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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and Zeta Global Holdings Corp. (ZETA). 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 $394.6M, roughly 1.5× Zeta Global Holdings Corp.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs 1.7%, a 2.5% gap on every dollar of revenue. On growth, Zeta Global Holdings Corp. posted the faster year-over-year revenue change (25.4% vs 6.9%). Barnes & Noble Education, Inc. produced more free cash flow last quarter ($61.9M vs $60.9M). Over the past eight quarters, Zeta Global Holdings Corp.'s revenue compounded faster (42.3% CAGR vs 20.0%).
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.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
BNED vs ZETA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $394.6M |
| Net Profit | $25.0M | $6.5M |
| Gross Margin | 21.7% | 59.5% |
| Operating Margin | 6.8% | 4.5% |
| Net Margin | 4.2% | 1.7% |
| Revenue YoY | 6.9% | 25.4% |
| Net Profit YoY | -49.7% | -57.1% |
| EPS (diluted) | $0.72 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $274.2M | $337.2M | ||
| Q2 25 | $233.0M | $308.4M | ||
| Q1 25 | $419.7M | $264.4M | ||
| Q4 24 | $559.7M | $314.7M | ||
| Q3 24 | $250.9M | $268.3M | ||
| Q2 24 | $192.7M | $227.8M | ||
| Q1 24 | $415.4M | $194.9M |
| Q4 25 | $25.0M | $6.5M | ||
| Q3 25 | $-18.3M | $-3.6M | ||
| Q2 25 | $-23.0M | $-12.8M | ||
| Q1 25 | $17.9M | $-21.6M | ||
| Q4 24 | $43.2M | $15.2M | ||
| Q3 24 | $-103.9M | $-17.4M | ||
| Q2 24 | $-41.9M | $-28.1M | ||
| Q1 24 | $-9.3M | $-39.6M |
| Q4 25 | 21.7% | 59.5% | ||
| Q3 25 | 20.2% | 60.5% | ||
| Q2 25 | 30.3% | 62.1% | ||
| Q1 25 | 22.3% | 60.9% | ||
| Q4 24 | 23.0% | 60.0% | ||
| Q3 24 | 17.9% | 60.6% | ||
| Q2 24 | 28.7% | 60.0% | ||
| Q1 24 | 24.2% | 60.6% |
| Q4 25 | 6.8% | 4.5% | ||
| Q3 25 | -8.4% | 2.6% | ||
| Q2 25 | -4.9% | -1.7% | ||
| Q1 25 | 4.5% | -6.1% | ||
| Q4 24 | 8.4% | 2.2% | ||
| Q3 24 | -15.4% | -4.6% | ||
| Q2 24 | -16.3% | -11.7% | ||
| Q1 24 | 0.4% | -18.4% |
| Q4 25 | 4.2% | 1.7% | ||
| Q3 25 | -6.7% | -1.1% | ||
| Q2 25 | -9.9% | -4.2% | ||
| Q1 25 | 4.3% | -8.2% | ||
| Q4 24 | 7.7% | 4.8% | ||
| Q3 24 | -41.4% | -6.5% | ||
| Q2 24 | -21.7% | -12.3% | ||
| Q1 24 | -2.2% | -20.3% |
| Q4 25 | $0.72 | $0.04 | ||
| Q3 25 | $-0.54 | $-0.02 | ||
| Q2 25 | $2.97 | $-0.06 | ||
| Q1 25 | $0.59 | $-0.10 | ||
| Q4 24 | $1.63 | $0.10 | ||
| Q3 24 | $-7.69 | $-0.09 | ||
| Q2 24 | $-15.68 | $-0.16 | ||
| Q1 24 | $-3.49 | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | $122.5M | $197.1M |
| Stockholders' EquityBook value | $283.2M | $804.6M |
| Total Assets | $1.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.43× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $319.8M | ||
| Q3 25 | $7.3M | $385.2M | ||
| Q2 25 | $9.1M | $365.3M | ||
| Q1 25 | $9.2M | $364.4M | ||
| Q4 24 | $11.6M | $366.2M | ||
| Q3 24 | $8.2M | $418.5M | ||
| Q2 24 | $10.5M | $154.7M | ||
| Q1 24 | $8.1M | $141.6M |
| Q4 25 | $122.5M | $197.1M | ||
| Q3 25 | $170.0M | $196.9M | ||
| Q2 25 | $103.1M | $196.7M | ||
| Q1 25 | $141.2M | $196.5M | ||
| Q4 24 | $177.6M | $196.3M | ||
| Q3 24 | $221.9M | $196.1M | ||
| Q2 24 | $196.3M | $184.4M | ||
| Q1 24 | $30.2M | $184.2M |
| Q4 25 | $283.2M | $804.6M | ||
| Q3 25 | $256.5M | $689.2M | ||
| Q2 25 | $272.2M | $673.3M | ||
| Q1 25 | $292.9M | $676.6M | ||
| Q4 24 | $211.4M | $676.8M | ||
| Q3 24 | $149.8M | $474.9M | ||
| Q2 24 | $80.4M | $217.0M | ||
| Q1 24 | $121.5M | $191.6M |
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $950.8M | $1.2B | ||
| Q2 25 | $790.3M | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $973.2M | $869.1M | ||
| Q2 24 | $909.9M | $583.9M | ||
| Q1 24 | $1.2B | $550.3M |
| Q4 25 | 0.43× | 0.24× | ||
| Q3 25 | 0.66× | 0.29× | ||
| Q2 25 | 0.38× | 0.29× | ||
| Q1 25 | 0.48× | 0.29× | ||
| Q4 24 | 0.84× | 0.29× | ||
| Q3 24 | 1.48× | 0.41× | ||
| Q2 24 | 2.44× | 0.85× | ||
| Q1 24 | 0.25× | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | $61.9M | $60.9M |
| FCF MarginFCF / Revenue | 10.4% | 15.4% |
| Capex IntensityCapex / Revenue | 0.7% | 0.8% |
| Cash ConversionOCF / Net Profit | 2.65× | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $64.1M | ||
| Q3 25 | $-67.6M | $57.9M | ||
| Q2 25 | $52.6M | $42.0M | ||
| Q1 25 | $-41.9M | $34.8M | ||
| Q4 24 | $47.4M | $43.7M | ||
| Q3 24 | $-143.5M | $34.4M | ||
| Q2 24 | $81.7M | $31.1M | ||
| Q1 24 | $-35.8M | $24.7M |
| Q4 25 | $61.9M | $60.9M | ||
| Q3 25 | $-71.3M | $52.4M | ||
| Q2 25 | $49.5M | $39.7M | ||
| Q1 25 | $-44.7M | $32.1M | ||
| Q4 24 | $44.4M | $35.4M | ||
| Q3 24 | $-147.5M | $29.5M | ||
| Q2 24 | $79.1M | $24.4M | ||
| Q1 24 | $-39.0M | $18.9M |
| Q4 25 | 10.4% | 15.4% | ||
| Q3 25 | -26.0% | 15.6% | ||
| Q2 25 | 21.3% | 12.9% | ||
| Q1 25 | -10.7% | 12.1% | ||
| Q4 24 | 7.9% | 11.3% | ||
| Q3 24 | -58.8% | 11.0% | ||
| Q2 24 | 41.1% | 10.7% | ||
| Q1 24 | -9.4% | 9.7% |
| Q4 25 | 0.7% | 0.8% | ||
| Q3 25 | 1.4% | 1.6% | ||
| Q2 25 | 1.3% | 0.8% | ||
| Q1 25 | 0.7% | 1.0% | ||
| Q4 24 | 0.5% | 2.6% | ||
| Q3 24 | 1.6% | 1.8% | ||
| Q2 24 | 1.4% | 3.0% | ||
| Q1 24 | 0.8% | 3.0% |
| Q4 25 | 2.65× | 9.81× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | 2.87× | ||
| 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% |
ZETA
Segment breakdown not available.
