# EDGAR Filing Document

**Accession Number:** 0000107140
**File Stem:** 0000107140-25-000071
**Filing Date:** 2025-6
**Character Count:** 106872
**Document Hash:** fd07cec6fc8c7c76a7d6ff2f08b1bef9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000107140-25-000071.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0000107140-25-000071

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250617

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**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:** 251052287

**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-20250617

**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

June 17, 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)

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| | |
|:---|:---|
| **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. □

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

On June 17, 2025, John Wiley & Sons Inc., a New York corporation (the "Company"), issued a press release announcing the Company's financial results for the fourth quarter and fiscal year ended April 30, 2025. 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 June 17, 2025, the Company held its fourth quarter fiscal 2025 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 in these Items 2.02 and 7.01, including the exhibits hereto, (x) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and (y) shall not be incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibits in this particular report are incorporated by reference). The furnishing of the information set forth in this report is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information.

**Item 9.01 Financial Statements and Exhibits.**

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

<u>[99.1](wly-2025430xex991.htm)</u> - Press release dated June 17, 2025 "Research Growth, AI Licensing, and Cost Reduction Drive Wiley's Fiscal 2025 Results"

<u>[99.2](q425earningspresentation.htm)</u> - Presentation materials dated June 17, 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: June 17, 2025 | Dated: June 17, 2025 |

---

## Exhibit 99.1

![image0a.jpg](image0a.jpg)

**Research Growth, AI Licensing, and Cost Reduction Drive Wiley's Fiscal 2025 Results**

*Exceeds Adjusted EPS Guidance, Significantly Expands Profit Margins,*

*and Reaffirms Fiscal 2026 Growth Targets*

*June 17, 2025 - Hoboken, NJ –* Wiley (NYSE: WLY) today reported results for the fourth quarter and fiscal year ended April 30, 2025.

**Fiscal 2025 Highlights**

• GAAP performance vs. prior year: Operating Income of $221 million vs. $52 million and Diluted Earnings Per Share (EPS) of $1.53 vs. ($3.65)

• Exceeded Adjusted EPS guidance, delivered at top end of range for Adjusted EBITDA margin, and achieved Free Cash Flow outlook

• Delivered Revenue and Adjusted EBITDA margin growth in both Research and Learning segments

• Achieved Adjusted Operating Margin expansion of 300 basis points

• Executed AI content licensing project this quarter with a third large tech company; $40 million in total AI licensing revenue realized in Fiscal 2025 compared to $23 million in Fiscal 2024

• Drove a 34% increase in share repurchases and raised dividend for 31st consecutive year

**MANAGEMENT COMMENTARY** 

"We delivered another strong year of execution as we met or exceeded our financial commitments, drove profitable growth in our core, expanded margins and free cash flow, and extended further into the corporate market through AI licensing and partnership, science analytics, and knowledge services," said Matthew Kissner, President and CEO. "Our multi-year journey of continuous improvement and innovation is yielding material gains in profitable revenue growth, margin expansion, and cash generation, and we remain steadfast and confident in our continued progress."

**FINANCIAL SUMMARY** 

*Please see accompanying financial tables for more detail.* 

• Q4 reported revenue of $443 million vs. $468 million due to foregone revenue from divestitures; Adjusted Revenue (excluding divestitures) essentially even with prior year at constant currency as expected; Research Publishing +4% constant currency.

• Q4 Operating Income of $76 million vs. $69 million; Adjusted Operating Income +15% with margin up 260bps. Diluted EPS of $1.25 vs. $0.46; Adjusted EPS +14% and Adjusted EBITDA essentially even.

• Full year reported revenue of $1,678 million vs. $1,873 million due to foregone revenue from divested businesses; Adjusted Revenue (excluding divestitures) +3% at constant currency.

• Full year Operating Income of $221 million vs. $52 million; Adjusted Operating Income +29% with margin up 300 basis points. Diluted EPS of $1.53 vs. ($3.65); Adjusted EPS +31% to $3.64, Adjusted EBITDA +8% to $398 million, and Cash from Operations of $203 million vs. $208 million; Free Cash Flow +10% to $126 million.

**RESEARCH**

• Q4 Research revenue of $281 million was up 4% as reported and 3% at constant currency driven by solid growth in recurring revenue publishing models (calendar year 2025 journal renewals) and open access offsetting continued softness in backfiles, archives, and other ancillary products. Q4 Adjusted EBITDA of $97 million was up 4% as reported and at constant currency due to revenue growth. Adjusted EBITDA margin for the quarter rose modestly to 34.7%.

• Full year Research revenue was up 3% as reported and at constant currency driven by growth in publishing and solutions. Research Adjusted EBITDA was up 4% or 5% at constant currency with margin up 30 basis points to 32.1%. Key performance indicators remained strong for the year, with submissions up 19% and output up 8%.

**LEARNING**

• Q4 Learning revenue of $162 million was down 5% as reported and at constant currency as expected due to a $23 million AI licensing agreement in the prior year, partially offset by growth in Academic and additional AI licensing revenue this quarter. Academic growth excluding AI licensing was driven by strong demand for inclusive access and digital courseware. Professional performance excluding AI licensing was impacted by retail channel softness. Q4 Adjusted EBITDA of $70 million for the quarter was down 6% as reported and at constant currency due to lower revenues. Adjusted EBITDA margin was 43.0% compared to 43.5% in prior year period.

• Full year Learning revenue of $585 million was up 2% as reported and at constant currency driven by growth in Academic and AI licensing. Learning Adjusted EBITDA of $219 million for the year was up 9% as reported and at constant currency. Adjusted EBITDA margin rose 250 basis points to 37.4%.

**CORPORATE EXPENSES** 

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

• Q4 Corporate Expenses declined by 8% or 7% at constant currency due to lower depreciation and amortization, or 3% on an Adjusted EBITDA basis at constant currency due to restructuring savings.

• Full year Corporate Expenses declined by 3% as reported and at constant currency due to lower depreciation and amortization, but rose 2% on an Adjusted EBITDA basis at constant currency due to enterprise modernization.

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

• Net Debt-to-EBITDA Ratio was 1.8 compared to 1.7 in the year-ago period.

• Net Cash provided by Operating Activities was $203 million compared to $208 million primarily due to spend on cloud-based solutions related to targeted enterprise modernization work. This spend is capitalized and amortized, like capex, but reported in this section of the cash flow statement. Otherwise, cash flow benefited from higher adjusted EBITDA and favorable working capital movements.

• Free Cash Flow was up 10% to $126 million primarily driven by lower capex. Fiscal 2025 capex was $77 million vs. $93 million in prior year, however, capitalization between the two years were comparable when capex and cloud-based solution spend are combined.

• Returns to Shareholders: Wiley allocated $137 million toward dividends and share repurchases, up from $122 million in the prior year. $60 million was allocated to share repurchases at an average cost basis of $44.16. This allocation is up from $45 million in the prior year period.

• Divestiture Proceeds: After the year closed, Wiley received $120 million in cash proceeds related to the University Services divestiture, with the total outstanding note paid in full.

**FISCAL 2026 OUTLOOK** 

---

| | | | |
|:---|:---|:---|:---|
| **Metric** | **Fiscal 2024 Results** | **Fiscal 2025 Results** | **Fiscal 2026 Outlook** |
| **Adj. Revenue** | $1,617M | $1,660M | **Low to mid-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** |

---

*Note, growth outlook is comprehensive and includes adverse variances, including AI revenue in Fiscal 2025. 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.* 

• **Adjusted Revenue** – growth expectation driven by demand to publish and Calendar Year 2025 journal renewal growth in Research Publishing, steady market trends in Academic, and continued demand for our content and data in AI development, partially offset by large AI agreements in prior year.

• **Adjusted EBITDA Margin** – initial margin target was a range of 24 to 25% (January 2024). Wiley raised the target to 25%+ in March 2025, and this quarter to a range of 25.5% to 26.5%. Outlook is driven by anticipated cost savings, efficiency gains, and revenue growth.

• **Adjusted EPS** – growth expectation driven by higher expected Adjusted Operating Income.

• **Free Cash Flow** – growth outlook driven by expected Adjusted EBITDA growth, lower restructuring payments, and favorable working capital.

**EARNINGS CONFERENCE CALL**

Scheduled for today, June 17 at 10:00 am (ET). Access webcast at Investor Relations at investors.wiley.com, or directly at https://events.q4inc.com/attendee/978555203. 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 one of the world's largest publishers and a trusted leader in research and learning. Our industry-leading content, services, platforms, and knowledge networks are tailored to meet the evolving needs of our customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. We enable knowledge-seekers to transform today's biggest obstacles into tomorrow's brightest opportunities. For more than two centuries, Wiley has been delivering on its timeless mission to unlock human potential. Visit us at Wiley.com and investors.wiley.com.

**NON-GAAP FINANCIAL MEASURES**

Wiley provides non-GAAP financial measures and performance results such as "Adjusted EPS," "Adjusted Operating Income," "Adjusted EBITDA," "Adjusted Income before Taxes," "Adjusted Income Tax Provision," "Adjusted Effective Income Tax Rate," "Free Cash Flow less Product Development Spending," "organic revenue," "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; and (xiii) 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

------

**JOHN WILEY & SONS, INC.**

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

**CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Year Ended<br>April 30,** | **Year Ended<br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue, net** | $**442579** | $**468461** | $**1677609** | $**1872987** |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales | 110941 | 123345 | 431380 | 579722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and administrative expenses | 229767 | 252062 | 947437 | 1013520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill<sup>(3)</sup> |  |  |  | 108449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring and related charges | 12490 | 11008 | 25561 | 63041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 12909 | 13264 | 51822 | 55994 |
| **Total costs and expenses** | **366107** | **399679** | **1456200** | **1820726** |
| **Operating income** | **76472** | **68782** | **221409** | **52261** |
| *As a % of revenue* | *17.3 %* | *14.7 %* | *13.2 %* | *2.8 %* |
| Interest expense | (11270) | (11411) | (52547) | (49003) |
| Net foreign exchange transaction (losses) gains | (826) | 530 | (8142) | (2959) |
| Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale<sup>(3)</sup> | (13580) | (3642) | (23340) | (183389) |
| Other income (expense), net | 1469 | (257) | 5498 | (3957) |
| **Income (loss) before taxes** | **52265** | **54002** | **142878** | **(187047)** |
| (Benefit) provision for income taxes | (15828) | 28737 | 58717 | 13272 |
| *Effective tax rate* | *-30.3 %* | *53.2 %* | *41.1 %* | *-7.1 %* |
| **Net income (loss)** | $**68093** | $**25265** | $**84161** | $**(200319)** |
| *As a % of revenue* | *15.4 %* | *5.4 %* | *5.0 %* | *-10.7 %* |
| **Earnings (loss) per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.27 | $0.46 | $1.56 | $(3.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(4)</sup> | $1.25 | $0.46 | $1.53 | $(3.65) |
| **Weighted average number of common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 53683 | 54591 | 54054 | 54945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted<sup>(4)</sup> | 54458 | 55356 | 54830 | 54945 |

---

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| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) <u>Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale</u><br>For the three months and year ended April 30, 2025 and 2024, we recorded net pretax (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** | **Year Ended <br>April 30,** | **Year Ended <br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Wiley Edge | $(74) | $1275 | $(14852) | $(19401) |
| University Services | (13428) | (5636) | (12578) | (107048) |
| CrossKnowledge | (78) | 719 | 4119 | (55440) |
| Tuition Manager |  |  | 120 | (1500) |
| Sale of assets |  |  | (149) |  |
| Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | $(13580) | $(3642) | $(23340) | $(183389) |
| <br>As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition. <br>On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. In the year ended April 30, 2025, due to the process of selling these assets, as well as third-party customer consents, working capital adjustments, and changes in the costs to sell, we recognized an additional net loss on sale and impairments of assets of $12.6 million. In the three months ended April 30, 2025, we recognized an additional net loss of $13.4 million.<br>On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. Upon the completion of the sale, we recognized a net loss of $14.9 million in the year ended April 30, 2025 primarily due to subsequent changes in the fair value less costs to sell including reducing the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero in the third quarter of fiscal year 2025, partially offset by the sale of the India operations. <br>On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.<br>In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.<br><u>Impairment of goodwill</u><br>In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.  | <br>As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition. <br>On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. In the year ended April 30, 2025, due to the process of selling these assets, as well as third-party customer consents, working capital adjustments, and changes in the costs to sell, we recognized an additional net loss on sale and impairments of assets of $12.6 million. In the three months ended April 30, 2025, we recognized an additional net loss of $13.4 million.<br>On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. Upon the completion of the sale, we recognized a net loss of $14.9 million in the year ended April 30, 2025 primarily due to subsequent changes in the fair value less costs to sell including reducing the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero in the third quarter of fiscal year 2025, partially offset by the sale of the India operations. <br>On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.<br>In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.<br><u>Impairment of goodwill</u><br>In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.  | <br>As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition. <br>On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. In the year ended April 30, 2025, due to the process of selling these assets, as well as third-party customer consents, working capital adjustments, and changes in the costs to sell, we recognized an additional net loss on sale and impairments of assets of $12.6 million. In the three months ended April 30, 2025, we recognized an additional net loss of $13.4 million.<br>On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. Upon the completion of the sale, we recognized a net loss of $14.9 million in the year ended April 30, 2025 primarily due to subsequent changes in the fair value less costs to sell including reducing the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero in the third quarter of fiscal year 2025, partially offset by the sale of the India operations. <br>On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.<br>In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.<br><u>Impairment of goodwill</u><br>In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.  | <br>As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition. <br>On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. In the year ended April 30, 2025, due to the process of selling these assets, as well as third-party customer consents, working capital adjustments, and changes in the costs to sell, we recognized an additional net loss on sale and impairments of assets of $12.6 million. In the three months ended April 30, 2025, we recognized an additional net loss of $13.4 million.<br>On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. Upon the completion of the sale, we recognized a net loss of $14.9 million in the year ended April 30, 2025 primarily due to subsequent changes in the fair value less costs to sell including reducing the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero in the third quarter of fiscal year 2025, partially offset by the sale of the India operations. <br>On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.<br>In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.<br><u>Impairment of goodwill</u><br>In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.  | <br>As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition. <br>On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. In the year ended April 30, 2025, due to the process of selling these assets, as well as third-party customer consents, working capital adjustments, and changes in the costs to sell, we recognized an additional net loss on sale and impairments of assets of $12.6 million. In the three months ended April 30, 2025, we recognized an additional net loss of $13.4 million.<br>On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. Upon the completion of the sale, we recognized a net loss of $14.9 million in the year ended April 30, 2025 primarily due to subsequent changes in the fair value less costs to sell including reducing the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero in the third quarter of fiscal year 2025, partially offset by the sale of the India operations. <br>On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.<br>In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.<br><u>Impairment of goodwill</u><br>In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.  |
| (4) In calculating diluted net loss per common share for the year ended April 30, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (4) In calculating diluted net loss per common share for the year ended April 30, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (4) In calculating diluted net loss per common share for the year ended April 30, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (4) In calculating diluted net loss per common share for the year ended April 30, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (4) In calculating diluted net loss per common share for the year ended April 30, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. |

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**JOHN WILEY & SONS, INC.**

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

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

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS** | **Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS** |
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Year Ended**<br>**April 30,** | **Year Ended**<br>**April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **US GAAP Earnings (Loss) Per Share - Diluted** | $**1.25** | $**0.46** | $**1.53** | $**(3.65)** |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  |  |  | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 0.14 | 0.16 | 0.36 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments <sup>(3)</sup> | (0.01) | 0.01 | 0.08 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets <sup>(4)</sup> | 0.15 | 0.02 | 0.76 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(5)</sup> | 0.18 | 0.04 | 0.38 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Net (Income) Loss <sup>(5)</sup> |  | (0.03) | 0.05 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax adjustments | (0.34) | 0.55 | 0.48 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPS impact of using weighted-average dilutive shares for adjusted EPS calculation <sup>(6)</sup> |  |  |  | 0.05 |
| **Non-GAAP Adjusted Earnings Per Share - Diluted** | $**1.37** | $**1.21** | $**3.64** | $**2.78** |
| **Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes** |
| *(amounts in thousands)* | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Year Ended**<br>**April 30,** | **Year Ended**<br>**April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **US GAAP Income (Loss) Before Taxes** | $**52265** | $**54002** | $**142878** | $**(187047)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pretax Impact of Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  |  |  | 108449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 12490 | 11008 | 25561 | 63041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments <sup>(3)</sup> |  | 815 | 5590 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets <sup>(4)</sup> | 12908 | 13324 | 51864 | 57874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(5)</sup> | 13580 | 3642 | 23340 | 183389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted (Income) Loss Before Taxes <sup>(5)</sup> |  | (2409) | 3578 | (30661) |
| **Non-GAAP Adjusted Income Before Taxes** | $**91243** | $**80382** | $**252811** | $**196948** |
| **Reconciliation of US GAAP Income Tax (Benefit) 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 (Benefit) 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 (Benefit) 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 (Benefit) 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 (Benefit) 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 (Benefit) Provision** | $**(15828)** | $**28737** | $**58717** | $**13272** |
| Income Tax Impact of Adjustments <sup>(7)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 255 |  | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 4633 | 2425 | 5947 | 15662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments <sup>(3)</sup> | 571 | 471 | 1170 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets <sup>(4)</sup> | 4720 | 11459 | 10231 | 20127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(5)</sup> | 3715 | 1197 | 2368 | 26908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Tax (Provision) Benefit <sup>(5)</sup> |  | (622) | 807 | (7140) |
| Income Tax Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of valuation allowance on the US GAAP effective tax rate <sup>(8)</sup> | 18776 | (30249) | (26008) | (30249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of change in certain US state tax rates in 2025 <sup>(8)</sup> | (117) |  | (117) |  |
| **Non-GAAP Adjusted Income Tax Provision** | $**16470** | $**13673** | $**53115** | $**42115** |
| **US GAAP Effective Tax Rate** | **-30.3%** | **53.2%** | **41.1%** | **-7.1%** |
| **Non-GAAP Adjusted Effective Tax Rate** | **18.1%** | **17.0%** | **21.0%** | **21.4%** |

---

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| |
|:---|
| **Notes:** |
| (1) 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. The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) In fiscal year 2023 due to the closure of our operations in Russia, the Russia entity was deemed substantially liquidated. The formal liquidation was completed in the fourth quarter of fiscal year 2025. In the three months and year ended April 30, 2025, we wrote off an additional $1.1 million and $1.4 million, respectively, of cumulative translation adjustments in earnings. In the three months and year ended April 30, 2024, we wrote off an additional $0.2 million and $1.0 million, respectively, of cumulative translation adjustments in earnings. These amounts are reflected in Net foreign exchange transaction (losses) gains on our Condensed Consolidated Statements of Net Income (Loss). |
| (4) Reflects the amortization of intangible assets established on the opening balance sheet for an acquired business. This includes the amortization of intangible assets such as developed technology, customer relationships, tradenames, etc., which is reflected in the "Amortization of intangible assets" line in the Condensed Consolidated Statements of Net Income (Loss). It also includes the amortization of acquired product development assets, which is reflected in Cost of sales in the Condensed Consolidated Statements of Net Income (Loss). |

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| | | | | |
|:---|:---|:---|:---|:---|
| (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: |
|  | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** | **Year Ended <br>April 30,** | **Year Ended <br>April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Wiley Edge | $74 | $(1275) | $14852 | $19401 |
| University Services | 13428 | 5636 | 12578 | 107048 |
| CrossKnowledge | 78 | (719) | (4119) | 55440 |
| Tuition Manager |  |  | (120) | 1500 |
| Sale of assets |  |  | 149 |  |
| Net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | $13580 | $3642 | $23340 | $183389 |
| For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: |
|  | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** | **Year Ended <br>April 30,** | **Year Ended <br>April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Wiley Edge | $263 | $890 | $(1054) | $890 |
| University Services | 3109 | 307 | 3109 | 25643 |
| CrossKnowledge | 344 |  | 344 |  |
| Tuition Manager |  |  | (30) | 374 |
| Sale of assets |  |  |  |  |
| Benefit on sale of businesses, assets, and impairment charges related to assets held-for-sale | $3715 | $1197 | $2368 | $26908 |
| In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. | In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. | In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. | In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. | In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. |
| (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. |
| (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. | (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. | (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. | (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. | (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. |
| (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. | (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. | (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. | (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. | (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. |

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**JOHN WILEY & SONS, INC.**

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

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Year Ended<br>April 30,** | **Year Ended<br>April 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net Income (Loss)** | $**68093** | $**25265** | $**84161** | $**(200319)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 11270 | 11411 | 52547 | 49003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benefit) provision for income taxes | (15828) | 28737 | 58717 | 13272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 36681 | 47613 | 147126 | 176989 |
| **Non-GAAP EBITDA** | **100216** | **113026** | **342551** | **38945** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  |  |  | 108449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 12490 | 11008 | 25561 | 63041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transaction losses (gains) | 826 | (530) | 8142 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | 13580 | 3642 | 23340 | 183389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | (1469) | 257 | (5498) | 3957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted EBITDA <sup>(2)</sup> |  | (2409) | 3578 | (32148) |
| **Non-GAAP Adjusted EBITDA** | $**125643** | $**124994** | $**397674** | $**368592** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA Margin* | *28.4 %* | *28.3 %* | *24.0 %* | *22.8 %* |

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---

| |
|:---|
| **Notes:** |
| (1) 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. The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. |
| (2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA. |

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**JOHN WILEY & SONS, INC.**

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

**SEGMENT RESULTS**

**(in thousands)**

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** |
| | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2025** | **2024** | **Reported** | **Constant <br>Currency** |
| **Research:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Publishing | $243061 | $233455 | 4% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Solutions | 37660 | 37577 | 0% | 0% |
| **Total Revenue, net** | $**280721** | $**271032** | **4%** | **3%** |
| **Non-GAAP Adjusted Operating Income** | $**75168** | $**68282** | **10%** | **10%** |
| Depreciation and amortization | 22303 | 25513 | 13% | 13% |
| **Non-GAAP Adjusted EBITDA** | $**97471** | $**93795** | **4%** | **4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *34.7 %* | *34.6 %* |  |  |
| **Learning:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academic | $100146 | $98908 | 1% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional | 61712 | 71237 | -13% | -14% |
| **Total Revenue, net** | $**161858** | $**170145** | **-5%** | **-5%** |
| **Non-GAAP Adjusted Operating Income** | $**58715** | $**57682** | **2%** | **1%** |
| Depreciation and amortization | 10948 | 16358 | 33% | 33% |
| **Non-GAAP Adjusted EBITDA** | $**69663** | $**74040** | **-6%** | **-6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *43.0 %* | *43.5 %* |  |  |
| **Held for Sale or Sold:** |  |  |  |  |
| **Total Revenue, net** | $**—** | $**27284** | **#** | **#** |
| **Non-GAAP Adjusted Operating Income** | $**—** | $**2409** | **#** | **#** |
| Depreciation and amortization | **—** | **—** | # | # |
| **Non-GAAP Adjusted EBITDA** | $**—** | $**2409** | **#** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *0.0 %* | *8.8 %* |  |  |
| **Corporate Expenses:** |  |  |  |  |
| **Non-GAAP Adjusted Corporate Expenses** | $**(44921)** | $**(48583)** | **8%** | **7%** |
| Depreciation and amortization | 3430 | 5742 | 40% | 40% |
| **Non-GAAP Adjusted EBITDA** | $**(41491)** | $**(42841)** | **3%** | **3%** |
| **Consolidated Results:** |  |  |  |  |
| **Revenue, net** | $**442579** | $**468461** | **-6%** | **-6%** |
| Less: Held for Sale or Sold Segment <sup>(3)</sup> |  | (27284) | # | # |
| **Adjusted Revenue, net** | $**442579** | $**441177** | **0%** | **0%** |
| **Operating Income** | $**76472** | $**68782** | **11%** | **11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 12490 | 11008 | -13% | -13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold Segment Adjusted Operating Income <sup>(3)</sup> |  | (2409) | # | # |
| **Non-GAAP Adjusted Operating Income** | $**88962** | $**77381** | **15%** | **15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted Operating Income margin* | *20.1 %* | *17.5 %* |  |  |
| Depreciation and amortization | 36681 | 47613 | 23% | 23% |
| Less: Held for Sale or Sold Segment depreciation and amortization <sup>(3)</sup> |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**125643** | $**124994** | **1%** | **0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *28.4 %* | *28.3 %* |  |  |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) Our Adjusted Revenue, Adjusted Operating Income and Adjusted EBITDA excludes the impact of our Held for Sale or Sold segment Revenue, Adjusted Operating Income or Loss and Adjusted EBITDA results. |
| # Variance greater than 100% |

---

------

**JOHN WILEY & SONS, INC.**

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

**SEGMENT RESULTS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** |
| | **Year Ended<br>April 30,** | **Year Ended<br>April 30,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2025** | **2024** | **Reported** | **Constant <br>Currency** |
| **Research:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Publishing | $922553 | $892784 | 3% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Solutions | 152906 | 149921 | 2% | 2% |
| **Total Revenue, net** | $**1075459** | $**1042705** | **3%** | **3%** |
| **Non-GAAP Adjusted Operating Income** | $**255580** | $**237763** | **7%** | **8%** |
| Depreciation and amortization | 89302 | 93422 | 4% | 5% |
| **Non-GAAP Adjusted EBITDA** | $**344882** | $**331185** | **4%** | **5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *32.1 %* | *31.8 %* |  |  |
| **Learning:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academic | $333693 | $323541 | 3% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional | 251075 | 251198 | 0% | 0% |
| **Total Revenue, net** | $**584768** | $**574739** | **2%** | **2%** |
| **Non-GAAP Adjusted Operating Income** | $**174850** | $**142733** | **23%** | **22%** |
| Depreciation and amortization | 43900 | 57696 | 24% | 24% |
| **Non-GAAP Adjusted EBITDA** | $**218750** | $**200429** | **9%** | **9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *37.4 %* | *34.9 %* |  |  |
| **Held for Sale or Sold:** |  |  |  |  |
| **Total Revenue, net** | $**17382** | $**255543** | **-93%** | **-93%** |
| **Non-GAAP Adjusted Operating (Loss) Income** | $**(3578)** | $**28711** | **#** | **#** |
| Depreciation and amortization |  | 3437 | # | # |
| **Non-GAAP Adjusted EBITDA** | $**(3578)** | $**32148** | **#** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *-20.6 %* | *12.6 %* |  |  |
| **Corporate Expenses:** |  |  |  |  |
| **Non-GAAP Adjusted Corporate Expenses** | $**(179882)** | $**(185456)** | **3%** | **3%** |
| Depreciation and amortization | 13924 | 22434 | 38% | 38% |
| **Non-GAAP Adjusted EBITDA** | $**(165958)** | $**(163022)** | **-2%** | **-2%** |
| **Consolidated Results:** |  |  |  |  |
| **Revenue, net** | $**1677609** | $**1872987** | **-10%** | **-10%** |
| Less: Held for Sale or Sold Segment <sup>(3)</sup> | (17382) | (255543) | -93% | -93% |
| **Adjusted Revenue, net** | $**1660227** | $**1617444** | **3%** | **3%** |
| **Operating Income** | $**221409** | $**52261** | **#** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 25561 | 63041 | 59% | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 108449 | # | # |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold Segment Adjusted Operating Loss (Income) <sup>(3)</sup> | 3578 | (28711) | # | # |
| **Non-GAAP Adjusted Operating Income** | $**250548** | $**195040** | **28%** | **29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted Operating Income margin* | *15.1 %* | *12.1 %* |  |  |
| Depreciation and amortization | 147126 | 176989 | 17% | 17% |
| Less: Held for Sale or Sold depreciation and amortization <sup>(3)</sup> |  | (3437) | # | # |
| **Non-GAAP Adjusted EBITDA** | $**397674** | $**368592** | **8%** | **8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *24.0 %* | *22.8 %* |  |  |

---

# Variance greater than 100%<br>

------

**JOHN WILEY & SONS, INC.**

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

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **April 30,<br>2025** | **April 30,<br>2024** |
| **Assets:** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $85882 | $83249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 228410 | 224198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 22875 | 26219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 102717 | 85954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets held-for-sale |  | 34422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **439884** | **454042** |
| Technology, property and equipment, net | 162125 | 192438 |
| Intangible assets, net | 595044 | 615694 |
| Goodwill | 1121505 | 1091368 |
| Operating lease right-of-use assets | 66128 | 69074 |
| Other non-current assets | 306780 | 283719 |
| Non-current assets held-for-sale |  | 19160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**2691466** | $**2725495** |
| **Liabilities and shareholders' equity:** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $60948 | $55659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued royalties | 109765 | 97173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of long-term debt | 10000 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 462693 | 483778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employment costs | 93117 | 96980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of operating lease liabilities | 18282 | 18294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 66051 | 76266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities held-for-sale |  | 37632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **820856** | **873282** |
| Long-term debt | 789435 | 767096 |
| Accrued pension liability | 71899 | 70832 |
| Deferred income tax liabilities | 105145 | 97186 |
| Operating lease liabilities | 81482 | 94386 |
| Other long-term liabilities | 70443 | 71760 |
| Long-term liabilities held-for-sale |  | 11237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1939260** | **1985779** |
| **Shareholders' equity** | **752206** | **739716** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**2691466** | $**2725495** |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. |

---

------

**JOHN WILEY & SONS, INC.**

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

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br>April 30,** | **Year Ended<br>April 30,** |
| | **2025** | **2024** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $84161 | $(200319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 108449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | 23340 | 183389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 51822 | 55994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of product development assets | 16610 | 22835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of cloud computing arrangements | 1081 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of technology, property, and equipment | 78694 | 98160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncash charges | 101808 | 106507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities | (154925) | (168587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **202591** | **207638** |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to technology, property, and equipment | (61473) | (76080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product development spending | (15228) | (17262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Businesses acquired in purchase transactions, net of cash acquired | (3602) | (3116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash transferred related to the sale of businesses and assets | (7642) | (1771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of publication rights and other | (6073) | (8414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(94018)** | **(106643)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt borrowings | 13509 | 27767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | (76101) | (76964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of treasury shares | (60421) | (45050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (2317) | (12974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | **(125330)** | **(107221)** |
| **Effects of exchange rate changes on cash, cash equivalents and restricted cash** | **3146** | **(1493)** |
| **Change in cash, cash equivalents and restricted cash for period** | **(13611)** | **(7719)** |
| **Cash, cash equivalents and restricted cash - beginning** | **99543** | **107262** |
| **Cash, cash equivalents and restricted cash - ending** | $**85932** | $**99543** |
| **CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING** <sup>(2)</sup> | **CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING** <sup>(2)</sup> | **CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING** <sup>(2)</sup> |
|  | **Year Ended<br>April 30,** | **Year Ended<br>April 30,** |
|  | **2025** | **2024** |
| **Net cash provided by operating activities** | $**202591** | $**207638** |
| Less: Additions to technology, property, and equipment | (61473) | (76080) |
| Less: Product development spending | (15228) | (17262) |
| **Free cash flow less product development spending** | $**125890** | $**114296** |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. |
| (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplemental information. |

---

------

**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;

• Organic revenue; 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, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, Adjusted EBITDA, and organic revenue (excluding acquisitions) 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

![](q425earningspresentation001.jpg)

Fourth Quarter & Fiscal 2025 Earnings Review June 17, 2025 NYSE: WLY

------

![](q425earningspresentation002.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 MEASURES In this presentation, Wiley provides the following non-GAAP performance measures:  Adjusted Revenue  Adjusted Earnings Per Share ("Adjusted EPS");  Free Cash Flow less Product Development Spending;  Adjusted Operating Income and margin;  Adjusted EBITDA and margin;  Organic revenue; 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

------

![](q425earningspresentation003.jpg)

3 Authoritative content and data-driven insights for the advancement of science, innovation and learning

------

![](q425earningspresentation004.jpg)

4 $1.66B Adjusted Revenue 48% Recurring Revenue 15% Adj. Operating Margin 49% Revenue Outside the US 24% Adjusted EBITDA Margin 1.8x Net Debt to EBITDA 8% Free Cash Flow Margin 3.5% Dividend Yield \*Fiscal 2025 (dividend yield as of June 16, 2025)

------

![](q425earningspresentation005.jpg)

Q425 Earnings Presentation.pptx 5 Steady demand drivers correlated with global R&D investment and career enablement Wide moat with quality and scale and must have content and brands Resilient, compounding growth in defensive markets Strong recurring revenue base geographically well distributed AI beneficiary with emerging long-term opportunity in corporate sector Strong financial attributes including margins, cash flow, and balance sheet Decisive leadership team focused on continuous multi-year improvement

------

![](q425earningspresentation006.jpg)

Q425 Earnings Presentation.pptx 6 Fiscal 2025 Summary Growth in both Research and Learning driven by demand to publish, read, and apply our high-quality content Steady growth in recurring revenue models with strong research submissions and output growth continuing Third major AI model training customer secured in Q4; total AI licensing revenue of $40M in FY25; momentum building for vertical-specific licensing and partnerships with R&D-centric corporations Continuous margin improvement with Adjusted Operating Margin up 300 bps to 15.1% and Adjusted EBITDA Margin up 120 bps to 24.0% Free Cash Flow growth in line with expectations, up 10% over prior year to $126M with Fiscal 2026 guidance of $200M reaffirmed; share repurchases increased by 34% to $60M; Wiley realized $120M in cash proceeds from University Services divestiture after the year closed 5 4 3 2 1

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![](q425earningspresentation007.jpg)

Q425 Earnings Presentation.pptx 7 Growth across key metrics FY24 FY25 $1,617 $1,660 Adjusted Revenue +3% Adjusted EPS +31% FY24 FY25 $2.78 FY24 FY25 $369 $398 $3.64 FY24 FY25 $114 $126 Adjusted EBITDA +8% Free Cash Flow +10% \*Adjusted metrics exclude divestitures

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Q425 Earnings Presentation.pptx 8 Another year of strong execution and progress OBJECTIVE STATUS FY25 PROGRESS Deliver on our financial commitments - Exceeded guidance for Adjusted EPS; top end of margin guidance - Achieved guidance for Revenue, Segment Revenue, and Adjusted EBITDA - Reaffirmed or raised Fiscal 2026 targets initially disclosed in January 2024 Expand profit margins and cash flow - Adjusted EBITDA margin up 120 bps vs. prior year, to 24% - Adjusted Operating Margin up 300 bps vs. prior year, to 15% - Free Cash Flow up 10% to $126M Drive recovery and growth in Research - Research growth +3% - Recurring revenue and volume-based models w/ strong performance - Expanded multi-year agreements in India and Brazil; strong publishing demand across all key markets - Solutions growth driven by content and data solutions Leverage our content and data for AI development - Multiple AI licensing agreements executed totaling $40M - Vertical-specific licensing agreements executed with tech, pharmaceutical, and chemical companies, as well as with space agency - Collaborative partnerships with Amazon Web Services and Perplexity

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Q425 Earnings Presentation.pptx 9 Research recovery and growth Article Submissions Article Output Research Revenue Growth +19% +8% +3% Fiscal 2025 Highlights - Recurring revenue models with solid growth driven by journal expansion and output - Open access with double digit growth driven by global demand to publish - Strong demand across all key markets with double-digit submissions growth in India, China, Brazil, UK, France, Italy, and Canada, along with high single digit growth in Japan and US - High growth markets (India, Brazil, China) continuing to show strong momentum - Corporate sector expansion continuing through AI licensing and partnership, analytics, and knowledge services - Thought leadership in AI development, research integrity, and accessibility

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Q425 Earnings Presentation.pptx 10 Learning growth continuing Inclusive Access Growth Professional Title Signings Learning Revenue Growth +22% +16% +2% Fiscal 2025 Highlights - AI licensing revenue of $29M up 27% over prior year, driven by both Academic and Professional backlists - Inclusive Access with strong double-digit growth and continued uptake by institutions - Digital content and courseware growing steadily in Academic - Professional front list and title signings up markedly - Assessments with new product launch combining personality models with team development training

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Q425 Earnings Presentation.pptx 11 Steadfast in our continuous multi-year improvement Since January 2024:  Met or exceeded guidance in both Fiscal 2024 and 2025  Raised our original Fiscal 2026 Adjusted EBITDA margin target by 150 bps  Reaffirmed Fiscal 2026 FCF target of $200M, up from $114M and $126M in Fiscal 2024 and 2025  Recorded $60M+ in AI licensing revenue and executed multiple vertical-specific projects with corporate partners  Completed all divestitures; after year closed, realized cash proceeds of $120M for University Services  Drove significant cost savings with additional opportunities identified  Returned $259 million in dividends and share repurchases combined in Fiscal 2024 and 2025

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Q425 Earnings Presentation.pptx 12 Driving momentum in the corporate market AI Licensing LLM Training - Three big tech companies signed for training of LLM models - Nearly $40M of training revenue realized in FY25 up from $23 million in FY24 - Active pipeline but targeted and finite market AI Licensing Vertical Specific Models AI Development Co-Innovation Partnerships Data and Analytics Audience Services - Three pharma companies signed for drug discovery applications - Multi-national chemical company for pattern recognition applications - Supporting European Space Agency for Earth science applications - Perplexity AI for Learning applications - Active pipeline across sectors - Knowledge hubs and marketing projects for pharma and health companies - Career center agreements signed with recruiting agencies - Piloting Licensing as a Service for smaller publishers - One of world's largest collection of spectral data for use in pharmaceutical research, environmental science, forensics, and toxicology - Strong demand in multiple industries 80% Corporate 20% Gov't % of US R&D - Announced Amazon Web Services for research API development - Active pipeline of potential partnerships with AI integrators and developers \*Corporate makes up ~10% of Wiley's revenue base

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Q425 Earnings Presentation.pptx 13 Demonstrating resilience in an uncertain economy • Research content is must have for researchers and institutions worldwide; research publishing is must have for career advancement • Good geographic distribution and funding diversity • Strong demand to publish and submissions pipeline • Demand accelerating for Wiley content and data for AI development • Academic market resilient and counter-cyclical over time • Professional title signings up in Fiscal 2024 and 2025 • Proactive cost structure improvements accelerating 83% Digital & Services Revenue 49% Revenue Outside the US (~78% in Research) 48% Recurring Revenue

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Performance Outlook Financial Position

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Q425 Earnings Presentation.pptx 15 Driving continuous margin expansion • Significant progress to-date with more to come • Go-forward areas include Technology and other corporate services; evaluating product profitability and real estate footprint • Overall corporate expenses down 10% in Q4 and 4% in FY25; unallocated expenses up modestly in FY25 due to near-term needs • Driving efficiency in publishing process and product development; Research Platform multi-stage launch continues, with 1,400+ journals on new submission system and 700+ on peer review system • Implementing prudent expense measures near-term • Prioritizing certain investments with emphasis on journal portfolio expansion, research publishing platform, and AI opportunities 15.1% 12.1% Adj. Operating Margin FY24 FY25 Material margin expansion remains a multi-year strategic imperative beyond Fiscal 2026

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Q425 Earnings Presentation.pptx 16 Fourth Quarter Performance  Revenue performance driven by Research Publishing growth offsetting decline in Learning from large AI project in prior year  Adjusted EBITDA performance driven by revenue performance and cost savings  Adjusted EPS growth driven by Adjusted Operating Income growth of 15% Adj. Revenue\* ▲0.2% $443M GAAP Diluted EPS ▲$0.79 $1.25 Adj. EPS\* ▲14% $1.37 Adj. EBITDA\* ▲0.2% $126M \*Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes divested businesses. Adjusted numbers exclude impact of foreign exchange Q4 Summary

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Q425 Earnings Presentation.pptx 17 Fiscal Year Performance  Adjusted Revenue growth driven by both Research and Learning  Adjusted EBITDA growth from revenue growth and run-rate cost savings  Adjusted EPS growth driven by strong Adjusted Operating Income growth of 29%  Free Cash Flow growth driven primarily by lower capex Adj. Revenue\* ▲3% $1,660M GAAP EPS ▲$5.18 $1.53 Adj. EPS\* ▲31% $3.64 Adj. EBITDA\* ▲8% $398M FCF ▲10% $126M \*Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes businesses held for sale or sold. Adjusted numbers exclude impact of FX. FY Summary

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Q425 Earnings Presentation.pptx 18 Research (millions) Q4 2025 Change Change CC Research Publishing $243 4% 4% Research Solutions $38 0% 0% Total Revenue $281 4% 3% Adjusted EBITDA $97 4% Adjusted EBITDA Margin 34.7%  Research Publishing growth driven by recurring revenue models for institutions, open access, and AI licensing offsetting softness in print and ancillary products  Good performance in key strategic areas including CY25 journal renewal cycle, expansion in high- growth areas, strong submissions and output, and expansion of Advanced journal franchise  Research Solutions growth driven by database and content solutions for corporations and Publishing Services for societies, offset by market-driven softness in recruitment  Adjusted EBITDA growth driven by revenue growth; Adj. EBITDA margin up 30 bps FY 2025 Change Change CC $923 3% 3% $152 2% 2% $1,075 3% 3% $345 5% 32.1% FY25 Summary

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Q425 Earnings Presentation.pptx 19 Learning  Revenue growth driven by AI licensing revenue and growth in Academic from favorable market conditions, including enrollment and demand for digital content, courseware, and licensing  Professional revenue flat due to retail channel softness offsetting AI licensing revenue  Signings up markedly for professional and science, technical, and medical books  Adjusted EBITDA growth due to revenue growth and continued cost savings and operating improvements; Adj. EBITDA Margin up over 250bps to 37.4% (millions) Q4 2025 Change Change CC Academic $100 1% 1% Professional $62 (13%) (14%) Total Revenue $162 (5%) (5%) Adjusted EBITDA $70 (6%) Adjusted EBITDA Margin 43.0% FY 2025 Change Change CC $334 3% 3% $251 0% 0% $585 2% 2% $219 9% 37.4% FY25 Summary

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Q425 Earnings Presentation.pptx 20 Strong financial position and return to shareholders Dividends and Repurchases Free Cash Flow 1.81.7 FY24 FY25 FY24 FY25 $24M $52M Leverage Ratio $114M $126M FY24 FY25 Operating Cash Flow $208M $203M $122M $137M FY24 FY25

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Q425 Earnings Presentation.pptx 21 FY26 Outlook: Growth drivers in an uncertain economy Research • Good subscription growth in CY25 renewal cycle • Strong publishing demand and output pipeline • Improved execution in Solutions and continued demand for databases and services for corporations Learning • Steady market conditions expected in Academic • Good Professional frontlist and growth in title signings • New product launch in Assessments AI Licensing • AI content licensing opportunities developing with momentum accelerating for vertical-specific models FY26 Commitments 1. Deliver profitable revenue growth in uncertain economy 2. Materially expand margins and cash flow 3. Drive continued momentum in corporate market

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Q425 Earnings Presentation.pptx 22 Metric Fiscal 2024 Fiscal 2025 Fiscal 2026 Outlook Adjusted Revenue $1,617M $1,660M Low-to-mid 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 FY26 Outlook: Material margin and cash flow expansion Free Cash Flow FY26P $126M $200M EBITDA Growth Lower Restructuring Working Capital/ Other FY25 0 50 100 150 200 250 Adj. EBITDA Margin FY26P 24% 25.5%- 26.5% Gross Profit Cost Savings Reinvestment FY25 Adjusted metrics exclude impact of divestitures, which were primarily completed in Fiscal 2024 with remainder completed in first half of Fiscal 2025. $17 million of divestiture-related revenue was recorded in Fiscal 2025.

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Q425 Earnings Presentation.pptx 23 Executive Summary Delivering resilient, compounding growth through must-have content, recurring business models, good geographic diversity, and strong financials AI momentum continues with execution of content licensing agreements for training and inference; corporate R&D opportunity emerging Execution continues to yield strong margin and cash flow improvement; $120M of proceeds from divestiture realized after quarter closed. Multi-year cost structure improvements are ongoing. Disciplined capital allocation approach focused on investing in high return initiatives in Research and returning cash to shareholders through dividends and repurchases Confident outlook for continued growth in revenue, profit, and cash flow5 4 3 2 1

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Thank you for joining us investors.wiley.com Contact: brian.campbell@wiley.com (201) 748.6874

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Q425 Earnings Presentation.pptx 25 Appendix – US GAAP to Non-GAAP EPS Reconciliation Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS 2025 2024 2025 2024 US GAAP Earnings (Loss) Per Share - Diluted 1.25$0.46$1.53$(3.65)$ Adjustments: Impairment of goodwill - - - 1.90 Restructuring and related charges 0.14 0.16 0.36 0.85 Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments (3) (0.01) 0.01 0.08 0.02 Amortization of acquired intangible assets (4) 0.15 0.02 0.76 0.68 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 0.18 0.04 0.38 2.81 Held for Sale or Sold segment Adjusted Net (Income) Loss (5) - (0.03) 0.05 (0.42) Income tax adjustments (0.34) 0.55 0.48 0.54 EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (6) - - - 0.05 Non-GAAP Adjusted Earnings Per Share - Diluted 1.37$1.21$3.64$2.78$(amounts in thousands) 2025 2024 2025 2024 US GAAP Income (Loss) Before Taxes 52,265$54,002$142,878$(187,047)$ Impairment of goodwill - - - 108,449 Restructuring and related charges 12,490 11,008 25,561 63,041 Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments (3) - 815 5,590 1,903 Amortization of acquired intangible assets (4) 12,908 13,324 51,864 57,874 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 13,580 3,642 23,340 183,389 Held for Sale or Sold segment Adjusted (Income) Loss Before Taxes (5) - (2,409) 3,578 (30,661) Non-GAAP Adjusted Income Before Taxes 91,243$80,382$252,811$196,948$ US GAAP Income Tax (Benefit) Provision (15,828)$28,737$58,717$13,272$ Impairment of goodwill - 255 - 2,953 Restructuring and related charges 4,633 2,425 5,947 15,662 Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments (3) 571 471 1,170 582 Amortization of acquired intangible assets (4) 4,720 11,459 10,231 20,127 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 3,715 1,197 2,368 26,908 Held for Sale or Sold segment Adjusted Tax (Provision) Benefit (5) - (622) 807 (7,140) Impact of valuation allowance on the US GAAP effective tax rate (8) 18,776 (30,249) (26,008) (30,249) Impact of change in certain US state tax rates in 2025 (8) (117) - (117) - Non-GAAP Adjusted Income Tax Provision 16,470$13,673$53,115$42,115$ US GAAP Effective Tax Rate -30.3% 53.2% 41.1% -7.1% Non-GAAP Adjusted Effective Tax Rate 18.1% 17.0% 21.0% 21.4% JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES (unaudited) Three Months Ended Year Ended April 30, April 30, April 30, April 30, Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes Three Months Ended Year Ended Pretax Impact of Adjustments: Reconciliation of US GAAP Income Tax (Benefit) 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 (7) Income Tax Adjustments Notes: 2025 2024 2025 2024 $74 $(1,275) $14,852 $19,401 13,428 5,636 12,578 107,048 78 (719) (4,119) 55,440 - - (120) 1,500 - - 149 - $13,580 $3,642 $23,340 $183,389 2025 2024 2025 2024 $263 $890 $(1,054) 890 3,109 307 3,109 25,643 344 - 344 - - - (30) 374 - - - - $3,715 $1,197 $2,368 $26,908 In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. (1) 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. The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) All amounts are approximate due to rounding. (3) In fiscal year 2023 due to the closure of our operations in Russia, the Russia entity was deemed substantially liquidated. The formal liquidation was completed in the fourth quarter of fiscal year 2025. In the three months and year ended April 30, 2025, we wrote off an additional $1.1 million and $1.4 million, respectively, of cumulative translation adjustments in earnings. In the three months and year ended April 30, 2024, we wrote off an additional $0.2 million and $1.0 million, respectively, of cumulative translation adjustments in earnings. These amounts are reflected in Net foreign exchange transaction (losses) gains on our Condensed Consolidated Statements of Net Income (Loss). (4) Reflects the amortization of intangible assets established on the opening balance sheet for an acquired business. This includes the amortization of intangible assets such as developed technology, customer relationships, tradenames, etc., which is reflected in the "Amortization of intangible assets" line in the Condensed Consolidated Statements of Net Income (Loss). It also includes the amortization of acquired product development assets, which is reflected in Cost of sales in the Condensed Consolidated Statements of Net Income (Loss). (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: Three Months Ended April 30, Year Ended April 30, University Services Wiley Edge University Services CrossKnowledge Tuition Manager Sale of assets Net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: Three Months Ended April 30, Year Ended April 30, Wiley Edge (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. CrossKnowledge Tuition Manager Sale of assets Benefit on sale of businesses, assets, and impairment charges related to assets held-for-sale (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes.

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Q425 Earnings Presentation.pptx 26 Appendix – Net Income to Adjusted EBITDA 2025 2024 2025 2024 Net Income (Loss) 68,093$25,265$84,161$(200,319)$ Interest expense 11,270 11,411 52,547 49,003 (Benefit) provision for income taxes (15,828) 28,737 58,717 13,272 Depreciation and amortization 36,681 47,613 147,126 176,989 Non-GAAP EBITDA 100,216 113,026 342,551 38,945 Impairment of goodwill - - - 108,449 Restructuring and related charges 12,490 11,008 25,561 63,041 Net foreign exchange transaction losses (gains) 826 (530) 8,142 2,959 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale 13,580 3,642 23,340 183,389 Other (income) expense, net (1,469) 257 (5,498) 3,957 Held for Sale or Sold segment Adjusted EBITDA (2) - (2,409) 3,578 (32,148) Non-GAAP Adjusted EBITDA 125,643$124,994$397,674$368,592$ Adjusted EBITDA Margin 28.4% 28.3% 24.0% 22.8% Notes: JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) RECONCILIATION OF US GAAP NET INCOME (LOSS) TO NON-GAAP EBITDA AND ADJUSTED EBITDA (unaudited) Three Months Ended Year Ended (1) 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. The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA. April 30, April 30,

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