---
schema_version: "secwatch.filing_event.v1"
accession: "0001634117-25-000041"
form_type: "8-K"
ticker: "BNED"
cik: "0001634117"
company_name: "Barnes & Noble Education, Inc."
filed_at: "2025-12-23T23:59:59+00:00"
generated_at: "2026-05-16T12:15:48.501988+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# BNED reports FY2025 revenue $1.61B, net loss $65.8M, Adjusted EBITDA $59.4M; files Super 10-K

## Summary
- FY2025 revenue up 2.7% to $1.61B; First Day program revenue up 25% to $119.9M.
- Net loss from continuing ops $65.8M (EPS -$2.50) vs restated $75.0M loss in prior year.
- Adjusted EBITDA from continuing ops $59.4M, up $22.7M from $36.7M in FY2024.
- Total net debt reduced to $94M from $186M YoY; net working capital improved to $186.2M.
- Reiterates FY2026 Adjusted EBITDA guidance of $65-$75M; sees FY2027 EBITDA growth 15-20%.

## SEC filing metadata
- accession: 0001634117-25-000041
- form_type: 8-K
- ticker: BNED
- cik: 0001634117
- company_name: Barnes & Noble Education, Inc.
- filed_at: 2025-12-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1634117/000163411725000041/0001634117-25-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1634117/000163411725000041/bned-20251223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001634117-25-000041
- JSON: https://secwatch.observer/filing/0001634117-25-000041.json
- Plain text: https://secwatch.observer/filing/0001634117-25-000041.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.