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

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

Learning

Corporate Expenses

“Corporate Expenses” are the portion of shared services costs not allocated to segments.

EPS

BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION

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.

*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 atinvestors.wiley.com https://events.q4inc.com/attendee/792761606

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 atWiley.com Investors.Wiley.com Facebook X LinkedIn 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

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

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:

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:

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251204769114/en/

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


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						Six Months Ended
	October 31,						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						Six Months Ended
	October 31,						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						Six Months Ended
	October 31,						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						Six Months Ended
	October 31,						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
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
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,		April 30,
	2025		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.

: 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%GAAP performance vs. prior year
: 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%Adjusted Results at constant currency
driven by global demand to publish, read, and licenseDelivered strong growth and margin expansion in Research
$35 million realized year-to-dateExecuted $6 million content licensing projectfor AI model training;
as part of multi-year margin expansion initiativesReduced Corporate Expenses (Adjusted EBITDA) by 18%
, respectivelyDelivered YTD Operating Cash Flow and Free Cash Flow improvement of 19% and 17%
over prior year period to $21 million with Wiley’s dividend yield around 3.9%Increased share repurchases by 69%

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.

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.

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.

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.Q2 GAAP EPSQ2 Adjusted EPS

(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 Debt-to-EBITDA Ratio
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.Net Cash Used in Operating Activities
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.Free Cash Flow
consecutive year.Returns to Shareholders:^nd

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.

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.