John Wiley & Sons (WLY) risk factors, FY2026 10-K

John Wiley & Sons's FY2026 10-K, filed Jun 24, 2026, lists 30 risk factors in 5 groups. Against the prior year's 29: 2 new, 1 dropped, 8 substantially reworded.

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Risk factors listed
305 groups
New this year
2vs 29 last year
Dropped
1since the prior 10-K
Substantially reworded
8of those kept
Section length
7k wordsItem 1A

What the changes say

  • Growth strategy execution and expanding journals, licensing, platforms, and services are newly emphasized.
  • Tax uncertainty now includes potential taxes without physical presence and harder audits or disputes.
  • Federal research disruption, credit-market access, and goodwill and intangible-asset values remain important financial exposures.

What changed since the prior 10-K

New

  • NewStrategic Risks

    We may not be able to realize the expected benefits of our growth strategies, as described in Item 1. Business, which could adversely impact our consolidated financial position and results of operations

    Wiley may fail to expand peer-reviewed publishing output, journals, institutional licensing, platforms, and services enough to meet global demand.

  • NewLegal, Regulatory, and Compliance Risks

    This increasingly complex and evolving global tax environment has in the past and could continue to increase tax uncertainty and compliance costs, and we cannot predict the full impact of future changes to the framework on our provision for income taxes and financial performance

    Changing global tax rules, taxes without physical presence, and difficult audits could raise compliance costs and materially change Wiley’s tax expense.

Dropped

  • DroppedFinancial Risks

    Changes in pension costs and related funding requirements may impact our consolidated financial position and results of operations

Reworded

  • 84% rewrittenStrategic Risks

    Reductions in or restrictions on federal research funding and changes to US higher education policy may adversely affect our business

    The risk now focuses on research-funding disruption from proposed budget cuts, grant actions, and agency changes, rather than mainly proposed reductions.

    Was: Potential reductions in US federal funding for libraries and changes to US higher education policy may adversely affect our business

  • 80% rewrittenLegal, Regulatory, and Compliance Risks

    Increases in income tax rates, changes in income tax laws or regulations, or unfavorable resolutions of tax matters could have a material adverse impact on our financial results

    The OECD discussion became enacted Pillar Two legislation imposing a 15% country-by-country minimum tax on large multinationals.

  • 63% rewrittenFinancial Risks

    Volatility in the financial markets and a related global economic downturn could impact our ability to access global credit markets and meet our future financing needs

    The revised risk adds banking-partner disruption, current debt levels, higher borrowing costs, and potentially unacceptable financing terms.

  • 46% rewrittenGeneral Risks

    Global economic, market, public health, and geopolitical conditions or other events could negatively impact our consolidated financial positions and results of operations

    The revised text removes China-specific risks involving Transformational Agreements and APC caps, while adding possible stock-price declines or volatility.

  • 45% rewrittenOperational Risks

    Subscription agents account for approximately 19% of total annual consolidated revenue, and no one agent accounts for more than 10% of total annual consolidated revenue

    Book customers’ accounts receivable exposure declined: the top 10 fell from approximately 24% to 20%, and no customer from 9% to 7%.

    Was: Subscription agents account for approximately 18% of total annual consolidated revenue, and no one agent accounts for more than 10% of total annual consolidated revenue

  • 41% rewrittenStrategic Risks

    Technological developments in AI could disrupt the markets in which we operate and subject us to increased competition, cannibalization, legal and regulatory risks, and compliance costs

    No substantive change; the risk still covers AI disruption, competition, cannibalization, legal exposure, and compliance costs.

    Was: Technological developments in artificial intelligence (AI) could disrupt the markets in which we operate and subject us to increased competition, cannibalization, legal and regulatory risks, and compliance costs

  • 33% rewrittenStrategic Risks

    Our business may be adversely impacted if we cannot protect our intellectual property

    No substantive change; the risk still covers limits on protecting and monetizing Wiley’s trademarks, copyrights, and other intellectual property.

  • 29% rewrittenFinancial Risks

    As a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets, and we may never realize the full carrying value of these assets

    Goodwill increased to $1,132.4 million while intangible assets declined to $579.0 million, including $127.2 million of indefinite-lived assets.

All 30 risk factors

Headings as the filing states them, in filing order.

Strategic Risks

  1. 01Our business may be adversely impacted if we cannot protect our intellectual property33% rewritten
  2. 02We may not be able to realize the expected benefits of our growth strategies, as described in Item 1. Business, which could adversely impact our consolidated financial position and results of operations New
  3. 03Technological developments in AI could disrupt the markets in which we operate and subject us to increased competition, cannibalization, legal and regulatory risks, and compliance costs41% rewritten
  4. 04Reductions in or restrictions on federal research funding and changes to US higher education policy may adversely affect our business84% rewritten
  5. 05Divestitures could adversely affect our business and financial results and may introduce significant risks and uncertainties
  6. 06A reduction in enrollment at colleges and universities could adversely affect the demand for our Academic products
  7. 07The Company and industry are highly dependent on the loyal engagement of key leaders and colleagues. Loss of talent due to inadequate skills and career path development or maintaining competitive salaries and benefits could have a significant impact on Company performance
  8. 08The competitive pressures we face in our business, as well as our ability to retain our business relationships with our authors and professional societies, could adversely affect our consolidated financial position and results of operations
  9. 09The demand for digital and lower cost books could impact our sales volumes and pricing in an adverse way
  10. 10As the market has shifted to digital products, customer expectations for lower-priced products have increased due to customer awareness of reductions in production costs and the availability of free or low-cost digital content and products. Increased customer demand for lower prices could reduce our revenue
  11. 11Information Technology Systems and Cybersecurity Risks
  12. 12We may be susceptible to information technology risks that may adversely impact our business, consolidated financial position, and results of operations
  13. 13Cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business, could have a material adverse effect on our business, consolidated financial condition, and results of operations

Operational Risks

  1. 14We may not realize the anticipated cost savings and benefits from, or our business may be disrupted by, our continuous improvement efforts
  2. 15We may not realize the anticipated cost savings and processing efficiencies associated with the outsourcing of certain business processes
  3. 16Challenges and uncertainties associated with operating in certain global markets have a higher risk due to political instability, economic volatility, crime, terrorism, corruption, social and ethnic unrest, and other factors, which may adversely impact our consolidated financial position and results of operations
  4. 17Subscription agents account for approximately 19% of total annual consolidated revenue, and no one agent accounts for more than 10% of total annual consolidated revenue45% rewritten
  5. 18In our Research business, a lack of integrity in our published research could adversely impact our consolidated financial position and results of operations

Financial Risks

  1. 19Volatility in the financial markets and a related global economic downturn could impact our ability to access global credit markets and meet our future financing needs63% rewritten
  2. 20Fluctuations in foreign currency exchange rates and interest rates could materially impact our consolidated financial condition and results of operations
  3. 21We may not be able to mitigate the impact of inflation and cost increases, which could have an adverse impact on our consolidated financial position and results of operations
  4. 22As a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets, and we may never realize the full carrying value of these assets 29% rewritten

Legal, Regulatory, and Compliance Risks

  1. 23Changes in laws, tariffs, and regulations, including regulations related to open access, could adversely impact our consolidated financial position and results of operations
  2. 24Increases in income tax rates, changes in income tax laws or regulations, or unfavorable resolutions of tax matters could have a material adverse impact on our financial results80% rewritten
  3. 25This increasingly complex and evolving global tax environment has in the past and could continue to increase tax uncertainty and compliance costs, and we cannot predict the full impact of future changes to the framework on our provision for income taxes and financial performanceNew
  4. 26A disruption or loss of data sources could limit our collection and use of certain kinds of information, which could adversely impact our communication with our customers
  5. 27If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired

General Risks

  1. 28Global economic, market, public health, and geopolitical conditions or other events could negatively impact our consolidated financial positions and results of operations46% rewritten
  2. 29The trading price of the shares of our common stock may fluctuate materially, and investors of our common stock could incur substantial losses
  3. 30Adverse publicity could negatively impact our reputation, which could adversely affect our consolidated financial position and results of operations

Other John Wiley & Sons 10-Ks

  • FY2025 10-K risk factors
    29 risks

    Wiley faces heavy digital disruption risks from AI, open-access regulations, and shrinking higher-education enrollment. The publisher depends heavily on third-party authors, subscription agents, and outsourced IT infrastructure. Financial results are exposed to foreign currency swings, inflation, and large intangible asset balances.

    Filed Jun 25, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.