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Publishing · Communication Services · Fiscal year ends Mar 31
McGraw Hill reported revenue of $2.1B in the fiscal year ended Mar 2026, up 0.1% from the year before. Operating income was $277M, an operating margin of 13.2%, and net income was $35M. Operating cash flow of $331M less capital expenditure of $85M left free cash flow of $246M. Net debt was $2.3B.
Ranks among the 6 publishing companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 1,960 | 2,101 | 2,103 |
| Cost of revenue | 420 | 422 | 401 |
| Gross profit | 1,540 | 1,679 | 1,702 |
| Research & development | 263 | 284 | 276 |
| Selling, general & admin | 706 | 725 | 748 |
| Operating income | 155 | 307 | 277 |
| Pre-tax income | −168 | 10.6 | 43.8 |
| Income tax | 25.3 | 96.5 | 8.5 |
| Net income | −193 | −85.8 | 35.3 |
| Diluted EPS | −1.16 | −0.52 | 0.19 |
| Diluted shares | 167 | 167 | 184 |
| Fiscal year | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Cash & equivalents | 204 | 390 | 254 |
| Receivables | – | 338 | 362 |
| Inventory | – | 174 | 195 |
| Current assets | – | 1,053 | 974 |
| Net PP&E | – | 95.2 | 90.4 |
| Goodwill | 2,558 | 2,558 | 2,523 |
| Total assets | – | 5,758 | 5,486 |
| Payables | – | 147 | 127 |
| Deferred revenue | – | 794 | 835 |
| Current liabilities | – | 1,330 | 1,267 |
| Short-term debt | – | 13.2 | 13.2 |
| Long-term debt | – | 3,165 | 2,561 |
| Total liabilities | – | 5,478 | 4,759 |
| Shareholders' equity | 369 | 280 | 726 |
| Backlog (remaining obligations) | – | – | 1,671 |
| Fiscal year | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating cash flow | 236 | 646 | 331 |
| Capital expenditure | 82.0 | 71.1 | 84.9 |
| Free cash flow | 154 | 575 | 246 |
| Depreciation & amortisation | 366 | 362 | 362 |
| Stock-based compensation | 0.0 | 0.0 | 33.7 |
| Fiscal year | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue growth (YoY) | – | 7.2% | 0.1% |
| Operating income growth (YoY) | – | 97.6% | −9.8% |
| Gross margin | 78.6% | 79.9% | 80.9% |
| Operating margin | 7.9% | 14.6% | 13.2% |
| Net margin | −9.8% | −4.1% | 1.7% |
| Return on equityBlank when equity is negative | −52.3% | −30.6% | 4.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 6.9% | 6.6% |
| Free cash flow margin | 7.9% | 27.4% | 11.7% |
| Cash conversion (CFO ÷ net income) | −1.22x | −7.53x | 9.38x |
| Receivable days | – | 59 | 63 |
| Inventory days | – | 150 | 177 |
| Payable days | – | 127 | 115 |
| Debt ÷ equity | – | 11.3x | 3.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 2,788 | 2,320 |
| Current ratio | – | 0.79x | 0.77x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.