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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and NCR Atleos Corp (NATL). Click either name above to swap in a different company.
NCR Atleos Corp is the larger business by last-quarter revenue ($1.2B vs $598.2M, roughly 1.9× Barnes & Noble Education, Inc.). NCR Atleos Corp runs the higher net margin — 7.2% vs 4.2%, a 3.0% gap on every dollar of revenue. On growth, Barnes & Noble Education, Inc. posted the faster year-over-year revenue change (6.9% vs 4.0%). NCR Atleos Corp produced more free cash flow last quarter ($194.0M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 4.9%).
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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
BNED vs NATL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $1.2B |
| Net Profit | $25.0M | $83.0M |
| Gross Margin | 21.7% | — |
| Operating Margin | 6.8% | 13.5% |
| Net Margin | 4.2% | 7.2% |
| Revenue YoY | 6.9% | 4.0% |
| Net Profit YoY | -49.7% | 102.4% |
| EPS (diluted) | $0.72 | $1.09 |
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 | $1.2B | ||
| Q3 25 | $274.2M | $1.1B | ||
| Q2 25 | $233.0M | $1.1B | ||
| Q1 25 | $419.7M | $979.0M | ||
| Q4 24 | $559.7M | $1.1B | ||
| Q3 24 | $250.9M | $1.1B | ||
| Q2 24 | $192.7M | $1.1B | ||
| Q1 24 | $415.4M | $1.0B |
| Q4 25 | $25.0M | $83.0M | ||
| Q3 25 | $-18.3M | $26.0M | ||
| Q2 25 | $-23.0M | $39.0M | ||
| Q1 25 | $17.9M | $14.0M | ||
| Q4 24 | $43.2M | $41.0M | ||
| Q3 24 | $-103.9M | $21.0M | ||
| Q2 24 | $-41.9M | $27.0M | ||
| Q1 24 | $-9.3M | $-9.0M |
| 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% | 13.5% | ||
| Q3 25 | -8.4% | 9.8% | ||
| Q2 25 | -4.9% | 10.8% | ||
| Q1 25 | 4.5% | 9.5% | ||
| Q4 24 | 8.4% | 13.4% | ||
| Q3 24 | -15.4% | 10.6% | ||
| Q2 24 | -16.3% | 9.8% | ||
| Q1 24 | 0.4% | 6.5% |
| Q4 25 | 4.2% | 7.2% | ||
| Q3 25 | -6.7% | 2.3% | ||
| Q2 25 | -9.9% | 3.5% | ||
| Q1 25 | 4.3% | 1.4% | ||
| Q4 24 | 7.7% | 3.7% | ||
| Q3 24 | -41.4% | 2.0% | ||
| Q2 24 | -21.7% | 2.5% | ||
| Q1 24 | -2.2% | -0.9% |
| Q4 25 | $0.72 | $1.09 | ||
| Q3 25 | $-0.54 | $0.34 | ||
| Q2 25 | $2.97 | $0.52 | ||
| Q1 25 | $0.59 | $0.19 | ||
| Q4 24 | $1.63 | $0.56 | ||
| Q3 24 | $-7.69 | $0.28 | ||
| Q2 24 | $-15.68 | $0.37 | ||
| Q1 24 | $-3.49 | $-0.13 |
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 | $456.0M |
| Total DebtLower is stronger | $122.5M | $2.7B |
| Stockholders' EquityBook value | $283.2M | $403.0M |
| Total Assets | $1.1B | $5.7B |
| Debt / EquityLower = less leverage | 0.43× | 6.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $456.0M | ||
| Q3 25 | $7.3M | $412.0M | ||
| Q2 25 | $9.1M | $357.0M | ||
| Q1 25 | $9.2M | $352.0M | ||
| Q4 24 | $11.6M | $419.0M | ||
| Q3 24 | $8.2M | $395.0M | ||
| Q2 24 | $10.5M | $374.0M | ||
| Q1 24 | $8.1M | $343.0M |
| Q4 25 | $122.5M | $2.7B | ||
| Q3 25 | $170.0M | $2.8B | ||
| Q2 25 | $103.1M | $2.8B | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $177.6M | $2.9B | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
| Q4 25 | $283.2M | $403.0M | ||
| Q3 25 | $256.5M | $330.0M | ||
| Q2 25 | $272.2M | $350.0M | ||
| Q1 25 | $292.9M | $275.0M | ||
| Q4 24 | $211.4M | $219.0M | ||
| Q3 24 | $149.8M | $264.0M | ||
| Q2 24 | $80.4M | $250.0M | ||
| Q1 24 | $121.5M | $283.0M |
| Q4 25 | $1.1B | $5.7B | ||
| Q3 25 | $950.8M | $5.7B | ||
| Q2 25 | $790.3M | $5.8B | ||
| Q1 25 | $1.1B | $5.7B | ||
| Q4 24 | $1.0B | $5.5B | ||
| Q3 24 | $973.2M | $5.7B | ||
| Q2 24 | $909.9M | $5.8B | ||
| Q1 24 | $1.2B | $5.8B |
| Q4 25 | 0.43× | 6.63× | ||
| Q3 25 | 0.66× | 8.45× | ||
| Q2 25 | 0.38× | 8.05× | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | 13.05× | ||
| 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 | $231.0M |
| Free Cash FlowOCF − Capex | $61.9M | $194.0M |
| FCF MarginFCF / Revenue | 10.4% | 16.8% |
| Capex IntensityCapex / Revenue | 0.7% | 3.2% |
| Cash ConversionOCF / Net Profit | 2.65× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $231.0M | ||
| Q3 25 | $-67.6M | $25.0M | ||
| Q2 25 | $52.6M | $-23.0M | ||
| Q1 25 | $-41.9M | $123.0M | ||
| Q4 24 | $47.4M | $80.0M | ||
| Q3 24 | $-143.5M | $107.0M | ||
| Q2 24 | $81.7M | $9.0M | ||
| Q1 24 | $-35.8M | $148.0M |
| Q4 25 | $61.9M | $194.0M | ||
| Q3 25 | $-71.3M | $-5.0M | ||
| Q2 25 | $49.5M | $-44.0M | ||
| Q1 25 | $-44.7M | $94.0M | ||
| Q4 24 | $44.4M | $62.0M | ||
| Q3 24 | $-147.5M | $85.0M | ||
| Q2 24 | $79.1M | $-14.0M | ||
| Q1 24 | $-39.0M | $124.0M |
| Q4 25 | 10.4% | 16.8% | ||
| Q3 25 | -26.0% | -0.4% | ||
| Q2 25 | 21.3% | -4.0% | ||
| Q1 25 | -10.7% | 9.6% | ||
| Q4 24 | 7.9% | 5.6% | ||
| Q3 24 | -58.8% | 7.9% | ||
| Q2 24 | 41.1% | -1.3% | ||
| Q1 24 | -9.4% | 11.9% |
| Q4 25 | 0.7% | 3.2% | ||
| Q3 25 | 1.4% | 2.7% | ||
| Q2 25 | 1.3% | 1.9% | ||
| Q1 25 | 0.7% | 3.0% | ||
| Q4 24 | 0.5% | 1.6% | ||
| Q3 24 | 1.6% | 2.1% | ||
| Q2 24 | 1.4% | 2.1% | ||
| Q1 24 | 0.8% | 2.3% |
| Q4 25 | 2.65× | 2.78× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | -0.59× | ||
| Q1 25 | -2.34× | 8.79× | ||
| Q4 24 | 1.10× | 1.95× | ||
| Q3 24 | — | 5.10× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | — |
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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
