580

     

     

    38,956

     

     

    44,550

     

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5)

     

    15,930

     

     

    52,404

     

     

    9,760

     

     

    179,747

     

    Held for Sale or Sold segment Adjusted (Income) Loss Before Taxes (5)

     

    -

     

     

    (4,120

    )

     

    3,578

     

     

    (28,253

    )

    Non-GAAP Adjusted Income Before Taxes

    $

    58,458

     

    $

    44,002

     

    $

    161,568

     

    $

    116,566

     

     
    Reconciliation of US GAAP Income Tax Provision (Benefit) 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 (Benefit)

    $

    41,627

     

    $

    1,579

     

    $

    74,545

     

    $

    (15,465

    )

    Income Tax Impact of Adjustments (7)
    Impairment of goodwill

     

    -

     

     

    -

     

     

    -

     

     

    2,697

     

    Restructuring and related charges

     

    404

     

     

    3,985

     

     

    1,315

     

     

    13,237

     

    Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments (3)

     

    260

     

     

    (742

    )

     

    599

     

     

    112

     

    Amortization of acquired intangible assets (4)

     

    1,910

     

     

    1,152

     

     

    5,511

     

     

    8,668

     

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5)

     

    154

     

     

    6,508

     

     

    (1,360

    )

     

    25,711

     

    Held for Sale or Sold segment Adjusted Tax (Provision) Benefit (5)

     

    -

     

     

    (1,252

    )

     

    887

     

     

    (6,518

    )

    Income Tax Adjustments
    Impact of valuation allowance on the US GAAP effective tax rate (8)

     

    (31,744

    )

     

    -

     

     

    (44,863

    )

     

    -

     

    Non-GAAP Adjusted Income Tax Provision

    $

    12,611

     

    $

    11,230

     

    $

    36,634

     

    $

    28,442

     

     
    US GAAP Effective Tax Rate

     

    222.9

    %

     

    -1.4

    %

     

    82.3

    %

     

    6.4

    %

    Non-GAAP Adjusted Effective Tax Rate

     

    21.6

    %

     

    25.5

    %

     

    22.7

    %

     

    24.4

    %

     
    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 and nine months ended January 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. In the three and nine months ended January 31, 2025, we wrote off an additional $0.1 million and $0.4 million, respectively, of cumulative translation adjustments in earnings. In the three and nine months ended January 31, 2024, we wrote off an additional $0.2 million and $0.8 million, respectively, of cumulative translation adjustments in earnings. These amounts are reflected in Net foreign exchange transaction (losses) gains on our Condensed Consolidated Statements of Net (Loss) Income.
     
    (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 (Loss) Income. It also includes the amortization of acquired product development assets, which is reflected in Cost of sales in the Condensed Consolidated Statements of Net (Loss) Income.
     
    (5) For the three and nine months ended January 31, 2025 and 2024, we recorded net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
     
    Three Months Ended

    January 31,
    Nine Months Ended

    January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Wiley Edge

    $

    15,566

     

    $

    20,676

     

    $

    14,778

     

    $

    20,676

     

    University Services

     

    639

     

     

    25,946

     

     

    (850

    )

     

    101,412

     

    CrossKnowledge

     

    (275

    )

     

    5,782

     

     

    (4,197

    )

     

    56,159

     

    Tuition Manager

     

    -

     

     

    -

     

     

    (120

    )

     

    1,500

     

    Sale of assets

     

    -

     

     

    -

     

     

    149

     

     

    -

     

    Net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale

    $

    15,930

     

    $

    52,404

     

    $

    9,760

     

    $

    179,747

     

     
    For the three and nine months ended January 31, 2025 and 2024, 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

    January 31,
    Nine Months Ended

    January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Wiley Edge

    $

    154

     

    $

    -

     

    $

    (1,330

    )

    $

    -

     

    University Services

     

    -

     

     

    6,508

     

     

    -

     

     

    25,337

     

    CrossKnowledge

     

    -

     

     

    -

     

     

    -

     

     

    -

     

    Tuition Manager

     

    -

     

     

    -

     

     

    (30

    )

     

    374

     

    Sale of assets

     

    -

     

     

    -

     

     

    -

     

     

    -

     

    Benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale

    $

    154

     

    $

    6,508

     

    $

    (1,360

    )

    $

    25,711

     

     
    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 (54.6 million shares for the three months ended January 31, 2025 and 55.3 million and 55.6 million shares for the three and nine months ended January 31, 2024, respectively) 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 and nine months ended January 31, 2025 and 2024, substantially all of the tax impact was from deferred taxes.
     
    (8) In the nine months ended January 31, 2025, there was an impact on the US GAAP effective tax rate due to the valuation allowance on deferred tax assets in the US of $44.9 million, which includes an adjustment of $31.7 million in the three months ended January 31, 2025.
    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1)
    RECONCILIATION OF US GAAP NET (LOSS) INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA
    (unaudited)
     
    Three Months Ended Nine Months Ended
    January 31, January 31,

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Net (Loss) Income

    $

    (22,954

    )

    $

    (113,875

    )

    $

    16,068

     

    $

    (225,584

    )

    Interest expense

     

    14,027

     

     

    13,321

     

     

    41,277

     

     

    37,592

     

    Provision (benefit) for income taxes

     

    41,627

     

     

    1,579

     

     

    74,545

     

     

    (15,465

    )

    Depreciation and amortization

     

    36,474

     

     

    45,474

     

     

    110,445

     

     

    129,376

     

    Non-GAAP EBITDA

     

    69,174

     

     

    (53,501

    )

     

    242,335

     

     

    (74,081

    )

    Impairment of goodwill

     

    -

     

     

    81,754

     

     

    -

     

     

    108,449

     

    Restructuring and related charges

     

    5,574

     

     

    14,808

     

     

    13,071

     

     

    52,033

     

    Net foreign exchange transaction losses (gains)

     

    4,222

     

     

    (488

    )

     

    7,316

     

     

    3,489

     

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale

     

    15,930

     

     

    52,404

     

     

    9,760

     

     

    179,747

     

    Other (income) expense, net

     

    (1,021

    )

     

    648

     

     

    (4,029

    )

     

    3,700

     

    Held for Sale or Sold segment Adjusted EBITDA (2)

     

    -

     

     

    (4,118

    )

     

    3,578

     

     

    (29,739

    )

    Non-GAAP Adjusted EBITDA

    $

    93,879

     

    $

    91,507

     

    $

    272,031

     

    $

    243,598

     

    Adjusted EBITDA Margin

     

    23.2

    %

     

    22.7

    %

     

    22.3

    %

     

    20.7

    %

     
    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 and nine months ended January 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.
    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1) (2)
    SEGMENT RESULTS
    (in thousands)
    (unaudited)
     
    % Change

    Three Months Ended January 31,

    Favorable (Unfavorable)

    2025

     

    2024

     

    Reported Constant

    Currency
    Research:  
    Revenue, net  
    Research Publishing

    $

    225,874

     

    $

    216,586

     

    4%

    5%

    Research Solutions

     

    41,670

     

     

    39,613

     

    5%

    6%

    Total Revenue, net

    $

    267,544

     

    $

    256,199

     

    4%

    5%

     

     

     

    Non-GAAP Adjusted Operating Income

    $

    65,669

     

    $

    57,098

     

    15%

    17%

    Depreciation and amortization

     

    21,918

     

     

    22,029

     

    1%

    0%

    Non-GAAP Adjusted EBITDA

    $

    87,587

     

    $

    79,127

     

    11%

    12%

    Adjusted EBITDA margin

     

    32.7

    %

     

    30.9

    %

     

     

     

     

     

    Learning:

     

     

     

    Revenue, net

     

     

     

    Academic

    $

    78,795

     

    $

    87,216

     

    -10%

    -9%

    Professional

     

    58,287

     

     

    59,118

     

    -1%

    -1%

    Total Revenue, net

    $

    137,082

     

    $

    146,334

     

    -6%

    -6%

     

     

     

    Non-GAAP Adjusted Operating Income

    $

    37,764

     

    $

    37,513

     

    1%

    1%

    Depreciation and amortization

     

    10,761

     

     

    13,812

     

    22%

    22%

    Non-GAAP Adjusted EBITDA

    $

    48,525

     

    $

    51,325

     

    -5%

    -5%

    Adjusted EBITDA margin

     

    35.4

    %

     

    35.1

    %

     

     

     

     

     

    Held for Sale or Sold:

     

     

     

    Total Revenue, net

    $

    -

     

    $

    58,172

     

    #

    #

     

     

     

    Non-GAAP Adjusted Operating Income

    $

    -

     

    $

    4,118

     

    #

    #

    Depreciation and amortization

     

    -

     

     

    -

     

    #

    #

    Non-GAAP Adjusted EBITDA

    $

    -

     

    $

    4,118

     

    #

    #

    Adjusted EBITDA margin

     

    0.0

    %

     

    7.1

    %

     

     

     

     

     

    Corporate Expenses:

     

     

     

    Non-GAAP Adjusted Corporate Expenses

    $

    (46,028

    )

    $

    (48,578

    )

    5%

    5%

    Depreciation and amortization

     

    3,795

     

     

    9,633

     

    61%

    61%

    Non-GAAP Adjusted EBITDA

    $

    (42,233

    )

    $

    (38,945

    )

    -8%

    -9%

     

     

     

    Consolidated Results:  

     

     

    Revenue, net

    $

    404,626

     

    $

    460,705

     

    -12%

    -12%

    Less: Held for Sale or Sold Segment (3)

     

    -

     

     

    (58,172

    )

    #

    #

    Adjusted Revenue, net

    $

    404,626

     

    $

    402,533

     

    1%

    1%

     

     

     

    Operating Income (Loss)

    $

    51,831

     

    $

    (46,411

    )

    #

    #

    Adjustments:

     

     

     

    Restructuring charges

     

    5,574

     

     

    14,808

     

    62%

    62%

    Impairment of goodwill

     

    -

     

     

    81,754

     

    #

    #

    Held for Sale or Sold Segment Adjusted Operating Income (3)

     

    -

     

     

    (4,118

    )

    #

    #

    Non-GAAP Adjusted Operating Income

    $

    57,405

     

    $

    46,033

     

    25%

    27%

    Adjusted Operating Income margin

     

    14.2

    %

     

    11.4

    %

     

     

    Depreciation and amortization

     

    36,474

     

     

    45,474

     

    20%

    19%

    Less: Held for Sale or Sold Segment depreciation and amortization (3)

     

    -

     

     

    -

     

    #

    #

    Non-GAAP Adjusted EBITDA

    $

    93,879

     

    $

    91,507

     

    3%

    4%

    Adjusted EBITDA margin   23.2

    %

     

    22.7

    %

       
    Notes:  
    (1) The supplementary information included in this press release for the three and nine months ended January 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%  
    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1) (2)
    SEGMENT RESULTS
    (in thousands)
    (unaudited)
    % Change

    Nine Months Ended January 31,

    Favorable (Unfavorable)

    2025

     

     

    2024

     

    Reported Constant

    Currency
    Research:  
    Revenue, net  
    Research Publishing

    $

    679,492

     

    $

    659,329

     

    3%

    3%

    Research Solutions

     

    115,246

     

     

    112,344

     

    3%

    3%

    Total Revenue, net

    $

    794,738

     

    $

    771,673

     

    3%

    3%

     

     
    Non-GAAP Adjusted Operating Income

    $

    180,412

     

    $

    169,481

     

    6%

    7%

    Depreciation and amortization

     

    66,999

     

     

    67,909

     

    1%

    2%

    Non-GAAP Adjusted EBITDA

    $

    247,411

     

    $

    237,390

     

    4%

    5%

    Adjusted EBITDA margin  

    31.1

    %

     

    30.8

    %

       
    Learning:  
    Revenue, net  
    Academic

    $

    233,547

     

    $

    224,633

     

    4%

    4%

    Professional

     

    189,363

     

     

    179,961

     

    5%

    5%

    Total Revenue, net

    $

    422,910

     

    $

    404,594

     

    5%

    4%

     

     
    Non-GAAP Adjusted Operating Income

    $

    116,135

     

    $

    85,051

     

    37%

    36%

    Depreciation and amortization

     

    32,952

     

     

    41,338

     

    20%

    20%

    Non-GAAP Adjusted EBITDA

    $

    149,087

     

    $

    126,389

     

    18%

    17%

    Adjusted EBITDA margin

     

    35.3

    %

     

    31.2

    %

     

     
    Held for Sale or Sold:

     

    Total Revenue, net

    $

    17,382

     

    $

    228,259

     

    -92%

    -92%

       
    Non-GAAP Adjusted Operating (Loss) Income

    $

    (3,578

    )

    $

    26,302

     

    #

    #

    Depreciation and amortization  

    -

     

     

    3,437

     

    #

    #

    Non-GAAP Adjusted EBITDA

    $

    (3,578

    )

    $

    29,739

     

    #

    #

    Adjusted EBITDA margin  

    -20.6

    %

     

    13.0

    %

       
    Corporate Expenses:  
    Non-GAAP Adjusted Corporate Expenses

     $

    (134,961

    )

    $

    (136,873

    )

    1%

    2%

    Depreciation and amortization  

    10,494

     

     

    16,692

     

    37%

    37%

    Non-GAAP Adjusted EBITDA

     $

    (124,467

    )

    $

    (120,181

    )

    -4%

    -3%

       
    Consolidated Results:  
    Revenue, net

    $

    1,235,030

     

    $

    1,404,526

     

    -12%

    -12%

    Less: Held for Sale or Sold Segment (3)

     

    (17,382

    )

     

    (228,259

    )

    -92%

    -92%

    Adjusted Revenue, net

    $

    1,217,648

     

    $

    1,176,267

     

    4%

    3%

     

     
    Operating Income (Loss)

    $

    144,937

     

    $

    (16,521

    )

    #

    #

    Adjustments:

     

    Restructuring charges

     

    13,071

     

     

    52,033

     

    75%

    75%

    Impairment of goodwill

     

    -

     

     

    108,449

     

    #

    #

    Held for Sale or Sold Segment Adjusted Operating Loss (Income) (3)

     

    3,578

     

     

    (26,302

    )

    #

    #

    Non-GAAP Adjusted Operating Income

    $

    161,586

     

    $

    117,659

     

    37%

    38%

    Adjusted Operating Income margin

     

    13.3

    %

     

    10.0

    %

    Depreciation and amortization

     

    110,445

     

     

    129,376

     

    15%

    15%

    Less: Held for Sale or Sold depreciation and amortization (3)

     

    -

     

     

    (3,437

    )

    #

    #

    Non-GAAP Adjusted EBITDA

    $

    272,031

     

    $

    243,598

     

    12%

    12%

    Adjusted EBITDA margin  

    22.3

    %

     

    20.7

    %

       
    #Variance greater than 100%  
    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1)
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    (in thousands)
    (unaudited)
     
    January 31, April 30,

    2025

    2024

    Assets:
    Current assets
    Cash and cash equivalents

    $

    104,510

    $

    83,249

    Accounts receivable, net

     

    184,672

     

    224,198

    Inventories, net

     

    25,305

     

    26,219

    Prepaid expenses and other current assets

     

    80,277

     

    85,954

    Current assets held-for-sale

     

    -

     

    34,422

    Total current assets

     

    394,764

     

    454,042

     
    Technology, property and equipment, net

     

    164,502

     

    192,438

    Intangible assets, net

     

    572,123

     

    615,694

    Goodwill

     

    1,079,175

     

    1,091,368

    Operating lease right-of-use assets

     

    66,947

     

    69,074

    Other non-current assets

     

    322,341

     

    283,719

    Non-current assets held-for-sale

     

    -

     

    19,160

    Total assets

    $

    2,599,852

    $

    2,725,495

     
    Liabilities and shareholders' equity:
    Current liabilities
    Accounts payable

    $

    53,220

    $

    55,659

    Accrued royalties

     

    156,271

     

    97,173

    Short-term portion of long-term debt

     

    10,000

     

    7,500

    Contract liabilities

     

    313,278

     

    483,778

    Accrued employment costs

     

    74,307

     

    96,980

    Short-term portion of operating lease liabilities

     

    17,969

     

    18,294

    Other accrued liabilities

     

    92,213

     

    76,266

    Current liabilities held-for-sale

     

    -

     

    37,632

    Total current liabilities

     

    717,258

     

    873,282

    Long-term debt

     

    877,205

     

    767,096

    Accrued pension liability

     

    69,647

     

    70,832

    Deferred income tax liabilities

     

    94,567

     

    97,186

    Operating lease liabilities

     

    83,602

     

    94,386

    Other long-term liabilities

     

    72,329

     

    71,760

    Long-term liabilities held-for-sale

     

    -

     

    11,237

    Total liabilities

     

    1,914,608

     

    1,985,779

    Shareholders' equity

     

    685,244

     

    739,716

    Total liabilities and shareholders' equity

    $

    2,599,852

    $

    2,725,495

     
    Notes:
    (1) The supplementary information included in this press release for January 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.
    JOHN WILEY & SONS, INC.
    SUPPLEMENTARY INFORMATION (1)
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (unaudited)
    Nine Months Ended
    January 31,

     

    2025

     

     

    2024

     

    Operating activities:
    Net income (loss)

    $

    16,068

     

    $

    (225,584

    )

    Impairment of goodwill

     

    -

     

     

    108,449

     

    Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale

     

    9,760

     

     

    179,747

     

    Amortization of intangible assets

     

    38,913

     

     

    42,730

     

    Amortization of product development assets

     

    12,669

     

     

    17,894

     

    Depreciation and amortization of technology, property, and equipment

     

    58,863

     

     

    68,752

     

    Other noncash charges

     

    67,268

     

     

    50,146

     

    Net change in operating assets and liabilities

     

    (151,291

    )

     

    (217,782

    )

    Net cash provided by operating activities

     

    52,250

     

     

    24,352

     

    Investing activities:
    Additions to technology, property, and equipment

     

    (42,347

    )

     

    (57,275

    )

    Product development spending

     

    (11,054

    )

     

    (12,324

    )

    Businesses acquired in purchase transactions, net of cash acquired

     

    (915

    )

     

    (3,116

    )

    Net cash transferred related to the sale of businesses and assets

     

    (11,239

    )

     

    (1,237

    )

    Acquisitions of publication rights and other

     

    (4,139

    )

     

    (4,541

    )

    Net cash used in investing activities

     

    (69,694

    )

     

    (78,493

    )

    Financing activities:
    Net debt borrowings

     

    114,319

     

     

    158,681

     

    Cash dividends

     

    (57,243

    )

     

    (57,869

    )

    Purchases of treasury shares

     

    (35,421

    )

     

    (29,000

    )

    Other

     

    2,421

     

     

    (16,458

    )

    Net cash provided by financing activities

     

    24,076

     

     

    55,354

     

    Effects of exchange rate changes on cash, cash equivalents and restricted cash

     

    (1,615

    )

     

    432

     

    Change in cash, cash equivalents and restricted cash for period

     

    5,017

     

     

    1,645

     

    Cash, cash equivalents and restricted cash - beginning

     

    99,543

     

     

    107,262

     

    Cash, cash equivalents and restricted cash - ending

    $

    104,560

     

    $

    108,907

     

     
    CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (2)
    Nine Months Ended
    January 31,

     

    2025

     

     

    2024

     

    Net cash provided by operating activities

    $

    52,250

     

    $

    24,352

     

    Less: Additions to technology, property, and equipment

     

    (42,347

    )

     

    (57,275

    )

    Less: Product development spending

     

    (11,054

    )

     

    (12,324

    )

    Free cash flow less product development spending

    $

    (1,151

    )

    $

    (45,247

    )

    Notes:
    (1) The supplementary information included in this press release for the nine months ended January 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.

    JOHN WILEY & SONS, INC.

    EXPLANATION OF USAGE OF NON-GAAP PERFORMANCE MEASURES

    In this earnings release and supplemental information, management may present the following non-GAAP performance measures:

    • Adjusted Earnings Per Share (Adjusted EPS);
    • Free Cash Flow less Product Development Spending;
    • Adjusted Revenue;
    • Adjusted Operating Income and margin;
    • Adjusted Income Before Taxes;
    • Adjusted Income Tax Provision;
    • Adjusted Effective Tax Rate;
    • EBITDA, Adjusted EBITDA and margin;
    • Organic revenue; and
    • Results on a constant currency basis.

    Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well as for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and calculate incentive compensation.

    We present these non-GAAP performance measures in addition to US GAAP financial results because we believe that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose.

    The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. We present both Adjusted Operating Income and Adjusted EBITDA for each of our reportable segments as we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time. It removes the impact of depreciation and amortization expense, as well as presents a consistent basis to evaluate operating profitability and compare our financial performance to that of our peer companies and competitors.

    For example:

    • Adjusted EPS, Adjusted Revenue, Adjusted Operating Income, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, Adjusted EBITDA, and organic revenue (excluding acquisitions) provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance.
    • Free Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends, and fund share repurchases and acquisitions.
    • Results on a constant currency basis remove distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of foreign currency (or at constant currency), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.

    In addition, we have historically provided these or similar non-GAAP performance measures and understand that some investors and financial analysts find this information helpful in analyzing our operating margins and net income, and in comparing our financial performance to that of our peer companies and competitors. Based on interactions with investors, we also believe that our non-GAAP performance measures are regarded as useful to our investors as supplemental to our US GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.

    We have not provided our 2025 outlook for the most directly comparable US GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with US GAAP.

    Non-GAAP performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under US GAAP. The adjusted metrics have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, US GAAP information. It does not purport to represent any similarly titled US GAAP information and is not an indicator of our performance under US GAAP. Non-GAAP financial metrics that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-GAAP measures.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250306894570/en/

    Media contact:

    Andrea Sherman

    [email protected]

    (203) 536-7564

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