Barnes & Noble Education (BNED) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 preliminary results show strong execution, with net income expected between $15M and $18M, reversing a prior year net loss of $65.8M.

• Adjusted EBITDA is projected at $75M–$77M, up 26%–30% year-over-year, driven by growth in First Day® programs and improved store performance.

• Revenue is expected to reach $1.71B–$1.72B, a 6.2%–6.8% increase, with First Day® program revenues up 27%–28% year-over-year.

• The Board declared a quarterly dividend of $0.08 per share, reflecting improved financial health.

Financial highlights

• Net income for FY26 is expected at $15M–$18M, compared to a net loss of $65.8M in FY25.

• Adjusted EBITDA guidance of $75M–$77M, up from $59.4M in FY25.

• Total debt reduced to $71M from $103.1M in FY25, with net debt down 33% year-over-year.

• SG&A as a percentage of revenue reduced from ~24% in FY22 to ~17% in FY26.

• Inventory levels normalized, down $57M from FY24 peak.

Outlook and guidance

• FY27 targets Adjusted EBITDA of $85M–$92M, ~16% growth at midpoint over FY26.

• Continued revenue and profitability growth expected, with focus on operating leverage and capital efficiency.

• Capital expenditures anticipated at ~$20M; company expects to be a normal cash taxpayer.