McGraw Hill Revenue Falls 5.5% in Quarter

The education publisher reported lower el-hi sales and net income for the second quarter ended September 30, 2026.

Updated on Nov. 5, 2026 in Corporate Finance

Brick and glass office building exterior under overcast daylight, with a bare flagpole and empty plaza in the foreground. — McGraw Hill reported second-quarter revenue of $632.2 million, down 5.5%, as weaker K-12 math sales outweighed modest higher-education gains. AI Illustration. Upload story photo >

McGraw Hill reported second quarter revenue of $632.2 million, down 5.5%, and net income of $86.4 million, down 18%. Higher education sales rose 0.2%, while el-hi sales fell 9.6% to $324.6 million.

Why it matters

The results show divergent performance across the company's segments, with K-12 weakness offsetting modest gains in higher education and digital revenue. The company also updated its full-year outlook and named new segment presidents.

Second quarter revenue fell 5.5% to $632.2 million and net income fell 18% to $86.4 million, while digital revenue rose 2.6% to $361.4 million. Print sales dropped 14.5% to $271 million, and first-half net income reached $144.2 million.

The players

McGraw Hill

McGraw Hill is a major American education publisher serving K-12 and higher education markets with print and digital learning products.

Robin Lucas

Robin Lucas is an education executive who was named president of McGraw Hill's higher education business.

Jana Thompson

Jana Thompson is an education executive who was named president of McGraw Hill's K-12 business.

The details

Lower math sales drove the el-hi decline, partially offset by gains in science and English language arts. Higher education sales rose 0.2% to $213.5 million on market share gains and inclusive access program sales. International revenue increased 1.6% to $51.1 million. The company expects full-year sales of $2.11 to $2.17 billion and adjusted EBITDA of $750 million to $790 million.

September 30, 2026: Second quarter fiscal 2027 period ended.
October 2026: Robin Lucas was appointed president of the higher education business.
Before the end of 2026: Michael Ryan is scheduled to retire.

Market Landscape

McGraw Hill's print decline of 14.5% alongside digital growth of 2.6% reflects the broader shift from print to digital instructional materials across U.S. K-12 and higher education publishing. The divergence between segments suggests competitive pressure in math and el-hi markets as districts reallocate curriculum budgets.

Investors tracking education publishers can compare McGraw Hill's guidance range of $2.11 to $2.17 billion in full-year sales with segment trends. Shifts in el-hi and digital performance may influence portfolio allocations to the sector.

The takeaway

Segment divergence matters: McGraw Hill's digital and higher education gains are offsetting steep print and K-12 declines, so watch the next quarter for whether that balance holds.