Barnes & Noble Education reported fiscal 2026 full-year revenue of $1.715 billion and returned to net income of $16.9 million, compared with a net loss in the prior year. Adjusted EBITDA for fiscal 2026 was $76.5 million, and total net debt fell roughly 33% year-over-year to $62.6 million. The company reiterated fiscal 2027 Adjusted EBITDA guidance of $85 million to $92 million and announced an inaugural quarterly dividend of $0.08 per share.

Financial Highlights

  • Revenue: $1.715 billion for fiscal 2026, up $104.6 million, or 6.5% year-over-year.
  • Gross margin: Gross margin percentage increased to 21.4% from 21.0% in the prior fiscal year; total gross margin dollars increased by $28.4 million, or 8.4% year-over-year.
  • Net income: $16.9 million for fiscal 2026 versus a net loss of $(65.8) million in fiscal 2025 (FY2025 included a $55.2 million non-cash charge for extinguishment of debt).
  • Adjusted EBITDA (non-GAAP): $76.5 million for fiscal 2026, up $17.1 million, or 28.8%, from $59.4 million in the prior fiscal year.
  • Debt and liquidity: Total debt $71.0 million at year-end; cash on hand $8.4 million; total net debt $62.6 million, a decline of approximately 33% year-over-year. Net working capital was $200.9 million, up 7.9% year-over-year.

Business Highlights

  • BNC First Day program momentum: First Day revenues rose 28.0% year-over-year to $760.1 million, driven by increased institutional adoption of First Day Complete.
  • Program adoption and enrollment: 232 campus stores used First Day Complete in spring 2026 with total enrollment of approximately 1,249,301 undergraduate and graduate students, up 31% from the prior year.
  • Comparable store performance: Comparable store sales increased by $71.3 million, or 4.4%, year-over-year, contributing to top-line growth despite fiscal 2026 being a 52-week year versus 53 weeks in fiscal 2025.
  • New offerings and partnerships: Company highlighted expansion of offerings including Room Service and cited strong sales from new store partnerships secured through recent business wins.
  • Capital allocation and shareholder returns: Initiated a quarterly dividend of $0.08 per share, payable July 30, 2026 to shareholders of record on July 16, 2026, reflecting management confidence in the business.

Original SEC Filing:

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