Wiley net income +163% on tax benefit; acquires Emerald for $221.6M; AI licensing +23%

Filed June 24, 2026 · Period ending April 30, 2026 · Compared to 10-K Jun 25, 2025 · ~2 min read

Key Changes

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  Net income rose 163.3% to $221.6M while operating income grew only 25.0% to $276.9M. The $137.4M divergence came from below-the-line items: non-operating/other +$16.8M, income tax +$65.2M (total +$82.0M). The tax benefit reflects a $70M US valuation allowance release after sustained profitability.

  MD&A: Income Tax & Non-Operating verify on EDGAR →
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  Acquired Emerald Publishing for £337.5M (~$452M) on June 1, 2026, adding 480+ journals and 8,000 books to strengthen Research segment scale and AI content positioning. Funded with cash and revolving credit facility proceeds.

  MD&A: Emerald Acquisition verify on EDGAR →
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  AI licensing revenue grew to $49.1M, but composition shifted: Research segment tripled to $33.1M while Learning segment fell 45% to $16.0M. $19.4M of total AI revenue came from content Wiley licensed from other publishers, not proprietary content.

  MD&A: AI Licensing Revenue verify on EDGAR →