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6-K 1 tm2621668d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of July 2026 

 

Commission File Number: 001-34900

 

 

TAL EDUCATION GROUP

 

 

TAL Building No.1

Courtyard No. 9, Qixin Middle Street, Changping District

Beijing 102200

People’s Republic of China

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F ¨

 

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  TAL Education Group  
       
  By: /s/ Alex Zhuangzhuang Peng  
    Name: Alex Zhuangzhuang Peng  
    Title: President and Chief Financial Officer  

 

Date: July 30, 2026

 

 

 

 

Exhibit Index

 

Exhibit 99.1 - Press Release - TAL Education Group Announces Unaudited Financial Results for the First Fiscal Quarter Ended May 31, 2026

 

 

 

EX-99.1 2 tm2621668d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

TAL Education Group Announces Unaudited Financial Results for the

First Fiscal Quarter Ended May 31, 2026

 

(Beijing–July 30, 2026)—TAL Education Group (NYSE: TAL) (“TAL” or the “Company”), a smart learning solutions provider in China, today announced its unaudited financial results for the first quarter of fiscal year 2027 ended May 31, 2026.

 

Highlights for the First Quarter of Fiscal Year 2027

 

- Net revenues were US$758.4 million, compared to net revenues of US$575.0 million in the same period of the prior year.
- Income from operations was US$137.2 million, compared to income from operations of US$14.3 million in the same period of the prior year.
- Non-GAAP income from operations, which excluded share-based compensation expenses, was US$148.7 million, compared to non-GAAP income from operations of US$25.1 million in the same period of the prior year.
- Net income attributable to TAL was US$408.0 million, compared to net income attributable to TAL of US$31.3 million in the same period of the prior year.
- Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$419.5 million, compared to non-GAAP net income attributable to TAL of US$42.0 million in the same period of the prior year.
- Basic and diluted net income per American Depositary Share (“ADS”) were US$0.74 and US$0.73, respectively. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.76 and US$0.75, respectively. Three ADSs represent one Class A common share.
- Cash, cash equivalents and short-term investments totaled US$2,874.5 million as of May 31, 2026, compared to US$3,239.3 million as of February 28, 2026.

 

 

 

 

Financial Data——First Quarter of Fiscal Year 2027

(In US$ thousands, except per ADS data and percentages)

 

    Three Months Ended  
    May 31,  
    2025     2026     Pct. Change  
Net revenues     574,999       758,377       31.9 %
Income from operations     14,346       137,204       856.4 %
Non-GAAP income from operations     25,109       148,742       492.4 %
Net income attributable to TAL     31,282       408,007       1,204.3 %
Non-GAAP net income attributable to TAL     42,045       419,545       897.8 %
Net income per ADS attributable to TAL – basic     0.05       0.74       1,328.7 %
Net income per ADS attributable to TAL – diluted     0.05       0.73       1,334.5 %
Non-GAAP net income per ADS attributable to TAL – basic     0.07       0.76       993.0 %
Non-GAAP net income per ADS attributable to TAL – diluted     0.07       0.75       997.4 %

 

"Our first quarter performance in fiscal year 2027 reflects solid execution across our businesses," said Alex Peng, TAL’s President and Chief Financial Officer. "Through ongoing refinement of our offerings and operational improvements, we've made steady progress in enhancing learning experiences while reinforcing our foundation for sustainable, high-quality growth."

 

Mr. Peng added, "We remain focused on executing with discipline and operating with efficiency across our organization. Our goal is to strengthen our operating model and deliver value to our shareholders."

 

 

 

 

Financial Results for the First Quarter of Fiscal Year 2027

 

Net Revenues

 

In the first quarter of fiscal year 2027, TAL reported net revenues of US$758.4 million, representing a 31.9% increase from US$575.0 million in the first quarter of fiscal year 2026.

 

Operating Costs and Expenses

 

In the first quarter of fiscal year 2027, operating costs and expenses were US$621.2 million, representing a 10.8% increase from US$560.7 million in the first quarter of fiscal year 2026. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$609.6 million, representing a 10.9% increase from US$549.9 million in the first quarter of fiscal year 2026.

 

Cost of revenues increased by 23.3% to US$320.2 million from US$259.6 million in the first quarter of fiscal year 2026. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 23.5% to US$319.7 million, from US$258.9 million in the first quarter of fiscal year 2026.

 

Selling and marketing expenses decreased by 4.8% to US$172.0 million from US$180.8 million in the first quarter of fiscal year 2026. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 4.7% to US$169.3 million, from US$177.7 million in the first quarter of fiscal year 2026.

 

General and administrative expenses increased by 7.2% to US$129.0 million from US$120.3 million in the first quarter of fiscal year 2026. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 6.6% to US$120.7 million, from US$113.2 million in the first quarter of fiscal year 2026.

 

Total share-based compensation expenses allocated to the related operating costs and expenses increased by 7.2% to US$11.5 million in the first quarter of fiscal year 2027 from US$10.8 million in the same period of fiscal year 2026.

 

Gross Profit

 

Gross profit increased by 38.9% to US$438.2 million from US$315.4 million in the first quarter of fiscal year 2026. The gross margin for the first quarter of fiscal year 2027 was 57.8%, compared to 54.9% in the same period of the prior year.

 

Income from Operations

 

Income from operations was US$137.2 million in the first quarter of fiscal year 2027, compared to income from operations of US$14.3 million in the first quarter of fiscal year 2026. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$148.7 million, compared to Non-GAAP income from operations of US$25.1 million in the same period of the prior year.

 

 

 

 

Other Income, net

 

Other income was US$405.2 million for the first quarter of fiscal year 2027, compared to other income of US$9.5 million in the first quarter of fiscal year 2026. The change in other income for the first quarter was mainly driven by fluctuations in the fair value of certain investments.

 

Income Tax Expense

 

Income tax expense was US$143.7 million in the first quarter of fiscal year 2027, compared to US$11.1 million of income tax expense in the first quarter of fiscal year 2026.

 

Net Income Attributable to TAL Education Group

 

Net income attributable to TAL was US$408.0 million in the first quarter of fiscal year 2027, compared to net income attributable to TAL of US$31.3 million in the first quarter of fiscal year 2026. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$419.5 million, compared to Non-GAAP net income attributable to TAL of US$42.0 million in the first quarter of fiscal year 2026.

 

Basic and Diluted Net Income per ADS

 

Basic and diluted net income per ADS were US$0.74 and US$0.73, respectively, in the first quarter of fiscal year 2027. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were US$0.76 and US$0.75, respectively, in the first quarter of fiscal year 2027.

 

Cash Flow

 

Net cash provided by operating activities for the first quarter of fiscal year 2027 was US$478.2 million.

 

 

 

 

Cash, Cash Equivalents, and Short-Term Investments

 

As of May 31, 2026, the Company had US$1,641.6 million of cash and cash equivalents and US$1,232.9 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 May 31, 2026, the Company’s deferred revenue balance was US$1,219.0 million, compared to US$882.2 million as of February 28, 2026.

 

Extension of Share Repurchase Program by the Company

 

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. The share repurchases may be effected from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and will be implemented in accordance with applicable rules and regulations. Between April 23, 2026 and July 28, 2026, the Company has repurchased 1,226,033 common shares at an aggregate consideration of approximately US$40.7 million.

 

Conference Call

 

The Company will host a conference call and live webcast to discuss its financial results for the first quarter of fiscal year 2027 ended May 31, 2026 at 8:00 a.m. U.S. Eastern Time on July 30, 2026 (8:00 p.m. Beijing Time on July 30, 2026).

 

Please note that you will need to pre-register for conference call participation at https://dpregister.com/sreg/10210370/1046a47658e.

 

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
February 28,
2026

   

As of
May 31,
2026

 
ASSETS            
             
Current assets                
Cash and cash equivalents   $ 1,523,879     $ 1,641,620  
Restricted cash, current     227,551       274,497  
Short-term investments     1,715,446       1,232,945  
Inventories, net     143,326       184,821  
Amounts due from related parties, current     46       30  
Prepaid expenses and other current assets     232,870       355,915  
Total current assets     3,843,118       3,689,828  
Restricted cash, non-current     34,608       31,538  
Property and equipment, net     500,710       508,778  
Deferred tax assets     3,170       2,323  
Rental deposits     28,058       29,736  
Intangible assets, net     45,975       44,905  
Goodwill     45,545       45,545  
Land use rights, net     189,779       191,219  
Amounts due from related parties, non-current     134       195  
Long-term investments     828,249       1,736,551  
Long-term prepayments and other non-current assets     37,216       87,966  
Operating lease right-of-use assets     379,727       399,108  
Total assets   $ 5,936,289     $ 6,767,692  
                 
LIABILITIES AND EQUITY                
                 
Current liabilities                
Accounts payable   $ 152,513     $ 139,317  
Deferred revenue, current     832,839       1,176,497  
Amounts due to related parties, current     97       93  
Accrued expenses and other current liabilities     672,344       746,663  
Operating lease liabilities, current     109,393       118,807  
Total current liabilities     1,767,186       2,181,377  
Deferred revenue, non-current     49,353       42,528  
Deferred tax liabilities     67,981       178,309  
Operating lease liabilities, non-current     278,083       286,713  
Total liabilities     2,162,603       2,688,927  
                 
Equity                
Class A common shares     156       141  
Class B common shares     49       49  
Treasury stock     (20 )     (6 )
Additional paid-in capital     3,694,418       3,565,293  
Statutory reserve     216,638       212,644  
(Accumulated deficit)/retained earnings     (130,428 )     281,573  
Accumulated other comprehensive (loss)/income     (6,376 )     19,903  
Total TAL Education Group's equity     3,774,437       4,079,597  
Non-controlling interests     (751 )     (832 )
Total equity     3,773,686       4,078,765  
Total liabilities and equity   $ 5,936,289     $ 6,767,692  

 

 

 

 

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
May 31,

 
    2025     2026  
Net revenues   $ 574,999     $ 758,377  
Cost of revenues (note 1)     259,571       320,178  
Gross profit     315,428       438,199  
Operating expenses (note 1)                
Selling and marketing     180,773       172,027  
General and administrative (note 2)     120,309       128,968  
Total operating expenses     301,082       300,995  
Income from operations     14,346       137,204  
Interest income, net     18,722       9,905  
Other income, net     9,472       405,213  
Income before income tax expense and loss from equity method investments     42,540       552,322  
Income tax expense     (11,078 )     (143,658 )
Loss from equity method investments     (255 )     (739 )
Net income     31,207       407,925  
Add: Net loss attributable to non-controlling interests     75       82  
Total net income attributable to TAL Education Group   $ 31,282     $ 408,007  
Net income per common share                
Basic   $ 0.15     $ 2.21  
Diluted     0.15       2.19  
Net income per ADS (note 3)                
Basic   $ 0.05     $ 0.74  
Diluted     0.05       0.73  
                 
Weighted average shares used in calculating net income per common share                
Basic     201,980,675       184,395,920  
Diluted     204,880,688       186,286,428  

 

 

 

 

Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:

 

    For the Three Months  
    Ended May 31,  
    2025     2026  
Cost of revenues   $ 622     $ 500  
Selling and marketing expenses     3,071       2,727  
General and administrative expenses     7,070       8,311  
Total   $ 10,763     $ 11,538  

 

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, 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

(In thousands of U.S. dollars)

 

   

For the Three Months Ended
May 31,

 
    2025     2026  
             
Net income   $ 31,207     $ 407,925  
Other comprehensive income, net of tax     15,987       26,280  
Comprehensive income     47,194       434,205  
Add: Comprehensive loss attributable to non-controlling interests     67       81  
Comprehensive income attributable to TAL Education Group   $ 47,261     $ 434,286  

 

 

 

 

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF Cash flows

(In thousands of U.S. dollars)

 

   

For the Three Months Ended
May 31,

 
    2025     2026  
Net cash provided by operating activities   $ 347,785     $ 478,236  
Net cash used in investing activities     (527,309 )     (184,109 )
Net cash used in financing activities     (254,104 )     (140,664 )
Effect of exchange rate changes     283       8,154  
Net (decrease)/increase in cash, cash equivalents and restricted cash     (433,345 )     161,617  
Cash, cash equivalents and restricted cash at the beginning of period     1,991,731       1,786,038  
Cash, cash equivalents and restricted cash at the end of period   $ 1,558,386     $ 1,947,655  

 

 

 

 

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 May 31,

 
    2025     2026  
Cost of revenues   $ 259,571     $ 320,178  
Share-based compensation expenses in cost of revenues     622       500  
Non-GAAP cost of revenues     258,949       319,678  
                 
Selling and marketing expenses     180,773       172,027  
Share-based compensation expenses in selling and marketing expenses     3,071       2,727  
Non-GAAP selling and marketing expenses     177,702       169,300  
                 
General and administrative expenses (note 2)     120,309       128,968  
Share-based compensation expenses in general and administrative expenses     7,070       8,311  
Non-GAAP general and administrative expenses (note 2)     113,239       120,657  
                 
Operating costs and expenses     560,653       621,173  
Share-based compensation expenses in operating costs and expenses     10,763       11,538  
Non-GAAP operating costs and expenses     549,890       609,635  
                 
Income from operations     14,346       137,204  
Share based compensation expenses     10,763       11,538  
Non-GAAP income from operations     25,109       148,742  
                 
Net income attributable to TAL Education Group     31,282       408,007  
Share based compensation expenses     10,763       11,538  
Non-GAAP net income attributable to TAL Education Group (note 4)   $ 42,045     $ 419,545  
                 
Net income per ADS            
Basic   $ 0.05     $ 0.74  
Diluted     0.05       0.73  
Non-GAAP net income per ADS                
Basic   $ 0.07     $ 0.76  
Diluted     0.07       0.75  
                 
ADSs used in calculating net income per ADS                
Basic     605,942,025       553,187,760  
Diluted     614,642,064       558,859,284  
ADSs used in calculating Non-GAAP net income per ADS                
Basic     605,942,025       553,187,760  
Diluted     614,642,064       558,859,284  

 

Note 4: The tax effect of share-based compensation expenses was immaterial in the first quarter of fiscal year 2027.