TAL Education Group financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TAL Education Group files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,043	1,715	2,563	3,273	4,496	4,391	1,020	1,490	2,250	3,009
Cost of revenue	522	882	1,164	1,469	2,049	2,203	436	684	1,050	1,343
Gross profit	521	833	1,399	1,805	2,447	2,188	583	806	1,200	1,665
Selling and marketing	126	242	484	853	1,680	1,118	283	462	749	889
General and administrative	263	386	580	795	1,117	1,200	414	414	455	500
Operating expenses	389	629	1,064	1,677	2,905	2,823	697	875	1,203	1,389
Operating income	135	209	342	137	-438	-615	-90.7	-69.2	-3.16	276
Interest expense	13.1	16.6	17.6	11.8	16.9	7.87
Other non-operating income	23.1	17.4	132	-95.3	142	17	-82.4	48.8	64.7	390
Pre-tax income	155	247	457	-50.7	-225	-778	-110	17.5	132	685
Income tax	34.1	44.7	76.5	69.3	-69.9	397	20	15.4	38.3	154
Net income to minority interests	-4.39	-3.78	-2.72	-17.5	-27.1	-28.2	3.63	-0.57	-0.33	-0.61
Net income	117	198	367	-110	-116	-1,136	-136	-3.57	84.6	531
EBITDA	164	260	418	237	-301	-443	-55.4	-45.5	42.6	345
EPS, basic	0.72	1.13	1.93	-0.56	-0.57	-5.29	-0.64	-0.02	0.42	2.79
EPS, diluted	0.66	1.03	1.83	-0.56	-0.57	-5.29	-0.64	-0.02	0.41	2.75
Shares, basic (weighted)	163	175	190	198	204	215	213	203	202	190
Shares, diluted (weighted)	189	194	200	198	204	215	213	203	205	193

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	470	712	1,247	1,874	3,243	1,638	2,022	2,209	1,771	1,524
Short-term investments	229	787	268	345	2,695	1,071	1,150	1,095	1,847	1,715
Receivables		16.5	50.2	42.7	25.9	25.6	44.8	52.7	94.2	71.6
Inventory	2.82	5.27	7.75	25.8	38.7	21.8	39	68.3	105	143
Other current assets	4.4	3.85	5.69	4.55	11.4	8.07	8.62	9.25	12.3	19.2
Total current assets	871	1,662	1,746	2,496	8,157	3,629	3,468	3,699	4,127	3,843
Property, plant and equipment	154	247	288	367	511	281	289	405	472	501
Lease right-of-use assets				1,244	1,546	227	149	231	329	380
Goodwill	267	291	414	379	454			0.16	0.16	45.5
Intangible assets	38	43.5	74.8	59	66	1.7	0.49	1.99	0.39	46
Long-term investments	348	598	851	572	668	414	453	284	305	828
Other non-current assets	7.79	9.65	16.4	11.7	18	4.85	5.2
Total assets	1,829	3,055	3,735	5,571	12,112	5,083	4,724	4,928	5,503	5,936
Accounts payable	22.6	57.6	106	118	354	89.8	60	127	146	153
Accrued liabilities			365	553	911	559	447	492	582	672
Deferred revenue	504	824	434	780	1,387	188	235	400	624	833
Short-term debt		0	210		270
Total current liabilities	667	1,133	1,184	1,807	3,374	903	784	1,082	1,441	1,767
Long-term debt	225	11.1		262
Lease liabilities				950	1,194	176	116	177	245	278
Other non-current liabilities	0	6.34	0.47
Total liabilities	1,148	1,414	1,205	3,027	6,908	1,080	903	1,289	1,737	2,163
Total debt	225	225	0	262	270
Paid-in capital	142	885	1,486	1,676	4,369	4,358	4,401	4,257	4,295	3,694
Retained earnings	418	565	920	786	625	-544	-686	-694	-624	-130
Treasury stock							-0.01			-0.02
Other comprehensive income	55.9	132	17	-28.9	86.3	61.6	-30.7	-65.9	-83.9	-6.38
Shareholders' equity	644	1,621	2,484	2,516	5,202	4,030	3,845	3,662	3,767	3,774
Minority interests	36.6	19.7	46.7	28.5	0.95	-27.9	-23.7	-23.3	-0.17	-0.75
Total equity	681	1,640	2,530	2,544	5,203	4,002	3,821	3,639	3,766	3,774
Total liabilities and equity	1,829	3,055	3,735	5,571	12,112	5,083	4,724	4,928	5,503	5,936

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	112	195	365	-128	-143	-1,164	-132	-4.14	84.3	530
Depreciation and amortization	28.9	50.9	76.7	99.5	137	171	35.3	23.7	45.8	68.6
Stock-based compensation	36.1	47.2	77.3	118	205	175	109	88.9	64.9	43.1
Deferred income tax	-3.66	-4.31	-18.2					1.14	1.36	64.9
Change in inventory	-2.22	-2.5	-2.37	-18.3	-17	5.12	-20.4	-34.8	-54.1	-89.2
Change in payables	5.36	31	49.3	0.69	229	-253	-2.93	24.4	18.2	23.5
Cash from operations	379	685	194	856	955	-939	7.36	306	398	601
Capital expenditures	-71.1	-126	-138	-178	-245	-246	-110	-113	-112	-93.2
Acquisitions	-27.2	-14	-66.9	-7.03	-11.9		-0.25		0.08	-95.5
Purchases of investments	-314	-1,197	-581	-547	-2,535	-1,345	-1,667	-671	-2,083	-1,957
Cash from investing	-515	-833	-167	-339	-2,641	1,369	-302	95.1	-847	-176
Debt issued	238	0
Debt repaid	-25	0	-205	-209	-3.52	-270			-55.4
Stock issued	1.67	2.13	0.71	2.49	8.18	1.37	0.18	0.46	0.41	0.57
Share buybacks					-9.85	-196	-66.4	-234	-13.1	-644
Dividends paid	0	-41.2	0
Cash from financing	179	428	475	131	4,795	-2,767	-66.2	-233	-13.2	-644
Exchange rate effect	-3.41	-31.8	33.2	3.22	-5.28	0.95
Net change in cash	36.2	249	536	651	3,103	-2,336	-387	163	-466	-206
Free cash flow	308	559	56	678	710	-1,185	-103	193	286	508
Interest paid	7.33	13.8	12.6	6.71	8.38	9.43
Income taxes paid	36.6	71	61.8	122	159	118	5.57	2.48	18.9	72.4

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $12.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.4%	Gross profit / revenue.
Operating margin	9.2%	Operating income / revenue.
EBITDA margin	11.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.8%	Pre-tax income / revenue.
Net margin	17.6%	Net income / revenue.
FCF margin	16.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.0%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.3%	Net income / average total assets.
Return on invested capital (ROIC)	10.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	33.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	43.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	38.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	41.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-7.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	708.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	527.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	570.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	51.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	334.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	77.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-13.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.17x	Current assets / current liabilities.
Quick ratio	1.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.83x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	36.4%	Total liabilities / total assets.
Working capital	$2.08B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	6.18x	Revenue / average property, plant and equipment.
Inventory turnover	10.8x	Cost of revenue / average inventory.
Days inventory	34 days	365 x average inventory / cost of revenue.
Receivables turnover	36.3x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	3 days	Days inventory + days sales outstanding - days payables.
FCF conversion	95.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.79	Net income per basic share, as reported (split-adjusted).
Revenue per share	$15.60	Revenue / diluted weighted shares.
FCF per share	$2.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.12	Cash from operations / diluted weighted shares.
Book value per share	$19.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.09	Tangible book value / shares outstanding.
Cash per share	$16.79	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	126.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.66B	Share price x shares outstanding.
Enterprise value	$3.42B	Market cap + total debt - cash - short-term investments.
P/E	12.5x	Market cap / net income. Only when net income is positive.
P/S	2.21x	Market cap / revenue.
P/B	1.76x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.81x	Market cap / tangible book value, when positive.
P/FCF	13.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.1x	Market cap / cash from operations, when positive.
EV/Sales	1.14x	Enterprise value / revenue.
EV/EBIT	12.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.91x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.72x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.7%	(Dividends paid + share buybacks) / market cap.

What was TAL Education Group's revenue in fiscal 2026?

TAL Education Group reported revenue of $3.01B for fiscal 2026, 33.7% higher than the year before.

Was TAL Education Group profitable in fiscal 2026?

Yes. Net income was $530.8M, a net margin of 17.6%.

How much free cash flow did TAL Education Group generate in fiscal 2026?

Cash from operations of $601.5M minus capital expenditures of $93.2M left free cash flow of $508.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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