Financial Analysis

Commitment and Contingencies Legal Proceedings We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2026 , will not have a material effect upon our consolidated financial condition or results of operations. Anthropic Class-Action Lawsuit In August 2024, certain authors filed a class-action lawsuit against Anthropic in the US District Court …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt and Available Credit Facilities Our total debt outstanding as of April 30 consisted of the amounts set forth in the following table: 2026 2025 Short-term portion of long-term debt (1) $ 12,500 $ 10,000 Term loan A - Amended and Restated CA (2) 162,243 174,581 Revolving credit facility - Amended and Restated CA 508,654 614,854 Total long-term debt, less current portion 670,897 789,435 Total debt $ 683,397 $ 799,435 (1) Relates to our term loan A under the Amended and Restated CA. (2) Amounts are shown net of unamortized issuance costs of $0.3 million as of April 30, 2026 and $0.4 million as of April 30, 2025. The following table summarizes the scheduled annual maturities for the next two years of our long-term debt, including the short-term portion of long-term debt. This schedule represents the principal portion amount of debt outstanding and therefore excludes unamortized issuance costs. Fiscal Year Amount 2027 $ 12,500 2028 671,154 Total $ 683,654 Amended and Restated CA On November 30, 2022, we entered into the second amendment to the Third Amended and Restated Credit Agreement (collectively, the Amended and Restated CA). The Amended and Restated CA as of November 30, 2022 provided for senior unsecured credit facilities comprised of the following (i) a five-year revolving credit facility in an aggregate principal amount up to $1.115 billion which matures November 2027 , (ii) a five-year term loan A facility consisting of $200 million which matures November 2027 , and …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our revenue from contracts with customers disaggregated by segment and product type. For the Years Ended April 30, 2026 2025 2024 Research: Research Publishing $ 965,767 $ 922,553 $ 892,784 Research Solutions 164,175 152,906 149,921 Total Research 1,129,942 1,075,459 1,042,705 Learning: Academic 318,757 333,693 323,541 Professional 227,829 251,075 251,198 Total Learning 546,586 584,768 574,739 Held for Sale or Sold 17,382 255,543 Total Revenue $ 1,676,528 $ 1,677,609 $ 1,872,987 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company provides stock-based compensation to its employees and non-employee directors, which may include restricted stock units (RSU), PSU, and stock options (collectively, stock-based awards). All equity compensation plans have been approved by shareholders. On September 29, 2022, the Companys shareholders approved the John Wiley & Sons, Inc. 2022 Omnibus Stock and Long-Term Incentive Plan (the 2022 Plan), which replaced, with respect to new award grants, our 2014 Key Employee Stock Plan and 2018 Director Stock Plan (the Prior Plans) that were previously in effect. Following the approval of the 2022 Plan, no further awards were available to be issued under the Prior Plans, but awards outstanding under the Prior Plans as of that date remain outstanding in accordance with their terms. A total numb er of 6.2 million shares of our Class A stock was authorized under the 2022 Plan. In addition, any outstanding awards cancelled from the Prior Plans are added to the shares available under the 2022 Plan. As of April 30, 2026 , there were approximately 4.7 million securities remaining that are available for future issuance under the 2022 Plan. We issue treasury shares to fund awards issued under the 2022 Plan. Performance-Based and Other Restricted Stock Activity Under the terms of our long-term incentive plans, PSU are payable in restricted shares of our Class A Common Stock upon the achievement of certain three -year or less financial performance-bas …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill by segment as of April 30 : Research Learning Total Balance at April 30, 2024 (1) $ 607,289 $ 484,079 $ 1,091,368 Acquisition (2) 1,026 1,026 Foreign Translation Adjustment 32,145 (3,034) 29,111 Balance at April 30, 2025 $ 639,434 $ 482,071 $ 1,121,505 Foreign Translation Adjustment (67) 10,954 10,887 Balance at April 30, 2026 $ 639,367 $ 493,025 $ 1,132,392 (1) As of April 30, 2024, the goodwill balance for the Held for Sale or Sold segment includes accumulated pretax noncash goodwill impairments of $318.2 million. These impairments reduced the goodwill for all reporting units within this segment to zero. (2) Refer to Note 4 , Acquisition and Divestitures, for more information related to the acquisition that occurred in the year ended April 30, 2025. Annual Impairment Tests as of February 1, 2026 and 2025 For our reporting units within the Research and Learning segments, we performed a qualitative assessment by reporting unit as of February 1, 2026 and 2025. This assessment included consideration of key factors including macroeconomic conditions, industry and market considerations, financial performance, weighted average cost of capital (WACC), market multiples of current and forward 12-month EBITDA, and other relevant entity and reporting unit-specific events. Based on our qualitative assessment, we determined it was not more likely than not that the fair value of any reporting u …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The (benefit) provision for income taxes were as follows: For the Years Ended April 30, 2026 2025 2024 Current provision US Federal $ 4,445 $ 5,497 $ 2,152 International 62,254 50,300 49,357 State and local 1,454 1,981 (337) Total current provision $ 68,153 $ 57,778 $ 51,172 Deferred (benefit) provision US Federal $ (53,217) $ 3,394 $ (25,026) International (10,993) 1,696 (4,772) State and local (10,474) (4,151) (8,102) Total deferred (benefit) provision $ (74,684) $ 939 $ (37,900) Total (benefit) provision $ (6,531) $ 58,717 $ 13,272 International and United States pretax income (loss) were as follows: For the Years Ended April 30, 2026 2025 2024 International $ 192,809 $ 189,781 $ 109,616 United States 22,277 (46,903) (296,663) Total $ 215,086 $ 142,878 $ (187,047) In accordance with our adoption of ASU 2023-09 on a prospective basis, the reconciliation of our US federal statutory tax rate to our effective income tax rate, presented as both a rate and dollar amount, is as follows: For the Year Ended April 30, 2026 US federal statutory rate $ 45,168 21.0 % State and local income tax, net of federal (national) income tax effect (1) (9,478) (4.4) % Foreign tax effects United Kingdom 5,773 2.7 % Germany Statutory tax rate difference (4,630) (2.2) % Changes in future corporate income tax rate (4,286) (2.0) % Trade tax 12,225 5.7 % Other 905 0.4 % Hong Kong Pillar II top-up tax 2,611 1.2 % Tax exemption (2,873) (1.3) % Other (782) (0.4) % Brazil Withholding tax 2,68 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Operating Leases We have operating leases with contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment. For operating leases, the ROU assets and liabilities as of April 30 are presented in our Consolidated Statements of Financial Position as follows: 2026 2025 Operating lease ROU assets $ 57,128 $ 66,128 Short-term portion of operating lease liabilities 15,954 18,282 Operating lease liabilities, non-current $ 69,544 $ 81,482 As a result of the Global Restructuring Program, which included the exit of certain leased office space, we recorded restructuring and related charges, which included impairment charges and the acceleration of expense associated with certain operating lease ROU assets. See Note 7 , Restructuring and Related Charges for more information on this program and the charges incurred. Our total net lease costs were as follows: For the Years Ended April 30, 2026 2025 2024 Operating lease cost $ 14,107 $ 14,613 $ 14,575 Variable lease cost 710 833 1,096 Short-term lease cost 378 455 1,059 Sublease income (367) (560) (847) Total net lease cost (1) $ 14,828 $ 15,341 $ 15,883 (1) Total net lease cost does not include those costs and sublease income for operating leases identified as part of our restructuring programs, which are included in Restructuring and related charges on our Consolidated Statements of Income (Loss). See Note 7 , Restructuring and Related Charges for more information on th …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards Improvements to Income Tax Disclosures In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances the transparency and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. A public entity should apply the amendments in this ASU on a prospective basis with the option to apply the standard retrospectively. We elected to adopt ASU 2023-09 on a prospective basis for the year ended April 30, 2026. See Note 13 , Income Taxes for further details. The adoption expanded our disclosures but did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards Codification Improvements In December 2025, the FASB issued ASU 2025-12 Codification Improvements, to make various technical corrections, clarifications, and other minor improvements to existing US GAAP. The amendments are intended to improve the clarity and consistency of existing guidance and are not expected to significantly change current accounting practice. This ASU is effective for us on May 1, 2027 and interim periods within the fiscal year. Early adoption is permitted. We are required to apply the amendments to ASC Topic 260, Earnings Per Share retrospectively. All other amendments may …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plans We have retirement plans that cover substantially all employees. The plans generally provide for employee retirement between the ages 60 and 65 , and benefits based on length of service and compensation, as defined. Defined Benefit Plans Our Board of Directors approved plan amendments that froze the following retirement plans: Retirement Plan for the Employees of John Wiley & Sons, Canada was frozen effective December 31, 2015; Retirement Plan for the Employees of John Wiley & Sons, Ltd., a UK plan was frozen effective April 30, 2015 and; US Employees Retirement Plan, Supplemental Benefit Plan, and Supplemental Executive Retirement Plan, were frozen effective June 30, 2013. We maintain the Supplemental Executive Retirement Plan for certain officers and senior management which provides for the payment of supplemental retirement benefits after the termination of employment for 10 years , or in a lifetime annuity. Under certain circumstances, including a change of control as defined, the payment of such amounts could be accelerated on a present value basis. Future accrued benefits to this plan have been discontinued as noted above. The components of net pension expense for the defined benefit plans and the weighted average assumptions were as follows: For the Years Ended April 30, 2026 2025 2024 US Non-US US Non-US US Non-US Service cost $ $ 499 $ $ 560 $ $ 532 Interest cost 11,850 17,479 12,133 16,603 11,654 16,069 Expected return on plan assets (9,641) …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring and Related Charges Global Restructuring Program The Company began a global restructuring program in fiscal year 2023, which aimed to enhance Wileys position and drive profitability (Global Restructuring Program) which was expanded in fiscal year 2024. This program included severance related charges for the elimination of certain positions, the exit of certain leased office space, and the reduction of our occupancy at other facilities. Under this program, we reduced our real estate square footage occupancy by approximately 35% . In the fourth quarter of fiscal year 2025, the program was further extended due to the completion of our divestitures with a focus on optimizing our cost structure, with particular emphasis on aligning our technology costs and other corporate expenses. As a result of these initiatives, this expanded program includes severance related charges, facility-related costs associated with certain properties, and other activities. The following tables summarize the pretax restructuring charges related to the Global Restructuring Program: For the Years Ended April 30, Total Charges Incurred to Date 2026 2025 2024 Charges (Credits) by Segment: Research $ 1,519 $ 10,047 $ 7,410 $ 21,389 Learning 2,940 1,515 11,448 23,707 Held for Sale or Sold (117) 7,326 12,995 Corporate Expenses 14,847 17,902 35,370 100,998 Total Restructuring and Related Charges $ 19,306 $ 29,347 $ 61,554 $ 159,089 Charges by Activity: Severance and termination benefits $ 9,179 $ …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition, Contracts with Customers Disaggregation of Revenue The following tables present our revenue from contracts with customers disaggregated by segment and product type. For the Years Ended April 30, 2026 2025 2024 Research: Research Publishing $ 965,767 $ 922,553 $ 892,784 Research Solutions 164,175 152,906 149,921 Total Research 1,129,942 1,075,459 1,042,705 Learning: Academic 318,757 333,693 323,541 Professional 227,829 251,075 251,198 Total Learning 546,586 584,768 574,739 Held for Sale or Sold 17,382 255,543 Total Revenue $ 1,676,528 $ 1,677,609 $ 1,872,987 The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time. Research Total Research revenue was $1,129.9 million in the year ended April 30, 2026. Research products are sold and distributed globally through multiple channels. The majority of revenue generated from Research products is recognized over time. We disaggregated revenue by Research Publishing and Research Solutions to reflect the different types of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $965.8 million in the year ended April 30, 2026, and the …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Ende …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Capital Stock and Changes in Capital Accounts Wiley has two classes of common stock, Class A and Class B. Each share of our Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote, and each share of Class B stock is entitled to one vote. Share Repurchases In fiscal year 2020, our Board of Directors authorized a share repurchase program of up to $200 million of Class A or B Common Stock, which was fully utilized as of April 30, 2026. In the first quarter of fiscal year 2026, our Board of Directors authorized an additional share repurchase program of up to $250 million of Class A or B Common Stock. As of April 30, 2026 , $207.4 million of share repurchase authority remained under this authorization. The following table summarizes the share repurchases during the years ended April 30 (shares in thousands): 2026 2025 2024 Shares repurchased - Class A 2,843 1,186 1,294 Shares repurchased - Class B 7 173 3 Average price - Class A and Class B $ 35.08 $ 44.16 $ 34.71 The average price per share excludes excise taxes payable on share repurchases and may differ from the share repurchases reflected in Purchases of treasury shares in our Consolidated Statements of Cash Flows. As of April 30, 2026 , total shares repurchased incl …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Event On June 1, 2026, John Wiley & Sons Ltd. (Buyer), a private limited company incorporated in England and Wales and an indirect wholly-owned subsidiary of the Company, entered into an Equity Purchase Agreement (Purchase Agreement) with CIG Emerald Midco LLC, a Delaware limited liability company (Seller), and CIG Emerald Holding LLC, a Delaware limited liability company (Emerald Holding), pursuant to which Buyer acquired from the Seller all of the issued and outstanding equity securities of Emerald Holding (Transaction) in exchange for 337.5 million (approximately $452 million based on the exchange rate on June 1, 2026), subject to customary purchase price adjustments. The acquisition was made to extend Wiley's scale in its Research business and to strengthen its proprietary content advantage in AI. Emerald Holding, through its subsidiaries, operates Emerald Publishing, a research publisher headquartered in Leeds, England, with a portfolio of over 480 peer-reviewed journals, 8,000 books, and 3,000 business cases across disciplines with particular emphasis on economics, business, finance, engineering, and the social sciences. The purchase price was funded with available cash and proceeds from the Company's revolving credit facility under the Amended and Restated CA. For its year ended December 31, 2025, Emerald Holding had total revenue of approximately $82.7 million. The initial accounting for the acquisition, including the final purchase price and purchase p …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Legal Proceedings We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of July 31, 2026, will not have a material effect upon our consolidated financial condition or results of operations. Anthropic Class-Action Lawsuit In August 2024, certain authors filed a class-action lawsuit against Anthropic in the US District Court …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt and Available Credit Facilities Our total debt outstanding consisted of the amounts set forth in the following table: July 31, 2026 April 30, 2026 Short-term portion of long-term debt (1) $ 13,750 $ 12,500 Term loan A - Amended and Restated CA (2) 458,091 162,243 Revolving credit facility - Amended and Restated CA 819,425 508,654 Total long-term debt, less current portion 1,277,516 670,897 Total debt $ 1,291,266 $ 683,397 (1) Relates to our term loan A under the Amended and Restated CA. (2) Amounts are shown net of unamortized issuance costs of $0.7 million as of July 31, 2026 and $0.3 million as of April 30, 2026. Amended and Restated CA On May 15, 2026, we entered into the third amendment (Third Amendment) to the Third Amended and Restated Credit Agreement (collectively, the Amended and Restated CA). The Amended and Restated CA provides for senior unsecured credit facilities comprised of (i) a revolving credit facility in an aggregate principal amount up to $1.115 billion and (ii) a term loan A facility in an aggregate principal amount of $500.0 million, reflecting a $300.0 million increase pursuant to the Third Amendment. Both facilities mature in November 2027. Under the terms of the Amended and Restated CA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates depending on the currency borrowed: (i) at a rate based on the US Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average Ra …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents our revenue from contracts with customers disaggregated by segment and product type. Three Months Ended July 31, 2026 2025 Research: Research Publishing $ 258,886 $ 231,827 Research Solutions 34,604 49,865 Total Research 293,490 281,692 Learning: Academic 44,741 55,472 Professional 48,130 59,636 Total Learning 92,871 115,108 Total Revenue $ 386,361 $ 396,800

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Stock-Based Compensation The Company provides stock-based compensation to its employees and non-employee directors, which may include restricted stock units (RSU), performance-based stock awards (PSU), and stock options (collectively, stock-based awards). We recognize the grant date fair value of stock-based compensation in net income generally on a straight-line basis, net of estimated forfeitures over the requisite service period. We recognized stock-based compensation expense on a pretax basis as follows: Three Months Ended July 31, 2026 2025 Stock-based compensation expense $ 4,870 $ 5,899 Performance-Based and Other Restricted Stock Activity Under the terms of our long-term incentive plans, PSU awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year or less financial performance-based targets. The measurement of performance is based on actual financial results for targets established up to three years in advance or less. During each three-year period or less, we adjust compensation expense based upon our best estimate of expected performance. We may also grant individual RSU awards payable in restricted shares of our Class A Common Stock to key employees in connection with their employment. The following table summarizes awards we granted to employees (shares in thousands): Three Months Ended July 31, 2026 2025 Restricted Stock: Awards granted (shares) 622 543 Weighted average fair value of grant $ 45.14 $ 43.75 Stoc …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill by segment as of July 31, 2026: April 30, 2026 (1) Acquisition (2) Foreign Translation Adjustment July 31, 2026 Research $ 639,367 $ 263,165 $ (3,304) $ 899,228 Learning 493,025 (1,496) 491,529 Total $ 1,132,392 $ 263,165 $ (4,800) $ 1,390,757 (1) As of April 30, 2026, goodwill includes accumulated pretax noncash goodwill impairments of $318.2 million which were recognized in our Held for Sale or Sold segment at that time. (2) Refer to Note 3 , Acquisition and Divestitures, for more information related to the acquisition that occurred in the three months ended July 31, 2026. Intangible Assets Intangible assets, net were as follows: July 31, 2026 April 30, 2026 Intangible assets with definite lives, net (1) : Content and publishing rights $ 588,750 $ 414,216 Customer relationships 121,308 26,391 Developed technology (2) 8,161 6,839 Brands and trademarks 9,358 4,338 Total intangible assets with definite lives, net 727,577 451,784 Intangible assets with indefinite lives: Brands and trademarks (2) 37,000 37,000 Publishing rights 88,726 90,175 Total intangible assets with indefinite lives 125,726 127,175 Total intangible assets, net $ 853,303 $ 578,959 (1) Refer to Note 3 , Acquisition and Divestitures, for more information related to the acquisition that occurred in the three months ended July 31, 2026. (2) The developed technology balance as of April 30, 2026 is presented net of accum …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The Company's effective income tax rate for the three months ended July 31, 2026 was 6.8% compared with 33.9% for the three months ended July 31, 2025. The change in the effective income tax rate for the three months ended July 31, 2026 compared to the three months ended July 31, 2025 was primarily due to a change in jurisdictional mix of earnings and acquisition and integration related costs incurred this quarter in connection with the acquisition of Emerald Publishing. Enactment of the ""One Big Beautiful Bill Act"" (OBBBA) On July 4, 2025, President Trump signed into law the OBBBA. Key corporate tax provisions of the OBBBA include a handful of elective tax measures such as restoration of 100% bonus depreciation, the introduction of new Section 174A permitting immediate expensing of domestic research and experimental (R&E) expenditures. Other tax measures include modifications to Section 163(j) interest expense limitations, updates to the rules governing global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII), amendments to energy credit provisions, and the expansion of Section 162(m) aggregation requirements. Under US GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Upon assessment of the OBBBA, we determined the impact of these to be insignificant and reflected these in our financial statements using management's best estimate starting in the first quarter of fiscal yea …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Operating Leases We have contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment. For operating leases, the right-of-use (ROU) assets and liabilities are presented on our Unaudited Condensed Consolidated Statements of Financial Position as follows: July 31, 2026 April 30, 2026 Operating lease ROU assets $ 56,478 $ 57,128 Short-term portion of operating lease liabilities 16,111 15,954 Operating lease liabilities, non-current $ 67,493 $ 69,544 As a result of our restructuring programs, which included the exit of certain leased office space, we record ongoing facility charges associated with certain operating lease ROU assets. See Note 9 , Restructuring and Related Charges for more information on this program and the charges incurred. Our total net lease costs are as follows: Three Months Ended July 31, 2026 2025 Operating lease cost $ 3,460 $ 3,604 Variable lease cost 283 210 Short-term lease cost 96 102 Sublease income (82) (95) Total net lease cost (1) $ 3,757 $ 3,821 (1) Total net lease cost does not include those costs and sublease income for operating leases identified as part of our restructuring programs, which are included in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net (Loss) Income. See Note 9 , Restructuring and Related Charges for more information on these programs. Other supplemental information includes the following: Three Months Ended July 3 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the Financial Accounting Standards Board ( FASB) issued Accounting Standards Update (ASU) 2025-05, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets. In developing reasonable and supportable forecasts as part of estimating expected credit losses on current accounts receivable and/or current contract assets, we may elect a practical expedient in accordance with this new ASU that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. We elected to adopt the practical expedient on a prospective basis effective May 1, 2026. The adoption of this ASU did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards Codification Improvements In December 2025, the FASB issued ASU 2025-12 ""Codification Improvements,"" to make various technical corrections, clarifications, and other minor improvements to existing US GAAP. The amendments are intended to improve the clarity and consistency of existing guidance and are not expected to significantly change current accounting practice. This ASU is effective for us on May 1, 2027 and interim periods within the fiscal year. Early adoption is permitted. We are required to apply the amendments to Accounting Standards Codification (ASC) Topic 260, ""E …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plans The components of net pension expense for our defined benefit plans were as follows: Three Months Ended July 31, 2026 2025 Service cost $ 90 $ 117 Interest cost 7,538 7,080 Expected return on plan assets (7,187) (6,749) Amortization of prior service cost (24) (24) Amortization of net actuarial loss 2,018 2,109 Net pension expense $ 2,435 $ 2,533 The service cost component of net pension expense is reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net (Loss) Income. The other components of net pension expense are reported separately from the service cost component and below Operating income. Such amounts are reflected in Other expense, net on our Unaudited Condensed Consolidated Statements of Net (Loss) Income. Employer defined benefit pension plan contributions were $1.1 million for both the three months ended July 31, 2026 and 2025. Defined Contribution Savings Plans The expense for employer defined contribution savings plans was $5.8 million and $6.7 million for the three months ended July 31, 2026 and 2025, respectively.

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Restructuring and Related Charges Global Restructuring Program Beginning in fiscal year 2023, the Company initiated the Global Restructuring Program. The program was expanded in fiscal year 2024 to focus on our strongest and most profitable businesses and largest market opportunities in Research and Learning, streamline our organization, and rightsize our cost structure. Under this program, we reduced our real estate square footage occupancy by approximately 35%. The program was further expanded in the fourth quarter of fiscal year 2025 to align technology costs and other corporate expenses following the completion of our divestitures, and again in the first quarter of fiscal year 2027 to include additional portfolio and cost optimization actions. As a result of these initiatives, this expanded program will include severance related charges, consulting, facility-related, and other costs. The following tables summarize the pretax restructuring and related charges related to the Global Restructuring Program: Three Months Ended July 31, Total Charges Incurred to Date 2026 2025 Charges by Segment: Research $ 2,545 $ 252 $ 23,934 Learning 1,067 124 24,774 Held for Sale or Sold 12,995 Corporate Expenses 12,913 2,683 113,911 Total Restructuring and Related Charges $ 16,525 $ 3,059 $ 175,614 Charges by Activity: Severance and termination benefits $ 12,272 $ 1,962 96,430 Impairment of operating lease ROU assets and technology, property, and equipment 23,395 Acceleration of expense rel …

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Revenue Recognition, Contracts with Customers Disaggregation of Revenue The following table presents our revenue from contracts with customers disaggregated by segment and product type. Three Months Ended July 31, 2026 2025 Research: Research Publishing $ 258,886 $ 231,827 Research Solutions 34,604 49,865 Total Research 293,490 281,692 Learning: Academic 44,741 55,472 Professional 48,130 59,636 Total Learning 92,871 115,108 Total Revenue $ 386,361 $ 396,800 The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time. Research Total Research revenue was $293.5 million in the three months ended July 31, 2026. Research products are sold and distributed globally through multiple channels. The majority of revenue generated from Research products is recognized over time. We disaggregated revenue by Research Publishing and Research Solutions to reflect the different type of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. As a result of the Emerald Publishing acquisition, Research Publishing also includes additional journals, books, and business cases across disciplines, with particular emphasis on economics, business, finance, …

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Segment Information We report our segment information in accordance with the provisions of ASC Topic 280, Segment Reporting. These segments reflect the way our chief operating decision maker (CODM) evaluates our business performance, manages the operations, makes operating decisions, and allocates resources. Our segment reporting structure consists of two 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 Our President and Chief Executive Officer is the Companys 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 by segment and the reconciliation to (Loss) Income before taxes: Three Months Ended July 31, 2026 Research Learning Tota …

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Capital Stock and Changes in Capital Accounts Share Repurchases In fiscal year 2020, our Board of Directors authorized a share repurchase program of up to $200 million of Class A or B Common Stock, which was fully utilized as of April 30, 2026. In the first quarter of fiscal year 2026, our Board of Directors authorized an additional share repurchase program of up to $250 million of Class A or B Common Stock. As of July 31, 2026, $192.4 million of share repurchase authority remained under this authorization. The following table summarizes the share repurchases (shares in thousands): Three Months Ended July 31, 2026 2025 Shares repurchased - Class A 330 331 Shares repurchased - Class B 1 1 Average price - Class A and Class B $ 45.44 $ 42.22 The average price per share excludes excise taxes payable on share repurchases and may differ from the share repurchases reflected in Purchases of treasury shares in our Unaudited Condensed Consolidated Statements of Cash Flows. As of July 31, 2026, total shares repurchased include unsettled purchases. Dividends We declared and paid quarterly cash dividends on our Class A and Class B Common Stock for a total of $18.2 million and $19.0 million in the three months ended July 31, 2026 and 2025 , respectively. Changes in Common Stock The following is a summary of changes during the three months ended July 31, in shares of our common stock and common stock in treasury (shares in thousands): Changes in Class A Common Stock: 2026 2025 Number of sha …

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