Filing Flows › McGraw Hill (MH) › Q2 FY26
McGraw Hill (MH) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 12, 2025
McGraw Hill (MH) reported revenue of $669M for the second quarter fiscal 2026 (Q2 FY26), -3% from a year earlier and +25% from the quarter before. Operating margin was 23.4%, net earnings $105M (15.7% of revenue).
McGraw Hill, Q2 FY26: revenue $669M (-3% year over year), operating margin 23.4%, net earnings $105M, operating cash flow $265M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $669M | +25% | -3% |
| Gross profit | $530M | +29% | -1% |
| Operating profit | $157M | +63% | -13% |
| Net earnings | $105M | 210× | -21% |
| Operating cash flow | $265M | — | -36% |
| Free cash flow | $244M | — | -39% |
What changed
Revenue was $669.2M in Q2 FY26, down 3% year over year and up 25% from the previous quarter. Digital was the largest line at 53% of revenue. Print lost $44.2M year over year (down 12%), 228% of the total change.
Gross margin was 79.2%, up 1.5 points from a year earlier. Operating profit was $156.5M, a 23.4% margin (down 2.6 points year over year). Operating expenses grew 5% against a revenue fall of 3%. The fastest-growing cost line was General & admin (+22%). Net earnings were $105.3M, down 21% year over year. The effective tax rate was -25.0%.
Operating cash flow was $265.0M (down 36% year over year), 252% of net earnings. Non-cash charges added back $92.8M of depreciation and amortization and $31.1M of share-based compensation. Working capital and other items added $35.8M. Capital expenditures of $21.2M left free cash flow of $243.8M.
Questions
What was McGraw Hill's revenue in the second quarter fiscal 2026?
McGraw Hill (MH) reported revenue of $669M for the second quarter fiscal 2026 (Q2 FY26), -3% from a year earlier and +25% from the quarter before.
Was McGraw Hill profitable in the second quarter fiscal 2026?
Operating profit was $157M (23.4% of revenue) and net earnings $105M.
Source: McGraw Hill 10-Q on SEC EDGAR.