TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2026, Declares Cash Dividend and Issues Notice of Annual General Meeting
BEIJING, Oct. 29, 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 second quarter of fiscal year 2027 ended August 31, 2026 and issued notice of Annual General Meeting.
Highlights for the Second Quarter of Fiscal Year 2027
Highlights for the Six Months Ended August 31, 2026
Financial Data——Second Quarter and First Six Months of Fiscal Year 2027
(In US$ thousands, except per ADS data and percentages)
Three Months Ended
August 31,
2025
2026
Pct. Change
Net revenues
861,353
994,648
15.5 %
Income from operations
96,097
235,861
145.4 %
Non-GAAP income from operations
107,849
247,692
129.7 %
Net income/(loss) attributable to TAL
124,084
(47,438)
(138.2 %)
Non-GAAP net income/(loss) attributable to TAL
135,836
(35,607)
(126.2 %)
Net income/(loss) per ADS attributable to TAL –
basic
0.22
(0.09)
(139.5 %)
Net income/(loss) per ADS attributable to TAL –
diluted
0.21
(0.09)
(140.0 %)
Non-GAAP net income/(loss) per ADS attributable
to TAL – basic
0.24
(0.06)
(127.1 %)
Non-GAAP net income/(loss) per ADS attributable
to TAL – diluted
0.24
(0.06)
(127.4 %)
Six Months Ended
August 31,
2025
2026
Pct. Change
Net revenues
1,436,352
1,753,025
22.0 %
Income from operations
110,443
373,065
237.8 %
Non-GAAP income from operations
132,958
396,434
198.2 %
Net income attributable to TAL
155,366
360,569
132.1 %
Non-GAAP net income attributable to TAL
177,881
383,938
115.8 %
Net income per ADS attributable to TAL – basic
0.26
0.65
146.9 %
Net income per ADS attributable to TAL – diluted
0.26
0.65
147.9 %
Non-GAAP net income per ADS attributable to
TAL – basic
0.30
0.69
129.6 %
Non-GAAP net income per ADS attributable to
TAL – diluted
0.30
0.69
130.6 %
"In the second quarter of fiscal year 2027, we delivered steady revenue growth and continued to improve operational efficiency," said Alex Peng, TAL's President and Chief Financial Officer. "Our focus remains on strengthening our core businesses and delivering better learning experiences for students."
Mr. Peng added, "Looking ahead, we will continue to combine our educational expertise with technology to better serve students and create long-term value."
Financial Results for the Second Quarter of Fiscal Year 2027
Net Revenues
In the second quarter of fiscal year 2027, TAL reported net revenues of US$994.6 million, representing a 15.5% increase from US$861.4 million in the second quarter of fiscal year 2026.
Operating Costs and Expenses
In the second quarter of fiscal year 2027, operating costs and expenses were US$758.8 million, representing a 0.8% decrease from US$765.3 million in the second quarter of fiscal year 2026. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$747.0 million, representing a 0.9% decrease from US$753.5 million in the second quarter of fiscal year 2026.
Cost of revenues increased by 8.0% to US$400.0 million from US$370.3 million in the second quarter of fiscal year 2026. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 8.0% to US$399.5 million, from US$369.8 million in the second quarter of fiscal year 2026.
Selling and marketing expenses decreased by 15.3% to US$226.4 million from US$267.3 million in the second quarter of fiscal year 2026. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 15.6% to US$223.3 million, from US$264.4 million in the second quarter of fiscal year 2026.
General and administrative expenses increased by 3.7% to US$132.4 million from US$127.6 million in the second quarter of fiscal year 2026. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 4.1% to US$124.2 million, from US$119.3 million in the second quarter of fiscal year 2026.
Total share-based compensation expenses allocated to the related operating costs and expenses increased by 0.7% to US$11.8 million in the second quarter of fiscal year 2027 from US$11.8 million in the same period of fiscal year 2026.
Gross Profit
Gross profit increased by 21.1% to US$594.6 million from US$491.0 million in the second quarter of fiscal year 2026. The gross margin for the second quarter of fiscal year 2027 was 59.8%, compared to 57.0% in the same period of the prior year.
Income from Operations
Income from operations was US$235.9 million in the second quarter of fiscal year 2027, compared to income from operations of US$96.1 million in the second quarter of fiscal year 2026. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$247.7 million, compared to Non-GAAP income from operations of US$107.8 million in the same period of the prior year.
Other Income/(Expense)
Other expense was US$189.7 million for the second quarter of fiscal year 2027, compared to other income of US$67.1 million in the second quarter of fiscal year 2026. The change in other income/(expense) for the second quarter was mainly driven by fluctuations in the fair value of certain investments.
Income Tax Expense
Income tax expense was US$135.9 million in the second quarter of fiscal year 2027, compared to US$51.1 million of income tax expense in the second quarter of fiscal year 2026. The increase in income tax expense was mainly due to changes in deferred tax liabilities relating to withholding tax.
Net Income/(Loss) Attributable to TAL Education Group
Net loss attributable to TAL was US$47.4 million in the second quarter of fiscal year 2027, compared to net income attributable to TAL of US$124.1 million in the second quarter of fiscal year 2026. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$35.6 million, compared to Non-GAAP net income attributable to TAL of US$135.8 million in the second quarter of fiscal year 2026.
Basic and Diluted Net Income/(Loss) per ADS
Basic and diluted net loss per ADS were both US$0.09 in the second quarter of fiscal year 2027. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.06 in the second quarter of fiscal year 2027.
Cash Flow
Net cash used in operating activities for the second quarter of fiscal year 2027 was US$179.1 million.
Cash, Cash Equivalents, and Short-term Investments
As of August 31, 2026, the Company had US$1,952.6 million of cash and cash equivalents and US$795.9 million of short-term investments, compared to US$1,523.9 million of cash and cash equivalents and US$1,715.4 million of short-term investments as of February 28, 2026.
Deferred Revenue
As of August 31, 2026, the Company's deferred revenue balance was US$930.4 million, compared to US$882.2 million as of February 28, 2026.
Financial Results for the First Six Months of Fiscal Year 2027
Net Revenues
For the first six months of fiscal year 2027, TAL reported net revenues of US$1,753.0 million, representing a 22.0% increase from US$1,436.4 million in the first six months of fiscal year 2026.
Operating Costs and Expenses
In the first six months of fiscal year 2027, operating costs and expenses were US$1,380.0 million, representing a 4.1% increase from US$1,325.9 million in the first six months of fiscal year 2026. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,356.6 million, representing a 4.1% increase from US$1,303.4 million in the first six months of fiscal year 2026.
Cost of revenues increased by 14.3% to US$720.2 million from US$629.9 million in the first six months of fiscal year 2026. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 14.4% to US$719.2 million from US$628.8 million in the first six months of fiscal year 2026.
Selling and marketing expenses decreased by 11.1% to US$398.4 million from US$448.1 million in the first six months of fiscal year 2026. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 11.2% to US$392.6 million from US$442.1 million in the first six months of fiscal year 2026.
General and administrative expenses increased by 5.4% to US$261.3 million from US$247.9 million in the first six months of fiscal year 2026. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 5.3% to US$244.9 million from US$232.5 million in the first six months of fiscal year 2026.
Total share-based compensation expenses allocated to the related operating costs and expenses increased by 3.8% to US$23.4 million in the first six months of fiscal year 2027 from US$22.5 million in the same period of fiscal year 2026.
Gross Profit
Gross profit increased by 28.1% to US$1,032.8 million from US$806.4 million in the first six months of fiscal year 2026. The gross margin for the first six months of fiscal year 2027 was 58.9%, compared to 56.1% in the same period of the prior year.
Income from Operations
Income from operations was US$373.1 million in the first six months of fiscal year 2027, compared to income from operations of US$110.4 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$396.4 million, compared to US$133.0 million Non-GAAP income from operations in the same period of the prior year.
Other Income/(Expense)
Other income was US$215.5 million in the first six months of fiscal year 2027, compared to other income of US$76.5 million in the same period of the prior year. The change in other income for the first six months was mainly driven by fluctuations in the fair value of certain investments.
Income Tax Expense
Income tax expense was US$279.6 million in the first six months of fiscal year 2027, compared to US$62.2 million for the first six months of fiscal year 2026. The increase in income tax expense was mainly due to changes in deferred tax liabilities relating to withholding tax.
Net Income/(Loss) Attributable to TAL Education Group
Net income attributable to TAL was US$360.6 million in the first six months of fiscal year 2027, compared to net income attributable to TAL of US$155.4 million in the first six months of fiscal year 2026. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$383.9 million, compared to US$177.9 million Non-GAAP net income attributable to TAL in the same period of the prior year.
Basic and Diluted Net Income per ADS
Basic and diluted net income per ADS were both US$0.65 in the first six months of fiscal year 2027. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.69 in the first six months of fiscal year 2027.
Cash Flow
Net cash provided by operating activities in the first six months of fiscal year 2027 was US$299.2 million.
Share Repurchase
The Company's board of directors (the "Board") has authorized to extend the Company's share repurchase program (the "Share Repurchase Program") initially launched in July 2025 by 12 months. Pursuant to the extended Share Repurchase Program, the Company may repurchase up to approximately US$393.7 million of its common shares through July 28, 2027. Between July 29, 2026 and October 23, 2026, the Company has repurchased 64,226 common shares at an aggregate consideration of approximately US$2.0 million.
Declaration of Cash Dividend
The Company's board of directors has considered and approved the declaration and payment of a cash dividend to our shareholders out of the Company's cash balances in an amount of US$0.3 per common share (US$0.1 per ADS), representing an aggregate dividend payment of approximately US$55.2 million to all shareholders of the Company.
The cash dividend will be paid on or about December 18, 2026 to the Company's shareholders of record as of the close of business on December 1, 2026.
TAL to Hold Annual General Meeting on November 27, 2026
The Company announced that it will hold its annual general meeting of shareholders (the "AGM") at TAL Building No.1, Courtyard No. 9, Qixin Middle Street, Changping District, Beijing, China, on November 27, 2026 at 3:00PM (Beijing time). No proposal will be submitted to shareholders for approval at the AGM. Instead, the AGM will serve as an open forum for shareholders and beneficial owners of the Company's ADSs to discuss Company's affairs with management.
The Company's board of directors has fixed the close of business on November 9, 2026 (Eastern Standard Time) as the record date (the "Record Date"). Holders of record of the Company's common shares at the close of business on the Record Date are entitled to notice of the AGM and any adjournment or postponement thereof. Beneficial owners of the Company's ADSs are welcome to attend the AGM in person.
The notice of the AGM is available on the Investor Relations section of the Company's website at https://ir.tal.com/. The Company has filed its annual report on Form 20-F (the "Annual Report"), which includes the Company's audited financial statements for the fiscal year ended February 28, 2026, with the U.S. Securities and Exchange Commission (the "SEC"). The Company's Annual Report can be accessed on the Investor Relations section of its website at https://ir.tal.com , as well as on the SEC's website at http://www.sec.gov .
Conference Call
The Company will host a conference call and live webcast to discuss its financial results for the second quarter of fiscal year 2027 ended August 31, 2026 at 8:00 a.m. Eastern Time on October 29, 2026 (8:00 p.m. Beijing time on October 29, 2026).
Please note that you will need to pre-register for conference call participation at
https://dpregister.com/sreg/10212718/1051b87d48e.
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: [email protected]
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As of
February 28,
2026
As of
August 31,
2026
ASSETS
Current assets
Cash and cash equivalents
$ 1,523,879
$ 1,952,620
Restricted cash, current
227,551
221,561
Short-term investments
1,715,446
795,947
Inventories, net
143,326
254,280
Amounts due from related parties, current
46
25
Prepaid expenses and other current assets
232,870
313,187
Total current assets
3,843,118
3,537,620
Restricted cash, non-current
34,608
32,218
Property and equipment, net
500,710
499,700
Deferred tax assets
3,170
3,513
Rental deposits
28,058
30,404
Intangible assets, net
45,975
43,890
Goodwill
45,545
45,545
Land use rights, net
189,779
191,402
Amounts due from related parties, non-current
134
182
Long-term investments
828,249
1,803,390
Long-term prepayments and other non-current assets
37,216
90,443
Operating lease right-of-use assets
379,727
379,417
Total assets
$ 5,936,289
$ 6,657,724
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$ 152,513
$ 141,754
Deferred revenue, current
832,839
883,234
Amounts due to related parties, current
97
96
Accrued expenses and other current liabilities
672,344
751,095
Operating lease liabilities, current
109,393
120,655
Short-term debt
-
29,763
Total current liabilities
1,767,186
1,926,597
Deferred revenue, non-current
49,353
47,167
Deferred tax liabilities
67,981
245,162
Operating lease liabilities, non-current
278,083
266,464
Total liabilities
2,162,603
2,485,390
Equity
Class A common shares
156
141
Class B common shares
49
49
Treasury stock
(20)
(6)
Additional paid-in capital
3,694,418
3,679,256
Statutory reserve
216,638
212,517
(Accumulated deficit)/retained earnings
(130,428)
234,262
Accumulated other comprehensive (loss)/income
(6,376)
47,044
Total TAL Education Group's equity
3,774,437
4,173,263
Non-controlling interests
(751)
(929)
Total equity
3,773,686
4,172,334
Total liabilities and equity
$ 5,936,289
$ 6,657,724
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
August 31,
For the Six Months Ended
August 31,
2025
2026
2025
2026
Net revenues
$ 861,353
$ 994,648
$ 1,436,352
$ 1,753,025
Cost of revenues (note 1)
370,340
400,005
629,911
720,183
Gross profit
491,013
594,643
806,441
1,032,842
Operating expenses (note 1)
Selling and marketing
267,286
226,407
448,059
398,434
General and administrative (note 2)
127,630
132,375
247,939
261,343
Total operating expenses
394,916
358,782
695,998
659,777
Income from operations
96,097
235,861
110,443
373,065
Interest income, net
14,161
8,156
32,883
18,061
Other income/(expense)
67,076
(189,683)
76,548
215,530
Impairment loss on long-term
investments
(1,410)
-
(1,410)
-
Income before income tax expense and
(loss)/income from equity method
investments
175,924
54,334
218,464
606,656
Income tax expense
(51,080)
(135,895)
(62,158)
(279,553)
(Loss)/income from equity method
investments
(819)
34,026
(1,074)
33,287
Net income/(loss)
124,025
(47,535)
155,232
360,390
Add: Net loss attributable to non-
controlling interests
59
97
134
179
Total net income/(loss) attributable to
TAL Education Group
$ 124,084
$ (47,438)
$ 155,366
$ 360,569
Net income/(loss) per common share
Basic
$ 0.65
$ (0.26)
$ 0.79
$ 1.96
Diluted
0.64
(0.26)
0.78
1.94
Net income/(loss) per ADS (note 3)
Basic
$ 0.22
$ (0.09)
$ 0.26
$ 0.65
Diluted
0.21
(0.09)
0.26
0.65
Weighted average shares used in
calculating net income/(loss) per
common share
Basic
189,830,408
183,951,220
195,905,541
184,173,570
Diluted
192,494,611
183,951,220
198,687,649
186,010,217
Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:
For the Three Months Ended
For the Six Months Ended
August 31,
August 31,
2025
2026
2025
2026
Cost of revenues
$ 503
$ 512
$ 1,125
$ 1,012
Selling and marketing expenses
2,905
3,150
5,976
5,877
General and administrative expenses
8,344
8,169
15,414
16,480
Total
$ 11,752
$ 11,831
$ 22,515
$ 23,369
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 income from operations, net income/(loss), shareholders' equity, or cash flows.
Note 3: Three ADSs represent one Class A common share.
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
(In thousands of U.S. dollars)
For the Three Months Ended
August 31,
For the Six Months Ended
August 31,
2025
2026
2025
2026
Net income/(loss)
$ 124,025
$ (47,535)
$ 155,232
$ 360,390
Other comprehensive income,
net of tax
11,355
27,141
27,342
53,421
Comprehensive income/(loss)
135,380
(20,394)
182,574
413,811
Add: Comprehensive loss
attributable to non-
controlling interests
53
97
120
178
Comprehensive income/(loss)
attributable to TAL
Education Group
$ 135,433
$ (20,297)
$ 182,694
$ 413,989
TAL EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S. dollars)
For the Three Months Ended
August 31,
For the Six Months Ended
August 31,
2025
2026
2025
2026
Net cash (used in)/provided by
operating activities
$ (58,095)
$ (179,068)
$ 289,690
$ 299,168
Net cash provided by investing
activities
563,331
306,192
36,022
122,083
Net cash (used in)/provided by
financing activities
(281,885)
131,895
(535,989)
(8,769)
Effect of exchange rate
changes
(328)
(275)
(45)
7,879
Net increase/(decrease) in
cash, cash equivalents and
restricted cash
223,023
258,744
(210,322)
420,361
Cash, cash equivalents and
restricted cash at the
beginning of period
$ 1,558,386
$ 1,947,655
$ 1,991,731
$ 1,786,038
Cash, cash equivalents and
restricted cash at the end
of period
$ 1,781,409
$ 2,206,399
$ 1,781,409
$ 2,206,399
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
August 31,
For the Six Months Ended
August 31,
2025
2026
2025
2026
Cost of revenues
$ 370,340
$ 400,005
$ 629,911
$ 720,183
Share-based compensation expenses in
cost of revenues
503
512
1,125
1,012
Non-GAAP cost of revenues
369,837
399,493
628,786
719,171
Selling and marketing expenses
267,286
226,407
448,059
398,434
Share-based compensation expenses in
selling and marketing expenses
2,905
3,150
5,976
5,877
Non-GAAP selling and marketing
expenses
264,381
223,257
442,083
392,557
General and administrative expenses
(note 2)
127,630
132,375
247,939
261,343
Share-based compensation expenses in
general and administrative expenses
8,344
8,169
15,414
16,480
Non-GAAP general and
administrative expenses (note 2)
119,286
124,206
232,525
244,863
Operating costs and expenses
765,256
758,787
1,325,909
1,379,960
Share-based compensation expenses in
operating costs and expenses
11,752
11,831
22,515
23,369
Non-GAAP operating costs and
expenses
753,504
746,956
1,303,394
1,356,591
Income from operations
96,097
235,861
110,443
373,065
Share based compensation expenses
11,752
11,831
22,515
23,369
Non-GAAP income from operations
107,849
247,692
132,958
396,434
Net income/(loss) attributable to TAL
Education Group
124,084
(47,438)
155,366
360,569
Share based compensation expenses
11,752
11,831
22,515
23,369
Non-GAAP net income/(loss)
attributable to TAL Education Group
(note 4)
$ 135,836
$ (35,607)
$ 177,881
$ 383,938
Net income/(loss) per ADS
Basic
$ 0.22
$ (0.09)
$ 0.26
$ 0.65
Diluted
0.21
(0.09)
0.26
0.65
Non-GAAP net income/(loss) per
ADS
Basic
$ 0.24
$ (0.06)
$ 0.30
$ 0.69
Diluted
0.24
(0.06)
0.30
0.69
ADSs used in calculating net
income/(loss) per ADS
Basic
569,491,224
551,853,660
587,716,623
552,520,710
Diluted
577,483,833
551,853,660
596,062,947
558,030,651
ADSs used in calculating Non-
GAAP net income/(loss) per ADS
Basic
569,491,224
551,853,660
587,716,623
552,520,710
Diluted
577,483,833
551,853,660
596,062,947
558,030,651
Note 4: The tax effect of share-based compensation expenses was immaterial in the second quarter and in the first
six months of fiscal year 2027.
SOURCE TAL Education Group