Barnes & Noble Education (BNED) Q4 2025 earnings summary

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.