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McGraw Hill (MH) stock soared over 22% in midday trading on Wednesday, after the education company raised its full-year outlook and reported better-than-expected fiscal second quarter results on the top and bottom lines.

The company reported earnings of $0.57 per share, which came in more profitable than the $0.07 loss Wall Street had expected, according to S&P Global Market Intelligence.

Revenue of $669.2 million declined 2.8% year over year, but still topped estimates of $642 million. Recurring revenue grew 6.5% year over year, while digital revenue grew 7.6% annually.

McGraw Hill also raised its fiscal year 2026 guidance on the back of strong second quarter results. The company sees revenue in a range of $2.03 billion to $2.06 billion, up from its previous range of $1.98 billion to $2.04 billion.

The company touted its market share gains, especially in higher education, which reached a record 30% in the US.

“Our fiscal second quarter results highlight the strength, scalability, and diversity of our business model, driven by the execution of effective strategies that fueled continued momentum in digital and re-occurring revenue,” McGraw Hill CEO Bob Sallmann said. “With notable market share gains, disciplined capital allocation, and a stronger balance sheet, we believe we are well-positioned to deliver sustained value for all stakeholders while continuing to invest in innovation and optimize our operations.”