Barnes & Noble Education, Inc.

Listed Company

BNEDCIK 0001634117NYSEAcceleratedSmaller ReportingRetail-Miscellaneous Shopping Goods StoresDelawareFY ends May 3

Period

FY 2025

Revenue

$1.61B

Net Income

$-65.83M

Total Assets

$790.28M

Equity

$272.19M

Shares Out

34.30M

Op. Cash Flow

$-85.41M

Business

Barnes & Noble Education, Inc. operates physical and virtual bookstores under contract for college, university and K‑12 campuses across the United States. It supplies course materials (new, used, rentals and digital), wholesale textbook distribution, inventory management hardware and point‑of‑sale software, emblematic apparel and general merchandise, café and convenience services, marketing programs and e‑commerce via Textbooks.com and True Spirit sites. Key components include combined retail and wholesale operations, Barnes & Noble College and MBS Textbook Exchange, and service relationships with Fanatics and Lids. Distribution is through on‑campus stores, virtual bookstores, centralized distribution centers and direct‑to‑student online channels nationwide.

Summary from filing dated 2025-12-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Product sales and other	1,463	1,430	—	—	—
Rental income	147	137	—	—	—
Total sales	1,610	1,567	1,543	1,496	1,407
Product and other cost of sales	1,193	1,145	—	—	—
Rental cost of sales	79	77	74	77	87
Total cost of sales	1,272	1,222	1,194	1,153	1,176
Gross profit	338	345	349	343	230
Selling and administrative expenses	284	312	358	354	316
Depreciation and amortization expense	38	41	42	42	45
Impairment loss	2	7	—	—	—
Other (income) expense	−2	19	—	—	—
Operating income (loss)	16	−34	−66	−61	−169
Loss on debt extinguishment	55	0	—	—	—
Interest expense, net	22	40	—	—	—
Income (loss) from continuing operations before income taxes	−62	−74	−89	−71	−177
Income tax expense	4	858,000	1	−9	−7
Income (loss) from continuing operations	−66	−75	−90	−62	−134
Loss from discontinued operations, net of tax of $0 and $20, respectively	0	−730,000	−12	−7	−6
Net income (loss)	−66	−76	−102	−69	−140
Basic, Continuing operations (in dollars per share)	−2.5	−28.18	−34.17	−1.19	−2.69
Basic, Discontinued operations (in dollars per share)	0	−0.28	—	—	—
Total Basic Net Loss per Share (in dollars per share)	−2.5	−28.46	−38.61	−1.33	−2.81
Diluted, Continuing operations (in dollars per share)	−2.5	−28.18	−34.17	−1.19	−2.69
Diluted, Discontinued operations (in dollars per share)	0	−0.28	−4.44	−0.14	−0.12
Total Diluted Net Loss per Share (in dollars per share)	−2.5	−28.46	−38.61	−1.33	−2.81
Weighted average common shares outstanding - Basic (in shares)	26	3	3	52	50
Weighted average common shares outstanding - Diluted (in shares)	26	3	3	52	50

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2025 2025-01-31	FY 2024 2024-10-31	FY 2024 2024-07-31	FY 2024 2024-04-30
Cash and cash equivalents	9	9	12	8	10
Accounts receivable (less allowance $2,148 and $867, respectively)	98	344	260	152	99
Merchandise inventories, net	300	327	315	395	344
Textbook rental inventories	26	36	45	6	28
Prepaid expenses and other current assets	32	33	33	31	39
Total current assets	465	749	665	592	521
Property and equipment, net	40	42	45	48	53
Operating lease right-of-use assets	184	196	207	219	217
Intangible assets, net	78	82	85	88	94
Other noncurrent assets	23	24	26	26	25
Total assets	790	1,093	1,028	973	910
Accounts payable	149	304	299	266	299
Accrued liabilities	66	148	123	94	99
Current operating lease liabilities	65	73	77	85	77
Total current liabilities	279	524	499	446	475
Long-term deferred taxes, net	1	5	2	2	2
Long-term operating lease liabilities	115	123	131	138	141
Other long-term liabilities	19	7	7	16	16
Long-term borrowings	103	141	178	222	196
Total liabilities	518	800	816	823	830
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred stock, $0.01 par value; authorized, 5,000,000 shares; 0 shares issued and 0 shares outstanding	0	0	0	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,081,114 and 558,402 shares, respectively; outstanding, 34,053,847 and 531,564 shares, respectively	341,000	341,000	274,000	263,000	6,000
Additional paid-in capital	1,007	1,005	933	923	750
Accumulated deficit	−713	−690	−708	−751	−647
Treasury stock, at cost	−23	−23	−23	−23	−23
Total stockholders' equity	272	293	211	150	80
Total liabilities and stockholders' equity	790	1,093	1,028	973	910

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Impairment loss (non cash)	2	7	—	—	—
Amortization of deferred financing costs	5	13	3	1	1
Interest expense (paid-in-kind)	0	3	0	—	—
Deferred taxes	−829,000	125,000	409,000	−18	−8
Stock-based compensation expense	5	3	5	6	5
Changes in operating lease right-of-use assets and liabilities	−4	−1	6	−8	−4
Changes in other long-term assets and liabilities and other, net	7	−21	3	−3	9
Receivables, net	761,000	−6	−43	16	30
Merchandise inventories	44	−21	29	13	−133
Textbook rental inventories	2	−704,000	737,000	920,000	−12
Prepaid expenses and other current assets	7	32	−20	−2	35
Accounts payable and accrued liabilities	−181	25	82	46	−10
Changes in other operating assets and liabilities, net	−127	29	−116	18	69
Net cash flows used in operating activities from continuing operations	−85	−2	91	−16	27
Net cash flows used in operating activities from discontinued operations	0	−4	1	17	6
Net cash flows used in operating activities	−85	−5	92	1	33
Purchases of property and equipment	−13	−14	−25	−34	−28
Proceeds from the sale of fixed assets	793,000	78,000	—	—	—
Net cash flows used in investing activities from continuing operations	−12	−14	−25	−33	−27
Net cash flows provided by investing activities from discontinued operations	0	21	−7	−10	−10
Net cash flows (used in) provided by investing activities	−12	7	−31	−43	−37
Proceeds from borrowings	887	563	590	632	723
Repayments of borrowings	−949	−552	−632	−584	−720
Payment of deferred financing costs	−6	−16	−7	−265,000	−1
Proceeds from Private Equity Investment	50	0	—	—	—
Proceeds from Rights Offering	45	0	—	—	—
Payment of equity issuance costs	−10	0	—	—	—
Principal stockholder expense reimbursement	2	0	—	—	—
Payment on principal portion of finance lease	−370,000	0	—	—	—
Shares sold under at-the-market offering, net of commissions	78	0	—	—	—
Purchase of treasury shares	−5,000	−176,000	−864,000	−2	−894,000
Net cash flows provided by (used in) financing activities	98	−6	−50	46	12
Net increase (decrease) in cash, cash equivalents, and restricted cash	153,000	−3	11	4	8
Interest paid	18	25	19	8	7
Income taxes paid (net of refunds)	2	−7	−15	−8	6

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