The strong margin expansion and cash flow generation support the bull case, while the Emerald acquisition extends Wiley's content moat in AI. Monitor Learning segment stabilization and Emerald integration progress. The raised FY2027 guidance provides a positive catalyst for the stock.
Price Chart
Executive Summary
Wiley reported fiscal 2026 results with record margins and strong cash flow growth. Full-year GAAP EPS rose to $4.16 from $1.53, Adjusted EPS grew 15% to $4.19, and Free Cash Flow surged 55% to $195M. Research revenue grew 5% while Learning declined 7%. The company guided FY2027 Adjusted EPS to $4.60-$5.05 and EBITDA margin to 26.5%-27.5%, and completed the strategic acquisition of Emerald Publishing for $452M to expand its Research and AI content advantage.
Key Financial Metrics
Key Facts
- FY2026 GAAP diluted EPS $4.16 vs $1.53 prior year; Adjusted EPS $4.19 vs $3.64 (+15%)
- Adjusted EBITDA margin expanded 220 bps to a record 26.2% (FY2025: 24.0%)
- Free Cash Flow increased 55% to $195M (FY2025: $126M)
- Research segment revenue grew 5% (4% CC); Learning segment revenue declined 7% (7% CC)
- AI revenue reached $49M (+23% YoY) with recurring revenue scaling; lifetime AI revenue surpassed $110M
- FY2027 guidance: Adjusted EPS $4.60-$5.05, Adjusted EBITDA margin 26.5%-27.5%, Free Cash Flow $205M
- Acquired Emerald Publishing for $452M (7x synergistic EBITDA) post-year-end, expected to be accretive to Adjusted EPS in Year 1
- Net debt-to-EBITDA improved to 1.4x (FY2025: 1.8x); pro forma leverage ~2.1x including Emerald
- Returned record $174M to shareholders via dividends and share repurchases ($100M buybacks)
Financial Impact
Record margins and cash flow growth with FY2027 guidance implying ~10% Adjusted EPS growth at midpoint; Emerald acquisition adds $78M revenue but dilutes FCF by $15M in Year 1
Risk Factors
- Learning segment continued decline (-7% in FY2026) may persist due to macro headwinds
- Emerald acquisition integration risk and leverage increase to ~2.1x pro forma
- Higher capex ($80M vs $65M) and restructuring costs in FY2027 could pressure near-term FCF
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-043447 |
| Exhibit: exhibit992-q426earningsp.htm | 0001628280-26-043447 |
| Document: jwa-20260616.htm | 0001628280-26-043447 |
| Document: 0001628280-26-043447-index-headers.html | 0001628280-26-043447 |
| Document: 0001628280-26-043447-index.html | 0001628280-26-043447 |
| Document: 0001628280-26-043447.txt | 0001628280-26-043447 |
| 8-K Data (Synthetic) | 0001628280-26-043447 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 8-K | $50.66 | awaiting T+60 | — | $52.61 (+3.85%) |
Jul 9, 2026 15w ago | 8-K | $50.42 $47.50 | ▼ −5.79% | ▼ −7.42% | $52.61 (+4.34%) |
Jun 16, 2026 19w ago | 8-K | $45.09 $47.24 | ▲ +4.77% | ▲ +3.77% | $52.61 (+16.68%) |
Jun 15, 2026 19w ago | 8-K | $43.33 $47.99 | ▲ +10.75% | ▲ +9.75% | $52.61 (+21.42%) |
Mar 5, 2026 33w ago | 8-K | $34.41 $43.64 | ▲ +26.82% | ▲ +15.52% | $52.61 (+52.89%) |
US Market Status
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