BNED

MKT CAP:$372M

Barnes & Noble Education, Inc.

Market Cap

$372M

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NYSE

Consumer Cyc.·Specialty Retail·🇺🇸·NYSE

Stock Price

$10.85+$2.24 (+26.02%)

Apr 23, 2026

Company Details

Barnes & Noble Education, Inc. operates bookstores for college and university campuses, and K-12 institutions in the United States. It operates through three segments: Retail, Wholesale, and Digital Student Solutions. The company sells and ...

CEO

Jonathan Shar

IPO Date

Jul 23, 2015

Website

www.bned.com

Key Metrics TTM

Revenue

$1.7B

+26.7% YoY

Net Income

-$10M

EPS (Diluted)

-$0.31

Free Cash Flow

$7M

Revenue / Share

$49.79

Gross Margin

19.1%

Operating Margin

3.6%

Net Margin

-0.6%

FCF Margin

0.4%

P/S

0.2x

P/E

—

Earnings Reports

Q3 2026

Mar 10, 2026

$515MEPS $0.19

Q2 2026

Jan 20, 2026

$644M+7.0%EPS $0.72

Q1 2026

Jan 20, 2026

$288M+9.4%EPS -$0.54

FY 2025

Dec 22, 2025

$1.6BEPS -$2.50

Q4 2025

Dec 22, 2025

$278M+18.0%EPS -$0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$257M	$65M	-$52M
Q1 21	$204M	$31M	-$59M
Q2 21	$595M	$115M	$7M
Q3 21	$412M	$71M	-$65M
Q4 21	$223M	$36M	-$59M
Q1 22	$241M	$60M	-$41M
Q2 22	$627M	$146M	$25M
Q3 22	$403M	$87M	-$33M
Q4 22	$261M	$80M	-$17M
Q4 24	$236M	$70M	-$17M
Q1 25	$263M	$47M	-$92M
Q2 25	$602M	$128M	$47M
Q4 25	$278M	$57M	$28M
Q1 26	$288M	$55M	-$23M
Q2 26	$644M	$130M	$41M
Q3 26	$515M	$89M	$16M

Valuation

Quarter	P/S	P/E
Q4 20	0.0x	—
Q1 21	0.1x	—
Q2 21	0.1x	—
Q3 21	0.2x	—
Q4 21	0.3x	—
Q1 22	0.3x	—
Q2 22	0.4x	—
Q3 22	0.2x	—
Q4 22	0.1x	—
Q4 24	0.2x	—
Q1 25	0.1x	—
Q2 25	0.1x	—
Q4 25	0.2x	—
Q1 26	0.2x	—
Q2 26	0.1x	10.1x
Q3 26	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$102M	-$112M
Q1 21	-$53M	-$60M
Q2 21	$145M	$135M
Q3 21	-$50M	-$60M
Q4 21	-$9M	-$20M
Q1 22	-$17M	-$29M
Q2 22	$42M	$32M
Q3 22	-$16M	-$29M
Q4 22	-$6M	-$16M
Q4 24	$82M	$79M
Q1 25	-$144M	-$147M
Q2 25	$47M	$44M
Q4 25	$53M	$50M
Q1 26	-$68M	-$71M
Q2 26	$66M	$62M
Q3 26	-$29M	-$33M

Capital Expenditures

Quarter	CapEx
Q4 20	$9M
Q1 21	$7M
Q2 21	$9M
Q3 21	$10M
Q4 21	$11M
Q1 22	$11M
Q2 22	$10M
Q3 22	$12M
Q4 22	$10M
Q4 24	$3M
Q1 25	$3M
Q2 25	$3M
Q4 25	$4M
Q1 26	$4M
Q2 26	$4M
Q3 26	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-22.6%	-21.1%
Q1 21	-36.2%	-27.7%
Q2 21	-22.9%	-17.7%
Q3 21	-18.1%	-5.7%
Q4 21	-13.3%	-8.8%
Q1 22	+18.0%	+7.1%
Q2 22	+5.3%	+2.3%
Q3 22	-2.1%	-8.5%
Q4 22	+17.1%	-1.4%
Q4 24	-2.0%	-10.2%
Q1 25	-58.0%	-41.0%
Q2 25	+49.5%	+27.3%
Q4 25	+6.7%	-10.2%
Q1 26	+22.1%	+23.1%
Q2 26	+144.6%	+70.0%
Q3 26	-14.5%	-10.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$638.0K	0.2%
Q1 21	$2M	0.7%
Q2 21	$1M	0.2%
Q3 21	$1M	0.3%
Q4 21	$1M	0.6%
Q1 22	$1M	0.5%
Q2 22	$1M	0.2%
Q3 22	$2M	0.5%
Q4 22	$2M	0.7%
Q4 24	$812.0K	0.3%
Q1 25	-$863.0K	-0.3%
Q2 25	$1M	0.2%
Q4 25	$2M	0.9%
Q1 26	$3M	0.9%
Q2 26	$2M	0.3%
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 20	$87M
Q1 21	$70M
Q2 21	$92M
Q3 21	$93M
Q4 21	$84M
Q1 22	$86M
Q2 22	$108M
Q3 22	$101M
Q4 22	$88M
Q4 24	$68M
Q1 25	$67M
Q2 25	$73M
Q4 25	$72M
Q1 26	$68M
Q2 26	$77M
Q3 26	$73M

Revenue Segments

Quarter	Dss	Intersegment Eliminations	Retail Segment	Wholesale	Course Materials Product	Course Materials Rental Income	General Merchandise Product	Service and Other
Q1 21	$6M	-$41M	$159M	$80M	—	—	—	—
Q2 21	$6M	-$23M	$577M	$36M	—	—	—	—
Q2 22	$8M	—	$609M	$22M	—	—	—	—
Q3 22	$9M	—	$375M	$37M	—	—	—	—
Q4 22	—	—	$246M	$9M	—	—	—	—
Q2 25	—	—	—	—	$431M	$42M	$100M	$29M
Q1 26	—	—	—	—	$158M	—	$98M	$19M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$9M	$0	$9M
Q1 23	$9M	$0	$9M
Q2 23	$19M	$0	$19M
Q3 23	$11M	$0	$11M
Q4 23	$14M	$0	$14M
Q1 24	$8M	$0	$8M
Q2 24	$15M	$0	$15M
Q3 24	$8M	$0	$8M
Q4 24	$10M	$0	$10M
Q1 25	$8M	$0	$8M
Q2 25	$12M	$0	$12M
Q3 25	$9M	$0	$9M
Q4 25	$9M	$0	$9M
Q1 26	$7M	$0	$7M
Q2 26	$12M	$0	$12M
Q3 26	$10M	$0	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	19M	0.0%	+1.5%
Q1 21	19M	+0.2%	+1.7%
Q2 21	20M	+2.1%	+1.4%
Q3 21	20M	+1.3%	+3.7%
Q4 21	21M	+2.6%	+6.4%
Q1 22	21M	+0.2%	+6.3%
Q2 22	22M	+6.0%	+10.4%
Q3 22	21M	-4.7%	+3.8%
Q4 22	21M	+0.1%	+1.3%
Q4 24	27M	+28.4%	+29.8%
Q1 25	27M	+1.1%	+23.8%
Q2 25	27M	-1.8%	+27.6%
Q4 25	34M	+28.3%	+63.6%
Q1 26	34M	0.0%	+27.4%
Q2 26	35M	+1.4%	+27.8%
Q3 26	35M	+0.4%	+30.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$42.8K	6K
Q1 21	$37.1K	6K
Q2 21	$108.3K	6K
Q3 21	$74.8K	6K
Q4 21	$40.5K	6K
Q1 22	$58.8K	4K
Q2 22	$153.1K	4K
Q3 22	$98.4K	4K
Q4 22	$56.7K	5K
Q4 24	$62.9K	4K
Q1 25	$70.2K	4K
Q2 25	$160.6K	4K
Q4 25	$78.2K	4K
Q1 26	$81.0K	4K
Q2 26	$181.1K	4K
Q3 26	$144.7K	4K

Revenue / Employee