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Barnes & Noble Education, Inc. reported full-year fiscal 2026 results showing a return to profitability and stronger cash generation. Revenue reached $1.715 billion, up 6.5% year-over-year, with comparable store sales up 4.4% and gross margin improving to 21.4% from 21.0%.
The Company generated $16.9 million in net income versus a prior-year net loss of $(65.8) million, and increased Adjusted EBITDA to $76.5 million, a 28.8% rise. BNC First Day® program revenue grew 28.0% to $760.1 million, while total net debt declined 33% year-over-year to $62.6 million. Adjusted Free Cash Flow improved to $13.4 million from $(118.3) million.
The Company ended the year with $294.4 million of stockholders’ equity and positive working capital of $200.9 million, and introduced an inaugural quarterly dividend of $0.08 per share. For fiscal 2027, it targets Adjusted EBITDA of $85–$92 million and expects further improvements in net income and debt levels.
Barnes & Noble Education, Inc. insiders affiliated with Toro 18 Holdings LLC, Immersion Corporation, William C. Martin and Eric Singer jointly reported open-market sales of derivative securities tied to the company’s stock. The group sold a total of 19,000 put options (obligations to buy) on BNED common shares in three transactions, with weighted average sale prices within a range of $1.80 to $2.30 per option and exercise prices of $10.00 and $11.50 per share. These options expire on March 19, 2027, and the filing notes each reporting person disclaims beneficial ownership except to the extent of their pecuniary interest.
Barnes & Noble Education’s largest shareholder group updated its ownership and governance details. Toro 18 Holdings and its sole member Immersion Corp beneficially own 11,208,746 common shares, about 32.7% of the 34,296,119 shares outstanding as of March 6, 2026. Including deemed ownership through Toro 18 and certain accounts, William C. Martin and Eric Singer each report beneficial ownership of approximately 33.1% of the shares. The amendment notes that Elias Nader left the board on March 10, 2026 and will no longer be a reporting person. Directors Martin, Singer and Emily Hoffman each received 23,867 restricted stock units that vest by the next annual meeting or one year after grant. Toro 18 also sold exchange-listed FLEX put options referencing 700,000 shares at $10.00 and 1,200,000 shares at $11.50, both expiring March 19, 2027.
Barnes & Noble Education CFO Jason Snagusky reported selling a total of 2,210 shares of common stock in two open-market transactions on July 2, 2026. One block of 1,384 shares was sold at a weighted average price of $12.65 per share, and another 826 shares at a weighted average price of $12.24 per share.
According to the footnotes, these shares were sold upon vesting of restricted performance stock units and were used to cover applicable withholding taxes. Prices in each trade were achieved through multiple transactions within stated ranges, and Snagusky continues to hold a substantial direct equity position in the company.
Barnes & Noble Education, Inc. CEO Jonathan Shar reported an open-market sale of 67,896 shares of common stock at a weighted average price of $12.83 per share. A footnote explains these shares were sold upon vesting of restricted performance stock units to cover applicable withholding taxes, indicating a tax-driven, routine transaction rather than a discretionary portfolio move. Following the sale, he directly holds 294,940 shares of the company’s stock.
Barnes & Noble Education released preliminary, unaudited results showing a sharp turnaround for fiscal 2026, with revenue expected between $1.710 billion and $1.720 billion and net income between $15 million and $18 million, compared with a $(65.8) million loss a year earlier. Adjusted EBITDA is projected at $75 million to $77 million, up from $59.4 million, driven largely by 27%–28% growth in BNC First Day® program revenue to $754 million–$760 million. Total debt is expected to fall to $71 million from $103.1 million, and the Board has declared its first regular quarterly dividend of $0.08 per share, payable July 30, 2026. For fiscal 2027, the company targets Adjusted EBITDA of $85 million to $92 million while continuing to reduce debt.
Barnes & Noble Education, Inc. CEO Jonathan Shar reported a small disposition of company stock tied to tax withholding. On the vesting of restricted stock units payable in common stock, 81 shares of common stock were sold at $8.11 per share to cover applicable withholding taxes, according to the footnote. After this tax-related sale, Shar directly holds 362,836 shares of Barnes & Noble Education common stock, indicating that the transaction represents a very small portion of his overall reported stake and reflects a routine compensation-related event rather than a discretionary open-market trade.
Barnes & Noble Education CFO Jason Snagusky reported a small insider transaction involving the company’s common stock. On the reported date, he disposed of 17 shares at $8.11 per share. According to the footnote, these shares were sold upon vesting of restricted stock units to cover applicable withholding taxes, rather than as a discretionary sale. After this transaction, Snagusky directly owned 81,209 shares of Barnes & Noble Education common stock.