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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and TIC Solutions, Inc. (TIC). 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 $508.3M, roughly 1.2× TIC Solutions, Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs -9.3%, a 13.5% gap on every dollar of revenue. Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $37.1M).
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.
BNED vs TIC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $508.3M |
| Net Profit | $25.0M | $-47.2M |
| Gross Margin | 21.7% | 35.2% |
| Operating Margin | 6.8% | -3.8% |
| Net Margin | 4.2% | -9.3% |
| Revenue YoY | 6.9% | — |
| Net Profit YoY | -49.7% | — |
| EPS (diluted) | $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 | $598.2M | $508.3M | ||
| Q3 25 | $274.2M | $473.9M | ||
| Q2 25 | $233.0M | $313.9M | ||
| Q1 25 | $419.7M | $234.2M | ||
| Q4 24 | $559.7M | — | ||
| Q3 24 | $250.9M | — | ||
| Q2 24 | $192.7M | — | ||
| Q1 24 | $415.4M | — |
| Q4 25 | $25.0M | $-47.2M | ||
| Q3 25 | $-18.3M | $-13.9M | ||
| Q2 25 | $-23.0M | $-233.0K | ||
| Q1 25 | $17.9M | $-25.8M | ||
| Q4 24 | $43.2M | — | ||
| Q3 24 | $-103.9M | — | ||
| Q2 24 | $-41.9M | — | ||
| Q1 24 | $-9.3M | — |
| Q4 25 | 21.7% | 35.2% | ||
| Q3 25 | 20.2% | 32.2% | ||
| Q2 25 | 30.3% | 23.6% | ||
| Q1 25 | 22.3% | 18.6% | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 17.9% | — | ||
| Q2 24 | 28.7% | — | ||
| Q1 24 | 24.2% | — |
| Q4 25 | 6.8% | -3.8% | ||
| Q3 25 | -8.4% | -1.4% | ||
| Q2 25 | -4.9% | 5.8% | ||
| Q1 25 | 4.5% | -4.0% | ||
| Q4 24 | 8.4% | — | ||
| Q3 24 | -15.4% | — | ||
| Q2 24 | -16.3% | — | ||
| Q1 24 | 0.4% | — |
| Q4 25 | 4.2% | -9.3% | ||
| Q3 25 | -6.7% | -2.9% | ||
| Q2 25 | -9.9% | -0.1% | ||
| Q1 25 | 4.3% | -11.0% | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | -41.4% | — | ||
| Q2 24 | -21.7% | — | ||
| Q1 24 | -2.2% | — |
| Q4 25 | $0.72 | — | ||
| Q3 25 | $-0.54 | $-0.08 | ||
| Q2 25 | $2.97 | — | ||
| Q1 25 | $0.59 | — | ||
| Q4 24 | $1.63 | — | ||
| Q3 24 | $-7.69 | — | ||
| Q2 24 | $-15.68 | — | ||
| Q1 24 | $-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 | $11.7M | $439.5M |
| Total DebtLower is stronger | $122.5M | $1.6B |
| Stockholders' EquityBook value | $283.2M | $2.2B |
| Total Assets | $1.1B | $4.4B |
| Debt / EquityLower = less leverage | 0.43× | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $439.5M | ||
| Q3 25 | $7.3M | $164.4M | ||
| Q2 25 | $9.1M | $130.1M | ||
| Q1 25 | $9.2M | $155.7M | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $8.2M | — | ||
| Q2 24 | $10.5M | — | ||
| Q1 24 | $8.1M | — |
| Q4 25 | $122.5M | $1.6B | ||
| Q3 25 | $170.0M | $1.6B | ||
| Q2 25 | $103.1M | $751.3M | ||
| Q1 25 | $141.2M | $752.4M | ||
| Q4 24 | $177.6M | — | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
| Q4 25 | $283.2M | $2.2B | ||
| Q3 25 | $256.5M | $2.0B | ||
| Q2 25 | $272.2M | $1.2B | ||
| Q1 25 | $292.9M | $1.1B | ||
| Q4 24 | $211.4M | — | ||
| Q3 24 | $149.8M | — | ||
| Q2 24 | $80.4M | — | ||
| Q1 24 | $121.5M | — |
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $950.8M | $4.2B | ||
| Q2 25 | $790.3M | $2.2B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.2M | — | ||
| Q2 24 | $909.9M | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | 0.43× | 0.74× | ||
| Q3 25 | 0.66× | 0.83× | ||
| Q2 25 | 0.38× | 0.64× | ||
| Q1 25 | 0.48× | 0.67× | ||
| 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 | $49.7M |
| Free Cash FlowOCF − Capex | $61.9M | $37.1M |
| FCF MarginFCF / Revenue | 10.4% | 7.3% |
| Capex IntensityCapex / Revenue | 0.7% | 2.5% |
| Cash ConversionOCF / Net Profit | 2.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $49.7M | ||
| Q3 25 | $-67.6M | $19.0M | ||
| Q2 25 | $52.6M | $-6.5M | ||
| Q1 25 | $-41.9M | $32.8M | ||
| Q4 24 | $47.4M | — | ||
| Q3 24 | $-143.5M | — | ||
| Q2 24 | $81.7M | — | ||
| Q1 24 | $-35.8M | — |
| Q4 25 | $61.9M | $37.1M | ||
| Q3 25 | $-71.3M | $10.3M | ||
| Q2 25 | $49.5M | $-14.5M | ||
| Q1 25 | $-44.7M | $28.3M | ||
| Q4 24 | $44.4M | — | ||
| Q3 24 | $-147.5M | — | ||
| Q2 24 | $79.1M | — | ||
| Q1 24 | $-39.0M | — |
| Q4 25 | 10.4% | 7.3% | ||
| Q3 25 | -26.0% | 2.2% | ||
| Q2 25 | 21.3% | -4.6% | ||
| Q1 25 | -10.7% | 12.1% | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | -58.8% | — | ||
| Q2 24 | 41.1% | — | ||
| Q1 24 | -9.4% | — |
| Q4 25 | 0.7% | 2.5% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.3% | 2.6% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
