FISCAL YEAR 2025 GROWTH OUTLOOK
Wiley is reaffirming its Fiscal 2025 growth outlook based on first half results and second half indicators. Wiley's revenue outlook is driven by favorable demand trends and performance indicators. Wiley's earnings outlook is driven by expected revenue growth and cost savings, while reflecting reinvestments to scale and optimize Research, modernize infrastructure and expand GenAI content licensing and capabilities. Wiley's cash flow outlook is driven by lower restructuring payments and favorable working capital partially offset by a year-over-year swing in incentive compensation payments.
Quarterly phasing in the second half of the year: The Company's projected growth in the second half of its fiscal year is expected to occur in Q4 due to strong momentum and favorable comparisons in Research.
| Metric ($millions, except EPS) | Fiscal 2024 Results Ex-Divestitures | Fiscal 2025 Outlook Ex-Divestitures |
| Adj. Revenue* | $1,617 | $1,650 to $1,690 |
| Research | $1,043 | Low to mid-single digit growth |
| Learning | $574 | Low-single digit growth |
| Adj. EBITDA* | $369 | $385 to $410 |
| Adj. EPS* | $2.78 | $3.25 to $3.60 |
| Free Cash Flow | $114 | Approx. $125 |
| *Excludes held for sale or sold businesses | ||
The Company remains on track with its Fiscal 2026 targets.
