Revenue stabilization and cost-discipline initiatives have successfully expanded gross margins to 84.3% in 2026Q4, up from 65.9% in 2024Q3.
John Wiley & Sons, Inc. (WLY) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 1.67B | 1.68B | 1.68B | 1.87B | 2.02B | 2.08B | 1.94B | 1.83B | 1.8B | 1.8B | 1.72B | 1.73B | 1.82B | 1.78B | 1.76B | 1.78B | 1.74B | 1.7B | 1.61B | 1.67B | 1.23B | 1.04B | 974.05M | 922.96M | 853.97M | 734.4M | 613.79M | 594.82M | 508.4M | 467.1M | 432M |
| Revenue Growth % | -0.27% | -0.06% | -10.43% | -7.27% | -3.03% | 7.28% | 6.01% | 1.75% | 0.22% | 4.51% | -0.49% | -5.23% | 2.66% | 0.82% | -1.23% | 2.31% | 2.56% | 5.44% | -3.72% | 35.53% | 18.27% | 7.2% | 5.54% | 8.08% | 16.28% | 19.65% | 3.19% | 17% | 8.84% | 8.13% | 19.11% |
| Cost of Goods Sold | 409.91M | 431.51M | 483.2M | 635.72M | 777.42M | 785.49M | 700.02M | 653.46M | 609.38M | 579.25M | 510.43M | 515.68M | 550.9M | 551.56M | 574.21M | 580.15M | 565.77M | 569.16M | 553.26M | 575.83M | 441.63M | 355.81M | 335.94M | 308.9M | 288.93M | 243.2M | 185.6M | 158.22M | 142.9M | 134.8M | 129.1M |
| COGS % of Revenue | - | 25.74% | 28.8% | 33.94% | 38.49% | 37.71% | 36.06% | 35.68% | 33.85% | 32.25% | 29.7% | 29.86% | 30.23% | 31.07% | 32.61% | 32.54% | 32.47% | 33.5% | 34.33% | 34.4% | 35.76% | 34.08% | 34.49% | 33.47% | 33.83% | 33.12% | 30.24% | 26.6% | 28.11% | 28.86% | 29.88% |
| Gross Profit | 1.26B | 1.25B | 1.19B | 1.24B | 1.24B | 1.3B | 1.24B | 1.18B | 1.19B | 1.22B | 1.21B | 1.21B | 1.27B | 1.22B | 1.19B | 1.2B | 1.18B | 1.13B | 1.06B | 1.1B | 793.31M | 688.37M | 638.11M | 614.06M | 565.05M | 491.2M | 428.19M | 436.6M | 365.5M | 332.3M | 302.9M |
| Gross Margin % | 75.4% | 74.26% | 71.2% | 66.06% | 61.51% | 62.29% | 63.94% | 64.32% | 66.15% | 67.75% | 70.3% | 70.14% | 69.77% | 68.93% | 67.39% | 67.46% | 67.53% | 66.5% | 65.67% | 65.6% | 64.24% | 65.92% | 65.51% | 66.53% | 66.17% | 66.88% | 69.76% | 73.4% | 71.89% | 71.14% | 70.12% |
| Gross Profit Growth % | - | 4.24% | -3.46% | -0.42% | -4.24% | 4.51% | 5.39% | -1.06% | -2.15% | 0.72% | -0.27% | -4.73% | 3.91% | 3.12% | -1.33% | 2.19% | 4.15% | 6.78% | -3.62% | 38.4% | 15.24% | 7.88% | 3.92% | 8.67% | 15.03% | 14.71% | -1.93% | 19.45% | 9.99% | 9.71% | 17.18% |
| Operating Expenses | 1.01B | 968.16M | 947.44M | 1.01B | 1.04B | 1.08B | 1.02B | 996.05M | 963.58M | 953.22M | 988.6M | 994.63M | 1B | 969.46M | 933.15M | 922.18M | 920.14M | 872.19M | 839.65M | 872.21M | 631.83M | 535.69M | 498.53M | 484.68M | 444.79M | 403.44M | 332.77M | 347.59M | 301.9M | 291.4M | 268.1M |
| OpEx % of Revenue | - | 57.75% | 56.48% | 54.11% | 51.36% | 51.83% | 52.67% | 54.39% | 53.53% | 53.07% | 57.53% | 57.59% | 55.15% | 54.61% | 53% | 51.73% | 52.8% | 51.33% | 52.11% | 52.11% | 51.16% | 51.3% | 51.18% | 52.51% | 52.08% | 54.93% | 54.22% | 58.44% | 59.38% | 62.38% | 62.06% |
| Selling, General & Admin | 894.11M | 895.91M | 947.44M | 1.01B | 1.04B | 1.08B | 1.02B | 996.05M | 963.58M | 953.22M | 988.6M | 994.63M | 1B | 969.46M | 933.15M | 922.18M | 910.85M | 872.19M | 839.65M | 872.21M | 631.83M | 535.69M | 498.53M | 474.9M | 432.7M | 373.46M | 301.47M | 294.43M | 261.4M | 250M | 233.8M |
| SG&A % of Revenue | - | 53.44% | 56.48% | 54.11% | 51.36% | 51.83% | 52.67% | 54.39% | 53.53% | 53.07% | 57.53% | 57.59% | 55.15% | 54.61% | 53% | 51.73% | 52.27% | 51.33% | 52.11% | 52.11% | 51.16% | 51.3% | 51.18% | 51.45% | 50.67% | 50.85% | 49.12% | 49.5% | 51.42% | 53.52% | 54.12% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 72.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.29M | 0 | 0 | 0 | 0 | 0 | 0 | 9.78M | 12.09M | 29.97M | 31.3M | 53.17M | 40.5M | 41.4M | 34.3M |
| Operating Income | 245.79M | 276.86M | 246.97M | 223.75M | 205.08M | 217.85M | 218.82M | 181.97M | 227.11M | 263.63M | 219.51M | 216.72M | 266.54M | 254.18M | 253.42M | 280.42M | 256.65M | 257.71M | 218.48M | 225.69M | 161.48M | 152.68M | 139.58M | 129.38M | 120.26M | 87.76M | 95.42M | 89M | 63.6M | 40.9M | 34.8M |
| Operating Margin % | 14.75% | 16.51% | 14.72% | 11.95% | 10.15% | 10.46% | 11.27% | 9.94% | 12.62% | 14.68% | 12.77% | 12.55% | 14.63% | 14.32% | 14.39% | 15.73% | 14.73% | 15.17% | 13.56% | 13.48% | 13.08% | 14.62% | 14.33% | 14.02% | 14.08% | 11.95% | 15.55% | 14.96% | 12.51% | 8.76% | 8.06% |
| Operating Income Growth % | - | 12.1% | 10.38% | 9.1% | -5.86% | -0.44% | 20.25% | -19.88% | -13.85% | 20.1% | 1.28% | -18.69% | 4.86% | 0.3% | -9.63% | 9.26% | -0.41% | 17.96% | -3.2% | 39.76% | 5.76% | 9.38% | 7.89% | 7.58% | 37.03% | -8.03% | 7.21% | 39.94% | 55.5% | 17.53% | 5.45% |
| EBITDA | 246.39M | 258.93M | 396.56M | 405.24M | 422.83M | 438.22M | 424.11M | 361.3M | 388.26M | 417.62M | 376.07M | 372.57M | 420.47M | 402.28M | 402.93M | 418.51M | 389.15M | 380.59M | 334.22M | 341.61M | 249.8M | 234.68M | 217.93M | 200.75M | 183.22M | 147.09M | 149.31M | 142.17M | 104.1M | 82.3M | 69.1M |
| EBITDA Margin % | 14.79% | 15.44% | 23.64% | 21.64% | 20.93% | 21.04% | 21.84% | 19.73% | 21.57% | 23.25% | 21.88% | 21.57% | 23.07% | 22.66% | 22.88% | 23.48% | 22.33% | 22.4% | 20.74% | 20.41% | 20.23% | 22.48% | 22.37% | 21.75% | 21.46% | 20.03% | 24.33% | 23.9% | 20.48% | 17.62% | 16% |
| EBITDA Growth % | -37.92% | -34.71% | -2.14% | -4.16% | -3.51% | 3.33% | 17.39% | -6.95% | -7.03% | 11.05% | 0.94% | -11.39% | 4.52% | -0.16% | -3.72% | 7.54% | 2.25% | 13.87% | -2.16% | 36.75% | 6.44% | 7.68% | 8.56% | 9.56% | 24.57% | -1.49% | 5.02% | 36.57% | 26.49% | 19.1% | 15.17% |
| D&A (Non-Cash Add-back) | 598K | 0 | 149.59M | 181.49M | 217.75M | 220.37M | 205.29M | 179.33M | 161.16M | 153.99M | 156.56M | 155.85M | 153.93M | 148.1M | 149.52M | 138.09M | 132.51M | 122.88M | 115.75M | 115.92M | 88.32M | 82M | 78.35M | 71.37M | 62.96M | 59.32M | 53.88M | 53.17M | 40.5M | 41.4M | 34.3M |
| EBIT | 231.53M | 258.93M | 195.43M | -138.04M | 70.84M | 229.46M | 218.82M | 181.97M | 227.11M | 263.63M | 219.51M | 216.72M | 266.54M | 254.18M | 253.42M | 280.42M | 256.65M | 257.71M | 218.48M | 225.69M | 161.48M | 152.68M | 142.89M | 129.38M | 120.26M | 87.76M | 95.42M | 89M | 63.65M | 40.9M | 34.8M |
| Net Interest Income | -46.73M | -43.85M | -52.55M | -49M | -37.74M | -19.8M | -18.38M | -24.96M | -16.12M | -4.71M | -14.36M | -13.79M | -14.02M | -11.13M | -10.46M | -6.06M | -14.9M | -31.5M | -42.24M | -60.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.56M | 1.48M | 2.91M | 3.06M | 2.79M | 2.61M | 2.98M | 2.42M | 834K | 6.18M | 5.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.73M | 43.85M | 52.55M | 49M | 37.74M | 19.8M | 18.38M | 24.96M | 16.12M | 13.27M | 15.84M | 16.71M | 17.08M | 13.92M | 13.08M | 9.04M | 17.32M | 32.33M | 48.42M | 66.74M | 21.78M | 8.84M | 5.72M | 4.27M | 7.7M | 6.64M | 5.2M | 6.37M | 1.6M | 0 | 4M |
| Other Income/Expense | -60.99M | -61.77M | -104.09M | -410.8M | -171.98M | -8.19M | -42.91M | -245.06M | -14.15M | -49.7M | -28.39M | -41.93M | -41.08M | -58.65M | -66.49M | -8.32M | -25.59M | -57.5M | -54M | -64.16M | -21.98M | -8.84M | -3.92M | -4.27M | -7.7M | -6.64M | -5.2M | -6.37M | -1.61M | 17.2M | -4M |
| Pretax Income | 184.8M | 215.09M | 142.88M | -187.05M | 33.1M | 209.66M | 175.91M | -63.09M | 212.95M | 213.93M | 191.12M | 174.79M | 225.46M | 195.53M | 186.92M | 272.1M | 231.06M | 200.21M | 164.47M | 161.53M | 139.5M | 143.84M | 135.66M | 125.11M | 112.56M | 81.12M | 90.23M | 82.63M | 62M | 58.1M | 30.8M |
| Pretax Margin % | 11.09% | 12.83% | 8.52% | -9.99% | 1.64% | 10.07% | 9.06% | -3.44% | 11.83% | 11.91% | 11.12% | 10.12% | 12.37% | 11.01% | 10.62% | 15.26% | 13.26% | 11.78% | 10.21% | 9.65% | 11.3% | 13.78% | 13.93% | 13.56% | 13.18% | 11.05% | 14.7% | 13.89% | 12.2% | 12.44% | 7.13% |
| Income Tax | -13.39M | -6.53M | 58.72M | 13.27M | 15.87M | 61.35M | 27.66M | 11.2M | 44.69M | 21.75M | 77.47M | 29.01M | 48.59M | 35.02M | 42.7M | 59.35M | 59.17M | 56.67M | 36.22M | 13.99M | 39.88M | 33.52M | 51.82M | 36.27M | 25.28M | 23.8M | 31.31M | 30.24M | 22.3M | 21.5M | 10.5M |
| Effective Tax Rate % | -7.24% | -3.04% | 41.1% | -7.1% | 47.94% | 29.26% | 15.72% | -17.74% | 20.99% | 10.16% | 40.54% | 16.6% | 21.55% | 17.91% | 22.84% | 21.81% | 25.61% | 28.3% | 22.02% | 8.66% | 28.59% | 23.3% | 38.2% | 28.99% | 22.46% | 29.34% | 34.7% | 36.6% | 35.97% | 37.01% | 34.09% |
| Net Income | 198.19M | 221.62M | 84.16M | -200.32M | 17.23M | 148.31M | 148.26M | -74.29M | 168.26M | 192.19M | 113.64M | 145.78M | 176.87M | 160.51M | 144.22M | 212.75M | 171.89M | 143.54M | 128.26M | 147.54M | 99.62M | 110.33M | 83.84M | 88.84M | 87.28M | 57.32M | 58.92M | 52.39M | 39.7M | 36.6M | 20.3M |
| Net Margin % | 11.9% | 13.22% | 5.02% | -10.7% | 0.85% | 7.12% | 7.64% | -4.06% | 9.35% | 10.7% | 6.61% | 8.44% | 9.71% | 9.04% | 8.19% | 11.93% | 9.86% | 8.45% | 7.96% | 8.81% | 8.07% | 10.57% | 8.61% | 9.63% | 10.22% | 7.8% | 9.6% | 8.81% | 7.81% | 7.84% | 4.7% |
| Net Income Growth % | 103.7% | 163.33% | 142.01% | -1262.42% | -88.38% | 0.04% | 299.57% | -144.15% | -12.45% | 69.11% | -22.05% | -17.58% | 10.19% | 11.29% | -32.21% | 23.77% | 19.75% | 11.92% | -13.07% | 48.1% | -9.71% | 31.59% | -5.63% | 1.79% | 52.27% | -2.72% | 12.46% | 31.96% | 8.47% | 80.3% | -17.81% |
| Net Income (Continuing) | 198.19M | 221.62M | 84.16M | -200.32M | 17.23M | 148.31M | 148.26M | -74.29M | 168.26M | 192.19M | 113.64M | 145.78M | 176.87M | 160.51M | 144.22M | 212.75M | 171.89M | 143.54M | 128.26M | 147.54M | 99.62M | 110.33M | 83.84M | 88.84M | 87.28M | 57.32M | 58.92M | 52.39M | 39.71M | 36.6M | 20.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.91 | 4.16 | 1.53 | -3.65 | 0.31 | 2.62 | 2.63 | -1.32 | 2.91 | 3.32 | 1.95 | 2.48 | 2.97 | 2.70 | 2.39 | 3.47 | 2.80 | 2.39 | 2.15 | 2.49 | 1.71 | 1.85 | 1.35 | 1.41 | 1.38 | 0.91 | 0.93 | 0.81 | 0.60 | 0.55 | 0.31 |
| EPS Growth % | 108.43% | 171.9% | 141.92% | -1277.42% | -88.17% | -0.38% | 299.24% | -145.36% | -12.35% | 70.26% | -21.37% | -16.5% | 10% | 12.97% | -31.12% | 23.93% | 17.15% | 11.16% | -13.65% | 45.61% | -7.57% | 37.04% | -4.26% | 2.17% | 51.65% | -2.15% | 14.81% | 35% | 9.09% | 77.42% | -18.42% |
| EPS (Basic) | - | 4.22 | 1.56 | -3.65 | 0.31 | 2.66 | 2.65 | -1.32 | 2.94 | 3.35 | 1.99 | 2.53 | 3.01 | 2.72 | 2.46 | 3.57 | 2.83 | 2.39 | 2.20 | 2.55 | 1.75 | 1.90 | 1.38 | 1.44 | 1.42 | 0.94 | 0.97 | 0.85 | 0.63 | 0.58 | 0.31 |
| Diluted Shares Outstanding | 50.75M | 53.25M | 54.83M | 54.95M | 56.35M | 56.6M | 56.46M | 56.21M | 57.84M | 57.89M | 58.2M | 58.73M | 59.59M | 59.51M | 60.22M | 61.27M | 61.36M | 59.68M | 59.61M | 59.32M | 58.29M | 59.79M | 62.09M | 63.23M | 63.24M | 62.98M | 63.35M | 64.68M | 66.18M | 66.55M | 65.48M |
| Basic Shares Outstanding | 50.75M | 52.47M | 54.05M | 54.95M | 55.56M | 55.76M | 55.93M | 56.21M | 57.19M | 57.41M | 57.17M | 57.56M | 58.84M | 59.05M | 58.67M | 59.52M | 60.71M | 58.31M | 58.42M | 57.92M | 56.93M | 58.07M | 60.72M | 61.77M | 61.46M | 60.97M | 60.74M | 61.63M | 63.03M | 63.1M | 65.48M |
| Dividend Payout Ratio | - | 33.55% | 90.42% | - | 448.55% | 52.06% | 51.9% | - | 45.02% | 38.27% | 62.96% | 47.95% | 38.73% | 36.73% | 39.82% | 22.68% | 22.55% | 22.98% | 23.76% | 17.36% | 22.93% | 19.13% | 21.62% | 18.31% | 14.14% | 19.22% | 16.51% | 16.43% | 19.79% | 19.13% | 30.54% |
Quick answers to the most common questions about buying WLY stock.
For fiscal year 2026, John Wiley & Sons, Inc. (WLY) reported total revenue of $1.68B. This represents a 288.1% increase compared to $432.0M in 1997.
John Wiley & Sons, Inc. (WLY) is profitable, generating $221.6M in net income for the fiscal year ending 2026 with a net profit margin of 13.2%.
John Wiley & Sons, Inc. (WLY) reported an operating income of $276.9M, resulting in an operating profit margin of 16.5%. This margin reflects the operational efficiency of the business before interest and taxes.
John Wiley & Sons, Inc. (WLY) generated $1.25B in gross profit for the year, representing a gross profit margin of 74.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Open access transition volatility
Metrics are mathematically derived from official filings.
Revenue Stabilization Amid Portfolio Realignment
According to recent financial disclosures, WLY's revenue trajectory has shifted from double-digit declines in 2024 to a modest 1.2% growth in 2026Q4, suggesting that the company's strategic divestiture of non-core education assets is finally beginning to stabilize the top-line performance against historical headwinds.
The transition from consistent year-over-year revenue contraction to positive growth indicates that the company's focus on its core research publishing business is gaining traction. Investors should monitor whether this growth is sustainable or merely a result of easier year-over-year comparisons following the completion of major restructuring efforts.
Gross Margin Expansion Through Efficiency
As reported in quarterly filings, WLY achieved a significant gross margin expansion to 84.3% in 2026Q4, a notable improvement from the 65.9% level observed in 2024Q3, reflecting the successful shedding of lower-margin service-heavy segments and a greater reliance on high-margin digital research content.
This structural shift in gross margin suggests that the company is successfully pivoting toward a more scalable, pure-play information services model. The improvement appears to be a direct consequence of the Value Acceleration Plan, which prioritizes high-margin journal publishing over the capital-intensive and lower-margin education services business.
Operating Leverage Scaling With Restructuring
Based on the provided income statement data, WLY's operating income reached $94.0M in 2026Q4, demonstrating improved operating leverage as SG&A expenses were contained at $211.4M, down from the $253.4M peak observed in 2024Q3, suggesting that management's cost-discipline initiatives are effectively enhancing bottom-line profitability.
The ability to grow operating income while simultaneously reducing absolute SG&A spending implies that the company is successfully streamlining its administrative overhead. This trend warrants further investigation to determine if these cost savings are permanent or if they represent a temporary reduction in necessary operational investment.
Earnings Quality Impacted By Adjustments
Analysis of the income statement reveals that WLY's net income volatility, including a $113.9M loss in 2024Q3 and a $135.3M profit in 2026Q4, suggests that reported earnings are heavily influenced by non-operating items and restructuring charges rather than purely organic operational performance.
The significant variance in net income highlights the difficulty in assessing the company's underlying earnings power during this period of intense portfolio transformation. Investors should exercise caution when interpreting EPS figures, as they appear to be distorted by the accounting treatment of divestitures and other one-time items.
Risks To The Subscription Model
While recent margins appear robust, skeptics might argue that the 84.3% gross margin is vulnerable to the ongoing industry-wide shift toward open access, which may eventually erode the pricing power of traditional subscription-based 'Big Deal' contracts that have historically underpinned WLY's financial performance.
The reliance on Article Processing Charges as a replacement for institutional subscriptions remains an unproven long-term strategy that could lead to margin compression if competition for research volume intensifies. The market should monitor whether the company can maintain its prestige-driven pricing power in an increasingly open-access academic environment.