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BEIJING, April 23, 2026 /PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended February 28, 2026.
Highlights for the Fourth Quarter of Fiscal Year 2026
Highlights for the Fiscal Year Ended February 28, 2026
Financial Data——Fourth Quarter and Fiscal Year 2026
(In US$ thousands, except per ADS data and percentages)
| | Three Months Ended | ||
| | February 28, | ||
| | 2025 | 2026 | Pct. Change |
| Net revenues | 610,239 | 802,389 | 31.5 % |
| (Loss)/income from operations | (16,015) | 72,473 | (552.5 %) |
| Non-GAAP (loss)/income from operations | (1,692) | 82,224 | (4,959.6 %) |
| Net (loss)/income attributable to TAL | (7,311) | 244,790 | (3,448.2 %) |
| Non-GAAP net income attributable to TAL | 7,012 | 254,541 | 3,530.1 % |
| Net (loss)/income per ADS attributable to TAL – basic | (0.01) | 0.44 | (3,774.6 %) |
| Net (loss)/income per ADS attributable to TAL – diluted | (0.01) | 0.44 | (3,735.4 %) |
| Non-GAAP net income per ADS attributable to TAL – basic | 0.01 | 0.46 | 3,883.9 % |
| Non-GAAP net income per ADS attributable to TAL – diluted | 0.01 | 0.45 | 3,899.7 % |
| | | ||
| | Fiscal Year Ended | ||
| | February 28, | ||
| | 2025 | 2026 | Pct. Change |
| Net revenues | 2,250,233 | 3,008,908 | 33.7 % |
| (Loss)/income from operations | (3,155) | 276,039 | (8,849.3 %) |
| Non-GAAP income from operations | 61,784 | 319,132 | 416.5 % |
| Net income attributable to TAL | 84,591 | 530,751 | 527.4 % |
| Non-GAAP net income attributable to TAL | 149,530 | 573,844 | 283.8 % |
| Net income per ADS attributable to TAL – basic | 0.14 | 0.93 | 565.5 % |
| Net income per ADS attributable to TAL – diluted | 0.14 | 0.92 | 567.4 % |
| Non-GAAP net income per ADS attributable to TAL – basic | 0.25 | 1.00 | 307.0 % |
| Non-GAAP net income per ADS attributable to TAL – diluted | 0.24 | 0.99 | 308.2 % |
"We concluded fiscal year 2026 with solid progress across our core businesses. We have expanded our reach to more users and strengthened engagement by enhancing our offerings and operational capabilities. This has also enabled us to better serve the evolving needs of learners, " said Alex Peng, TAL's President & Chief Financial Officer.
Mr. Peng added, "As we enter fiscal year 2027, we remain focused on driving quality growth across our business lines. We will also continue to strengthen our operational execution to support long-term efficiency improvements."
Financial Results for the Fourth Quarter of Fiscal Year 2026
Net Revenues
In the fourth quarter of fiscal year 2026, TAL reported net revenues of US$802.4 million, representing a 31.5% increase from US$610.2 million in the fourth quarter of fiscal year 2025.
Operating Costs and Expenses
In the fourth quarter of fiscal year 2026, operating costs and expenses were US$729.9 million, representing a 16.6% increase from US$626.3 million in the fourth quarter of fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$720.2 million, representing a 17.7% increase from US$611.9 million in the fourth quarter of fiscal year 2025.
Cost of revenues increased by 28.2% to US$375.2 million from US$292.6 million in the fourth quarter of fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 28.5% to US$374.8 million, from US$291.7 million in the fourth quarter of fiscal year 2025.
Selling and marketing expenses increased by 1.4% to US$220.9 million from US$218.0 million in the fourth quarter of fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 2.0% to US$218.5 million, from US$214.3 million in the fourth quarter of fiscal year 2025.
General and administrative expenses increased by 15.7% to US$133.8 million from US$115.6 million in the fourth quarter of fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 19.7% to US$126.8 million, from US$106.0 million in the fourth quarter of fiscal year 2025.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 31.9% to US$9.8 million in the fourth quarter of fiscal year 2026 from US$14.3 million in the same period of fiscal year 2025.
Gross Profit
Gross profit increased by 34.5% to US$427.2 million from US$317.6 million in the fourth quarter of fiscal year 2025. The gross margin for the fourth quarter of fiscal year 2026 was 53.2%, compared to 52.0% in the same period of the prior year.
(Loss)/Income from Operations
Income from operations was US$72.5 million in the fourth quarter of fiscal year 2026, compared to loss from operations of US$16.0 million in the fourth quarter of fiscal year 2025. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$82.2 million, compared to Non-GAAP loss from operations of US$1.7 million in the same period of the prior year.
Other Income
Other income was US$275.0 million for the fourth quarter of fiscal year 2026, compared to other income of US$13.0 million in the fourth quarter of fiscal year 2025. The change in other income for the fourth quarter was mainly driven by fluctuations in the fair value of certain investments.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$41.4 million in the fourth quarter of fiscal year 2026, compared to US$4.2 million in the fourth quarter of fiscal year 2025.
Income Tax Expense
Income tax expense was US$77.0 million in the fourth quarter of fiscal year 2026, compared to income tax expense of US$14.0 million in the fourth quarter of fiscal year 2025.
Net (Loss)/Income Attributable to TAL Education Group
Net income attributable to TAL was US$244.8 million in the fourth quarter of fiscal year 2026, compared to net loss attributable to TAL of US$7.3 million in the fourth quarter of fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$254.5 million, compared to Non-GAAP net income attributable to TAL of US$7.0 million in the fourth quarter of fiscal year 2025.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net income per ADS were both US$0.44, in the fourth quarter of fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.46 and US$0.45, respectively, in the fourth quarter of fiscal year 2026.
Cash Flow
Net cash used in operating activities for the fourth quarter of fiscal year 2026 was US$215.0 million.
Cash, Cash Equivalents, and Short-Term Investments
As of February 28, 2026, the Company had US$1,523.9 million of cash and cash equivalents and US$1,715.4 million of short-term investments, compared to US$1,771.3 million of cash and cash equivalents and US$1,847.1 million of short-term investments as of February 28, 2025.
Deferred Revenue
As of February 28, 2026, the Company's deferred revenue balance was US$882.2 million, compared to US$671.2 million as of February 28, 2025.
Financial Results for the Fiscal Year Ended February 28, 2026
Net Revenues
In fiscal year 2026, TAL reported net revenues of US$3,008.9 million, representing a 33.7% increase from US$2,250.2 million in fiscal year 2025.
Operating Costs and Expenses
In fiscal year 2026, operating costs and expenses were US$2,732.9 million, representing a 21.3% increase from US$2,253.4 million in fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$2,689.8 million, representing a 22.9% increase from US$2,188.4 million in fiscal year 2025.
Cost of revenues increased by 27.9% to US$1,343.4 million from US$1,050.0 million in fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 28.6% to US$1,341.6 million from US$1,043.6 million in fiscal year 2025.
Selling and marketing expenses increased by 18.7% to US$889.1 million from US$748.8 million in fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 19.9% to US$878.2 million from US$732.6 million in fiscal year 2025.
General and administrative expenses increased by 10.1% to US$500.4 million from US$454.7 million in fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 14.0% to US$470.0 million from US$412.2 million in fiscal year 2025.
Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 33.6% to US$43.1 million in fiscal year 2026 from US$64.9 million in fiscal year 2025.
Gross Profit
Gross profit increased by 38.8% to US$1,665.5 million from US$1,200.3 million in fiscal year 2025. The gross margin in fiscal year 2026 was 55.4%, compared to 53.3% in the prior year.
(Loss)/Income from Operations
Income from operations was US$276.0 million in fiscal year 2026, compared to loss from operations of US$3.2 million in the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$319.1 million, compared to US$61.8 million Non-GAAP income from operations in the prior year.
Other Income
Other income was US$390.2 million in fiscal year 2026, compared to other income of US$64.7 million in the prior year. The change in other income in fiscal year 2026 was mainly driven by fluctuations in the fair value of certain investments.
Impairment Loss on Long-term Investments
Impairment loss on long-term investments was US$42.8 million in fiscal year 2026, compared to US$12.9 million in fiscal year 2025.
Income Tax Expense
Income tax expense was US$154.4 million in fiscal year 2026, compared to US$38.3 million of income tax expense in fiscal year 2025.
Net (Loss)/Income Attributable to TAL Education Group
Net income attributable to TAL was US$530.8 million in fiscal year 2026, compared to net income attributable to TAL of US$84.6 million in fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$573.8 million, compared to US$149.5 million Non-GAAP net income attributable to TAL in the prior year.
Basic and Diluted Net (Loss)/Income per ADS
Basic and diluted net income per ADS were US$0.93 and US$0.92, respectively, in fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$1.00 and US$0.99, respectively, in fiscal year 2026.
Cash Flow
Net cash provided by operating activities in fiscal year 2026 was US$601.5 million.
Share Repurchase
On July 28, 2025, TAL's board of directors authorized a new share repurchase program under which the Company may repurchase up to US$600 million of the Company's common shares over the next 12 months. Between January 29, 2026 and April 22, 2026, the Company has repurchased 101,371 common shares at an aggregate consideration of approximately US$3.3 million.
Change to the Management Team
Effective April 22, 2026, Mr. Mi Tian has stepped down as Chief Technology Officer and transitioned to Senior Vice President. Mr. Tian will focus on selected technology initiatives in his new capacity.
Conference Call
The Company will host a conference call and live webcast to discuss its financial results for the fourth fiscal quarter of fiscal year 2026 ended February 28, 2026 at 8:00 a.m. Eastern Time on April 23, 2026 (8:00 p.m. Beijing time on April 23, 2026).
Please note that you will need to pre-register for conference call participation at
https://dpregister.com/sreg/10208034/103bc38d804.
Upon registration, you will receive an email containing participant dial-in numbers, passcode, and a unique access PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
A live and archived webcast of the conference call will be available on the Investor Relations section of TAL's website at https://ir.tal.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, TAL Education Group's strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to provide competitive learning services and products; the Company's ability to continue to recruit, train and retain talents; the Company's ability to improve the content of current course offerings and develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
About TAL Education Group
TAL Education Group is a smart learning solutions provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning solutions to students from all ages through diversified class formats. Our learning solutions mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol "TAL".
About Non-GAAP Financial Measures
In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating costs and expenses, non-GAAP income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to TAL's historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
For further information, please contact:
Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: ir@tal.com
| TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) | ||||
| | | | | |
| | As of February 28, | | As of February 28, | |
| ASSETS | | | | |
| | | | | |
| Current assets | | | | |
| Cash and cash equivalents | $ 1,771,260 | | $ 1,523,879 | |
| Restricted cash, current | 187,846 | | 227,551 | |
| Short-term investments | 1,847,120 | | 1,715,446 | |
| Inventory, net | 104,876 | | 143,326 | |
| Amounts due from related parties, current | 37 | | 46 | |
| Prepaid expenses and other current assets | 215,781 | | 232,870 | |
| Total current assets | 4,126,920 | | 3,843,118 | |
| Restricted cash, non-current | 32,625 | | 34,608 | |
| Property and equipment, net | 472,366 | | 500,710 | |
| Deferred tax assets | 3,487 | | 3,170 | |
| Rental deposits | 22,131 | | 28,058 | |
| Intangible assets, net | 394 | | 45,975 | |
| Goodwill | 155 | | 45,545 | |
| Land use rights, net | 182,880 | | 189,779 | |
| Amounts due from related parties, non-current | 96 | | 134 | |
| Long-term investments | 305,105 | | 828,249 | |
| Long-term prepayments and other non-current assets | 27,844 | | 37,216 | |
| Operating lease right-of-use assets | 329,064 | | 379,727 | |
| Total assets | $ 5,503,067 | | $ 5,936,289 | |
| | | | | |
| LIABILITIES AND EQUITY | | | | |
| | | | | |
| Current liabilities | | | | |
| Accounts payable | $ 146,300 | | $ 152,513 | |
| Deferred revenue, current | 624,272 | | 832,839 | |
| Amounts due to related parties, current | 93 | | 97 | |
| Accrued expenses and other current liabilities | 582,227 | | 672,344 | |
| Operating lease liabilities, current | 88,453 | | 109,393 | |
| Total current liabilities | 1,441,345 | | 1,767,186 | |
| Deferred revenue, non-current | 46,955 | | 49,353 | |
| Deferred tax liabilities | 3,474 | | 67,981 | |
| Operating lease liabilities, non-current | 244,895 | | 278,083 | |
| Total liabilities | 1,736,669 | | 2,162,603 | |
| | | | | |
| Equity | | | | |
| Class A common shares | 154 | | 156 | |
| Class B common shares | 49 | | 49 | |
| Treasury stock | - | | (20) | |
| Additional paid-in capital | 4,294,819 | | 3,694,418 | |
| Statutory reserve | 179,537 | | 216,638 | |
| Accumulated deficit | (624,078) | | (130,428) | |
| Accumulated other comprehensive loss | (83,914) | | (6,376) | |
| Total TAL Education Group's equity | 3,766,567 | | 3,774,437 | |
| Non-controlling interests | (169) | | (751) | |
| Total equity | 3,766,398 | | 3,773,686 | |
| Total liabilities and equity | $ 5,503,067 | | $ 5,936,289 | |
| TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share, ADS, per share and per ADS data) | |||||||
| | |||||||
| | For the Three Months Ended February 28, | | For the Fiscal Year Ended February 28, | ||||
| | 2025 | | 2026 | | 2025 | | 2026 |
| Net revenues | $ 610,239 | | $ 802,389 | | $ 2,250,233 | $ 3,008,908 | |
| Cost of revenues (note 1) | 292,646 | | 375,158 | | 1,049,975 | 1,343,430 | |
| Gross profit | 317,593 | | 427,231 | | 1,200,258 | 1,665,478 | |
| Operating expenses (note 1) | | | | | | | |
| Selling and marketing | 217,981 | | 220,931 | | 748,750 | 889,053 | |
| General and administrative (note 2) | 115,627 | | 133,827 | | 454,663 | 500,386 | |
| Total operating expenses | 333,608 | | 354,758 | | 1,203,413 | 1,389,439 | |
| (Loss)/income from operations | (16,015) | | 72,473 | | (3,155) | 276,039 | |
| Interest income, net | 19,072 | | 14,817 | | 83,482 | 62,030 | |
| Other income | 12,950 | | 275,016 | | 64,717 | 390,155 | |
| Impairment loss on long-term investments | (4,241) | | (41,404) | | (12,933) | (42,814) | |
| Income before income tax expense and (loss)/income from equity method investments | 11,766 | | 320,902 | | 132,111 | 685,410 | |
| Income tax expense | (13,972) | | (76,952) | | (38,320) | (154,417) | |
| (Loss)/income from equity method investments | (5,194) | | 440 | | (9,531) | (855) | |
| Net (loss)/income | $ (7,400) | | $ 244,390 | | $ 84,260 | $ 530,138 | |
| Add: Net loss attributable to non-controlling interests | 89 | | 400 | | 331 | 613 | |
| Total net (loss)/income attributable to TAL Education Group | $ (7,311) | | $ 244,790 | | $ 84,591 | $ 530,751 | |
| Net (loss)/income per common share | | | | | | | |
| Basic | $ (0.04) | | $ 1.33 | | $ 0.42 | $ 2.79 | |
| Diluted | (0.04) | | 1.31 | | 0.41 | 2.75 | |
| Net (loss)/income per ADS (note 3) | | | | | | | |
| Basic | $ (0.01) | | $ 0.44 | | $ 0.14 | $ 0.93 | |
| Diluted | (0.01) | | 0.44 | | 0.14 | 0.92 | |
| Weighted average shares used in calculating net (loss)/income per common share | | | | | | | |
| Basic | 202,627,554 | | 184,629,323 | | 201,963,823 | 190,420,468 | |
| Diluted | 202,627,554 | | 186,620,660 | | 205,222,753 | 192,925,293 | |
| | |||||||
| Note1: Share-based compensation expenses are included in the operating costs and expenses as follows: | |||||||
| | |||||||
| | For the Three Months | | For the Fiscal Year | ||||
| | Ended February 28, | | Ended February 28, | ||||
| | 2025 | | 2026 | | 2025 | | 2026 |
| Cost of revenues | $ 963 | | $ 362 | | $ 6,389 | | $ 1,874 |
| Selling and marketing expenses | 3,691 | | 2,386 | | 16,101 | | 10,839 |
| General and administrative expenses | 9,669 | | 7,003 | | 42,449 | | 30,380 |
| Total | $ 14,323 | | $ 9,751 | | $ 64,939 | | $ 43,093 |
| | |||||||
| Note 2: GAAP and non-GAAP general and administrative expenses include government subsidies, which were separately presented in our historical financial statements. This reclassification has been made to conform to the presentation for the current period, and such reclassification had no impact on the Group's previously reported (loss)/income from operations, net (loss)/income, shareholders' equity, or cash flows. | |||||||
| | |||||||
| Note 3: Three ADSs represent one Class A common share. | |||||||
| TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (In thousands of U.S. dollars) | |||||||
| | |||||||
| | For the Three Months Ended February 28, | | For the Fiscal Year Ended February 28, | ||||
| | 2025 | | 2026 | | 2025 | | 2026 |
| Net (loss)/income | $ (7,400) | | $ 244,390 | | $ 84,260 | | $ 530,138 |
| Other comprehensive (loss)/income, net of tax | (13,376) | | 39,844 | | (17,724) | | 77,569 |
| Comprehensive (loss)/income | (20,776) | | 284,234 | | 66,536 | | 607,707 |
| Add: Comprehensive loss attributable to non-controlling interests | 44 | | 387 | | 69 | | 582 |
| Comprehensive (loss)/income attributable to TAL Education Group | $ (20,732) | | $ 284,621 | | $ 66,605 | | $ 608,289 |
| TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) | |||||||
| | |||||||
| | For the Three Months Ended February 28, | | For the Fiscal Year Ended February 28, | ||||
| | 2025 | | 2026 | | 2025 | | 2026 |
| Net cash (used in)/provided by operating activities | $ (226,332) | | $ (214,965) | | $ 397,923 | | $ 601,467 |
| Net cash used in investing activities | (314,289) | | (475,945) | | (847,028) | | (175,746) |
| Net cash used in financing activities | (55,104) | | (18,937) | | (13,167) | | (643,512) |
| Effect of exchange rate changes | (998) | | 10,284 | | (3,473) | | 12,098 |
| Net decrease in cash, cash equivalents and restricted cash | (596,723) | | (699,563) | | (465,745) | | (205,693) |
| Cash, cash equivalents and restricted cash at the beginning of period | 2,588,454 | | 2,485,601 | | 2,457,476 | | 1,991,731 |
| Cash, cash equivalents and restricted cash at the end of period | $ 1,991,731 | | $ 1,786,038 | | $ 1,991,731 | | $ 1,786,038 |
| TAL EDUCATION GROUP Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures (In thousands of U.S. dollars, except share, ADS, per share and per ADS data) | |||||||
| | |||||||
| | For the Three Months Ended February 28, | | For the Fiscal Year Ended February 28, | ||||
| | 2025 | | 2026 | | 2025 | | 2026 |
| | | | | | | | |
| Cost of revenues | $ 292,646 | | $ 375,158 | | $ 1,049,975 | | $ 1,343,430 |
| Share-based compensation expenses in cost of revenues | 963 | | 362 | | 6,389 | | 1,874 |
| Non-GAAP cost of revenues | 291,683 | | 374,796 | | 1,043,586 | | 1,341,556 |
| | | | | | | | |
| Selling and marketing expenses | 217,981 | | 220,931 | | 748,750 | | 889,053 |
| Share-based compensation expenses in selling and marketing expenses | 3,691 | | 2,386 | | 16,101 | | 10,839 |
| Non-GAAP selling and marketing expenses | 214,290 | | 218,545 | | 732,649 | | 878,214 |
| | | | | | | | |
| General and administrative expenses(note 2) | 115,627 | | 133,827 | | 454,663 | | 500,386 |
| Share-based compensation expenses in general and administrative expenses | 9,669 | | 7,003 | | 42,449 | | 30,380 |
| Non-GAAP general and administrative expenses(note 2) | 105,958 | | 126,824 | | 412,214 | | 470,006 |
| | | | | | | | |
| Operating costs and expenses | 626,254 | | 729,916 | | 2,253,388 | | 2,732,869 |
| Share-based compensation expenses in operating costs and expenses | 14,323 | | 9,751 | | 64,939 | | 43,093 |
| Non-GAAP operating costs and expenses | 611,931 | | 720,165 | | 2,188,449 | | 2,689,776 |
| | | | | | | | |
| (Loss)/income from operations | (16,015) | | 72,473 | | (3,155) | | 276,039 |
| Share-based compensation expenses | 14,323 | | 9,751 | | 64,939 | | 43,093 |
| Non-GAAP (loss)/income from operations | (1,692) | | 82,224 | | 61,784 | | 319,132 |
| | | | | | | | |
| Net (loss)/income attributable to TAL Education Group | (7,311) | | 244,790 | | 84,591 | | 530,751 |
| Share-based compensation expenses | 14,323 | | 9,751 | | 64,939 | | 43,093 |
| Non-GAAP net income attributable to TAL Education Group (note 4) | $ 7,012 | | $ 254,541 | | $ 149,530 | | $ 573,844 |
| | | | | | | | |
| Net (loss)/income per ADS | | | | | | | |
| Basic | $ (0.01) | | $ 0.44 | | $ 0.14 | | $ 0.93 |
| Diluted | (0.01) | | 0.44 | | 0.14 | | 0.92 |
| Non-GAAP net income per ADS | | | | | | | |
| Basic | $ 0.01 | | $ 0.46 | | $ 0.25 | | $ 1.00 |
| Diluted | 0.01 | | 0.45 | | 0.24 | | 0.99 |
| ADSs used in calculating net (loss)/income per ADS | | | | | | | |
| Basic | 607,882,662 | | 553,887,969 | | 605,891,469 | | 571,261,404 |
| Diluted | 607,882,662 | | 559,861,980 | | 615,668,259 | | 578,775,879 |
| ADSs used in calculating Non-GAAP net income per ADS | | | | | | | |
| Basic | 607,882,662 | | 553,887,969 | | 605,891,469 | | 571,261,404 |
| Diluted | 616,868,733 | | 559,861,980 | | 615,668,259 | | 578,775,879 |
| | | | | | | | |
| Note 4: The tax effect of share-based compensation expenses was immaterial in the fourth quarter and in fiscal year 2026. | |||||||
View original content:https://www.prnewswire.com/news-releases/tal-education-group-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-and-the-fiscal-year-2026-302751537.html
SOURCE TAL Education Group
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