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Barnes & Noble Education (BNED) investor relations material

Barnes & Noble Education Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Dec, 2025

Executive summary

  • Filed annual report for fiscal 2025, including restated prior results and completion of internal investigation.

  • Fiscal 2025 results aligned with previously disclosed preliminary ranges.

  • Business remains highly seasonal, with most sales and profit in Q2 and Q3.

Financial highlights

  • Full-year revenue reached $1.6 billion, up 2.7% year-over-year.

  • Gross comparable store sales increased 7.5% year-over-year.

  • Net loss from continuing operations was $65.8 million, improved from $75.0 million loss (restated) last year.

  • Adjusted EBITDA rose to $59.4 million from $36.7 million (restated) year-over-year.

  • Net debt at year-end was $94 million, a $91.8 million decrease year-over-year.

Outlook and guidance

  • Fiscal 2026 outlook reiterated: expects top-line growth despite one fewer week and market uncertainties.

  • Adjusted EBITDA projected at $65–$75 million for fiscal 2026.

  • Anticipates material reduction in interest costs and $22 million in capital expenditures.

  • Fiscal 2027 targets Adjusted EBITDA growth of 15–20% or more.

FDC's role in FY27 gross margin improvement?
Explain the debt extinguishment's impact on net debt.
How to achieve FY26 top-line growth with fewer weeks?
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Frequently asked questions

Barnes & Noble Education, Inc., together with its subsidiaries, provides educational products, services, and solutions to college and university campus bookstores. The company offers new, used, digital, and rental textbook options; general merchandise and trade items, including school supplies, memorabilia and collegiate clothing, electronics, backpacks and totes, graduation products, scholastic reference texts, study aides, and custom-published materials; dollar merchandise program; professional development training course and sale of resources for educators; off-campus access to digital courseware product resources through a fixed fee per registered student program that allows students to have access to the courseware product for the entire semester or term for one flat fee; and other technology-based educational services.

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