John Wiley & Sons Stock Earnings Reports

Wiley reported a mixed Q2: strong performance and momentum in Research (journal publishing, open access, AI licensing and corporate subscriptions) offset by continued weakness in Learning (impacted by retail/inventory dynamics, softer consumer/corporate spending and lower computer-science enrollments). Research publishing grew mid-single digits with record submission volumes, double-digit author-funded open access growth, and continued expansion of AI-related revenue streams (another LLM training licensing deal in the quarter and ongoing Nexus and AI Gateway product progress). Management emphasized AI as a structural tailwind and differentiator for Wiley—licensing archival content for LLM training, building subscription knowledge feeds for corporate R&D, and deploying an open, partner-centric AI Gateway and Research Exchange. Operationally, Wiley delivered margin expansion (adjusted operating margin up 250 bps to 18.8% in Q2) driven by cost discipline, technology transformation and AI-driven productivity; net leverage improved (net debt / EBITDA ~2.0x) and management increased opportunistic buybacks (Q2 repurchases +69%). Guidance was reaffirmed for adjusted EBITDA margin, adjusted EPS and free cash flow while revenue guidance was narrowed to the lower end of the prior range (now low single-digit revenue growth) with learning expected to be down for the year but moderating in H2. Management expects AI revenue to be moderately ahead of FY25 (~$40m) and continues to prioritize capital allocation between buybacks, investments and deleveraging.