Detailed financial statements for John Wiley & Sons, Inc. (WLY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
John Wiley & Sons, Inc., a publisher, provides authoritative content, data-driven insights, and knowledge services for the advancement of science, innovation, and learning in the United States, China, the United Kingdom, Japan, Australia, and internationally.
Analysis Summary
John Wiley & Sons, Inc. reported revenue of $1.68B in the most recent fiscal year, growing at a 5-year CAGR of -2.9%. Net income reached $221.6M, with a 8.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 75.4%, operating margin 14.8%, net margin 11.9%. Free cash flow grew at -4.9% CAGR over 5 years.
At the current price of $48.54, WLY trades at a P/E of 12.83 and an ROE of 26.13%. Market capitalisation stands at $2.5B.
Balance sheet quality for WLY: current ratio of 0.5, net debt of $693.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $176.7M represents 80% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.72B | $1.80B | $1.80B | $1.83B | $1.94B | $2.08B | $2.02B | $1.87B | $1.68B | $1.68B |
| Cost of Revenue | $510.4M | $579.3M | $609.4M | $653.5M | $700.0M | $785.5M | $777.4M | $635.7M | $483.2M | $431.5M |
| Gross Profit | $1.21B | $1.22B | $1.19B | $1.18B | $1.24B | $1.30B | $1.24B | $1.24B | $1.19B | $1.25B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $988.6M | $953.2M | $963.6M | $996.1M | $1.02B | $1.08B | $1.04B | $1.01B | $947.4M | $895.9M |
| Operating Expenses | $988.6M | $953.2M | $963.6M | $996.1M | $1.02B | $1.08B | $1.04B | $1.01B | $947.4M | $968.2M |
| Operating Income | $219.5M | $263.6M | $227.1M | $182.0M | $218.8M | $217.8M | $205.1M | $223.8M | $247.0M | $276.9M |
| EBITDA | $376.1M | $417.6M | $388.3M | $361.3M | $424.1M | $449.8M | $288.6M | $43.4M | $345.0M | $258.9M |
| Interest Expense | $15.8M | $13.3M | $16.1M | $25.0M | $18.4M | $19.8M | $37.7M | $49.0M | $52.5M | $43.8M |
| Pre-tax Income | $191.1M | $213.9M | $213.0M | -$63.1M | $175.9M | $209.7M | $33.1M | -$187.0M | $142.9M | $215.1M |
| Income Tax | $77.5M | $21.7M | $44.7M | $11.2M | $27.7M | $61.4M | $15.9M | $13.3M | $58.7M | -$6.5M |
| Net Income | $113.6M | $192.2M | $168.3M | -$74.3M | $148.3M | $148.3M | $17.2M | -$200.3M | $84.2M | $221.6M |
| EPS | $1.99 | $3.35 | $2.94 | $-1.32 | $2.65 | $2.66 | $0.31 | $-3.65 | $1.56 | $4.22 |
| EPS (Diluted) | $1.95 | $3.32 | $2.91 | $-1.32 | $2.63 | $2.62 | $0.31 | $-3.65 | $1.53 | $4.16 |
| Shares Outstanding (Diluted) | $58.2M | $57.9M | $57.8M | $56.2M | $56.5M | $56.6M | $56.4M | $54.9M | $54.8M | $53.2M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $421.8M | $410.0M | $447.9M | $386.4M |
| Gross Profit | $304.1M | $288.9M | $377.7M | $285.5M |
| Operating Income | $79.0M | $69.8M | $94.0M | $2.9M |
| EBITDA | $105.8M | $91.5M | -$3.8M | $38.7M |
| Net Income | $44.9M | $29.7M | $135.3M | -$11.7M |
| EPS | $0.85 | $0.57 | $2.58 | $-0.23 |
| EPS (Diluted) | $0.84 | $0.56 | $2.54 | $-0.23 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $58.5M | $169.8M | $92.9M | $202.5M | $93.8M | $100.4M | $106.7M | $83.2M | $85.9M | $75.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $154,000 | 0 | 0 |
| Receivables | $188.7M | $212.4M | $306.6M | $309.4M | $311.6M | $332.0M | $310.1M | $224.2M | $228.4M | $244.2M |
| Inventory | $47.9M | $39.5M | $35.6M | $43.6M | $42.5M | $36.6M | $30.7M | $26.2M | $22.9M | $19.3M |
| Total Current Assets | $359.7M | $480.0M | $502.5M | $614.9M | $526.3M | $550.9M | $541.3M | $454.0M | $439.9M | $419.7M |
| Property, Plant & Equipment | $252.5M | $289.9M | $289.0M | $440.7M | $403.7M | $383.3M | $338.3M | $261.5M | $228.3M | $193.4M |
| Goodwill | $982.1M | $1.02B | $1.10B | $1.12B | $1.30B | $1.30B | $1.20B | $1.09B | $1.12B | $1.13B |
| Intangible Assets | $927.4M | $926.9M | $928.0M | $861.0M | $1.06B | $931.4M | $854.8M | $615.7M | $595.0M | $579.0M |
| Total Assets | $2.61B | $2.84B | $2.94B | $3.17B | $3.45B | $3.36B | $3.11B | $2.73B | $2.69B | $2.59B |
| Accounts Payable | $133.5M | $90.1M | $91.0M | $93.7M | $95.8M | $77.4M | $84.3M | $55.7M | $60.9M | $67.2M |
| Short-term Debt | 0 | 0 | 0 | $9.4M | $12.5M | $39.3M | $5.0M | $7.5M | $10.0M | $12.5M |
| Total Current Liabilities | $787.9M | $874.3M | $882.3M | $927.3M | $989.0M | $969.4M | $895.6M | $873.3M | $820.9M | $778.9M |
| Long-term Debt | $365.0M | $360.0M | $478.8M | $765.6M | $809.1M | $768.3M | $743.3M | $767.1M | $789.4M | $670.9M |
| Total Liabilities | $1.60B | $1.65B | $1.76B | $2.24B | $2.36B | $2.22B | $2.06B | $1.99B | $1.94B | $1.74B |
| Retained Earnings | $1.72B | $1.83B | $1.93B | $1.78B | $1.85B | $1.92B | $1.86B | $1.58B | $1.59B | $1.74B |
| Total Equity | $1.00B | $1.19B | $1.18B | $933.6M | $1.09B | $1.14B | $1.05B | $739.7M | $752.2M | $848.2M |
| Total Debt | $365.0M | $360.0M | $478.8M | $956.6M | $989.9M | $940.1M | $883.5M | $887.3M | $899.2M | $768.9M |
| Net Debt | $306.5M | $190.2M | $385.9M | $754.2M | $896.1M | $839.7M | $776.8M | $803.9M | $813.3M | $693.3M |
| Working Capital | -$428.1M | -$394.3M | -$379.8M | -$312.3M | -$462.7M | -$418.6M | -$354.3M | -$419.2M | -$381.0M | -$359.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $67.4M | $95.1M | $75.6M | $106.4M |
| Total Assets | $2.47B | $2.56B | $2.59B | $3.13B |
| Total Liabilities | $1.73B | $1.81B | $1.74B | $2.34B |
| Total Equity | $740.2M | $750.0M | $848.2M | $797.0M |
| Total Debt | $964.6M | $897.4M | $768.9M | $1.37B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $113.6M | $192.2M | $168.3M | -$74.3M | $148.3M | $148.3M | $17.2M | -$200.3M | $84.2M | $221.6M |
| Depreciation & Amortization | $116.4M | $154.0M | $161.2M | $175.1M | $200.2M | $215.2M | $213.3M | $177.0M | $148.2M | $146.2M |
| Stock-based Compensation | $17.6M | $11.2M | $18.3M | $20.0M | $22.0M | $25.7M | $26.5M | $25.0M | $22.2M | $20.6M |
| Change in Working Capital | -$27.2M | -$96,000 | -$98.5M | -$80.4M | -$99.9M | -$104.4M | -$138.6M | -$128.9M | -$132.6M | -$118.2M |
| Operating Cash Flow | $314.5M | $373.8M | $250.8M | $288.4M | $359.9M | $339.1M | $277.1M | $207.6M | $202.6M | $260.5M |
| Capital Expenditure | -$110.7M | -$140.9M | -$86.7M | -$90.4M | -$133.2M | -$121.7M | -$106.7M | -$101.8M | -$82.8M | -$83.8M |
| Acquisitions | -$154.8M | 0 | -$190.4M | -$229.6M | -$299.9M | -$75.7M | $8.3M | -$3.1M | -$11.2M | $112.0M |
| Stock Repurchased | -$50.3M | -$39.7M | -$60.0M | -$46.6M | -$15.8M | -$30.0M | -$35.0M | -$45.0M | -$60.4M | -$100.1M |
| Dividends Paid | -$71.5M | -$73.5M | -$75.8M | -$76.7M | -$76.9M | -$77.2M | -$77.3M | -$77.0M | -$76.1M | -$74.4M |
| Free Cash Flow | $203.8M | $232.9M | $164.2M | $198.0M | $226.7M | $217.4M | $170.4M | $105.9M | $119.8M | $176.7M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $8.5M | $179.8M | $157.2M | -$55.3M |
| Capital Expenditure | -$25.4M | -$26.8M | -$15.3M | -$11.2M |
| Free Cash Flow | -$16.9M | $153.0M | $141.9M | -$66.5M |
| Dividends Paid | -$18.8M | -$18.5M | -$18.1M | -$18.2M |
| Stock-based Compensation | $5.6M | $5.3M | $17.4M | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.5% | +0.2% | +1.7% | +6.0% | +7.3% | -3.0% | -7.3% | -10.4% | -0.1% | |
| Net Income Growth (YoY) | +69.1% | -12.4% | -144.1% | +299.6% | +0.0% | -88.4% | -1,262.4% | +142.0% | +163.3% | |
| EPS Growth (YoY) | +68.3% | -12.2% | -144.9% | +300.8% | +0.4% | -88.3% | -1,277.4% | +142.7% | +170.5% | |
| Shares Change (YoY) | -0.5% | -0.1% | -2.8% | +0.4% | +0.2% | -0.4% | -2.5% | -0.2% | -2.9% | |
| FCF Growth (YoY) | +14.3% | -29.5% | +20.6% | +14.5% | -4.1% | -21.6% | -37.9% | +13.2% | +47.5% | |
| Gross Margin | 70.3% | 67.7% | 66.1% | 64.3% | 63.9% | 62.3% | 61.5% | 66.1% | 71.2% | 74.3% |
| Operating Margin | 12.8% | 14.7% | 12.6% | 9.9% | 11.3% | 10.5% | 10.2% | 11.9% | 14.7% | 16.5% |
| EBITDA Margin | 21.9% | 23.3% | 21.6% | 19.7% | 21.8% | 21.6% | 14.3% | 2.3% | 20.6% | 15.4% |
| Net Margin | 6.6% | 10.7% | 9.3% | -4.1% | 7.6% | 7.1% | 0.9% | -10.7% | 5.0% | 13.2% |
| FCF Margin | 11.9% | 13.0% | 9.1% | 10.8% | 11.7% | 10.4% | 8.4% | 5.7% | 7.1% | 10.5% |
| Effective Tax Rate | 40.5% | 10.2% | 21.0% | -17.7% | 15.7% | 29.3% | 47.9% | -7.1% | 41.1% | -3.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.50 | $4.02 | $2.84 | $3.52 | $4.02 | $3.84 | $3.02 | $1.93 | $2.19 | $3.32 |
| Dividends Per Share | $1.23 | $1.27 | $1.31 | $1.36 | $1.36 | $1.36 | $1.37 | $1.40 | $1.39 | $1.40 |
| Shares Outstanding (Basic) | $57.2M | $57.4M | $57.2M | $56.2M | $55.9M | $55.8M | $55.6M | $54.9M | $54.1M | $52.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 26.13% |
| Return on Invested Capital | 15.04% |
| Return on Assets | 8.55% |
| Gross Margin | 75.40% |
| Operating Margin | 14.75% |
| Net Margin | 11.90% |
Financial Health
| Debt / Equity | 1.72 |
| Current Ratio | 0.64 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.61 | 19.69 | 15.71 | -28.45 | 21.49 | 19.13 | 123.26 | -10.29 | 27.97 | 9.70 |
| P/B | 3.02 | 3.18 | 2.24 | 2.26 | 2.92 | 2.48 | 2.03 | 2.79 | 3.14 | 2.53 |
| P/S | 1.76 | 2.11 | 1.47 | 1.15 | 1.64 | 1.36 | 1.05 | 1.10 | 1.41 | 1.28 |
| Gross Margin | 70.3% | 67.7% | 66.1% | 64.3% | 63.9% | 62.3% | 61.5% | 66.1% | 71.2% | 74.3% |
| Operating Margin | 12.8% | 14.7% | 12.6% | 9.9% | 11.3% | 10.5% | 10.2% | 11.9% | 14.7% | 16.5% |
| Net Margin | 6.6% | 10.7% | 9.3% | -4.1% | 7.6% | 7.1% | 0.9% | -10.7% | 5.0% | 13.2% |
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