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Barnes & Noble Education
Barnes & Noble Education (BNED) investor relations material
Barnes & Noble Education Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Mar, 2026
Executive summary
Revenue for the 13 weeks ended January 31, 2026 increased 11.3% year-over-year to $515.1 million, with gross comparable store sales up 7.2%, driven by growth in BNC First Day® programs and a net increase in physical and virtual locations.
BNC First Day program revenue surged 32.1% year-over-year to $293.6 million, with institutional adoption expanding to 237 campus stores and 1.25 million students.
Net income for the quarter was $6.7 million, down from $17.9 million in the prior year due to absence of prior period one-time gains; net income for the 39 weeks ended January 31, 2026 was $13.4 million, a significant improvement from a net loss of $42.8 million in the prior year.
Adjusted EBITDA for the quarter was $23.6 million, down 4.7% year-over-year, and $61.9 million for the 39-week period, up 5.5% year-over-year.
The company completed a major recapitalization, including a rights offering, private equity investment, term loan conversion, and credit facility refinancing, substantially deleveraging the balance sheet.
Financial highlights
Product sales and other for the quarter rose 12.4% to $471.8 million; rental income was flat at $43.3 million.
Gross margin for the quarter was 18.7%, down from 20.3% in the prior year, primarily due to lower margin rates and higher markdowns.
Adjusted net income for Q3 2026 was $8.2 million, compared to $15.9 million in Q3 2025.
Adjusted free cash flow for Q3 2026 was negative $38.3 million, compared to negative $49.4 million in Q3 2025.
Capital expenditures for Q3 2026 were $3.8 million, with $11.9 million spent in the first nine months.
Outlook and guidance
Fiscal 2026 outlook reiterated: expects adjusted EBITDA of $65–$75 million, year-over-year growth, and a material reduction in interest expense.
Fiscal 2027 targets adjusted EBITDA growth of 15–20% or more, with meaningful opportunities to improve gross margins.
Management expects continued growth in BNC First Day® programs, further expansion of e-commerce capabilities, and ongoing cost savings from operational streamlining.
The company anticipates improved predictability of results and profitability as more institutions adopt affordable access course material models.
Approximately $18 million in capital expenditures anticipated for fiscal 2026.
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Barnes & Noble Education
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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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