May 2026 (Q4 FY26) — Jul 29, 2026
New Oriental Q4 FY26 — Strong Revenue and Margin Growth Driven by Core Business and New Initiatives
Read the full callNew Oriental (EDU) earnings
- May 2026 (Q4 FY26)
- May 2026
New Oriental earnings: last reported Wed, 29 Jul 2026, for the quarter ended May 2026.
Guidance
What management said, and what became of it
33 of 38 judged targets kept · 71 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capacity expansion | 10% to 15% new capacity in FY26, mostly backloaded into Q3 and Q4 | Feb 2025 | in fiscal year '26, we added 13% new capacity in total. | Achieved |
| Headquarters expenses as a percentage of educational revenue | Reduce the ratio from roughly 6% to 5% or 5%-plus in FY26 | Feb 2025 | Ghosted | |
| Adults and university students revenue growth | FY26 growth similar to the Q4 FY25 forecast of around 19% in RMB | Feb 2025 | Our adults and university students business recorded a revenue increase of 29% year-over-year for this quarter. | Pending |
5 of New Oriental Education & Technology Group Inc.'s 109 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 106 more targets are in the full ledger.
Claimed
- Total net revenue grew 23% year-over-year to $1,529.5 million, exceeding expectations.
- Non-GAAP operating income rose 34.7% year-over-year to $110 million, with operating margins showing healthy increments.
- New educational business initiatives delivered a 25% year-over-year revenue increase.
- Net income attributable to New Oriental increased 775.8% year-over-year to $62.2 million.
- Deferred revenue increased 14.8% year-over-year to $2,242.9 million, indicating strong future revenue.
Qualified
- Non-GAAP net income attributable to New Oriental decreased 10.5% year-over-year to $87.8 million.
- Overseas test prep business growth slowed to 6% year-over-year, and overseas study consulting to 1% year-over-year.
- One-off expenses of $10 million to $15 million were incurred in Q4 FY26 due to internal management restructuring.
- New store openings were down 40% from the prior year, with 170 stores opened compared to 270.
Price
$60.5 −0.62% · −$0.38
Performance +6.5% 1Y
1Y: $56.83 on 17 Oct 2025 → $60.5. High $63.51 (3 Feb 2026), low $44.44 (25 Jun 2026).
- Previous close
- $60.88
- 52-week range
- $44.44 – $63.51
- One year
- +4.31%
Overview
- Symbol
- EDU
- Sector
- Consumer Discretionary
- Industry
- Services-Educational Services
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
33 of 38 judged targets kept · 71 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capacity expansion | 10% to 15% new capacity in FY26, mostly backloaded into Q3 and Q4 | Feb 2025 | in fiscal year '26, we added 13% new capacity in total. | Achieved |
| Headquarters expenses as a percentage of educational revenue | Reduce the ratio from roughly 6% to 5% or 5%-plus in FY26 | Feb 2025 | Ghosted | |
| Adults and university students revenue growth | FY26 growth similar to the Q4 FY25 forecast of around 19% in RMB | Feb 2025 | Our adults and university students business recorded a revenue increase of 29% year-over-year for this quarter. | Pending |
Claimed
- Total net revenue grew 23% year-over-year to $1,529.5 million, exceeding expectations.
- Non-GAAP operating income rose 34.7% year-over-year to $110 million, with operating margins showing healthy increments.
- New educational business initiatives delivered a 25% year-over-year revenue increase.
- Net income attributable to New Oriental increased 775.8% year-over-year to $62.2 million.
- Deferred revenue increased 14.8% year-over-year to $2,242.9 million, indicating strong future revenue.
Qualified
- Non-GAAP net income attributable to New Oriental decreased 10.5% year-over-year to $87.8 million.
- Overseas test prep business growth slowed to 6% year-over-year, and overseas study consulting to 1% year-over-year.
- One-off expenses of $10 million to $15 million were incurred in Q4 FY26 due to internal management restructuring.
- New store openings were down 40% from the prior year, with 170 stores opened compared to 270.
The full ledger
Open New Oriental Education & Technology Group Inc.’s full ledger
A free account opens 5 company ledgers a month. All 109 tracked commitments, with each call’s wording and source.
Call summaries
Feb 2026 (Q3 FY26) — Apr 22, 2026
New Oriental Q3 FY26 — Strong Revenue Growth and Margin Expansion
Read the full callEvery analysed call
New Oriental earnings calls (EDU)
Financials
What the filings say
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 1,648 | 1,986 | 2,253 | 1,065 | 1,226 | 1,514 | 1,771 | 2,029 |
| Total liabilities | 2,121 | 3,687 | 5,133 | 2,241 | 2,578 | 3,483 | 3,852 | 4,468 |
| Fixed assets | 532 | 672 | 865 | 403 | 360 | 508 | 767 | 880 |
| Total assets | 4,647 | 6,557 | 10,151 | 6,035 | 6,392 | 7,532 | 7,805 | 8,792 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 806 | 804 | 1,130 | -1,280 | 971 | 1,123 | 897 | 1,027 |
| Cash from investing | -575 | -1,256 | -2,178 | 1,169 | -37 | -1,154 | -93 | -458 |
| Cash from financing | 267 | -18 | 1,654 | -231 | -247 | -160 | -585 | -380 |
| Net cash flow | 431 | -499 | 713 | -438 | 611 | -216 | 228 | 279 |
| Capital expenditure | -269 | -310 | -429 | -151 | -143 | -249 | -242 | -247 |
| Free cash flow | 537 | 495 | 701 | -1,431 | 828 | 873 | 655 | 780 |
EDU operating KPIs by quarter
| KPI | Feb 2026 Q3 FY26 | May 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|
| Capital expenditures OMO platform | $30.6MThis quarter, we invested $30.6 million to enhance and maintain our OMO platform, which enables us to provide high-quality instruction to students, while adapting to their individual learning needs.Source: earnings call transcript | $31.2MDuring this quarter, we invested $31.2 million to improve and maintain our OMO platform, which enable us to provide and interrupt high-quality instructions to students that cater to their individual learning needs.Source: earnings call transcript | +2% |
| Registered families New Oriental Home | 330K+We have now launched this pilot program in 12 cities as test beds, including Hangzhou, Suzhou, Xian and Wuhan, with over 330,000 registered families.Source: earnings call transcript | 950K+We have launched this pilot program in 69 cities as test beds, including Hangzhou, Suzhou, Xi'an and [indiscernible] with over 950,000 registered families by the end of this quarter.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
18 filings between Jul 15, 2026 and Aug 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$4.10M
6 sales by 2 insiders
Compensation
not trading decisions- 7
- Option exercise — converted options into shares
- 5
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Zhou Chenggang | — | $3.97M | Aug 10, 2026 |
| Zhuge Yue | — | $128.9K | Aug 3, 2026 |
Latest filings (18)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 10, 2026 | Zhou Chenggang Director | Sale | 56,948 | $3.24M |
| Aug 7, 2026 | Zhou Chenggang Director | Sale | 13,052 | $735.1K |
| Aug 3, 2026 | Zhuge Yue Director | Sale | 400 | $24.0K |
| Aug 3, 2026 | Zhuge Yue Director | Sale | 1,200 | $71.3K |
| Jul 31, 2026 | Zhuge Yue Director | Sale | 400 | $23.6K |
| Jul 31, 2026 | Zhuge Yue Director | Sale | 170 | $10.0K |
| Jul 16, 2026 | Li Yanhong Robin Director | Tax withheld | 830 | $41.4K |
| Jul 16, 2026 | Yang Zhihui Executive President | Tax withheld | 45,360 | $2.26M |
| Jul 16, 2026 | Yu Michael Minhong Director | Tax withheld | 68,310 | $3.41M |
| Jul 16, 2026 | Zhou Chenggang Director | Tax withheld | 32,501 | $1.62M |
| Jul 16, 2026 | Zhuge Yue Director | Tax withheld | 830 | $41.4K |
| Jul 15, 2026 | Li Yanhong Robin Director | Option exercise | 3,000 | $0 |
| Jul 15, 2026 | Zhou Chenggang Director | Option exercise | 72,000 | $0 |
| Jul 15, 2026 | Zhuge Yue Director | Option exercise | 3,000 | $0 |
| Jul 15, 2026 | Yang Zhihui Executive President | Option exercise | 100,000 | $0 |
| Jul 15, 2026 | Yu Michael Minhong Director | Option exercise | 150,000 | $0 |
| Jul 15, 2026 | Lee Denny Ting Bun Director | Option exercise | 4,500 | $0 |
| Jul 15, 2026 | Hsieh Louis Director | Option exercise | 3,000 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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