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
- Net revenues were US$802.4 million, compared to net revenues of US$610.2 million in the same period of the prior year.
- Income from operations was US$72.5 million, compared to loss from operations of US$16.0 million in the same period of the prior year.
- 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.
- Net income attributable to TAL was US$244.8 million, compared to net loss attributable to TAL of US$7.3 million in the same period of the prior year.
- 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 same period of the prior year.
- Basic and diluted net income per American Depositary Share ("ADS") were both US$0.44. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.46 and US$0.45, respectively. Three ADSs represent one Class A common share.
- Cash, cash equivalents and short-term investments totaled US$3,239.3 million as of February 28, 2026, compared to US$3,618.4 million as of February 28, 2025.
Highlights for the Fiscal Year Ended February 28, 2026
- Net revenues were US$3,008.9 million, compared to net revenues of US$2,250.2 million in the prior year.
- Income from operations was US$276.0 million, 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 non-GAAP income from operations of US$61.8 million in the prior year.
- Net income attributable to TAL was US$530.8 million, compared to net income attributable to TAL of US$84.6 million in the prior year.
- Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$573.8 million, compared to non-GAAP net income attributable to TAL of US$149.5 million in the prior year.
- Basic and diluted net income per ADS were US$0.93 and US$0.92, respectively. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$1.00 and US$0.99, respectively.
Financial Data----Fourth Quarter and Fiscal Year 2026
(In US$ 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 toTAL 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 As of
February February
28, 28,
2025 2026
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
For the Fiscal Year Ended
February 28,
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 (4,241) (41,404) (12,933) (42,814)
investments
Income before income tax expense and 11,766 320,902 132,111 685,410
(loss)/income from equity method
investments
Income tax expense (13,972) (76,952) (38,320) (154,417)
(Loss)/income from equity method (5,194) 440 (9,531) (855)
investments
Net (loss)/income $(7,400) $244,390 $84,260 $530,138
Add: Net loss attributable to 89 400 331 613
non-controlling interests
Total net (loss)/income attributable $(7,311) $244,790 $84,591 $530,751
to TAL Education Group
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 For the Fiscal Year
Ended Ended
February 28, February 28,
2025 2026 2025 2026
Net (loss)/income $(7,400) $244,390 $84,260 $530,138
Other comprehensive (13,376) 39,844 (17,724) 77,569
(loss)/income, net of tax
Comprehensive (loss)/income (20,776) 284,234 66,536 607,707
Add: Comprehensive loss 44 387 69 582
attributable to non-controlling
interests
Comprehensive (loss)/income $(20,732) $284,621 $66,605 $608,289
attributable to TAL
Education Group
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S. dollars)
For the Three Months For the Fiscal Year
Ended Ended
February 28, February 28,
2025 2026 2025 2026
Net cash (used in)/provided by $(226,332) $(214,965) $397,923 $601,467
operating activities
Net cash used in investing (314,289) (475,945) (847,028) (175,746)
activities
Net cash used in financing (55,104) (18,937) (13,167) (643,512)
activities
Effect of exchange rate (998) 10,284 (3,473) 12,098
changes
Net decrease in cash, cash (596,723) (699,563) (465,745) (205,693)
equivalents and restricted
cash
Cash, cash equivalents and 2,588,454 2,485,601 2,457,476 1,991,731
restricted cash at the
beginning of period
Cash, cash equivalents and $1,991,731 $1,786,038 $1,991,731 $1,786,038
restricted cash at the end
of period
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 For the Fiscal Year Ended
February 28, February 28,
2025 2026 2025 2026
Cost of revenues $292,646 $375,158 $1,049,975 $1,343,430
Share-based compensation expenses in 963 362 6,389 1,874
cost of revenues
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 3,691 2,386 16,101 10,839
selling and marketing expenses
Non-GAAP selling and marketing 214,290 218,545 732,649 878,214
expenses
General and administrative 115,627 133,827 454,663 500,386
expenses(note 2)
Share-based compensation expenses in 9,669 7,003 42,449 30,380
general and administrative expenses
Non-GAAP general and 105,958 126,824 412,214 470,006
administrative expenses(note 2)
Operating costs and expenses 626,254 729,916 2,253,388 2,732,869
Share-based compensation expenses in 14,323 9,751 64,939 43,093
operating costs and expenses
Non-GAAP operating costs and 611,931 720,165 2,188,449 2,689,776
expenses
(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 (1,692) 82,224 61,784 319,132
operations
Net (loss)/income attributable to (7,311) 244,790 84,591 530,751
TAL Education Group
Share-based compensation expenses 14,323 9,751 64,939 43,093
Non-GAAP net income attributable $7,012 $254,541 $149,530 $573,844
to TAL Education Group (note 4)
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.
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SOURCE TAL Education Group
