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New Oriental Announces Results for the Third Fiscal Quarter Ended February 28, 2026
BEIJING, April 22, 2026 /PRNewswire/ -- New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the third fiscal quarter ended February 28, 2026, which is the third quarter of New Oriental's fiscal year 2026. Financial Highlights for the Third Fiscal Quarter Ended February 28, 2026 - Total net revenues increased by 19.8% year over year to US$1,417.3 million for the third fiscal quarter of 2026.
- Operating income increased by 44.8% year over year to US$180.3 million for the third fiscal quarter of 2026.
- Net income attributable to New Oriental increased by 45.3% year over year to US$126.8 million for the third fiscal quarter of 2026.
Key Financial Results (in thousands US$, except per ADS(1) data) | 3Q FY2026 | 3Q FY2025 | % of
change | Net revenues | 1,417,341 | 1,183,055 | 19.8 % | Operating income | 180,320 | 124,519 | 44.8 % | Non-GAAP operating income (2)(3) | 202,885 | 142,056 | 42.8 % | Net income attributable to New Oriental | 126,815 | 87,255 | 45.3 % | Non-GAAP net income attributable to New Oriental (2)(3) | 152,183 | 113,344 | 34.3 % | Net income per ADS attributable to New Oriental - basic | 0.80 | 0.54 | 48.7 % | Net income per ADS attributable to New Oriental - diluted | 0.79 | 0.54 | 47.7 % | Non-GAAP net income per ADS attributable to New Oriental - basic (2)(3)(4) | 0.97 | 0.70 | 37.4 % | Non-GAAP net income per ADS attributable to New Oriental - diluted (2)(3)(4) | 0.95 | 0.70 | 36.5 % |
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| (in thousands US$, except per ADS(1) data) | 9M FY2026 | 9M FY2025 | % of
change | Net revenues | 4,131,762 | 3,657,107 | 13.0 % | Operating income | 557,454 | 436,924 | 27.6 % | Non-GAAP operating income (2)(3) | 627,558 | 472,550 | 32.8 % | Net income attributable to New Oriental | 412,990 | 364,616 | 13.3 % | Non-GAAP net income attributable to New Oriental (2)(3) | 483,346 | 418,988 | 15.4 % | Net income per ADS attributable to New Oriental - basic | 2.61 | 2.24 | 16.5 % | Net income per ADS attributable to New Oriental - diluted | 2.58 | 2.22 | 16.0 % | Non-GAAP net income per ADS attributable to New Oriental - basic (2)(3)(4) | 3.05 | 2.57 | 18.7 % | Non-GAAP net income per ADS attributable to New Oriental - diluted (2)(3)(4) | 3.02 | 2.55 | 18.2 % | (1) Each ADS represents ten common shares. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE. | (2) GAAP represents Generally Accepted Accounting Principles in the United States of America. | (3) New Oriental provides non-GAAP financial measures on net income attributable to New Oriental, operating income and net income per ADS attributable to New Oriental that exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain) /loss from fair value change of investments, loss from equity method investments, impairment of long-term investments, impairment of goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments. For further details on these adjustments, please refer to the section titled "About Non-GAAP Financial Measures" and the tables captioned "Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end of this release. | (4) The Non-GAAP net income per ADS attributable to New Oriental is computed using Non-GAAP net income attributable to New Oriental and the same number of shares and ADSs used in GAAP basic and diluted EPS calculation. | Operating Highlights for the Third Fiscal Quarter Ended February 28, 2026 Michael Yu, New Oriental's Executive Chairman, commented, "We are pleased to share of continued acceleration in our revenue growth year over year in the third fiscal quarter of 2026. Revenues from overseas test preparation increased by approximately 7.4%. In addition, our domestic test preparation business targeting adults and university students grew by approximately 14.5% year over year, followed by a growth of 23.3% year over year for our new educational business initiatives. Our non-academic tutoring courses was rolled out in around 60 cities, attracting approximately 458,000 student enrollments this quarter. Concurrently, our intelligent learning system and devices were adopted in around 60 cities, with approximately 367,000 active paid users. We are sharpening our focus on our core education business, prioritizing enhancements of teaching standards and product quality. Simultaneously, we will optimize our cost structure and operational efficiency to drive high-quality, efficient, and sustainable growth. We have also established a comprehensive customer service system spanning all departments, which now serves over 330,000 families in 12 cities. This infrastructure strengthens customer loyalty and retention, unlocks cross-selling potential, maximizes customer lifetime value all while lowering both customer acquisition and marketing costs. We remain committed to enhancing our brand influence and creating long-term value for our customers and shareholders." Chenggang Zhou, New Oriental's Chief Executive Officer, added, "In this fiscal quarter, we continued to execute our strategy of disciplined capacity expansion, balancing revenue growth with operational efficiency. As part of our ongoing commitment, we further enhanced our OMO teaching system and deepened AI integration across our education ecosystem. This quarter, we made notable progress in embedding AI into existing educational offerings, refining AI‑powered products, and deploying AI to improve operational efficiency and support for our teaching staff. In addition, East Buy remains committed to offering premium products and exceptional services to Chinese families. We launched multiple live-streaming accounts on Douyin, creating a comprehensive multi-account matrix including East Buy Home, East Buy Fruit & Vegetables, East Buy Nutrition & Health, followed by other vertical channels. We also optimized live-streaming content and introduced innovative initiatives such as live streamer recruitment campaign and supplier conferences. East Buy will continue advancing private label development, membership ecosystem, offline expansion, and operational efficiency to drive sustainable long-term growth." Stephen Zhihui Yang, New Oriental's Executive President and Chief Financial Officer, commented, "We are encouraged by the continued year over year improvement in our Non-GAAP operating margin in this quarter. This was primarily driven by enhanced operational efficiency and improved utilization within our educational business. We recorded a quarterly Non-GAAP operating margin of 14.3%, up by 230 basis points compared to the same period last fiscal year. Looking ahead, we remain committed to executing the cost and efficiency initiatives already underway across key business lines. Targeted structural optimizations have enabled fixed cost reduction and driven greater operational efficiency, steadily elevating our operating profit margins and strengthening our foundation for sustainable, profitable growth." Update on Shareholder Return for the Fiscal Year 2026 In October 2025, the Company announced that, pursuant to its previously adopted three-year shareholder return plan, the board of directors had approved an ordinary dividend of US$0.12 per common share, or US$1.20 per ADS, to be distributed in two installments as part of the shareholder return for the fiscal year 2026. The first installment has been fully paid to shareholders and ADS holders. The board has now approved the payment of the second installment of US$0.06 per common share, or US$0.6 per ADS, to holders of common shares and holders of ADSs of record as of the close of business on May 15, 2026, Beijing/Hong Kong Time and New York Time, respectively, with the expected payment date to be on or around June 2, 2026 and June 5, 2026 for holders of common shares and holders of ADSs, respectively. For holders of common shares, in order to qualify for the second installment of the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on May 15, 2026 (Beijing/Hong Kong Time). Dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement. Additionally, as part of the shareholder return for the fiscal year 2026, the Company also announced in October 2025 a share repurchase program, under which the Company is authorized to repurchase up to US$300 million of its ADSs or common shares over the subsequent 12 months. As of April 21, 2026, the Company had repurchased a total of approximately 3.3 million ADSs for an aggregate consideration of approximately US$184.3 million from the open market under this share repurchase program. Financial Results for the Third Fiscal Quarter Ended February 28, 2026 Net Revenues For the third fiscal quarter of 2026, New Oriental reported net revenues of US$1,417.3 million, representing a 19.8% increase year over year. The growth was mainly driven by the increase in net revenues from the Company's new educational business initiatives. Operating Costs and Expenses Operating costs and expenses for the quarter were US$1,237.0 million, representing a 16.9% increase year over year. - Cost of revenues increased by 23.4% year over year to US$656.2 million.
- Selling and marketing expenses increased by 9.1% year over year to US$198.8 million.
- General and administrative expenses for the quarter increased by 10.8% year over year to US$382.1 million.
Total share-based compensation expenses, which were allocated to related operating costs and expenses, increased by 30.9% to US$21.1 million in the third fiscal quarter of 2026. Operating Income and Operating Margin Operating income was US$180.3 million, representing a 44.8% increase year over year. Non-GAAP income from operations for the quarter, excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, was US$202.9 million, representing a 42.8% increase year over year. Operating margin for the quarter was 12.7%, compared to 10.5% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, for the quarter was 14.3%, compared to 12.0% in the same period of the prior fiscal year. Net Income and Net Income per ADS Net income attributable to New Oriental for the quarter was US$126.8 million, representing a 45.3% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were US$0.80 and US$0.79, respectively. Non-GAAP Net Income and Non-GAAP Net Income per ADS Non-GAAP net income attributable to New Oriental for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss from equity method investments, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments, was US$152.2 million, representing a 34.3% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.97 and US$0.95, respectively. Cash Flow Net operating cash outflow for the third fiscal quarter of 2026 was approximately US$7.5 million and capital expenditures for the quarter were US$68.8 million. Balance Sheet As of February 28, 2026, New Oriental had cash and cash equivalents of US$1,783.4 million. In addition, the Company had US$1,491.7 million in term deposits and US$1,953.2 million in short-term investments. New Oriental's deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered, at the end of the third quarter of fiscal year 2026 was US$1,885.9 million, an increase of 7.8% as compared to US$1,749.9 million at the end of the third quarter of fiscal year 2025. Financial Results for the Nine Months Ended February 28, 2026 For the first nine months of fiscal year 2026, New Oriental reported net revenues of US$4,131.8 million, representing a 13.0% increase year over year. Operating income was US$557.5 million, representing a 27.6% increase year over year. Non-GAAP operating income, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions for the first nine months of fiscal year 2026 was US$627.6 million, representing a 32.8% increase year over year. Operating margin for the first nine months of fiscal year 2026 was 13.5%, compared to 11.9% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, for the first nine months of fiscal year 2026, was 15.2%, compared to 12.9% for the same period of the prior fiscal year. Net income attributable to New Oriental for the first nine months of fiscal year 2026 was US$413.0 million, representing a 13.3% increase year over year. Basic and diluted net income per ADS attributable to New Oriental for the first nine months of fiscal year 2026 amounted to US$2.61 and US$2.58, respectively. Non-GAAP net income attributable to New Oriental, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss from equity method investments, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments, for the first nine months of fiscal year 2026 was US$483.3 million, representing a 15.4% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the first nine months of fiscal year 2026 amounted to US$3.05 and US$3.02, respectively. Outlook for the Fourth Quarter of the Fiscal Year 2026 New Oriental expects total net revenues in the fourth quarter of the fiscal year 2026 (March 1, 2026 to May 31, 2026) to be in the range of US$1,429.6 million to US$1,466.9 million, representing year over year increase in the range of 15% to 18%. Driven by encouraging growth across various business lines, New Oriental raises the full year guidance of total net revenues in the fiscal year 2026 (June 1, 2025 to May 31, 2026) to be in the range of US$5,561.4 million to US$5,598.7 million, representing a year over year increase in the range of 13% to 14%. This forecast reflects New Oriental's current and preliminary view, which is subject to change. The forecast is based on the current USD/RMB exchange rate, which is also subject to change. Conference Call Information New Oriental's management will host an earnings conference call at 8 AM on April 22, 2026, U.S. Eastern Time (8 PM on April 22, 2026, Beijing/Hong Kong Time). Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, and unique personal PIN. Conference call registration link:
https://register-conf.media-server.com/register/BI2d1b37f83b4645f08b73fdd17af502f3. It will automatically direct you to the registration page of "New Oriental FY2026 Q3 Earnings Conference Call" where you may fill in your details for RSVP. In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s) and personal PIN) provided in the confirmation email received at the point of registering. Joining the conference call via a live webcast: Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org. Listening to the conference call replay: A replay of the conference call may be accessed via the webcast on-demand by registering at https://edge.media-server.com/mmc/p/7x5ve8hp first. The replay will be available until April 22, 2027. About New Oriental New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental's program, service and product offerings mainly consist of educational services and test preparation courses, private label products and livestreaming e-commerce, overseas study consulting services, and educational materials and distribution. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental's ADSs, each of which represents ten common shares, are listed and traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE. For more information about New Oriental, please visit http://www.neworiental.org/english/. 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, the outlook for the fourth quarter and full year of fiscal year 2026, quotations from management in this announcement, as well as New Oriental's strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed 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 New Oriental'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 effectively and efficiently manage changes of its existing business and new business; its ability to execute its business strategies; uncertainties in relation to the interpretation and implementation of or proposed changes to, the PRC laws, regulations and policies regarding the private education industry; its ability to attract students without a significant increase in course fees; its ability to maintain and enhance its "New Oriental" brand; its ability to maintain consistent teaching quality throughout its school network, or service quality throughout its brand; its ability to achieve the benefits it expects from recent and future acquisitions; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector and livestreaming e-commerce business in China; the continuing efforts of its senior management team and other key personnel, health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in its annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law. About Non-GAAP Financial Measures To supplement New Oriental's consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments; operating income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; operating margin excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; and basic and diluted net income per ADS and per share excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments. 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 tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding from each non-GAAP measure certain items that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to 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 New Oriental's historical performance and liquidity. New Oriental 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 these non-GAAP measures is that they exclude from each non-GAAP measure certain items that have been and will continue to be for the foreseeable future a significant recurring expense in its 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. Contacts For investor and media inquiries, please contact: |
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| Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: [email protected] | Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Tel: +86-10-6260-5568
Email: [email protected]
| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | CONDENSED CONSOLIDATED BALANCE SHEETS | (In thousands) |
| As of February 28 |
| As of May 31 | 2026 |
| 2025 | (Unaudited) |
| (Audited) |
| USD |
| USD | ASSETS: |
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| Current assets: |
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| Cash and cash equivalents | 1,783,403 |
| 1,612,379 | Restricted cash, current | 157,471 |
| 180,724 | Term deposits, current | 1,065,883 |
| 1,092,115 | Short-term investments | 1,953,163 |
| 1,873,502 | Accounts receivable, net | 35,716 |
| 33,629 | Inventory, net | 86,048 |
| 80,884 | Prepaid expenses and other current assets, net | 338,542 |
| 307,902 | Amounts due from related parties, current | 6,872 |
| 6,567 | Total current assets | 5,427,098 |
| 5,187,702 |
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| Restricted cash, non-current | 95,923 |
| 24,030 | Term deposits, non-current | 425,857 |
| 355,665 | Property and equipment, net | 826,853 |
| 767,346 | Land use rights, net | 56,735 |
| 54,900 | Amounts due from related parties, non-current | 14,159 |
| 12,464 | Long-term deposits | 55,337 |
| 48,815 | Intangible assets, net | 9,168 |
| 13,020 | Goodwill, net | 45,952 |
| 43,832 | Long-term investments, net | 382,191 |
| 388,481 | Deferred tax assets, net | 85,603 |
| 97,932 | Right-of-use assets | 809,409 |
| 793,842 | Other non-current assets | 10,075 |
| 17,470 | Total assets | 8,244,360 |
| 7,805,499 |
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| LIABILITIES AND EQUITY |
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| Current liabilities: |
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| Accounts payable | 108,509 |
| 80,484 | Accrued expenses and other current liabilities | 795,005 |
| 830,583 | Income taxes payable | 215,512 |
| 167,881 | Amounts due to related parties | 396 |
| 405 | Deferred revenue | 1,885,872 |
| 1,954,464 | Operating lease liability, current | 273,263 |
| 255,997 | Total current liabilities | 3,278,557 |
| 3,289,814 |
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| Deferred tax liabilities | 14,148 |
| 14,174 | Unsecured senior notes | - |
| 14,403 | Operating lease liabilities, non-current | 533,707 |
| 533,376 | Total long-term liabilities | 547,855 |
| 561,953 |
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| Total liabilities | 3,826,412 |
| 3,851,767 |
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| Equity |
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| New Oriental Education & Technology Group Inc. shareholders' equity | 4,086,130 |
| 3,661,873 | Non-controlling interests | 331,818 |
| 291,859 | Total equity | 4,417,948 |
| 3,953,732 |
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| Total liabilities and equity | 8,244,360 |
| 7,805,499 |
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| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | (In thousands except for per share and per ADS amounts) |
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| For the Three Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD | Net revenues | 1,417,341 |
| 1,183,055 |
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| Operating cost and expenses (note 1) |
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| Cost of revenues | 656,174 |
| 531,586 | Selling and marketing | 198,785 |
| 182,240 | General and administrative | 382,062 |
| 344,710 | Total operating cost and expenses | 1,237,021 |
| 1,058,536 | Operating income | 180,320 |
| 124,519 | Gain/(Loss) from fair value change of investments | 1,202 |
| (212) | Other income, net | 18,466 |
| 29,095 | Provision for income taxes | (54,723) |
| (52,579) | Loss from equity method investments | (5,381) |
| (11,157) | Net income | 139,884 |
| 89,666 |
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| Net income attributable to non-controlling interests | (13,069) |
| (2,411) | Net income attributable to New Oriental Education &
Technology Group Inc.'s shareholders | 126,815 |
| 87,255 |
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| Net income per share attributable to New Oriental-Basic
(note 2) | 0.08 |
| 0.05 |
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| Net income per share attributable to New Oriental-Diluted
(note 2) | 0.08 |
| 0.05 |
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| Net income per ADS attributable to New Oriental-Basic
(note 2) | 0.80 |
| 0.54 |
|
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| Net income per ADS attributable to New Oriental-Diluted
(note 2) | 0.79 |
| 0.54 |
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| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES | (In thousands except for per share and per ADS amounts) |
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| For the Three Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD |
|
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| Operating income | 180,320 |
| 124,519 | Share-based compensation expenses | 21,092 |
| 16,119 | Amortization of intangible assets resulting from
business acquisitions | 1,473 |
| 1,418 | Non-GAAP operating income | 202,885 |
| 142,056 |
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| Operating margin | 12.7 % |
| 10.5 % | Non-GAAP operating margin | 14.3 % |
| 12.0 % |
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| Net income attributable to New Oriental | 126,815 |
| 87,255 | Share-based compensation expenses | 20,223 |
| 14,151 | (Gain)/Loss from fair value change of investments | (1,202) |
| 212 | Amortization of intangible assets resulting from
business acquisitions | 913 |
| 882 | Loss from equity method investments | 5,381 |
| 11,157 | Gain on disposals of investments and others | (36) |
| (161) | Tax effects on Non-GAAP adjustments | 89 |
| (152) | Non-GAAP net income attributable to New Oriental | 152,183 |
| 113,344 |
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| Net income per ADS attributable to New Oriental-
Basic (note 2) | 0.80 |
| 0.54 | Net income per ADS attributable to New Oriental-
Diluted (note 2) | 0.79 |
| 0.54 |
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| Non-GAAP net income per ADS attributable to New
Oriental - Basic (note 2) | 0.97 |
| 0.70 | Non-GAAP net income per ADS attributable to New
Oriental - Diluted (note 2) | 0.95 |
| 0.70 |
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| Weighted average shares used in calculating basic
net income per ADS (note 2) | 1,576,580,766 |
| 1,612,894,657 | Weighted average shares used in calculating
diluted net income per ADS (note 2) | 1,596,357,200 |
| 1,624,843,387 |
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| Net income per share - basic | 0.08 |
| 0.05 | Net income per share - diluted | 0.08 |
| 0.05 |
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| Non-GAAP net income per share - basic | 0.10 |
| 0.07 | Non-GAAP net income per share - diluted | 0.10 |
| 0.07 |
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| Notes: |
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| Note 1: Share-based compensation expenses (in thousands) are included in the operating cost and expenses as
follows: |
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| For the Three Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD | Cost of revenues | 211 |
| 698 | Selling and marketing | 622 |
| 1,894 | General and administrative | 20,259 |
| 13,527 | Total | 21,092 |
| 16,119 |
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| Note 2: Each ADS represents ten common shares. |
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| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | (In thousands) |
|
|
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| For the Three Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD |
|
|
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| Net cash (used in)/provided by operating activities | (7,455) |
| 963 | Net cash provided by investing activities | 48,717 |
| 79,891 | Net cash used in financing activities | (137,988) |
| (94,581) | Effect of exchange rate changes | 35,385 |
| (8,069) |
|
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| Net change in cash, cash equivalents and restricted cash | (61,341) |
| (21,796) |
|
|
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| Cash, cash equivalents and restricted cash at beginning
of period | 2,098,138 |
| 1,611,073 |
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| Cash, cash equivalents and restricted cash at end of
period | 2,036,797 |
| 1,589,277 |
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| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | (In thousands except for per share and per ADS amounts) |
|
|
|
| For the Nine Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD | Net revenues | 4,131,762 |
| 3,657,107 |
|
|
|
| Operating cost and expenses (note 1) |
|
|
| Cost of revenues | 1,850,856 |
| 1,613,419 | Selling and marketing | 593,346 |
| 572,053 | General and administrative | 1,130,106 |
| 1,034,711 | Total operating cost and expenses | 3,574,308 |
| 3,220,183 | Operating income | 557,454 |
| 436,924 | Gain/(Loss) from fair value change of investments | 7,651 |
| (9,620) | Other income, net | 61,311 |
| 99,190 | Provision for income taxes | (170,732) |
| (144,759) | Loss from equity method investments | (11,997) |
| (17,239) | Net income | 443,687 |
| 364,496 |
|
|
|
| Net (income)/loss attributable to non-controlling interests | (30,697) |
| 120 | Net income attributable to New Oriental Education &
Technology Group Inc.'s shareholders | 412,990 |
| 364,616 |
|
|
|
|
|
|
|
| Net income per share attributable to New Oriental-Basic
(note 2) | 0.26 |
| 0.22 |
|
|
|
| Net income per share attributable to New Oriental-
Diluted (note 2) | 0.26 |
| 0.22 |
|
|
|
| Net income per ADS attributable to New Oriental-Basic
(note 2) | 2.61 |
| 2.24 |
|
|
|
| Net income per ADS attributable to New Oriental-Diluted
(note 2) | 2.58 |
| 2.22 |
|
|
|
|
|
|
|
|
|
|
|
| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES | (In thousands except for per share and per ADS amounts) |
|
|
| For the Nine Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD |
|
|
|
| Operating income | 557,454 |
| 436,924 | Share-based compensation expenses | 65,755 |
| 31,297 | Amortization of intangible assets resulting from
business acquisitions | 4,349 |
| 4,329 | Non-GAAP operating income | 627,558 |
| 472,550 |
|
|
|
| Operating margin | 13.5 % |
| 11.9 % | Non-GAAP operating margin | 15.2 % |
| 12.9 % |
|
|
|
| Net income attributable to New Oriental | 412,990 |
| 364,616 | Share-based compensation expenses | 63,084 |
| 27,655 | (Gain) /Loss from fair value change of investments | (7,651) |
| 9,620 | Amortization of intangible assets resulting from
business acquisitions | 2,696 |
| 2,703 | Loss from equity method investments | 11,997 |
| 17,239 | Gain on disposals of investments and others | (1,516) |
| (161) | Tax effects on Non-GAAP adjustments | 1,746 |
| (2,684) | Non-GAAP net income attributable to New Oriental | 483,346 |
| 418,988 |
|
|
|
| Net income per ADS attributable to New Oriental-
Basic (note 2) | 2.61 |
| 2.24 | Net income per ADS attributable to New Oriental-
Diluted (note 2) | 2.58 |
| 2.22 |
|
|
|
| Non-GAAP net income per ADS attributable to New
Oriental - Basic (note 2) | 3.05 |
| 2.57 | Non-GAAP net income per ADS attributable to New
Oriental - Diluted (note 2) | 3.02 |
| 2.55 |
|
|
|
| Weighted average shares used in calculating basic net
income per ADS (note 2) | 1,584,608,307 |
| 1,630,423,658 | Weighted average shares used in calculating diluted
net income per ADS (note 2) | 1,599,858,607 |
| 1,640,843,710 |
|
|
|
| Net income per share - basic | 0.26 |
| 0.22 | Net income per share - diluted | 0.26 |
| 0.22 |
|
|
|
| Non-GAAP net income per share - basic | 0.31 |
| 0.26 | Non-GAAP net income per share - diluted | 0.30 |
| 0.26 |
|
|
|
| Notes: |
|
|
|
|
|
|
| Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as
follows: |
|
|
|
|
| For the Nine Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD | Cost of revenues | 666 |
| (1,738) | Selling and marketing | 1,918 |
| 3,383 | General and administrative | 63,171 |
| 29,652 | Total | 65,755 |
| 31,297 |
|
|
|
| Note 2: Each ADS represents ten common shares. | NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | (In thousands) |
|
|
|
| For the Nine Months Ended February 28 |
| 2026 |
| 2025 |
| (Unaudited) |
| (Unaudited) |
| USD |
| USD |
|
|
|
| Net cash provided by operating activities | 508,331 |
| 497,470 | Net cash used in investing activities | (125,576) |
| (5,136) | Net cash used in financing activities | (227,433) |
| (486,494) | Effect of exchange rate changes | 64,342 |
| (5,667) |
|
|
|
| Net change in cash, cash equivalents and restricted cash | 219,664 |
| 173 |
|
|
|
| Cash, cash equivalents and restricted cash at beginning of
period | 1,817,133 |
| 1,589,104 |
|
|
|
| Cash, cash equivalents and restricted cash at end of period | 2,036,797 |
| 1,589,277 |
|
| 08:00 |
Innovent to Present New Clinical Data of IBI363（PD-1/IL-2α-biased bispecific fusion protein） at the 2026 ASCO Annual Meeting
SAN FRANCISCO and SUZHOU, China, April 22, 2026 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, announces that clinical data for its first-in-class IBI363 (PD-1/IL-2α-biased bispecific fusion protein) * as well as TYVYT® (sintilimab injection)** will be presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting from May 29 to June 2, 2026, in Chicago, Illinois, U.S. Dr. Hui Zhou, Chief R&D Officer (Oncology) of Innovent, stated: "We are excited to announce that at the 2026 ASCO Annual Meeting, we will present new PoC data of IBI363 in NSCLC, across both IO-resistant and first-line settings. With robust PoC data for IO-resistant NSCLC now in hand, we are moving IBI363 into MRCT pivotal development, an important step toward tackling a major global unmet medical need. At the same time, we are encouraged by the promising dose optimization data in first-line NSCLC, and we look forward to continued maturation of PoC full data to inform our next steps. Innovent will continue to push the boundaries of cancer care, as we are dedicated to delivering physicians and patients more innovative, effective, and life-saving treatment options." Abstracts of IBI363(PD-1/IL-2α-biased bispecific fusion protein) 1. Presentation Title: IBI363 (TAK-928) plus chemotherapy as first line (1L) treatment for advanced non-small cell lung cancer (NSCLC).
Abstract Number: 8586
Session Type: Poster
Session Title: Lung Cancer/Non-Small Cell Metastatic
Session Date & Time: May 31, 2026 9:00 AM-12:00 PM CDT
Presenter: Dr. Haiyan Tu, Guangdong Provincial People's Hospital 2. Presentation Title: First-in-class PD-1/IL-2α-bias bispecific antibody IBI363 (TAK-928) in patients (pts) with advanced immunotherapy-resistant non-small cell lung cancer (NSCLC): updated results from a phase I study.
Abstract Number: 2618
Session Type: Poster
Session Title: Developmental Therapeutics/Immunotherapy
Session Date & Time: May 30, 2026 1:30 PM-4:30 PM CDT
Presenter: Dr. Jianya Zhou, First Affiliated Hospital of Zhejiang University School of Medicine 3. Presentation Title: Randomized phase 3 study (MarsLight-11) evaluating IBI363 (TAK-928) versus docetaxel in patients (pts) with squamous non-small cell lung cancer (sqNSCLC) after prior chemotherapy (chemo) and immunotherapy (IO).
Abstract Number: TPS8673
Session Type: Poster
Session Title: Lung Cancer/Non-Small Cell Metastatic
Session Date & Time: May 31, 2026 9:00 AM-12:00 PM CDT
Presenter: Dr. Roy S. Herbst, Yale School of Medicine Abstracts of TYVYT®(sintilimab) 1. Presentation Title: Adjuvant sintilimab plus bevacizumab following curative resection of spontaneously ruptured hepatocellular carcinoma: A prospective exploratory phase II study (CLEAR-2)
Abstract Number: TPS4254
Session Type: Poster
Session Title: Gastrointestinal Cancer—Gastroesophageal, Pancreatic, and Hepatobiliary
Session Date & Time: May 30, 2026, 9:00 AM-12:00 PM CDT
Presenter: Dr. Yongjun Chen, Ruijin Hospital, Shanghai Jiaotong University School of Medicine 2. Presentation Title: Neoadjuvant chemoradiotherapy with or without PD-1 blockade in pMMR/MSS low rectal cancer patients (CHOICE II): A multi-center, open-label, randomized controlled trial.
Abstract Number: 3640
Session Type: Poster
Session Title: Gastrointestinal Cancer—Colorectal and Anal
Session Date & Time: May 30, 2026, 9:00 AM-12:00 PM CDT
Presenter: Dr. Wei Zhang, Changhai Hospital 3. Presentation Title: Effectiveness and Safety of IBI310 Combined With Sintilimab Versus Sorafenib in the First-line Treatment of Advanced Hepatocellular Carcinoma (aHCC): A Randomized, Open-label, Controlled, Multicenter Phase III Clinical Study
Abstract Number: 4148
Session Type: Poster
Session Title: Gastrointestinal Cancer—Gastroesophageal, Pancreatic, and Hepatobiliary
Session Date & Time: May 30, 2026, 9:00 AM-12:00 PM CDT
Presenter: Dr. Jia Fan, Zhongshan Hospital, Fudan University 4. Presentation Title: CONCEPT (combination of cetuximab plus fruquintinib treatment ± immunotherapy): A multicenter, randomized, open-label phase II trial in first-line pMMR RAS/BRAF wild-type unresectable metastatic colorectal cancer.
Abstract Number: TPS3680
Session Type: Poster
Session Title: Gastrointestinal Cancer—Colorectal and Anal
Session Date & Time: May 30, 2026, 9:00 AM-12:00 PM CDT
Presenter: Dr. Yue Liu, The Second Affiliated Hospital of Zhejiang University School of Medicine. 5. Presentation Title: Long-term survival and biomarker analysis of neoadjuvant chemoradiotherapy with or without PD-1 antibody sintilimab in pMMR locally advanced rectal cancer: A randomized clinical trial.
Abstract Number: 3610
Session Type: Poster
Session Title: Gastrointestinal Cancer—Colorectal and Anal
Session Date & Time: May 30, 2026 9:00 AM-12:00 PM CDT
Presenter: Dr. Xiao Weiwei, Sun Yat-sen University Cancer Center 6. Presentation Title: Larynx preservation via chemotherapy-free neoadjuvant sintilimab-cetuximab-SBRT and response-adapted treatment in locally advanced laryngeal cancer: A phase II, single-arm clinical trial (The NeoVOICE study).
Abstract Number: 6095
Session Type: Poster
Session Title: Head and Neck Cancer
Session Date & Time: May 30, 2026 1:30 PM-4:30 PM CDT
Presenter: Dr. Song Ming, Sun Yat-sen University Cancer Center 7. Presentation Title: Pathological complete response and ctDNA analyses in SCIENCE: Results from a randomized, phase III trial of neoadjuvant chemotherapy plus sintilimab and chemoradiotherapy plus sintilimab versus chemoradiotherapy in resectable locally advanced esophageal squamous cell carcinoma.
Abstract Number: LBA4082
Session Type: Poster
Session Title: Gastrointestinal Cancer-Gastroesophageal, Pancreatic, and Hepatobiliary
Session Date & Time: May 30, 2026 9:00 AM-12:00 PM CDT
Presenter: Dr. Xuefeng Leng, Sichuan Cancer Hospital 8. Presentation Title: Sintilimab (PD-1 antibody) Plus Gemcitabine and Docetaxel (GT) as First-line or Later-line Therapy in Patients with Advanced Epithelioid Sarcoma: A Prospective, Multicenter, Single-arm, Phase II Clinical Study.
Abstract Number: 11574
Session Type: Poster
Session Title: Sarcoma
Session Date & Time: June 1, 2026 1:30 PM-4:30 PM CDT
Presenter: Dr. Xiaowei Zhang, Fudan University Shanghai Cancer Center 9. Presentation Title: Sintilimab plus Anlotinib and Chemotherapy as First-line Treatment for Advanced Malignant Pleural Mesothelioma: A Prospective, Phase II Clinical Trial.
Abstract Number: 8050
Session Type: Poster
Session Title: Lung Cancer—Non-Small Cell Local-Regional/Small Cell/Other Thoracic Cancers
Session Date & Time: May 31, 2026 9:00 AM-12:00 PM CDT
Presenter: Dr. Jianchun Duan, Cancer Hospital, Chinese Academy of Medical Sciences *Innovent entered into a license and collaboration agreement with Takeda for co-development and co-commercialization of IBI363 (Takeda R&D code: TAK-928). Please refer to the announcement for more information. | **Abstracts of TYVYT ®(sintilimab) are from investigator-initiated clinical trials (IIT), except for abstract #4148. | About Innovent Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 18 products in the market. It has 5 assets in Phase III or pivotal clinical trials and 14 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center. Guided by the motto, "Start with Integrity, Succeed through Action," Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn. Statement: (1)Innovent does not recommend the use of any unapproved drug (s)/indication (s). | （2）Ramucirumab (Cyramza) and Selpercatinib (Retsevmo) and Pirtobrutinib (Jaypirca) were developed by Eli Lilly and Company. | Forward-looking statement This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent Biologics ("Innovent"), are intended to identify certain of such forward-looking statements. The Company does not intend to update these forward-looking statements regularly. These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of the Company with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, the Company's competitive environment and political, economic, legal and social conditions. The Company, the Directors and the employees of the Company assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialise or turn out to be incorrect.
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