Barnes & Noble Education Highlights Continued Business Transformation and Milestone Balance Sheet Progress

FLORHAM PARK, N.J., Oct. 08, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for higher education, today announced that following fall rush it ended fiscal September on October 3, 2026, with no outstanding borrowings on its revolving credit facility and $4.1 million of cash on hand. This marks the first time since 2019 that BNED has reached fiscal September month-end with no revolver borrowings and positive cash on hand.

This milestone reflects the continued progress of BNED’s transformation and comes as the Company’s differentiated solutions and expanded services continue to gain traction with institutional partners and the campus communities they serve. These developments further demonstrate the Company’s execution against the strategic priorities outlined at its June 2026 Investor Day, including expanding First Day^® Complete, growing its institutional partnerships, and broadening the services it provides to campus communities.

Recent operational highlights include:

Continued First Day Complete growth: Now reaching 263 campus stores representing more than 1.43 million students* during the Fall Term 2026, First Day Complete continues to deliver affordability, access and convenience while driving improved outcomes for institutions and students across the country. Notable new campuses launching the program this academic year include California State University, Stanislaus; Kean University; Loyola University Maryland; Old Dominion University; and the University of Tennessee at Chattanooga.

Expanding campus partnerships: Barnes & Noble College (BNC) added numerous new institutional partners this year, including the University of California, Berkeley; the University of Nebraska Omaha; Marshall University; the University of Tulsa; Bristol Community College; and the University of North Carolina Asheville.

Broadening services and enhancing campus experiences:

BNC continues to expand the services and capabilities it brings to campus communities, including its enhanced campus store gift card program and mobile point-of-sale and self-checkout capabilities, providing greater convenience and extending the reach of the campus store beyond its traditional four walls. BNC also piloted Room Service this fall at select campuses, enabling students to order residence-hall essentials for delivery to campus housing in advance of move-in.

“Our progress this fall reflects the continued execution of our strategy and the impact our differentiated solutions and services are having for our institutional partners and the campus communities we serve,” said Jonathan Shar, Chief Executive Officer. “We are expanding First Day Complete, adding new campus partnerships and introducing innovative services that deliver greater value to institutions and students. Our renewed financial strength and improving capital efficiency are also important points of differentiation, enhancing our ability to continue investing, innovating and supporting our institutions for the long term. Ending September with no outstanding revolving credit borrowings and positive cash on hand for the first time since 2019 is an important milestone and a tangible measure of the progress and momentum across BNED.”

*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 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.

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.

Media Contact:
Gene King
Barnes & Noble Education
Corporate Communications
gking@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. Forward-looking statements may be identified by words such as "expect," "anticipate," "intend," "plan," "will," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied, including the Company's financial condition, results of operations and cash flows; the Company's amount of indebtedness and ability to comply with covenants contained in its credit agreement; the seasonality of our business; general competitive conditions; anticipated pace of adoption of our BNC First Day^® equitable and inclusive access course material models; non-renewal of our managed bookstore, physical and/or online store contracts; general economic and market conditions; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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.