John Wiley & Sons, Inc. · NYSE:WLY
John Wiley & Sons — Q3 2026 Earnings Presentation
27 slides from John Wiley & Sons's earnings presentation, Mar 5, 2026
Slide 1: Third Quarter 2026 Earnings Review
Third Quarter 2026 Earnings Review NYSE: WLY MARCH 05, 2026
Slide 2: Safe Harbor Statement and Non-GAAP Financial Measures
SAFE HARBOR STATEMENT NON-GAAP FINANCIAL MEASURES This release contains certain forward-looking statements concerning the Wiley provides non-GAAP financial measures and performance results Company's operations, performance, and financial condition. Reliance should such as: not be placed on forward-l
Slide 3: Authoritative content and research intelligence for scientific discovery
Authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning
Slide 4: Third Quarter Summary
Third Quarter Summary Accelerated progress in all major areas of focus Driving continued strength in Research Publishing with record submissions and output, double-digit open 1 access growth, and strong progress in our multi-year renewals; Learning performance as expected 2 Accelerating progress in
Slide 5: Delivering on our Fiscal 2026 Commitments
Delivering on our Fiscal 2026 Commitments OBJECTIVE STATUS YTD PROGRESS ▪ Revenue growth: Research +4% at constant currency ▪ Leading indicators: Submissions (+26%) and Output (+11%) ▪ Global acceleration: Submissions in Brazil (+77%), India (+43%), China (+24%), UK Lead in Research (+18%), Japan (+
Slide 6: Wiley's Value Drivers
Wiley’s Value Drivers Accelerating Research core growth Driving new AI and data services growth and share gains from strong moat, global scale, from proprietary content advantage in critical AI and favorable demand trends domains and unparalleled partner ecosystem Continuing multi-year margin expans
Slide 7: Research Growth: Funding and Multi-Year Renewals
Research Growth: Funding and Multi-Year Renewals Access to research remains core to institutions despite macro and political environments • Proposed US Administration cuts to scientific • CY26 journal renewal season stronger than anticipated funding largely rejected by Congress with as multi-year ag
Slide 8: Research Growth: Global Demand & Open Access
Research Growth: Global Demand & Open Access Output increasing from global expansion of research, driving double-digit open access growth YTD v. prior year Wiley Submissions Wiley Output Wiley Open Access Growth +26% +11% +24% Our Leading Open Access Journal and Advanced Portfolio • Advanced Science
Slide 9: Wiley's Strategic Advantages in an AI Economy
Wiley’s Strategic Advantages in an AI Economy Must have, continually updating Leading position in high-demand World renowned PROPRIETARY CONTENT KNOWLEDGE DOMAINS TRUST AND REPUTATION Provides much of world’s trusted Big 3 publisher and differentiated by Wide moat journal portfolio and peer scientif
Slide 10: AI and Data Strategy
AI and Data Strategy Domain-Specific Intelligence (Enriched data and AI solutions for corporations and partners) Life Sciences, Health, Engineering/Materials/Chem, Food & Ag, Finance AI-Powered Literature Search (AI Gateway for researchers and institutions) Broad Academic Domains Research & Learning
Slide 11: New AI and Data Leader
New AI and Data Leader Armughan Rafat • Leads Wiley’s AI and data services strategy, driving innovation at the intersection of analytics, machine learning, and data solutions • Brings over 25 years leading complex technology and data organizations across life sciences, financial services, and publis
Slide 12: AI and Data Growth by the Numbers
AI and Data Growth by the Numbers AI Revenue • 10 Corporate Subscription Customers (increasing share from recurring) $45M-$50M • 4 LLM Training Customers $42M Q3 $40M • 36 Nexus Publisher Partners for Scale $23M • 9,000 Researcher Trial Users on Gateway • $100M+ Lifetime AI Revenue Overall FY24 FY25
Slide 13: AI and Data Growth: Clinical Outcome Assessments
AI and Data Growth: Clinical Outcome Assessments Transforming our large collection of Clinical Outcome Assessments into Pharmaceutical Solutions, shifting Wiley from rights provider to fast-growing clinical trial partner Clinical Outcome Assessments (COA) are scientifically validated instruments use
Slide 14: AI and Data Growth: Clinical Point of Care
AI and Data Growth: Clinical Point of Care Positioning Wiley as a strategic player in the clinical AI ecosystem through content licensing, equity investment, and future collaboration • OpenEvidence has rapidly emerged as the most widely used clinical decision support platform among U.S. physicians,
Slide 15: Performance, Financial Position, Outlook
Performance Financial Position Outlook
Slide 16: Third Quarter Results
Third Quarter Results Strong earnings growth and margin expansion highlight quarter; on track to deliver on guidance Revenue* GAAP Diluted EPS Adj. EPS* Adj. EBITDA* 0% ▲$0.99 ▲19% ▲12% $410M $0.56 $0.97 $105M *All variances are at constant currency. Revenue including favorable foreign exchange was
Slide 17: Research Performance
Research Performance (millions) Q3 2026 Change Change CC YTD 2026 Change Change CC Research Publishing $233 3% 1% $707 4% 2% Research Solutions $41 (2%) (3%) $127 11% 10% Total Revenue $274 2% 1% $834 5% 4% Adjusted EBITDA $91 4% 3% $264 7% 6% Adjusted EBITDA Margin 33.1% 31.6% ▪ Research Publishing
Slide 18: Learning Performance
Learning Performance (millions) Q3 2026 Change Change CC YTD 2026 Change Change CC Academic $80 2% 1% $223 (5%) (5%) Professional $56 (4%) (5%) $171 (9%) (10%) Total Revenue $136 (1%) (2%) $394 (7%) (7%) Adjusted EBITDA $48 0% (1%) $137 (8%) (8%) Adjusted EBITDA Margin 35.6% 34.8% ▪ Academic growth
Slide 19: Strong Balance Sheet and Cash Flow
Strong Balance Sheet and Cash Flow Leverage Ratio Operating Cash Flow (Net Debt to EBITDA) $103M 2.0 1.7 $52M TTM Jan 2025 TTM Jan 2026 YTD25 YTD26 Capex Free Cash Flow $56M $53M $48M ($1M) YTD25 YTD26 YTD25 YTD26 Wiley on track for $200M FCF outlook
Slide 20: Multi-Year Margin Expansion: Tech Transformation
Multi-Year Margin Expansion: Tech Transformation Creating a more cost effective, AI and data-enabled technology organization ▪ Refocusing enterprise modernization on growth areas with AI-first approach ▪ Consolidating locations and rationalizing application footprint; reducing tech debt — 5-year mul
Slide 21: Portfolio and Disciplined Capital Allocation
Portfolio and Disciplined Capital Allocation Balancing high-return growth investments with returning cash to shareholders Expanding our journal portfolio and proprietary content base, notably our Advanced portfolio; geographic expansion in fast growing Research markets; Organic investment migrating
Slide 22: Fiscal 2026 Outlook
Fiscal 2026 Outlook Now projecting high end of range for Adjusted EBITDA margin and Adjusted EPS Metric Fiscal 2024 Fiscal 2025 Fiscal 2026 Outlook Q3 Update Dec 2025 March 2026 Adjusted Revenue $1,617M $1,660M Low-single digit growth Reaffirmed Adjusted EBITDA Margin 22.8% 24.0% 25.5% to 26.5% High
Slide 23: Looking Ahead to Fiscal 2027
Looking Ahead to Fiscal 2027 Research growth and strong momentum driven by researcher productivity and strong publishing output, steady growth in renewals, market share gains, and society wins; Learning improving AI momentum accelerating from executed multi-year partnerships and increased corporate
Slide 24: Executive Summary
Executive Summary Accelerating progress in all major areas of focus — Driving strong growth and momentum in Research and AI — Materially expanding margins and cash flow — Deploying capital strategically and continuously improving ROIC Q3 in line with expectations; on track to achieve guidance Extrem
Slide 25: Thank you for joining us
Thank you for joining us For more information or follow-up: investors.wiley.com brian.campbell@wiley.com
Slide 26: Appendix - US GAAP to Non-GAAP Reconciliation
Appendix - US GAAP to Non-GAAP Reconciliation 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 (Loss) per Share to Non-GAAP Adjusted EPS Th
Slide 27: Appendix – Net Income to Adjusted EBITDA
Appendix – Net Income to Adjusted EBITDA JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1)(2) RECONCILIATION OF US GAAP NET INCOME (LOSS) TO NON-GAAP EBITDA AND ADJUSTED EBITDA (in USD thousands) (unaudited) Three Months Ended Nine Months Ended January 31, January 31, 2026 2025 2026 2025 Net Inc