Research Growth, AI Momentum, and Margin Expansion
Highlight Wiley’s Second Quarter 2026
December 4, 2025 - Hoboken, NJ – Wiley (NYSE: WLY), a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning, today reported results for the second quarter ended October 31, 2025.
SECOND QUARTER SUMMARY
•GAAP performance vs. prior year: Revenue of $422 million vs. $427 million including foregone revenue of $3 million from divested businesses; Operating Income of $73 million up 14%; and Diluted Earnings Per Share (EPS) of $0.84 up 14%
•Adjusted Results at constant currency: Adjusted Revenue of $422 million down 1% with solid Research growth more than offset by market-related declines in Learning; Adjusted Operating Income of $79 million up 14% and margin of 18.8% up 250 basis points; Adjusted EBITDA of $115 million up 8% and margin of 27.3% up 240 basis points; and Adjusted EPS of $1.10 up 12%
•Delivered strong growth and margin expansion in Research driven by global demand to publish, read, and license
•Executed $6 million content licensing project for AI model training; $35 million realized year-to-date
•Reduced Corporate Expenses (Adjusted EBITDA) by 18% at constant currency as part of multi-year margin expansion initiatives
•Delivered YTD Operating Cash Flow and Free Cash Flow improvement of 19% and 17%, respectively
•Increased share repurchases by 69% over prior year period to $21 million with Wiley’s dividend yield around 3.9%
MANAGEMENT COMMENTARY
“We continue to deliver strong performance in Research and accelerating momentum in AI as we capitalize on record research volume and expanding corporate R&D opportunities,” said Matthew Kissner, President and CEO. “In Research, strong global demand is driving defensible growth in our recurring revenue and open access models. In AI, we are turning high-value knowledge into impact through the execution of content licensing projects for large language models and corporate AI applications. Finally, operational excellence and margin expansion are a way of life for us as we continuously optimize our cost structure, drive investment and expense discipline, and advance our transformative publishing platform.”
FINANCIAL SUMMARY
Please see the accompanying financial tables for more detail.
Research
•Q2 Research revenue of $279 million was up 6% as reported and 5% at constant currency driven by 7% growth in Research Publishing including AI revenue of $5 million. Article submissions and output rose by 28% and 12%, respectively, with robust growth across all key geographies. Strong volume drove double-digit growth in author-funded open access and solid growth in Wiley’s recurring revenue models, combining subscriptions and transformational agreements. Year-to-date, Research revenue was up 6% as reported and 5% at constant currency.
•Q2 Adjusted EBITDA of $93 million was up 14% as reported and 13% at constant currency driven by revenue growth and cost savings initiatives. Adjusted EBITDA margin for the quarter was 33.5% vs. 31.3% in the prior year period. Year-to-date, Research Adjusted EBITDA was up 8% as reported and at constant currency.
Learning
•Q2 Learning revenue of $143 million was down 11% as reported and at constant currency due to market-related softness, including a sharp inventory drop off at an online retailer and a slowdown in consumer and corporate spending. Professional was down 16%. Academic was down 8%. Learning was also impacted by $4 million of AI revenue in the prior year. Across the segment, print declines more than offset digital growth. Year-to-date, Learning revenue was down 10% as reported and at constant currency. Declines are expected to moderate in the second half of the year as retail inventory levels stabilize.
•Q2 Adjusted EBITDA of $57 million for the quarter was down 14% as reported and at constant currency due to lower revenue. Adjusted EBITDA margin was 40.1% down from 41.3%. Year-to-date, Learning Adjusted EBITDA was down 12% as reported and at constant currency.

Corporate Expenses
“Corporate Expenses” are the portion of shared services costs not allocated to segments.
•Q2 Corporate Expenses on an Adjusted EBITDA basis were lower by 18% as reported and at constant currency due to restructuring efforts and expense management across functional areas, notably Technology. Year-to-date, Corporate Expenses on an Adjusted EBITDA basis were lower by 7% as reported and 8% at constant currency.
EPS
•Q2 GAAP EPS of $0.84 compared to $0.74 in prior year period. Q2 Adjusted EPS of $1.10 was up 12% at constant currency with operating performance offsetting a higher adjusted effective tax rate. Diluted shares outstanding were down by 1.3 million to 53.5 million. Year-to-date, GAAP EPS rose 48% on a reported basis and Adjusted EPS was up 9% at constant currency.
BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION
•Net Debt-to-EBITDA Ratio (Trailing Twelve Months) at quarter end was 2.0 compared to 2.2 in the year-ago period. Wiley recently utilized approximately $120 million of divestiture proceeds to reduce debt and expects leverage to come down materially in Fiscal 2026.
•Net Cash Used in Operating Activities was $77 million compared to $94 million in the prior year period. Note, Wiley’s regular use of cash in the first half of the fiscal year is driven by the timing of cash collections for annual journal renewals, which are concentrated in Q3 and Q4.
•Free Cash Flow improved to a use of $108 million from a use of $130 million in the prior year largely due to higher cash earnings and lower capex and interest payments. Capex was $31 million compared to $36 million.
•Returns to Shareholders: Wiley allocated $40 million in the quarter toward both repurchases ($21 million) and dividends ($19 million), up 26% over prior year. The Company acquired approximately 553,000 shares at an average cost of $38.11/share. Year-to-date, Wiley allocated $73 million to repurchases and dividends. During the first half, the Board approved a $250 million share repurchase authorization, deployed a 10b5-1 plan for repurchases outside open windows, and raised its dividend for the 32 nd consecutive year.
FISCAL 2026 OUTLOOK
Wiley is reaffirming its full year outlook for Adjusted EBITDA margin, Adjusted EPS, and Free Cash Flow and narrowing its Revenue guidance to the low end of the range due to market challenges in Learning. Research and AI momentum are expected to remain strong. The revenue range is narrowed to low-single digit growth from low-to-mid single digit growth.

Metric | Fiscal 2024 Results | Fiscal 2025 Results | Fiscal 2026 Outlook
Adj. Revenue | $1,617M | $1,660M | Low-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

*Narrowed from low-to-mid single digit growth
Adjusted metrics exclude impact of divestitures, which were primarily completed in Fiscal 2024 with remainder completed in first half of Fiscal 2025. Approximately $17 million of divestiture-related revenue was recorded in Fiscal 2025.
EARNINGS CONFERENCE CALL
Scheduled for today, December 4 at 10:00 am (ET). Access webcast at Investor Relations at investors.wiley.com, or directly at https://events.q4inc.com/attendee/792761606. U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#. International callers, please dial (646) 960-0253 and enter the participant code 2521217#.
ABOUT WILEY
Wiley (NYSE: WLY) is a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning. With more than 200 years at the center of the scholarly ecosystem, Wiley combines trusted publishing heritage with AI-powered platforms to transform how knowledge is discovered, accessed, and applied. From individual researchers and students to Fortune 500 R&D teams, Wiley enables the transformation of scientific breakthroughs into real-world impact. From knowledge to impact—Wiley is redefining what's possible in science and learning. Visit us at Wiley.com and Investors.Wiley.com. Follow us on Facebook, X, LinkedIn and Instagram.

NON-GAAP FINANCIAL MEASURES
Wiley provides non-GAAP financial measures and performance results such as “Adjusted EPS,” “Adjusted Operating Income and Margin,” “EBITDA, Adjusted EBITDA and Margin,” “Adjusted Income before Taxes,” “Adjusted Income Tax Provision,” “Adjusted Effective Tax Rate,” “Free Cash Flow less Product Development Spending,” “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 2026 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 2026 in connection with our multiyear Global Restructuring Program 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 the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events.
CATEGORY: EARNINGS RELEASES
Contact
Brian Campbell
Investor Relations
brian.campbell@wiley.com
201.748.6874

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)(2)
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME
(in USD thousands, except per share information)
(unaudited)

| Three Months Ended October 31, |  | Six Months Ended October 31, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenue, net | $ | 421,751 |  |  | $ | 426,595 |  |  | $ | 818,551 |  |  | $ | 830,404 |  |
Costs and expenses: |  |  |  |  |  |  |  |
Cost of sales | 104,388 |  |  | 107,000 |  |  | 213,647 |  |  | 216,220 |  |
Operating and administrative expenses | 225,087 |  |  | 238,891 |  |  | 465,417 |  |  | 487,710 |  |
Restructuring and related charges | 6,032 |  |  | 3,627 |  |  | 9,070 |  |  | 7,497 |  |
Amortization of intangible assets | 13,248 |  |  | 12,944 |  |  | 26,458 |  |  | 25,871 |  |
Total costs and expenses | 348,755 |  |  | 362,462 |  |  | 714,592 |  |  | 737,298 |  |
Operating income | 72,996 |  |  | 64,133 |  |  | 103,959 |  |  | 93,106 |  |
As a % of revenue | 17.3 | % |  | 15.0 | % |  | 12.7 | % |  | 11.2 | % |
Interest expense | (11,670) |  |  | (14,463) |  |  | (22,712) |  |  | (27,250) |  |
Net foreign exchange transaction gains (losses) | 956 |  |  | (3,328) |  |  | (15) |  |  | (3,094) |  |
Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale | (2,309) |  |  | 369 |  |  | (3,425) |  |  | 6,170 |  |
Other (expense) income, net | (1,963) |  |  | 2,226 |  |  | (2,090) |  |  | 3,008 |  |
Income before taxes | 58,010 |  |  | 48,937 |  |  | 75,717 |  |  | 71,940 |  |
Provision for income taxes | 13,119 |  |  | 8,479 |  |  | 19,126 |  |  | 32,918 |  |
Effective tax rate | 22.6 | % |  | 17.3 | % |  | 25.3 | % |  | 45.8 | % |
Net income | $ | 44,891 |  |  | $ | 40,458 |  |  | $ | 56,591 |  |  | $ | 39,022 |  |
As a % of revenue | 10.6 | % |  | 9.5 | % |  | 6.9 | % |  | 4.7 | % |
Earnings per share |  |  |  |  |  |  |  |
Basic | $ | 0.85 |  |  | $ | 0.75 |  |  | $ | 1.06 |  |  | $ | 0.72 |  |
Diluted | $ | 0.84 |  |  | $ | 0.74 |  |  | $ | 1.05 |  |  | $ | 0.71 |  |
Weighted average number of common shares outstanding |  |  |  |  |  |  |  |
Basic | 53,089 |  |  | 54,191 |  |  | 53,233 |  |  | 54,284 |  |
Diluted | 53,515 |  |  | 54,850 |  |  | 53,735 |  |  | 54,928 |  |

Notes:
(1) The supplementary information included in this press release for the three and six months ended October 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.

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES
(in USD thousands, except per share information)
(unaudited)

Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS |
| Three Months Ended October 31, |  | Six Months Ended October 31, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
US GAAP Earnings Per Share - Diluted | $ | 0.84 |  |  | $ | 0.74 |  |  | $ | 1.05 |  |  | $ | 0.71 |  |
Adjustments: |  |  |  |  |  |  |  |
Restructuring and related charges | 0.09 |  |  | 0.06 |  |  | 0.14 |  |  | 0.12 |  |
Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments | (0.02) |  |  | 0.04 |  |  | (0.01) |  |  | — |  |
Amortization of acquired intangible assets | 0.22 |  |  | 0.21 |  |  | 0.42 |  |  | 0.40 |  |
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 0.04 |  |  | — |  |  | 0.06 |  |  | (0.08) |  |
Held for Sale or Sold segment Adjusted Net Loss | — |  |  | 0.01 |  |  | — |  |  | 0.05 |  |
Legal settlement | — |  |  | — |  |  | — |  |  | — |  |
Income tax adjustments | (0.07) |  |  | (0.09) |  |  | (0.07) |  |  | 0.24 |  |
Non-GAAP Adjusted Earnings Per Share - Diluted | $ | 1.10 |  |  | $ | 0.97 |  |  | $ | 1.59 |  |  | $ | 1.44 |  |
Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes |
| Three Months Ended October 31, |  | Six Months Ended October 31, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
US GAAP Income Before Taxes | $ | 58,010 |  |  | $ | 48,937 |  |  | $ | 75,717 |  |  | $ | 71,940 |  |
Pretax Impact of Adjustments: |  |  |  |  |  |  |  |
Restructuring and related charges | 6,032 |  |  | 3,627 |  |  | 9,070 |  |  | 7,497 |  |
Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments | (1,111) |  |  | 2,943 |  |  | (1,550) |  |  | 351 |  |
Amortization of acquired intangible assets | 13,248 |  |  | 12,944 |  |  | 26,458 |  |  | 25,913 |  |
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 2,309 |  |  | (369) |  |  | 3,425 |  |  | (6,170) |  |
Held for Sale or Sold segment Adjusted Loss Before Taxes | — |  |  | 1,059 |  |  | — |  |  | 3,578 |  |
Legal settlement | 108 |  |  | — |  |  | 108 |  |  | — |  |
Non-GAAP Adjusted Income Before Taxes | $ | 78,596 |  |  | $ | 69,141 |  |  | $ | 113,228 |  |  | $ | 103,109 |  |
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 | $ | 13,119 |  |  | $ | 8,479 |  |  | $ | 19,126 |  |  | $ | 32,918 |  |
Income Tax Impact of Adjustments (3) |  |  |  |  |  |  |  |
Restructuring and related charges | 1,271 |  |  | 161 |  |  | 1,790 |  |  | 911 |  |
Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments | (217) |  |  | 729 |  |  | (967) |  |  | 338 |  |
Amortization of acquired intangible assets | 2,133 |  |  | 1,792 |  |  | 4,126 |  |  | 3,601 |  |
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | — |  |  | (588) |  |  | 54 |  |  | (1,513) |  |
Held for Sale or Sold segment Adjusted Tax Benefit | — |  |  | 515 |  |  | — |  |  | 887 |  |
Legal settlement | — |  |  | — |  |  | — |  |  | — |  |
Income Tax Adjustments |  |  |  |  |  |  |  |
Impact of valuation allowance on the US GAAP effective tax rate | (212) |  |  | 4,911 |  |  | 29 |  |  | (13,119) |  |
Impact of change in Germany statutory tax rate on deferred tax balances | 3,869 |  |  | — |  |  | 3,869 |  |  | — |  |
Non-GAAP Adjusted Income Tax Provision | $ | 19,963 |  |  | $ | 15,999 |  |  | $ | 28,027 |  |  | $ | 24,023 |  |
US GAAP Effective Tax Rate | 22.6 | % |  | 17.3 | % |  | 25.3 | % |  | 45.8 | % |
Non-GAAP Adjusted Effective Tax Rate | 25.4 | % |  | 23.1 | % |  | 24.8 | % |  | 23.3 | % |

Notes:
(1) All amounts are approximate due to rounding.
(2) 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.
(3) For the three and six months ended October 31, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes.

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA
(in USD thousands)
(unaudited)

| Three Months Ended October 31, |  | Six Months Ended October 31, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Net Income | $ | 44,891 |  |  | $ | 40,458 |  |  | $ | 56,591 |  |  | $ | 39,022 |  |
Interest expense | 11,670 |  |  | 14,463 |  |  | 22,712 |  |  | 27,250 |  |
Provision for income taxes | 13,119 |  |  | 8,479 |  |  | 19,126 |  |  | 32,918 |  |
Depreciation and amortization | 35,929 |  |  | 36,718 |  |  | 72,375 |  |  | 73,971 |  |
Non-GAAP EBITDA | 105,609 |  |  | 100,118 |  |  | 170,804 |  |  | 173,161 |  |
Restructuring and related charges | 6,032 |  |  | 3,627 |  |  | 9,070 |  |  | 7,497 |  |
Net foreign exchange transaction (gains) losses | (956) |  |  | 3,328 |  |  | 15 |  |  | 3,094 |  |
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 2,309 |  |  | (369) |  |  | 3,425 |  |  | (6,170) |  |
Other expense (income), net | 1,963 |  |  | (2,226) |  |  | 2,090 |  |  | (3,008) |  |
Held for Sale or Sold segment Adjusted EBITDA | — |  |  | 1,059 |  |  | — |  |  | 3,578 |  |
Legal settlement | 108 |  |  | — |  |  | 108 |  |  | — |  |
Non-GAAP Adjusted EBITDA | $ | 115,065 |  |  | $ | 105,537 |  |  | $ | 185,512 |  |  | $ | 178,152 |  |
Adjusted EBITDA Margin | 27.3 | % |  | 24.9 | % |  | 22.7 | % |  | 21.9 | % |

Notes:
(1) All amounts are approximate due to rounding.
(2) 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.

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2) (3)
SEGMENT RESULTS
(in USD thousands)
(unaudited)

|  |  |  |  | % Change |
| Three Months Ended October 31, |  | Favorable (Unfavorable) |
| 2025 |  | 2024 |  | Reported |  | Constant Currency |
Research: |  |  |  |  |  |  |  |
Revenue, net |  |  |  |  |  |  |  |
Research Publishing | $ | 241,382 |  |  | $ | 222,667 |  |  | 8 | % |  | 7 | % |
Research Solutions | 37,132 |  |  | 39,218 |  |  | -5 | % |  | -6 | % |
Total Revenue, net | $ | 278,514 |  |  | $ | 261,885 |  |  | 6 | % |  | 5 | % |
Non-GAAP Adjusted Operating Income | $ | 69,961 |  |  | $ | 59,527 |  |  | 18 | % |  | 16 | % |
Depreciation and amortization | 23,319 |  |  | 22,522 |  |  | -4 | % |  | -2 | % |
Non-GAAP Adjusted EBITDA | $ | 93,280 |  |  | $ | 82,049 |  |  | 14 | % |  | 13 | % |
Adjusted EBITDA margin | 33.5 | % |  | 31.3 | % |  |  |  |  |
Learning: |  |  |  |  |  |  |  |
Revenue, net |  |  |  |  |  |  |  |
Academic | $ | 87,030 |  |  | $ | 94,788 |  |  | -8 | % |  | -8 | % |
Professional | 56,207 |  |  | 66,726 |  |  | -16 | % |  | -16 | % |
Total Revenue, net | $ | 143,237 |  |  | $ | 161,514 |  |  | -11 | % |  | -11 | % |
Non-GAAP Adjusted Operating Income | $ | 46,755 |  |  | $ | 55,871 |  |  | -16 | % |  | -16 | % |
Depreciation and amortization | 10,680 |  |  | 10,897 |  |  | 2 | % |  | 2 | % |
Non-GAAP Adjusted EBITDA | $ | 57,435 |  |  | $ | 66,768 |  |  | -14 | % |  | -14 | % |
Adjusted EBITDA margin | 40.1 | % |  | 41.3 | % |  |  |  |  |
Held for Sale or Sold: |  |  |  |  |  |  |  |
Total Revenue, net | $ | — |  |  | $ | 3,196 |  |  | # |  | # |
Non-GAAP Adjusted Operating Loss | $ | — |  |  | $ | (1,059) |  |  | # |  | # |
Depreciation and amortization | — |  |  | — |  |  | # |  | # |
Non-GAAP Adjusted EBITDA | $ | — |  |  | $ | (1,059) |  |  | # |  | # |
Adjusted EBITDA margin | 0.0 | % |  | -33.1 | % |  |  |  |  |
Corporate Expenses: |  |  |  |  |  |  |  |
Non-GAAP Adjusted Corporate Expenses | $ | (37,580) |  |  | $ | (46,579) |  |  | 19 | % |  | 20 | % |
Depreciation and amortization | 1,930 |  |  | 3,299 |  |  | 41 | % |  | 42 | % |
Non-GAAP Adjusted EBITDA | $ | (35,650) |  |  | $ | (43,280) |  |  | 18 | % |  | 18 | % |
Consolidated Results: |  |  |  |  |  |  |  |
Revenue, net | $ | 421,751 |  |  | $ | 426,595 |  |  | -1 | % |  | -2 | % |
Less: Held for Sale or Sold Segment | — |  |  | (3,196) |  |  | # |  | # |
Adjusted Revenue, net | $ | 421,751 |  |  | $ | 423,399 |  |  | 0 | % |  | -1 | % |
Operating Income | $ | 72,996 |  |  | $ | 64,133 |  |  | 14 | % |  | 13 | % |
Adjustments: |  |  |  |  |  |  |  |
Restructuring charges | 6,032 |  |  | 3,627 |  |  | -66 | % |  | -66 | % |
Held for Sale or Sold Segment Adjusted Operating Loss | — |  |  | 1,059 |  |  | # |  | # |
Legal settlement | 108 |  |  | — |  |  | # |  | # |
Non-GAAP Adjusted Operating Income | $ | 79,136 |  |  | $ | 68,819 |  |  | 15 | % |  | 14 | % |
Adjusted Operating Income margin | 18.8 | % |  | 16.3 | % |  |  |  |  |
Depreciation and amortization | 35,929 |  |  | 36,718 |  |  | 2 | % |  | 3 | % |
Less: Held for Sale or Sold Segment depreciation and amortization | — |  |  | — |  |  | # |  | # |
Non-GAAP Adjusted EBITDA | $ | 115,065 |  |  | $ | 105,537 |  |  | 9 | % |  | 8 | % |
Adjusted EBITDA margin | 27.3 | % |  | 24.9 | % |  |  |  |  |

Notes:
(1) The supplementary information included in this press release for the three and six months ended October 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) 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.
# Variance greater than 100%

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2) (3)
SEGMENT RESULTS
(in USD thousands)
(unaudited)

|  |  |  |  | % Change |
| Six Months Ended October 31, |  | Favorable (Unfavorable) |
| 2025 |  | 2024 |  | Reported |  | Constant Currency |
Research: |  |  |  |  |  |  |  |
Revenue, net |  |  |  |  |  |  |  |
Research Publishing | $ | 473,209 |  |  | $ | 453,618 |  |  | 4 | % |  | 3 | % |
Research Solutions | 86,997 |  |  | 73,576 |  |  | 18 | % |  | 17 | % |
Total Revenue, net | $ | 560,206 |  |  | $ | 527,194 |  |  | 6 | % |  | 5 | % |
Non-GAAP Adjusted Operating Income | $ | 126,209 |  |  | $ | 114,743 |  |  | 10 | % |  | 10 | % |
Depreciation and amortization | 46,704 |  |  | 45,081 |  |  | -4 | % |  | -2 | % |
Non-GAAP Adjusted EBITDA | $ | 172,913 |  |  | $ | 159,824 |  |  | 8 | % |  | 8 | % |
Adjusted EBITDA margin | 30.9 | % |  | 30.3 | % |  |  |  |  |
Learning: |  |  |  |  |  |  |  |
Revenue, net |  |  |  |  |  |  |  |
Academic | $ | 142,502 |  |  | $ | 154,752 |  |  | -8 | % |  | -8 | % |
Professional | 115,843 |  |  | 131,076 |  |  | -12 | % |  | -12 | % |
Total Revenue, net | $ | 258,345 |  |  | $ | 285,828 |  |  | -10 | % |  | -10 | % |
Non-GAAP Adjusted Operating Income | $ | 68,410 |  |  | $ | 78,371 |  |  | -13 | % |  | -13 | % |
Depreciation and amortization | 20,524 |  |  | 22,191 |  |  | 8 | % |  | 8 | % |
Non-GAAP Adjusted EBITDA | $ | 88,934 |  |  | $ | 100,562 |  |  | -12 | % |  | -12 | % |
Adjusted EBITDA margin | 34.4 | % |  | 35.2 | % |  |  |  |  |
Held for Sale or Sold: |  |  |  |  |  |  |  |
Total Revenue, net | $ | — |  |  | $ | 17,382 |  |  | # |  | # |
Non-GAAP Adjusted Operating Loss | $ | — |  |  | $ | (3,578) |  |  | # |  | # |
Depreciation and amortization | — |  |  | — |  |  | # |  | # |
Non-GAAP Adjusted EBITDA | $ | — |  |  | $ | (3,578) |  |  | # |  | # |
Adjusted EBITDA margin | 0.0 | % |  | -20.6 | % |  |  |  |  |
Corporate Expenses: |  |  |  |  |  |  |  |
Non-GAAP Adjusted Corporate Expenses | $ | (81,482) |  |  | $ | (88,933) |  |  | 8 | % |  | 9 | % |
Depreciation and amortization | 5,147 |  |  | 6,699 |  |  | 23 | % |  | 23 | % |
Non-GAAP Adjusted EBITDA | $ | (76,335) |  |  | $ | (82,234) |  |  | 7 | % |  | 8 | % |
Consolidated Results: |  |  |  |  |  |  |  |
Revenue, net | $ | 818,551 |  |  | $ | 830,404 |  |  | -1 | % |  | -2 | % |
Less: Held for Sale or Sold Segment | — |  |  | (17,382) |  |  | # |  | # |
Adjusted Revenue, net | $ | 818,551 |  |  | $ | 813,022 |  |  | 1 | % |  | 0 | % |
Operating Income | $ | 103,959 |  |  | $ | 93,106 |  |  | 12 | % |  | 12 | % |
Adjustments: |  |  |  |  |  |  |  |
Restructuring charges | 9,070 |  |  | 7,497 |  |  | -21 | % |  | -21 | % |
Held for Sale or Sold Segment Adjusted Operating Loss | — |  |  | 3,578 |  |  | # |  | # |
Legal settlement | 108 |  |  | — |  |  | # |  | # |
Non-GAAP Adjusted Operating Income | $ | 113,137 |  |  | $ | 104,181 |  |  | 9 | % |  | 9 | % |
Adjusted Operating Income margin | 13.8 | % |  | 12.8 | % |  |  |  |  |
Depreciation and amortization | 72,375 |  |  | 73,971 |  |  | 2 | % |  | 3 | % |
Less: Held for Sale or Sold depreciation and amortization | — |  |  | — |  |  | # |  | # |
Non-GAAP Adjusted EBITDA | $ | 185,512 |  |  | $ | 178,152 |  |  | 4 | % |  | 4 | % |
Adjusted EBITDA margin | 22.7 | % |  | 21.9 | % |  |  |  |  |

# Variance greater than 100%

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in USD thousands)
(unaudited)

| October 31, 2025 |  | April 30, 2025 |
Assets: |  |  |  |
Current assets |  |  |  |
Cash and cash equivalents | $ | 67,404 |  |  | $ | 85,882 |  |
Accounts receivable, net | 209,679 |  |  | 228,410 |  |
Inventories, net | 21,387 |  |  | 22,875 |  |
Prepaid expenses and other current assets | 82,753 |  |  | 102,717 |  |
Total current assets | 381,223 |  |  | 439,884 |  |
Technology, property and equipment, net | 146,796 |  |  | 162,125 |  |
Intangible assets, net | 581,998 |  |  | 595,044 |  |
Goodwill | 1,116,174 |  |  | 1,121,505 |  |
Operating lease right-of-use assets | 62,152 |  |  | 66,128 |  |
Other non-current assets | 178,396 |  |  | 306,780 |  |
Total assets | $ | 2,466,739 |  |  | $ | 2,691,466 |  |
Liabilities and shareholders' equity: |  |  |  |
Current liabilities |  |  |  |
Accounts payable | $ | 47,654 |  |  | $ | 60,948 |  |
Accrued royalties | 126,130 |  |  | 109,765 |  |
Short-term portion of long-term debt | 10,000 |  |  | 10,000 |  |
Contract liabilities | 218,787 |  |  | 462,693 |  |
Accrued employment costs | 52,796 |  |  | 93,117 |  |
Short-term portion of operating lease liabilities | 16,636 |  |  | 18,282 |  |
Other accrued liabilities | 68,348 |  |  | 66,051 |  |
Total current liabilities | 540,351 |  |  | 820,856 |  |
Long-term debt | 861,713 |  |  | 789,435 |  |
Accrued pension liability | 72,053 |  |  | 71,899 |  |
Deferred income tax liabilities | 102,986 |  |  | 105,145 |  |
Operating lease liabilities | 76,278 |  |  | 81,482 |  |
Other long-term liabilities | 73,169 |  |  | 70,443 |  |
Total liabilities | 1,726,550 |  |  | 1,939,260 |  |
Shareholders' equity | 740,189 |  |  | 752,206 |  |
Total liabilities and shareholders' equity | $ | 2,466,739 |  |  | $ | 2,691,466 |  |

Notes:
(1) The supplementary information included in this press release for October 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.

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in USD thousands)
(unaudited)

| Six Months Ended October 31, |
| 2025 |  | 2024 |
Operating activities: |  |  |  |
Net income | $ | 56,591 |  |  | $ | 39,022 |  |
Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 3,425 |  |  | (6,170) |  |
Amortization of intangible assets | 26,458 |  |  | 25,871 |  |
Amortization of product development assets | 7,663 |  |  | 8,622 |  |
Depreciation and amortization of technology, property, and equipment | 38,254 |  |  | 39,478 |  |
Other noncash charges | 40,325 |  |  | 45,638 |  |
Net change in operating assets and liabilities | (249,221) |  |  | (246,453) |  |
Net cash used in operating activities | (76,505) |  |  | (93,992) |  |
Investing activities: |  |  |  |
Additions to technology, property, and equipment | (25,125) |  |  | (29,030) |  |
Product development spending | (6,296) |  |  | (7,127) |  |
Businesses acquired in purchase transactions, net of cash acquired | — |  |  | (915) |  |
Net cash proceeds (transferred) related to the sale of businesses and assets | 114,132 |  |  | (8,117) |  |
Acquisitions of publication rights and other | (10,273) |  |  | 700 |  |
Net cash provided by (used in) investing activities | 72,438 |  |  | (44,489) |  |
Financing activities: |  |  |  |
Net debt borrowings | 75,501 |  |  | 184,066 |  |
Cash dividends | (37,772) |  |  | (38,264) |  |
Purchases of treasury shares | (35,085) |  |  | (25,421) |  |
Other | (15,617) |  |  | (7,298) |  |
Net cash (used in) provided by financing activities | (12,973) |  |  | 113,083 |  |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (1,438) |  |  | 1,441 |  |
Change in cash, cash equivalents and restricted cash for period | (18,478) |  |  | (23,957) |  |
Cash, cash equivalents and restricted cash - beginning | 85,932 |  |  | 99,543 |  |
Cash, cash equivalents and restricted cash - ending | $ | 67,454 |  |  | $ | 75,586 |  |
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (3) |
| Six Months Ended October 31, |
| 2025 |  | 2024 |
Net cash used in operating activities | $ | (76,505) |  |  | $ | (93,992) |  |
Less: Additions to technology, property, and equipment | (25,125) |  |  | (29,030) |  |
Less: Product development spending | (6,296) |  |  | (7,127) |  |
Free cash flow less product development spending | $ | (107,926) |  |  | $ | (130,149) |  |

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

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; 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 and margin, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, EBITDA, and Adjusted EBITDA and margin 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 2026 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.