Wiley (NYSE: WLY) reported fiscal year 2026 results for the year ended April 30, 2026, with GAAP operating income rising 25% to $277 million and diluted earnings per share of $4.16, compared with $1.53 in the prior year. Full-year revenue was approximately $1.68 billion, flat versus the prior year including the impact of divestitures.

On an adjusted basis, revenue rose 1% to $1,677 million, or was flat at constant currency. Adjusted operating income increased 18% with margin expanding 260 basis points to a record 17.7%. Adjusted EBITDA grew 10% to $440 million, with margin expanding 220 basis points to 26.2%. Adjusted EPS rose 15% to $4.19.

The Research segment posted full-year revenue of $1,130 million, up 5% as reported and 4% at constant currency, driven by growth in subscriptions, open access, and AI licensing. Research Adjusted EBITDA rose 8% at constant currency, with margin up 110 basis points to 33.2%. The Learning segment reported revenue of $547 million, down 7%, reflecting macro headwinds, retail softness, and lower AI licensing revenue. Learning Adjusted EBITDA margin rose 60 basis points to 38.0% on cost actions.

AI-related revenue reached $49 million for the year, a 23% increase, with lifetime AI revenue surpassing $110 million. Operating cash flow was $261 million, up 29%, and free cash flow rose 55% to $195 million. Capital expenditures were $65 million, down from $77 million in the prior year. Net debt declined to $608 million from $714 million, and the net debt-to-EBITDA ratio improved to 1.4x from 1.8x.

Wiley returned $174 million to shareholders through dividends and share repurchases, including $100 million in buybacks. The company raised its dividend for the 32nd consecutive year.

After the fiscal year end, Wiley acquired Emerald Publishing. For fiscal 2027, the company projects organic revenue growth in the low-to-mid single digit range, Adjusted EBITDA margin of 26.5% to 27.5%, Adjusted EPS of $4.60 to $5.05, and free cash flow of approximately $205 million. Emerald is projected to add $78 million in revenue and be dilutive to free cash flow by $15 million in fiscal 2027. The fiscal 2027 outlook includes Emerald for all metrics except organic revenue growth. The financial data in this article is based on a company press release.