New Oriental Education & Technology Group (“New Oriental”) reported a robust conclusion to its fiscal year ended 31 May 2026, converting the prior-year’s fourth-quarter operating loss into profit and delivering double-digit topline expansion.

Fourth-quarter performance • Net revenue rose 23.0% year on year to US $1.53 billion, buoyed by a 24.8% surge from new education initiatives, 29.1% growth in adult and university test-prep, and a 3.6% uptick in overseas test-prep and consulting. • Operating income reached US $85.80 million, versus a loss of US $8.67 million a year earlier; operating margin improved to 5.6%. • Non-GAAP operating income advanced 34.7% to US $110.01 million, lifting the non-GAAP margin to 7.2%. • Net income attributable to shareholders jumped 775.8% to US $62.18 million; basic EPS stood at US $0.04 per share (US $0.40 per ADS). • Cash from operations amounted to US $518.75 million, while capital expenditure totaled US $99.00 million.

Full-year FY2026 results • Net revenue grew 15.5% to US $5.66 billion. • Operating income climbed 50.2% to US $643.25 million, raising operating margin to 11.4%. • Non-GAAP operating income increased 33.1% to US $737.57 million; the corresponding margin widened to 13.0%. • Net income attributable to shareholders improved 27.8% to US $475.17 million, equal to basic EPS of US $0.30 per share (US $3.01 per ADS). • Non-GAAP net income reached US $571.11 million, up 10.5%.

Balance-sheet highlights (31 May 2026) • Cash and cash equivalents: US $1.82 billion. • Term deposits: US $1.37 billion. • Short-term investments: US $2.37 billion. • Deferred revenue: US $2.24 billion, a 14.8% increase from the prior year.

Operational progress • Non-academic tutoring courses expanded to about 60 cities, enrolling roughly 1.07 million students. • The intelligent learning system reached approximately 326,000 active paid users across 60 cities. • Newly launched “New Oriental Home” customer-service platform served more than 950,000 families in 69 cities, aiming to enhance cross-selling and lower acquisition costs.

Capital return initiatives For FY2026, the board declared an ordinary dividend of US $0.12 per common share (US $1.20 per ADS) and authorised a US $300 million share-repurchase plan, of which US $274.0 million had been executed by 28 July 2026.

For FY2027, directors approved a cash dividend of approximately US $300 million to be paid in two tranches (December 2026 and June 2027) and sanctioned a new buy-back authorisation of up to US $200 million over the next 12 months.

Outlook Management projects FY2027 revenue between US $6.45 billion and US $6.68 billion, representing year-on-year growth of 14%–18%, subject to currency movements.