BNED completes investigation, posts FY25 revenue $1.6B, adjusted EBITDA $55-63M; H1 FY26 net income improves

Barnes & Noble Education, Inc.

2026-Q2 EPS reported $0.19 revenue$932,574,000

FY25 net loss $(68M)-(62M) vs prior $(78M)-(72M) restated; Adjusted EBITDA $55-63M vs $34-40M.
H1 FY26 revenue ~$933M (+7.8% YoY); net income $3M-$8M vs year-ago loss of $(65M)-(59M).
Investigation: terminated employee made unsupported journal entries reducing cost of sales; no other involvement found.
First Day Complete enrollment for fall 2025: 1.14M students, up 24%; 223 campus stores utilizing program.
Non-reliance on FY24/FY23 financials due to lease accounting errors; quarterly gross profit adjustments but no impact on total profitability.

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