MHNYSEMiscellaneous PublishingUS GAAP · USD

McGraw Hill, Inc.

McGraw Hill, Inc. is an education content and digital learning company serving K-12, higher education, and professional end markets. It sells curriculum, digital subscriptions, and assessment-oriented learning solutions, with a growing mix of recurring revenue from subscription-based products and a large U.S. base supplemented by international distribution.

Kysy yhtiöstä
Liikevaihto2 103milj. USD
+0,1 %v/v
Liikevoitto (EBIT)277milj. USD
−9,8 %v/v
EBIT-marginaali13,2%
−1,4 %-yks.v/v
Nettotulos35,3milj. USD
+141,1 %v/v
Vapaa kassavirta246milj. USD
−57,2 %v/v

Tilikausi 2026 · muutos edellisvuodesta

Kehitys 2024–2026

05001 0001 5002 0002 500milj. USD2024: 1 960 milj. USD2024: EBIT 155 milj. USD20242025: 2 101 milj. USD2025: EBIT 307 milj. USD20252026: 2 103 milj. USD2026: EBIT 277 milj. USD20262 103277
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
K-1252 %

Curriculum, digital learning, and assessment products sold to school systems and districts.

Higher Education33 %

Textbooks, digital courseware, and direct-to-student learning solutions for colleges and universities.

Global Professional6 %

Subscription-based medical and engineering learning solutions for students and professionals.

International8 %

Adapted K-12 and higher education solutions sold outside the United States through global distribution.

Other1 %

In-transit sales adjustments and corporate allocations not assigned to a reportable segment.

Tuotteet

Raportoitu · osuus liikevaihdosta
68,2%31,8%FY2026100 %
  • Digital68,2 %
  • Print31,8 %

Lähde: 10-K FY2026, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

McGraw Hill sells primarily to education institutions, school districts, universities, students, and professional learners. Its K-12 business is driven by state and district purchasing cycles, while higher education includes institutional buyers, online retailers, and direct-to-student e-commerce. The professional segment serves medical and engineering learners and institutions that value high-stakes, subscription-based content and exam preparation tools.

K-12 school systems

State and district buyers purchase curriculum and digital learning solutions on multi-year cycles for classroom adoption.

Higher education institutions and students

Colleges, universities, online retailers, and direct-to-student channels buy textbooks and digital courseware for courses.

Medical education customers

Medical schools, students, and residents buy AccessMedicine and other subscription tools for high-stakes learning.

Engineering and professional learners

Engineers and professional learners buy reference and exam-prep content for credentialing and continuing education.

International education buyers

Schools and institutions outside the U.S. buy adapted print and digital solutions through global distribution.

Strategia

McGraw Hill is shifting its business mix toward digital learning solutions and recurring subscription revenue, which management says improves predictability and customer retention. It is also investing in product development, platform enhancements, and selective acquisitions to broaden content coverage, especially in medical education. Cash generation, disciplined spending, and working-capital improvement from the print-to-digital transition are central to the strategy.

Expand digital subscription revenueLyhyt aikaväli

Recurring subscriptions improve predictability, retention, and lifetime customer value.

Broaden medical education offeringsKeskipitkä aikaväli

Medical content is a high-value niche with strong institutional usage and renewal potential.

Optimize product development and content reuseKeskipitkä aikaväli

Leveraging content across products improves return on development spend and margins.

Maantiede

Q4/2025

The United States is the company’s largest market and the main source of segment revenue, especially in K-12, higher education, and professional learning. International business spans more than 100 countries and 80 languages, using a broad distribution network to sell adapted U.S.-origin content. Geography matters because K-12 purchasing is tied to local and state adoption cycles, while international demand is more fragmented across markets and contract structures.

USA90 %
Other countries (US filing)10 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

The business is exposed to education spending cycles, adoption timing, and the shift from print to digital, which can create uneven quarterly results and execution risk. It also faces content obsolescence, pricing pressure, and the need to keep investing in platforms and curriculum updates to remain relevant. International operations add complexity because purchasing behavior, funding mechanisms, and contract structures differ by market.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Seasonality and adoption-cycle volatility1Print-to-digital transition execution2Inflation in operating and fulfillment costs3International market complexity4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Seasonality and adoption-cycle volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Education purchases are concentrated around academic calendars and state/district adoption windows.

    Kohdistuu: K-12 and higher education revenue timing

  2. Print-to-digital transition executionVaikutus: KorkeaTodennäköisyys: Matala

    Revenue mix is shifting toward subscriptions, but print still contributes meaningful transactional revenue.

    KohdistuuMarginsWorking capitalCustomer retention
  3. Inflation in operating and fulfillment costsVaikutus: KeskitasoTodennäköisyys: Korkea

    Paper, freight, labor, and logistics inflation can compress margins if not offset by pricing.

    Kohdistuu: Print and fulfillment-heavy operations

  4. International market complexityVaikutus: KeskitasoTodennäköisyys: Matala

    Different funding mechanisms, purchasing behaviors, and contract structures make forecasting harder.

    Kohdistuu: International segment

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Subscription, print, and contract-based education sales may recognize revenue at different times.

Vaikutus: Affects quarterly revenue timing and deferred revenue balances

Sales returns

Textbook and educational product returns can reduce net revenue after initial shipment.

Vaikutus: Affects net sales and reserve estimates

Product development capitalization and amortization

External preparation costs are amortized over one to six years, influencing operating expense timing.

Vaikutus: Affects EBITDA and operating income trends

Goodwill and intangible impairment

Acquisitions and changing market conditions require periodic recoverability testing.

Vaikutus: Could create non-cash charges if asset values decline

Seasonality

Academic-calendar demand and front-loaded investment spending distort interim comparisons.

Vaikutus: Impacts cash flow and quarterly margin comparability

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Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026