1. BNED's fiscal 2025 revenue reached $1.6 billion, increasing 2.7%. 2. BNC First Day program revenue rose by 25% year-over-year. 3. Net debt decreased by approximately $92 million, totalling $94 million. 4. Company reiterated its fiscal 2026 outlook with expected growth. 5. Adjusted EBITDA improved to $59.4 million, up $22.7 million from last year.
FAQ
Why Bullish?
The positive revenue growth and debt reduction signal improved financial health. Historical precedents show that debt reductions often lead to increased investor confidence, similar to past performance by companies such as GameStop.
How important is it?
The financial metrics and operational improvements significantly enhance BNED's market positioning, making it a compelling prospect for investors. These results are pivotal for stakeholder confidence.
Why Long Term?
Continued revenue growth and strategic focus on the BNC First Day program create sustainable momentum. Past fiscal recoveries in similar sectors bolstered long-term growth expectations.
Barnes & Noble Education Reports Fiscal 2025 Financial Results and Files “Super 10-K”
FLORHAM PARK, N.J., Dec. 23, 2025 — Barnes & Noble Education, Inc. (NYSE: BNED), a premier solutions provider in the education sector, today announced the filing of its Annual Report on Form 10-K, referred to as the “Super 10-K.” This report details the restatement of prior financial results and discloses comprehensive fiscal results for the year ending May 3, 2025. The company is now positioned to focus on operational excellence following the successful completion of its internal investigation and restatement process.
Key Fiscal 2025 Financial Highlights
Barnes & Noble Education reported a full-year revenue of $1.6 billion, reflecting an increase of $43.0 million or 2.7% compared to the previous year. Notably, gross comparable store sales rose by $117.2 million, marking a substantial 7.5% year-over-year increase. The company also experienced significant growth in its BNC First Day programs, with revenues increasing by $119.9 million or 25.3%.
- Fiscal 2025 Revenue: $1.6 billion
- Net Loss from Continuing Operations: $65.8 million
- Adjusted EBITDA: $59.4 million, up $22.7 million from previous year
- Total Net Debt: $94.0 million, down $91.8 million year-over-year
Growth in Enrollment and Programs
For the spring 2025 academic term, Barnes & Noble Education’s First Day® Complete program was adopted by 191 campus stores, enrolling approximately 957,000 undergraduate and graduate students, a 19% increase from the previous year. Looking ahead, during the fall 2025 term, the program’s enrollment is expected to rise to around 1.14 million students, a significant 24% growth.
Financial Performance Overview
The full-year fiscal 2025 net loss of $65.8 million reflects an improvement over the prior year's loss of $75.0 million. This year's net loss includes a $55.2 million non-cash loss from debt extinguishment. Adjusted EBITDA for the fiscal year amounted to $59.4 million, a notable increase compared to $36.7 million in the previous fiscal year.
Management’s Insights on Future Outlook
Jonathan Shar, Chief Executive Officer of BNED, emphasized the significance of the 10-K filing in fulfilling SEC reporting obligations and the transition towards focused operational growth. “With this behind us, we can now focus solely on operational excellence to drive growth and operating leverage,” Shar stated.
BNED projects continued revenue growth for fiscal 2026, despite one fewer operating week and ongoing market uncertainties. The company anticipates Adjusted EBITDA in a range of $65 to $75 million, supported by expected gross profit growth and disciplined expense management.
Future Growth Prospects
As BNED prepares for fiscal 2027, the company sees significant opportunities to enhance gross margins and aims to improve Adjusted EBITDA by 15% to 20% or more. The company’s financial strategies include reducing interest costs and anticipated capital expenditures of approximately $22 million.
Conclusion
With the filing of the “Super 10-K,” Barnes & Noble Education (NYSE: BNED) is poised for a new chapter of financial transparency and growth. The leadership continues to express confidence in the company's strategies to improve performance and leverage market opportunities within the education sector.