Barnes & Noble Education, Inc · NYSE:BNED
Barnes & Noble Education — Investor Day (June 2026)
66 slides from Barnes & Noble Education's investor day presentation, Jun 25, 2026
Slide 1: BNED Investor Day, June 25, 2026
June 25, 2026 | 10AM–12PM ET | New York Stock Exchange Barnes & Noble Education, Inc. (NYSE: BNED)
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information curren
Slide 3: Welcome & About Us
WELCOME & ABOUTUS
Slide 4: Agenda and executive leadership team
WELCOME Executive leadership team: Agenda Experience and expertise across education, retail and digital transformation. 1 Welcome 2 About us 3 Higher education landscape Jonathan Shar Jason Snagusky Celeste Risimini-Johnson Chief Executive Officer Chief Financial Officer Chief Merchandising & 4 BNED
Slide 5: A proven leader in supporting education for over 60 years
ABOUT US A proven leader in supporting education for over 60 years BNED’s roots date back to when Leonard Riggio founded the Student Book Exchange in NYC 1965
Slide 6: A proven leader in supporting education for over 60 years
ABOUT US A proven leader in supporting education for over 60 years Over the decades, B&N expands into on-campus bookstores with deep institutional partnerships
Slide 7: A proven leader in supporting education for over 60 years
ABOUT US A proven leader in supporting education for over 60 years Becomes an independent public company (NYSE: BNED) 2015
Slide 8: Today, BNED is a leading solutions provider for higher education
ABOUT US Today, BNED is a leading solutions provider for higher education We drive affordability, access, and student success across hundreds of institutions, supporting millions of students nationwide.
Slide 9: Scaled platform
ABOUT US Today, BNED is a leading solutions provider for higher education Scaled platform • 647 physical stores* • 469 virtual stores* • Nearly 6M enrolled students served • Presence in all 50 states *As of May 2, 2026
Slide 10: Broad and diverse reach
ABOUT US Today, BNED is a leading solutions provider for higher education Broad and diverse reach • Serving public and private 4-year and 2-year institutions • Supporting students, alumni, faculty and local communities
Slide 11: BNED combines institutional relationships, digital infrastructure, and campus operations
WHAT WE DO BNED combines institutional relationships, digital infrastructure, and campus operations into an integrated student platform.
Slide 12: A scaled B2B2C platform serving higher education institutions and students
WHAT WE DO A scaled B2B2C platform serving higher education institutions and students Institutional platform Product & service ecosystem • Exclusive long-term campus contracts COURSE MATERIALS & CAMPUS RETAIL and partnerships DIGITAL LEARNING SYSTEMS & STUDENT ESSENTIALS • Operates campus stores and
Slide 13: Empowering every journey, inspiring lifelong loyalty
CAMPUS VOICES Empowering every journey, inspiring lifelong loyalty • Advancing institutions' missions • Creating positive experiences that build lasting relationships • Supporting diverse stakeholders’ goals
Slide 14: Higher Education Landscape
HIGHER EDUCATION LANDSCAPE
Slide 15: Higher education market
LANDSCAPE ENROLLMENT Higher education 9M 8M 7.8M 7.7M 7.6M 7.7M 7.9M 8.0M market 7M 5.9M 6.0M 5.8M 6M 5.4M 5.4M 5.5M • ~19M students enrolled in U.S. higher 5M education 4.1M 4.1M 4.0M 4.0M 4.1M 4.1M • ~3,600 institutions representing ~97% 4M of enrollment 3M • Large, stable and essential market 2M
Slide 16: Structural shifts reshaping higher education
LANDSCAPE Structural shifts reshaping higher education Affordability and Shifting Digital transformation ROI under demographics and and AI changing increasing scrutiny enrollment patterns learning models Demand for improved Institutional budget student outcomes and pressure and need access for effic
Slide 17: Competitive landscape
LANDSCAPE Competitive landscape U.S. college bookstore estimated market share BNED Other ~30% Industry dynamics ~44% • Market led by BNED, Follett and self-operated campus stores Self-operated • Institutions continue shifting from self-operated models to outsourced partners ~26% • Remaining market f
Slide 18: Scale, infrastructure, and institutional relationships create durable competitive advantages
COMPETITIVE LANDSCAPE Scale, infrastructure, and institutional relationships create durable competitive advantages; BNED is well positioned to gain share through its scaled, integrated platform.
Slide 19: At the heart of the campus experience
CAMPUS VOICES At the heart of the campus experience • Delivering impact across the campus ecosystem • Supporting every milestone that matters • Reducing friction across the student journey
Slide 20: BNED Value Proposition
BNED VALUE PROPOSITION
Slide 21: BNED value proposition
VALUE BNED value proposition Helping institutions improve affordability, access and outcomes Improves Expands access Enhances Reduces Supports affordability through student institutional student success through lower- integrated engagement and complexity through through cost course physical and camp
Slide 22: BNED value proposition
VALUE BNED value proposition Helping institutions improve affordability, access and outcomes of BNED students rated the bookstore GOOD, VERY GOOD or EXCELLENT
Slide 23: Why BNED is positioned to win
THE BNED ADVANTAGE Why BNED is positioned to win Competitive advantage Structural tailwinds • Scaled national platform • Shift toward affordability and improved access • Exclusive, embedded institutional • Digital transformation of course materials relationships • Demand for integrated student solut
Slide 24: Beyond retail: A trusted partner in advancing student success
CAMPUS VOICES Beyond retail: A trusted partner in advancing student success • Delivering forward-thinking solutions • Fostering connection and pride • Meaningfully contributing to academic journey and campus experience
Slide 25: Transforming the Course Materials Business Model
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL
Slide 26: First Day programs transforming course materials into recurring revenue
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL BNED’s First Day® programs are transforming course materials from transactional retail purchases to recurring, subscription-like academic content distribution. Traditional à la carte model First Day® affordable access models • Individual student purch
Slide 27: First Day programs transforming course materials into recurring revenue
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL BNED’s First Day® programs are transforming course materials from transactional retail purchases to recurring, subscription-like academic content distribution. model First Day® affordable access models Struc ng FIRST DAY® COMPLETE FIRST DAY® BY COURSE
Slide 28: First Day programs transforming course materials into recurring revenue
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL BNED’s First Day® programs are transforming course materials from transactional retail purchases to recurring, subscription-like academic content distribution. ay® affordable access models Structural transformation Y® COMPLETE FIRST DAY® BY COURSE • I
Slide 29: Improving outcomes by removing barriers
CAMPUS VOICES Improving outcomes by removing barriers • Increasing student preparedness and faculty confidence • Relieving student stressors with more affordability and predictability • Meets a critical campus need evidenced by high participation
Slide 30: Why affordable access models are winning: affordability
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Why affordable access models are winning Improving affordability, convenience and student outcomes AFFORDABILITY • 30–50% lower cost versus à la carte purchasing • Predictable pricing integrated into tuition/billing First Day® programs align the inter
Slide 31: Why affordable access models are winning: student outcomes
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Why affordable access models are winning Improving affordability, convenience and student outcomes STUDENT OUTCOMES • 86% report being better prepared for the academic term • 82% report a positive impact on academic success • 69% report improved grade
Slide 32: Why affordable access models are winning: access & convenience
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Why affordable access models are winning Improving affordability, convenience and student outcomes ACCESS & CONVENIENCE • Materials available before the first day of class • Physical and digital fulfillment options First Day® programs align the intere
Slide 33: Why affordable access models are winning: institutional alignment
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Why affordable access models are winning Improving affordability, convenience and student outcomes INSTITUTIONAL ALIGNMENT • Supports affordability initiatives • Integrated with financial aid and campus billing • Maintains faculty choice and academic
Slide 34: Predictable costs, better outcomes
CAMPUS VOICES Predictable costs, better outcomes • Simple, flat-fee budgeting with no surprises • Reduced stress and greater financial confidence • Prepared and ready to learn
Slide 35: Scaling FDC adoption and revenue transformation
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Scaling FDC adoption and revenue transformation Rapid adoption and accelerating growth with significant runway is reshaping BNED’s revenue mix FDC ENROLLMENT & STORE COUNT BY TERM 1,600,000 300 1,397,306 1,400,000 1,250,585 250 1,141,041 1,200,000 957
Slide 36: Significant runway remains for FDC adoption
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Significant runway remains for FDC adoption 232 Current FDC locations 647 Current BNED physical store 36% 64% Current FDC Remaining locations adoption opportunity 415 Remaining opportunity
Slide 37: Significant runway remains for FDC adoption
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Significant runway remains for FDC adoption WHY IT MATTERS ~2x Average course material sales 36% 64% following FDC conversion +5% to 10% Current FDC Remaining Typical annual participation growth adoption opportunity following implementation Growing ba
Slide 38: Significant runway remains for FDC adoption
TRANSFORMING THE COURSE MATERIALS BUSINESS MODEL Significant runway remains for FDC adoption WHY IT MATTERS ~2x FINANCIAL IMPACT Average course material sales 36% 64% FDC is a primary driver of • Higher recurring digital revenue mix following FDC conversion • More predictable demand and BNED’s growt
Slide 39: Additional Growth Opportunities
ADDITIONAL GROWTH OPPORTUNITIES
Slide 40: Expanding revenue across the customer lifecycle: merchandising & retail
ADDITIONAL GROWTH OPPORTUNITIES Expanding revenue across the customer lifecycle Merchandising & retail growth • Improving general merchandise and logo apparel performance • Enhanced assortment, pricing and merchandising strategies • Leveraging partnerships (e.g., Fanatics) to drive growth Significan
Slide 41: Expanding revenue across the customer lifecycle: customer engagement
ADDITIONAL GROWTH OPPORTUNITIES Expanding revenue across the customer lifecycle Expanding customer engagement • Engaging customers across the full campus lifecycle • Expanding categories; supplies, tech, graduation, convenience, dorm Significant opportunity to expand wallet share across the campus e
Slide 42: Expanding revenue across the customer lifecycle: partnerships & marketing
ADDITIONAL GROWTH OPPORTUNITIES Expanding revenue across the customer lifecycle High-margin partnership & marketing opportunities • Large base of recurring campus engagement and transactions • Expanding high-margin partnership and marketing revenue Significant opportunity to expand wallet share acro
Slide 43: Partnerships for continuous innovation and growth
CAMPUS VOICES Partnerships for continuous innovation and growth • Partnering strategically to solve evolving challenges • Elevating experiences by improving convenience • Delivering flexible, customized solutions
Slide 44: Innovation & platform expansion
FUTURE GROWTH Innovation & platform expansion Expanding BNED beyond traditional retail into integrated campus services ROOM SERVICE (LAUNCHED IN 2026) PLATFORM EXPANSION OPPORTUNITIES • Pre-ordered dorm essentials delivered to campus • Bundled offerings: supplies, technology and logo merchandise • S
Slide 45: Infrastructure creates expansion opportunities
FUTURE GROWTH Infrastructure creates expansion opportunities BNED has built a deeply embedded technology, commerce and distribution platform across higher education that enables multiple growth vectors across the broader campus ecosystem. PLATFORM STRATEGIC CAPABILITIES ADVANTAGES • Deep integration
Slide 46: AI is reshaping higher education
ARTIFICIAL INTELLIGENCE AI is reshaping higher education AI introduces both BNED is strategically AI also creates disruption and opportunity positioned within the operational and ecosystem margin opportunities • Rapid shift toward digital, AI- for BNED enabled, and personalized • Embedded across 1,0
Slide 47: Financial Overview
FINANCIAL OVERVIEW
Slide 48: 2026 preliminary results: revenue
FINANCIAL OVERVIEW 2026 preliminary results & key highlights Revenue First Day® program revenue Adj. EBITDA cont. ops. SG&A Total inventory Total debt REVENUE $1.71B–$1.72B • Increased revenue expected in FY26 reflects $1.61B accelerating First $1.57B Day® adoption $1.54B and continued $1.50B 5-year
Slide 49: 2026 preliminary results: First Day program revenue
FINANCIAL OVERVIEW 2026 preliminary results & key highlights Revenue First Day® program revenue Adj. EBITDA cont. ops. SG&A Total inventory Total debt FIRST DAY® PROGRAM REVENUE • Rapid First Day® adoption is $754M–$760M transforming BNED's revenue $593.8M mix through the expansion of $473.9M recurr
Slide 50: 2026 preliminary results: Adj. EBITDA
FINANCIAL OVERVIEW 2026 preliminary results & key highlights Revenue First Day® program revenue Adj. EBITDA cont. ops. SG&A Total inventory Total debt ADJ. EBITDA CONT. OPS. See Appendix for a reconciliation of Adjusted EBITDA to Net Income • Business model $75M–$77M transformation and operating Pos
Slide 51: 2026 preliminary results: SG&A
FINANCIAL OVERVIEW ~640 BPS 2026 preliminary results & key highlights Basis point improvement in SG&A as a percentage of revenue since FY22 Revenue First Day® program revenue Adj. EBITDA cont. ops. SG&A Total inventory Total debt SG&A • Operating discipline and $354.0M $357.6M scale efficiencies hav
Slide 52: 2026 preliminary results: total inventory
FINANCIAL OVERVIEW 2026 preliminary results & key highlights Revenue First Day® program revenue Adj. EBITDA cont. ops. SG&A Total inventory Total debt Total inventory • Inventory levels $372.4M have normalized -$57M as BNED benefits $353.3M since from increased FY24 peak digital adoption and improve
Slide 53: 2026 preliminary results: total debt
FINANCIAL OVERVIEW ~70% lower 2026 preliminary results & key highlights Percentage lower that FY26 total debt is compared to FY22 total debt Revenue First Day® program revenue Adj. EBITDA cont. ops. SG&A Total inventory Total debt Total debt • Strong cash generation and $225.7M disciplined capital $
Slide 54: FY27 financial framework: operating leverage
FINANCIAL OVERVIEW FY27 financial framework Driving operating leverage, capital efficiency, and strong growth in free cash flow and profitability OPERATING LEVERAGE Modest growth Continued gross Disciplined expense revenue margin $ growth management KEY DRIVERS KEY DRIVERS KEY DRIVERS Tightly manage
Slide 55: FY27 financial framework: capital efficiency
FINANCIAL OVERVIEW FY27 financial framework Driving operating leverage, capital efficiency, and strong growth in free cash flow and profitability CAPITAL EFFICIENCY Optimizing working capital KEY DRIVERS Improved inventory turns, initiation of centralized book purchasing, exiting lower return busine
Slide 56: FY27 financial framework: growth in FCF & profitability
FINANCIAL OVERVIEW FY27 financial framework ~16% Driving operating leverage, capital efficiency, and strong growth Adjusted EBITDA growth at in free cash flow and profitability midpoint vs. FY26 guidance STRONG GROWTH IN FCF & PROFITABILITY FY27 ADJUSTED EBITDA: Improved Strong free cash flow $85M–$
Slide 57: Capital allocation priorities: invest in business growth
FINANCIAL OVERVIEW BNED’s capital allocation priorities CAPITAL ALLOCATION FRAMEWORK OBJECTIVE: Our capital allocation priorities are designed to Maximize long-term shareholder value strengthen the balance sheet while investing in through disciplined capital deployment, growth opportunities within t
Slide 58: Capital allocation priorities: enhance core operations
FINANCIAL OVERVIEW BNED’s capital allocation priorities CAPITAL ALLOCATION FRAMEWORK OBJECTIVE: Our capital allocation priorities are designed to Maximize long-term shareholder value strengthen the balance sheet while investing in through disciplined capital deployment, growth opportunities within t
Slide 59: Capital allocation priorities: strengthen balance sheet
FINANCIAL OVERVIEW BNED’s capital allocation priorities CAPITAL ALLOCATION FRAMEWORK OBJECTIVE: Our capital allocation priorities are designed to Maximize long-term shareholder value strengthen the balance sheet while investing in through disciplined capital deployment, growth opportunities within t
Slide 60: Capital allocation priorities: return capital to shareholders
FINANCIAL OVERVIEW BNED’s capital allocation priorities CAPITAL ALLOCATION FRAMEWORK OBJECTIVE: Our capital allocation priorities are designed to Maximize long-term shareholder value strengthen the balance sheet while investing in through disciplined capital deployment, growth opportunities within t
Slide 61: Summary
SUMMARY
Slide 62: Positioned for long-term value creation
SUMMARY Positioned for long-term value creation BNED combines: Multiple vectors A scaled Strong A growing for recurring Improving and deeply institutional recurring revenue growth, profitability, embedded relationships revenue mix and margin cash flow and higher education and financial increasingly
Slide 63: BNED is uniquely positioned at the intersection of digital distribution, student services and education
SUMMARY BNED is uniquely Digital positioned at the distribution intersection of: Student Education services
Slide 64: BNED is positioned to deliver sustainable growth, expanding profitability and shareholder value
SUMMARY BNED is positioned to deliver sustainable growth, expanding profitability and increasing shareholder value Large & resilient Significant First Expanding Strong financial Disciplined market Day® runway recurring revenue momentum capital allocation • Deep institutional • 232 FDC locations • Ra
Slide 65: Thank you
THANK YOU Questions & discussion
Slide 66: Adjusted EBITDA
APPENDIX Adjusted EBITDA 52 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended Dollars in thousands May 2, 2026 May 3, 2025 April 27, 2024 April 29, 2023 April 30, 2022 Outlook As Restated Net income (loss) $15,000 – $18,000 $ (65,825) $ (75,019) $ (90,140) $ (61,559) Add: Depre