On this page of StockholderLetter.com we present the latest annual shareholder letter from Barnes & Noble Education, Inc. — ticker symbol BNED. Reading current and past BNED letters to shareholders can bring important insights into the investment thesis.

LETTER TO SHAREHOLDERS Dear BNED Shareholders, With the completion of our previously disclosed internal investigation and restatement work, Barnes & Noble Education has closed this chapter. We appreciate our shareholders patience throughout this process as we move forward with strengthened controls and governance. Our focus has now returned fully to executing our strategy. This includes continued expansion of First Day Complete as a core growth priority, operational excellence across our platforms, and disciplined expense management to support sustainable performance while continuing to invest in programs that serve our campus partners. Against this backdrop, the Company delivered strong operating performance in Fiscal 2025, which saw EBITDA increase by over 60%, while our total debt decreased by almost 50%. This momentum has continued into the first half of Fiscal 2026, as we witnessed significant growth in our BNC First Day programs, which helped drive solid gains in total revenue and EBITDA. These results reflect the commitment of our BNED team, who continue to serve campus communities with focus and professionalism. We are grateful for their dedication and for the trust placed in us by our partners, and we are focused on delivering steady, sustainable performance in Fiscal 2026 and beyond. Thank you for your continued support. Sincerely, Jonathan Shar Chief Executive Officer
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 • shareholder letter icon 2/3/2026 Letter Continued (Full PDF)
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BNED Shareholder/Stockholder Letter Transcript:



LETTER TO SHAREHOLDERS
Dear BNED Shareholders,
With the completion of our previously disclosed internal investigation and restatement
work, Barnes & Noble Education has closed this chapter. We appreciate our shareholders   
patience throughout this process as we move forward with strengthened controls and
governance.
Our focus has now returned fully to executing our strategy. This includes continued
expansion of First Day Complete as a core growth priority, operational excellence across
our platforms, and disciplined expense management to support sustainable performance
while continuing to invest in programs that serve our campus partners.
Against this backdrop, the Company delivered strong operating performance in Fiscal 2025,
which saw EBITDA increase by over 60%, while our total debt decreased by almost 50%.
This momentum has continued into the first half of Fiscal 2026, as we witnessed significant
growth in our BNC First Day programs, which helped drive solid gains in total revenue and
EBITDA.
These results reflect the commitment of our BNED team, who continue to serve campus
communities with focus and professionalism. We are grateful for their dedication and for
the trust placed in us by our partners, and we are focused on delivering steady, sustainable
performance in Fiscal 2026 and beyond.
Thank you for your continued support.
Sincerely,
Jonathan Shar
Chief Executive Officer

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