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Barnes & Noble Education, Inc. operates bookstores for college and university campuses, and K-12 institutions primarily in the United States. The company sells and rents new and used print textbooks, digital textbooks, and publisher hosted digital courseware through physical and virtual bookstores, as well as directly to students through Textbooks.com. In addition, it offers First Day and First Day Complete access programs; and general merchandise, including collegiate and athletic apparel, school spirit products, lifestyle and wellness products, technology products, supplies, graduation products, and convenience items. Further, the company sources, sells, and distributes new and used textbooks; and sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to college bookstores. Additionally, it offers direct-to-student services. It operates physical college and university bookstores; virtual bookstores; True Spirit e apparel and spirit shop e-commerce websites; pop-up retail locations; customized cafés and stand-alone convenience stores; and a media channel for brands targeting the college demographic. Barnes & Noble Education, Inc. was founded in 1965 and is headquartered in Florham Park, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.6B | $-6M | $-66M | $-98M | -24.2% | 2.7% | - |
| 2024 | $1.6B | $-5M | $-76M | $-19M | -94.2% | 1.6% | - |
| 2023 | $1.5B | $-27M | $-102M | $67M | -77.9% | 3.2% | - |
| 2022 | $1.5B | $-18M | $-69M | $-32M | -30.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,495.73 | 1,543.21 | 1,567.13 | 1,610.17 |
| Cost Of Revenue | 1,152.90 | 1,193.77 | 1,222.22 | 1,272.37 |
| Gross Profit | 342.83 | 349.44 | 344.91 | 337.80 |
| Operating Expense | 396.09 | 399.77 | 352.13 | 321.74 |
| Operating Income | -53.26 | -50.34 | -7.22 | 16.07 |
| EBITDA | -18.11 | -26.87 | -5.21 | -6.18 |
| EBIT | -60.62 | -69.06 | -45.77 | -44.12 |
| Pretax Income | -70.71 | -89.13 | -74.16 | -61.57 |
| Tax Provision | -9.15 | 1.01 | 0.86 | 4.26 |
| Net Income | -68.86 | -101.86 | -75.75 | -65.83 |
| Net Income Common Stockholders | -68.86 | -101.86 | -75.75 | -65.83 |
| Total Expenses | 1,548.99 | 1,593.54 | 1,574.36 | 1,594.11 |
| Interest Expense | 10.10 | 20.07 | 28.39 | 17.45 |
| Interest Income | 0 | 0.52 | 1.18 | 0.35 |
| Selling General And Administration | 353.97 | 357.61 | 311.57 | 283.80 |
| Normalized EBITDA | -10.75 | -10.76 | 21.37 | 49.19 |
| Normalized Income | -55.15 | -77.41 | -54.02 | -22.08 |
| Basic EPS | -28.99 | -42.28 | -28.46 | -2.50 |
| Diluted EPS | -28.99 | -42.28 | -28.46 | -2.50 |
| Tax Effect Of Unusual Items | -0.95 | -3.38 | -5.58 | -11.63 |
| Tax Rate For Calcs | 0.13 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -7.36 | -16.11 | -26.57 | -55.37 |
| Total Unusual Items Excluding Goodwill | -7.36 | -16.11 | -26.57 | -55.37 |
| Net Income From Continuing Operation Net Minority Interest | -61.56 | -90.14 | -75.02 | -65.83 |
| Reconciled Depreciation | 42.51 | 42.19 | 40.56 | 37.94 |
| Reconciled Cost Of Revenue | 1,152.52 | 1,193.74 | 1,222.22 | 1,272.37 |
| Net Interest Income | -10.10 | -22.68 | -40.37 | -22.26 |
| Net Income From Continuing And Discontinued Operation | -68.86 | -101.86 | -75.75 | -65.83 |
| Rent Expense Supplemental | 76.66 | 74.29 | 77.25 | 79.35 |
| Total Operating Income As Reported | -60.62 | -66.45 | -33.80 | 15.92 |
| Diluted Average Shares | 2.38 | 2.41 | 2.66 | 26.30 |
| Basic Average Shares | 2.38 | 2.41 | 2.66 | 26.30 |
| Diluted NI Availto Com Stockholders | -68.86 | -101.86 | -75.75 | -65.83 |
| Net Income Including Noncontrolling Interests | -68.86 | -101.86 | -75.75 | -65.83 |
| Net Income Discontinuous Operations | -7.30 | -11.72 | -0.73 | 0 |
| Net Income Continuous Operations | -61.56 | -90.14 | -75.02 | -65.83 |
| Other Income Expense | -7.36 | -16.11 | -26.57 | -55.37 |
| Special Income Charges | -7.36 | -16.11 | -26.57 | -55.37 |
| Other Special Charges | 0 | 0 | 0 | 47.51 |
| Impairment Of Capital Assets | 6.41 | 6.01 | 7.17 | 1.71 |
| Restructuring And Mergern Acquisition | 0.94 | 10.10 | 19.41 | 6.15 |
| Net Non Operating Interest Income Expense | -10.10 | -22.68 | -40.37 | -22.26 |
| Total Other Finance Cost | 0 | 3.13 | 13.15 | 5.16 |
| Interest Expense Non Operating | 10.10 | 20.07 | 28.39 | 17.45 |
| Interest Income Non Operating | 0 | 0.52 | 1.18 | 0.35 |
| Depreciation Amortization Depletion Income Statement | 42.12 | 42.16 | 40.56 | 37.94 |
| Depreciation And Amortization In Income Statement | 42.12 | 42.16 | 40.56 | 37.94 |
| Operating Revenue | 1,495.73 | 1,543.21 | 1,567.13 | 1,610.17 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Barnes & Noble Education, Inc.this co. | BNED | $334M | - | 1.15 | -24.2% | 10.34 |
| Dine Brands Global, Inc. | DIN | $356M | 24.61 | -1.33 | -6.2% | 9.80 |
| Haverty Furniture Companies, Inc. | HVT | $353M | 18.32 | 1.14 | 6.4% | 9.74 |
| Xponential Fitness, Inc. | XPOF | $340M | - | -0.83 | 9.1% | 6.83 |
| Lands' End, Inc. | LE |
| $338M |
| 61.00 |
| 1.37 |
| 2.3% |
| 6.38 |
| Ranpak Holdings Corp. | PACK | $337M | - | 0.62 | -7.2% | 12.83 |
| Weyco Group, Inc. | WEYS | $319M | 13.90 | 1.32 | 9.6% | 7.16 |
| Hyliion Holdings Corp. | HYLN | $319M | - | 1.65 | -29.8% | -3.90 |
| Kingsway Financial Services Inc. | KFS | $319M | - | 21.00 | -31.2% | 132.56 |
| Peer Median | - | 21.47 | 1.23 | -2.0% | 8.45 | |