Core Insights - Barnes & Noble Education, Inc. reported fiscal 2025 results that align with preliminary unaudited ranges disclosed on November 25, 2025, showing a revenue increase and a significant reduction in net debt [1][2][3]. Financial Performance - Full-year revenue for fiscal 2025 was $1.6 billion, reflecting a $43 million increase, or 2.7%, compared to the previous year [5]. - Gross comparable store sales rose by $117.2 million, or 7.5%, year-over-year [5]. - The net loss from continuing operations for fiscal 2025 was $65.8 million, an improvement from a net loss of $75.0 million in the prior year [7]. - Adjusted EBITDA for fiscal 2025 was $59.4 million, up $22.7 million from $36.7 million in the previous fiscal year [7][10]. Debt and Working Capital - Total debt at the end of fiscal 2025 was $103.1 million, down from $196.3 million in the prior year, resulting in total net debt of $94 million, a decrease of $91.8 million year-over-year [8]. - The company's net working capital position improved to a positive $186.2 million from $46.1 million the previous year [8]. BNC First Day Program - Revenue from BNC First Day programs increased by $119.9 million, or 25.3%, year-over-year, with strong growth in institutional adoption [6]. - For the fall 2025 academic term, 223 campus stores utilized First Day Complete, with total enrollment reaching approximately 1.14 million students, a 24% increase from the prior year [11]. Outlook - The company reiterated its fiscal 2026 outlook, expecting top-line growth despite one fewer operating week and ongoing market uncertainties [13]. - Adjusted EBITDA is anticipated to be in the range of $65 to $75 million, supported by gross profit dollar growth and continued expense discipline [13]. - Looking ahead to fiscal 2027, the company aims for a 15% to 20% increase in Adjusted EBITDA [14].