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BNED

Barnes & Noble Education, Inc.

BNED

Barnes & Noble Education, Inc. • NYSE
$9.35 ▲ 1.41% (+0.13)
Market Cap $318.40 M
52w High $14.40
52w Low $5.90
Dividend Yield 0%
P/E -0.77
Volume 226.76K
Outstanding Shares 34.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $-466.325M ▼ $71.561M ▼ $-7.112M ▼ 1.525% $-0.23 ▼ $-10.764M ▼
Q3-2025 $466.325M ▼ $73.52M ▼ $7.112M ▼ 1.525% ▼ $0.23 ▼ $30.673M ▼
Q2-2025 $602.122M ▲ $81.32M ▼ $49.735M ▲ 8.26% ▲ $1.87 ▲ $64.853M ▲
Q1-2025 $263.431M ▲ $138.931M ▲ $-99.479M ▼ -37.763% ▼ $-7.36 ▲ $-78.668M ▼
Q4-2024 $235.922M $86.822M $-27.364M -11.599% $-10.26 $-6.974M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.185M ▼ $1.088B ▲ $804.264M ▼ $283.317M ▲
Q2-2025 $11.619M ▲ $1.052B ▲ $847.244M ▼ $204.806M ▲
Q1-2025 $8.212M ▼ $1.005B ▲ $860.831M ▲ $144.404M ▲
Q4-2024 $10.459M ▼ $905.084M ▼ $834.505M ▼ $70.579M ▼
Q3-2024 $14.071M $1.152B $1.054B $97.133M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.093M ▼ $-41.945M ▼ $-2.772M ▼ $32.502M ▲ $-12.215M ▼ $-44.717M ▼
Q2-2025 $49.735M ▲ $47.41M ▲ $-2.489M ▲ $-37.254M ▼ $7.667M ▲ $44.352M ▲
Q1-2025 $-99.479M ▼ $-143.992M ▼ $-3.247M ▼ $139.944M ▲ $-7.295M ▼ $-147.462M ▼
Q4-2024 $-27.436M ▼ $81.749M ▲ $-2.611M ▲ $-65.592M ▼ $13.546M ▲ $79.138M ▲
Q3-2024 $-9.928M $-35.772M $-3.263M $18.718M $-20.325M $-39.035M

Revenue by Products

Product Q4-2023Q1-2025Q2-2025Q3-2025
Course Materials Product
Course Materials Product
 $0 ▲$0 ▲$430.00M ▲$330.00M ▼
Course Materials Rental Income
Course Materials Rental Income
 $0 ▲$0 ▲$40.00M ▲$40.00M ▲
General Merchandise Product
General Merchandise Product
 $0 ▲$0 ▲$100.00M ▲$70.00M ▼
Service and Other
Service and Other
 $0 ▲$0 ▲$30.00M ▲$20.00M ▼
Retail Segment
Retail Segment
 $0 ▲$250.00M ▲$0 ▼$0 ▲
Wholesale
Wholesale
 $10.00M ▲$30.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly rising over the past few years, and gross profit has improved, suggesting the core business is a bit more efficient than it used to be. However, the company is still losing money at the operating and net income level. Those losses have generally been shrinking, but they remain meaningful, which points to a business still in turnaround mode rather than one that has fully stabilized its profitability.

Balance Sheet

Balance Sheet The balance sheet looks tight. Total assets have edged down, debt remains sizeable, and reported equity has been shrinking, which indicates accumulated losses have been eating into the company’s capital base. Cash on hand is very limited, so the business leans heavily on its credit lines and financing. The recent financial restructuring and new credit facility are meant to relieve some of this pressure, but overall the balance sheet still appears fragile and highly sensitive to execution missteps.

Cash Flow

Cash Flow Cash generation has been inconsistent. Some recent years show modest positive operating cash flow, but the most recent period slipped back into slightly negative territory. Free cash flow has occasionally turned positive due to restrained investment spending, but it is not yet reliably strong or steady. Low capital spending helps conserve cash, yet it also underlines how dependent the company is on improving operations rather than “spending its way” to growth.

Competitive Edge

Competitive Edge The company’s main strength is its deep, long-standing relationships with over a thousand colleges and universities and its on‑campus presence. Exclusive bookstore contracts and integration into school systems give it a degree of stickiness that pure online competitors cannot easily match. At the same time, it faces intense pressure from online retailers, rental and used‑book platforms, and free or low‑cost digital materials. Its shift from a student-by-student retail model to institution‑wide programs is an attempt to defend and strengthen this position, but it is happening against a backdrop of changing student behavior and ongoing regulatory scrutiny.

Innovation and R&D

Innovation and R&D BNED is actively pivoting toward a digital, service‑driven model. The First Day® Complete program is the centerpiece, bundling course materials into tuition and giving students access on day one, which can create more predictable revenue and deeper institutional ties. Around this, the company is building digital tools such as the Yuzu® e‑text platform, support for open educational resources, data and insights services for schools, and new student‑lifecycle products like Campus to Career. Partnerships in merchandise and technology are extending its ecosystem. Overall, the innovation effort is less about traditional R&D labs and more about re‑engineering the business model and technology stack to be embedded in how colleges deliver education.

Summary

Barnes & Noble Education is a business in transition: financially strained but strategically active. The income statement shows persistent but narrowing losses, the balance sheet is stretched and depends on recent refinancing, and cash flows are uneven. Against this, the company has a real foothold on campuses and is working to turn that into a digital, subscription‑like model through First Day® Complete and related platforms. The story hinges on whether this shift can scale quickly enough, withstand regulatory changes, and restore consistent profitability before financial constraints become too binding.

NEWS

November 25, 2025 · 8:30 AM UTC

Barnes & Noble Education Announces Preliminary Full-Year Fiscal 2025 and Year-to-Date Fiscal 2026 Unaudited Financial Results

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September 18, 2025 · 5:10 PM UTC

BNED INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. Continues Investigating Barnes & Noble Education, Inc. on Behalf of Stockholders and Encourages Investors to Contact the Firm

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September 18, 2025 · 8:31 AM UTC

Barnes & Noble College Introduces Room Service – An Innovative Dorm Shopping and Delivery Service

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September 15, 2025 · 11:59 AM UTC

BNED ALERT: Block & Leviton Investigating Barnes & Noble for Potential Securities Law Violations; Investors Should Contact the Firm to Recover Losses

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September 14, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Barnes & Noble Education, Inc. – BNED

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