BNED FY26 sales +6.5% to $1.71B on 52-week year; First Day revenue +28% drives margin gains

Filed July 9, 2026 · Period ending May 2, 2026 · Compared to 10-K Dec 23, 2025 · ~2 min read

Key Changes

• high

  First Day Complete revenue grew 28% to $760.1M, accelerating from prior year's 25% growth, with enrollment expanding 31% to 1.25M students across 232 campus stores (up 41 stores). The affordable-access model continues to offset a la carte courseware declines.

  MD&A: BNC First Day revenue verify on EDGAR →
• high

  Operating income turned positive at $36.5M (2.1% margin) vs. $15.9M (1.0%) prior year; gross margin expanded 40bp to 21.4% driven by lower contract costs and improved rental margins. Net income swung to $16.9M from $(65.8)M loss.

  MD&A: Operating income & margins verify on EDGAR →
• high

  One material weakness (IT user access controls) fully remediated as of May 2, 2026, but other material weaknesses remain outstanding and untested after a full fiscal year. Management concluded controls were not effective as of fiscal year-end.

  Controls: Material weakness remediation verify on EDGAR →