Barnes & Noble Education, Inc. BNED

Consumer discretionary SIC 5940 - Retail-Miscellaneous Shopping Goods Stores NAICS Retail Trade › Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers derived NYSE

Barnes & Noble Education, Inc. ("BNED") is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers and inventory management hardware and software providers. As of May 2, 2026, we operated 1,116 physical and virtual bookstores, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment.

The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We provide product and service offerings designed to address the most pressing issues in higher education, including enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day® affordable access course material programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class at below market rates, as compared to the total retail price for the same course materials if purchased separately (a la carte), and students are billed the below market rate directly by the institution as a course charge or included in tuition. These programs have allowed us to reverse historical long-term trends in course materials revenue declines, which has been observed at those schools where such programs have been adopted, and improve predictability of our future results. Many institutions adopted First Day Complete in Fiscal 2026, and we plan to continue to scale the number of schools adopting First Day Complete in Fiscal 2027 and beyond.

Last close 13.57 2026-10-23
Market cap $470.1M 2026-05-02 share count
52-week range 5.90 - 14.75

Valuation FY2025 figures against the last close

P/S0.3x
P/E27.7x
P/FCF13.9x
EV/EBITDA9.7x
Dividend yield—
Diluted EPS0.49

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.56B$1.46B$1.43B$1.54B$1.50B$1.41B$1.85B$2.03B$2.20B$1.87B
Cost of revenue $1.35B$1.27B$1.22B$1.19B$1.15B$1.18B$1.41B$1.51B$1.65B$1.42B
Gross profit $366.2M$337.8M$344.9M$349.4M$342.8M$230.3M$442.5M$527.7M$557.2M$459.1M
SG&A $288.6M$283.8M$311.6M$357.6M$354.0M$316.2M$404.5M$423.9M$433.7M$380.8M
Operating income $36.5M$15.9M-$33.8M-$66.4M-$60.6M-$168.8M-$42.8M-$27.7M-$262.7M$13.6M
Interest expense ——$40.4M$22.7M$10.1M$8.1M$7.4M$9.8M$10.3M$3.5M
Pre-tax income $20.7M-$61.6M-$74.2M-$89.1M-$70.7M-$176.8M-$50.2M-$37.4M-$273.0M$10.1M
Income tax $3.8M$4.3M$858.0K$1.0M$9.2M$7.2M$12.0M$13.1M$20.4M$4.7M
Net income $16.9M-$65.8M-$75.7M-$101.9M-$68.9M-$139.8M-$38.2M-$24.4M-$252.6M$5.4M
EPS, basic 0.49-2.50-28.46-38.61-1.33-2.81-0.80-0.52-5.400.12
EPS, diluted 0.49-2.50-28.46-38.61-1.33-2.81-0.80-0.52-5.400.11
Shares, diluted (wtd. avg.) 34.6M26.3M2.7M2.6M51.8M49.7M48.0M47.3M46.8M46.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $8.4M$9.1M$28.6M$32.0M$21.0M$16.8M$9.0M$14.8M$16.9M$21.7M
Receivables $116.5M$98.1M$140.9M$92.5M$136.0M$121.1M$90.9M$98.2M$100.1M$86.0M
Inventory $298.3M$299.6M$384.2M$323.0M$293.9M$281.1M$428.9M$420.3M$443.6M$434.1M
Total current assets $484.5M$465.4M$595.8M$537.0M$531.7M$500.8M$584.9M$591.4M$619.4M$602.6M
Property, plant and equipment $34.1M$40.2M$64.4M$68.2M$73.6M$89.2M$97.7M$109.8M$111.3M$116.6M
Goodwill ————$4.7M$4.7M$4.7M$4.7M$49.3M$329.5M
Other intangibles $58.1M$78.2M$107.4M$110.6M$127.0M$150.9M$175.1M$195.0M$219.1M$209.9M
Total assets $739.9M$790.3M$1.04B$980.8M$1.07B$1.03B$1.16B$946.2M$1.04B$1.30B
Accounts payable $135.6M$148.8M$275.4M$267.9M$182.6M$137.6M$143.7M$186.8M$187.9M$192.7M
Short-term debt —$0$224.1M$0$40.0M$50.0M$75.0M$100.0M$100.0M$100.0M
Total current liabilities $283.6M$279.2M$467.4M$462.1M$415.4M$373.7M$406.7M$408.5M$413.5M$413.2M
Long-term debt $71.0M$103.1M$277.7M$182.2M$185.7M—————
Total liabilities $445.5M$518.1M$936.8M$850.0M$843.2M$738.1M$738.7M$495.6M$571.2M$586.1M
Retained earnings -$695.7M-$712.6M-$623.9M-$593.4M-$491.5M-$422.6M-$282.8M-$244.6M-$220.2M—
Total equity $294.4M$272.2M$80.4M$153.1M$228.4M$293.0M$417.8M$450.6M$468.0M$713.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $50.1M-$85.4M-$5.1M$91.7M$1.2M$32.9M-$8.7M$121.8M$60.0M$68.0M
Depreciation and amortisation $18.2M$22.9M$27.3M$29.4M$30.1M$33.2M$42.5M$44.5M$46.5M$41.2M
Stock-based compensation $6.2M$5.4M$3.4M$4.7M$5.7M$4.7M$6.6M$9.0M$8.5M$9.4M
Capital expenditure $16.2M$12.9M$14.1M$25.1M$33.6M$27.6M$36.2M$46.4M$42.8M$34.7M
Investing cash flow -$16.2M-$12.1M$7.4M-$31.0M-$42.7M-$36.9M-$37.0M-$55.6M-$100.0M-$224.4M
Financing cash flow -$34.4M$97.7M-$5.7M-$49.7M$45.7M$11.8M$39.9M-$68.3M$35.2M$147.3M
Buybacks $0$5.0K$176.0K$864.0K$2.4M$894.0K$1.3M$2.0M$1.6M$9.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-032503.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 1.9B Gross profit, FY2016: 459.1M Net income, FY2016: 5.4M Revenue, FY2017: 2.2B Gross profit, FY2017: 557.2M Net income, FY2017: -252.6M Revenue, FY2018: 2B Gross profit, FY2018: 527.7M Net income, FY2018: -24.4M Revenue, FY2019: 1.9B Gross profit, FY2019: 442.5M Net income, FY2019: -38.2M Revenue, FY2020: 1.4B Gross profit, FY2020: 230.3M Net income, FY2020: -139.8M Revenue, FY2021: 1.5B Gross profit, FY2021: 342.8M Net income, FY2021: -68.9M Revenue, FY2022: 1.5B Gross profit, FY2022: 349.4M Net income, FY2022: -101.9M Revenue, FY2023: 1.4B Gross profit, FY2023: 344.9M Net income, FY2023: -75.7M Revenue, FY2024: 1.5B Gross profit, FY2024: 337.8M Net income, FY2024: -65.8M Revenue, FY2025: 1.6B Gross profit, FY2025: 366.2M Net income, FY2025: 16.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.87B $2.20B $2.03B $1.85B $1.41B $1.50B $1.54B $1.43B $1.46B $1.56B
Gross profit $459.1M $557.2M $527.7M $442.5M $230.3M $342.8M $349.4M $344.9M $337.8M $366.2M
Net income $5.4M -$252.6M -$24.4M -$38.2M -$139.8M -$68.9M -$101.9M -$75.7M -$65.8M $16.9M

Recent filings and events

  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Annual report filed Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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