Barnes & Noble Education, Inc. (NYSE: BNED)

Barnes & Noble Education Inc is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K 12 institutions across the United States. The company also ranks among the biggest textbook wholesalers and providers of inventory management hardware and software. As of May 3 2025 it operated 1 146 physical and virtual bookstores delivering educational content and general merchandise through an omnichannel retail model. Its strengths include developing new products to meet market needs a large operating footprint with direct access to students and faculty deep relationships with academic partners stable long term contracts and well recognized brands such as Barnes & Noble College and MBS.

The company generates revenue primarily from the sale and rental of course materials including new and used print textbooks digital textbooks and publisher hosted courseware. It also earns income from its BNC First Day programs which provide required course materials to students at below market rates and are billed directly by institutions. Additional revenue streams consist of general merchandise sales in campus stores cafés and convenience stores brand marketing programs for third party advertisers wholesale textbook distribution and the sale of inventory management hardware and software solutions. The company also receives commission revenue from its relationship with Fanatics and Lids for logo and emblematic apparel sold through its stores.

The company operates through the following segments.

• The combined operating segment encompasses retail operations such as physical and virtual campus bookstores wholesale textbook distribution and related services including inventory management hardware and software.

Barnes & Noble Education Inc holds a leading position in the campus retail market competing primarily with Follett Corporation and other providers such as eCampus University Gear Shop BibliU Valore Campus Textbook Brokers and Slingshot. Its competitive advantages stem from a large footprint of over one thousand stores deep relationships with academic institutions strong brand recognition and the success of its First Day affordable access models which drive higher unit sales and improved predictability. The partnership with Fanatics and Lids further enhances its e commerce capabilities and product assortment giving it an edge in general merchandise sales.

The company serves college and university campuses K 12 institutions students faculty and staff across the United States. Its customers include public and private colleges universities community colleges trade and technical schools for profit institutions and online education providers. While specific partner names are not disclosed in the filing the company contracts with a diverse range of educational institutions to operate its bookstores and supply course materials and general merchandise.