Wiley Hits Stride as Breakout Year Sees Record Margins and Cash Flow Growth
Wiley, a leading provider of trusted content and intelligence, has marked its year as a breakout one. The company's recent Q4 2026 conference call revealed exceptional growth in various areas, solidifying its position as a high-margin business.
Matthew Kissner, President and CEO of Wiley, highlighted the significance of FY 2026 as a transformative period for the company. 'This was a defining year for tomorrow's Wiley,' he stated, emphasizing the importance of accelerating leadership in the AI economy. As Kissner noted, 'AI is only as good as the content and data that fuels it,' and Wiley boasts one of the most comprehensive and trusted portfolios in the world.
The company's growth engines are two-fold: Research and AI & Data Analytics. The former drives market share in high-demand academic disciplines with durable growth at mid-single digits, while the latter utilizes research intelligence services to create a higher-value partner that aids corporate R&D and academic labs. This synergy between Research and AI is often referred to as Wiley's 'flywheel,' which saw significant progress during the quarter.
Key highlights from FY 2026 include mid-single-digit growth in research, with record volume and strong recurring revenue. Additionally, AI revenue increased from $40 million to $49 million, driven by a rapidly expanding recurring base. Notable partnerships were formed with IQVIA and OpenEvidence, while the Nexus content licensing service was launched for other publishers.
Craig Albright, Executive Vice President and CFO of Wiley, presented the company's financial results during the call. Adjusted revenue remained flat to prior year or rose 1%, despite learning revenue challenges. This growth came from strong demand in research, with output increasing by 11% and revenue rising by 4%. The adjusted EBITDA margin jumped 220 basis points to 26.2%, and adjusted operating margin climbed 260 basis points to 17.
'Gold in, gold out,' as OpenEvidence put it, exemplifies Wiley's position as a high-quality content provider. This asset is driving growth across various fronts, with momentum expected to continue into FY 2027.
