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Earnings analysis · 10-Q

BNED earnings analysis

Filed September 8, 2026 · Our reading of the company's report

The latest report

BNED reported revenue of $290.6 million and EPS of negative $0.37, missing consensus estimates of $381.2 million and negative $0.24. Profitability improved year over year, with net loss down 29.3% to $12.9 million and…

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BNED reported revenue of $290.6 million and EPS of negative $0.37, missing consensus estimates of $381.2 million and negative $0.24. Profitability improved year over year, with net loss down 29.3% to $12.9 million and Adjusted EBITDA improving 18.9% to a loss of $9.3 million, but the revenue shortfall and quarterly loss outweigh those improvements. Fiscal 2027 guidance was maintained, including an Adjusted EBITDA target of $85 million-$92 million and approximately $20 million of capital expenditures.

Read the original on SEC.gov

Reported figures

Earnings per share
$-0.37
Segment
First Day: management cited First Day revenue as a growth driver; segment revenue amount was not disclosed.

What stood out

  • Revenue and EPS missed consensus

    Revenue was $290.6 million, while reported EPS was negative $0.37. The filing-related earnings data shows both results below consensus estimates of $381.2 million and negative $0.24, respectively.

  • Year-over-year loss improved

    Net loss declined 29.3% year over year to $12.9 million, indicating improved profitability despite the quarterly loss of $0.37 per diluted share.

  • Adjusted EBITDA improved

    Adjusted EBITDA improved 18.9% year over year to a loss of $9.3 million, supporting management’s reiterated Fiscal 2027 target of $85 million-$92 million.

  • First Day drove growth

    Management identified First Day revenue as a growth driver, although the filing materials provided no separate First Day revenue amount.

  • Capital outlook reiterated

    Management reiterated approximately $20 million of Fiscal 2027 capital expenditures and expects to be a normal cash taxpayer.

What to watch

  • Profitability target execution risk

    The company continues to target Fiscal 2027 Adjusted EBITDA of $85 million-$92 million while quarterly Adjusted EBITDA was a loss of $9.3 million, leaving meaningful execution required to achieve the outlook.

  • Cash funding requirements

    Management expects approximately $20 million of Fiscal 2027 capital expenditures and to be a normal cash taxpayer, creating cash requirements while the reported quarter produced a net loss of $12.9 million.

  • Revenue execution shortfall

    Revenue of $290.6 million was $90.6 million below the $381.2 million consensus estimate, highlighting demand and seasonal execution risk despite the reiterated outlook.

Management's outlook

Fiscal 2027 outlook was reiterated, including an Adjusted EBITDA target of $85 million-$92 million, approximately $20 million of capital expenditures, and expectations of being a normal cash taxpayer. No quantitative revenue or EPS guidance was provided.

Earlier filings 1

10-K · July 9, 2026

BNED reported a total revenue of $1.715 billion for Fiscal 2026, marking a 6.5% increase year-over-year, and achieved net income of $16.9 million, recovering from a previous loss of $65.8 million. The company continues…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.