John Wiley & Sons, Inc. (WLYB): Business Model Canvas [Dec-2025 Updated]

You're looking past the headlines to see exactly how John Wiley & Sons, Inc. is executing its digital-first, high-margin strategy, and after two decades analyzing these shifts, I can tell you the Business Model Canvas lays it bare. The story for fiscal 2025 is clear: while total GAAP Revenue reached $1.678 billion, the real value is in the recurring Research Publishing income and the $40 million secured from high-value AI content licensing deals. To see precisely how they organize their key activities, from maintaining the Wiley Online Library to managing a Cost of Sales of $431.380 million, dive into the nine building blocks detailed below.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Key Partnerships

You're looking at how John Wiley & Sons, Inc. (WLYB) builds value by teaming up with others, which is crucial given their pivot toward high-margin digital and AI-driven revenue. Honestly, these alliances are what keep their deep content library relevant in the current market.

Scholarly societies for co-publishing 1,600+ peer-reviewed journals

The relationship with scholarly and scientific societies is the bedrock of the Research segment. John Wiley & Sons, Inc. is proud to publish nearly 2,000 journals, with many of these under co-publishing agreements with these societies. This core publishing activity is what drives the Research segment, which posted revenue of $1,075.5 million in fiscal year 2025. The company is actively managing these relationships, planning to renew the great majority of publishing contracts in 2025 and seeking new partnerships in areas like earth science, engineering, and medicine. This also includes integrating journals formerly published under the Hindawi brand into the main portfolio. The Research Publishing segment, as of late 2025, publishes over 1,600 peer-reviewed journals. It's a sticky business; the Research segment saw a 3% increase in sales to $265 million in Q1 fiscal 2025, supported by institutional models and author-funded open access.

Global academic institutions for multi-year subscription and open-access agreements

These agreements provide the recurring revenue that insulates John Wiley & Sons, Inc. from volatility. You should note that over 50% of total revenue is now recurring, largely thanks to these digital journal subscriptions. The company executed two landmark recurring revenue agreements in Q3 2025: one in India expanding access to over 6,000 institutions under the "one nation, one subscription" model, and another in Brazil covering over 430 institutions. The Research segment's growth is heavily tied to these institutional models and open access uptake. For instance, in Q2 2026, research publishing saw a 7% revenue increase, directly reflecting strong global demand and AI initiatives layered on top of these core agreements.

Here's a quick look at the financial scale of these key partnership-driven areas as of the latest reported fiscal year:

Large technology companies for licensing content for Generative AI (GenAI) model training

This is where John Wiley & Sons, Inc. is showing its strategic agility. The company's AI licensing revenue skyrocketed to $40 million in fiscal 2025, marking a 74% increase from the prior year. These deals are high-margin and involve tech giants like Amazon Web Services and Perplexity, plus vertical-specific projects for R&D ecosystems. You can see the immediate impact: a recent $18 million deal signed in Q4 2025 is set to contribute $9 million in revenue in that quarter alone. Furthermore, a second agreement worth $21 million was executed in Q1 fiscal 2025, bringing in $17 million for the learning group. In Q2 2026, they realized $6 million in licensing revenue with one LLM customer, with year-to-date revenue from this stream hitting $35 million, compared to approximately $40 million in all of fiscal 2025. This focus is clearly driving segment performance; the Learning segment saw a 60% year-over-year increase in adjusted EBITDA in Q1 2025 due to these GenAI projects.

Digital learning platforms (e.g., Coursera, edX) for content distribution

The Learning segment, which includes academic courseware and professional development, generated $584.8 million in revenue for fiscal 2025. This segment is leveraging digital platforms for distribution, though it faces market softness. The segment's Adjusted EBITDA margin was a healthy 37.4% in FY2025. However, you need to watch the headwinds; in Q2 2026, the Learning segment revenue fell 11%, partially due to prior year AI revenue timing. The company is relying on cost actions to offset top-line impacts here, but the AI licensing revenue is a key growth component within this segment.

• Learning segment revenue growth in FY2025 was 2%.
• Learning segment Adjusted EBITDA grew 9% in FY2025.
• The company is focused on digital courseware like zyBooks, which saw 8% growth in Q2 2025 (ex-AI).

Research organizations for scientific publication and knowledge dissemination

This partnership category overlaps with scholarly societies but also includes direct engagement with research bodies to disseminate knowledge. The Research segment is the largest, with revenue at $1,075.5 million in FY2025. The health of this partnership ecosystem is visible in leading indicators: submissions were up 18% and output up 8% year-to-date in Q3 2025. The momentum is expected to remain strong into fiscal 2026, with Q2 2026 research publishing revenue growing 7%. The company is also expanding its portfolio with new journals, such as two AI-focused journals, Advanced Intelligent Discovery and Advanced Robotics Research, now open for submissions. Finance: draft 13-week cash view by Friday.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Key Activities

You're looking at the core actions John Wiley & Sons, Inc. takes to keep its knowledge business running and profitable in this new digital era. It's about turning that massive archive of authoritative content into current cash flow, so let's break down the numbers behind what they actually do.

Peer-review and publication of authoritative scientific, technical, and medical (STM) content

The Research segment remains the bedrock, driven by the necessity of peer-reviewed content. For the full fiscal year 2025, which ended April 30, 2025, this segment delivered revenue of approximately $1.07 billion, marking a solid 3% year-over-year increase. This growth is largely attributed to the recurring nature of journal subscriptions and the adoption of open access models. To be fair, the total GAAP revenue for John Wiley & Sons, Inc. in fiscal year 2025 was $1,678 million, but the digital shift is clear when you see that 83% of the Adjusted Revenue for FY2025 came from digital products and services. The operating income for that same fiscal year hit $221.4 million, reflecting a strong 300 basis points expansion in the Adjusted Operating Income margin.

Looking into the second quarter of fiscal year 2026 (ending October 31, 2025), the Research segment continued this momentum, posting revenue of $278.5 million. Within that, Research Publishing specifically brought in $241.4 million.

Developing and maintaining digital platforms like Wiley Online Library and Atypon

The company's operational focus is heavily weighted toward digital infrastructure. This is where the value of the content is actually delivered and consumed. For the fiscal year ending April 30, 2025, a massive 83% of Adjusted Revenue was generated by digital products and services. Furthermore, nearly half of that revenue is sticky; 48% of Adjusted Revenue was recurring, meaning it is contractually obligated or has a high certainty of recurrence. The Q2 CY2025 revenue, reflecting the health of these platforms, was reported at $396.8 million, though the Q2 FY2026 revenue (ending October 31, 2025) was slightly higher at $421.8 million.

This digital focus helps maintain high gross margins; the Q4 2025 gross margin was around 75%, based on a gross profit of $331.638 million on revenue of $442.579 million.

Executing the $130 million multi-year cost savings and restructuring program

John Wiley & Sons, Inc. has been actively managing its cost base. You should note that the remainder of the multi-year $130 million cost savings program was officially actioned during the first quarter of fiscal year 2025. The financial impact of these ongoing efficiency drives is visible in the reduced corporate expenses. For the nine months leading up to Q3 FY2025, the cumulative restructuring and related charges under the Global Restructuring Program reached $148.9 million. More recently, in the second quarter of fiscal year 2026, the company recorded restructuring and related charges of $6.1 million.

The goal here is clear: deliver improvements to the enterprise systems and streamline the tech organization to drive down technology costs over time.

• Remainder of $130 million cost savings program actioned in Q1 FY2025.
• Cumulative restructuring charges reached $148.9 million through Q3 FY2025.
• Restructuring charge in Q4 FY2025 was $12 million.

Monetizing backlist content through AI licensing agreements

This is a key area of new activity, turning the authoritative archive into a direct revenue stream from technology firms. For the full fiscal year 2025, John Wiley & Sons, Inc. realized total AI licensing revenue of $40 million, a significant jump from $23 million in fiscal year 2024. The Learning segment alone contributed $29 million from AI licensing in FY2025. The momentum carried into the next fiscal year; Q1 FY2026 saw AI licensing revenue surge to $29 million, up from $17 million in the prior year period. In the third quarter of fiscal year 2025, the company booked $9 million in AI-training fees in that quarter alone. Looking ahead, the guidance for fiscal year 2026 anticipates AI revenue will exceed last year's $40 million.

It's important to note the company's firm stance: they insist on a license before training AI systems on their literature, which supports this monetization strategy.

Developing digital courseware and inclusive access solutions for academic learning

The Learning segment, which houses these solutions, saw its revenue grow by 2% to reach $585 million in fiscal year 2025. This growth was explicitly driven by the inclusive access model and digital courseware. For the second quarter of fiscal year 2026 (ending October 31, 2025), Learning revenue was reported at $143.2 million, although the Academic component saw an 8% decline. Still, the strategic inclusive access program is a major growth engine, reportedly growing revenue by double digits as of that same quarter. The Professional component, however, faced headwinds, with Q2 FY2026 Professional revenue down 16%.

Here's the quick math on the Learning segment performance in Q2 FY2026:

• Learning Revenue: $143.2 million.
• Academic Revenue Decline: 8%.
• Professional Revenue Decline: 16%.
• Inclusive Access Program Growth: Double digits.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Key Resources

You're looking at the core assets John Wiley & Sons, Inc. relies on to run its global research and learning business as of late 2025. These aren't just line items; they are the engines driving revenue and competitive advantage, especially as the company navigates digital transformation and AI integration.

Here's a quick look at some of the top-line numbers from the Fiscal Year ended April 30, 2025, and the most recent six-month period:

The company's human capital is a measurable asset, though it has been streamlined. As of April 30, 2025, John Wiley & Sons, Inc. reported 5,200 employees, marking a decrease of 1,200 employees or -18.75% compared to the prior year. This efficiency shows up in the metrics: Revenue per Employee stood at $320,338, and Profits per Employee was $19,563 for that fiscal year.

Extensive, high-quality intellectual property (IP) and authoritative content archive.

• The IP base is actively monetized, with total AI licensing revenue reaching $40 million in Fiscal 2025, up from $23 million in Fiscal 2024.
• For the six months ending October 31, 2025, AI license revenue was reported at $14.3 million.
• The Learning segment alone generated $29 million in AI licensing revenue for FY2025.
• The Research segment recorded $16 million in AI licensing revenue in Q1 2026.
• The company's content is protected by copyright, and enforcement against unauthorized use, especially from generative AI developers, remains a key operational focus.

The Wiley Online Library, a leading global research and learning platform.

• John Wiley & Sons, Inc. organizes its operations into segments including Research Publishing, which houses over 1,600 peer-reviewed journals.
• The platform adheres to COUNTER 5.1 standards for usage reporting.
• For the year ended April 30, 2025, 83% of Adjusted Revenue came from digital products and services.
• 48% of Adjusted Revenue for the same period was recurring revenue.

Atypon, the proprietary software platform for content delivery and hosting.

• John Wiley & Sons, Inc. acquired Atypon in a $120 million cash deal.
• Historically, the Atypon-powered Literatum platform hosted nearly 9,000 journals and 13 million journal articles for over 1,500 societies and publishers.
• The platform offers advanced tools for accessibility and revenue growth, supporting content delivery for John Wiley & Sons, Inc. itself.
• The SUSHI data host for the Wiley Online Library is listed as Atypon Systems.

Global network of 5,200 employees and specialized direct sales teams.

• The employee count as of April 30, 2025, was 5,200.
• Approximately 49% of consolidated revenue in the year ended April 30, 2025, originated from outside the US.
• The company serves customers in more than 180 countries.
• The company allocated $137 million toward dividends and share repurchases in Fiscal 2025.

Strong brand equity and trust built over two centuries in publishing.

• John Wiley & Sons, Inc. was founded in 1807.
• The brand equity supports a strong operational performance, as seen by the operating income increase to $104 million for the six months ended October 31, 2025, despite a slight net revenue dip to $818.6 million for the same period.
• The company's market capitalization was reported at $2.16B as of August 29, 2025.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Value Propositions

You're looking at the core value John Wiley & Sons, Inc. delivers to its customers, which is really the engine behind those solid fiscal results we just saw. Honestly, it's about providing the essential knowledge that drives progress, so let's break down the numbers supporting that claim.

Trusted, peer-reviewed content that advances science and innovation

The foundation of John Wiley & Sons, Inc.'s offering is its content integrity. This isn't just abstract; it shows up directly in the financial performance of the Research segment. For the fiscal year ended April 30, 2025, the Research segment delivered revenue of $1.07 billion, marking a 3% increase year-over-year. This growth is fueled by the global demand to publish, read, and license this trusted material. The segment's operational efficiency is also clear, with a full-year EBITDA margin landing at 32.1%.

High-margin, recurring revenue models for institutional research access

You want to see stickiness in a business model, and John Wiley & Sons, Inc. has built a significant portion of its revenue on this. Across the entire business for fiscal year 2025, 48% of Adjusted Revenue was recurring, meaning it is contractually obligated or set to recur with high certainty. The Research segment specifically benefits from solid growth in these recurring revenue publishing models, like calendar year 2025 journal renewals. This sticky revenue stream is a major reason why the company sees its Research business as a resilient, long-term tailwind.

Digital courseware and platforms for career-connected education and skills development

The Learning segment is where John Wiley & Sons, Inc. focuses on career enablement, and the numbers show strong adoption of its digital tools. For fiscal 2025, the Learning segment generated revenue of $585 million, up 2% year-over-year. A key driver here is the Academic group, which brought in $334 million, directly helped by strong demand for its digital courseware and inclusive access materials. The commitment to digital is company-wide; 83% of John Wiley & Sons, Inc.'s Adjusted Revenue in FY2025 came from digital products and services.

Here are the key digital adoption metrics for FY2025:

• Percentage of Adjusted Revenue from digital products: 83%.
• Learning segment Adjusted EBITDA margin: 37.4%.
• Academic group revenue contribution: $334 million.
• Overall recurring revenue percentage: 48%.

Monetization of content archive via high-value AI licensing deals, totaling $40 million in FY2025

This is the newer, high-growth area you need to watch. John Wiley & Sons, Inc. successfully monetized its archive for training large language models (LLMs) in fiscal 2025. The total AI licensing revenue realized for the full fiscal year 2025 hit $40 million, a nice jump from $23 million in fiscal 2024. This strategic move is opening an expanding avenue into the corporate market. Furthermore, John Wiley & Sons, Inc. is actively advancing partnerships, including one with Anthropic to speed up AI integration across scholarly research.

Enabling global learning and research dissemination through digital accessibility

The mission to enable global learning is supported by the company's digital-first structure. The overall reported revenue for fiscal 2025 was $1,678 million, but the Adjusted Revenue, which excludes divested businesses, showed a core growth of 3% at constant currency. This shows the core digital business is healthy and accessible globally. The company is partnering with major entities, like the European Space Agency for its AI model for Earth observation, showing its reach extends to critical global research initiatives.

Finance: draft the Q3 2026 cash flow forecast incorporating the reaffirmed FCF guidance of $200 million by next Tuesday.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Customer Relationships

You're looking at how John Wiley & Sons, Inc. manages its relationships with the diverse groups it serves, from academic institutions to major tech firms. It's a mix of high-volume digital access and targeted, high-touch engagement, which is key given their digital focus.

Dedicated institutional sales teams managing multi-year subscription contracts.

The core of the institutional relationship is built around recurring revenue. For the year ended April 30, 2025, John Wiley & Sons, Inc. reported that 48% of its Adjusted Revenue was recurring, which includes revenue that is contractually obligated or set to recur with a high degree of certainty. This recurring base is supported by the Research Publishing segment, which saw solid growth in Calendar Year 2025 subscriptions and steady early Calendar Year 2026 renewals. This stability is a direct reflection of the multi-year contracts managed by these dedicated teams.

Automated digital subscription renewals for a resilient revenue base.

The resilience of that 48% recurring revenue is heavily dependent on digital infrastructure. John Wiley & Sons, Inc. is now a predominantly digital company; for the year ended April 30, 2025, 83% of its Adjusted Revenue came from digital products and services. This digital backbone supports automated renewal processes, ensuring minimal friction for institutional clients maintaining access to the content platforms.

Here's a quick look at the scale of the digital relationship:

Self-service access via the Wiley Online Library for individual users.

For individual researchers and students accessing content, the Wiley Online Library (WOL) serves as the primary self-service portal. This platform is massive, delivering access to over 1,600 journals, 21,000+ online books, and 200+ online reference works. The scale of engagement is significant, with the platform seeing 170 million visitors from 239 countries, resulting in 297 million full-text downloads. Access is provided to 4,800+ institutions.

Tailored support and data insights for society partners and journal editors.

John Wiley & Sons, Inc. maintains unique, longstanding relationships with its society partners. The company supports over 850+ society partners. This relationship goes beyond simple publishing; it involves tailored support and data insights, which is critical for maintaining the quality and relevance of the journal portfolio. Leading indicators like submissions, up 28%, and output, up 12%, suggest strong engagement from the research community these societies represent.

Direct, high-touch engagement with large corporate AI partners.

The newest, high-touch relationship vector is with large corporate AI developers. John Wiley & Sons, Inc. has secured direct engagement with major tech companies like Anthropic, Amazon Web Services, and Perplexity, as well as multi-national pharmaceutical companies. The company delivered total AI licensing revenue of $40 million in Fiscal Year 2025. By the second quarter of Fiscal 2026, they executed another LLM training agreement, putting them close to $100 million of AI training revenue in less than two years. As of Q2 2026, they had increased corporate agreements and pilots to 8 customers in targeted verticals, focusing on subscription access to a 'knowledge feed' for corporate R&D.

These corporate relationships are structured around specific, high-value data licensing and subscription knowledge feeds.

• Secured 3 major customers for LLM model training by the end of FY2025.
• Active discussions span sectors from energy to pharma to consumer staples.
• Partnerships are yielding early momentum for AI Gateway platform use cases.

Finance: draft 13-week cash view by Friday.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Channels

Wiley Online Library for digital journal and book access is heavily weighted toward digital delivery. For the fiscal year ended April 30, 2025, approximately 96% of the Research segment revenue came from digital and online products and services. The Research Journal Publishing Group specifically generated revenue of $922.5 million in that same fiscal year, reflecting the core channel for journal access.

Direct institutional sales to university libraries and research departments are a key component of the Research segment. The Research Solutions unit brought in $153 million in revenue for the fiscal year ending April 30, 2025. Furthermore, Q2 of fiscal year 2026 (ending October 31, 2025) saw modest growth in institutional models within the Research revenue stream.

Digital learning platforms, including inclusive access programs and courseware, drive the Academic group within the Learning segment. For the full fiscal year 2025, the Academic group sales reached $334 million, explicitly helped by strong demand for inclusive access and digital courseware materials like zyBooks. The Learning segment's total revenue for FY2025 was $585 million.

Global distribution networks handle print books and professional titles. For the year ended April 30, 2025, about 49% of John Wiley & Sons, Inc.'s consolidated revenue was generated from outside the United States, with key international regions including the United Kingdom, Germany, and India. The Professional group, which relies on these distribution channels, recorded sales of $251 million in FY2025, though it faced softness in the retail market.

Direct licensing agreements with major technology and R&D centric corporates are a growing channel, primarily reported within the Learning segment. In fiscal year 2025, AI licensing revenue totaled $40 million, up from $23 million in fiscal 2024, with a new agreement signed in the fourth quarter for $18 million with a third tech company. The company reaffirmed its FY2025 Free Cash Flow target at approximately $125 million.

Here's a look at the segment revenue breakdown from the fiscal year ended April 30, 2025:

The reliance on digital channels in Research is clear, with 96% of that segment's revenue coming from online sources as of April 30, 2025. The company maintained its quarterly dividend at $1.41 per share.

• Wiley Online Library: Core channel for Research Publishing revenue of $922.5 million (FY2025).
• Institutional Sales: Supported Research Solutions revenue of $153 million (FY2025).
• Digital Learning Platforms: Academic group revenue hit $334 million (FY2025).
• Global Distribution: Supported 49% of consolidated revenue generated internationally (FY2025).
• Direct Corporate Licensing: Generated $40 million in AI licensing revenue (FY2025).

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Customer Segments

You're looking at the core buyers for John Wiley & Sons, Inc. as of late 2025. This isn't just about selling books anymore; it's about selling access, data, and career advancement tools. The customer base is clearly segmented by the type of knowledge they need and how they consume it.

Research Institutions and University Libraries represent the bedrock of the business, especially through recurring journal subscriptions and solutions. For the second quarter ended October 31, 2025, the Research segment generated $279 million in revenue. Within that, Research Publishing brought in $241.4 million for the same period. This segment is the core engine, showing strong growth driven by global demand to publish, read, and license content. For the full fiscal year 2025, Research revenue grew 3% as reported and at constant currency.

The Researchers and Authors are intrinsically linked to the Research segment, as they are both the source and the consumer of this scholarly output. Strong volume in the Research segment is driving double-digit growth in author-funded open access, which saw a 28% increase year-over-year in the second quarter of fiscal 2026. Article submissions rose by 28%, and output increased by 12% in the same period.

For Students and Educators in K-12 and Higher Education, the focus is heavily on digital courseware, though this area faced headwinds recently. The Learning segment reported revenue of $143.2 million for the quarter ended October 31, 2025. This represented an 11% decline year-over-year, with Academic products accounting for $87.0 million and Professional products for $56.2 million in that quarter. The decline was partly due to market softness and an 8% enrollment decline in computer science. Still, John Wiley & Sons, Inc. is a predominantly digital company, with 83% of its Adjusted Revenue for fiscal year 2025 generated by digital products and services.

Professionals seeking career development and certification fall primarily under the Professional products within the Learning segment, which saw revenue decline by 16% in the second quarter of fiscal 2026. Overall, 48% of John Wiley & Sons, Inc.'s Adjusted Revenue for fiscal year 2025 was recurring, which includes revenue that is contractually obligated or set to recur with high certainty.

The segment of Large technology and pharmaceutical companies is a growing, high-value customer group, specifically targeted for AI content licensing. John Wiley & Sons, Inc. realized $40 million in total AI licensing revenue in Fiscal 2025, up from $23 million in Fiscal 2024. For the second quarter of fiscal 2026, the company executed a content licensing project for AI model training, realizing $6 million in that quarter, bringing the year-to-date total to $35 million. The company has achieved close to $100 million in AI training revenue in less than two years.

Here's a quick look at the most recent segment revenue snapshot:

You should watch the Learning segment closely; if the enrollment decline of 8% in computer science continues, it will pressure the Professional revenue stream, which was already down 16% in the last reported quarter. Finance: draft 13-week cash view by Friday.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Cost Structure

You're looking at the cost side of John Wiley & Sons, Inc.'s operations as of late 2025. The structure is heavily influenced by the ongoing shift to digital and the costs associated with maintaining a leading research portfolio, alongside strategic transformation efforts.

The foundation of the cost structure involves high fixed costs, which are inherent in the publishing and research business. These costs are tied up in content acquisition, the rigorous editorial process, and managing the extensive peer review infrastructure necessary for high-quality research output. While specific breakdowns aren't always itemized as pure fixed costs, the overall Cost of Sales (COS) gives you a clear picture of the direct costs of delivering content.

The Cost of Sales (COS) was $431.380 million in fiscal year 2025. This figure reflects the direct costs to produce and deliver the digital and print products that make up the majority of John Wiley & Sons, Inc.'s revenue base, which was 83% digital for the year ended April 30, 2025. That digital mix suggests a higher proportion of technology-related costs within COS, even as physical distribution costs decline.

You see a clear push for efficiency in the overhead areas. Operating and administrative expenses for the nine months ended January 31, 2025, were reported at $230.0 million, marking a 9% decrease compared to the same period the prior year. This rationalization is key to margin expansion, which is a stated goal.

The company is actively managing costs related to its transformation. This includes a significant investment in enterprise modernization, GenAI, and research platform development. For instance, spending on cloud-based solutions for targeted enterprise modernization work impacted operating cash flow in fiscal year 2025. Furthermore, the focus on AI is evident in the AI license revenue, which grew to $40 million in fiscal year 2025 from $23 million in fiscal year 2024, showing the investment is starting to yield returns, though the initial outlay is a cost driver.

Restructuring charges related to the Value Creation Plan and divestitures are a notable, though temporary, cost. For the full fiscal year ended April 30, 2025, John Wiley & Sons, Inc. recorded pretax restructuring charges of $29.4 million related to the ongoing Global Restructuring Program. This program, which was expanded due to divestitures, focuses on optimizing the cost structure, especially aligning technology costs and corporate expenses. Just in the third quarter of fiscal year 2025 (three months ended January 31, 2025), the charge was $5.6 million associated with this program.

The ongoing nature of cost optimization means you should watch these specific line items closely. The drive to streamline operations continues, as evidenced by the fact that total cumulative restructuring charges under the Global Restructuring Program reached $148.9 million as of the quarter ended October 31, 2025.

• Full year Corporate Expenses declined by 3% as reported in fiscal year 2025.
• Corporate Expenses rose 2% on an Adjusted EBITDA basis due to enterprise modernization spend.
• The company is consolidating locations and rationalizing its application footprint.

John Wiley & Sons, Inc. (WLYB) - Canvas Business Model: Revenue Streams

You're looking at how John Wiley & Sons, Inc. actually brings in the money as of late 2025. It's a mix of long-term commitments and new, high-growth digital deals. Honestly, the shift to digital is nearly complete; 83% of Adjusted Revenue for the year ended April 30, 2025, came from digital products and services.

Research Publishing subscriptions and open access fees form a core, reliable base. This is where you see the recurring revenue you're interested in. For the fiscal year ending April 30, 2025, approximately 48% of Adjusted Revenue was recurring, meaning it's contractually obligated or highly certain to repeat. The Research segment, which houses much of this publishing, accounted for about 64% of the consolidated revenue for that same fiscal year. This segment saw its revenue grow 3% as reported and at constant currency, driven by those publishing models and open access growth.

Let's look at the top line. Total GAAP Revenue for John Wiley & Sons, Inc. for Fiscal Year 2025 was $1.678 billion. This figure reflects a decrease of 10% compared to the prior year, largely due to foregone revenue from divested businesses.

The newer, high-impact revenue stream is AI content licensing. This area saw significant traction, totaling $40 million in realized revenue for Fiscal 2025. That's a nice jump from the $23 million seen in Fiscal 2024. This revenue comes from securing deals with large tech companies for LLM model training and other vertical-specific projects.

The Learning segment is your next big piece, focusing on academic and professional development. The revenue for the Learning segment in FY2025 was $585 million, which was up 2% as reported and at constant currency. This growth was fueled by academic offerings and that AI licensing within the segment. Within this, professional book sales and corporate knowledge services are key. While retail channel softness impacted Q4 professional performance, management noted that book title signings in professional areas like business and leadership were up 16% in FY2025, setting up financial benefit for the next fiscal year.

Here's a quick snapshot of those key revenue and segment numbers from the end of FY2025:

You should also track the specific drivers within the segments:

• Research revenue growth driven by recurring publishing models and open access.
• Learning growth supported by inclusive access and STEM courseware.
• AI licensing contributed $29 million specifically within the Learning segment revenue for the full year.
• Professional book title signings up 16%, pointing to future revenue.

If onboarding for new digital contracts takes longer than expected, revenue recognition gets pushed, so watch those leading indicators like article submissions, which were up 18% year-to-date in Q3 FY2025.