McGraw Hill (MH) financial statements
McGraw Hill reported revenue of $2.1B in fiscal 2026, up 3.6% a year over 2 years.
Net income was $35M and the operating margin 13.2%, against 7.9% in 2024.
Free cash flow was $246M.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from McGraw Hill's 10-K filings with the SEC.
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.1B |
| Cost of revenue | $420M | $422M | $401M |
| Gross profit | $1.5B | $1.7B | $1.7B |
| Research and development | $263M | $284M | $276M |
| Selling, general and admin | $706M | $725M | $748M |
| Operating income | $155M | $307M | $277M |
| Pre-tax income | -$168M | $11M | $44M |
| Income tax | $25M | $96M | $8M |
| Net income | -$193M | -$86M | $35M |
| EPS (diluted) | -$1.16 | -$0.52 | $0.19 |
| Diluted shares | 167M | 167M | 184M |
| Gross margin | 78.6% | 79.9% | 80.9% |
| Operating margin | 7.9% | 14.6% | 13.2% |
| Net margin | -9.8% | -4.1% | 1.7% |
Balance sheet
Fiscal years, from McGraw Hill's 10-K filings with the SEC.
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Cash and short-term investments | $204M | $390M | $254M |
| Receivables | — | $338M | $362M |
| Inventory | — | $174M | $195M |
| Total current assets | — | $1.1B | $974M |
| Property, plant and equipment | — | $95M | $90M |
| Goodwill | $2.6B | $2.6B | $2.5B |
| Total assets | — | $5.8B | $5.5B |
| Total current liabilities | — | $1.3B | $1.3B |
| Long-term debt | — | $3.2B | $2.6B |
| Total liabilities | — | $5.5B | $4.8B |
| Shareholders' equity | $369M | $280M | $726M |
| Net debt | -$204M | $2.8B | $2.3B |
Cash flow
Fiscal years, from McGraw Hill's 10-K filings with the SEC.
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating cash flow | $236M | $646M | $331M |
| Capital spending | $82M | $71M | $85M |
| Free cash flow | $154M | $575M | $246M |
| Stock-based compensation | $0 | $0 | $34M |
| Free cash flow margin | 7.9% | 27.4% | 11.7% |
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Open MH in InvestinglyQuestions
What was McGraw Hill's revenue in 2026?
$2.1B in fiscal 2026, from its 10-K filing.
How much free cash flow does McGraw Hill generate?
$246M in fiscal 2026 (operating cash flow minus capital spending).
From McGraw Hill's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.