McGraw Hill, Inc.
MH NYSE Miscellaneous Publishing Financials FY2024–FY2026
Revenue
Total sales reported in the income statement.
$2.1B
0.1%
vs prior year
Operating margin
Operating income as a share of revenue.
13.2%
1.4 pts
Net income
Profit after all expenses, interest and tax.
$35.3M
Free cash flow
Cash from operations minus capital spending.
$246M
57.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.4%
0.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.49 EPS (TTM)
What McGraw Hill, Inc. does
No business description yet.
- Legal name
- McGraw Hill, Inc.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · Jun 11, 2026
- Accession · CIK
- 0001951070-26-000022
0001951070
Revenue and margins
McGraw Hill, Inc. had $2.1B of revenue in fiscal 2026, up 0.1% on the year before.
FY24
Revenue $2.0B
FY25
Revenue $2.1B
FY26
Revenue $2.1B
Q1 '25
Revenue $523M
Q2 '25
Revenue $689M
Q3 '25
Revenue $416M
Q4 '25
Revenue $473M
Q1 '26
Revenue $536M
Q2 '26
Revenue $669M
Q3 '26
Revenue $434M
Q4 '26
Revenue $464M
Q1 '27
Revenue $550M
FY24
Gross 78.6%
Operating 7.9%
Net −9.8%
FCF 7.9%
FY25
Gross 79.9%
Operating 14.6%
Net −4.1%
FCF 27.4%
FY26
Gross 80.9%
Operating 13.2%
Net 1.7%
FCF 11.7%
Gross
Operating
Net
FCF
Q1 '25
Gross 76.0%
Operating 14.5%
Net −1.8%
FCF −3.6%
Q2 '25
Gross 77.7%
Operating 26.0%
Net 19.4%
FCF 58.4%
Q3 '25
Gross 84.3%
Operating 5.8%
Net −12.7%
FCF 62.8%
Q4 '25
Gross 83.4%
Operating 5.9%
Net −33.1%
FCF −14.7%
Q1 '26
Gross 77.0%
Operating 18.0%
Net 0.1%
FCF −21.1%
Q2 '26
Gross 79.2%
Operating 23.4%
Net 15.7%
FCF 36.4%
Q3 '26
Gross 85.3%
Operating 7.0%
Net −4.7%
FCF 65.7%
Q4 '26
Gross 83.9%
Operating −1.4%
Net −10.8%
FCF −36.6%
Q1 '27
Gross 79.9%
Operating 20.8%
Net 10.5%
FCF −4.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY24
Net income −$193M
FY25
Net income −$85.8M
FY26
Net income $35.3M
Q1 '25
Net income −$9.4M
Q2 '25
Net income $133M
Q3 '25
Net income −$52.9M
Q4 '25
Net income −$157M
Q1 '26
Net income $0.5M
Q2 '26
Net income $105M
Q3 '26
Net income −$20.2M
Q4 '26
Net income −$50.3M
Q1 '27
Net income $57.9M
FY24
Diluted EPS −$1.16
FY25
Diluted EPS −$0.52
FY26
Diluted EPS $0.19
Q1 '25
Diluted EPS −$0.06
Q2 '25
Diluted EPS $0.80
Q3 '25
Diluted EPS −$0.32
Q4 '25
Diluted EPS −$0.94
Q1 '26
Diluted EPS $0.00
Q2 '26
Diluted EPS $0.57
Q3 '26
Diluted EPS −$0.11
Q4 '26
Diluted EPS −$0.27
Q1 '27
Diluted EPS $0.30
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY24
Return on capital —
Return on equity −52.3%
Return on assets —
FY25
Return on capital 6.5%
Return on equity −26.5%
Return on assets −1.5%
FY26
Return on capital 7.4%
Return on equity 7.0%
Return on assets 0.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $246M in fiscal 2026, 11.7% of revenue. Cash from operations minus capital spending.
FY24
Free cash flow $154M
FY25
Free cash flow $575M
FY26
Free cash flow $246M
Q1 '25
Free cash flow −$18.8M
Q2 '25
Free cash flow $402M
Q3 '25
Free cash flow $261M
Q4 '25
Free cash flow −$69.6M
Q1 '26
Free cash flow −$113M
Q2 '26
Free cash flow $244M
Q3 '26
Free cash flow $285M
Q4 '26
Free cash flow −$170M
Q1 '27
Free cash flow −$23.3M
FY24
Cash from operations $236M
Capital spending $82.0M
FY25
Cash from operations $646M
Capital spending $71.1M
FY26
Cash from operations $331M
Capital spending $84.9M
Cash from operations
Capital spending
Q1 '25
Cash from operations −$2.9M
Capital spending $15.9M
Q2 '25
Cash from operations $415M
Capital spending $13.1M
Q3 '25
Cash from operations $275M
Capital spending $13.6M
Q4 '25
Cash from operations −$41.2M
Capital spending $28.4M
Q1 '26
Cash from operations −$96.7M
Capital spending $16.3M
Q2 '26
Cash from operations $265M
Capital spending $21.2M
Q3 '26
Cash from operations $309M
Capital spending $23.6M
Q4 '26
Cash from operations −$146M
Capital spending $23.8M
Q1 '27
Cash from operations $0.6M
Capital spending $23.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
McGraw Hill, Inc. returned — to shareholders in fiscal 2026. The diluted share count rose 10.2%.
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY24
Diluted shares 0.17B
FY25
Diluted shares 0.17B
FY26
Diluted shares 0.18B
Balance sheet
Cash, debt and the ratios that show how comfortably McGraw Hill, Inc. can carry it.
FY24
Cash $204M
Debt —
FY25
Cash $390M
Debt $3.2B
FY26
Cash $254M
Debt $2.6B
Cash
Debt
| Fiscal year end | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash and short-term investments | $204M | $390M | $254M |
| Debt incl. finance leases | — | $3.2B | $2.6B |
| Net debt / EBITDA | — | 4.1x | 3.6x |
| Debt / equity | — | 11.3x | 3.5x |
| Current ratio | — | 0.8x | 0.8x |
| Quick ratio | — | 0.7x | 0.6x |
| Total assets | — | $5.8B | $5.5B |
| Total liabilities | — | $5.5B | $4.8B |
| Shareholders' equity | $369M | $280M | $726M |
| Net debt (− = net cash) | — | $2.8B | $2.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✕ |
| Share count didn't rise | — | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 5 | 7 / 9 |
| Accruals ratio | — | −12.7% | −5.3% |
| Altman Z'' | — | −0.63 | −0.59 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Income statement | |||
| Revenue | $2.0B | $2.1B | $2.1B |
| Gross profit | $1.5B | $1.7B | $1.7B |
| Research and development | $263M | $284M | $276M |
| Operating income | $155M | $307M | $277M |
| Pretax income | −$168M | $10.6M | $43.8M |
| Income tax | $25.3M | $96.5M | $8.5M |
| Net income | −$193M | −$85.8M | $35.3M |
| Net income to common | −$193M | −$85.8M | $35.3M |
| Diluted EPS | −$1.16 | −$0.52 | $0.19 |
| Diluted shares | 0.17B | 0.17B | 0.18B |
| Cash flow | |||
| Cash from operations | $236M | $646M | $331M |
| Capital expenditure | $82.0M | $71.1M | $84.9M |
| Free cash flow | $154M | $575M | $246M |
| Depreciation and amortization | $366M | $362M | $362M |
| Stock-based compensation | $0.0M | $0.0M | $33.7M |
| Balance sheet | |||
| Cash and short-term investments | $204M | $390M | $254M |
| Total debt | — | $3.2B | $2.6B |
| Finance lease liabilities | — | — | $16.1M |
| Current assets | — | $1.1B | $974M |
| Current liabilities | — | $1.3B | $1.3B |
| Inventory | — | $174M | $195M |
| Goodwill | $2.6B | $2.6B | $2.5B |
| Total assets | — | $5.8B | $5.5B |
| Total liabilities | — | $5.5B | $4.8B |
| Shareholders' equity | $369M | $280M | $726M |
| Margins | |||
| Gross margin | 78.6% | 79.9% | 80.9% |
| Operating margin | 7.9% | 14.6% | 13.2% |
| EBITDA margin | 26.6% | 31.8% | 30.4% |
| Net margin | −9.8% | −4.1% | 1.7% |
| FCF margin | 7.9% | 27.4% | 11.7% |
| Returns | |||
| Return on capital | — | 6.5% | 7.4% |
| Return on capital employed | — | 6.9% | 6.6% |
| Return on equity | −52.3% | −26.5% | 7.0% |
| Return on assets | — | −1.5% | 0.6% |
| Growth | |||
| Revenue growth | — | 7.2% | 0.1% |
| FCF growth | — | 273.0% | −57.2% |
| Share count change | — | 0.0% | 10.2% |
| Financial health | |||
| Net debt / EBITDA | — | 4.1x | 3.6x |
| Debt / equity | — | 11.3x | 3.5x |
| Current ratio | — | 0.8x | 0.8x |
| Quick ratio | — | 0.7x | 0.6x |
| Capital allocation | |||
| Capex / revenue | 4.2% | 3.4% | 4.0% |
| Stock comp / revenue | 0.0% | 0.0% | 1.6% |
| Quality scores | |||
| Piotroski F-score | — | — | 7.0 |
| Altman Z'' | — | −0.6 | −0.6 |
| Accruals ratio | — | −12.7% | −5.3% |
Source: SEC EDGAR XBRL filings (CIK 0001951070). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.