Barnes & Noble Education, Inc. (NYSE: BNED) filed its 2025 Form 10‑K on December 23, 2025, marking the end of a comprehensive restatement of prior financial periods and the release of audited fiscal‑year results. The filing confirms that the company’s 53‑week fiscal year, which ended on December 31, 2025, is now fully reconciled and compliant with SEC requirements.
Full‑year revenue reached $1.6 billion, a 2.7% increase from $1.56 billion in 2024. The growth was largely driven by the First Day Complete subscription program, which saw enrollment rise to 1.14 million students—an increase of 24% year‑over‑year. Net loss for the year was $65.8 million, a significant narrowing from the $157 million loss reported in 2024, largely attributable to a one‑time debt extinguishment charge that was lower in 2025 and to improved operating efficiency.
Net debt fell to $94 million, a $91.8 million reduction from the prior year, while net working capital improved to $186.2 million. The debt reduction reflects the company’s disciplined capital‑allocation strategy and the successful completion of the restatement, which eliminated the need for additional borrowing. The stronger working‑capital position provides greater flexibility for future investments in the First Day Complete platform and other growth initiatives.
Management reiterated its 2026 guidance, maintaining an adjusted EBITDA range of $65 million to $75 million. CEO Jonathan Shar emphasized that the restatement closure frees the company to focus on operational excellence: “With the restatement behind us, we can now concentrate on scaling our First Day offerings and improving profitability.” The company also highlighted continued momentum in the First Day Complete program, noting that the 24% enrollment growth is a key driver of future revenue expansion.
Investors responded positively to the filing, citing the debt reduction, improved working capital, and the company’s confidence in its 2026 outlook. The market reaction was underpinned by the company’s ability to turn a net loss into a narrower figure while maintaining a solid guidance range, signaling that management’s execution and strategic focus are resonating with stakeholders. Headwinds remain in the broader higher‑education retail environment, but the company’s strong First Day program and disciplined balance‑sheet management position it well for sustained growth.
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