McGraw Hill J.P. Morgan TMC Conference Takeaways

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McGraw Hill J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

McGraw Hill Overweight

MH, MH US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$11.42

Media, Entertainment and

Advertising

David Karnovsky, CFA AC

Philip Moyer, President and CEO of McGraw Hill, presented at the J.P. Morgan (1-212) 622-1206

david.karnovsky@jpmorgan.com

TMC Conference today. See below for our takeaways:

Alexey Philippov, CFA

• AI is an opportunity, not a disruptive threat. CEO Moyer framed AI as (1-212)alexey.philippov@jpmorgan.com622-0810

following the same adoption pattern as prior tech cycles, arguing that the "last

mile" of integration into education workflows remains deeply human and Douglas Wardlaw

(1-212) 622 4885

difficult to solve. McGraw Hill has launched over 10 AI-powered tools in the douglas.wardlaw@jpmchase.com

past two years, with some already at ~1m users. Moyer emphasized that AI will

Kiscada A Hastings

drive internal efficiency, faster content production, and better accuracy checks, (1-212) 622-0226

but that the pedagogy and enterprise integration required to land in classrooms kiscada.hastings@jpmchase.com

remains a durable moat. MH holds 190TB of learning data and captures 19b J.P. Morgan Securities LLC

learning interactions per year. McGraw-Hill Plus serves as the company's

longitudinal learning record for students. Regarding assessments, Moyer

stated there are many ways to evaluate a student and the company has chosen

to make the data model open, ingesting third-party assessment content from

Renaissance (Star assessments, integrated March 2026) as well as Pearson,

Curriculum Associates and MH's own assessment tools.

• Literacy curriculum (~40% of MH’s K-12 revenue) is facing a major

transformation.