JOHN WILEY & SONS, INC.

Previous wording

Wiley also reports a Held for Sale or Sold segment, which primarily includes non-core businesses which were classified as held-for-sale until the date of sale, as well other businesses which were sold.

Current wording

Wiley also reported a Held for Sale or Sold segment in fiscal year 2025, which primarily includes non-core businesses which were classified as held-for-sale until the date of sale, as well other businesses which were sold.

Previous wording

•US GAAP Results: Consolidated Revenue of $818.6 million (-1%, compared with the prior year), Operating Income of $104.0 million (+12%, compared with the prior year), and Diluted Earnings per Share of $1.05 (+48% , compared with the prior year).

Current wording

•US GAAP Results: Consolidated Revenue of $410.0 million (+1%, compared with the prior year), Operating Income of $62.8 million (+21%, compared with the prior year), and Diluted Earnings per Share of $0.56 (+$0.99, compared with the prior year diluted loss per share).

Previous wording

•Adjusted Results at Constant Currency(excluding Held for Sale or Sold segment results): Adjusted Revenue of $421.8 million (-1%, compared with the prior year), Adjusted Operating Income of $79.1 million (+14%, compared with the prior year), Adjusted EBITDA of $115.1 million (+8%, compared with the prior year), and Adjusted EPS of $1.10 (+12% , compared with the prior year).

Current wording

◦Revenue of $410.0 million (consistent with the prior year), Adjusted Operating Income of $69.8 million (+22%, compared with the prior year), Adjusted EBITDA of $105.4 million (+12%, compared with the prior year), and Adjusted EPS of $0.97 (+19%, compared with the prior year).

Previous wording

Revenue for the three months ended October 31, 2025 decreased $4.8 million, or 1%, as compared with the prior year. On a constant currency basis, revenue decreased 2% as compared with the prior year. Excluding the revenues from the Held for Sale or Sold segment, Adjusted Revenue decreased 1% on a constant currency basis. Artificial intelligence (AI) license revenue was $6.0 million for the three months ended October 31, 2025 as compared with $4 million in the prior year.

Current wording

Revenue for the three months ended January 31, 2026 increased $5.4 million, or 1%, as compared with the prior year. On a constant currency basis, revenue was consistent with the prior year. Artificial intelligence (AI) license revenue was $7.3 million for the three months ended January 31, 2026 as compared with $9 million in the prior year. The period to period comparability of AI license revenue can fluctuate due to timing and the nature of the underlying content.

Previous wording

Cost of sales for the three months ended October 31, 2025 of $104.4 million decreased $2.6 million, or 2% as compared with the prior year. On a constant currency basis, cost of sales decreased 3% as compared with the prior year primarily due to lower inventory costs and, to a lesser extent, the prior year including employee costs primarily related to the Wiley Edge business which was sold on May 31, 2024, with the exception of its India operations which sold on August 31, 2024.

Current wording

Cost of sales for the three months ended January 31, 2026 of $107.8 million increased $3.6 million, or 3% as compared with the prior year. On a constant currency basis, cost of sales increased 2% as compared with the prior year primarily due to higher royalty costs, partially offset by lower inventory costs.

Previous wording

Operating and administrative expenses for the three months ended October 31, 2025 of $225.1 million decreased $13.8 million, or 6% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 7% and excluding expenses from Held for Sale or Sold segment on a constant currency basis decreased 5%, as compared with the prior year. These declines were primarily due to restructuring and cost savings initiatives resulting in lower employee costs, professional fees and, to a lesser extent, lower travel and entertainments costs. This was partially offset by higher bad debt expense.

Current wording

Operating and administrative expenses for the three months ended January 31, 2026 of $219.1 million decreased $10.9 million, or 5% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 7%. This decline was primarily due to restructuring and cost savings initiatives resulting in lower employee costs, and professional fees. This was partially offset by higher bad debt expense.

Previous wording

We recorded restructuring and related charges in the three months ended October 31, 2025 and 2024 of$6.0 million and$3.6 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Income.

Current wording

We recorded restructuring and related charges in the three months ended January 31, 2026 and 2025 of$7.1 million and$5.6 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Income (Loss).

Previous wording

Excluding actions related to the Held for Sale or Sold segment, we anticipate to yield annualized cost savings of approximately $115 million, with approximately $110 million of that to be realized in fiscal year 2026 from actions taken starting in fiscal year 2024.

Current wording

Excluding actions related to the Held for Sale or Sold segment, we anticipate to yield annualized cost savings of approximately $125 million, with approximately $110 million of that to be realized in fiscal year 2026 from actions taken starting in fiscal year 2024.

Previous wording

For the three months ended October 31, 2025 and 2024, we recorded pretax restructuring charges of $6.1 million and $3.7 million, respectively, related to this program.

Current wording

For the three months ended January 31, 2026 and 2025, we recorded pretax restructuring charges of $7.1 million and $5.6 million, respectively, related to this program.

Previous wording

For the impact of our restructuring programs on diluted earnings per share, see the section below, “Diluted Earnings per Share.”

Current wording

For the impact of our restructuring programs on diluted earnings (loss) per share, see the section below, “Diluted Earnings (Loss) per Share.”

Previous wording

Amortization of intangible assets was $13.2 million for the three months ended October 31, 2025, an increase of $0.3 million, or 2%, as compared with the prior year. On a constant currency basis, amortization of intangible assets increased 1% as compared with the prior year primarily due to amortization expense related to acquired definite lived intangible assets, including those acquired as part of an acquisition, partially offset by the completion of amortization of certain acquired intangible assets.

Current wording

Amortization of intangible assets was $13.3 million for the three months ended January 31, 2026, an increase of $0.3 million, or 2%, as compared with the prior year. On a constant currency basis, amortization of intangible assets decreased 1% as compared with the prior year primarily due to the completion of amortization of certain acquired intangible assets, partially offset by the amortization expense related to acquired definite lived intangible assets, including those acquired as part of an acquisition.

Previous wording

Operating income for the three months ended October 31, 2025 of $73.0 million increased $8.9 million, or 14% as compared with the prior year. On a constant currency basis, operating income increased 13% as compared with the prior year. The increase was primarily due to lower operating and administrative expenses and, to a lesser extent, lower cost of sales, partially offset by a decrease in revenue and, to a lesser extent, higher restructuring charges.

Current wording

Operating income for the three months ended January 31, 2026 of $62.8 million increased $10.9 million, or 21% as compared with the prior year. On a constant currency basis, operating income increased 21% as compared with the prior year. The increase was primarily due to lower operating and administrative expenses, partially offset by higher cost of sales, and restructuring charges.

Previous wording

Adjusted EBITDA on a constant currency basis for the three months ended October 31, 2025 increased 8% as compared with the prior year primarily due tolower operating and administrative expenses, partially offset by a decrease in Adjusted Revenue.

Current wording

Adjusted OI and Adjusted EBITDA on a constant currency basisfor the three months ended January 31, 2026 increased 22% and 12%, respectively, as compared with the prior year. These increases were primarily due tolower operating and administrative expenses, partially offset by an increase in costs of sales.

Previous wording

Below is a reconciliation of our consolidated US GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA:

Current wording

Below is a reconciliation of our consolidated US GAAP Net Income (Loss) to Non-GAAP EBITDA and Adjusted EBITDA:

Previous wording

Interest expense for the three months ended October 31, 2025 was $11.7 million compared with the prior year of $14.5 million. This decrease was primarily due to a lower weighted average effective interest rate and, to a lesser extent, a decrease in the total debt outstanding.

Current wording

Interest expense for the three months ended January 31, 2026 was $11.5 million compared with the prior year of $14.0 million. This decrease was primarily due to a lower weighted average effective interest rate and, to a lesser extent, a decrease in the total debt outstanding.

Previous wording

Net foreign exchange transaction losses of less than $(0.1) million for the six months ended October 31, 2025 were primarily due to losses on our foreign currency denominated third-party receivable and payable balances offset by gains on our foreign currency denominated intercompany accounts receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar.

Current wording

Net foreign exchange transaction losses of $(4.2) million for the three months ended January 31, 2025 were primarily due to losses on our foreign currency denominated intercompany accounts receivable and payable balances, partially offset by gains on our foreign currency denominated third party accounts receivable and payable balances due to the impact of the change in average foreign exchange rates as compared to the US dollar.

Previous wording

We recorded net pretax (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:

Current wording

We recorded net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:

Previous wording

See Note 3, “Divestitures” for more details on the divestitures.

Current wording

These charges are reflected in Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale on our Unaudited Condensed Consolidated Statements of Net Income (Loss). See Note 3, “Divestitures” for more details on the divestitures.

Previous wording

Other expense, net was$(2.0) million for the three months ended October 31, 2025, compared to other income, net of$2.2 million in the prior year. This decrease was primarily due to foregone interest income due to the sale of the University Services Seller Note on June 4, 2025 and, to a lesser extent, an increase in pension expense for our defined benefit plans. See below in the "Results of Operations - Six months ended October 31, 2025" for more details on the sale.

Current wording

Other expense, net was$(1.5) million for the three months ended January 31, 2026, compared to other income, net of$1.0 million in the prior year. This decrease was primarily due to foregone interest income due to the sale of the University Services Seller Note on June 4, 2025. See Note 3, “Divestitures” for more details on the sale.

Previous wording

The US GAAP effective tax rate for the three months ended October 31, 2025 was 22.6% compared to 17.3% for the three months ended October 31, 2024. The US GAAP effective tax rate for the three months ended October 31, 2025 wasgreater than the prior year primarily due to a change in jurisdictional mix of earnings, partially offset by a deferred tax benefit being recorded as a result of the enactment of tax rate reductions in Germany.

Current wording

The US GAAP effective tax rate for the three months ended January 31, 2026 was 33.1% compared to 222.9% for the three months ended January 31, 2025. The US GAAP effective tax rate for the three months ended January 31, 2026 waslower than the prior year primarily due to a change in jurisdictional mix of earnings.

Previous wording

The Non-GAAP Adjusted Effective Tax Rate was 25.4% for the three months ended October 31, 2025 compared to 23.1% for the three months ended October 31, 2024. Theincrease in the Non-GAAP Adjusted Effective Tax Rate for the three months ended October 31, 2025 compared with the prior year was primarily due to the mix of income.

Current wording

The Non-GAAP Adjusted Effective Tax Rate was 25.1% for the three months ended January 31, 2026 compared to 21.6% for the three months ended January 31, 2025. Theincrease in the Non-GAAP Adjusted Effective Tax Rate for the three months ended January 31, 2026 compared with the prior year was primarily due to the mix of income.

Previous wording

Under US GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Upon initial assessment of the elective tax measures, we determined the impact of these to be insignificant and reflected these in our financial statements using management’s best estimate through the second quarter of fiscal year 2026. We are continuing to evaluate the full year impact of the OBBBA and, based on our preliminary analysis, we do not anticipate a material effect on our consolidated financial statements for the year ended April 30, 2026.

Current wording

Under US GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Upon initial assessment of the elective tax measures, we determined the impact of these to be insignificant and reflected these in our financial statements using management’s best estimate through the third quarter of fiscal year 2026. We are continuing to evaluate the full year impact of the OBBBA and, based on our preliminary analysis, we do not anticipate a material effect on our consolidated financial statements for the year ended April 30, 2026.

Previous wording

Diluted earnings per share for the three months ended October 31, 2025 was $0.84 per share compared with earnings per share of $0.74 per share for the three months ended October 31, 2024. This increase was primarily due to an increase in operating income, partially offset by an increase in the income tax provision compared with the prior year.

Current wording

Diluted earnings per share for the three months ended January 31, 2026 was $0.56 per share compared with a loss per share of $(0.43) per share for the three months ended January 31, 2025. This increase was primarily due to a decrease in the provision for income taxes and, to a lesser extent, an increase in income before taxes.

Previous wording

Below is a reconciliation of our US GAAP Earnings per Share to Non-GAAP Adjusted EPS. The amount of the pretax, and the related income tax impact for the adjustments included in the table below are presented in the section above, “Provision for Income Taxes.”

Current wording

Below is a reconciliation of our US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS. The amount of the pretax, and the related income tax impact for the adjustments included in the table below are presented in the section above, “Provision for Income Taxes.”

Previous wording

On a constant currency basis, Adjusted EPS increased 12% primarily due an increase in Adjusted Operating Income, partially offset by an increase in the Adjusted Income Tax Provision.

Current wording

On a constant currency basis, Adjusted EPS increased 19% primarily due to an increase in Adjusted Operating Income and, to a lesser extent, lower diluted weighted-average number of common shares outstanding, partially offset by an increase in the Adjusted Income Tax Provision.

Previous wording

Research revenue for the three months ended October 31, 2025 increased$16.6 million, or 6%, as compared with the prior year on a reported basis. On a constant currency basis, Research revenue increased 5% as compared with the prior year. The increase was driven by growth in Research Publishing primarily due to continued growth in author-funded open access and, to a lesser extent, an increase in recurring revenue models combining subscriptions and transformational agreements, and licensing revenue including AI. These increases were partially offset by softness in ancillary products and lower corporate spending on advertising products in Research Solutions.

Current wording

Research revenue for the three months ended January 31, 2026 increased$6.6 million, or 2%, as compared with the prior year on a reported basis. On a constant currency basis, Research revenue increased 1% as compared with the prior year. Research Publishing revenue on a constant currency basis increased 1% as compared with the prior year primarily due to continued growth in author-funded open access and, to a lesser extent, an increase in recurring revenue models which includes subscriptions and transformational agreements. These increases were partially offset by lower licensing revenue including AI, and softness in ancillary products. Research Publishing on a constant currency basis excluding AI revenue increased 4%. Research Solutions revenue on a constant currency basis decreased 3% as compared with the prior year primarily due to softness in recruiting and databases, partially offset by higher AI license revenue which includes content licensed from other publishers.

Previous wording

Research AI license revenue for the three months ended October 31, 2025 was $4.8 million as compared with none in the prior year. Open access article output growth was approximately 25% as compared with the prior year.

Current wording

Research AI license revenue for the three months ended January 31, 2026 was $6.2 million as compared with $9 million in the prior year. Open access article output growth was approximately 28% as compared with the prior year.

Previous wording

On a constant currency basis, Adjusted EBITDA increased 13% as compared with the prior year. This increase was primarily due to higher revenue and, to a lesser extent, cost savings initiatives, partially offset by higher royalty costs.

Current wording

On a constant currency basis, Adjusted EBITDA increased 3% as compared with the prior year. This increase was primarily due to cost savings initiatives and, to a lesser extent, higher revenue, partially offset by higher royalty costs.

Previous wording

Learning revenue decreased $18.3 million, or 11%, as compared with the prior year on a reported basis. On a constant currency basis, revenue decreased 11% as compared with the prior year due to market-related softness, including a sharp inventory drop off at an online retailer and a slowdown in consumer and corporate spending. Professional revenue on a constant currency basis decreased 16%. Academic revenue on a constant currency basis decreased 8%. Learning was also impacted by $4 million of AI revenue in the prior year, included in both Academic and Professional compared with $1.2 million for the three months ended October 31, 2025. Across the segment, print declines more than offset digital growth.

Current wording

Learning revenue decreased $1.2 million, or 1%, as compared with the prior year on a reported basis. On a constant currency basis, revenue decreased 2% as compared with the prior year. Academic revenue on a constant currency basis increased 1% as compared with the prior year due to an increase in licensing revenue including AI and, to a lesser extent, digital content growth, partially offset by a decline in print book sales and, to a lesser extent, digital courseware. Professional revenue on a constant currency basis decreased 5% as compared with the prior year due to a decline in print and digital revenue due to inventory reductions at an online retailer and a slowdown in consumer and corporate spending, partially offset by an increase in licensing revenue including AI.

Previous wording

On a constant currency basis, Adjusted EBITDA decreased 12% as compared with the prior year. This decrease was primarily due to lower revenue, partially offset by lower royalty costs.

Current wording

On a constant currency basis, Adjusted EBITDA decreased 1% as compared with the prior year. This decrease was primarily due to lower revenue, partially offset byrestructuring and cost savings initiatives, and favorable product mix.

Previous wording

On a constant currency basis, adjusted unallocated corporate expenses of$35.7 million on an Adjusted EBITDA basis decreased 18% as compared with the prior year. This was primarily due to prior restructuring and cost savings initiatives.

Current wording

On a constant currency basis, adjusted unallocated corporate expenses of$33.8 million on an Adjusted EBITDA basis decreased 21% as compared with the prior year. This was primarily due to restructuring and expense management across functional areas, namely technology.

Previous wording

•US GAAP Results: Consolidated Revenue of $421.8 million (-1%, compared with the prior year), Operating Income of $73.0 million (+14%, compared with the prior year), and Diluted Earnings per Share of $0.84 (+14% , compared with the prior year).

Current wording

•US GAAP Results: Consolidated Revenue of $1,228.6 million (-1%, compared with the prior year), Operating Income of $166.7 million (+15%, compared with the prior year), and Diluted Earnings per Share of $1.62 (+$1.33 , compared with the prior year).

Previous wording

•Adjusted Results at Constant Currency(excluding Held for Sale or Sold segment results): Adjusted Revenue of $818.6 million (consistent with the prior year), Adjusted Operating Income of $113.1 million (+9%, compared with the prior year), Adjusted EBITDA of $185.5 million (+4%, compared with the prior year), and Adjusted EPS of $1.59 (+9%, compared with the prior year).

Current wording

•Adjusted Results at Constant Currency(excluding Held for Sale or Sold segment results): Adjusted Revenue of $1,228.6 million (consistent with the prior year), Adjusted Operating Income of $183.0 million (+13%, compared with the prior year), Adjusted EBITDA of $290.9 million (+6%, compared with the prior year), and Adjusted EPS of $2.56 (+13%, compared with the prior year).

Previous wording

Revenue for the six months ended October 31, 2025 decreased $11.9 million, or 1%, as compared with the prior year. On a constant currency basis, revenue decreased 2% as compared with the prior year. Excluding the revenues from the Held for Sale or Sold segment, Adjusted Revenue was consistent with prior year on a constant currency basis. AI license revenue was $34.9 million for the six months ended October 31, 2025 as compared with $21 million in the prior year. The AI license revenue in the six months ended October 31, 2025 includes $15.7 million of revenue related to content which Wiley has licensed from other publishers.

Current wording

Revenue for the nine months ended January 31, 2026 decreased $6.4 million, or 1%, as compared with the prior year. On a constant currency basis, revenue decreased 2% as compared with the prior year. Excluding the revenues from the Held for Sale or Sold segment, Adjusted Revenue was consistent with the prior year on a constant currency basis. AI license revenue was $42.3 million for the nine months ended January 31, 2026 as compared with $30 million in the prior year. The AI license revenue in the nine months ended January 31, 2026 includes $19.4 million of revenue related to content which Wiley has licensed from other publishers.

Previous wording

Cost of sales for the six months ended October 31, 2025 of$213.6 million decreased $2.6 million, or 1%, as compared with the prior year. On a constant currency basis, cost of sales decreased 2% as compared with the prior year. This was primarily due to the prior year including employee costs primarily related to the Wiley Edge business which was sold on May 31, 2024 and, to a lesser extent, lower inventory costs primarily in Learning. These factors were partially offset by higher royalty costs on AI licensing revenue which included content licensed from other publishers.

Current wording

Cost of sales for the nine months ended January 31, 2026 of$321.4 million increased $1.0 million and was consistent with the prior year. On a constant currency basis, cost of sales decreased 1% as compared with the prior year. This was primarily due to the prior year including employee costs primarily related to the Wiley Edge business which was sold on May 31, 2024 and, to a lesser extent, lower inventory costs primarily in Learning. These factors were partially offset by higher royalty costs.

Previous wording

Excluding the cost of sales from the Held for Sale or Sold segment, cost of sales increased 2% as compared with the prior year on a constant currency basis primarily due to higher royalty costs on AI licensing revenue, which included content licensed from other publishers, partially offset by lower inventory costs primarily in Learning.

Current wording

Excluding the cost of sales from the Held for Sale or Sold segment, cost of sales increased 2% as compared with the prior year on a constant currency basis primarily due to higher royalty costs, partially offset by lower inventory costs primarily in Learning.

Previous wording

Operating and administrative expenses for the six months ended October 31, 2025 of $465.4 million decreased $22.3 million, or 5% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 6% and excluding expenses from the Held for Sale or Sold segment on a constant currency basis decreased 3% as compared with the prior year. These declines were primarily due to restructuring and cost savings initiatives resulting in lower employee costs and, to a lesser extent, lower travel and entertainment costs, and professional fees.

Current wording

Operating and administrative expenses for the nine months ended January 31, 2026 of $684.5 million decreased $33.2 million, or 5% as compared with the prior year. On a constant currency basis, operating and administrative expenses decreased 6% as compared with the prior year due to restructuring and cost savings initiatives resulting in lower employee costs and, to a lesser extent, lower professional fees, and travel and entertainment costs.

Previous wording

We recorded restructuring and related charges in the six months ended October 31, 2025 and 2024 of$9.1 million and$7.5 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Income.

Current wording

We recorded restructuring and related charges in the nine months ended January 31, 2026 and 2025 of$16.1 million and$13.1 million, respectively. These charges are reflected in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Income (Loss).

Previous wording

For the six months ended October 31, 2025 and 2024, we recorded pretax restructuring charges of $9.1 million and $11.2 million, respectively, related to this program.

Current wording

For the nine months ended January 31, 2026 and 2025, we recorded pretax restructuring charges of $16.2 million and $16.8 million, respectively, related to this program.

Previous wording

For the six months ended October 31, 2025 and 2024, we recorded pretax restructuring credits of less than $(0.1) million and $(3.7) million, respectively, related to this program.

Current wording

For the nine months ended January 31, 2026 and 2025, we recorded pretax restructuring credits of less than $(0.1) million and $(3.8) million, respectively, related to this program.