Revenue growth remains highly volatile, with the most recent 10.5% increase in 2026Q3 failing to offset structural margin pressures that saw gross margins decline to 17.2%.
| Metric | TTM | May'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 |
|---|
| Sales/Revenue | 1.73B | 1.61B | 1.57B | 1.54B | 1.5B | 1.41B | 1.85B | 2.03B | 2.2B | 1.87B | 1.81B | 1.77B | 1.75B | 1.76B |
| Revenue Growth % | 10.09% | 2.75% | 1.55% | 3.17% | 6.34% | -24.02% | -9.02% | -7.67% | 17.57% | 3.67% | 1.98% | 1.43% | -0.87% | - |
| Cost of Goods Sold | 1.4B | 1.27B | 1.22B | 1.19B | 1.15B | 1.18B | 1.41B | 1.51B | 1.65B | 1.42B | 1.35B | 1.33B | 1.31B | 1.36B |
| COGS % of Revenue | - | 79.02% | 77.99% | 77.36% | 77.08% | 83.62% | 76.09% | 74.06% | 74.71% | 75.51% | 74.85% | 74.98% | 75.01% | 77.05% |
| Gross Profit | 330.46M | 337.8M | 344.91M | 349.44M | 342.83M | 230.34M | 442.55M | 527.73M | 557.23M | 459.06M | 454.7M | 443.57M | 436.76M | 404.62M |
| Gross Margin % | 19.15% | 20.98% | 22.01% | 22.64% | 22.92% | 16.38% | 23.91% | 25.94% | 25.29% | 24.49% | 25.15% | 25.02% | 24.99% | 22.95% |
| Gross Profit Growth % | - | -2.06% | -1.3% | 1.93% | 48.84% | -47.95% | -16.14% | -5.3% | 21.39% | 0.96% | 2.51% | 1.56% | 7.95% | - |
| Operating Expenses | 268.24M | 321.88M | 378.71M | 415.88M | 403.45M | 399.11M | 485.33M | 555.38M | 819.94M | 445.51M | 450.08M | 410.01M | 378.44M | 349.75M |
| OpEx % of Revenue | - | 19.99% | 24.17% | 26.95% | 26.97% | 28.38% | 26.22% | 27.3% | 37.21% | 23.77% | 24.89% | 23.13% | 21.65% | 19.84% |
| Selling, General & Admin | 289.99M | 283.8M | 311.57M | 357.61M | 353.97M | 316.16M | 404.47M | 423.88M | 433.75M | 380.79M | 374.17M | 359.5M | 330.43M | 302.9M |
| SG&A % of Revenue | - | 17.63% | 19.88% | 23.17% | 23.67% | 22.48% | 21.85% | 20.83% | 19.68% | 20.32% | 20.7% | 20.28% | 18.9% | 17.18% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 38.08M | 67.14M | 58.27M | 49.48M | 82.94M | 80.86M | 131.5M | 386.19M | 64.71M | 75.91M | 50.51M | 48.01M | 46.85M |
| Operating Income | 62.22M | 15.92M | -33.8M | -66.45M | -60.62M | -168.76M | -42.78M | -27.65M | -262.7M | 13.55M | 4.62M | 33.56M | 58.33M | 54.87M |
| Operating Margin % | 3.6% | 0.99% | -2.16% | -4.31% | -4.05% | -12% | -2.31% | -1.36% | -11.92% | 0.72% | 0.26% | 1.89% | 3.34% | 3.11% |
| Operating Income Growth % | - | 147.12% | 49.14% | -9.62% | 64.08% | -294.46% | -54.71% | 89.47% | -2038.05% | 193.21% | -86.22% | -42.46% | 6.31% | - |
| EBITDA | 94.99M | 53.86M | 6.76M | -24.26M | -18.11M | -122.81M | 23.16M | 39.31M | -197.12M | 66.87M | 57.31M | 84.07M | 106.34M | 101.71M |
| EBITDA Margin % | 5.5% | 3.35% | 0.43% | -1.57% | -1.21% | -8.73% | 1.25% | 1.93% | -8.95% | 3.57% | 3.17% | 4.74% | 6.08% | 5.77% |
| EBITDA Growth % | 13130.08% | 696.32% | 127.88% | -33.98% | 85.26% | -630.3% | -41.08% | 119.94% | -394.76% | 16.68% | -31.83% | -20.94% | 4.55% | - |
| D&A (Non-Cash Add-back) | 32.77M | 37.94M | 40.56M | 42.19M | 42.51M | 45.95M | 65.94M | 66.96M | 65.59M | 53.32M | 52.69M | 50.51M | 48.01M | 46.85M |
| EBIT | -1.14M | -44.12M | -45.77M | -69.06M | -60.62M | -168.76M | -42.78M | -27.65M | -262.7M | 13.55M | 4.62M | 33.56M | 58.33M | 54.87M |
| Net Interest Income | -10.68M | -17.1M | -27.21M | -19.55M | -10.1M | -8.09M | -7.45M | -9.78M | -10.31M | -3.46M | -1.87M | -210K | -385K | -4.87M |
| Interest Income | 36K | 350K | 1.18M | 518K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.71M | 17.45M | 28.39M | 20.07M | 10.1M | 8.09M | 7.45M | 9.78M | 10.31M | 3.46M | 1.87M | 210K | 385K | 4.87M |
| Other Income/Expense | -73.34M | -77.49M | -40.37M | -22.68M | -10.1M | -8.09M | -7.45M | -9.78M | -10.31M | -3.46M | -1.87M | -210K | -385K | -4.87M |
| Pretax Income | -11.13M | -61.57M | -74.16M | -89.13M | -70.71M | -176.85M | -50.23M | -37.43M | -273.01M | 10.09M | 2.75M | 33.35M | 57.94M | 49.99M |
| Pretax Margin % | -0.64% | -3.82% | -4.73% | -5.78% | -4.73% | -12.57% | -2.71% | -1.84% | -12.39% | 0.54% | 0.15% | 1.88% | 3.31% | 2.84% |
| Income Tax | -1.32M | 4.26M | 858K | 1.01M | -9.15M | -43.28M | -11.98M | -13.06M | -20.44M | 4.73M | 2.67M | 14.22M | 22.83M | 19.82M |
| Effective Tax Rate % | 11.87% | -6.91% | -1.16% | -1.13% | 12.94% | 24.47% | 23.85% | 34.89% | 7.49% | 46.87% | 96.95% | 42.63% | 39.41% | 39.64% |
| Net Income | -9.8M | -65.83M | -75.75M | -101.86M | -68.86M | -139.81M | -38.25M | -24.37M | -252.57M | 5.36M | 84K | 19.13M | 35.11M | 30.17M |
| Net Margin % | -0.57% | -4.09% | -4.83% | -6.6% | -4.6% | -9.94% | -2.07% | -1.2% | -11.46% | 0.29% | 0% | 1.08% | 2.01% | 1.71% |
| Net Income Growth % | 87.19% | 13.1% | 25.64% | -47.93% | 50.75% | -265.52% | -56.93% | 90.35% | -4811.17% | 6282.14% | -99.56% | -45.5% | 16.35% | - |
| Net Income (Continuing) | -9.8M | -65.83M | -75.02M | -90.14M | -61.56M | -133.57M | -38.25M | -24.37M | -252.57M | 5.36M | 84K | 19.13M | 35.11M | 30.17M |
| Discontinued Operations | 0 | 0 | -730K | -11.72M | -7.3M | -6.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -2.50 | -23.47 | -42.28 | -28.99 | -57.75 | -80.00 | -52.00 | -540.10 | 11.00 | 0.18 | 33.00 | 87.67 | 0.78 |
| EPS Growth % | 98% | 89.35% | 44.49% | -45.84% | 49.8% | 27.81% | -53.85% | 90.37% | -5010% | 6011.11% | -99.45% | -62.36% | 11139.74% | - |
| EPS (Basic) | - | -2.50 | -23.47 | -42.28 | -28.99 | -57.75 | -79.67 | -51.52 | -540.10 | 11.57 | 0.18 | 33.14 | 87.67 | 0.78 |
| Diluted Shares Outstanding | 34.66M | 26.3M | 26.62M | 20.98M | 20.72M | 19.87M | 19.21M | 18.92M | 18.71M | 18.71M | 18.59M | 15.4M | 14.91M | 14.72M |
| Basic Shares Outstanding | 34.45M | 26.3M | 26.62M | 20.98M | 20.69M | 19.86M | 19.13M | 18.75M | 18.71M | 19.48M | 18.59M | 15.45M | 14.91M | 14.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and enrollment volatility
According to recent financial disclosures, BNED's revenue growth has shown significant volatility, with the most recent quarter reporting a 10.5% increase, yet this follows a period of stagnation where growth rates frequently hovered near zero, reflecting the company's hypersensitivity to domestic higher education enrollment trends.
The recent uptick in revenue appears to be driven by the institutional adoption of the 'First Day' program rather than organic volume growth in traditional retail. Investors should monitor whether this shift toward recurring institutional contracts can offset the persistent demographic headwinds facing the broader higher education sector.
As reported in quarterly filings, BNED's gross margin has struggled to maintain levels above 20%, with the most recent figure of 17.2% highlighting the difficulty of balancing competitive pricing against the high fixed-cost burden inherent in operating over 800 physical campus bookstore locations.
The inability to consistently expand gross margins suggests that the company lacks significant pricing power, likely due to the commoditized nature of textbook sales. Unless the sales mix shifts decisively toward higher-margin collegiate apparel and digital services, the current margin profile may remain structurally constrained.
Based on the provided income statement data, BNED's operating income exhibits extreme sensitivity to revenue fluctuations, with operating margins swinging from a negative 34.8% in 2025Q1 to a positive 3.1% in 2026Q3, indicating a lack of meaningful operating leverage in the current business model.
The high fixed-cost structure, dominated by lease obligations and labor, prevents the company from scaling profitability efficiently during peak academic seasons. This volatility suggests that even minor disruptions in foot traffic or enrollment can lead to significant swings in bottom-line performance, warranting caution regarding future earnings stability.
As indicated by the company's reported financial position, the extremely low cash balance of approximately $9 million relative to its scale of operations suggests a precarious liquidity profile that may limit management's ability to navigate seasonal working capital requirements or unexpected market downturns.
While the company emphasizes its digital transition, the thin liquidity cushion raises questions about the sustainability of its current capital allocation strategy. Investors should investigate whether the company's reliance on credit facilities to bridge seasonal gaps creates an unsustainable risk profile in a high-interest-rate environment.
Quick answers to the most common questions about buying BNED stock.
For fiscal year 2025, Barnes & Noble Education, Inc. (BNED) reported total revenue of $1.61B. This represents a 8.7% decline compared to $1.76B in 2013.
Barnes & Noble Education, Inc. (BNED) reported a net loss of $65.8M for the fiscal year ending 2025.
Barnes & Noble Education, Inc. (BNED) reported an operating income of $15.9M, resulting in an operating profit margin of 1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Barnes & Noble Education, Inc. (BNED) generated $337.8M in gross profit for the year, representing a gross profit margin of 21.0%. This demonstrates the company's core pricing power and production efficiency.