BNED's transformation toward recurring First Day program revenue is accelerating, with 36% penetration leaving substantial runway. The inaugural dividend signals management confidence in sustainable cash flow. Watch for continued FDC adoption announcements and FY27 quarterly execution against the $85-92M EBITDA target.
Price Chart
Executive Summary
BNED reported preliminary FY2026 results with revenue of ~$1.715B (+6.5% YoY), net income of $15-18M (vs. a $(65.8)M loss last year), and Adjusted EBITDA of $75-77M (+26-30% YoY). The company also declared its first-ever quarterly dividend of $0.08/share and guided FY2027 Adjusted EBITDA to $85-92M, signaling a successful business model transformation toward recurring First Day program revenue and improved balance sheet strength.
Key Financial Metrics
Key Facts
- FY2026 preliminary revenue of $1.710-1.720B, up 6.2-6.8% YoY from $1.61B
- First Day program revenue grew 27-28% YoY to ~$754-760M, now ~44% of total revenue
- Net income of $15-18M vs. $(65.8)M loss in FY2025, a swing of ~$81-84M
- Adjusted EBITDA of $75-77M, up 26-30% from $59.4M in FY2025
- Total debt reduced to $71.0M from $103.1M, a 31% YoY decline; net debt of $62.6M
- First quarterly dividend declared: $0.08/share, payable July 30, 2026
- FY2027 guidance: Adjusted EBITDA $85-92M, ~16% growth at midpoint vs FY2026
- First Day Complete program now at 232 locations (36% penetration) with 415 remaining stores as runway
- SG&A reduced from ~24% of revenue in FY22 to ~17% in FY26, a 640bps improvement
- Inventory reduced by ~$57M from FY24 peak levels
Financial Impact
Revenue growth of ~$105M (+6.5% YoY), Adjusted EBITDA expansion of ~$16.6M (+28%), net income swing of ~$82M from loss to profit, debt reduction of $32.1M
Risk Factors
- Preliminary results are unaudited and subject to audit adjustments
- First Day program adoption may slow if institutions face budget constraints or enrollment declines
- College enrollment trends remain uncertain with shifting demographics
- Dividend could be adjusted or withdrawn if balance sheet covenants are tested
- Competition from Follett and self-operated campus stores could limit market share gains
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001634117-26-000059 |
| Document: bned-20260624.htm | 0001634117-26-000059 |
| Document: fy26ytdpre-release.htm | 0001634117-26-000059 |
| Document: 0001634117-26-000059-index-headers.html | 0001634117-26-000059 |
| Document: 0001634117-26-000059-index.html | 0001634117-26-000059 |
| Document: 0001634117-26-000059.txt | 0001634117-26-000059 |
| 8-K Data (Synthetic) | 0001634117-26-000059 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $13.62 $13.60 | ▼ −0.15% | ▼ −0.71% | $13.60 (−0.15%) |
Sep 25, 2026 4w ago | Insider Cluster | $11.11 $11.31 | ▼ −1.79% | ▼ −1.97% | $13.60 (−22.44%) |
Sep 25, 2026 4w ago | Insider Cluster | $11.11 $11.31 | ▼ −1.79% | ▼ −1.97% | $13.60 (−22.44%) |
Sep 24, 2026 4w ago | Press Release | $11.33 $11.18 | ▼ −1.32% | ▼ −0.58% | $13.60 (+20.04%) |
Jul 21, 2026 14w ago | Insider Cluster | $12.35 $11.90 | ▼ −3.64% | ▼ −3.53% | $13.60 (+10.12%) |
Jul 9, 2026 15w ago | Press Release | $12.91 $12.53 | ▼ −2.94% | ▼ −2.18% | $13.60 (+5.34%) |
Jul 8, 2026 15w ago | Insider Cluster | $11.42 $12.91 | ▼ −13.05% | ▼ −12.62% | $13.60 (−19.09%) |
Jul 7, 2026 16w ago | Insider Cluster | $11.37 $11.65 | ▼ −2.46% | ▼ −2.77% | $13.60 (−19.61%) |
Jun 24, 2026 17w ago | 8-K | $13.43 $13.74 | ▲ +2.31% | ▲ +3.03% | $13.60 (+1.27%) |
Mar 13, 2026 32w ago | Insider Cluster | $8.49 $8.97 | ▲ +5.65% | ▲ +4.63% | $13.60 (+60.19%) |
US Market Status
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