Free cash flow generation remains highly erratic, oscillating between a $155.1 million peak in 2024Q4 and a $105.2 million deficit in 2025Q1, largely driven by massive quarterly swings in working capital.
| Metric | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Cash from Operations | 260.52M | 202.59M | 207.64M | 277.07M | 339.1M | 359.92M | 288.44M | 250.83M | 373.77M | 314.5M | 349.96M | 355.12M | 348.22M | 337.04M | 379.65M | 375.62M | 418.79M | 341.25M | 280.13M | 220.59M | 242.64M | 243.49M | 212.21M | 169.13M | 140.37M | 131.01M | 131.84M | 117.9M | 104.1M | 63.9M |
| Operating CF Margin % | 15.54% | 12.08% | 11.09% | 13.72% | 16.28% | 18.54% | 15.75% | 13.93% | 20.81% | 18.3% | 20.26% | 19.49% | 19.62% | 19.14% | 21.3% | 21.56% | 24.65% | 21.18% | 16.74% | 17.86% | 23.24% | 25% | 22.99% | 19.8% | 19.11% | 21.35% | 22.16% | 23.19% | 22.29% | 14.79% |
| Operating CF Growth % | 28.59% | -2.43% | -25.06% | -18.29% | -5.79% | 24.78% | 14.99% | -32.89% | 18.85% | -10.13% | -1.45% | 1.98% | 3.32% | -11.22% | 1.07% | -10.31% | 22.72% | 21.82% | 26.99% | -9.09% | -0.35% | 14.74% | 25.47% | 20.49% | 7.14% | -0.63% | 11.82% | 13.26% | 62.91% | -6.17% |
| Net Income | 221.62M | 84.16M | -200.32M | 17.23M | 148.31M | 148.26M | -74.29M | 168.26M | 192.19M | 113.64M | 145.78M | 176.87M | 160.51M | 144.22M | 212.75M | 171.89M | 143.54M | 128.26M | 147.54M | 99.62M | 110.33M | 83.84M | 88.84M | 87.28M | 57.32M | 58.92M | 52.39M | 39.7M | 36.6M | 20.3M |
| Depreciation & Amortization | 69.11M | 148.21M | 176.99M | 213.25M | 215.17M | 200.19M | 175.13M | 161.16M | 153.99M | 116.35M | 116.19M | 113.29M | 103M | 98M | 87.15M | 81.08M | 75.44M | 71.98M | 115.92M | 88.32M | 82M | 78.35M | 71.37M | 62.96M | 59.32M | 53.88M | 53.17M | 40.5M | 41.4M | 34.3M |
| Stock-Based Compensation | 0 | 22.22M | 24.98M | 26.5M | 25.7M | 21.98M | 20.01M | 18.33M | 11.24M | 17.55M | 16.11M | 13.62M | 12.85M | 11.93M | 17.26M | 17.72M | 15.52M | 10.63M | 17.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -26.5M | 0 | -21.98M | 182.34M | -18.33M | -11.24M | -2.58M | -5.86M | -5.28M | -22.6M | -50.48M | -8.77M | 5.71M | 9.48M | 17.14M | 10.78M | 3.6M | 5.01M | 17.28M | 26.68M | 11.22M | -3.66M | 3.53M | 1.79M | -1.1M | 9.2M | 3.2M |
| Other Non-Cash Items | 105.7M | 80.59M | 334.84M | 185.22M | 54.34M | 111.38M | 65.69M | 19.94M | 27.7M | 96.74M | 52.13M | 53.64M | 93.67M | 96.19M | 47.18M | 83.48M | 134.26M | 146.27M | 57.53M | 55.77M | 12.96M | 22.37M | 23.93M | 40.95M | 40.5M | 17.71M | 23.89M | 100K | 100K | 7.3M |
| Working Capital Changes | -135.91M | -132.59M | -128.86M | -138.63M | -104.43M | -99.9M | -80.44M | -98.53M | -96K | -27.21M | 25.61M | 2.99M | 794K | 37.17M | 24.08M | 15.74M | 40.55M | -33.02M | -69.11M | -35.02M | -2.63M | 41.64M | 1.39M | -33.28M | -13.11M | -3.03M | 601K | 22.5M | 15.7M | -13.1M |
| Change in Receivables | -19.88M | 7.95M | -22.06M | 26.76M | -26.32M | -7.26M | -2.96M | -52.94M | -14.21M | -29.89M | -14.46M | 4.49M | 18.56M | 18.12M | 9.61M | -5.58M | -9M | -25.94M | -20.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6.72M | -1.42M | 5.44M | -522K | 2.31M | 7.84M | -2.71M | 3.82M | 13.52M | 8M | 3.57M | 9.7M | 11.15M | 11.5M | 4.47M | 7.45M | 13.96M | -6.7M | -10.04M | -4.06M | -12.11M | 3.99M | 788K | -14.59M | -4.66M | -9.79M | -1.15M | 3M | 4.4M | 1.8M |
| Change in Payables | -12.55M | 8.11M | -38.46M | 22.91M | 16.37M | -20.11M | 1.16M | 7.37M | 16.54M | -19.86M | 4M | 31.3M | 7.3M | -5.75M | 540K | 6.42M | -15.59M | 19.25M | 4.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 28.11M | -94.02M | -106.64M | -98.4M | -194.02M | -433.15M | -346.67M | -301.5M | -176.56M | -242.61M | -151.4M | -279.67M | -149.35M | -342.47M | -212.05M | -113.03M | -209.91M | -201.63M | -170.19M | -1.04B | -113.63M | -123.76M | -91.72M | -125.56M | -314.07M | -71.92M | -194.07M | -53.1M | -46.1M | -138.3M |
| Capital Expenditures | -51.17M | -61.47M | -76.08M | -106.69M | -121.7M | -133.21M | -90.43M | -86.66M | -140.91M | -110.7M | -93.7M | -69.12M | -57.56M | -58.7M | -67.38M | -54.39M | -203.48M | -46.01M | -163.38M | -107.67M | -52.71M | -26.83M | -29.22M | -63.22M | -33.64M | -28.66M | -15.8M | -21M | -72.6M | -138.3M |
| CapEx % of Revenue | 3.05% | 3.66% | 4.06% | 5.28% | 5.84% | 6.86% | 4.94% | 4.81% | 7.85% | 6.44% | 5.43% | 3.79% | 3.24% | 3.33% | 3.78% | 3.12% | 11.98% | 2.86% | 9.76% | 8.72% | 5.05% | 2.75% | 3.17% | 7.4% | 4.58% | 4.67% | 2.66% | 4.13% | 15.54% | 32.01% |
| Acquisitions | 0 | -11.24M | -4.89M | 8.29M | -75.7M | -299.94M | -229.63M | -190.41M | 0 | -154.77M | -20.42M | -171.13M | -51.22M | -233.33M | -92.17M | -7.17M | -6.43M | -23.96M | -6.8M | -972.91M | 0 | -22.53M | -3.07M | -10.5M | -232.39M | -10.05M | -145.11M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 79.27M | -21.3M | -25.68M | 15.59M | 3.38M | -25.95M | -26.61M | -24.43M | -35.65M | -37.56M | -37.27M | -39.42M | -40.57M | -50.43M | -52.5M | -51.47M | -155.37M | -131.67M | -119.87M | 0 | -70.92M | -64.41M | -59.43M | -51.84M | -48.04M | -33.21M | -33.15M | -32.1M | 26.5M | 0 |
| Cash from Financing | -298.3M | -125.33M | -107.22M | -168.57M | -131.64M | -47.09M | 172.68M | -17.59M | -89.62M | -346.17M | -285.66M | -60.96M | -53.53M | 90.4M | -104.72M | -230.04M | -156.42M | -89.06M | -124.51M | 810.21M | -157.34M | -113.47M | -72.44M | -52.51M | 159.92M | -47.27M | -40.03M | -41.2M | -9.2M | 97.7M |
| Debt Issued (Net) | -120.3M | 18.16M | 23.3M | -48.27M | -11M | 30.65M | 303.72M | 114.4M | -8.61M | -240.22M | -143.36M | 41M | 14.75M | 197.55M | 16.39M | -195.99M | -163.69M | -40.44M | -121.63M | 837.72M | -32.54M | -4.01M | -35M | -30M | 170M | -30M | 0 | 0 | -200K | 113.2M |
| Equity Issued (Net) | -100.08M | -60.42M | -45.05M | -35M | -30M | -15.77M | -46.59M | -59.99M | -10.49M | -50.33M | -69.98M | -61.98M | -7.57M | -73.72M | -71.77M | -27.96M | 0 | -23.49M | -3.68M | -816K | -103.69M | -91.34M | -21.17M | -10.16M | 933K | -7.54M | -33.31M | -36.72M | -2M | -9.3M |
| Dividends Paid | -74.36M | -76.1M | -76.96M | -77.3M | -77.2M | -76.94M | -76.66M | -75.75M | -73.54M | -71.55M | -69.9M | -68.5M | -58.95M | -57.43M | -48.26M | -38.76M | -32.99M | -30.48M | -25.61M | -22.84M | -21.1M | -18.13M | -16.27M | -12.34M | -11.02M | -9.73M | -8.61M | -7.9M | -7M | -6.2M |
| Share Repurchases | -100.08M | -60.42M | -45.05M | -35M | -30M | -15.77M | -46.59M | -59.99M | -39.69M | -50.33M | -69.98M | -61.98M | -63.39M | -73.72M | -87.07M | -27.96M | 0 | -35.11M | -3.68M | -7.28M | -108.87M | -94.79M | -26.13M | -11.66M | -1.88M | -9.46M | -35.32M | -38.55M | -4.3M | -10.5M |
| Other Financing | -3.57M | -6.97M | -8.5M | -8M | -13.44M | 14.96M | -7.8M | 3.75M | -4.19M | 15.92M | -2.43M | 28.52M | -1.75M | 24M | -1.07M | 32.66M | 40.26M | 5.35M | 26.41M | -3.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -10.31M | -13.61M | -7.72M | 6.54M | 6.37M | -108.69M | 109.5M | -76.71M | 111.26M | -305.29M | -93.64M | -28.94M | 152.24M | 74.31M | 57.98M | 48.34M | 50.69M | 43.52M | -12.18M | -5.01M | -28.64M | 7.37M | 48.79M | -6.46M | -13.24M | 10.65M | -106.67M | 21.6M | 48.3M | 23.8M |
| Free Cash Flow | 209.35M | 119.82M | 105.88M | 170.38M | 217.4M | 226.71M | 198M | 164.17M | 232.87M | 203.8M | 256.25M | 286M | 290.66M | 278.33M | 312.27M | 321.23M | 215.31M | 295.25M | 116.75M | 112.92M | 189.93M | 216.66M | 182.99M | 105.91M | 106.72M | 102.36M | 116.03M | 96.9M | 31.5M | -74.4M |
| FCF Margin % | 12.49% | 7.14% | 5.65% | 8.44% | 10.44% | 11.68% | 10.81% | 9.12% | 12.97% | 11.86% | 14.84% | 15.69% | 16.37% | 15.81% | 17.52% | 18.43% | 12.67% | 18.32% | 6.98% | 9.14% | 18.19% | 22.24% | 19.83% | 12.4% | 14.53% | 16.68% | 19.51% | 19.06% | 6.74% | -17.22% |
| FCF Growth % | 74.73% | 13.16% | -37.86% | -21.63% | -4.11% | 14.5% | 20.61% | -29.5% | 14.26% | -20.47% | -10.4% | -1.6% | 4.43% | -10.87% | -2.79% | 49.19% | -27.07% | 152.89% | 3.39% | -40.55% | -12.34% | 18.4% | 72.78% | -0.76% | 4.26% | -11.79% | 19.75% | 207.62% | 142.34% | -362.9% |
| FCF per Share | 3.93 | 2.19 | 1.93 | 3.02 | 3.84 | 4.02 | 3.52 | 2.84 | 4.02 | 3.50 | 4.36 | 4.80 | 4.88 | 4.62 | 5.10 | 5.24 | 3.61 | 4.95 | 1.97 | 1.94 | 3.18 | 3.49 | 2.89 | 1.67 | 1.69 | 1.62 | 1.79 | 1.46 | 0.47 | -1.14 |
| FCF Conversion (FCF/Net Income) | 1.18x | 2.41x | -1.04x | 16.08x | 2.29x | 2.43x | -3.88x | 1.49x | 1.94x | 2.77x | 2.40x | 2.01x | 2.17x | 2.34x | 1.78x | 2.19x | 2.92x | 2.66x | 1.90x | 2.21x | 2.20x | 2.90x | 2.39x | 1.94x | 2.45x | 2.22x | 2.52x | 2.97x | 2.84x | 3.15x |
| Interest Paid | 0 | 51.33M | 47.1M | 36.13M | 17.83M | 17.17M | 23.62M | 14.87M | 12.22M | 15.73M | 15.05M | 14.88M | 12.51M | 12.08M | 7.75M | 19.69M | 33.19M | 50.11M | 69.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 53.88M | 50.83M | 50.89M | 48.89M | 41.06M | 41.54M | 48.26M | 48.71M | 33.67M | 38.58M | 45.65M | 63.81M | 56.02M | 42.84M | 37.82M | 33.36M | 15.94M | 24.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in quarterly filings, WLYB exhibits extreme variance in the relationship between net income and operating cash flow, with OCF/NI ratios swinging from -7.27 in 2026Q1 to 6.06 in 2026Q3, indicating that GAAP earnings are currently poor proxies for actual cash generation.
The significant divergence between net income and operating cash flow suggests that non-cash charges and timing differences in revenue recognition are heavily distorting the bottom line. Investors should monitor whether this volatility is a temporary byproduct of the ongoing restructuring or a structural feature of the transition to article-based revenue models.
Based on the provided cash flow data, WLYB's free cash flow trajectory is inconsistent, oscillating between a peak of $155.1M in 2024Q4 and a trough of -$105.2M in 2025Q1, which reflects the underlying instability in the company's core operational cash conversion cycles.
The inability to maintain positive free cash flow across consecutive quarters suggests that the company's cash generation is highly sensitive to seasonal working capital swings and lumpy restructuring costs. This erratic performance warrants further investigation into whether the business can achieve a sustainable, positive FCF margin as it exits its current divestiture phase.
According to historical cash flow statements, WLYB experiences massive quarterly fluctuations in working capital, including a $153.5M outflow in 2026Q1 followed by an $80.8M inflow in 2026Q3, which appears to be the primary driver of the company's unpredictable operating cash flow profile.
These dramatic shifts in working capital likely stem from the timing of large library subscription renewals and the associated deferred revenue accounts. The reliance on these lumpy inflows suggests that the company's liquidity position may be more vulnerable to shifts in institutional payment cycles than previously assumed.
As indicated by financial data, WLYB has maintained a disciplined approach to capital expenditure, with CapEx/Revenue ratios consistently hovering between 2.9% and 6.0% over the last ten quarters, suggesting that the firm is not currently over-investing in physical infrastructure during its digital transformation.
The relatively low capital intensity implies that the company's primary investments are likely focused on platform maintenance and digital content delivery rather than heavy asset expansion. This suggests that the firm's cash flow is not being structurally constrained by excessive maintenance requirements, allowing for potential flexibility in capital allocation.
Quick answers to the most common questions about buying WLYB stock.
John Wiley & Sons, Inc. (WLYB) generated $260.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
John Wiley & Sons, Inc. (WLYB) generated $209.4M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
John Wiley & Sons, Inc. (WLYB) spent $51.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, John Wiley & Sons, Inc. (WLYB) returned $74.4M to shareholders via cash dividends and spent $100.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.