McGraw Hill (MH) Earnings: Q2 Fiscal 2027 Results

The quarter ended September 30, 2026 and McGraw Hill published the results on November 5, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. McGraw Hill reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• McGraw Hill's fiscal year ends March 31, so the quarter ended September 30, 2026 is the second quarter of fiscal 2027. It is the largest quarter of the year: in fiscal 2026 the second quarter carried about 32% of revenue.
• McGraw Hill went public on July 25, 2025. The year-ago quarter carried $31.1 million of stock-based compensation and a $16.4 million loss on debt extinguishment tied to the IPO, and an income tax benefit of $21.1 million.
• The release reports in thousands. The Other segment row is in-transit product sales and intersegment adjustments outside the segments McGraw Hill's management reviews.

Source: McGraw Hill fiscal Q2 2027 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How McGraw Hill splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• McGraw Hill's K-12 revenue was $325 million in Q2 fiscal 2027, down 10% from $359 million in Q2 fiscal 2026, 51% of total revenue.
• McGraw Hill's Higher Education revenue was $214 million in Q2 fiscal 2027, flat on $213 million in Q2 fiscal 2026, 34% of total revenue.
• McGraw Hill's Global Professional revenue was $38.7 million in Q2 fiscal 2027, down 3% from $39.8 million in Q2 fiscal 2026, 6% of total revenue.
• McGraw Hill's International revenue was $51.1 million in Q2 fiscal 2027, up 2% from $50.3 million in Q2 fiscal 2026, 8% of total revenue.
• McGraw Hill's Other revenue was $4.3 million in Q2 fiscal 2027, down 38% from $6.9 million in Q2 fiscal 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

McGraw Hill gives its outlook as a table in the release: fiscal 2027 revenue of $2,115 million to $2,175 million, re-occurring revenue of $1,587 million to $1,627 million, and Adjusted EBITDA of $750 million to $790 million. It gives no EPS outlook.

In its Q2 fiscal 2027 release, McGraw Hill said:

“We are re-affirming our fiscal year 2027 guidance, which is included below.”

Source: McGraw Hill fiscal Q2 2027 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for McGraw Hill's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Nov 5, 2026

McGraw Hill reports four segments. In Q2 fiscal 2027 K-12 brought in $324.6 million of the $632.2 million total, Higher Education $213.5 million, International $51.1 million and Global Professional, its medical and engineering learning business, $38.7 million. Total revenue fell 5.5% from $669.2 million. (McGraw Hill Form 10-Q, fiscal Q2 2027, Nov 5, 2026; McGraw Hill fiscal Q2 2027 release, Nov 5, 2026)

The decline was in K-12, down $34.5 million or 9.6%. McGraw Hill attributed it to about $17.8 million less Transactional Revenue, from lower than target market share capture in California and Texas, and about $16.7 million less Re-occurring Revenue from lower sales and the timing of deferred revenue recognition. The release names lower capture rates in select math markets. (McGraw Hill Form 10-Q, fiscal Q2 2027, Nov 5, 2026; McGraw Hill fiscal Q2 2027 release, Nov 5, 2026)

Higher Education revenue rose 0.2% to $213.5 million. Re-occurring Revenue there rose about $8.9 million, on digital adoption including Inclusive Access, market share gains and pricing, while Transactional Revenue fell about $8.4 million as students moved from print to digital. (McGraw Hill Form 10-Q, fiscal Q2 2027, Nov 5, 2026)

Digital revenue was $361.4 million, up 2.6%, and print revenue $270.8 million, against $317.0 million. Re-occurring revenue, McGraw Hill's term for digital subscriptions and multi-year print products, was $414.1 million, 65.5% of the total. Remaining performance obligations stood at $1,790.5 million. (McGraw Hill fiscal Q2 2027 release, Nov 5, 2026; McGraw Hill Form 10-Q, fiscal Q2 2027, Nov 5, 2026)

McGraw Hill's sales follow the academic calendar, and K-12 purchases are typically made in the first and second fiscal quarters for the start of the school year. In fiscal 2026 it realized about 25%, 32%, 21% and 22% of revenue in the first, second, third and fourth fiscal quarters. (McGraw Hill Form 10-K, fiscal 2026, Jun 11, 2026)

McGraw Hill's GAAP diluted EPS was $0.45 in Q2 fiscal 2027, against $0.57 a year earlier, and adjusted diluted EPS was $0.75, against $1.40. The adjusted figure adds back $52.4 million of amortization of acquired intangible assets, $4.2 million of restructuring charges, $1.7 million of stock-based compensation, a $1.8 million loss on debt extinguishment and other items, less a $7.2 million tax impact. (McGraw Hill fiscal Q2 2027 release, Nov 5, 2026)

The year-ago quarter is not a clean comparison. It included the July 25, 2025 IPO and carried $31.1 million of stock-based compensation, a $16.4 million loss on debt extinguishment and an income tax benefit of $21.1 million. The tax impact of its adjustments added $46.1 million to adjusted net income, which is why year-ago adjusted EPS was $1.40. (McGraw Hill fiscal Q2 2027 release, Nov 5, 2026)

Interest expense, net fell to $46.3 million from $55.9 million as McGraw Hill paid down debt: $50.0 million of the A&E Term Loan Facility in the quarter and about $700 million of gross debt since the IPO. The effective tax rate was 7.1%. Diluted weighted-average shares were 191,497,048, against 185,832,674. (McGraw Hill fiscal Q2 2027 release, Nov 5, 2026; McGraw Hill Form 10-Q, fiscal Q2 2027, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

McGraw Hill publishes a fiscal-year outlook in its release and re-affirmed it with these results: fiscal 2027 revenue of $2,115 million to $2,175 million, re-occurring revenue of $1,587 million to $1,627 million and Adjusted EBITDA of $750 million to $790 million. It gives no EPS outlook and says it cannot reconcile the Adjusted EBITDA range to net income. (McGraw Hill fiscal Q2 2027 release, Nov 5, 2026)

McGraw Hill said Q2 revenue was favorable to its expectations. The release points to fiscal 2028 for faster growth, citing a multi-year ELA adoption cycle starting that year and four times as many California Math pilots as a year earlier ahead of the fiscal 2028 adoption. (McGraw Hill fiscal Q2 2027 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover McGraw Hill, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones McGraw Hill's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MH is on is MH a buy or a sell?, what analysts expect next is on the MH forecast, and what the company does is on the McGraw Hill (MH) stock page.

Every number on this page can be traced to a document McGraw Hill published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.