JOHN WILEY & SONS, INC.WLY
JOHN WILEY & SONS, INC. Segments Disclosure
Segment Information
We report our segment information in accordance with the provisions of FASB ASC Topic 280, “Segment Reporting.” We determine our operating and reportable segments based on how our CODM evaluates our business performance, manages the operations, makes operating decisions, and allocates resources.
Our segment reporting structure consists of three operating and reportable segments, which are listed below, as well as a Corporate expense category, which includes certain costs that are not allocated to the reportable segments:
•Research
•Learning
•Held for Sale or Sold
Our President and Chief Executive Officer is the Company’s CODM. The performance metric used by our CODM to evaluate performance of our reportable segments is Adjusted Operating Income. The CODM uses Adjusted Operating Income during the annual budgeting process and evaluates budget and forecast-to-actual variances on a monthly basis to make decisions about the allocation of resources to our segments.
Our significant expense categories that are included within Adjusted Operating Income include cost of sales, direct expenses, allocated expenses from our Corporate expense category, and amortization of intangible assets. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
The following tables present a summary of our Adjusted Operating Income (Loss) by segment, and the reconciliation to Income (loss) before taxes:
| For the Year Ended April 30, 2026 | |||||||||||||||||
| Research | Learning | Total | |||||||||||||||
| Revenue | $ | 1,129,942 | $ | 546,586 | $ | 1,676,528 | |||||||||||
| Cost of sales | 303,702 | 127,807 | 431,509 | ||||||||||||||
| Direct expenses | 331,192 | 136,301 | 467,493 | ||||||||||||||
| Allocated Corporate expenses | 167,578 | 107,909 | 275,487 | ||||||||||||||
| Amortization of intangible assets | 44,866 | 8,184 | 53,050 | ||||||||||||||
Adjusted Operating Income by segment(1) | $ | 282,604 | $ | 166,385 | $ | 448,989 | |||||||||||
| Reconciliation of Adjusted Operating Income by segment to Income before taxes | |||||||||||||||||
Adjusted unallocated Corporate expenses(2) | (152,819) | ||||||||||||||||
Restructuring and related charges(3) | (19,203) | ||||||||||||||||
| Interest expense | (43,848) | ||||||||||||||||
| Net foreign exchange transaction losses | (6,564) | ||||||||||||||||
| Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | (4,828) | ||||||||||||||||
| Other expense, net | (6,533) | ||||||||||||||||
Legal settlement(4) | (108) | ||||||||||||||||
| Income before taxes | $ | 215,086 | |||||||||||||||
| For the Year Ended April 30, 2025 | |||||||||||||||||||||||
| Research | Learning | Held for Sale or Sold | Total | ||||||||||||||||||||
| Revenue | $ | 1,075,459 | $ | 584,768 | $ | 17,382 | $ | 1,677,609 | |||||||||||||||
| Cost of sales | 278,867 | 144,758 | 7,755 | 431,380 | |||||||||||||||||||
| Direct expenses | 336,484 | 142,204 | 10,365 | 489,053 | |||||||||||||||||||
| Allocated Corporate expenses | 160,959 | 114,703 | 2,840 | 278,502 | |||||||||||||||||||
| Amortization of intangible assets | 43,569 | 8,253 | — | 51,822 | |||||||||||||||||||
| Adjusted Operating Income (Loss) by segment | $ | 255,580 | $ | 174,850 | $ | (3,578) | $ | 426,852 | |||||||||||||||
| Reconciliation of Adjusted Operating Income by segment to Income before taxes | |||||||||||||||||||||||
Adjusted unallocated Corporate expenses(2) | (179,882) | ||||||||||||||||||||||
Restructuring and related charges(3) | (25,561) | ||||||||||||||||||||||
| Interest expense | (52,547) | ||||||||||||||||||||||
Net foreign exchange transaction losses | (8,142) | ||||||||||||||||||||||
| Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | (23,340) | ||||||||||||||||||||||
| Other income, net | 5,498 | ||||||||||||||||||||||
| Income before taxes | $ | 142,878 | |||||||||||||||||||||
| For the Year Ended April 30, 2024 | |||||||||||||||||||||||
| Research | Learning | Held for Sale or Sold | Total | ||||||||||||||||||||
| Revenue | $ | 1,042,705 | $ | 574,739 | $ | 255,543 | $ | 1,872,987 | |||||||||||||||
| Cost of sales | 281,109 | 145,054 | 153,559 | 579,722 | |||||||||||||||||||
| Direct expenses | 323,392 | 145,514 | 48,127 | 517,033 | |||||||||||||||||||
| Allocated Corporate expenses | 155,495 | 132,394 | 23,142 | 311,031 | |||||||||||||||||||
| Amortization of intangible assets | 44,946 | 9,044 | 2,004 | 55,994 | |||||||||||||||||||
| Adjusted Operating Income by segment | $ | 237,763 | $ | 142,733 | $ | 28,711 | $ | 409,207 | |||||||||||||||
| Reconciliation of Adjusted Operating Income by segment to Income before taxes | |||||||||||||||||||||||
Adjusted unallocated Corporate expenses(2) | (185,456) | ||||||||||||||||||||||
Impairment of goodwill(3) | (108,449) | ||||||||||||||||||||||
Restructuring and related charges(3) | (63,041) | ||||||||||||||||||||||
| Interest expense | (49,003) | ||||||||||||||||||||||
| Net foreign exchange transaction losses | (2,959) | ||||||||||||||||||||||
| Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale | (183,389) | ||||||||||||||||||||||
| Other expense, net | (3,957) | ||||||||||||||||||||||
| Loss before taxes | $ | (187,047) | |||||||||||||||||||||
(1) | |||||
(2) | Corporate expenses include certain costs that are not allocated to the reportable segments. | ||||
(3) | |||||
(4) | In the year ended April 30, 2026, we settled a litigation matter related to consideration for a previous acquisition for $0.1 million which is included in Corporate Operating and administrative expenses. | ||||
See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2026, 2025, and 2024.
Depreciation and amortization expense were as follows:
| For the Years Ended April 30, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| Research | $ | 92,472 | $ | 89,302 | $ | 93,422 | |||||||||||
| Learning | 41,148 | 43,900 | 57,696 | ||||||||||||||
| Held for Sale or Sold | — | — | 3,437 | ||||||||||||||
| Total depreciation and amortization | $ | 133,620 | $ | 133,202 | $ | 154,555 | |||||||||||
| Corporate depreciation and amortization | 9,857 | 13,924 | 22,434 | ||||||||||||||
| Total depreciation and amortization | $ | 143,477 | $ | 147,126 | $ | 176,989 | |||||||||||
Revenue by geographical area is attributed based on the location of the legal entity that recognized the revenue. Previously, revenue was attributed based on the location of the customer. We believe the change to revenue attributed based upon legal entity better reflects the geographical profile of our revenue and how we manage our operations. Prior period information has been recast to reflect this change.
Revenue from external customers by geographical area was as follows:
For the Years Ended April 30, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
| United States | $ | 854,540 | $ | 848,575 | $ | 988,129 | |||||||||||
| United Kingdom | 490,431 | 498,934 | 520,418 | ||||||||||||||
| Germany | 192,291 | 183,044 | 172,855 | ||||||||||||||
| Other countries | 139,266 | 147,056 | 191,585 | ||||||||||||||
| Total | $ | 1,676,528 | $ | 1,677,609 | $ | 1,872,987 | |||||||||||
Total long-lived assets, consisting of technology, property and equipment, net and operating lease ROU assets by geographical area as of April 30 were as follows:
| 2026 | 2025 | 2024 | |||||||||||||||
| United States | $ | 157,172 | $ | 185,610 | $ | 213,192 | |||||||||||
| United Kingdom | 21,187 | 25,315 | 27,584 | ||||||||||||||
| Other countries | 15,029 | 17,328 | 20,736 | ||||||||||||||
| Total | $ | 193,388 | $ | 228,253 | $ | 261,512 | |||||||||||
Our CODM reviews our financial position at a consolidated level and does not review assets by segment to evaluate segment performance or allocate resources. As such, assets by segment are not disclosed.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 24, 2026 | Showing above |
| 2025 | Jun 25, 2025 | |
| 2024 | Jun 26, 2024 | |
| 2023 | Jun 26, 2023 | |
| 2022 | Jun 24, 2022 | |
| 2021 | Jul 6, 2021 | |
| 2020 | Jun 26, 2020 | |
| 2019 | Jul 1, 2019 | |
| 2018 | Jun 29, 2018 | |
| 2017 | Jun 29, 2017 | |
| 2016 | Jun 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.