Barnes & Noble Education Files “Super 10-K”, Reporting Full-Year Fiscal 2025 Financial Results, and Restated Financial Results for Prior Periods

Rhea-AI Summary

Barnes & Noble Education (NYSE: BNED) filed its annual "Super 10-K" on Dec 23, 2025, completing a restatement and internal investigation and reporting fiscal 2025 results (53 weeks ended May 3, 2025).

Key metrics: Revenue $1.6B (+2.7% YoY); BNC First Day revenue +25.3%; First Day Complete enrollment ~1.14M for fall 2025 (+24% YoY); Adjusted EBITDA $59.4M (vs $36.7M prior year); fiscal 2025 net loss from continuing operations $65.8M (includes a $55.2M non-cash loss on extinguishment of debt).

Balance sheet: total debt $103.1M, net debt $94.0M (YOY decrease ~$91.8M); working capital improved to $186.2M. Company reiterated fiscal 2026 outlook and expects Adjusted EBITDA of $65–$75M.

Positive

• BNC First Day revenue +25.3% year-over-year
• Adjusted EBITDA of $59.4M, up $22.7M year-over-year
• First Day Complete enrollment ~1.14M for fall 2025 (+24% YoY)
• Net debt reduced to $94.0M, down ~$91.8M year-over-year
• Working capital improved to $186.2M from $46.1M

Negative

• Net loss from continuing operations $65.8M in fiscal 2025
• Includes $55.2M non-cash loss on extinguishment of debt in 2025
• Total debt still $103.1M at year-end despite reductions

Key Figures

FY2025 revenue $1.6 billion Full-year fiscal 2025 revenue, +$43.0M or 2.7% YoY

Gross comp store sales +$117.2 million (7.5%) Year-over-year increase in gross comparable store sales FY2025

First Day revenue +$119.9 million (25.3%) Year-over-year increase in BNC First Day program revenue FY2025

FY2025 net loss $(65.8) million Net loss from continuing operations vs $(75.0)M prior year (restated)

Adjusted EBITDA FY2025 $59.4 million Adjusted EBITDA from continuing operations vs $36.7M prior year

Year-end total debt $103.1 million Total debt at FY2025 year-end vs $196.3M on April 27, 2024

Net debt $94.0 million Net debt at FY2025 year-end, a $91.8M year-over-year decrease

Net working capital $186.2 million Net working capital vs $46.1M last year; short-term liabilities down $195.5M

Market Reality Check

$8.61 Last Close

Volume Volume 182,430 is 0.31x the 20-day average of 592,932, suggesting limited pre-news positioning. low

Technical Shares at $8.51, trading below the $9.61 200-day moving average and about one-third off the 52-week high of $12.21.

Peers on Argus

Peers showed mixed moves: one key peer up 2.1% while others fell as much as -4.63%. BNED’s slight -0.82% move and low volume point to a stock-specific setup rather than a broad specialty retail reaction.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 25	Preliminary earnings	Positive	+36.3%	Released preliminary FY2025 and YTD FY2026 results after investigation.
Sep 30	New program launch	Positive	+1.7%	Introduced Campus to Career initiative to bridge academics and careers.
Sep 18	Service launch	Positive	+3.4%	Launched Room Service dorm shopping and delivery for partner campuses.
Sep 03	Partnership news	Positive	-5.3%	Announced collegiate gaming partnership with GameSquare across bookstores.
Aug 08	Compliance notice	Negative	-6.2%	NYSE notice on delayed 10-K and potential listing compliance risk.

Pattern Detected

News and price have mostly moved in the same direction, with strong upside reactions to financial clarity and growth updates and one notable selloff on a positive partnership headline.

Recent Company History

Over the last six months, BNED has navigated an internal investigation, NYSE compliance pressure, and multiple strategic initiatives. The August 2025 NYSE notice and subsequent 8-Ks centered on accounting errors and restatements. At the same time, the company expanded BNC First Day®, launched new services like Room Service and Campus to Career, and reported preliminary FY2025 and early FY2026 results on Nov 25, 2025, which drove a strong positive reaction. Today’s Super 10-K formalizes those restated results and closes the investigation phase.

Market Pulse Summary

The stock surged +12.1% in the session following this news. A strong positive reaction aligns with BNED’s history of outsized moves on earnings and clarity events, such as the 36.32% jump on the November preliminary results. This Super 10-K formalized restated FY2025 figures, confirmed growth in BNC First Day® and improved leverage, and closed the investigation chapter. However, prior accounting issues and reliance on seasonal demand mean enthusiasm could fade if execution or future filings disappoint.

Key Terms

adjusted ebitda financial

"Adjusted EBITDA for fiscal 2025 was $59.4 million, an increase of $22.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

gaap financial

"supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”)"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

form 10-k regulatory

"it has filed its Annual Report on Form 10-K, the “Super 10-K”"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

AI-generated analysis. Not financial advice.

Fiscal 2025 Results Consistent with Preliminary Unaudited Ranges Disclosed November 25, 2025

BNC First Day Program Revenue Increases 25% in 2025; Fall 2025 First Day Complete Enrollment Grows 24%

Company Reports Total Net Debt of $94 million at End of Fiscal 2025, a $92 million Decrease Year-Over-Year

Reiterates Prior Fiscal 2026 Outlook

FLORHAM PARK, N.J., Dec. 23, 2025 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED), (“Barnes & Noble Education,” “BNED,” “the Company,” “we,” “us,” “our”), a leading solutions provider for the education industry, today announced that it has filed its Annual Report on Form 10-K, the “Super 10-K”, detailing its restatement of prior results and financial results through the fiscal year ended May 3, 2025.

As previously disclosed, the Company has completed its internal investigation and related restatement work. With the Super 10-K now filed, BNED expects to file its quarterly reports for the quarters ended August 2, 2025, and November 1, 2025, in the next four to five weeks.

Barnes & Noble Education’s business is highly seasonal, with the major portion of sales and operating profit realized during the second and third fiscal quarters. BNED’s fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Fiscal 2025 includes 53 weeks vs. 52 weeks for fiscal 2024.

FY2025 Financial Results

Full-year revenue in fiscal 2025 was $1.6 billion, an increase of $43.0 million, or 2.7%, over the prior year. Gross Comparable Store Sales increased by $117.2 million, or 7.5%, year-over-year.

Revenues from BNC First Day programs increased by $119.9 million, or 25.3%, year-over-year, as First Day^® Complete continues to see strong growth in institutional adoption. As previously disclosed, a total of 191 campus stores utilized First Day Complete in the spring 2025 academic term with a total enrollment of approximately 957,000* undergraduate and graduate students, up 19% from 803,000 in the prior year.

Full-year fiscal 2025 net loss from continuing operations was $65.8 million compared to a net loss of $75.0 million (as restated) in the prior year. The fiscal 2025 net loss includes a $55.2 million non-cash loss related to the extinguishment of debt. Adjusted EBITDA for fiscal 2025 was $59.4 million, an increase of $22.7 million, from the $36.7 million in the prior fiscal year (as restated).

Total debt at year-end was $103.1 million compared to $196.3 million on April 27, 2024. After subtracting $9.1 million of cash on hand, total net debt was $94.0 million, representing a $91.8 million year-over-year decrease. The Company’s net working capital position improved to a positive $186.2 million from $46.1 million last year, while outstanding short-term payables, accrued liabilities, and current operating lease liabilities decreased by $195.5 million from last year.

The tables below reflect the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net Income from Continuing Operations, for each of fiscal 2025, together with the comparison to the related prior period:

$ in thousands	53 weeks ended				52 weeks ended
	May 3, 2025				April 27, 2024
					As Restated
Net income from continuing operations	$	(65,825	)		$	(75,019	)
Add:
Depreciation and amortization expense		37,939				40,560
Impairment expense		1,713				7,166
Interest expense, net		22,260				40,365
Income tax expense		4,256				858
Loss on extinguishment of debt		55,233				—
Other (income) expense		(1,572	)			19,409
Stock-based compensation expense (non-cash)		5,386				3,380
Adjusted EBITDA (Non-GAAP) - from continuing operations	$	59,390			$	36,719

* Total undergraduate and graduate student enrollment as reported by National Center for Education Statistics (NCES) as of January 7, 2025.

Management Commentary

“The filing of our annual report is an important step in meeting our SEC reporting requirements and brings the restatement process to a close,” said Jonathan Shar, Chief Executive Officer. “With this behind us, we can now focus solely on operational excellence to drive growth and operating leverage.”

Mr. Shar added, “Our BNC First Day offerings are resonating strongly, as demonstrated by accelerated First Day Complete enrollment growth for the current academic year. For the fall 2025 academic term, 223 campus stores are utilizing First Day Complete, with total enrollment reaching approximately 1.14 million* undergraduate and graduate students, up 24% from the prior year. We are also winning new business and driving improved comparable store performance.

“As we noted in our recent preliminary update, this momentum has continued with unaudited revenues for the first six months of 2026 rising by 7.8% year-over-year to approximately $933 million. Importantly, this growth along with expense management is translating into improved income and Adjusted EBITDA. Our net debt and working capital positions have also materially improved,” Mr. Shar concluded.

Outlook

Barnes & Noble Education is reiterating its prior Outlook as shared on November 25, 2025 and continues to expect top line growth in fiscal 2026 despite one fewer operating week and broader ongoing market uncertainties in higher education retail trends. The Company currently expects Adjusted EBITDA in the range of $65 to $75 million, supported by anticipated gross profit dollar growth and continued expense discipline. The Company anticipates a material reduction in interest costs versus last fiscal year, approximately $22 million in capital expenditures, and expects to be a normal cash taxpayer.

Looking ahead to fiscal 2027, the Company sees meaningful opportunities to improve gross margins and is seeking to grow Adjusted EBITDA in the range of 15% to 20% or more.

Use of Non-GAAP Financial Information—Adjusted EBITDA

To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measure of Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission (the “SEC”) regulations. We define Adjusted EBITDA as net income (loss) from continuing operations plus (1) depreciation and amortization; (2) interest expense, net and (3) income taxes, (4) as adjusted for additional items that are subtracted from or added to net income (loss) from continuing operations.

Adjusted EBITDA has been reconciled to the most comparable financial measures presented in accordance with GAAP, consolidated net income (loss). All of the items included in the reconciliation are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

Adjusted EBITDA is not intended as a substitute for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company’s use of Adjusted EBITDA may be different from similarly named measures used by other companies, limiting its usefulness for comparison purposes.

We review Adjusted EBITDA as an internal measure to evaluate our performance at a consolidated level to manage our operations. We believe that this measure is a useful performance measure which is used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that Adjusted EBITDA provides for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as it excludes certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-K for the fiscal year-ended May 3, 2025 when filed with the SEC. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better and smarter world. For more information, visit www.bned.com.

Media & Investor Contact:

Rob Fink

FNK IR

BNED@fnkir.com

646-809-4048

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to our capital structure, optionality, positioning, strategic and operational objectives, broader market trends, anticipated growth in our BNC First Day program, expected trends in financial results, including those related to seasonality, as well as forward-looking continued top line growth, anticipated gross profit dollar increases, continued expense discipline, Adjusted EBITDA, interest costs, capital expenditures and long-term projected growth in Adjusted EBITDA. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the year ended May 3, 2025, filed today with the SEC. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law.

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
	53 weeks ended				52 weeks ended
	May 3, 2025				April 27, 2024
Sales:					As Restated
Product sales and other	$	1,463,245			$	1,430,456
Rental income		146,925				136,679
Total sales		1,610,170				1,567,135
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales		1,193,015				1,144,973
Rental cost of sales		79,351				77,249
Total cost of sales		1,272,366				1,222,222
Gross profit		337,804				344,913
Selling and administrative expenses		283,800				311,574
Depreciation and amortization expense		37,939				40,560
Impairment loss		1,713				7,166
Other (income) expense		(1,572	)			19,409
Operating income (loss)		15,924				(33,796	)
Loss on extinguishment of debt		55,233				—
Interest expense, net		22,260				40,365
Loss from continuing operations before income taxes		(61,569	)			(74,161	)
Income tax expense		4,256				858
Loss from continuing operations, net of tax		(65,825	)			(75,019	)
Loss from discontinued operations		—				(730	)
Net loss	$	(65,825	)		$	(75,749	)
Net loss per common share:
Basic and Diluted
Continuing operations	$	(2.50	)		$	(28.18	)
Discontinued operations	$	—			$	(0.28	)
Total Basic and Diluted loss per share	$	(2.50	)		$	(28.46	)
Weighted average common shares outstanding - Basic and Diluted:		26,298,984				2,662,296

	53 weeks ended				52 weeks ended
	May 3, 2025				April 27, 2024
Percentage of sales:					As Restated
Sales:
Product sales and other	90.9		%		91.3		%
Rental income	9.1		%		8.7		%
Total sales	100.0		%		100.0		%
Cost of sales (exclusive of depreciation and amortization expense):
Product and other cost of sales (a)	81.5		%		80.0		%
Rental cost of sales (a)	54.0		%		56.5		%
Total cost of sales	79.0		%		78.0		%
Gross profit	21.0		%		22.0		%
Selling and administrative expenses	17.6		%		19.9		%
Depreciation and amortization	2.4		%		2.6		%
Impairment loss	0.1		%		0.5		%
Other (income) expense	(0.1	)	%		1.2		%
Operating loss	1.0		%		(2.2	)	%
Interest expense, net	1.4		%		2.6		%
Loss from continuing operations before income taxes	(3.8	)	%		(4.7	)	%
Income tax expense	0.3		%		0.1		%
Loss from continuing operations	(4.1	)	%		(4.8	)	%

(a) Represents the percentage these costs bear to the related sales, instead of total sales.

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)
	May 3, 2025				April 27, 2024
ASSETS					As Restated
Current assets:
Cash and cash equivalents	$	9,058			$	10,459
Accounts receivable, net		98,077				98,838
Merchandise inventories, net		299,562				344,037
Textbook rental inventories		26,439				28,315
Prepaid expenses and other current assets		32,249				39,158
Total current assets		465,385				520,807
Property and equipment, net		40,229				52,912
Operating lease right-of-use assets		183,695				217,336
Intangible assets, net		78,241				94,191
Other noncurrent assets		22,735				24,703
Total assets	$	790,285			$	909,949
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	148,848			$	299,157
Accrued liabilities		65,853				98,622
Current operating lease liabilities		64,524				76,960
Total current liabilities		279,225				474,739
Long-term deferred taxes, net		1,135				1,964
Long-term operating lease liabilities		115,495				140,627
Other long-term liabilities		19,142				15,882
Long-term borrowings		103,100				196,337
Total liabilities		518,097				829,549
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; issued and outstanding, none		—				—
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively		341				6
Additional paid-in-capital		1,006,974				749,692
Accumulated deficit		(712,571	)			(646,746	)
Treasury stock, at cost		(22,556	)			(22,552	)
Total stockholders' equity		272,188				80,400
Total liabilities and stockholders' equity	$	790,285			$	909,949

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flow (Unaudited)
(In thousands, except per share data)
		53 weeks ended				52 weeks ended
		May 3, 2025				April 27, 2024
Cash flows from operating activities:						As Restated
Net loss		$	(65,825	)		$	(75,749	)
Less: Loss from discontinued operations, net of tax			—				(730	)
Loss from continuing operations, net of tax			(65,825	)			(75,019	)
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities from continuing operations:
Depreciation and amortization expense			37,939				40,560
Impairment loss (non-cash)			1,713				7,166
Loss on Debt Extinguishment			55,233				—
Amortization of deferred financing costs			5,164				13,150
Non-cash interest expense (paid-in-kind)			—				2,652
Deferred taxes			(829	)			125
Stock-based compensation expense			5,386				3,380
Changes in operating lease right-of-use assets and liabilities			(4,218	)			(1,322	)
Changes in other long-term assets and liabilities and other, net			7,072				(20,997	)
Changes in other operating assets and liabilities, net:
Receivables, net			761				(6,326	)
Merchandise inventories			44,475				(21,058	)
Textbook rental inventories			1,876				(704	)
Prepaid expenses and other current assets			7,096				31,593
Accounts payable and accrued liabilities			(181,256	)			25,255
Changes in other operating assets and liabilities, net			(127,048	)			28,760
Net cash flows used in operating activities from continuing operations			(85,413	)			(1,545	)
Net cash flows used in operating activities from discontinued operations			—				(3,577	)
Net cash flows used in operating activities		$	(85,413	)		$	(5,122	)
Cash flows from investing activities:
Purchases of property and equipment		$	(12,894	)		$	(14,070	)
Changes in other noncurrent assets and other			793				78
Net cash flows used in investing activities from continuing operations			(12,101	)			(13,992	)
Net cash flows provided by investing activities from discontinued operations			—				21,395
Net cash flows (used in) provided by investing activities		$	(12,101	)		$	7,403
Cash flows from financing activities:
Proceeds from borrowings		$	887,055			$	563,023
Repayments of borrowings			(948,920	)			(552,230	)
Payment of deferred financing costs			(5,569	)			(16,316	)
Proceeds from Private Equity Investment			50,000				—
Proceeds from Rights Offering			45,000				—
Payment of equity issuance costs			(9,914	)			—
Principal stockholder expense reimbursement			1,940				—
Payment on principal portion of finance lease			(370	)			—
Shares sold under at-the-market offering, net of commissions			78,450				—
Purchase of treasury shares			(5	)			(176	)
Net cash flows provided by (used in) financing activities		$	97,667			$	(5,699	)
Net decrease in cash, cash equivalents, and restricted cash		$	153			$	(3,418	)
Cash, cash equivalents, and restricted cash at beginning of period			28,570				31,988
Cash, cash equivalents, and restricted cash of continuing operations at end of period		$	28,723			$	28,570
Supplemental cash flow information:
Cash paid during the period for:
Interest paid		$	17,912			$	24,943
Income taxes paid (net of refunds)		$	2,130			$	(7,293	)

BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Non-GAAP Information (a)
(In thousands) (Unaudited)
Consolidated Adjusted Earnings (non-GAAP) (a)- Continuing Operations	53 weeks ended				52 weeks ended
	May 3, 2025				April 27, 2024
					As Restated
Net loss from continuing operations	$	(65,825	)		$	(75,019	)
Reconciling items, after-tax (below)		4,108				29,955
Adjusted Earnings (Non-GAAP)	$	(61,717	)		$	(45,064	)
Reconciling items
Impairment loss	$	1,713			$	7,166
Stock-based compensation expense		5,386				3,380
Other (income) expense
Professional services costs related to restructuring		—				19,651
Legal settlement and related legal fees		1,059				—
Severance and cost reduction initiatives		4,058				1,097
Settlement of obligations and actuarial gain related to frozen retirement plan		(8,780	)			(1,339	)
Other professional services fees		2,091				—
Estimated tax effect on reconciling items above (b)		(1,419	)			—
Reconciling items	$	4,108			$	29,955
Consolidated Adjusted EBITDA (non-GAAP) (a)	53 weeks ended				52 weeks ended
	May 3, 2025				April 27, 2024
					As Restated
Net loss from continuing operations (a)	$	(65,825	)		$	(75,019	)
Add:
Depreciation and amortization expense		37,939				40,560
Interest expense, net		22,260				40,365
Income tax (benefit) expense		4,256				858
Impairment loss (non-cash)		1,713				7,166
Loss on extinguishment of debt		55,233				—
Other (income) expense		(1,572	)			19,409
Stock-based compensation expense (non-cash)	$	5,386			$	3,380
Adjusted EBITDA (Non-GAAP) - Continuing Operations	$	59,390			$	36,719
Adjusted EBITDA (Non-GAAP) - Discontinued Operations	$	—			$	(486	)
Adjusted EBITDA (Non-GAAP) - Total	$	59,390			$	36,233

(a) During the fourth quarter of Fiscal 2023, assets related to our Digital Student Solutions ("DSS") Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations. Net Loss from Continuing Operations excludes the results of operations related to the DSS Segment for all years reported.

(b) The tax effect on reconciling items was calculated for Fiscal 2025 using the statutory rate of 25.67%. For Fiscal 24, due to losses generated and use of the valuation allowance, the rate applied was 0%.

Adjusted Free Cash Flow (non-GAAP) - Continuing Operations

		53 weeks ended				52 weeks ended
		May 3, 2025				April 27, 2024
Dollars in thousands
Net cash flows used in operating activities from continuing operations (a)		$	(85,413	)		$	(1,545	)
Less:
Capital expenditures (b)			12,894				14,070
Cash interest			17,912				24,943
Cash taxes (refund) paid			2,130				(7,293	)
Adjusted Free Cash Flow (non-GAAP)		$	(118,349	)		$	(33,265	)

(a) Given the growth of our BNC First Day^® programs, the timing of cash collection from our school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts our BNC First Day^® affordable access course material program offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in our third quarter given the timing of the Spring Term and our quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor. As a higher percentage of our sales shift to BNC First Day^® affordable access course material program offerings, we are focused on efforts to better align the timing of our cash outflows to course material vendors and cash inflows from collections from schools.

(b) Purchases of property and equipment are also referred to as capital expenditures. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, and enhancements to internal systems and our website. The following table provides the components of total purchases of property and equipment.

Capital Expenditures

		53 weeks ended			52 weeks ended
Dollars in thousands		May 3, 2025			April 27, 2024
Physical store capital expenditures		$	8,866		$	5,813
Product and system development			3,063			6,670
Other			965			1,587
Total Capital Expenditures		$	12,894		$	14,070

Use of Non-GAAP Financial Information - Adjusted Earnings, Adjusted EBITDA and Adjusted Free Cash Flow

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measures of Adjusted Earnings, Adjusted EBITDA, and Adjusted Free Cash Flow, which are non-GAAP financial measures under Securities and Exchange Commission (the "SEC") regulations. We define Adjusted Earnings as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net and (3) income taxes, (4) as adjusted for other non-cash or non-recurring items, and adjustments defined in the Company’s credit agreement. We define Adjusted Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes.

These non-GAAP measures have been reconciled to the most comparable financial measures presented in accordance with GAAP as follows: the reconciliation of Adjusted Earnings to net income (loss); the reconciliation of consolidated Adjusted EBITDA to consolidated net income (loss); and the reconciliation of Adjusted Free Cash Flow to Cash Flows from Operating Activities. All of the items included in the reconciliations are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

These non-GAAP financial measures are not intended as substitutes for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes.

We review these non-GAAP financial measures as internal measures to evaluate our performance at a consolidated level to manage our operations. We believe that these measures are useful performance measures which are used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as they exclude certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted Earnings and Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance. We believe that Adjusted Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of our operating profitability and liquidity as we manage the business to maximize margin and cash flow.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-K dated May 3, 2025, filed with the SEC on December 23, 2025. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

FAQ

What did BNED report for fiscal 2025 revenue and net loss on Dec 23, 2025?

BNED reported $1.6 billion in revenue for fiscal 2025 and a net loss from continuing operations of $65.8 million.

How much did BNED's BNC First Day revenue grow in fiscal 2025 (BNED)?

BNC First Day revenue increased 25.3% year-over-year in fiscal 2025.

What is BNED's Adjusted EBITDA for fiscal 2025 and the fiscal 2026 outlook?

Adjusted EBITDA was $59.4 million in fiscal 2025; the company reiterated fiscal 2026 guidance of $65–$75 million.

How much did BNED reduce net debt by and what is year-end net debt (BNED)?

Year-end net debt was $94.0 million, a decrease of approximately $91.8 million year-over-year.

How many campus stores and students used First Day Complete for fall 2025 (BNED)?

223 campus stores used First Day Complete for fall 2025 with total enrollment of approximately 1.14 million students.

Did BNED complete its restatement and when will it file interim quarterly reports?

BNED completed its restatement with the Super 10-K filing and expects to file the quarters ended Aug 2, 2025 and Nov 1, 2025 within four to five weeks.

What cash tax and capital expenditure expectations did BNED include for fiscal 2026?

BNED expects to be a normal cash taxpayer and anticipates approximately $22 million of capital expenditures in fiscal 2026.