Revenue from Contracts with Customers (Tables)

3 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

The following tables summarize the Company's revenue from contracts with its customers disaggregated by segment and product type for the three months ended June 30, 2025 and 2024:


	Three Months Ended June 30,
	2025						2024
	Digital		Print (1)		Total		Digital		Print (1)		Total
Revenue by Segment:
K-12	$	108,597	$	162,334	$	270,931	$	99,618	$	175,209	$	274,827
Higher Education	168,826		13,553		182,379		153,955		5,891		159,846
Global Professional	25,272		9,887		35,159		25,093		10,194		35,287
International	22,353		29,111		51,464		24,559		33,752		58,311
Other (2)	—		(4,223)		(4,223)		—		(5,317)		(5,317)
Total Revenue	$	325,048	$	210,662	$	535,710	$	303,225	$	219,729	$	522,954

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(1)			Print revenue contains print and multi-year print products.
(2)			Includes in-transit product sales and intersegment revenue adjustments that are not included within segment revenues reviewed by the Company's CODM.


	Three Months Ended June 30,
	2025						2024
	Re-occurring Revenue		Transactional Revenue		Total		Re-occurring Revenue		Transactional Revenue		Total
K-12	$	183,641	$	87,290	$	270,931	$	166,819	$	108,008	$	274,827
Higher Education	159,552		22,827		182,379		149,454		10,392		159,846
Global Professional	23,657		11,502		35,159		22,773		12,514		35,287
International	20,764		30,700		51,464		22,752		35,559		58,311
Other	—		(4,223)		(4,223)		—		(5,317)		(5,317)
Total Revenue	$	387,614	$	148,096	$	535,710	$	361,798	$	161,156	$	522,954

Schedule of Deferred Commission Costs and Deferred Royalties

Deferred commission costs consisted of the following:


	June 30, 2025		March 31, 2025
Current	$	17,173	$	22,449
Non-current	22,894		18,794
Total Deferred Commission Costs	$	40,067	$	41,243

Deferred royalties consisted of the following:


	June 30, 2025		March 31, 2025
Current	$	65,424	$	76,186
Non-current	59,221		61,495
Total Deferred Royalties	$	124,645	$	137,681

Schedule of Contract Assets and Liabilities

Contract assets and contract liabilities consisted of the following:


	June 30, 2025		March 31, 2025
Contract assets	$	48,372	$	29,032
Contract liabilities (deferred revenue):
Current	737,620		794,031
Non-current	912,559		882,156
Total Contract Liabilities	$	1,650,179	$	1,676,187

Total contract liabilities by segment consisted of the following:


	June 30, 2025		March 31, 2025
Total Contract Liabilities by Segment:
K-12	$	1,327,044	$	1,279,585
Higher Education	221,730		297,316
Global Professional	64,376		62,348
International	29,275		33,407
Other (1)	7,754		3,531
Total Contract Liabilities	$	1,650,179	$	1,676,187

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(1)Includes contract liabilities for in-transit product sales that are not included in segment contract liabilities.

Schedule of Estimated Revenue to be Recognized

Estimated revenue expected to be recognized in future fiscal years ended March 31, related to amounts included within deferred revenue as of June 30, 2025 was as follows:


	June 30, 2025
2026 (remaining nine months)	$	574,360
2027	425,460
2028	297,335
2029	185,013
2030	94,014
Thereafter	73,997
	$	1,650,179

McGraw Hill, Inc. 10-Q