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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $598.2M, roughly 1.3× Barnes & Noble Education, Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs -1.5%, a 5.7% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 6.9%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $61.9M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
BNED vs ZS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $788.1M |
| Net Profit | $25.0M | $-11.6M |
| Gross Margin | 21.7% | 76.6% |
| Operating Margin | 6.8% | -4.6% |
| Net Margin | 4.2% | -1.5% |
| Revenue YoY | 6.9% | 25.5% |
| Net Profit YoY | -49.7% | 3.6% |
| EPS (diluted) | $0.72 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $274.2M | $719.2M | ||
| Q2 25 | $233.0M | $678.0M | ||
| Q1 25 | $419.7M | $647.9M | ||
| Q4 24 | $559.7M | $628.0M | ||
| Q3 24 | $250.9M | $592.9M | ||
| Q2 24 | $192.7M | $553.2M | ||
| Q1 24 | $415.4M | $525.0M |
| Q4 25 | $25.0M | $-11.6M | ||
| Q3 25 | $-18.3M | $-17.6M | ||
| Q2 25 | $-23.0M | $-4.1M | ||
| Q1 25 | $17.9M | $-7.7M | ||
| Q4 24 | $43.2M | $-12.1M | ||
| Q3 24 | $-103.9M | $-14.9M | ||
| Q2 24 | $-41.9M | $19.1M | ||
| Q1 24 | $-9.3M | $-28.5M |
| Q4 25 | 21.7% | 76.6% | ||
| Q3 25 | 20.2% | 76.1% | ||
| Q2 25 | 30.3% | 77.0% | ||
| Q1 25 | 22.3% | 77.1% | ||
| Q4 24 | 23.0% | 77.5% | ||
| Q3 24 | 17.9% | 78.0% | ||
| Q2 24 | 28.7% | 78.6% | ||
| Q1 24 | 24.2% | 77.7% |
| Q4 25 | 6.8% | -4.6% | ||
| Q3 25 | -8.4% | -4.5% | ||
| Q2 25 | -4.9% | -3.7% | ||
| Q1 25 | 4.5% | -6.2% | ||
| Q4 24 | 8.4% | -4.9% | ||
| Q3 24 | -15.4% | -4.5% | ||
| Q2 24 | -16.3% | -0.5% | ||
| Q1 24 | 0.4% | -8.7% |
| Q4 25 | 4.2% | -1.5% | ||
| Q3 25 | -6.7% | -2.4% | ||
| Q2 25 | -9.9% | -0.6% | ||
| Q1 25 | 4.3% | -1.2% | ||
| Q4 24 | 7.7% | -1.9% | ||
| Q3 24 | -41.4% | -2.5% | ||
| Q2 24 | -21.7% | 3.5% | ||
| Q1 24 | -2.2% | -5.4% |
| Q4 25 | $0.72 | $-0.07 | ||
| Q3 25 | $-0.54 | $-0.11 | ||
| Q2 25 | $2.97 | $-0.03 | ||
| Q1 25 | $0.59 | $-0.05 | ||
| Q4 24 | $1.63 | $-0.08 | ||
| Q3 24 | $-7.69 | $-0.09 | ||
| Q2 24 | $-15.68 | $0.12 | ||
| Q1 24 | $-3.49 | $-0.19 |
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 | $1.3B |
| Total DebtLower is stronger | $122.5M | — |
| Stockholders' EquityBook value | $283.2M | $2.0B |
| Total Assets | $1.1B | $6.5B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $1.3B | ||
| Q3 25 | $7.3M | $2.4B | ||
| Q2 25 | $9.1M | $2.0B | ||
| Q1 25 | $9.2M | $1.8B | ||
| Q4 24 | $11.6M | $1.6B | ||
| Q3 24 | $8.2M | $1.4B | ||
| Q2 24 | $10.5M | $1.3B | ||
| Q1 24 | $8.1M | $1.4B |
| Q4 25 | $122.5M | — | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $103.1M | $1.1B | ||
| Q1 25 | $141.2M | $1.1B | ||
| Q4 24 | $177.6M | $1.1B | ||
| Q3 24 | $221.9M | $1.1B | ||
| Q2 24 | $196.3M | $1.1B | ||
| Q1 24 | $30.2M | $1.1B |
| Q4 25 | $283.2M | $2.0B | ||
| Q3 25 | $256.5M | $1.8B | ||
| Q2 25 | $272.2M | $1.8B | ||
| Q1 25 | $292.9M | $1.6B | ||
| Q4 24 | $211.4M | $1.4B | ||
| Q3 24 | $149.8M | $1.3B | ||
| Q2 24 | $80.4M | $1.1B | ||
| Q1 24 | $121.5M | $958.9M |
| Q4 25 | $1.1B | $6.5B | ||
| Q3 25 | $950.8M | $6.4B | ||
| Q2 25 | $790.3M | $5.3B | ||
| Q1 25 | $1.1B | $5.0B | ||
| Q4 24 | $1.0B | $4.7B | ||
| Q3 24 | $973.2M | $4.7B | ||
| Q2 24 | $909.9M | $4.2B | ||
| Q1 24 | $1.2B | $3.9B |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | 0.64× | ||
| Q1 25 | 0.48× | 0.71× | ||
| Q4 24 | 0.84× | 0.80× | ||
| Q3 24 | 1.48× | 0.90× | ||
| Q2 24 | 2.44× | 1.04× | ||
| Q1 24 | 0.25× | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $61.9M | $431.0M |
| FCF MarginFCF / Revenue | 10.4% | 54.7% |
| Capex IntensityCapex / Revenue | 0.7% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $448.3M | ||
| Q3 25 | $-67.6M | $250.6M | ||
| Q2 25 | $52.6M | $211.1M | ||
| Q1 25 | $-41.9M | $179.4M | ||
| Q4 24 | $47.4M | $331.3M | ||
| Q3 24 | $-143.5M | $203.6M | ||
| Q2 24 | $81.7M | $173.4M | ||
| Q1 24 | $-35.8M | $142.1M |
| Q4 25 | $61.9M | $431.0M | ||
| Q3 25 | $-71.3M | $190.6M | ||
| Q2 25 | $49.5M | $138.9M | ||
| Q1 25 | $-44.7M | $164.4M | ||
| Q4 24 | $44.4M | $314.3M | ||
| Q3 24 | $-147.5M | $154.2M | ||
| Q2 24 | $79.1M | $137.8M | ||
| Q1 24 | $-39.0M | $111.2M |
| Q4 25 | 10.4% | 54.7% | ||
| Q3 25 | -26.0% | 26.5% | ||
| Q2 25 | 21.3% | 20.5% | ||
| Q1 25 | -10.7% | 25.4% | ||
| Q4 24 | 7.9% | 50.1% | ||
| Q3 24 | -58.8% | 26.0% | ||
| Q2 24 | 41.1% | 24.9% | ||
| Q1 24 | -9.4% | 21.2% |
| Q4 25 | 0.7% | 2.2% | ||
| Q3 25 | 1.4% | 8.3% | ||
| Q2 25 | 1.3% | 10.6% | ||
| Q1 25 | 0.7% | 2.3% | ||
| Q4 24 | 0.5% | 2.7% | ||
| Q3 24 | 1.6% | 8.3% | ||
| Q2 24 | 1.4% | 6.4% | ||
| Q1 24 | 0.8% | 5.9% |
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| 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% |
ZS
Segment breakdown not available.
