Barnes & Noble Education, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Barnes & Noble Education, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,874	2,204	2,035	1,851	1,407	1,496	1,543	1,567	1,610	1,715
Cost of revenue	1,415	1,646	1,507	1,409	1,176	1,153	1,194	1,222	1,272	1,349
Gross profit	459	557	528	443	230	343	349	345	338	366
Selling, general and administrative	381	434	424	404	316	354	358	312	284	289
Selling and marketing	10.7	10.7	10.6	10.3	10.9	9.93	9.14	5.78	5.24	4.14
Operating income	13.6	-263	-27.7	-42.8	-169	-60.6	-66.4	-33.8	15.9	36.5
Pre-tax income	10.1	-273	-37.4	-50.2	-177	-70.7	-89.1	-74.2	-61.6	20.7
Income tax	4.73	-20.4	-13.1	-12	-7.16	-9.15	1.01	0.86	4.26	3.8
Income from continuing operations					-134	-61.6	-90.1	-75	-65.8
Net income	5.36	-253	-24.4	-38.3	-140	-68.9	-102	-75.7	-65.8	16.9
EBITDA	66.9	-197	38.2	19.1	-124	-18.5	-24.3	6.76	53.9	69.3
EPS, basic	2.51	-112.83	-10.87	-16.72	-58.71	-27.79	-40.56	-28.46	-2.50	0.49
EPS, diluted	2.30	-112.83	-10.87	-16.72	-58.71	-27.79	-40.56	-28.46	-2.50	0.49
Shares, basic (weighted)	2.22	2.24	2.26	2.3	2.38	2.48	2.51	2.66	26.3	34.3
Shares, diluted (weighted)	2.24	2.24	2.26	2.3	2.38	2.48	2.51	2.66	26.3	34.6

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	19	16.1	14	8.24	8.02	8.8	14.2	10.5	9.06	8.42
Receivables	86	100	98.2	90.9	121	136	92.5	98.8	98.1	117
Inventory	434	444	420	429	281	294	323	344	300	298
Other current assets	10.7	11.8	11.8	16.2	61.9	59.9	49.5	39.2	32.2	34.1
Total current assets	603	619	591	585	501	532	537	521	465	484
Property, plant and equipment	117	111	110	97.7	89.2	73.6	68.2	52.9	40.2	34.1
Lease right-of-use assets			0	251	240	287	247	217	184	146
Goodwill	329	49.3	4.7	4.7	4.7	4.7
Intangible assets	210	219	195	175	151	127	111	94.2	78.2	58.1
Other non-current assets	41.2	40.1	42.9	35.3	29.1	24.5	17.9	24.7	22.7	17.6
Total assets	1,300	1,039	946	1,156	1,031	1,072	981	910	790	740
Accounts payable	193	188	187	144	138	183	268	299	149	136
Accrued liabilities	120	126	122	95.4	93.6	88.5	85.8	98.6	65.9	81
Deferred revenue			20.4	13.4	0.2	0.21	0.21	11.3	10.4	10.4
Short-term debt	100	100	100	75	50	40	0	0
Total current liabilities	413	413	409	407	374	415	462	475	279	284
Lease liabilities			0	186	185	220	185	141	115	85.5
Other non-current liabilities	96.4	59.3	53.5	46.2	52	21.1	19.1	15.9	19.1	5.4
Total liabilities	586	571	496	739	738	843	850	830	518	445
Total debt						186	182	196	103	71
Paid-in capital	709	717	726	733	734	741	746	750	1,007	1,012
Retained earnings	32.4	-220	-245	-283	-423	-491	-593	-647	-713	-696
Treasury stock	-28	-29.7	-31.6	-32.9	-19.1	-21.5	-22.4	-22.6	-22.6	-22.6
Shareholders' equity	714	468	451	418	293	228	153	80.4	272	294
Total equity	714	468	451	418	293	228	153	80.4	272	294
Total liabilities and equity	1,300	1,039	946	1,156	1,031	1,072	981	910	790	740
Shares outstanding	2.23	2.25	2.28	2.31	2.46	2.49	0.5	0.53	34.1	34.4

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	5.36	-253	-24.4	-38.3	-140	-68.9	-102	-75.7	-65.8	16.9
Depreciation and amortization	53.3	65.6	65.9	61.9	45.2	42.1	42.2	40.6	37.9	32.8
Stock-based compensation	9.37	8.46	9.02	6.64	4.68	5.73	4.72	3.38	5.39	6.21
Deferred income tax	-12	-14.8	-4.53	-5.38	-7.77	-7.96	0.46	0.12	-0.83	-1.14
Change in receivables	-6.41	-13.7	1.81	7.32	30.2	15.5	-43.5	-6.33	0.76	-18.4
Change in inventory	6.2	-9.5	23.2	-8.62	-133	13.2	29.1	-21.1	44.5	1.22
Change in payables	4.07	-3.72	-5.14	-59.1	-10.4	45.9	82.3	25.3	-181	2.85
Cash from operations	68	60	122	-8.68	32.9	1.16	91.7	-5.12	-85.4	50.1
Capital expenditures	-34.7	-42.8	-46.4	-36.2	-27.6	-33.6	-25.1	-14.1	-12.9	-16.2
Acquisitions	-187	-58.3	-10	0	0
Cash from investing	-224	-100	-55.6	-37	-36.9	-42.7	-31	7.4	-12.1	-16.2
Stock issued				0	15	15	0	0	78.5	0
Share buybacks	-9.41	-1.64	-1.98	-1.27	-0.89	-2.37	-0.86	-0.18	-0.01	0
Cash from financing	147	35.2	-68.3	39.9	11.8	45.7	-49.7	-5.7	97.7	-34.4
Net change in cash	-9.17	-4.83	-2.1	-5.76	7.81	4.22	11	-3.42	0.15	-0.5
Free cash flow	33.3	17.2	75.4	-44.9	5.33	-32.4	66.6	-19.2	-98.3	33.9
Interest paid	2.08	8.04	8.59	6.8	6.78	8.17	19	24.9	17.9	12.5
Income taxes paid	1.47	25.5	10.3	-4.14	6.01	-8.01	-15.2	-7.29	2.13	7.92

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $11.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.4%	Gross profit / revenue.
Operating margin	2.5%	Operating income / revenue.
EBITDA margin	4.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.6%	Pre-tax income / revenue.
Net margin	1.3%	Net income / revenue.
FCF margin	2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.8%	Cash from operations / revenue.
Effective tax rate	19.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	16.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	129.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	28.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-20.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	44.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	31.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	139.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	70.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.66x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.44x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.6%	Total debt / total assets.
Liabilities / assets	67.1%	Total liabilities / total assets.
Net debt	$115.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$236.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$224.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.03x	Revenue / average total assets.
Fixed asset turnover	51.0x	Revenue / average property, plant and equipment.
Inventory turnover	3.68x	Cost of revenue / average inventory.
Days inventory	99 days	365 x average inventory / cost of revenue.
Receivables turnover	9.72x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	80 days	Days inventory + days sales outstanding - days payables.
FCF conversion	219.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$49.73	Revenue / diluted weighted shares.
FCF per share	$1.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.88	Cash from operations / diluted weighted shares.
Book value per share	$8.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.48	Tangible book value / shares outstanding.
Cash per share	$0.23	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$392.8M	Share price x shares outstanding.
Enterprise value	$508.4M	Market cap + total debt - cash - short-term investments.
P/E	17.7x	Market cap / net income. Only when net income is positive.
P/S	0.23x	Market cap / revenue.
P/B	1.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.75x	Market cap / tangible book value, when positive.
P/FCF	8.05x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.06x	Market cap / cash from operations, when positive.
EV/Sales	0.30x	Enterprise value / revenue.
EV/EBIT	12.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.86x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.4%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).

What was Barnes & Noble Education, Inc.'s revenue in fiscal 2026?

Barnes & Noble Education, Inc. reported revenue of $1.71B for fiscal 2026, 6.5% higher than the year before.

Was Barnes & Noble Education, Inc. profitable in fiscal 2026?

Yes. Net income was $16.9M, a net margin of 1%.

How much free cash flow did Barnes & Noble Education, Inc. generate in fiscal 2026?

Cash from operations of $50.1M minus capital expenditures of $16.2M left free cash flow of $33.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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