New Oriental Education & Technology (EDU) financial statements
New Oriental Education & Technology reported revenue of $5.7B in fiscal 2026, up 13.6% a year over 9 years.
Net income was $475M and the operating margin 11.4%, against 14.6% in 2017.
Free cash flow was $780M, and the company returned $96M in dividends and $231M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from New Oriental Education & Technology's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.4B | $3.1B | $3.6B | $4.3B | $3.1B | $3.0B | $4.3B | $4.9B | $5.7B |
| Cost of revenue | $750M | $1.1B | $1.4B | $1.6B | $2.0B | $1.8B | $1.4B | $2.1B | $2.2B | $2.6B |
| Gross profit | $1.0B | $1.4B | $1.7B | $2.0B | $2.2B | $1.4B | $1.6B | $2.3B | $2.7B | $3.1B |
| Selling, general and admin | $788M | $1.1B | $1.4B | $1.6B | $2.1B | $2.3B | $1.4B | $1.9B | $2.2B | $2.4B |
| Operating income | $262M | $263M | $306M | $399M | $117M | -$983M | $190M | $350M | $428M | $643M |
| Interest expense | — | — | $2M | $5M | $7M | $4M | $707,000 | $298,000 | $311,000 | $28,000 |
| Pre-tax income | $331M | $357M | $316M | $488M | $315M | -$1.0B | $309M | $494M | $536M | $731M |
| Income tax | $51M | $59M | $86M | $134M | $84M | $136M | $66M | $110M | $146M | $196M |
| Net income | $274M | $296M | $238M | $413M | $334M | -$1.2B | $177M | $310M | $372M | $475M |
| Diluted shares | 1.58B | 1.59B | 1.59B | 1.60B | 1.65B | 1.70B | 1.69B | 1.67B | 1.63B | 1.60B |
| Gross margin | 58.3% | 56.5% | 55.6% | 55.6% | 52.4% | 43.5% | 53.0% | 52.5% | 55.4% | 54.6% |
| Operating margin | 14.6% | 10.7% | 9.9% | 11.1% | 2.7% | -31.6% | 6.3% | 8.1% | 8.7% | 11.4% |
| Net margin | 15.3% | 12.1% | 7.7% | 11.5% | 7.8% | -38.2% | 5.9% | 7.2% | 7.6% | 8.4% |
Balance sheet
Fiscal years, from New Oriental Education & Technology's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $641M | $983M | $1.4B | $915M | $1.6B | $1.1B | $1.7B | $1.4B | $1.6B | $1.8B |
| Receivables | $3M | $3M | $3M | $4M | $9M | $16M | $33M | $30M | $34M | $37M |
| Inventory | $32M | $40M | $29M | $31M | $31M | $28M | $53M | $93M | $81M | $106M |
| Total current assets | $2.3B | $2.9B | $3.5B | $3.8B | $6.6B | $4.5B | $4.4B | $5.4B | $5.2B | $5.8B |
| Property, plant and equipment | $283M | $450M | $532M | $672M | $865M | $403M | $360M | $508M | $767M | $880M |
| Goodwill | $14M | $32M | $80M | $80M | $73M | $71M | $106M | $104M | $44M | $47M |
| Total assets | $2.9B | $4.0B | $4.6B | $6.6B | $10.2B | $6.0B | $6.4B | $7.5B | $7.8B | $8.8B |
| Total current liabilities | $1.2B | $1.8B | $2.0B | $2.5B | $3.5B | $1.7B | $2.3B | $3.0B | $3.3B | $3.9B |
| Long-term debt | — | — | $96M | $118M | $0 | — | — | — | — | — |
| Total liabilities | $1.2B | $1.8B | $2.1B | $3.7B | $5.1B | $2.2B | $2.6B | $3.5B | $3.9B | $4.5B |
| Shareholders' equity | $1.7B | $2.0B | $2.4B | $2.7B | $4.9B | $3.7B | $3.6B | $3.8B | $3.7B | $4.0B |
| Net debt | -$641M | -$983M | -$1.3B | -$797M | -$1.6B | -$1.1B | -$1.7B | -$1.4B | -$1.6B | -$1.8B |
Cash flow
Fiscal years, from New Oriental Education & Technology's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $623M | $781M | $806M | $804M | $1.1B | -$1.3B | $971M | $1.1B | $897M | $1.0B |
| Capital spending | $106M | $214M | $269M | $310M | $429M | $151M | $143M | $249M | $242M | $247M |
| Free cash flow | $517M | $567M | $537M | $495M | $701M | -$1.4B | $828M | $873M | $655M | $780M |
| Stock-based compensation | $20M | $57M | $71M | $62M | $69M | $133M | $90M | $122M | $60M | $88M |
| Dividends paid | — | $71M | — | — | — | — | — | — | $98M | $96M |
| Share buybacks (net) | — | — | — | — | — | — | -$192M | -$63M | -$445M | -$231M |
| Net borrowing | — | — | $96M | $20M | $177M | — | — | — | — | — |
| Free cash flow margin | 28.7% | 23.2% | 17.3% | 13.8% | 16.4% | -46.1% | 27.6% | 20.2% | 13.4% | 13.8% |
| Dividends per share | — | $0.04 | — | — | — | — | — | — | $0.06 | $0.06 |
Questions
What was New Oriental Education & Technology's revenue in 2026?
$5.7B in fiscal 2026, from its 10-K filing.
How much free cash flow does New Oriental Education & Technology generate?
$780M in fiscal 2026 (operating cash flow minus capital spending).
From New Oriental Education & Technology's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.