# EDGAR Filing Document

**Accession Number:** 0000107140
**File Stem:** 0000107140-25-000152
**Filing Date:** 2025-9
**Character Count:** 73513
**Document Hash:** 6cb5d473bb1160047f5e0961bffc64cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000107140-25-000152.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000107140-25-000152

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250904

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**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:** 251292277

**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-20250904

**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

September 4, 2025

(Date of Report)

(Date of earliest event reported)

**JOHN WILEY & SONS, INC.**

(Exact name of registrant as specified in its charter)

**New York**

(State or other jurisdiction of incorporation)

---

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

---

**Not Applicable**

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

------

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

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

**Item 7.01. Regulation FD Disclosure.**

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

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

**Item 9.01 Financial Statements and Exhibits.**

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

<u>[99.1](wly-2026731xex991.htm)</u> - Press release dated September 4, 2025 "AI Demand Drives Wiley's First Quarter 2026 Results"

<u>[99.2](q126earningspresentation.htm)</u>- Presentation materials dated September 4, 2025.

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

------

**SIGNATURES**

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

---

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

---

## Exhibit 99.1

![image.jpg](image.jpg)

**AI Demand Drives Wiley's First Quarter 2026 Results**

*September 4, 2025 - Hoboken, NJ –* Wiley (NYSE: WLY), a leading global provider of authoritative content, data-driven insights, and knowledge services for the advancement of science and learning, today reported results for the first quarter ended July 31, 2025.

**FIRST QUARTER SUMMARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **GAAP performance vs. prior year**: Revenue of $397 million vs. $404 million due to foregone revenue from divested businesses, Operating Income of $31 million up 7%, and Diluted Earnings Per Share (EPS) of $0.22 vs. (-$0.03) in prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Results at constant currency in line with expectations**: Adjusted Revenue of $397 million up 1%, Adjusted Operating Income of $34 million down 2%, Adjusted EBITDA of $70 million down 3%, and Adjusted EPS of $0.49 up 2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Growth in Research revenue (+5% at constant currency)** driven by AI licensing projects and open access growth offsetting timing of prior year journal renewals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Executed landmark AI licensing project** with large tech company on behalf of Wiley publisher partners; announced strategic partnership with *Anthropic* to accelerate AI integration across scholarly research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Increased dividend for the 32**<sup>nd</sup> **consecutive year and share repurchases to $14 million;** Board approved $250M share repurchase authorization, a 25% increase over its 2020 authorization

**MANAGEMENT COMMENTARY** 

"We continue to see strong demand trends in research as we open up new growth pathways in AI and corporate R&D," said Matthew Kissner, President and CEO. "Wiley is now a recognized leader in AI licensing and innovation, executing projects for multi-national corporations and strategically partnering with top AI innovators. At the same time, we continue to drive operational excellence across the organization, reaching important milestones in our multi-stage research publishing platform launch and expanding AI innovation across our product portfolio. Given leading indicators, the strength of our recurring revenue models and open access programs, and anticipated cost savings, we remain fully confident in our Fiscal 2026 outlook."

**FINANCIAL SUMMARY** 

*Please see accompanying financial tables for more detail.* 

**Research** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 Research revenue of $282 million was up 6% as reported and 5% at constant currency driven by AI licensing revenue of $16 million (vs. $1 million in prior year period) and open access growth offsetting an unfavorable comparison to prior year due to the timing of journal renewals, as well as softness in ancillary material. Wiley continues to see strong demand to publish with article submissions and output growing by 25% and 13%, respectively, with robust growth across all key geographies. Note, it takes approximately six months for a submitted article to be published.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 Adjusted EBITDA of $80 million was up 2% as reported and at constant currency due to revenue growth partially offset by AI mix (higher royalties for the partner portion of the AI licensing agreement) and the timing of costs. Adjusted EBITDA margin for the quarter was 28.3% vs. 29.3% in the prior year period.

**Learning** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 Learning revenue of $115 million was down 7% as reported and 8% at constant currency largely due to $16 million of AI licensing revenue in the prior year (vs. $13 million this quarter) and market-related softness in Professional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 Adjusted EBITDA of $31 million for the quarter was down 7% as reported and at constant currency due to lower revenue. Adjusted EBITDA margin was 27.4%, up slightly over prior year.

------

**Corporate Expenses** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q1 Corporate Expenses rose 4% on an Adjusted EBITDA basis at constant currency driven primarily by costs related to strategic consulting projects (now complete), enterprise modernization, and other one-time items. Wiley expects Corporate Expenses to decline starting in Q2 as cost savings ramp up.

**EPS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **GAAP EPS** of $0.22 compared to a ($0.03) loss in the prior year period, which was impacted by a $0.33/share, non-cash income tax adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EPS** of $0.49 was up 2% at constant currency mainly due to lower interest expense from lower rates.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Debt-to-EBITDA Ratio** (Trailing Twelve Months) at quarter end was 1.9 compared to 2.0 in the year-ago period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Cash Used in Operating Activities** was $85 million compared to $89 million in the prior year period. Note, Wiley's regular use of cash in the first half of the fiscal year is driven by the timing of cash collections for annual journal renewals, which are concentrated in Q3 and Q4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Free Cash Flow** less Product Development Spending was a use of $100 million compared to a use of $107 million in the prior year. Capex was $15 million compared to $18 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Returns to Shareholders:** Wiley allocated $32 million toward dividends and repurchases this quarter, up approximately $1 million from the prior year period. In Q1, the Company acquired approximately 332,000 shares at an average cost of $42.22/share and raised its dividend for the 32nd consecutive year. In June, the Wiley Board of Directors approved a $250 million share repurchase authorization, a 25% increase over its 2020 authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Divestiture Proceeds:** During the quarter, Wiley received approximately $120 million in cash proceeds related to the University Services divestiture, with the total outstanding note paid in full. Wiley has utilized these proceeds to further reduce its debt.

**FISCAL 2026 OUTLOOK** 

Based on leading demand and output indicators, the success of calendar year 2025 journal renewals, and anticipated cost savings, Wiley is reaffirming its full year 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.*

**EARNINGS CONFERENCE CALL** 

Scheduled for today, September 4 at 10:00 am (ET). Access webcast at Investor Relations at investors.wiley.com, or directly at http://events.q4inc.com/attendee/819546756. U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#**.** International callers, please dial (646) 960-0253 and enter the participant code 2521217#**.** 

**ABOUT WILEY**

Wiley (NYSE: WLY) is a leading global provider of authoritative content, data-driven insights, and knowledge services that advance science and learning. For over 200 years, we've empowered researchers, learners and institutions worldwide to drive progress and solve the world's most pressing challenges. Learn more at Wiley.com and Investors.Wiley.com. Follow us on Facebook, X, LinkedIn and Instagram.

------

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

**FORWARD-LOOKING STATEMENTS** 

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

CATEGORY: EARNINGS RELEASES

Contact

Brian Campbell

Investor Relations

brian.campbell@wiley.com

201.748.6874 <br>

------

**JOHN WILEY & SONS, INC.**

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

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

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** |
| | **2025** | **2024** |
| **Revenue, net** | $**396800** | $**403809** |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales | 109259 | 109220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating and administrative expenses | 240330 | 248819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring and related charges | 3038 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 13210 | 12927 |
| **Total costs and expenses** | **365837** | **374836** |
| **Operating income** | **30963** | **28973** |
| *As a % of revenue* | *7.8 %* | *7.2 %* |
| Interest expense | (11042) | (12787) |
| Net foreign exchange transaction (losses) gains | (971) | 234 |
| Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(3)</sup> | (1116) | 5801 |
| Other (expense) income, net | (127) | 782 |
| **Income before taxes** | **17707** | **23003** |
| Provision for income taxes | 6007 | 24439 |
| *Effective tax rate* | *33.9 %* | *106.2 %* |
| **Net income (loss)** | $**11700** | $**(1436)** |
| *As a % of revenue* | *2.9 %* | *-0.4 %* |
| **Earnings (loss) per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.22 | $(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted <sup>(4)</sup> | $0.22 | $(0.03) |
| **Weighted average number of common shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 53377 | 54377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted <sup>(4)</sup> | 53966 | 54377 |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) 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>July 31,** | **Three Months Ended<br>July 31,** |
| | **2025** | **2024** |
| University Services | $(934) | $1489 |
| CrossKnowledge |  | 4360 |
| Wiley Edge |  | (168) |
| Tuition Manager |  | 120 |
| Other disposition activity | (182) |  |
| Net (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale | $(1116) | $5801 |

---

---

| |
|:---|
| 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. As a result of the sale of these assets, we recognized an additional pretax loss of $0.9 million in the three months ended July 31, 2025. |
| (4) In calculating diluted net loss per common share for the three months ended July 31, 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. |

---

------

**JOHN WILEY & SONS, INC.**

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

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

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **Reconciliation of US GAAP Earnings (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>July 31,** | **Three Months Ended<br>July 31,** |
|  | **2025** | **2024** |
| **US GAAP Earnings (Loss) Per Share - Diluted** | $**0.22** | $**(0.03)** |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments <sup>(3)</sup> |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets <sup>(4)</sup> | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(5)</sup> | 0.02 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Net Loss <sup>(5)</sup> |  | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax adjustments |  | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPS impact of using weighted-average dilutive shares for adjusted EPS calculation <sup>(6)</sup> |  | 0.01 |
| **Non-GAAP Adjusted Earnings Per Share - Diluted** | $**0.49** | $**0.47** |
| **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** | **Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes** |
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** |
|  | **2025** | **2024** |
| **US GAAP Income Before Taxes** | $**17707** | $**23003** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pretax Impact of Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 3038 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments <sup>(3)</sup> | (440) | (2591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets <sup>(4)</sup> | 13210 | 12969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(5)</sup> | 1116 | (5801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Loss Before Taxes <sup>(5)</sup> |  | 2519 |
| **Non-GAAP Adjusted Income Before Taxes** | $**34631** | $**33969** |
| **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** | **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** | **Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate** |
| **US GAAP Income Tax Provision** | $**6007** | $**24439** |
| Income Tax Impact of Adjustments <sup>(7)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 519 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments <sup>(3)</sup> | (750) | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets <sup>(4)</sup> | 2068 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale <sup>(5)</sup> | 54 | (925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted Tax Benefit <sup>(5)</sup> |  | 372 |
| 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> | 166 | (18030) |
| **Non-GAAP Adjusted Income Tax Provision** | $**8064** | $**8024** |
| **US GAAP Effective Tax Rate** | **33.9%** | **106.2%** |
| **Non-GAAP Adjusted Effective Tax Rate** | **23.3%** | **23.6%** |

---

---

| |
|:---|
| **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 ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) 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 ended July 31, 2024, we wrote off an additional $0.5 million of cumulative translation adjustments in earnings. This amount is 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) We recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | (5) We recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | (5) 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>July 31,** | **Three Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| University Services | $934 | $(1489) |
| CrossKnowledge |  | (4360) |
| Wiley Edge |  | 168 |
| Tuition Manager |  | (120) |
| Other disposition activity | 182 |  |
| Net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | $1116 | $(5801) |
| We recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | We recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: | 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>July 31,** | **Three Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| University Services | $— | $— |
| CrossKnowledge |  |  |
| Wiley Edge |  | (895) |
| Tuition Manager |  | (30) |
| Other disposition activity | 54 |  |
| Benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale | $54 | $(925) |
| 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 (55.0 million for the three months ended July 31, 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 ended July 31, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. |
| (8) In the three months ended July 31, 2025 and 2024, there was an impact on the US GAAP effective tax rate due to the valuation allowance on deferred tax assets in the US of $0.2 million and $(18.0) million, respectively. |

---

------

**JOHN WILEY & SONS, INC.**

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

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

**(in USD thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** |
| | **2025** | **2024** |
| **Net Income (Loss)** | $**11700** | $**(1436)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 11042 | 12787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 6007 | 24439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 36446 | 37253 |
| **Non-GAAP EBITDA** | **65195** | **73043** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related charges | 3038 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign exchange transaction losses (gains) | 971 | (234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 1116 | (5801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net | 127 | (782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold segment Adjusted EBITDA <sup>(2)</sup> |  | 2519 |
| **Non-GAAP Adjusted EBITDA** | $**70447** | $**72615** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA Margin* | *17.8 %* | *18.6 %* |

---

---

| |
|:---|
| **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 ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA. |

---

------

**JOHN WILEY & SONS, INC.**

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

**SEGMENT RESULTS**

**(in USD thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **% Change** | **% Change** |
| | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |
| | **2025** | **2024** | **Reported** | **Constant <br>Currency** |
| **Research:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Publishing | $231827 | $230951 | 0% | -1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Solutions | 49865 | 34358 | 45% | 44% |
| **Total Revenue, net** | $**281692** | $**265309** | **6%** | **5%** |
| **Non-GAAP Adjusted Operating Income** | $**56248** | $**55216** | **2%** | **3%** |
| Depreciation and amortization | 23385 | 22559 | -4% | -2% |
| **Non-GAAP Adjusted EBITDA** | $**79633** | $**77775** | **2%** | **2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *28.3 %* | *29.3 %* |  |  |
| **Learning:** |  |  |  |  |
| **Revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academic | $55472 | $59964 | -7% | -8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional | 59636 | 64350 | -7% | -8% |
| **Total Revenue, net** | $**115108** | $**124314** | **-7%** | **-8%** |
| **Non-GAAP Adjusted Operating Income** | $**21655** | $**22500** | **-4%** | **-4%** |
| Depreciation and amortization | 9844 | 11294 | 13% | 13% |
| **Non-GAAP Adjusted EBITDA** | $**31499** | $**33794** | **-7%** | **-7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *27.4 %* | *27.2 %* |  |  |
| **Held for Sale or Sold:** |  |  |  |  |
| **Revenue, net** | $**—** | $**14186** | **#** | **#** |
| **Non-GAAP Adjusted Operating Loss** | $**—** | $**(2519)** | **#** | **#** |
| Depreciation and amortization |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**—** | $**(2519)** | **#** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *0.0 %* | *-17.8 %* |  |  |
| **Corporate Expenses:** |  |  |  |  |
| **Non-GAAP Adjusted Corporate Expenses** | $**(43902)** | $**(42354)** | **-4%** | **-3%** |
| Depreciation and amortization | 3217 | 3400 | 5% | 6% |
| **Non-GAAP Adjusted EBITDA** | $**(40685)** | $**(38954)** | **-4%** | **-4%** |
| **Consolidated Results:** |  |  |  |  |
| **Revenue, net** | $**396800** | $**403809** | **-2%** | **-3%** |
| Less: Held for Sale or Sold Segment <sup>(3)</sup> |  | (14186) | # | # |
| **Adjusted Revenue, net** | $**396800** | $**389623** | **2%** | **1%** |
| **Operating Income** | $**30963** | $**28973** | **7%** | **9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 3038 | 3870 | 21% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held for Sale or Sold Segment Adjusted Operating Loss <sup>(3)</sup> |  | 2519 | # | # |
| **Non-GAAP Adjusted Operating Income** | $**34001** | $**35362** | **-4%** | **-2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted Operating Income margin* | *8.6 %* | *9.1 %* |  |  |
| Depreciation and amortization | 36446 | 37253 | 2% | 4% |
| Less: Held for Sale or Sold Segment depreciation and amortization <sup>(3)</sup> |  |  | # | # |
| **Non-GAAP Adjusted EBITDA** | $**70447** | $**72615** | **-3%** | **-3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *17.8 %* | *18.6 %* |  |  |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) All amounts are approximate due to rounding. |
| (3) 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)</sup>

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**(in USD thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **July 31,<br>2025** | **April 30,<br>2025** |
| **Assets:** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $81850 | $85882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 220317 | 228410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 21951 | 22875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 96177 | 102717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **420295** | **439884** |
| Technology, property and equipment, net | 152430 | 162125 |
| Intangible assets, net | 580331 | 595044 |
| Goodwill | 1117827 | 1121505 |
| Operating lease right-of-use assets | 63626 | 66128 |
| Other non-current assets | 189823 | 306780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**2524332** | $**2691466** |
| **Liabilities and shareholders' equity:** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $36384 | $60948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued royalties | 112535 | 109765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of long-term debt | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 361677 | 462693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employment costs | 44706 | 93117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term portion of operating lease liabilities | 17512 | 18282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 66029 | 66051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **648843** | **820856** |
| Long-term debt | 818272 | 789435 |
| Accrued pension liability | 71954 | 71899 |
| Deferred income tax liabilities | 104105 | 105145 |
| Operating lease liabilities | 78200 | 81482 |
| Other long-term liabilities | 69899 | 70443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1791273** | **1939260** |
| **Shareholders' equity** | **733059** | **752206** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**2524332** | $**2691466** |

---

---

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

---

------

**JOHN WILEY & SONS, INC.**

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

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in USD thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** |
| | **2025** | **2024** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $11700 | $(1436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale | 1116 | (5801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 13210 | 12927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of product development assets | 3792 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of technology, property, and equipment | 19444 | 19850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncash charges | 19274 | 20370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities | (153541) | (139098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(85005)** | **(88712)** |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to technology, property, and equipment | (12005) | (14502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product development spending | (2890) | (3351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Businesses acquired in purchase transactions, net of cash acquired |  | (915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash proceeds (transferred) related to the sale of businesses and assets | 115168 | (6387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of publication rights and other | (1417) | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | **98856** | **(23807)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt borrowings | 30591 | 143749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | (18985) | (19184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of treasury shares | (13500) | (12500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (15030) | (10476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by financing activities** | **(16924)** | **101589** |
| **Effects of exchange rate changes on cash, cash equivalents and restricted cash** | **(959)** | **798** |
| **Change in cash, cash equivalents and restricted cash for period** | **(4032)** | **(10132)** |
| **Cash, cash equivalents and restricted cash - beginning** | **85932** | **99543** |
| **Cash, cash equivalents and restricted cash - ending** | $**81900** | $**89411** |
| **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> |
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** |
|  | **2025** | **2024** |
| **Net cash used in operating activities** | $**(85005)** | $**(88712)** |
| Less: Additions to technology, property, and equipment | (12005) | (14502) |
| Less: Product development spending | (2890) | (3351) |
| **Free cash flow less product development spending** | $**(99900)** | $**(106565)** |

---

---

| |
|:---|
| **Notes:** |
| (1) The supplementary information included in this press release for the three months ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. |
| (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplemental information. |

---

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**JOHN WILEY & SONS, INC.**

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

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

• Adjusted Earnings Per Share (Adjusted EPS);

• Free Cash Flow less Product Development Spending;

• Adjusted Revenue;

• Adjusted Operating Income and margin;

• Adjusted Income Before Taxes;

• Adjusted Income Tax Provision;

• Adjusted Effective Tax Rate;

• EBITDA, Adjusted EBITDA and margin; and

• Results on a constant currency basis.

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

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

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

For example:

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

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

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

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

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

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

## Exhibit 99.2

![](q126earningspresentation001.jpg)

First Quarter 2026 Earnings Review September 4, 2025 NYSE: WLY

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![](q126earningspresentation002.jpg)

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

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![](q126earningspresentation003.jpg)

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

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![](q126earningspresentation004.jpg)

Q126 Earnings Presentation.pptx 4 First Quarter Summary Q1 performance in line with expectations Mid-single digit growth in Research from AI licensing demand and strong open access growth partially offset by timing of prior year journal renewals Leadership position in AI expanded with execution of AI licensing project on behalf of existing publisher partners; strategic partnership announced with one of the world's foremost AI innovators Good confidence in Q2 and rest of year driven by leading demand and output indicators, the strength of our recurring revenue models and open access programs, and anticipated cost savings Raised dividend for the 32nd consecutive year and increased spend on share repurchases to $14M; announced a $250M share repurchase authorization, a 25% increase over 2020 authorization5 4 3 2 1

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![](q126earningspresentation005.jpg)

Q126 Earnings Presentation.pptx 5 OBJECTIVE STATUS Q1 PROGRESS Lead in Research  Delivering record growth in submissions (+25%) and output (+13%). Submissions growth in China (+25%), India (+35%), US (+14%), UK (+17%)  Driving strong double-digit growth in open access; record submissions in July  Delivering steady growth in CY25 renewals supported by increased volume  Achieved top category rankings for Wiley journals across 17 fields in industry citation index; Wiley a quality leader with over 10% of all citations in the Index Deliver growth and value through AI and in adjacent markets  Executed landmark AI licensing project ($20M) with large tech company leveraging our AI leadership and relationships on behalf of publisher partners  Announced strategic partnership with Anthropic to accelerate AI across research, following Amazon Web Services and Perplexity  Consolidated multiple sales functions into one corporate markets team dedicated to driving growth in the promising corporate R&D space Drive operational excellence and discipline across the organization  Reached a milestone of over 1,000 journals migrated onto our transformative publishing platform; 92% researchers report the system easy to use  Disciplined investments paying off in our Advance journal franchise with revenue from our OA flagship Advance Science up nearly 50% over prior year  Cost savings to ramp up starting in Q2  Secured approximately $120M in divestiture proceeds, which are being used to further reduce our debt Fiscal 2026 Commitments

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![](q126earningspresentation006.jpg)

Q126 Earnings Presentation.pptx 6 Confidence in Q2 and Rest of Year • Q1 timing impacts transitory • Good recurring revenue growth in CY25 renewal cycle • Strong open access growth expected from accelerating demand and output pipeline, with six months or more of publishing backlog • AI content licensing market continuing to materialize; $29M of revenue realized in Q1 across both Research and Learning • Two consecutive years of US higher education enrollment growth; too early to call Fall 2025 • Cost savings ramping up from previously announced actions $29M AI Revenue Q1 +17% Gold Open Access Growth +13% Research Output

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![](q126earningspresentation007.jpg)

Q126 Earnings Presentation.pptx 7 AI Growth: Licensing Models Evolving to Capitalize on Growing Demand for Wiley's Content and Expertise Wiley Nexus  In partnership with publishing partners seeking to leverage Wiley's relationships, sales channels, and technology expertise to capitalize on AI demand  $16M of program revenue realized in Q1 2026  Demand strong as Wiley plays a central role in ecosystem and serves a critical need Model Training  Licensing agreements for large volumes of Wiley archival content for training AI models  Projects executed with three of the world's largest tech companies  Opportunity shifting to wider array of smaller, more targeted deals Subscription Models  Subscription access to 'knowledge feed' of Wiley content for corporate R&D in target verticals  Rights subscriptions signed w/ multiple pharma and chemical companies; active pipeline  Strategic partnerships with the world's foremost innovators – AWS, Perplexity, and Anthropic  Massive potential opportunity of use cases; now in pilot phase with early movers $29M AI Revenue Q1 2026 $92M AI Revenue Lifetime

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Q126 Earnings Presentation.pptx 8 Tech • Training projects with 3 of the world's largest tech customers • Development and referral partnerships with key AI innovators – AWS, Perplexity, and Anthropic • Leveraging AI leadership position and partner network to license on behalf of smaller publishers Health/Science • Recurring inference pilots with 3 of the largest pharma companies (drug discovery) • Recurring inference pilot supporting European Space Agency (earth observation) • Exploring opportunities w/ other pharma and scientific cos. Industrials • Recurring inference pilot with multi-national chemical company (pattern recognition) Since January 2024: • Wiley is leveraging its position in AI and data to focus on recurring growth opportunities in underpenetrated corporate market (corporate only 10% of Wiley revenue but makes up 80% of US R&D) • Wiley's content and data across science and learning is applicable for drug development, healthcare, engineering, chemical applications, energy, finance, food science, and info services • The potential # of use cases is significant AI Growth: Wiley at the Leading Edge in Corporate R&D

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Q126 Earnings Presentation.pptx 9 AI Innovation Across Our Unified Research Platform • 1,000 journals now on proactive, AI-enabled platform with predictive risk assessment • 25 comprehensive integrity and quality checks, including AI-powered analyses • Approximate 70% reduction in published papers citing problematic sources • Approximate 30% improvement in automated transfer referral conversion RESEARCH & CREATION VALIDATION & DISTRIBUTION DISCOVERY & ACCESS Magic Lab Innovation Engine Experimental hub developing AI authoring agents, peer review systems, and infrastructure design Author AI Guidelines Research-based guidelines for AI use & disclosure manuscripts AIXplanations Research Studies with researchers on AI transparency and trust in scholarly publishing Integrity Screening Predictive risk assessment models safeguarding research integrity while accelerating publication timelines Reviewer Recommendation Automated reviewer suggestion engine improving referral conversion Scaled Deployment ~1,000 journals integrated with advanced integrity screening and editorial efficiency tools Publication Knowledge Graph (PKG) Global entity recommendation service powering similarity analysis, expert suggestions, and content linking AI Knowledge Nexus Network of publisher partners for AI licensing "Ask an Article" AI AI-powered article assistant with plain language summarization and launched pilots to be scaled in FY26 Strategic Partnerships AWS, Perplexity, Valyu, Sphere, Potato integrations AI Gateway & Discovery Assistant AxP Gateway powering Discovery Assistant rollout with API-first infrastructure for agnostic tools Write Manuscript Submit Paper Peer Review Accept Article Publish Article Discover & use content

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Performance Outlook Financial Position

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Q126 Earnings Presentation.pptx 11 First Quarter Performance Adj. Revenue\* ▲1% $397M GAAP Diluted EPS ▲$0.25 $0.22 Adj. EPS\* ▲2% $0.49 Adj. EBITDA\* ▼3% $70M \*Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes divested businesses. Adjusted numbers exclude impact of foreign exchange. Q1 impacted by mix, timing and softness in Professional Q2 and beyond  Margin mix: AI projects in Q1 ($29M) offset AI revenue in prior year ($17M), at 45% EBITDA margins due to higher royalties paid on $16M Nexus partner portion  Timing: Research Publishing impacted by prior year journal renewal timing. Q1 saw a temporary lift in unallocated corporate expenses related to recently completed strategic consulting projects offsetting restructuring savings  Market-related softness in Professional but solid growth in title output (+9%) and signings (+27%)  Good line of sight and momentum in Research with robust publishing pipeline and journal renewals; good confidence in Q2 and rest of year  AI pipeline very active  Cost savings ramping up  Watching fall enrollment and consumer spending environment

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Q126 Earnings Presentation.pptx 12 Research (millions) Q1 2026 Change Change CC Research Publishing $232 0% (1%) Research Solutions $50 45% 44% Total Revenue $282 6% 5% Adjusted EBITDA $80 2% Adjusted EBITDA Margin 28.3%  Research Publishing performance as expected with timing offsetting strong open access growth  Demand indicators, output trends, and outlook remain solid  Research Solutions growth driven by AI licensing agreement on behalf of Nexus publisher partners  Adjusted EBITDA performance impacted by AI mix and timing of costs Q1 Summary

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Q126 Earnings Presentation.pptx 13 Learning  Academic revenue performance in this seasonally small quarter impacted by prior year AI deal  Professional revenue performance impacted by market-related softness offsetting healthy growth in Assessments  Good quarter for new title signings in Academic and Professional  Adjusted EBITDA performance due to revenue performance, but margin up 20 basis points (millions) Q1 2026 Change Change CC Academic $55 (7%) (8%) Professional $60 (7%) (8%) Total Revenue $115 (7%) (8%) Adjusted EBITDA $31 (7%) Adjusted EBITDA Margin 27.4% Q1 Summary

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Q126 Earnings Presentation.pptx 14 Strong Financial Position and Return to Shareholders $14M $13M • Free Cash Flow use of $100 million was a modest improvement versus prior year use of $107M. FCF historically a use through 1H due to timing of annual journal subscription receipts  Capex of $15M vs. $18M in prior year period  Dividends: Raised dividend for 32nd consecutive year (~3.5% yield)  Share Repurchases: Acquired approximately 332K shares for $14M at an average cost of $42.22/share. This compares to $13M spent in prior year period. Board approved $250M share repurchase authorization, a 25% increase over its 2020 authorization  Leverage: Net Debt-to-EBITDA (ttm) of 1.9 compared to 2.0 prior year  Divestiture Proceeds: Wiley received approximately $120 million in cash proceeds related to the University Services divestiture, with the total outstanding note paid in full. Proceeds used to further reduce debt Share Repurchases Q1 Allocation Q125 Q126

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Q126 Earnings Presentation.pptx 15 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 Growth Outlook Reaffirmed 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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Q126 Earnings Presentation.pptx 16 Executive Summary Q1 in line with overall expectations Good confidence in Q2 and rest of year driven by leading demand and output indicators, the strength of our recurring revenue models and open access programs, and anticipated cost savings Wiley now a leader in AI, strategically partnering with the world's foremost innovators and leveraging our unique position for publisher partners Driving operational excellence and discipline through AI innovation and investment Raised dividend for the 32nd consecutive year and increased spend on share repurchases to $14M; announced a $250M share repurchase authorization, a 25% increase over 2020 authorization 5 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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Q126 Earnings Presentation.pptx 18 Appendix – US GAAP to Non-GAAP EPS Reconciliation Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS 2025 2024 US GAAP Earnings (Loss) Per Share - Diluted 0.22$(0.03)$ Adjustments: Restructuring and related charges 0.05 0.06 Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments (3) - (0.05) Amortization of acquired intangible assets (4) 0.20 0.20 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 0.02 (0.09) Held for Sale or Sold segment Adjusted Net Loss (5) - 0.04 Income tax adjustments - 0.33 EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (6) - 0.01 Non-GAAP Adjusted Earnings Per Share - Diluted 0.49$0.47$2025 2024 US GAAP Income Before Taxes 17,707$23,003$ Restructuring and related charges 3,038 3,870 Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments (3) (440) (2,591) Amortization of acquired intangible assets (4) 13,210 12,969 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 1,116 (5,801) Held for Sale or Sold segment Adjusted Loss Before Taxes (5) - 2,519 Non-GAAP Adjusted Income Before Taxes 34,631$33,969$ US GAAP Income Tax Provision 6,007$24,439$ Restructuring and related charges 519 749 Foreign exchange gains on intercompany transactions, including the write off of certain cumulative translation adjustments (3) (750) (390) Amortization of acquired intangible assets (4) 2,068 1,809 Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 54 (925) Held for Sale or Sold segment Adjusted Tax Benefit (5) - 372 Impact of valuation allowance on the US GAAP effective tax rate (8) 166 (18,030) Non-GAAP Adjusted Income Tax Provision 8,064$8,024$ US GAAP Effective Tax Rate 33.9% 106.2% Non-GAAP Adjusted Effective Tax Rate 23.3% 23.6% Pretax Impact of Adjustments: Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate Income Tax Impact of Adjustments (7) Income Tax Adjustments July 31, July 31, Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes Three Months Ended Three Months Ended JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES (in USD thousands, except per share information) (unaudited) Notes: 2025 2024 $934 $(1,489) - (4,360) - 168 - (120) 182 - $1,116 $(5,801) 2025 2024 $- $- - - - (895) - (30) 54 - $54 $(925) 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 ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10- Q with the Securities and Exchange Commission. (2) All amounts are approximate due to rounding. (3) 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 ended July 31, 2024, we wrote off an additional $0.5 million of cumulative translation adjustments in earnings. This amount is 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) 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 July 31, CrossKnowledge University Services CrossKnowledge Wiley Edge Tuition Manager Other disposition activity Net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale 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 July 31, University Services (8) In the three months ended July 31, 2025 and 2024, there was an impact on the US GAAP effective tax rate due to the valuation allowance on deferred tax assets in the US of $0.2 million and $(18.0) million, respectively. Wiley Edge Tuition Manager Other disposition activity Benefit (provision) 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 (55.0 million for the three months ended July 31, 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 ended July 31, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes.

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Q126 Earnings Presentation.pptx 19 Appendix – Net Income to Adjusted EBITDA 2025 2024 Net Income (Loss) 11,700$(1,436)$ Interest expense 11,042 12,787 Provision for income taxes 6,007 24,439 Depreciation and amortization 36,446 37,253 Non-GAAP EBITDA 65,195 73,043 Restructuring and related charges 3,038 3,870 Net foreign exchange transaction losses (gains) 971 (234) Net loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale 1,116 (5,801) Other expense (income), net 127 (782) Held for Sale or Sold segment Adjusted EBITDA (2) - 2,519 Non-GAAP Adjusted EBITDA 70,447$72,615$ Adjusted EBITDA Margin 17.8% 18.6% Notes: JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) RECONCILIATION OF US GAAP NET INCOME (LOSS) TO NON-GAAP EBITDA AND ADJUSTED EBITDA (in USD thousands) (unaudited) (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 ended July 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. (2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA. July 31, Three Months Ended

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