Barnes & Noble Education shares surge 10.11% intraday after filing Super 10-K with improved FY2025 results, 25% First Day program revenue growth, and $92M net debt reduction.

Barnes & Noble Education surged 10.11% intraday after filing its "Super 10-K" annual report, disclosing restated financials and full-year fiscal 2025 results. The report highlighted a 25.3% year-over-year revenue increase in its BNC First Day programs, with First Day Complete enrollment rising 24% to 1.14 million students for fall 2025. Net debt fell sharply to $94 million from $196.3 million in fiscal 2024, and Adjusted EBITDA grew to $59.4 million. The company also resolved an internal investigation into accounting irregularities, terminating a former employee for fraudulent entries. CEO Jonathan Shar emphasized the completion of the restatement process and confidence in operational growth, including a 7.8% unaudited revenue rise in the first half of fiscal 2026. These developments—strong enrollment growth, debt reduction, and restored financial credibility—driven the sharp intraday rally.