Barnes & Noble Education (BNED) Company Report

Barnes & Noble Education reported revenue of $932.6 million for the first half of fiscal 2026 (26 weeks ended November 1, 2025), representing a 7.7% increase compared to the prior year.
The company achieved net income of $6.7 million for the first half of fiscal 2026, a significant improvement from a net loss of $60.8 million in the prior year.
Adjusted EBITDA for the first half of fiscal 2026 was $38.3 million, an increase from $33.9 million in the prior year.
Total net debt decreased by $55.1 million year-over-year to $110.8 million as of November 1, 2025.
The company reiterated its fiscal 2026 Adjusted EBITDA outlook in the range of $65 million to $75 million.

Jan 20, 2026, 1:14 PM

Barnes & Noble Education, Inc. Files "Super 10-K" and Reports Fiscal 2025 Results

BNED

Earnings

Guidance Update

Financial Restatement

Barnes & Noble Education, Inc. (BNED) filed its "Super 10-K" for the fiscal year ended May 3, 2025, completing its restatement process.
For fiscal year 2025, BNED reported full-year revenue of $1.6 billion, a 2.7% increase year-over-year, and Adjusted EBITDA of $59.4 million, an increase of $22.7 million from the prior fiscal year.
The company's total net debt decreased by $92 million year-over-year to $94 million at the end of fiscal 2025, and net working capital improved to $186.2 million.
Revenue from BNC First Day programs increased 25% in 2025, with Fall 2025 First Day Complete enrollment growing 24% to approximately 1.14 million students.
BNED reiterated its fiscal 2026 outlook, projecting Adjusted EBITDA in the range of $65 million to $75 million.

Dec 23, 2025, 1:07 PM

Barnes & Noble Education Files "Super 10-K" and Reports Fiscal 2025 Financial Results

BNED

Earnings

Financial Restatement

Guidance Update

Barnes & Noble Education (BNED) filed its "Super 10-K" detailing its restatement of prior results and financial results for the fiscal year ended May 3, 2025.
For fiscal 2025, revenue increased 2.7% to $1.6 billion, and Adjusted EBITDA grew to $59.4 million from $36.7 million in the prior fiscal year.
The company's BNC First Day program revenue increased 25.3% year-over-year, with Fall 2025 First Day Complete enrollment growing 24% to approximately 1.14 million students.
Total net debt decreased by $91.8 million year-over-year to $94.0 million at the end of fiscal 2025, and the company reiterated its fiscal 2026 Adjusted EBITDA outlook of $65 million to $75 million.

Dec 23, 2025, 1:00 PM

Barnes & Noble Education Announces Preliminary FY2025 and H1 FY2026 Results, Investigation Findings, and Guidance

BNED

Financial Restatement

Guidance Update

Earnings

Barnes & Noble Education completed an internal investigation, concluding a former employee improperly reduced cost of sales in Fiscal Years 2024 and 2025 through unsupported journal entries, acting alone.
The company announced preliminary, unaudited financial results for Fiscal Year 2025, expecting revenue of $1.6 billion (an increase of 2.6% year-over-year) and Adjusted EBITDA between $55.0 and $63.0 million.
For the first six months of Fiscal Year 2026, preliminary unaudited revenue is expected to be approximately $933.0 million (an increase of 7.8% year-over-year), with net income ranging from $3.0 to $8.0 million.
Barnes & Noble Education provides Fiscal Year 2026 Adjusted EBITDA guidance in the range of $65 to $75 million and anticipates 15% to 20% or more growth in Adjusted EBITDA for Fiscal Year 2027.
First Day Complete enrollment for Fall 2025 reached approximately 1.14 million students, representing a 24% increase from the prior year.

Nov 25, 2025, 1:34 PM

Barnes & Noble Education, Inc. Announces Financial Statement Non-Reliance and Expected Restatement

BNED

Financial Restatement

Accounting Changes

Guidance Update

Barnes & Noble Education, Inc. (BNED) has concluded that its previously issued unaudited interim condensed consolidated financial statements for multiple interim periods in fiscal years 2024 and 2025, and the audited consolidated financial statements for the fiscal year ended April 27, 2024, should no longer be relied upon.
This decision follows an internal investigation into issues with the recording of cost of digital sales and $3.5 million in sales for the fiscal third quarter and nine-months ended January 25, 2025, that did not meet revenue recognition criteria.
The company expects to restate these financial statements, with anticipated adjustments including various increases and decreases in cost of sales across different periods, and a $3.5 million decrease in sales for the fiscal third quarter and nine-months ended January 25, 2025. These adjustments will not impact the company's fiscal 2025 year-end cash and cash equivalents or total debt.
BNED also anticipates reporting material weaknesses in its internal control over financial reporting and ineffective disclosure controls and procedures for fiscal years 2024 and 2025. The company expects total sales for fiscal year 2025 to be $1.61 billion and total net debt to be $94.0 million as of the end of fiscal year 2025.