Operator

Good morning, and welcome to Wiley's Fourth Quarter and Fiscal 2026 Earnings Call. As a reminder, this conference is being recorded. [Operator Instructions] At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

Brian Campbell
Vice President of Investor Relations

Good morning, everyone. With me today are Matt Kissner, President and CEO; and Craig Albright, Executive Vice President and CFO. Our comments and responses reflect management views as of today and will include forward-looking statements. Actual results may differ materially from those statements. The company does not undertake any obligation to update them to reflect subsequent events.

Also, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. These measures do not have standardized meanings prescribed by U.S. GAAP and therefore, may not be comparable to similar measures used by other companies, nor should they be viewed as alternatives to measures under GAAP. We will refer to non-GAAP metrics on the call and variances are on a year-over-year basis and will exclude divested assets and the impact of currency.

Additional information is included in our filings with the SEC. A copy of this presentation and transcript will be available at investors.wiley.com. I'll now turn the call over to Matt Kissner.

Matthew Kissner
President, CEO & Employee Director

Thank you, Brian. Hello, everyone, and welcome to Wiley's Fourth Quarter and Full Year Earnings Update. Fiscal '26 was our breakout year. We delivered record margins and exceptional cash flow growth, accelerated our leadership position in