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McGraw Hill (MH) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · McGraw Hill (MH) Q2 FY27 earnings results →

Q2 FY27 Revenue down 6% year over year to $632M · 14¢ of every $1 of revenue kept as net profit · operating margin 22.3%

McGraw Hill made $632M in Q2 FY27 (-6% Y/Y): Digital $361M, Print $271M. Operating margin 22.3%, net earnings $86.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$632M
Year over year-6%
Operating margin22.3%
Net earnings$86.4M
Operating cash flow$189M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $632.2M in Q2 FY27, down 6% year over year and up 15% from the previous quarter. Digital was the largest line at 57% of revenue. Print lost $46.2M year over year (down 15%), 125% of the total change.

Gross margin was 79.2%, down 0.1 points from Q2 FY26. Operating profit was $141.1M, a 22.3% margin (down 1.1 points year over year). Operating expenses fell 4% while revenue fell 6%. Net earnings were $86.4M, down 18% year over year. The effective tax rate was 7.1%.

Operating cash flow was $189.5M (down 28% year over year), 219% of net earnings. Non-cash charges added back $98.3M of depreciation and amortization and $1.7M of share-based compensation. Capital expenditures of $25.4M left free cash flow of $164.1M.

Quarterly history

McGraw Hill revenue by quarterMcGraw Hill revenue by quarter$536MQ1 FY26$669MQ2 FY26$434MQ3 FY26$464MQ4 FY26$550MQ1 FY27$632MQ2 FY27
McGraw Hill net earnings by quarterMcGraw Hill net earnings by quarter$502KQ1 FY26$105MQ2 FY26−$20.2MQ3 FY26−$50.3MQ4 FY26$57.9MQ1 FY27$86.4MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$632M-6%22.3%$86.4M$189M
Q1 FY2710-QAug 13, 2026$550M+3%20.8%$57.9M$601K
Q4 FY2610-KJun 11, 2026$464M-2%-1.4%−$50.3M−$146M
Q3 FY2610-QFeb 11, 2026$434M+4%7.0%−$20.2M$309M
Q2 FY2610-QNov 12, 2025$669M-3%23.4%$105M$265M
Q1 FY2610-QAug 14, 2025$536M+2%18.0%$502K−$96.7M

Charts

McGraw Hill: revenue growth, year over year and quarter over quarterMcGraw Hill: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q1 FY26-3%+25%Q2 FY26+4%-35%Q3 FY26-2%+7%Q4 FY26+3%+19%Q1 FY27-6%+15%Q2 FY27
Latest (Q2 FY27): Y/Y -6%, Q/Q +15%.
McGraw Hill: where the cash came from (+) and went (−), TTM to Q2 FY27McGraw Hill: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$353MOther financing−$309MCash drawn (+) / kept (−)$230MOther investing−$173MCapital spending−$96.7MNet borrowing (+) / repaid (−)−$6.3MExchange rates$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
McGraw Hill: profit against cash, quarter by quarterMcGraw Hill: profit against cash, quarter by quarterNet incomeOperating cash flow−$52.9M$275MQ3 FY25−$157M−$41.2MQ4 FY25$502K−$96.7MQ1 FY26$105M$265MQ2 FY26−$20.2M$309MQ3 FY26−$50.3M−$146MQ4 FY26$57.9M$601KQ1 FY27$86.4M$189MQ2 FY27
Latest (Q2 FY27): Net income $86.4M, Operating cash flow $189M.
McGraw Hill: diluted shares by fiscal yearMcGraw Hill: diluted shares by fiscal year167MFY24167MFY25184MFY26
+10.2% since FY24: more shares outstanding (issuance, stock pay).
McGraw Hill: long-term debt falling due (FY26)McGraw Hill: long-term debt falling due (FY26)$13.2M2027$13.2M2028$842M2029$612M2030$1.2B2031
Cash $254M, short-term investments —, long-term debt $2.6B at 2026-03-31.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About McGraw Hill

McGraw Hill is a leading global provider of education solutions for K-12, higher education and professional learning markets. We are helping shape the education industry by providing access to effective learning experiences that improve outcomes and opportunities for all. McGraw Hill operates at the intersection of proprietary content, software and data, using artificial intelligence to deliver personalized learning experiences at global scale, driving positive outcomes throughout the entire learning lifecycle.

In its own words, from its 10-K, filed Jun 11, 2026.

McGraw Hill against its Miscellaneous Publishing peers

The largest companies of the same SEC industry, each at its latest quarter.

CompanyQuarterRevenueY/YOp. margin
MH McGraw HillQ2 FY27$632M-6%22.3%
WBTN Webtoon EntertainmentQ2 2026$338M-3%-4.6%

Source: McGraw Hill 10-Q on SEC EDGAR · CIK 1951070 · Miscellaneous Publishing

Guidance and outlook

McGraw Hill: what its forward-looking statements are about (10-Q filed 2026-11-05)McGraw Hill: what its forward-looking statements are about (10-Q filed 2026-11-05)Other5Demand1Costs1Financing1Capital spending1Supply chain1
10 statements; tone -0.10 (−1 all cautious, +1 all confident); 5 hedged.
McGraw Hill: outlook statements against the filing beforeMcGraw Hill: outlook statements against the filing beforeConfident1Cautious2

13F: who owns MH and who is buying

Largest holders of MH (13F)Largest holders of MH (13F)Vanguard Group$44.4MAmerican Century Companies$42.4MBlackBarn Capital Partners LP$23.2MBlackRock$16.5MT. Rowe Price Investment Manageme…$15.1MAlyeska Investment Group, L.P.$14.3MSchroder Investment Management$12.4MVanguard Portfolio Management LLC$11.8MVanguard Capital Management LLC$11.6MArrowstreet Capital, Limited Part…$10.7M
Funds' net buying of MH by quarter (13F)Funds' net buying of MH by quarter (13F)$346M2025-09$86.4M2025-12−$31.1M2026-03−$47.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MH

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results

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中文版：McGraw Hill（MH）财报

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