BNED: revenue $1.71B, net income $16.9M. BNED returns to profit on 6.5% revenue growth; First Day enrollment +31%; one control weakness remediated

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

Key Changes

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  Operating income rose 129% YoY to $36.5M and net income turned positive at $16.9M (vs $65.8M loss prior year), driven by gross margin expansion (+40 bps to 21.4%) and lower interest expense following June 2024 refinancing.

  MD&A: Operating Results verify on EDGAR →
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  First Day Complete enrollment grew 31% to 1.25M students across 232 campuses (from 191), accelerating from prior year's 19% growth. BNC First Day revenue rose 6.5% to $1.71B, the primary driver of course-material revenue and margin improvement.

  Business & MD&A: First Day Complete verify on EDGAR →
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  Revenue grew 6.5% YoY to $1.7B, but the compared periods contain different numbers of weeks (52-week vs 53-week fiscal years), making the growth rate not directly comparable on a per-week basis.

  MD&A: Revenue verify on EDGAR →