Short answer
Barnes & Noble Education, Inc. (BNED) filed its fiscal 2026 10-K annual report with the SEC on Jul 9, 2026. It reported revenue of $1.6B (+6.9% year over year) and net income of $17M.
- Top risk flagged: Regulatory/legal risk: Data privacy compliance with CCPA and CPRA California laws impacting handling of personal data, with enforcement since July 2020 and full operation by January 2023
FY2026 key financial metrics · XBRL
- Revenue
- $1.6B
- +6.9% YoY
- Net income
- $17M
- +125.6% YoY
- Operating margin
- 2.3%
- +1.2 pp YoY
- Gross margin
- 23.4%
- +0.3 pp YoY
- EPS (diluted)
- $0.49
- +119.6% YoY
- ROE
- 5.7%
- +29.9 pp YoY
- Operating cash flow
- $50M
- +158.6% YoY
Source: XBRL data from the Barnes & Noble Education, Inc. (BNED) FY2026 10-K on SEC EDGAR. USD.
Barnes & Noble Education, Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Contract operator of physical and virtual college/K-12 bookstores and textbook wholesaler with inventory management solutions across 1,116 locations in the US
- New emphasis on scaling BNC First Day® affordable access course material programs, with 28% revenue growth to $760.1M in fiscal 2026, reversing long-term revenue declines
- Strategic partnership expansion with Fanatics and Lids to enhance e-commerce, product assortment, and digital marketing for logo general merchandise growth
- Employee count steady at approximately 3,613 full- and part-time domestically, plus 169 international employees, supported by expanded training and leadership programs
- Completed $95M equity raise and debt refinancing in June 2024 to deleverage balance sheet and invest in innovation, shifting Immersion to controlling interest in BNED
Management Discussion & Analysis
- Revenue $1.715B, up 6.5% YoY ($104.6M increase) driven by BNC First Day® program growth (+$166.3M, 28% to $760.1M) and new store sales
- Gross margin 21.4% vs 21.0%; operating income $36.5M (2.1% margin) vs $15.9M (1.0% margin) with selling/admin expenses down to 16.8% from 17.6%
- Best segment: BNC First Day® program with $760.1M revenue, +28%, fueling course material sales growth; worst performing: general merchandise and closed stores declining sales
- Operating cash flow positive $50.1M vs $(85.4)M loss prior year; Capex $16.2M; debt reduced to $71M from $103.1M; no share repurchases in fiscal 2026; dividends not mentioned
- Forward outlook: focus on affordable access programs growth, aligning cash flows due to shift in timing of receivables from schools; new $325M credit facility provides liquidity and financial flexibility
Risk Factors
- Regulatory/legal risk: Data privacy compliance with CCPA and CPRA California laws impacting handling of personal data, with enforcement since July 2020 and full operation by January 2023
- Geopolitical/macroeconomic threat: Trump administration tariffs in 2025-2026 on Chinese and other imports threaten supply chain cost; largest supplier accounts for 50% of merchandise purchased
- Operational/supply chain vulnerability: Dependence on four suppliers for 56% of merchandise purchases risks disruption or unfavorable supply terms affecting inventory and course material availability
- Competitive/market disruption risk: Intense competition from Amazon, Chegg, Follett, VitalSource, and others with aggressive pricing, digital content platforms, and alternative course material business models
- Financial/structural risk: Material weaknesses in internal controls over financial reporting discovered in Fiscal 2025, resulting in restatement, delayed filings, SEC investigation, and increased compliance costs
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