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Side-by-side financial comparison of Axos Financial, Inc. (AX) and Barnes & Noble Education, Inc. (BNED). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $385.1M, roughly 1.6× Axos Financial, Inc.). Axos Financial, Inc. runs the higher net margin — 33.3% vs 4.2%, a 29.2% gap on every dollar of revenue. On growth, Axos Financial, Inc. posted the faster year-over-year revenue change (25.1% vs 6.9%). Axos Financial, Inc. produced more free cash flow last quarter ($85.4M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 14.3%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
AX vs BNED — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $385.1M | $598.2M |
| Net Profit | $128.4M | $25.0M |
| Gross Margin | — | 21.7% |
| Operating Margin | 45.6% | 6.8% |
| Net Margin | 33.3% | 4.2% |
| Revenue YoY | 25.1% | 6.9% |
| Net Profit YoY | 22.6% | -49.7% |
| EPS (diluted) | $2.22 | $0.72 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $385.1M | $598.2M | ||
| Q3 25 | $323.4M | $274.2M | ||
| Q2 25 | $321.4M | $233.0M | ||
| Q1 25 | $308.8M | $419.7M | ||
| Q4 24 | $307.9M | $559.7M | ||
| Q3 24 | $320.7M | $250.9M | ||
| Q2 24 | $290.9M | $192.7M | ||
| Q1 24 | $294.8M | $415.4M |
| Q4 25 | $128.4M | $25.0M | ||
| Q3 25 | $112.4M | $-18.3M | ||
| Q2 25 | $110.7M | $-23.0M | ||
| Q1 25 | $105.2M | $17.9M | ||
| Q4 24 | $104.7M | $43.2M | ||
| Q3 24 | $112.3M | $-103.9M | ||
| Q2 24 | $104.9M | $-41.9M | ||
| Q1 24 | $110.7M | $-9.3M |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 30.3% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 45.6% | 6.8% | ||
| Q3 25 | 46.3% | -8.4% | ||
| Q2 25 | 48.5% | -4.9% | ||
| Q1 25 | 47.9% | 4.5% | ||
| Q4 24 | 48.8% | 8.4% | ||
| Q3 24 | 49.6% | -15.4% | ||
| Q2 24 | 49.6% | -16.3% | ||
| Q1 24 | 52.8% | 0.4% |
| Q4 25 | 33.3% | 4.2% | ||
| Q3 25 | 34.7% | -6.7% | ||
| Q2 25 | 34.4% | -9.9% | ||
| Q1 25 | 34.1% | 4.3% | ||
| Q4 24 | 34.0% | 7.7% | ||
| Q3 24 | 35.0% | -41.4% | ||
| Q2 24 | 36.0% | -21.7% | ||
| Q1 24 | 37.6% | -2.2% |
| Q4 25 | $2.22 | $0.72 | ||
| Q3 25 | $1.94 | $-0.54 | ||
| Q2 25 | $1.89 | $2.97 | ||
| Q1 25 | $1.81 | $0.59 | ||
| Q4 24 | $1.80 | $1.63 | ||
| Q3 24 | $1.93 | $-7.69 | ||
| Q2 24 | $1.75 | $-15.68 | ||
| Q1 24 | $1.91 | $-3.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $11.7M |
| Total DebtLower is stronger | — | $122.5M |
| Stockholders' EquityBook value | $2.9B | $283.2M |
| Total Assets | $28.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $11.7M | ||
| Q3 25 | $2.6B | $7.3M | ||
| Q2 25 | $1.9B | $9.1M | ||
| Q1 25 | $2.0B | $9.2M | ||
| Q4 24 | $2.4B | $11.6M | ||
| Q3 24 | $2.6B | $8.2M | ||
| Q2 24 | $2.0B | $10.5M | ||
| Q1 24 | $2.1B | $8.1M |
| Q4 25 | — | $122.5M | ||
| Q3 25 | — | $170.0M | ||
| Q2 25 | $312.7M | $103.1M | ||
| Q1 25 | $377.4M | $141.2M | ||
| Q4 24 | $358.7M | $177.6M | ||
| Q3 24 | $313.5M | $221.9M | ||
| Q2 24 | $325.7M | $196.3M | ||
| Q1 24 | $330.4M | $30.2M |
| Q4 25 | $2.9B | $283.2M | ||
| Q3 25 | $2.8B | $256.5M | ||
| Q2 25 | $2.7B | $272.2M | ||
| Q1 25 | $2.6B | $292.9M | ||
| Q4 24 | $2.5B | $211.4M | ||
| Q3 24 | $2.4B | $149.8M | ||
| Q2 24 | $2.3B | $80.4M | ||
| Q1 24 | $2.2B | $121.5M |
| Q4 25 | $28.2B | $1.1B | ||
| Q3 25 | $27.4B | $950.8M | ||
| Q2 25 | $24.8B | $790.3M | ||
| Q1 25 | $24.0B | $1.1B | ||
| Q4 24 | $23.7B | $1.0B | ||
| Q3 24 | $23.6B | $973.2M | ||
| Q2 24 | $22.9B | $909.9M | ||
| Q1 24 | $22.6B | $1.2B |
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | 0.12× | 0.38× | ||
| Q1 25 | 0.14× | 0.48× | ||
| Q4 24 | 0.14× | 0.84× | ||
| Q3 24 | 0.13× | 1.48× | ||
| Q2 24 | 0.14× | 2.44× | ||
| Q1 24 | 0.15× | 0.25× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $104.1M | $66.2M |
| Free Cash FlowOCF − Capex | $85.4M | $61.9M |
| FCF MarginFCF / Revenue | 22.2% | 10.4% |
| Capex IntensityCapex / Revenue | 4.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 0.81× | 2.65× |
| TTM Free Cash FlowTrailing 4 quarters | $695.9M | $-4.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.1M | $66.2M | ||
| Q3 25 | $118.4M | $-67.6M | ||
| Q2 25 | $490.3M | $52.6M | ||
| Q1 25 | $73.7M | $-41.9M | ||
| Q4 24 | $162.5M | $47.4M | ||
| Q3 24 | $70.8M | $-143.5M | ||
| Q2 24 | $305.5M | $81.7M | ||
| Q1 24 | $115.8M | $-35.8M |
| Q4 25 | $85.4M | $61.9M | ||
| Q3 25 | $109.3M | $-71.3M | ||
| Q2 25 | $436.1M | $49.5M | ||
| Q1 25 | $65.1M | $-44.7M | ||
| Q4 24 | $156.4M | $44.4M | ||
| Q3 24 | $53.0M | $-147.5M | ||
| Q2 24 | $269.5M | $79.1M | ||
| Q1 24 | $107.3M | $-39.0M |
| Q4 25 | 22.2% | 10.4% | ||
| Q3 25 | 33.8% | -26.0% | ||
| Q2 25 | 135.7% | 21.3% | ||
| Q1 25 | 21.1% | -10.7% | ||
| Q4 24 | 50.8% | 7.9% | ||
| Q3 24 | 16.5% | -58.8% | ||
| Q2 24 | 92.6% | 41.1% | ||
| Q1 24 | 36.4% | -9.4% |
| Q4 25 | 4.9% | 0.7% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 16.9% | 1.3% | ||
| Q1 25 | 2.8% | 0.7% | ||
| Q4 24 | 2.0% | 0.5% | ||
| Q3 24 | 5.5% | 1.6% | ||
| Q2 24 | 12.4% | 1.4% | ||
| Q1 24 | 2.9% | 0.8% |
| Q4 25 | 0.81× | 2.65× | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 0.70× | -2.34× | ||
| Q4 24 | 1.55× | 1.10× | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | 2.91× | — | ||
| Q1 24 | 1.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
Segment breakdown not available.
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
