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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $598.2M, roughly 1.4× Barnes & Noble Education, Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 4.2%, a 30.4% gap on every dollar of revenue. On growth, MSCI Inc. posted the faster year-over-year revenue change (10.6% vs 6.9%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 10.0%).
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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
BNED vs MSCI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $822.5M |
| Net Profit | $25.0M | $284.7M |
| Gross Margin | 21.7% | — |
| Operating Margin | 6.8% | 56.4% |
| Net Margin | 4.2% | 34.6% |
| Revenue YoY | 6.9% | 10.6% |
| Net Profit YoY | -49.7% | -6.8% |
| EPS (diluted) | $0.72 | $3.81 |
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 | $598.2M | $822.5M | ||
| Q3 25 | $274.2M | $793.4M | ||
| Q2 25 | $233.0M | $772.7M | ||
| Q1 25 | $419.7M | $745.8M | ||
| Q4 24 | $559.7M | $743.5M | ||
| Q3 24 | $250.9M | $724.7M | ||
| Q2 24 | $192.7M | $707.9M | ||
| Q1 24 | $415.4M | $680.0M |
| Q4 25 | $25.0M | $284.7M | ||
| Q3 25 | $-18.3M | $325.4M | ||
| Q2 25 | $-23.0M | $303.6M | ||
| Q1 25 | $17.9M | $288.6M | ||
| Q4 24 | $43.2M | $305.5M | ||
| Q3 24 | $-103.9M | $280.9M | ||
| Q2 24 | $-41.9M | $266.8M | ||
| Q1 24 | $-9.3M | $256.0M |
| 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 | 6.8% | 56.4% | ||
| Q3 25 | -8.4% | 56.4% | ||
| Q2 25 | -4.9% | 55.0% | ||
| Q1 25 | 4.5% | 50.6% | ||
| Q4 24 | 8.4% | 54.5% | ||
| Q3 24 | -15.4% | 55.4% | ||
| Q2 24 | -16.3% | 54.0% | ||
| Q1 24 | 0.4% | 49.9% |
| Q4 25 | 4.2% | 34.6% | ||
| Q3 25 | -6.7% | 41.0% | ||
| Q2 25 | -9.9% | 39.3% | ||
| Q1 25 | 4.3% | 38.7% | ||
| Q4 24 | 7.7% | 41.1% | ||
| Q3 24 | -41.4% | 38.8% | ||
| Q2 24 | -21.7% | 37.7% | ||
| Q1 24 | -2.2% | 37.6% |
| Q4 25 | $0.72 | $3.81 | ||
| Q3 25 | $-0.54 | $4.25 | ||
| Q2 25 | $2.97 | $3.92 | ||
| Q1 25 | $0.59 | $3.71 | ||
| Q4 24 | $1.63 | $3.89 | ||
| Q3 24 | $-7.69 | $3.57 | ||
| Q2 24 | $-15.68 | $3.37 | ||
| Q1 24 | $-3.49 | $3.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.7M | $515.3M |
| Total DebtLower is stronger | $122.5M | $6.2B |
| Stockholders' EquityBook value | $283.2M | $-2.7B |
| Total Assets | $1.1B | $5.7B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $515.3M | ||
| Q3 25 | $7.3M | $400.1M | ||
| Q2 25 | $9.1M | $347.3M | ||
| Q1 25 | $9.2M | $360.7M | ||
| Q4 24 | $11.6M | $409.4M | ||
| Q3 24 | $8.2M | $501.0M | ||
| Q2 24 | $10.5M | $451.4M | ||
| Q1 24 | $8.1M | $519.3M |
| Q4 25 | $122.5M | $6.2B | ||
| Q3 25 | $170.0M | $5.5B | ||
| Q2 25 | $103.1M | $4.5B | ||
| Q1 25 | $141.2M | $4.5B | ||
| Q4 24 | $177.6M | $4.5B | ||
| Q3 24 | $221.9M | $4.5B | ||
| Q2 24 | $196.3M | $4.5B | ||
| Q1 24 | $30.2M | $4.5B |
| Q4 25 | $283.2M | $-2.7B | ||
| Q3 25 | $256.5M | $-1.9B | ||
| Q2 25 | $272.2M | $-886.2M | ||
| Q1 25 | $292.9M | $-958.6M | ||
| Q4 24 | $211.4M | $-940.0M | ||
| Q3 24 | $149.8M | $-751.0M | ||
| Q2 24 | $80.4M | $-734.5M | ||
| Q1 24 | $121.5M | $-650.5M |
| Q4 25 | $1.1B | $5.7B | ||
| Q3 25 | $950.8M | $5.4B | ||
| Q2 25 | $790.3M | $5.4B | ||
| Q1 25 | $1.1B | $5.3B | ||
| Q4 24 | $1.0B | $5.4B | ||
| Q3 24 | $973.2M | $5.4B | ||
| Q2 24 | $909.9M | $5.5B | ||
| Q1 24 | $1.2B | $5.5B |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 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 | $66.2M | $501.1M |
| Free Cash FlowOCF − Capex | $61.9M | $488.7M |
| FCF MarginFCF / Revenue | 10.4% | 59.4% |
| Capex IntensityCapex / Revenue | 0.7% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.65× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $501.1M | ||
| Q3 25 | $-67.6M | $449.4M | ||
| Q2 25 | $52.6M | $336.1M | ||
| Q1 25 | $-41.9M | $301.7M | ||
| Q4 24 | $47.4M | $430.6M | ||
| Q3 24 | $-143.5M | $421.6M | ||
| Q2 24 | $81.7M | $349.2M | ||
| Q1 24 | $-35.8M | $300.1M |
| Q4 25 | $61.9M | $488.7M | ||
| Q3 25 | $-71.3M | $445.5M | ||
| Q2 25 | $49.5M | $324.7M | ||
| Q1 25 | $-44.7M | $290.2M | ||
| Q4 24 | $44.4M | $416.4M | ||
| Q3 24 | $-147.5M | $415.0M | ||
| Q2 24 | $79.1M | $340.6M | ||
| Q1 24 | $-39.0M | $295.9M |
| Q4 25 | 10.4% | 59.4% | ||
| Q3 25 | -26.0% | 56.2% | ||
| Q2 25 | 21.3% | 42.0% | ||
| Q1 25 | -10.7% | 38.9% | ||
| Q4 24 | 7.9% | 56.0% | ||
| Q3 24 | -58.8% | 57.3% | ||
| Q2 24 | 41.1% | 48.1% | ||
| Q1 24 | -9.4% | 43.5% |
| Q4 25 | 0.7% | 1.5% | ||
| Q3 25 | 1.4% | 0.5% | ||
| Q2 25 | 1.3% | 1.5% | ||
| Q1 25 | 0.7% | 1.5% | ||
| Q4 24 | 0.5% | 1.9% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 1.4% | 1.2% | ||
| Q1 24 | 0.8% | 0.6% |
| Q4 25 | 2.65× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | -2.34× | 1.05× | ||
| Q4 24 | 1.10× | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
