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On September 3, John Wiley & Sons (NYSE:WLY) opened its fiscal 2027 with a headline that looked worse than the business underneath it. Revenue fell 3% to $386 million, and adjusted earnings per share dropped 10% to $0.44 from $0.49. But most of that decline traces back to a single, known comparison problem, and the parts of Wiley actually built for the future kept moving in the right direction.
Wiley's research business, its publishing engine, brought in $293 million in revenue, up 4%, with research publishing itself climbing 12% to $259 million. Submissions rose 31% year over year and output grew 8%, evidence that demand to publish keeps outpacing even an already strong market. Journal customer retention held above 99% through the 2026 renewal season, a signal that the core subscription base isn't eroding even as the company reshapes itself around data and AI.
The AI business is still small in dollar terms, $14 million this quarter, but the mix is shifting the way management wants. Of that figure, $10.5 million came from model training, $3.5 million was recurring, and another $14 million is already contracted for delivery across the next two quarters. Wiley was invited as the only scientific publisher into the US Department of Energy's Genesis Mission and became a founding data partner in Cusp AI's Global Materials Foundry, both wins that suggest its content library is becoming infrastructure rather than just archive material.
The company also launched a spectral analysis API portfolio aimed at corporate and academic labs, extending its reach into automated research pipelines. Clinical outcome assessments revenue, the peer-reviewed instruments used in clinical trials, rose more than threefold. Layer on the Emerald Publishing acquisition, which added $13 million in revenue and $5 million in adjusted EBITDA and which management says is integrating ahead of schedule, and the research and AI engines both look like they're compounding rather than stalling.