John Wiley & Son

Q4 FY2026 EarningsFY26 results were mixed relative to consensus: revenue of $1,676.5M was essentially in-line (-0.13% variance), while GAAP net income of $221.6M significantly beat the $162.2M expectation (+36.62%) due to a $70M one-time tax valuation allowance release. The Research segment showed resilience with 4% constant currency growth fueled by AI licensing ($33M), but the Learning segment continued to drag, down 7% YoY. Operating cash flow of $260.5M sharply missed the $425.0M consensus (-38.71%) due to timing of collections, though Free Cash Flow of $195.3M remained near the $200M midpoint target due to disciplined CapEx control.