Barnes & Noble Education Inc (BNED) reported Q3 2025 results with revenue of $466.3 million, up 2.11% year over year but down 22.55% quarter over quarter, reflecting seasonality and shifting textbook cycles. Gross margin rose to approximately 20.7% (vs. 20.6% prior-year), while operating margin stood at about 4.9%, aided by disciplined overhead control, resulting in a net income of $7.1 million and diluted earnings per share of $0.23. EBITDA reached $30.7 million, signaling some operating leverage amid a difficult sequential comparison. However, the quarter also featured meaningful working-capital pressures that drove negative operating cash flow of $41.9 million and free cash flow of about negative $44.7 million, contributing to a cash balance of $16.7 million and net debt of roughly $355 million. The balance sheet remains leverage-sensitive, with total debt of $364 million and a debt-to-capitalization profile of ~56%; liquidity metrics show a current ratio of 1.42 and a quick ratio of 0.81, underscoring balance-sheet fragility in a cash-constrained environment. Management commentary in the transcript dataset is not provided, limiting the ability to extract verbatim guidance or sentiment. Investors should monitor working-capital dynamics, the revenue mix between Retail/Wholesale/Digital Student Solutions, and the trajectory of BNED’s digital offerings (Bartleby, First Day programs) as potential catalysts for margin expansion and cash-flow improvement.