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Wiley (WLY) is modestly higher after a mixed Q4 (Apr) report last night. The research and learning publisher has been working to sharpen its portfolio around Research, proprietary content, AI licensing, and higher-margin digital revenue streams. WLY reported Q4 EPS of $1.67, up from $1.37 a year ago and above the single estimate, while revenue rose 1.2% to $448 mln, which was roughly in line. The company guided FY27 EPS to $4.60-5.05, also in line, and called for low-to-mid single-digit organic revenue growth, including mid-single-digit growth in Research.

• AI momentum: WLY delivered $49 mln of AI revenue in FY26, up 23%, and expects recurring AI revenue to grow 2-3x in FY27 off an $8 mln base. That shows progress, but also underscores that the recurring AI stream is still small relative to total revenue.
• Research strength: Q4 Research revenue increased 5% yr/yr, supported by strong growth in Research Publishing, gold open access, and AI licensing. The Emerald acquisition also adds scale and proprietary content in economics, business, finance, engineering, and social sciences, which could support both Research and AI/data analytics over time.
• Margin levers: Q4 adjusted EBITDA increased 17% and margin expanded 480 bps to 33.2%, while FY26 adjusted operating margin expanded 260 bps to 17.7%. Cost actions, corporate expense reductions, tech transformation, and the Virtusa partnership are helping WLY turn modest revenue growth into stronger earnings growth.
• Learning drag: Q4 Learning revenue fell 6%, with Academic pressured by lower AI licensing and print revenue, while Professional was hurt by softer consumer and corporate spending and lower AI licensing revenue.

Briefing.com Analyst Insight

This was not necessarily a weak report from WLY, but with shares still up roughly 45% YTD, the combination of modest revenue growth and in-line FY27 guidance did not carry enough upside to extend the move, even as profitability and cash flow remained clear positives. Research and AI continue to move in the right direction, supporting the broader case that WLY is becoming a higher-margin research and knowledge platform. The issue is that Learning is still declining, and recurring AI revenue remains small, so investors may be waiting for more proof that AI can develop into a steadier growth stream. It will be important for Research and recurring AI revenue to keep expanding and become a larger part of the mix as WLY works through continued pressure in Learning. Still, the strong margin performance suggests WLY is executing well internally despite the mixed revenue backdrop.