AI Earnings Predictions for Barnes & Noble Education Inc (BNED)

EX-99.1

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EX-99.1

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Barnes & Noble Education Reports Full-Year Fiscal 2026 Financial Results

Results Consistent with Preliminary Ranges

$16.9 million of Net Income and $76.5 million of Adjusted EBITDA Reported for Fiscal 2026

BNC First Day Program Revenue Increases 28% to $760.1 million

Total Net Debt Decreases 33% Year-Over-Year to $62.6 million

Company Reiterates Fiscal 2027 Outlook of $85 million to $92 million of Adjusted EBITDA

Florham Park, NJ, July 9, 2026 - Barnes & Noble Education, Inc. (NYSE: BNED), (“Barnes & Noble Education,” “BNED,” “the Company,” “we,” “us,” “our”), a leading solutions provider for the education industry, today announced its financial results for the fiscal year ended May 2, 2026.

FY2026 Financial Results

Full-year revenue in fiscal 2026 was $1.715 billion, an increase of $104.6 million, or 6.5%, over the prior year. Fiscal 2026 comprised 52 weeks compared with 53 weeks in fiscal 2025, which modestly understates growth on a comparable-period basis. Comparable store sales increased by $71.3 million, or 4.4%, year-over-year. In addition, total gross margin dollars increased by $28.4 million, or 8.4% year-over year, with the Company’s gross margin percentage increasing to 21.4% from 21.0% in the prior fiscal year.

Revenues from BNC First Day® programs increased by $166.3 million, or 28.0%, year-over-year, to $760.1 million, as First Day® Complete continues to see strong growth in institutional adoption. A total of 232 campus stores utilized First Day Complete in the spring 2026 academic term with a total enrollment of approximately 1,249,301* undergraduate and graduate students, up 31% from 957,000 in the prior year.

Full-year fiscal 2026 net income was $16.9 million compared to a net loss of $(65.8) million in the prior year. The fiscal 2025 net loss includes a $55.2 million non-cash charge related to the extinguishment of debt.

Adjusted EBITDA for fiscal 2026 was $76.5 million, an increase of $17.1 million, from $59.4 million in the prior fiscal year, representing an increase of 28.8%.

Total debt at year-end was $71.0 million compared to $103.1 million at the end of fiscal 2025. After subtracting $8.4 million of cash on hand, total net debt was $62.6 million, representing a $31.4 million, or approximately 33% year-over-year decrease. The Company’s net working capital position remained strong with $200.9 million of positive working capital at year-end, representing a 7.9% increase year-over-year.

The Company also recently introduced an inaugural quarterly dividend of $0.08 per share which will be payable on July 30, 2026 to shareholders of record on July 16, 2026.

* Total undergraduate and graduate student enrollment as reported by National Center for Education Statistics (NCES) as of January 2, 2026.

The tables below reflect the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net income for fiscal 2026 and the related prior period:

52 weeks ended53 weeks ended

($ in thousands)May 2, 2026May 3, 2025

Net income (loss)$16,872 $(65,825)

Add:

Depreciation and amortization expense32,754 37,939

Impairment expense12,584 1,713

Interest expense, net15,866 22,260

Income tax expense3,800 4,256

Loss on extinguishment of debt— 55,233

Other (income) expense, net(11,577)(1,572)

Stock-based compensation expense6,214 5,386

Adjusted EBITDA (Non-GAAP)$76,513 $59,390

Management Commentary

“Fiscal 2026 marked another year of meaningful progress for Barnes & Noble Education,” said Jonathan Shar, Chief Executive Officer. “We achieved solid revenue growth, significantly increased Adjusted EBITDA, returned to net income profitability, and realized meaningful debt reduction. These results were driven by continued growth in First Day®, improved comparable store performance, disciplined expense management, and strong sales contributions from new store partnerships secured through recent business wins.”

Mr. Shar continued, “As we enter fiscal 2027, we believe we are well positioned to build on this momentum. Demand for our BNC First Day® offerings continues to accelerate, with fall 2026 First Day Complete enrollment expected to reach approximately 1.4 million undergraduate and graduate students, up approximately 23% from fall 2025. We are excited about the expansion of new offerings, including Room Service, and are focused on creating long-term value for our institutional partners, students, employees, and shareholders. Our recent initiation of a quarterly dividend reflects our strong confidence in the business.”

Outlook

Barnes & Noble Education is reiterating the fiscal 2027 outlook provided on June 24, 2026. The Company expects continued growth in revenues and is focused on driving operating leverage with disciplined expense management. The Company is targeting Adjusted EBITDA in the range of $85 millon to $92 million and anticipates further significant improvements in net income profitab

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 24, 2026

BARNES & NOBLE EDUCATION, INC.

(Exact name of registrant as specified in its charter)

Delaware 1-3749946-0599018

(State or other jurisdiction of Incorporation) (Commission File Number)(IRS Employer Identification No.)

180 Park Avenue, Suite 301,

Florham Park, NJ

07932

(Address of principal executive offices)(Zip Code)

(908) 991-2665

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered

Common Stock, $0.01 par value per shareBNEDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Item 2.02     Results of Operations and Financial Condition.

On June 24, 2026, Barnes & Noble Education, Inc. (the “Company”) issued a press release announcing its preliminary, unaudited financial results for the fiscal year ended May 2, 2026 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1.

Item 7.01     Regulation FD Disclosure.

As previously announced, the Company will host a virtual Investor Day on Thursday, June 25, 2026, broadcast live from the New York Stock Exchange. The live webcast will begin at 10:00 a.m. Eastern Time and is expected to conclude at 12:00 p.m. Eastern Time. During the event, the Company's leadership team will present an overview of the Company’s strategy, key growth drivers, and financial outlook, including the Company’s focus on improving affordability and outcomes for students, expanding its First Day® programs, and enhancing its omnichannel campus retail model to better serve institutional partners and customers. Investors may register to participate in the webcast at https://bnedinvestor.netlify.app/. A copy of the presentation materials that will be used at the Investor Day is attached hereto as Exhibit 99.2.

The information set forth under Items 2.02 and 7.01 of this Current Report on Form 8-K (this “Form 8-K”), including the Exhibits under Item 9.01 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 8.01    Other Events.

Declaration of Dividend

On March 10, 2026, the Company announced that, beginning in the first quarter of fiscal 2027, the Company intends to declare a regular quarterly dividend of $0.08 per share. On June 24, 2026, the Board of Directors of the Company (the “Board”) approved its first quarterly dividend in the amount of $0.08 per share, payable, subject to any prior revocation, on July 30, 2026 to stockholders of record on July 16, 2026. The declaration of any future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw any quarterly dividend in future periods as it reviews our capital allocation strategy from time-to-time and ensures compliance with any applicable restrictions, including those set forth in its credit agreement with its lenders.

2026 Annual Meeting of Stockholders

The Board has established Thursday, September 24, 2026, as the date of the Company’s 2026 annual meeting of stockholders (the “2026 Annual Meeting”), to be held at 10:00 a.m., Eastern Time. As the date of the 2026 Annual Meeting has advanced by more than 30 days from the anniversary date o

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 10, 2026

BARNES & NOBLE EDUCATION, INC.

(Exact name of registrant as specified in its charter)

Delaware 1-3749946-0599018 (State or other jurisdiction of Incorporation) (Commission File Number)(IRS Employer Identification No.)

180 Park Avenue, Suite 301, Florham Park, NJ 07932

(Address of principal executive offices)(Zip Code)

(908) 991-2665

(Registrant’s telephone number, including area code)

Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: □    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) □    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) □    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) □    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered Common Stock, $0.01 par value per shareBNEDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Item 2.02 Results of Operations and Financial Condition. On March 10, 2026, Barnes & Noble Education, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal third quarter ended January 31, 2026 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and the Exhibit attached hereto pertaining to the Company’s financial results shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. Cautionary Note Regarding Forward-Looking Statements: This Current Report on Form 8-K contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to our positioning, strategic and operational objectives, broader market trends, anticipated growth in our BNC First Day program, expected trends in financial results, including those related to seasonality, as well as forward-looking continued top line growth, anticipated gross profit dollar increases, continued expense discipline, Adjusted EBITDA, interest costs, capital expenditures and long-term projected growth in Adjusted EBITDA. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding av