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Quarterly Results Reflect Improved Profitability, First Day® Complete Growth and Continued Balance Sheet Progress

Net Income (Loss) Improves 29% and Adjusted EBITDA Improves 19% Year-Over-Year

Fall 2026 First Day® Complete Expected to Reach More Than 1.43 Million Students, 26% More than Fall 2025

Company Reiterates Fiscal 2027 Outlook

FLORHAM PARK, N.J., Sept. 08, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED) ("Barnes & Noble Education," “BNED,” the “Company,” “we,” “us” or “our”), a leading solutions provider for the education industry, today reported financial results for the fiscal first quarter ended August 1, 2026.

During the first quarter, the Company delivered year-over-year improvement across its key operating and financial measures, including revenue, comparable store sales, BNC First Day® revenue, net income (loss), and Adjusted EBITDA, while further strengthening its balance sheet.   Barnes & Noble Education’s business is highly seasonal, with the majority of sales and operating profit typically realized during the second and third fiscal quarters, reflecting the fall and spring academic terms.

“We began fiscal 2027 on plan, with continued momentum across the business and year-over-year improvement across each of our key operating and financial measures,” commented Jonathan Shar, Chief Executive Officer. “These results reflect the continued progress of our strategy and the disciplined execution of our teams.”

“Importantly, the momentum in First Day® Complete continues to build as more institutions recognize the value of improving the affordability, access and convenience of course materials for their students,” continued Shar. “We are excited about the continued growth of First Day® Complete this fall and the opportunity to deepen our partnerships with colleges and universities and demonstrate our ability to deliver solutions that support their broader institutional priorities.”

Mr. Shar continued, “As we enter the important fall semester, we are encouraged by the growth we are seeing in First Day® Complete and remain confident in our outlook for fiscal 2027. We are focused on translating that momentum into continued growth in profitability, stronger cash generation and further improvements in our balance sheet.”

Fiscal 2027 First Quarter Financial Results

Revenue for the first quarter of fiscal 2027 was $290.6 million, an increase of $2.4 million, or 0.8%, compared with $288.2 million for the first quarter of fiscal 2026. Gross comparable store sales increased by $10.7 million, or 3.7%, year-over-year. The increase in revenue was primarily driven by growth in BNC First Day® programs, partially offset by the impact of store closures, including exits from certain less profitable locations.

Revenue from BNC First Day® programs increased by $10.3 million, or 9.0%, year-over-year to $124.7 million.

Net loss for the first quarter of fiscal 2027 was $12.9 million, a 29.3% improvement compared to a net loss of $18.3 million in the prior-year period. Adjusted EBITDA improved by $2.2 million, or 18.9%, to a loss of $9.3 million from a loss of $11.5 million in the prior-year period.

Total debt at the end of the first quarter of fiscal 2027 was $123.5 million, compared with $170.0 million at the end of the first quarter of fiscal 2026. The Company’s net working capital position remained strong with $236.8 million of positive working capital as of the end of the first quarter of fiscal 2027.

During the quarter, the Company declared a quarterly dividend of $0.08 per share, which was paid on July 30, 2026 to shareholders of record on July 16, 2026.

First Day Complete Momentum

The Company continues to generate strong momentum in First Day® Complete, its institution-wide affordable access program. First Day® Complete will be offered across 263 campuses during the Fall 2026 academic term, reaching more than 1.43 million students*, approximately 26% more than in Fall 2025. Given the seasonality of the Company’s business and the timing of the academic calendar, the financial impact of this expanded Fall 2026 participation will be primarily reflected in the second and subsequent quarters of fiscal 2027.

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* Represents the undergraduate student population at institutions where First Day® Complete is offered, plus graduate student populations where the program is also offered. Student population data as reported by the National Center for Education Statistics (NCES) as of January 2, 2026. The figure represents students eligible to participate in First Day® Complete.

The table below reflects the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net loss, for the first quarter of fiscal 2027 and the related prior period:

Adjusted EBITDA

 13 weeks ended($ in thousands)August 1, 2026 August 2, 2025Net loss$(12,914) $(18,271)Add:   Depreciation and amortization expense 8,151   9,185 Interest expense, net 2,718   3,745 Income tax benefit (7,062)  (8,640)Other (income) expense, net (1,298)  (49)Stock-based compensation expense 1,084   2,536 Adjusted EBITDA$(9,321) $(11,494)     Outlook

Based on its first-quarter performance and current expectations, the Company is reiterating its prior fiscal 2027 outlook. The Company expects continued growth in revenues and is focused on driving operating leverage with disciplined expense management. The Company is targeting Adjusted EBITDA in the range of $85 million to $92 million and anticipates further significant improvements in net income profitability. The Company also sees opportunities to drive better capital efficiency, which should contribute to additional reductions in debt and interest expense. The Company anticipates approximately $20 million in capital expenditures and should be a normal cash taxpayer in fiscal 2027.

Earnings Calls

Following our Investor Day in June, we are continuing to expand our investor engagement activities. As indicated in our fiscal 2026 year-end earnings release, the Company will host earnings conference calls following its fiscal 2027 second quarter and full-year earnings results. With the second quarter following the important back-to-school season and our full-year results coinciding with the conclusion of the academic year, we believe these periods provide the most meaningful opportunities to update investors on our performance, progress against our strategic priorities and outlook for the business. Further details, including the exact date and time, will be announced in advance of each call.

Use of Non-GAAP Financial Information —Adjusted EBITDA

To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measure of Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission (the “SEC”) regulations. We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net (3) income taxes, (4) stock compensation, and (5) certain other non-cash or non-recurring items, and other adjustments permitted under our credit agreement.

Adjusted EBITDA has been reconciled to the most comparable financial measure presented in accordance with GAAP, consolidated net income (loss). All of the items included in the reconciliation are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

Adjusted EBITDA is not intended as a substitute for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company’s use of Adjusted EBITDA may be different from similarly named measures used by other companies, limiting its usefulness for comparison purposes.

We review Adjusted EBITDA as an internal measure to evaluate our performance at a consolidated level to manage our operations. We believe that this measure is a useful performance measure which is used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that Adjusted EBITDA provides for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as it excludes certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-Q for the fiscal quarter ended August 1, 2026. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better and smarter world. For more information, visit www.bned.com.

Media & Investor Contact:
Greg McKinley / Rob Fink
FNK IR
[email protected]
952-393-4255 / 646-809-4048

Forward-Looking Statements

This press release 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 currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to continued acceleration in demand for our BNC First Day® offerings, expected enrollment in our First Day® Complete program, continued expansion of our new offerings, expansion of institutional partnerships, future opportunities to accelerate profitable growth, generate strong cash flow, strategic and operational objectives, expected trends in financial results, including those related to seasonality, continued expense discipline and improved capital efficiency, margin improvement, and Adjusted EBITDA guidance. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In addition, the declaration of any future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw any quarterly dividend in future periods as it reviews our capital allocation strategy from time-to-time and ensures compliance with any applicable restrictions, including those set forth in our credit agreement with our lenders.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the year ended May 2, 2026. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law.

  BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)   13 weeks ended August 1, 2026 August 2, 2025Sales:   Product sales and other$276,859  $274,179 Rental income 13,736   13,981 Total sales 290,595   288,160 Cost of sales (exclusive of depreciation and amortization expense):   Product and other cost of sales 226,783   225,363 Rental cost of sales 6,765   7,420 Total cost of sales 233,548   232,783 Gross profit 57,047   55,377 Selling and administrative expenses 67,316   67,861 Depreciation and amortization expense 8,151   9,185 Other (income) expense, net (1,162)  1,497 Operating loss (17,258)  (23,166)Interest expense, net 2,718   3,745 Loss before income taxes (19,976)  (26,911)Income tax expense (7,062)  (8,640)Net loss$(12,914) $(18,271)    Earnings per share - Basic and Diluted   Net loss attributable to BNED shareholders - basic$(0.37) $(0.54)Net loss attributable to BNED shareholders - diluted$(0.37) $(0.54)    Weighted average shares of common stock outstanding - basic 34,531,798   34,053,847 Weighted average shares of common stock outstanding - diluted 34,531,798   34,053,847       13 weeks endedDollars in thousandsAugust 1, 2026 August 2, 2025    Sales:   Product sales and other95.3% 95.1%Rental income4.7% 4.9%Total sales100.0% 100.0%Cost of sales (exclusive of depreciation and amortization expense):   Product and other cost of sales81.9% 82.2%Rental cost of sales49.3% 53.1%Total cost of sales80.4% 80.8%Gross profit19.6% 19.2%Selling and administrative expenses23.2% 23.5%Depreciation and amortization expense2.8% 3.2%Other (income) expense, net(0.4)% 0.5%Operating loss(5.9)% (8.0)%Interest expense, net0.9% 1.3%Loss before income taxes(6.9)% (9.3)%Income tax expense(2.4)% (3.0)%Net loss(4.4)% (6.3)% (a)Represents the percentage these costs bear to the related sales, instead of total sales.     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Balance Sheets  (Unaudited)
(In thousands, except share and per share data)     August 1, 2026 May 2, 2026ASSETS   Current assets:   Cash and cash equivalents$7,806  $8,418 Accounts receivable, net 176,686   116,526 Merchandise inventories, net 366,296   298,347 Textbook rental inventories 5,844   27,035 Prepaid expenses and other current assets 37,237   34,137 Total current assets 593,869   484,463 Property and equipment, net 33,648   34,123 Operating lease right-of-use assets 148,920   145,594 Intangible assets, net 53,732   58,092 Deferred tax assets, net 149   — Other noncurrent assets 16,411   17,625 Total assets$846,729  $739,897 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities:   Accounts payable$210,999  $135,564 Accrued liabilities 78,887   80,990 Current operating lease liabilities 67,213   67,050 Total current liabilities 357,099   283,604 Long-term deferred taxes, net —   — Long-term operating lease liabilities 82,497   85,455 Other long-term liabilities 5,263   5,399 Long-term borrowings 123,500   71,000 Total liabilities 568,359   445,458 Commitments and contingencies   Stockholders' equity:   Preferred stock, $0.01 par value; authorized, 5,000,000 shares; issued and outstanding, none —   — Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,692,247 and 34,456,977 shares, respectively; outstanding, 34,685,810 and 34,429,710 shares, respectively 347   345 Additional paid-in-capital 1,009,192   1,012,349 Accumulated deficit (708,613)  (695,699)Treasury stock, at cost (22,556)  (22,556)Total stockholders' equity 278,370   294,439 Total liabilities and stockholders' equity$846,729  $739,897      BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flow  (Unaudited)
(In thousands, except per share data)     13 weeks ended  August 1, 2026 August 2, 2025Cash flows from operating activities:    Net income (loss) $(12,914) $(18,271)Adjustments to reconcile net income (loss) to net cash flows from operating activities    Depreciation and amortization expense  8,151   9,185 Amortization of deferred financing costs  916   916 Deferred taxes  (149)  1,432 Stock-based compensation expense  1,084   2,536 Changes in operating lease right-of-use assets and liabilities  (6,121)  4,711 Changes in other long-term assets and liabilities and other, net  110   788 Changes in other operating assets and liabilities, net:    Receivables, net  (60,160)  (63,897)Merchandise inventories  (67,949)  (101,003)Textbook rental inventories  21,191   17,549 Prepaid expenses and other current assets  (9,077)  (14,990)Accounts payable and accrued liabilities  72,049   93,441 Changes in other operating assets and liabilities, net  (43,946)  (68,900)Net cash flows provided by (used in) operating activities  (52,869)  (67,603)Cash flows from investing activities:    Purchases of property and equipment  (3,529)  (3,736)Net cash flows provided by (used in) investing activities  (3,529)  (3,736)Cash flows from financing activities:    Proceeds from borrowings  150,100   163,300 Repayments of borrowings  (97,600)  (96,400)Dividends paid  (2,775)  — Payment of equity issuance costs  —   (1,900)Net cash flows provided by (used in) financing activities  49,725   65,000 Net (decrease) increase in cash, cash equivalents, and restricted cash  (6,673)  (6,339)Cash, cash equivalents, and restricted cash at beginning of year  28,219   28,723 Cash, cash equivalents, and restricted cash at end of year $21,546  $22,384      Supplemental cash flow information:    Cash paid during the period for:    Interest paid $1,664  $2,927 Income taxes paid (net of refunds) $255  $185     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Non-GAAP Information
(In thousands) (Unaudited)     13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Net loss $(12,914) $(18,271)Reconciling items  (214)  2,487 Adjusted Net loss $(13,128) $(15,784)     Reconciling items    Stock-based compensation expense  1,084   2,536 Other (income) expense, net  (1,298)  (49)Reconciling items $(214) $2,487  Adjusted EBITDA 13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Net loss $(12,914) $(18,271)Add:    Depreciation and amortization expense  8,151   9,185 Interest expense, net  2,718   3,745 Income tax benefit  (7,062)  (8,640)Other (income) expense, net(a)  (1,298)  (49)Stock-based compensation expense  1,084   2,536 Adjusted EBITDA $(9,321) $(11,494) (a)Other (income) expense is exclusive of Investigation Costs of $0.1 million and $1.5 million as of the 13 weeks ended August 1, 2026 and August 2, 2025, respectively.
Adjusted Free Cash Flow

  13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Adjusted EBITDA $(9,321) $(11,494)Less:    Capital expenditures(a)  3,529   3,736 Cash interest paid  1,664   2,927 Cash taxes (refund) paid, net  255   185 Adjusted Free Cash Flow $(14,769) $(18,342) (a)Purchases of property and equipment are also referred to as capital expenditures. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, and enhancements to internal systems and our website. The following table provides the components of total purchases of property and equipment.   Capital Expenditures

  13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Physical store capital expenditures $2,727 $2,201Product and system development  722  1,400Other  80  135Total Capital Expenditures $3,529 $3,736        Use of Non-GAAP Financial Information - Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted Free Cash Flow                                           

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measures of Adjusted Net Income (Loss), Adjusted EBITDA, and Adjusted Free Cash Flow, which are non-GAAP financial measures under Securities and Exchange Commission (the "SEC") regulations. We define Adjusted Net Income (Loss) as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net, (3) income taxes, (4) stock compensation, and (5) certain other non-cash or non-recurring items, and adjustments defined in the Company’s credit agreement. We define Adjusted Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes.

These non-GAAP measures have been reconciled to the most comparable financial measures presented in accordance with GAAP as follows: the reconciliation of Adjusted Net Income (Loss) to net income (loss); the reconciliation of consolidated Adjusted EBITDA to consolidated net income (loss); and the reconciliation of Adjusted Free Cash Flow to Cash Flows from Operating Activities. All of the items included in the reconciliations are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

These non-GAAP financial measures are not intended as substitutes for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes.

We review these non-GAAP financial measures as internal measures to evaluate our performance at a consolidated level to manage our operations. We believe that these measures are useful performance measures which are used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as they exclude certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted Net Income (Loss) and Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance. We believe that Adjusted Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of our operating profitability and liquidity as we manage the business to maximize margin and cash flow.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-Q for the fiscal quarter ended August 1, 2026. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

Key Takeaways Barrick Mining's Q2 gold production rose 11% sequentially to 796,000 ounces, topping guidance.Barrick expects Q3 and Q4 production gains from Loulo-Gounkoto, Goldrush and mine sequencing.Barrick's 2026 gold guidance implies no growth from 2025, making second-half execution critical. Barrick Mining Corporation’s (B - Free Report) attributable gold production rose 11% sequentially to 796,000 ounces in the second quarter, exceeding its guidance range of 730,000 to 770,000 ounces.

The company expects production to increase sequentially in the third quarter and again in the fourth quarter, driven by the Loulo-Gounkoto ramp-up, Goldrush and mine sequencing.

Production growth would be critical to sustain revenues and margins in the coming quarters. The consensus estimate implies gold production of roughly 823,000 ounces for the third quarter, indicating a roughly 3% rise from the prior quarter.

Barrick’s operating execution improved in the second quarter, but the full-year gold outlook implies no growth from 2025. It maintained 2026 attributable gold production guidance of 2.9-3.25 million ounces, versus 3.26 million ounces produced in 2025. This leaves full-year delivery dependent on continued second-half execution across several operations despite production tracking slightly ahead of plan at midyear.

Among Barrick’s major peers, Newmont Corporation (NEM - Free Report) saw sequentially lower gold production for the second quarter. NEM reported a roughly 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.

Agnico Eagle Mines Limited’s (AEM - Free Report) gold production was 855,816 ounces in the second quarter, up around 4% sequentially. For full-year 2026, Agnico Eagle expects gold production near the lower end of its 3.3 million to 3.5 million ounces guidance, reflecting the preliminary redesign of the Barnat open pit. AEM expects the Barnat pit wall movement event to reduce gold production at Canadian Malartic by 60,000-80,000 ounces in the second half of 2026.

B’s Price Performance, Valuation & EstimatesBarrick’s shares have rallied 59% in the past year compared with the Zacks Mining – Gold industry’s increase of 49.2%.

Image Source: Zacks Investment Research

From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 11.04, a roughly 17% discount when stacked up with the industry average of 13.3X. It carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for B’s 2026 and 2027 earnings implies a year-over-year rise of 47.1% and 14.6%, respectively. The EPS estimates for 2026 and 2027 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

FLORHAM PARK, N.J., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble College (BNC), a Barnes & Noble Education, Inc. (NYSE: BNED) company and a leading solutions provider for higher education, today announced that First Day Complete® will be offered across 263 campuses representing more than 1.43 million students* during the Fall 2026 academic term, approximately 26% more students than in Fall 2025. Spanning 40 states, the program’s continued expansion reflects growing institutional adoption as colleges and universities seek solutions that remove barriers to student success, improve affordability, simplify the course material experience for students and families, and support broader institutional priorities.

Through First Day Complete, students participating in the program receive all required print and digital course materials before or on the first day of class, with costs included through tuition or as a course charge. By delivering average savings of 30–50% and simplifying how students obtain their required materials, First Day Complete creates a more convenient and predictable experience for students and families, eliminating much of the time and stress traditionally associated with preparing for the academic term and helping students arrive ready to learn and succeed.

Growing Adoption Reflects Institutional Confidence

The 263 campuses offering First Day Complete this fall span every major segment of higher education, demonstrating the program's ability to serve institutions with diverse student populations, operating models and academic missions. Participating campuses include 32% four-year public colleges and universities, 39% four-year private colleges and universities, and 29% two-year community and technical colleges.

Barnes & Noble College continues to see a strong pipeline of colleges and universities evaluating First Day Complete, reinforcing the growing momentum behind affordable access across higher education. For a growing number of institutions, affordable access is evolving beyond a course material affordability initiative into a broader strategic solution to help improve preparedness, support retention, and create a better, more seamless experience for students and families.

BNC’s broader affordable access portfolio also includes First Day® by Course, which delivers average student savings of 30–50% per class while providing seamless access to digital course materials on or before the first day of class. Materials are pre-loaded into the institution’s learning management system, giving students immediate access without the need to search for materials, visit an e-commerce site or take any additional steps. This streamlined experience helps ensure students are prepared from the start while giving faculty greater confidence that students have access to the materials they need to succeed. First Day by Course will be available at an additional 182 campuses during the Fall 2026 academic term, extending BNC’s affordable access programs across a combined 445 campuses nationwide.

A Strategic Partnership for Student Success

"The growth of First Day Complete reflects a broader transformation taking place across higher education," said Jonathan Shar, Chief Executive Officer, Barnes & Noble Education. “Colleges and universities are increasingly recognizing that how students access their course materials can have a meaningful impact on affordability, preparedness and the overall student experience. Through our partnerships with institutions, we’re removing barriers that can stand between students and their success while creating a simpler, more effective course material experience for the entire campus community. We’re incredibly proud of the impact First Day Complete is having today, and we believe there is significant opportunity ahead as more institutions embrace affordable access as part of their broader student success strategy.”

Research Reinforces Strong Student Outcomes

A Barnes & Noble College survey of students participating in First Day Complete across 187 institutions during the Spring 2026 academic term found:

91% said the program saved them time.86% felt better prepared at the start of the academic term.82% said First Day Complete positively impacted their academic success.89% of non-graduating students said they would participate again.87% said they would recommend the program to other students.
Students and Campus Leaders See the Difference

"I would be very likely to recommend the First Day Complete program to other students because it removes so much of the stress that usually comes with getting course materials. Having every textbook and resource ready on day one helped me stay organized, keep up with readings, and avoid falling behind early in the semester. It also saved time and money, since I didn't have to search for books or worry about buying the wrong edition. Overall, the program makes the start of each class smoother and supports better academic performance." - Student, Caldwell University

"I would recommend ECU's First Day Program to other students because it makes starting the semester much easier and less stressful. Having all required course materials available on the first day means students don't fall behind waiting to buy textbooks or trying to find cheaper options. It also helps with budgeting since the cost is more predictable and often lower than purchasing materials individually. Overall, it helps students stay on track from the beginning, reduces stress, and creates a smoother learning experience that can lead to better academic success." - Student, East Carolina University

“The Eagle Direct program directly supports our priorities around student success and retention,” said Allyson Easterwood, Vice President for Finance & Administration at The University of Southern Mississippi. “Students are better equipped for class on day one, and faculty have greater confidence that students have the materials they need to succeed.”

Dr. Christopher Leskiw, Vice President for Academic Affairs and Dean of the Faculty at the University of the Cumberlands, added, “Many of our students are making decisions about whether they can afford their course materials. By integrating that cost into the program, we eliminate that decision point. Students no longer have to worry about where to find their books, whether they can afford them, or if they’ll have them in time for class. That peace of mind is truly transformative.”

To hear directly from students, faculty, and campus leaders about their experiences with First Day Complete and its impact across their campus communities, visit www.bncollege.com/insight/fdcimpact.

Continuing to Lead Through Innovation

As First Day Complete continues to grow, Barnes & Noble College is investing in technology, capabilities and student-driven innovations designed to make the program even more valuable for students, families and institutional partners.

Recent enhancements are making First Day Complete more personalized, intuitive and impactful. For students, new capabilities include personalized savings estimates that provide greater transparency into the value of the program, improved communications and automated reminders that make it easier to manage course materials from the first day of class through the end of the semester. For campus partners, enhanced financial aid integration and expanded administrative capabilities provide greater customization, visibility and flexibility, enabling institutions to tailor the program to their unique needs and more effectively advance priorities around affordability, student success and the campus experience.

Student feedback is also playing a direct role in shaping the future of First Day Complete. Barnes & Noble College recently launched its National Student Advisory Council, bringing together student leaders from partner institutions to provide ongoing input on the program, the student experience and emerging student needs.

Together, these investments reinforce Barnes & Noble College’s leadership in affordable access and its commitment to continually improving the First Day Complete experience. As the program continues to expand, BNC remains focused on advancing new capabilities that reduce barriers, improve the student and campus experience, and create greater value for its institutional partners—while continuing to shape the future of affordable access across higher education.

*Enrollment represents total undergraduate enrollment at participating institutions, plus graduate enrollment at institutions where First Day Complete includes graduate programs. Enrollment data as reported by the National Center for Education Statistics (NCES) as of January 2, 2026.

About Barnes & Noble College

Barnes & Noble College, a Barnes & Noble Education company, operates more than 1,000 physical and virtual campus stores serving approximately 5.7 million students nationwide. Through innovative academic solutions, retail services, and technology-enabled partnerships, Barnes & Noble College helps colleges and universities improve affordability, strengthen student success, and enhance the campus experience. For more information, visit www.bncollege.com.

About Barnes & Noble Education, Inc.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for higher education. BNED operates a network of campus stores that deliver essential academic materials, institutionally branded merchandise, and retail services that enhance the collegiate experience. Through its family of brands, including Barnes & Noble College and MBS, BNED expands affordability and access to course materials while delivering innovative solutions that support student success inside and outside the classroom. For more information, visit www.bned.com.

Forward-Looking Statements

This press release 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 currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to the Company’s strategy, key growth drivers, long-term financial framework, strategic initiatives, and expected trends in financial results. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the fiscal year ended May 2, 2026, filed with the SEC. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law or regulation.

Media Contact:
Gene King
Barnes & Noble Education
Corporate Communications
[email protected]

Investor Contact:
Rob Fink
FNK IR
[email protected]
646-809-4048

Key Takeaways Barrick Mining is expected to benefit from higher year-over-year realized gold prices in Q2.B's production is anticipated to improve sequentially, supported by mine ramp-ups and better sequencing.Barrick Mining continues to contend with rising production costs that may weigh on quarterly performance. Barrick Mining Corporation (B - Free Report) is slated to come up with second-quarter 2026 results before the opening bell on Aug. 10.

Barrick beat the Zacks Consensus Estimate for earnings in three of the last four quarters and reported in-line results on the other occasion. In this timeframe, it delivered an earnings surprise of roughly 14.1%, on average. Higher realized gold prices and increased production are expected to have aided its second-quarter performance amid cost headwinds.

B’s shares have shot up 78% over the past year, outperforming the Zacks Mining – Gold industry’s 29.7% increase.

Image Source: Zacks Investment Research

Let’s see how things are shaping up for this announcement.

What do B’s Revenue Estimates Indicate?The Zacks Consensus Estimate for Barrick’s second-quarter consolidated sales is currently pegged at $4,487.7 million, calling for an increase of 21.9% from the year-ago quarter’s tally.

Factors Shaping B’s Q2 ResultsHigher realized gold prices are likely to have supported the company’s performance in the second quarter. While gold prices have pulled back sharply from their January 2026 highs, they remain supportive.

Heightened geopolitical tensions, a weaker U.S. dollar and tariff-related worries drove bullion to a record high of nearly $5,600 per ounce in late January. Since then, gold has pulled back sharply due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions. While gold started April near $4,800 per ounce, prices tumbled to $4,500 per ounce around the end of May.

Bullion continued to retreat in June, with prices slipping below $4,000 per ounce to a near eight-month low amid rate-hike expectations and a stronger greenback, despite reduced inflation concerns following the interim agreement between the United States and Iran.

Notwithstanding the pullback, Barrick is expected to have gained from higher year-over-year realized prices.  The consensus estimate for B’s average realized gold price is pinned at $4,507 per ounce for the second quarter, indicating a roughly 37% year-over-year increase.

Higher production is expected to have aided B’s sales volumes in the second quarter. Barrick saw a 5% year-over-year and 17% sequential decline in first-quarter 2026 gold production to 719,000 ounces. However, it expects production to increase sequentially, with second-quarter gold production projected in the band of 730,000-770,000 ounces. The uptick is expected to be driven by the ramp-up across Loulo-Gounkoto and Goldrush mines, as well as mine sequencing across the NGM sites.

 The consensus estimate calls for a gold production of roughly 764,000 ounces in the second quarter, indicating a roughly 6% sequential rise.

 Barrick is likely to have faced headwinds from higher production costs in the second quarter. It saw an 8% sequential increase in all-in-sustaining costs (AISC) — a critical cost metric for miners — in the first quarter, reaching $1,708 per ounce.

Cost pressures are expected to have continued in the second quarter. The consensus estimate for AISC for the second quarter is pegged at $1,884, indicating a roughly 12% year-over-year and 10% sequential increase.

What Our Model Unveils for B StockOur proven model does not conclusively predict an earnings beat for Barrick this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.

Earnings ESP: Earnings ESP for B is -0.49%. The Zacks Consensus Estimate for the second quarter is currently pegged at 81 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: B currently carries a Zacks Rank #4 (Sell).

Stocks That Warrant a LookHere are some companies you may want to consider as our model shows they have the right combination of elements to post an earnings beat this quarter:

Sociedad Química y Minera de Chile S.A. (SQM - Free Report) , scheduled to release earnings on Aug. 18, has an Earnings ESP of +0.08% and carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for SQM’s earnings for the second quarter is currently pegged at $2.03.

Ferguson Enterprises Inc. (FERG - Free Report) , slated to release earnings on Aug. 10, has an Earnings ESP of +1.22% and carries a Zacks Rank #3 at present.

The consensus mark for FERG’s second-quarter earnings is currently pegged at $3.23.

Resideo Technologies, Inc. (REZI - Free Report) , scheduled to release earnings on Aug. 12, has an Earnings ESP of +6.83%.

The Zacks Consensus Estimate for REZI's earnings for the second quarter is currently pegged at 68 cents. REZI currently carries a Zacks Rank #3.