Polarized neutron reflectometry was performed on a [Fe3O4/NiO]x15multilayer, molecular beam epitaxy grown on a (001) MgO substrate, in both exchange biased and nonexchange biased states. The Fe3O4layers exhibit a depth‐dependent magnetic profile characterized by a change in the magnetization near the Fe3O4/NiO interfaces. In the exchange biased state, measurements performed in the two saturated states of the magnetic hysteresis loop reveal magnetic differences in the Fe3O4, possibly due to the interfacial domain wall formation in the ferromagnetic layer. ©1996 American Institute of Physics.