TAL Education Group (TAL) financial statements
TAL Education Group reported revenue of $3.0B in fiscal 2026, up 12.5% a year over 9 years.
Net income was $531M and the operating margin 9.2%, against 12.9% in 2017.
Free cash flow was $508M, and the company returned $644M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TAL Education Group's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.7B | $2.6B | $3.3B | $4.5B | $4.4B | $1.0B | $1.5B | $2.3B | $3.0B |
| Cost of revenue | $522M | $882M | $1.2B | $1.5B | $2.0B | $2.2B | $436M | $684M | $1.0B | $1.3B |
| Gross profit | $521M | $833M | $1.4B | $1.8B | $2.4B | $2.2B | $583M | $806M | $1.2B | $1.7B |
| Selling, general and admin | $389M | $628M | $1.1B | $1.6B | $2.8B | $2.3B | $697M | $875M | $1.2B | $1.4B |
| Operating income | $135M | $209M | $342M | $137M | -$438M | -$615M | -$91M | -$69M | -$3M | $276M |
| Interest expense | $13M | $17M | $18M | $12M | $17M | $8M | — | — | — | — |
| Pre-tax income | $155M | $247M | $457M | -$51M | -$225M | -$778M | -$110M | $17M | $132M | $685M |
| Income tax | $34M | $45M | $77M | $69M | -$70M | $397M | $20M | $15M | $38M | $154M |
| Net income | $117M | $198M | $367M | -$110M | -$116M | -$1.1B | -$136M | -$4M | $85M | $531M |
| EPS (diluted) | $0.66 | $1.03 | $1.83 | -$0.56 | -$0.57 | -$5.29 | -$0.64 | -$0.02 | $0.41 | $2.75 |
| Diluted shares | 189M | 194M | 200M | 198M | 204M | 215M | 213M | 203M | 205M | 193M |
| Gross margin | 49.9% | 48.6% | 54.6% | 55.1% | 54.4% | 49.8% | 57.2% | 54.1% | 53.3% | 55.4% |
| Operating margin | 12.9% | 12.2% | 13.3% | 4.2% | -9.7% | -14.0% | -8.9% | -4.6% | -0.1% | 9.2% |
| Net margin | 11.2% | 11.6% | 14.3% | -3.4% | -2.6% | -25.9% | -13.3% | -0.2% | 3.8% | 17.6% |
Balance sheet
Fiscal years, from TAL Education Group's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $700M | $1.5B | $1.5B | $2.2B | $5.9B | $2.7B | $3.2B | $3.3B | $3.6B | $3.2B |
| Receivables | — | $16M | $50M | $43M | $26M | $26M | $45M | $53M | $94M | $72M |
| Inventory | $3M | $5M | $8M | $26M | $39M | $22M | $39M | $68M | $105M | $143M |
| Total current assets | $871M | $1.7B | $1.7B | $2.5B | $8.2B | $3.6B | $3.5B | $3.7B | $4.1B | $3.8B |
| Property, plant and equipment | $154M | $247M | $288M | $367M | $511M | $281M | $289M | $405M | $472M | $501M |
| Goodwill | $267M | $291M | $414M | $379M | $454M | — | — | $157,000 | $155,000 | $46M |
| Total assets | $1.8B | $3.1B | $3.7B | $5.6B | $12.1B | $5.1B | $4.7B | $4.9B | $5.5B | $5.9B |
| Total current liabilities | $667M | $1.1B | $1.2B | $1.8B | $3.4B | $903M | $784M | $1.1B | $1.4B | $1.8B |
| Long-term debt | — | — | — | $262M | — | — | — | — | — | — |
| Total liabilities | $1.1B | $1.4B | $1.2B | $3.0B | $6.9B | $1.1B | $903M | $1.3B | $1.7B | $2.2B |
| Shareholders' equity | $644M | $1.6B | $2.5B | $2.5B | $5.2B | $4.0B | $3.8B | $3.7B | $3.8B | $3.8B |
| Net debt | -$470M | -$712M | -$1.2B | -$1.6B | -$3.0B | -$1.6B | -$2.0B | -$2.2B | -$1.8B | -$1.5B |
Cash flow
Fiscal years, from TAL Education Group's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $379M | $685M | $194M | $856M | $955M | -$939M | $7M | $306M | $398M | $601M |
| Capital spending | $71M | $126M | $138M | $178M | $245M | $246M | $110M | $113M | $112M | $93M |
| Free cash flow | $308M | $559M | $56M | $678M | $710M | -$1.2B | -$103M | $193M | $286M | $508M |
| Stock-based compensation | $36M | $47M | $77M | $118M | $205M | $175M | $109M | $89M | $65M | $43M |
| Dividends paid | $0 | $41M | $0 | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | — | -$10M | -$196M | -$66M | -$234M | -$13M | -$644M |
| Net borrowing | $213M | $0 | -$205M | -$209M | -$4M | -$270M | — | — | -$55M | — |
| Free cash flow margin | 29.5% | 32.6% | 2.2% | 20.7% | 15.8% | -27.0% | -10.1% | 13.0% | 12.7% | 16.9% |
| Dividends per share | — | $0.21 | — | — | — | — | — | — | — | — |
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Open TAL in InvestinglyQuestions
What was TAL Education Group's revenue in 2026?
$3.0B in fiscal 2026, from its 10-K filing.
How much free cash flow does TAL Education Group generate?
$508M in fiscal 2026 (operating cash flow minus capital spending).
From TAL Education Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.