# EDGAR Filing Document

**Accession Number:** 0000107140
**File Stem:** 0000107140-25-000194
**Filing Date:** 2025-12
**Character Count:** 77705
**Document Hash:** 1245aff45fea7630ebbc6ada826a36f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000107140-25-000194.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0000107140-25-000194

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251204

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN WILEY & SONS, INC.
- **CENTRAL INDEX KEY:** 0000107140
- **STANDARD INDUSTRIAL CLASSIFICATION:** BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 135593032
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11507
- **FILM NUMBER:** 251548632

**BUSINESS ADDRESS:**
- **STREET 1:** 111 RIVER STREET
- **CITY:** HOBOKEN
- **STATE:** NJ
- **ZIP:** 07030
- **BUSINESS PHONE:** 2017486000

**MAIL ADDRESS:**
- **STREET 1:** 111 RIVER STREET
- **CITY:** HOBOKEN
- **STATE:** NJ
- **ZIP:** 07030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILEY JOHN & SONS, INC.
- **DATE OF NAME CHANGE:** 20070820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILEY JOHN & SONS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? jwa-20251204

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

December 4, 2025

(Date of Report)

(Date of earliest event reported)

**JOHN WILEY & SONS, INC.**

(Exact name of registrant as specified in its charter)

**New York**

(State or other jurisdiction of incorporation)

---

| | |
|:---|:---|
| **001-11507** | **13-5593032** |
| (Commission File Number) | (IRS Employer Identification No.) |
| **111 River Street, Hoboken New Jersey**  | **07030** |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | **(201) 748-6000** |

---

**Not Applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $1.00 per share | WLY | New York Stock Exchange |
| Class B Common Stock, par value $1.00 per share | WLYB | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02 Results of Operations and Financial Condition.**

On December 4, 2025, John Wiley & Sons Inc., a New York corporation (the "Company"), issued a press release announcing the Company's financial results for the second quarter of fiscal year 2026. A copy of the Company's press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

On December 4, 2025, the Company held its second quarter of fiscal year 2026 earnings conference call. The Company is furnishing as Exhibit 99.2 to this Current Report on Form 8-K the presentation materials that were provided and discussed during the earnings conference call.

The information included in Items 2.02 and 7.01, including the exhibits hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

**<u>Exhibit No. Description</u>**

<u>[99.1](ex991.htm)</u> - Press release dated December 4, 2025 "Research Growth, AI Momentum, and Material Margin Expansion Highlight Wiley's Second Quarter 2026"

<u>[99.2](exhibit992-q226earningsp.htm)</u> - Presentation materials dated December 4, 2025.

104 - Cover Page Interactive Data File (embedded within the Inline XBRL document).

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **JOHN WILEY & SONS, INC.** | **JOHN WILEY & SONS, INC.** | **JOHN WILEY & SONS, INC.** |
| (Registrant) | (Registrant) | (Registrant) |
| | By | /s/ Matthew S. Kissner |
| | | Matthew S. Kissner |
| | | President and Chief Executive Officer |
| | Dated: December 4, 2025 | Dated: December 4, 2025 |

---

## Exhibit 99.1

![image.jpg](image.jpg)

**Research Growth, AI Momentum, and Margin Expansion**

**Highlight Wiley's Second Quarter 2026** 

*December 4, 2025 - Hoboken, NJ –* Wiley (NYSE: WLY), a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning, today reported results for the second quarter ended October 31, 2025.

**SECOND QUARTER SUMMARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• GAAP performance vs. prior year**: Revenue of $422 million vs. $427 million including foregone revenue of $3 million from divested businesses; Operating Income of $73 million up 14%; and Diluted Earnings Per Share (EPS) of $0.84 up 14%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Results at constant currency**: Adjusted Revenue of $422 million down 1% with solid Research growth more than offset by market-related declines in Learning; Adjusted Operating Income of $79 million up 14% and margin of 18.8% up 250 basis points; Adjusted EBITDA of $115 million up 8% and margin of 27.3% up 240 basis points; and Adjusted EPS of $1.10 up 12%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Delivered strong growth and margin expansion in Research** driven by global demand to publish, read, and license

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Executed $6 million content licensing project for AI model training;** $35 million realized year-to-date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reduced Corporate Expenses (Adjusted EBITDA) by 18%** at constant currency as part of multi-year margin expansion initiatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Delivered YTD Operating Cash Flow and Free Cash Flow improvement of 19% and 17%**, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Increased share repurchases by 69%** over prior year period to $21 million with Wiley's dividend yield around 3.9%

**MANAGEMENT COMMENTARY** 

"We continue to deliver strong performance in Research and accelerating momentum in AI as we capitalize on record research volume and expanding corporate R&D opportunities," said Matthew Kissner, President and CEO. "In Research, strong global demand is driving defensible growth in our recurring revenue and open access models. In AI, we are turning high-value knowledge into impact through the execution of content licensing projects for large language models and corporate AI applications. Finally, operational excellence and margin expansion are a way of life for us as we continuously optimize our cost structure, drive investment and expense discipline, and advance our transformative publishing platform."

**FINANCIAL SUMMARY** 

*Please see the accompanying financial tables for more detail.* 

**Research** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 Research revenue of $279 million was up 6% as reported and 5% at constant currency driven by 7% growth in Research Publishing including AI revenue of $5 million. Article submissions and output rose by 28% and 12%, respectively, with robust growth across all key geographies. Strong volume drove double-digit growth in author-funded open access and solid growth in Wiley's recurring revenue models, combining subscriptions and transformational agreements. Year-to-date, Research revenue was up 6% as reported and 5% at constant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 Adjusted EBITDA of $93 million was up 14% as reported and 13% at constant currency driven by revenue growth and cost savings initiatives. Adjusted EBITDA margin for the quarter was 33.5% vs. 31.3% in the prior year period. Year-to-date, Research Adjusted EBITDA was up 8% as reported and at constant currency.

**Learning** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 Learning revenue of $143 million was down 11% as reported and at constant currency due to market-related softness, including a sharp inventory drop off at an online retailer and a slowdown in consumer and corporate spending. Professional was down 16%. Academic was down 8%. Learning was also impacted by $4 million of AI revenue in the prior year. Across the segment, print declines more than offset digital growth. Year-to-date, Learning revenue was down 10% as reported and at constant currency. Declines are expected to moderate in the second half of the year as retail inventory levels stabilize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 Adjusted EBITDA of $57 million for the quarter was down 14% as reported and at constant currency due to lower revenue. Adjusted EBITDA margin was 40.1% down from 41.3%. Year-to-date, Learning Adjusted EBITDA was down 12% as reported and at constant currency.

------

**Corporate Expenses**

*"Corporate Expenses" are the portion of shared services costs not allocated to segments.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 Corporate Expenses on an Adjusted EBITDA basis were lower by 18% as reported and at constant currency due to restructuring efforts and expense management across functional areas, notably Technology. Year-to-date, Corporate Expenses on an Adjusted EBITDA basis were lower by 7% as reported and 8% at constant currency.

**EPS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Q2 GAAP EPS** of $0.84 compared to $0.74 in prior year period. **Q2 Adjusted EPS** of $1.10 was up 12% at constant currency with operating performance offsetting a higher adjusted effective tax rate. Diluted shares outstanding were down by 1.3 million to 53.5 million. Year-to-date, GAAP EPS rose 48% on a reported basis and Adjusted EPS was up 9% at constant currency.

**BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Debt-to-EBITDA Ratio** (Trailing Twelve Months) at quarter end was 2.0 compared to 2.2 in the year-ago period. Wiley recently utilized approximately $120 million of divestiture proceeds to reduce debt and expects leverage to come down materially in Fiscal 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Cash Used in Operating Activities** was $77 million compared to $94 million in the prior year period. Note, Wiley's regular use of cash in the first half of the fiscal year is driven by the timing of cash collections for annual journal renewals, which are concentrated in Q3 and Q4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free Cash Flow** improved to a use of $108 million from a use of $130 million in the prior year largely due to higher cash earnings and lower capex and interest payments. Capex was $31 million compared to $36 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Returns to Shareholders:** Wiley allocated $40 million in the quarter toward both repurchases ($21 million) and dividends ($19 million), up 26% over prior year. The Company acquired approximately 553,000 shares at an average cost of $38.11/share. Year-to-date, Wiley allocated $73 million to repurchases and dividends. During the first half, the Board approved a $250 million share repurchase authorization, deployed a 10b5-1 plan for repurchases outside open windows, and raised its dividend for the 32<sup>nd</sup> consecutive year.

**FISCAL 2026 OUTLOOK** 

Wiley is reaffirming its full year outlook for Adjusted EBITDA margin, Adjusted EPS, and Free Cash Flow and narrowing its Revenue guidance to the low end of the range due to market challenges in Learning. Research and AI momentum are expected to remain strong. The revenue range is narrowed to low-single digit growth from low-to-mid single digit growth.

---

| | | | |
|:---|:---|:---|:---|
| **Metric** | **Fiscal 2024 Results** | **Fiscal 2025 Results** | **Fiscal 2026 Outlook** |
| **Adj. Revenue** | $1,617M | $1,660M | **Low-single digit growth\*** |
| **Adj. EBITDA Margin** | 22.8% | 24% | **25.5% to 26.5%** |
| **Adj. EPS** | $2.78 | $3.64 | **$3.90 to $4.35** |
| **Free Cash Flow** | $114M | $126M | **Approximately $200M** |

---

*\*Narrowed from low-to-mid single digit growth* 

*Adjusted metrics exclude impact of divestitures, which were primarily completed in Fiscal 2024 with remainder completed in first half of Fiscal 2025. Approximately $17 million of divestiture-related revenue was recorded in Fiscal 2025.* 

**EARNINGS CONFERENCE CALL** 

Scheduled for today, December 4 at 10:00 am (ET). Access webcast at Investor Relations at investors.wiley.com, or directly at https://events.q4inc.com/attendee/792761606. U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#**.** International callers, please dial (646) 960-0253 and enter the participant code 2521217#**.** 

**ABOUT WILEY** 

Wiley (NYSE: WLY) is a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning. With more than 200 years at the center of the scholarly ecosystem, Wiley combines trusted publishing heritage with AI-powered platforms to transform how knowledge is discovered, accessed, and applied. From individual researchers and students to Fortune 500 R&D teams, Wiley enables the transformation of scientific breakthroughs into real-world impact. From knowledge to impact—Wiley is redefining what's possible in science and learning. Visit us at Wiley.com and Investors.Wiley.com. Follow us on Facebook, X, LinkedIn and Instagram.

------

**NON-GAAP FINANCIAL MEASURES** 

Wiley provides non-GAAP financial measures and performance results such as "Adjusted EPS," "Adjusted Operating Income and Margin," "EBITDA, Adjusted EBITDA and Margin," "Adjusted Income before Taxes," "Adjusted Income Tax Provision," "Adjusted Effective Tax Rate," "Free Cash Flow less Product Development Spending," "Adjusted Revenue," and results on a Constant Currency basis to assess underlying business performance and trends. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of divestitures and acquisitions provide a useful comparable basis to analyze operating results and earnings. See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information. We have not provided our 2026 outlook for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with U.S. GAAP.

**FORWARD- LOOKING STATEMENTS**

This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the ability to realize operating savings over time and in fiscal year 2026 in connection with our multiyear Global Restructuring Program and completed dispositions; (xi) cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business; (xii) as a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets and we may never realize the full carrying value of these assets; (xiii) our ability to leverage artificial intelligence technologies in our products and services, including generative artificial intelligence, large language models, machine learning, and other artificial intelligence tools; and (xiv) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events.

CATEGORY: EARNINGS RELEASES

**Contact** 

Brian Campbell

Investor Relations

brian.campbell@wiley.com

201.748.6874 <br>

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1)(2)</sup>

**CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME**

**(in USD thousands, except per share information)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue, net** | $**421751** | $**426595** | $**818551** | $**830404** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 104388 | 107000 | 213647 | 216220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and administrative expenses | 225087 | 238891 | 465417 | 487710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 6032 | 3627 | 9070 | 7497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 13248 | 12944 | 26458 | 25871 |
| **Total costs and expenses** | **348755** | **362462** | **714592** | **737298** |
| **Operating income** | **72996** | **64133** | **103959** | **93106** |
| *As a % of revenue* | *17.3 %* | *15.0 %* | *12.7 %* | *11.2 %* |
| Interest expense | (11670) | (14463) | (22712) | (27250) |
| Net foreign exchange transaction gains (losses) | 956 | (3328) | (15) | (3094) |
| Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale | (2309) | 369 | (3425) | 6170 |
| Other (expense) income, net | (1963) | 2226 | (2090) | 3008 |
| **Income before taxes** | **58010** | **48937** | **75717** | **71940** |
| Provision for income taxes | 13119 | 8479 | 19126 | 32918 |
| *Effective tax rate* | *22.6 %* | *17.3 %* | *25.3 %* | *45.8 %* |
| **Net income** | $**44891** | $**40458** | $**56591** | $**39022** |
| *As a % of revenue* | *10.6 %* | *9.5 %* | *6.9 %* | *4.7 %* |
| **Earnings per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.85 | $0.75 | $1.06 | $0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.84 | $0.74 | $1.05 | $0.71 |
| **Weighted average number of common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 53089 | 54191 | 53233 | 54284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 53515 | 54850 | 53735 | 54928 |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three and six months ended October 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |

---

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1) (2)</sup>

**RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES**

**(in USD thousands, except per share information)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS** |
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **US GAAP Earnings Per Share - Diluted** | $**0.84** | $**0.74** | $**1.05** | $**0.71** |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 0.09 | 0.06 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments | (0.02) | 0.04 | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 0.22 | 0.21 | 0.42 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 0.04 |  | 0.06 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Net Loss |  | 0.01 |  | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax adjustments | (0.07) | (0.09) | (0.07) | 0.24 |
| **Non-GAAP Adjusted Earnings Per Share - Diluted** | $**1.10** | $**0.97** | $**1.59** | $**1.44** |
| **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** |
|  | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **US GAAP Income Before Taxes** | $**58010** | $**48937** | $**75717** | $**71940** |
| Pretax Impact of Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 6032 | 3627 | 9070 | 7497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments | (1111) | 2943 | (1550) | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 13248 | 12944 | 26458 | 25913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 2309 | (369) | 3425 | (6170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Loss Before Taxes |  | 1059 |  | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement | 108 |  | 108 |  |
| **Non-GAAP Adjusted Income Before Taxes** | $**78596** | $**69141** | $**113228** | $**103109** |
| **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** | **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** | **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** | **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** | **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** |
| **US GAAP Income Tax Provision** | $**13119** | $**8479** | $**19126** | $**32918** |
| Income Tax Impact of Adjustments <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 1271 | 161 | 1790 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments | (217) | 729 | (967) | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 2133 | 1792 | 4126 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale |  | (588) | 54 | (1513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Tax Benefit |  | 515 |  | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement | **—** | **—** | **—** | **—** |
| Income Tax Adjustments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of valuation allowance on the US GAAP effective tax rate | (212) | 4911 | 29 | (13119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of change in Germany statutory tax rate on deferred tax balances | 3869 |  | 3869 |  |
| **Non-GAAP Adjusted Income Tax Provision** | $**19963** | $**15999** | $**28027** | $**24023** |
| **US GAAP Effective Tax Rate** | **22.6%** | **17.3%** | **25.3%** | **45.8%** |
| **Non-GAAP Adjusted Effective Tax Rate** | **25.4%** | **23.1%** | **24.8%** | **23.3%** |

---

---

| |
|:---|
| **Notes:** |
| (1) All amounts are approximate due to rounding. |
| (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. |
| (3) For the three and six months ended October 31, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. |

---

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1) (2)</sup>

**RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA**

**(in USD thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net Income** | $**44891** | $**40458** | $**56591** | $**39022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 11670 | 14463 | 22712 | 27250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 13119 | 8479 | 19126 | 32918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 35929 | 36718 | 72375 | 73971 |
| **Non-GAAP EBITDA** | **105609** | **100118** | **170804** | **173161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 6032 | 3627 | 9070 | 7497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transaction (gains) losses | (956) | 3328 | 15 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 2309 | (369) | 3425 | (6170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net | 1963 | (2226) | 2090 | (3008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted EBITDA |  | 1059 |  | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement | 108 |  | 108 |  |
| **Non-GAAP Adjusted EBITDA** | $**115065** | $**105537** | $**185512** | $**178152** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA Margin* | *27.3 %* | *24.9 %* | *22.7 %* | *21.9 %* |

---

---

| |
|:---|
| **Notes:** |
| (1) All amounts are approximate due to rounding. |
| (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. |

---

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1) (2) (3)</sup>

**SEGMENT RESULTS**

**(in USD thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** |
| | **Three Months Ended<br>October 31,** | **Three Months Ended<br>October 31,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2025** | **2024** | **Reported** | **Constant Currency** |
| **Research:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Publishing | $241382 | $222667 | 8% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Solutions | 37132 | 39218 | -5% | -6% |
| **Total Revenue, net** | $**278514** | $**261885** | **6%** | **5%** |
| **Non-GAAP Adjusted Operating Income** | $**69961** | $**59527** | **18%** | **16%** |
| Depreciation and amortization | 23319 | 22522 | -4% | -2% |
| **Non-GAAP Adjusted EBITDA** | $**93280** | $**82049** | **14%** | **13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *33.5 %* | *31.3 %* |  |  |
| **Learning:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academic | $87030 | $94788 | -8% | -8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional | 56207 | 66726 | -16% | -16% |
| **Total Revenue, net** | $**143237** | $**161514** | **-11%** | **-11%** |
| **Non-GAAP Adjusted Operating Income** | $**46755** | $**55871** | **-16%** | **-16%** |
| Depreciation and amortization | 10680 | 10897 | 2% | 2% |
| **Non-GAAP Adjusted EBITDA** | $**57435** | $**66768** | **-14%** | **-14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *40.1 %* | *41.3 %* |  |  |
| **Held for Sale or Sold:** |  |  |  |  |
| **Total Revenue, net** | $**—** | $**3196** | **#** | **#** |
| **Non-GAAP Adjusted Operating Loss** | $**—** | $**(1059)** | **#** | **#** |
| Depreciation and amortization |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**—** | $**(1059)** | **#** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *0.0 %* | *-33.1 %* |  |  |
| **Corporate Expenses:** |  |  |  |  |
| **Non-GAAP Adjusted Corporate Expenses** | $**(37580)** | $**(46579)** | **19%** | **20%** |
| Depreciation and amortization | 1930 | 3299 | 41% | 42% |
| **Non-GAAP Adjusted EBITDA** | $**(35650)** | $**(43280)** | **18%** | **18%** |
| **Consolidated Results:** |  |  |  |  |
| **Revenue, net** | $**421751** | $**426595** | **-1%** | **-2%** |
| Less: Held for Sale or Sold Segment |  | (3196) | # | # |
| **Adjusted Revenue, net** | $**421751** | $**423399** | **0%** | **-1%** |
| **Operating Income** | $**72996** | $**64133** | **14%** | **13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 6032 | 3627 | -66% | -66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold Segment Adjusted Operating Loss |  | 1059 | # | # |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement | 108 |  | # | # |
| **Non-GAAP Adjusted Operating Income** | $**79136** | $**68819** | **15%** | **14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted Operating Income margin* | *18.8 %* | *16.3 %* |  |  |
| Depreciation and amortization | 35929 | 36718 | 2% | 3% |
| Less: Held for Sale or Sold Segment depreciation and amortization |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**115065** | $**105537** | **9%** | **8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *27.3 %* | *24.9 %* |  |  |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three and six months ended October 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. |
| # Variance greater than 100% |

---

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1) (2) (3)</sup>

**SEGMENT RESULTS**

**(in USD thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** |
| | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2025** | **2024** | **Reported** | **Constant Currency** |
| **Research:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Publishing | $473209 | $453618 | 4% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Solutions | 86997 | 73576 | 18% | 17% |
| **Total Revenue, net** | $**560206** | $**527194** | **6%** | **5%** |
| **Non-GAAP Adjusted Operating Income** | $**126209** | $**114743** | **10%** | **10%** |
| Depreciation and amortization | 46704 | 45081 | -4% | -2% |
| **Non-GAAP Adjusted EBITDA** | $**172913** | $**159824** | **8%** | **8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *30.9 %* | *30.3 %* |  |  |
| **Learning:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academic | $142502 | $154752 | -8% | -8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional | 115843 | 131076 | -12% | -12% |
| **Total Revenue, net** | $**258345** | $**285828** | **-10%** | **-10%** |
| **Non-GAAP Adjusted Operating Income** | $**68410** | $**78371** | **-13%** | **-13%** |
| Depreciation and amortization | 20524 | 22191 | 8% | 8% |
| **Non-GAAP Adjusted EBITDA** | $**88934** | $**100562** | **-12%** | **-12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *34.4 %* | *35.2 %* |  |  |
| **Held for Sale or Sold:** |  |  |  |  |
| **Total Revenue, net** | $**—** | $**17382** | **#** | **#** |
| **Non-GAAP Adjusted Operating Loss** | $**—** | $**(3578)** | **#** | **#** |
| Depreciation and amortization |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**—** | $**(3578)** | **#** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *0.0 %* | *-20.6 %* |  |  |
| **Corporate Expenses:** |  |  |  |  |
| **Non-GAAP Adjusted Corporate Expenses** | $**(81482)** | $**(88933)** | **8%** | **9%** |
| Depreciation and amortization | 5147 | 6699 | 23% | 23% |
| **Non-GAAP Adjusted EBITDA** | $**(76335)** | $**(82234)** | **7%** | **8%** |
| **Consolidated Results:** |  |  |  |  |
| **Revenue, net** | $**818551** | $**830404** | **-1%** | **-2%** |
| Less: Held for Sale or Sold Segment |  | (17382) | # | # |
| **Adjusted Revenue, net** | $**818551** | $**813022** | **1%** | **0%** |
| **Operating Income** | $**103959** | $**93106** | **12%** | **12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 9070 | 7497 | -21% | -21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold Segment Adjusted Operating Loss |  | 3578 | # | # |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement | 108 | **—** | # | # |
| **Non-GAAP Adjusted Operating Income** | $**113137** | $**104181** | **9%** | **9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted Operating Income margin* | *13.8 %* | *12.8 %* |  |  |
| Depreciation and amortization | 72375 | 73971 | 2% | 3% |
| Less: Held for Sale or Sold depreciation and amortization |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**185512** | $**178152** | **4%** | **4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *22.7 %* | *21.9 %* |  |  |

---

# Variance greater than 100%

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1) (2)</sup>

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**(in USD thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **October 31,<br>2025** | **April 30,<br>2025** |
| **Assets:** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $67404 | $85882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 209679 | 228410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 21387 | 22875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 82753 | 102717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **381223** | **439884** |
| Technology, property and equipment, net | 146796 | 162125 |
| Intangible assets, net | 581998 | 595044 |
| Goodwill | 1116174 | 1121505 |
| Operating lease right-of-use assets | 62152 | 66128 |
| Other non-current assets | 178396 | 306780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**2466739** | $**2691466** |
| **Liabilities and shareholders' equity:** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $47654 | $60948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued royalties | 126130 | 109765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of long-term debt | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 218787 | 462693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employment costs | 52796 | 93117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of operating lease liabilities | 16636 | 18282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 68348 | 66051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **540351** | **820856** |
| Long-term debt | 861713 | 789435 |
| Accrued pension liability | 72053 | 71899 |
| Deferred income tax liabilities | 102986 | 105145 |
| Operating lease liabilities | 76278 | 81482 |
| Other long-term liabilities | 73169 | 70443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1726550** | **1939260** |
| **Shareholders' equity** | **740189** | **752206** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**2466739** | $**2691466** |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for October 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |

---

------

**JOHN WILEY & SONS, INC.**

**SUPPLEMENTARY INFORMATION** <sup>(1) (2)</sup>

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in USD thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** |
| | **2025** | **2024** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $56591 | $39022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 3425 | (6170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 26458 | 25871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of product development assets | 7663 | 8622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of technology, property, and equipment | 38254 | 39478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncash charges | 40325 | 45638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities | (249221) | (246453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(76505)** | **(93992)** |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to technology, property, and equipment | (25125) | (29030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product development spending | (6296) | (7127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Businesses acquired in purchase transactions, net of cash acquired |  | (915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash proceeds (transferred) related to the sale of businesses and assets | 114132 | (8117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of publication rights and other | (10273) | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | **72438** | **(44489)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt borrowings | 75501 | 184066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | (37772) | (38264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of treasury shares | (35085) | (25421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (15617) | (7298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by financing activities** | **(12973)** | **113083** |
| **Effects of exchange rate changes on cash, cash equivalents and restricted cash** | **(1438)** | **1441** |
| **Change in cash, cash equivalents and restricted cash for period** | **(18478)** | **(23957)** |
| **Cash, cash equivalents and restricted cash - beginning** | **85932** | **99543** |
| **Cash, cash equivalents and restricted cash - ending** | $**67454** | $**75586** |
| **CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING** <sup>(3)</sup> | **CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING** <sup>(3)</sup> | **CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING** <sup>(3)</sup> |
|  | **Six Months Ended<br>October 31,** | **Six Months Ended<br>October 31,** |
|  | **2025** | **2024** |
| **Net cash used in operating activities** | $**(76505)** | $**(93992)** |
| Less: Additions to technology, property, and equipment | (25125) | (29030) |
| Less: Product development spending | (6296) | (7127) |
| **Free cash flow less product development spending** | $**(107926)** | $**(130149)** |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the six months ended October 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. |

---

------

**JOHN WILEY & SONS, INC.**

**EXPLANATION OF USAGE OF NON-GAAP PERFORMANCE MEASURES**

In this earnings release and supplemental information, management may present the following non-GAAP performance measures:

• Adjusted Earnings Per Share (Adjusted EPS);

• Free Cash Flow less Product Development Spending;

• Adjusted Revenue;

• Adjusted Operating Income and margin;

• Adjusted Income Before Taxes;

• Adjusted Income Tax Provision;

• Adjusted Effective Tax Rate;

• EBITDA, Adjusted EBITDA and margin; and

• Results on a constant currency basis.

Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well as for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and calculate incentive compensation.

We present these non-GAAP performance measures in addition to US GAAP financial results because we believe that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose.

The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. We present both Adjusted Operating Income and Adjusted EBITDA for each of our reportable segments as we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time. It removes the impact of depreciation and amortization expense, as well as presents a consistent basis to evaluate operating profitability and compare our financial performance to that of our peer companies and competitors.

For example:

• Adjusted EPS, Adjusted Revenue, Adjusted Operating Income and margin, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, EBITDA, and Adjusted EBITDA and margin provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance.

• Free Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends, and fund share repurchases and acquisitions.

• Results on a constant currency basis remove distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of foreign currency (or at constant currency), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.

In addition, we have historically provided these or similar non-GAAP performance measures and understand that some investors and financial analysts find this information helpful in analyzing our operating margins and net income, and in comparing our financial performance to that of our peer companies and competitors. Based on interactions with investors, we also believe that our non-GAAP performance measures are regarded as useful to our investors as supplemental to our US GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.

We have not provided our 2026 outlook for the most directly comparable US GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with US GAAP.

Non-GAAP performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under US GAAP. The adjusted metrics have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, US GAAP information. It does not purport to represent any similarly titled US GAAP information and is not an indicator of our performance under US GAAP. Non-GAAP financial metrics that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-GAAP measures.

## Exhibit 99.2

![](exhibit992-q226earningsp001.jpg)

Second Quarter 2026 Earnings Review NYSE: WLY DEC 04, 2025

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![](exhibit992-q226earningsp002.jpg)

SAFE HARBOR STATEMENT This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward- looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the ability to realize operating savings over time and in fiscal year 2026 in connection with our multiyear Global Restructuring Program and completed dispositions; (xi) cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business; (xii) as a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets and we may never realize the full carrying value of these assets; (xiii) our ability to leverage artificial intelligence technologies in our products and services, including generative artificial intelligence, large language models, machine learning, and other artificial intelligence tools; and (xiv) other factors detailed from time to time in our filings with the SEC. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances. NON-GAAP FINANCIAL MEASURES Wiley provides non-GAAP financial measures and performance results such as:  Adjusted Revenue  Adjusted Earnings Per Share ("Adjusted EPS");  Free Cash Flow;  Adjusted Operating Income and margin;  Adjusted Income Before Taxes  Adjusted Income Tax Provision  Adjusted Effective Tax Rate  EBITDA (earnings before interest, taxes, depreciation and amortization), Adjusted EBITDA and margin; and  Results on a constant currency ("CC") basis. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of divestitures and acquisitions provide a useful comparable basis to analyze operating results and earnings. See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information. We have not provided our 2026 outlook for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with U.S. GAAP. 2

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Unleashing the Power of Science

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Second Quarter Summary Delivering strong growth and momentum in Research with robust demand to publish, read, and license Building on our leadership position in AI with another LLM training agreement and corporate opportunities expanding; launch of content enrichment and distribution platform (AI Gateway); and strategic partnerships with AWS and Anthropic yielding early momentum Navigating market-related challenges in Learning including significant change in Amazon inventory practices, soft consumer spending, and enrollment pressures in select disciplines, with print declines offsetting digital growth Delivering strong earnings growth and material margin expansion through cost actions and operating efficiency; Corporate Expenses reduced by 18%, Adjusted Operating Margin up 250bps, and strong improvement in Free Cash Flow Returning more cash to shareholders with share repurchases up 69% to $21M; total of $73M returned to shareholders in dividend and repurchases YTD; leverage expected to come down materially 1 2 4 3 5 Strong Growth in Research and Continued AI Momentum; Market Headwinds in Learning

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1H impacted by external factors 2H declines moderating but still soft  Sharp inventory adjustments by Amazon  Softness in consumer spending  Enrollment challenges in select disciplines  Corporate spending softness on Assessments  Declines expected to moderate as inventories stabilize, but revenue expected to be down  Prioritizing to where we see upside, including inclusive access and other digital offerings  Demand for Learning content for LLM training continues but revenue hard to project  On track to mitigate top line impact with operating efficiencies and cost actions Market Softness in Learning Learning (32% of Wiley) • Academic (55% of segment) is historically counter-cyclical but there is a time lag between labor market challenges and return to education. Wiley is a top 5 higher education publisher in the US focusing on STEM and business. • Professional (45% of segment) includes both Professional Publishing and Assessments. Wiley is a top trade publisher in business and technology categories and a leader in personality assessments and team development for professionals. Publishing is more sensitive to consumer spending trends and Assessments more sensitive to corporate spending trends.

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Delivering on our Fiscal 2026 Commitments OBJECTIVE STATUS Q2 PROGRESS Lead in Research  Revenue growth: Research Publishing +7%; solid growth in CY25 subscriptions and early CY26 renewals steady; Author-Funded Open Access strong  Leading indicators: Submissions (+28%) and Output (+12%)  Global acceleration: Submissions in Brazil (+81%), India (+49%), China (+26%), UK (+22%), Japan (+18%), US (+12%),  Research Platform milestones: 1,220+ journals or 65% of portfolio now migrated; platform will be a differentiator  Journal expansion: Acquisition of leading Physics journal in growing field Deliver growth and value through AI and in adjacent markets  LLM training: $6M licensing agreement signed in Q2; $35m of AI revenue YTD; training pipeline active  AI innovation: Publisher partnerships now at 30+ for Nexus content licensing service. Launched interoperable content enrichment and delivery platform (AI Gateway) with strong industry reception  Corporate R&D expansion: Good momentum with content licensing agreements or pilots with 8 corporate customers in targeted verticals, including pharma for drug discovery and industrial for pattern recognition Drive operational excellence and discipline across the organization  Corporate expenses: Reduced unallocated shared services costs by 18%; continued reductions expected over time  Disciplined investments: Paying off with journal expansion and AI licensing capabilities  Research Platform features: AI-powered article transfer to improve submissions capture and drive organic growth; portable peer review and streamlined resubmission

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![](exhibit992-q226earningsp007.jpg)

Research: Resilience and Moat Continuing Peer review publishers set the global standard for scientific excellence Research content is must have for institutions and increasingly, corporations Publishing is essential for a researcher's career and for global recognition of scientific achievement Research output is ever-increasing driven by global R&D spend; the rate of scientific research and advancement is expected to further accelerate with AI Research is constantly evolving; new knowledge and recency are vital for AI models Published research is protected under IP copyright law

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Wiley's Competitive Advantages in an AI Economy Provides access to much of world's trusted scientific, technical, and medical content Big 3 publisher and differentiated by top position in fast growing domains Unique, longstanding relationships with researchers, institutions, societies, and funders Strong position and first mover with corporations building out AI applications and models Strategic partnerships with the world's most advanced AI innovators and other publishers Capex-light and open platform approach leveraging partnerships and existing assets

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Content Platforms Markets Three Growth Vectors • Research Exchange Platform (REX): intelligent workflow and submission capture • AI Gateway: infrastructure for access and usage-based models • Nexus Domains: domain-specific data products for AI and subscriptions • Journal portfolio and brand expansion into fast-growing STM and Scholarly fields • AI content licensing • Nexus content licensing service on behalf of publisher partners • Geographic and institutional expansion into high growth markets • Expansion into corporate R&D markets through AI and data analytics Enabled by leading in core research Accelerated by use of AI technologies

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AI Growth: Demand for Authoritative Content Licensing for AI Training (First Wave/Content)  Licensing agreements for large volumes of Wiley archival content for training AI models  Projects executed with three of the world's largest tech companies  Nearly $100M in lifetime AI revenue for training; $6M follow-on agreement in Q2 for archival content in Research and Learning  Additional training opportunities in discussion  Dozens of legal cases regarding copyright underway Licensing for Subscription Knowledge Feed (Second Wave/Platforms & Markets)  Subscription access to 'knowledge feed' of Wiley content for corporate R&D  Increased corporate agreements and pilots to 8  Customers include European Space Agency, Novartis, Regeneron, and other pharma and industrial companies  Active discussions with companies in sectors ranging from energy to pharma to consumer staples  Significant number of potential use cases Leading provider of clinical research services to life sciences industry will be bundling our Clinical Outcome Assessment content with their clinical research capabilities for pharma. We'll provide extensive range of evidence-based assessments and patient-related measures. Not AI but shows importance of content to corporate applications. Corporate R&D Use Case

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![](exhibit992-q226earningsp011.jpg)

AI Knowledge Nexus Content licensing service for publisher partners to support AI models and applications  Content licensing service on behalf of publisher partners leveraging our relationships with AI developers  Wiley becomes the scaled content aggregator of choice for responsible AI development  Quality is paramount – demand for publishers with premier brands  Partner network now at 30+. Strong pipeline across Life Sciences, Healthcare, Engineering, Finance, Ag/Food Science AI Gateway Content enrichment and distribution platform for AI models and applications  Interoperable platform for universities, corporations, and developers to integrate our scholarly content into AI models  Designed to improve the researcher experience and enable seamless model and application buildout  Launched in collaboration with Anthropic, Amazon Web Services, Mistral AI, and Perplexity  Partner examples include Sage Publishing and American Society for Microbiology AI Growth: Demand for Differentiated Platforms 84% % of researchers using AI in their research, up from 57% in 2024 30+ Nexus publisher partners with strong pipeline $16M Nexus 1H revenue (included in training)

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AI Growth: Transformative Publishing Platform Lead in Research (Organic Revenue Growth) Drive Growth from AI (Organic Revenue Growth) Drive Operational Excellence (Material Margin Expansion) Deliver Best-in-Class User Experience Attract New Authors Manage Higher Volumes Improve Submissions Capture Automate Refer and Transfer Drive Faster Publishing Automate Manual Workflows Speed Up Manuscript Development Lower Cost Per Article 1,224 # of journals migrated to new End-to- End Research Platform, representing 65% of total Wiley journals 25+ Comprehensive quality checks at initial manuscript screening through AI tools, done within minutes 70% % of submitted articles rejected, many due to improper fit; to be improved by AI Refer and Transfer

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AI Strategic Partnerships: Developing the Ecosystem Scaling through openness and partnerships with aggregators, institutions, and corporations Collaboration enables corporate customers to access our content via API directly within the AWS environment. Good momentum with signings and large pipeline of potential customers. First in the industry connector featured in Claude for Life Sciences, enabling authorized users to deep dive deep into Wiley research content.

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Performance Financial Position Outlook

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Second Quarter Results Adj. Revenue\* ▼1% $422M GAAP Diluted EPS ▲14% $0.84 Adj. EPS\* ▲12% $1.10 Adj. EBITDA\* ▲8% $115M \*Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes divested businesses. Adjusted numbers exclude impact of foreign exchange. GAAP revenue down 1% to $422 million including $3 million of foregone revenue from divestitures.  Adjusted Revenue performance driven by Research growth of 5% (Research Publishing +7%) offset by 11% decline in Learning from market headwinds in Professional and Academic  Adjusted EBITDA growth driven by material progress in reducing corporate expenses and driving Research margin expansion  Adjusted EBITDA margin up 240 basis points to 27.3%  Adjusted EPS growth driven by Adjusted Operating Income growth of 14%. Adjusted Operating Margin up 250 basis points to 18.8% Strong earnings growth and margin expansion; Research growth offset by Learning

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![](exhibit992-q226earningsp016.jpg)

Research Performance  Research Publishing growth driven by strong demand, volume, and growth in recurring-revenue and open access models  Executed AI licensing project for archival research content  Demand indicators, output trends, and outlook favorable; CY26 renewals tracking steadily worldwide with early commitments  Research Solutions performance impacted by revenue declines in recruitment and advertising in soft corporate marketing environment  Adjusted EBITDA growth up on revenue growth and cost savings; margin up 220bps Q2 Summary (millions) Q2 2026 Change Change CC Research Publishing $241 8% 7% Research Solutions $37 (5%) (6%) Total Revenue $278 6% 5% Adjusted EBITDA $93 14% 13% Adjusted EBITDA Margin 33.5% 1H 2026 Change Change CC $473 4% 3% $87 18% 17% $560 6% 5% $173 8% 8% 30.9%

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Learning Performance  Academic revenue performance impacted by Amazon inventory adjustments driving print declines, enrollment challenges in Computer Science, and AI revenue in prior year  Professional revenue performance impacted by market-related challenges around consumer and corporate spending and Amazon channel inventories, as well as AI revenue in prior year  Declines expected to moderate in second half; revenue expected to be down for the year  Responding by reorganizing our editorial focus toward higher-value authors and titles, and accelerating our shift to digital products and inclusive access; targeted actions to protect margins  Adjusted EBITDA performance due to revenue performance (millions) Q2 2026 Change Change CC Academic $87 (8%) (8%) Professional $56 (16%) (16%) Total Revenue $143 (11%) (11%) Adjusted EBITDA $57 (14%) (14%) Adjusted EBITDA Margin 40.1% 1H 2026 Change Change CC $142 (8%) (8%) $116 (12%) (12%) $258 (10%) (10%) $89 (12%) (12%) 34.4% Q2 Summary

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![](exhibit992-q226earningsp018.jpg)

Technology Transformation  Creating an AI and data-enabled technology organization  Consolidating locations and rationalizing application footprint; reducing tech debt  Refocusing enterprise modernization on growth areas with AI first approach  Run rate cash savings expected in FY27 and beyond AI-Driven Productivity  Established AI Center of Excellence to automate manual processes and change how we work  Deploying AI agents, building active user community and delivering measurable productivity gains; Salesforce Customer Service partnership a clear example of meaningful efficiency improvement  85% of Wiley colleagues actively using AI tools Cost Structure and Discipline  Reduced Corporate Expenses by 18% or $8M in Q2 compared to prior year; we will continue to drive down unallocated corporate expenses  Drove Research EBITDA margin up by 220 basis points; will continue to drive operating and cost improvements  Continuing to build a culture of disciplined execution and continuous cost management Operational Excellence and Continuous Improvement Multi-year transformation to materially reduce cost base and drive further margin expansion

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![](exhibit992-q226earningsp019.jpg)

Financial Position and Return to Shareholders $73M $64M  Free Cash Flow (1H) use of $108 million improved 17% over prior year. FCF historically a use through 1H due to timing of annual subscription receipts. Wiley on track to deliver full year outlook of $200M  Capex (1H) of $31M vs. $36M in prior year period  M&A: acquired a leading Physics journal, Nanophotonics, in Q2. We will opportunistically pursue high-impact journals where we see strategic fit and attractive returns  Share Repurchases (1H): acquired approximately 885K shares for $35M at an average cost of $39.65/share. This compares to $25M repurchased in prior year period. In June, the Board approved $250M share repurchase authorization, a 25% increase over its FY20 authorization  Dividend: current yield around 3.9%. Wiley is one of few companies in small cap indices to increase its dividend for 32 years in a row  Leverage Improving: Net Debt-to-EBITDA (ttm) of 2.0 compared to 2.2 prior year; leverage expected to come down materially in Fiscal 2026 Dividends and Share Repurchases YTD Allocation 1H25 1H26 +14% On track with $200M Free Cash Flow outlook and balancing reinvestment with returning cash

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Fiscal 2026 Outlook Metric Fiscal 2024 Fiscal 2025 Fiscal 2026 Outlook Adjusted Revenue $1,617M $1,660M Low-single digit growth\* Adjusted EBITDA Margin 22.8% 24.0% 25.5% to 26.5% Adjusted EPS $2.78 $3.64 $3.90 to $4.35 Free Cash Flow $114M $126M Approximately $200M Expected Drivers • Adjusted Revenue – Declines in Learning expected to moderate as inventory levels stabilize but will weigh on top line performance for year. Research and AI momentum continuing. CY26 subscription/TA renewal season steady worldwide with early commitments • Adjusted EBITDA – Restructuring savings from prior year actions and prudent expense management • Adjusted EPS – Strong operating margin improvement, lower interest expense, and lower share count • Free Cash Flow – Higher Adjusted EBITDA, lower interest payments, and improved working capital \*Narrowed from low-to-mid-single digit growth (Q2) Reaffirming earnings and cash flow guidance; narrowing revenue to lower end of range

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![](exhibit992-q226earningsp021.jpg)

Strong growth and momentum in Research from global demand to publish, read, and license, and our disciplined execution; enduring moat and well positioned for AI Leadership position in AI continuing with another LLM training agreement; increasing momentum in corporate sector; partnerships with AI innovators yielding results Strong earnings growth, margin expansion, and cash flow improvement from the execution of our cost savings programs and efficiency improvements Returned more to shareholders with Q2 share repurchases up 69% to $21M with $73M allocated to repurchases and dividends YTD. Leverage to come down materially Confident long-term direction driven by favorable position and trends in Research and transformative opportunities in AI; continued focus on margin and cash flow expansion 1 2 4 3 5 Executive Summary

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Thank you for joining us For more information or follow-up: investors.wiley.com brian.campbell@wiley.com

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Appendix - US GAAP to Non-GAAP Reconciliation Reconciliation of US GAAP Earnings per Share to Non-GAAP Adjusted EPS 2025 2024 2025 2024 US GAAP Earnings Per Share - Diluted 0.84$0.74$1.05$0.71$ Adjustments: Restructuring and related charges 0.09 0.06 0.14 0.12 Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments (0.02) 0.04 (0.01) - Amortization of acquired intangible assets 0.22 0.21 0.42 0.40 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale 0.04 - 0.06 (0.08) Held for Sale or Sold segment Adjusted Net Loss - 0.01 - 0.05 Legal settlement - - - - Income tax adjustments (0.07) (0.09) (0.07) 0.24 Non-GAAP Adjusted Earnings Per Share - Diluted 1.10$0.97$1.59$1.44$2025 2024 2025 2024 US GAAP Income Before Taxes 58,010$48,937$75,717$71,940$ Restructuring and related charges 6,032 3,627 9,070 7,497 Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments (1,111) 2,943 (1,550) 351 Amortization of acquired intangible assets 13,248 12,944 26,458 25,913 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale 2,309 (369) 3,425 (6,170) Held for Sale or Sold segment Adjusted Loss Before Taxes - 1,059 - 3,578 Legal settlement 108 - 108 - Non-GAAP Adjusted Income Before Taxes 78,596$69,141$113,228$103,109$ US GAAP Income Tax Provision 13,119$8,479$19,126$32,918$ Restructuring and related charges 1,271 161 1,790 911 Foreign exchange (gains) losses on intercompany transactions, including the write off of certain cumulative translation adjustments (217) 729 (967) 338 Amortization of acquired intangible assets 2,133 1,792 4,126 3,601 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale - (588) 54 (1,513) Held for Sale or Sold segment Adjusted Tax Benefit - 515 - 887 Legal settlement - - - - Impact of valuation allowance on the US GAAP effective tax rate (212) 4,911 29 (13,119) Impact of change in Germany statutory tax rate on deferred tax balances 3,869 - 3,869 - Non-GAAP Adjusted Income Tax Provision 19,963$15,999$28,027$24,023$ US GAAP Effective Tax Rate 22.6% 17.3% 25.3% 45.8% Non-GAAP Adjusted Effective Tax Rate 25.4% 23.1% 24.8% 23.3% Notes: (3) For the three and six months ended October 31, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. Pretax Impact of Adjustments: Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate Income Tax Impact of Adjustments (3) Income Tax Adjustments (1) All amounts are approximate due to rounding. (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non- GAAP performance measure provides useful information to investors. October 31, October 31, October 31, October 31, Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes Three Months Ended Six Months Ended Three Months Ended Six Months Ended 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)

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Appendix – Net Income to Adjusted EBITDA 2025 2024 2025 2024 Net Income 44,891$40,458$56,591$39,022$ Interest expense 11,670 14,463 22,712 27,250 Provision for income taxes 13,119 8,479 19,126 32,918 Depreciation and amortization 35,929 36,718 72,375 73,971 Non-GAAP EBITDA 105,609 100,118 170,804 173,161 Restructuring and related charges 6,032 3,627 9,070 7,497 Net foreign exchange transaction (gains) losses (956) 3,328 15 3,094 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale 2,309 (369) 3,425 (6,170) Other expense (income), net 1,963 (2,226) 2,090 (3,008) Held for Sale or Sold segment Adjusted EBITDA - 1,059 - 3,578 Legal settlement 108 - 108 - Non-GAAP Adjusted EBITDA 115,065$105,537$185,512$178,152$ Adjusted EBITDA Margin 27.3% 24.9% 22.7% 21.9% Notes: (1) All amounts are approximate due to rounding. (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. October 31, October 31, Three Months Ended Six Months Ended JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1)(2) RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA (in USD thousands) (unaudited)

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