After a lengthy delay necessitated by an investigation into irregularities surrounding the way it accounts for the cost of digital sales, Barnes & Noble Education has filed its 10-K for the fiscal year that ended on May 3, 2025.
The financial results posted in the 10-K adhere closely to preliminary results released in November. Total revenue in fiscal 2025 was $1.61 billion, an increase of 2.7%, over fiscal 2024 with the company's First Day programs, which allow students to pay for materials as part of tuition, jumping 25.3%.
The combination of higher sales and lower costs resulted in B&NE cutting its fiscal 2025 net loss from continuing operations to $65.8 million compared to a net loss of $75.0 million (as restated) in the prior year. Adjusted EBITDA (earnings before interest, depreciation, and amortization) for fiscal 2025 was $59.4 million, up from the $36.7 million in the prior fiscal year (as restated).
In addition to final numbers for fiscal 2025, the new 10-K includes a restatement of prior results through May 3, 2025, based in its internal investigation. In announcing the release of its 10-K, B&NE also reported that it expects to file its quarterly reports for the quarters ended August 2, 2025, and November 1, 2025, in the next four to five weeks. According to the financial release, unaudited revenues for the first six months of 2026 were up 7.8%, to approximately $933 million, with income also rising.
In prepared remarks, CEO Jonathan Shar said that with B&NE's restatement process now completed, the retailer can now focus on driving growth. The company's outlook is indeed promising, calling for an increase in top line growth in fiscal 2026 and adjusted EBITDA in the range of $65 to $75 million compared to $59.4 million in fiscal 2025. The company also expects a "material reduction" in interest costs compared to the last fiscal year.
