Wiley acquires Emerald Publishing for $452M, reports record margins and 55% FCF growth

Filed June 16, 2026 · Period ending June 16, 2026 · ~2 min read

Key Changes

• high

  Acquired Emerald Publishing for $452M (£337M) at 7x synergized EBITDA, adding 485 journals and $85M+ revenue with 37-38% margins. Expected accretive to Adjusted EPS in year one ($0.10) and FCF in year two.

  Exhibit 99.2 verify on EDGAR →
• high

  FY2026 Adjusted EBITDA margin expanded 220 bps to record 26.2%, Adjusted EPS rose 15% to $4.19, and Free Cash Flow surged 55% to $195M. Returned record $174M to shareholders including $100M in buybacks.

  Exhibit 99.1 verify on EDGAR →
• high

  AI revenue grew 23% to $49M with recurring revenue rapidly scaling from $8M base. Lifetime AI revenue reached $110M across 19 corporate customers including 7 of top 10 pharma companies. FY2027 recurring AI revenue expected to grow 2-3x.

  Exhibit 99.2 verify on EDGAR →