New Oriental (NYSE: EDU) posts double-digit growth and boosts FY2026 revenue guidance

Rhea-AI Filing Summary

New Oriental Education & Technology Group posted strong growth in its third fiscal quarter ended February 28, 2026. Net revenues reached $1,417.3M, up 19.8% year over year, while operating income rose 44.8% to $180.3M. Net income attributable to the company increased 45.3% to $126.8M, with diluted net income per ADS of $0.79. Non-GAAP net income was $152.2M, up 34.3%, and non-GAAP operating margin improved to 14.3% from 12.0%.

For the first nine months of fiscal 2026, net revenues were $4,131.8M, up 13.0%, and net income reached $413.0M, up 13.3%. The company raised its full-year revenue guidance to $5,561.4M–$5,598.7M, implying 13–14% growth, and expects fourth-quarter revenues of $1,429.6M–$1,466.9M, up 15–18%. As part of its three-year shareholder return plan, New Oriental is paying a total ordinary dividend of $0.12 per common share ($1.20 per ADS) for fiscal 2026 and has repurchased about $184.3M of ADSs under a $300M buyback authorization.

Positive

• Strong revenue and profit growth: Q3 FY2026 net revenues grew 19.8% to $1.42B and net income rose 45.3% to $126.8M, with notable operating and non-GAAP margin expansion.
• Upgraded revenue guidance: Full-year FY2026 net revenue outlook was raised to $5.56B–$5.60B, implying 13–14% year-over-year growth, and Q4 guidance points to 15–18% growth.
• Meaningful shareholder returns: The company is paying a $0.12 per share ($1.20 per ADS) ordinary dividend for FY2026 and has repurchased about $184.3M of ADSs under a $300M authorization.

Negative

• None.

Insights

Equity research analyst

New Oriental delivered strong growth, margin expansion, higher guidance and active shareholder returns.

New Oriental reported third-quarter net revenues of $1,417.3M, up 19.8% year over year, with operating income up 44.8% to $180.3M. Non-GAAP operating margin improved to 14.3% from 12.0%, showing better cost control and utilization.

For the first nine months, revenue grew 13.0% to $4,131.8M and net income increased 13.3% to $413.0M. Management highlighted growth in overseas and domestic test preparation and new educational initiatives, along with expanding AI-powered learning systems and non-academic tutoring.

The company raised full-year revenue guidance to $5,561.4M–$5,598.7M, implying 13–14% growth, and guided fourth-quarter revenue up 15–18%. It is also returning cash through an ordinary dividend of $0.12 per share ($1.20 per ADS) and a $300M share repurchase program, of which $184.3M has been used. These elements together indicate solid operating momentum and active capital return.

Key Figures

Q3 net revenues: $1,417.3M Q3 net income: $126.8M Q3 non-GAAP operating margin: 14.3% +5 more

8 metrics

Q3 net revenues $1,417.3M Third fiscal quarter ended February 28, 2026; up 19.8% YoY

Q3 net income $126.8M Net income attributable to New Oriental; up 45.3% YoY

Q3 non-GAAP operating margin 14.3% Quarter ended February 28, 2026; up from 12.0% prior year

9M FY2026 net revenues $4,131.8M First nine months of fiscal 2026; 13.0% year-over-year growth

FY2026 revenue guidance $5,561.4M–$5,598.7M Raised full-year net revenue outlook; 13–14% YoY growth

Ordinary dividend per ADS FY2026 $1.20 Total dividend for fiscal 2026, paid in two installments

Share repurchases to date $184.3M Approx. 3.3M ADSs repurchased under $300M program as of April 21, 2026

Cash and cash equivalents $1,783.4M Balance as of February 28, 2026 on condensed balance sheet

Key Terms

Non-GAAP operating income, Non-GAAP operating margin, deferred revenue, share repurchase program, +2 more

6 terms

Non-GAAP operating income financial

"Non-GAAP operating income (2)(3) | | | 202,885"

Non-GAAP operating income is a measure of a company's profit from its core business activities, calculated by excluding certain expenses or income that are not part of regular operations. It provides a clearer picture of how well the business is performing by focusing on ongoing operations, helping investors compare companies more consistently and make better-informed decisions.

Non-GAAP operating margin financial

"Non-GAAP operating margin, which excludes share-based compensation expenses"

Non-GAAP operating margin is a way companies show how much profit they make from their main business activities, excluding certain expenses or income they consider unusual or non-recurring. It helps investors see how well the company is performing in its normal operations, without the effects of one-time costs or gains that might distort the picture.

deferred revenue financial

"New Oriental’s deferred revenue, which represents cash collected upfront from customers"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

share repurchase program financial

"the Company also announced in October 2025 a share repurchase program"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

ADS financial

"New Oriental’s ADSs, each of which represents ten common shares, are listed"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

Safe Harbor Statement regulatory

"Safe Harbor Statement This announcement contains forward-looking statements."

A safe harbor statement is a disclaimer that companies include in their public disclosures to limit legal liability if future results differ from what was forecasted or expected. It acts like a protective shield, helping companies avoid lawsuits if their predictions don’t come true, and gives investors a clearer understanding that certain statements are forward-looking and involve risks.

Form 6-K: How Foreign Companies Report to the SEC →

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 April 2026

Commission File Number: 001-32993

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

No. 6 Hai Dian Zhong Street

Haidian District

Beijing 100080, People’s Republic of China

(Address of principal executive offices)

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 ☑     Form 40-F ☐

Exhibit Index

Exhibit 99.1 – Press Release – New Oriental Announces Results for the Third Fiscal Quarter Ended February 28, 2026

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.

New Oriental Education & Technology Group Inc.
By:		/s/ Stephen Zhihui Yang
Name: Stephen Zhihui Yang
Title: Executive President and Chief Financial Officer

Date: April 22, 2026

Exhibit 99.1

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$, except per ADS(1) data)		3Q FY2026				3Q FY2025				% of change
Net revenues			1,417,341				1,183,055				19.8	%
Operating income			180,320				124,519				44.8	%
Non-GAAP operating income (2)(3)			202,885				142,056				42.8	%
Net income attributable to New Oriental			126,815				87,255				45.3	%
Non-GAAP net income attributable to New Oriental (2)(3)			152,183				113,344				34.3	%
Net income per ADS attributable to New Oriental - basic			0.80				0.54				48.7	%
Net income per ADS attributable to New Oriental - diluted			0.79				0.54				47.7	%
Non-GAAP net income per ADS attributable to New Oriental - basic (2)(3)(4)			0.97				0.70				37.4	%
Non-GAAP net income per ADS attributable to New Oriental - diluted (2)(3)(4)			0.95				0.70				36.5	%
(in thousands US$, 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:

Ms. Rita Fong		Ms. Sisi Zhao
FTI Consulting		New Oriental Education & Technology Group Inc.
Tel:    +852 3768 4548		Tel:   +86-10-6260-5568
Email: rita.fong@fticonsulting.com		Email: zhaosisi@xdf.cn

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

		As of February 28 2026				As of May 31 2025
		(Unaudited)				(Audited)
		USD				USD
ASSETS:
Current assets:
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
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
LIABILITIES AND EQUITY
Current liabilities:
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
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
Total liabilities			3,826,412				3,851,767
Equity
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
Total liabilities and equity			8,244,360				7,805,499

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except for per share and per ADS amounts)

		For the Three Months Ended February 28
		2026				2025
		(Unaudited)				(Unaudited)
		USD				USD
Net revenues			1,417,341				1,183,055
Operating cost and expenses (note 1)
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
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
Net income per share attributable to New Oriental-Basic (note 2)			0.08				0.05
Net income per share attributable to New Oriental-Diluted (note 2)			0.08				0.05
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

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)

		For the Three Months Ended February 28
		2026				2025
		(Unaudited)				(Unaudited)
		USD				USD
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
Operating margin			12.7	%			10.5	%
Non-GAAP operating margin			14.3	%			12.0	%
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
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
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
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
Net income per share - basic			0.08				0.05
Net income per share - diluted			0.08				0.05
Non-GAAP net income per share - basic			0.10				0.07
Non-GAAP net income per share - diluted			0.10				0.07

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating cost and expenses as follows:

		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

Note 2: Each ADS represents ten common shares.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

		For the Three Months Ended February 28
		2026				2025
		(Unaudited)				(Unaudited)
		USD				USD
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	)
Net change in cash, cash equivalents and restricted cash			(61,341	)			(21,796	)
Cash, cash equivalents and restricted cash at beginning of period			2,098,138				1,611,073
Cash, cash equivalents and restricted cash at end of period			2,036,797				1,589,277

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

FAQ

How did New Oriental (EDU) perform in Q3 FY2026?

New Oriental delivered strong Q3 FY2026 results with net revenues of $1,417.3 million, up 19.8% year over year. Operating income grew 44.8% to $180.3 million, and net income attributable to the company rose 45.3% to $126.8 million.

What were New Oriental’s non-GAAP earnings metrics for Q3 FY2026?

In Q3 FY2026, New Oriental’s non-GAAP net income was $152.2 million, up 34.3% year over year. Non-GAAP basic and diluted net income per ADS were $0.97 and $0.95, respectively, reflecting strong profitability after excluding specified non-cash and investment-related items.

What guidance did New Oriental (EDU) give for Q4 and FY2026 revenues?

New Oriental expects Q4 FY2026 net revenues of $1,429.6–$1,466.9 million, a 15–18% year-over-year increase. It raised full-year FY2026 net revenue guidance to $5,561.4–$5,598.7 million, implying 13–14% growth versus the prior fiscal year.

What dividends is New Oriental paying for fiscal year 2026?

For fiscal 2026, New Oriental approved an ordinary dividend of $0.12 per common share, or $1.20 per ADS, in two installments. The board has now approved the second installment of $0.06 per share ($0.6 per ADS) with a record date of May 15, 2026.

How large is New Oriental’s share repurchase program and how much is used?

New Oriental announced a $300 million share repurchase program for fiscal 2026. As of April 21, 2026, the company had repurchased approximately 3.3 million ADSs for total consideration of about $184.3 million in open-market transactions under this program.

What do New Oriental’s nine-month FY2026 results show?

For the first nine months of FY2026, New Oriental reported net revenues of $4,131.8 million, up 13.0% year over year. Net income attributable to the company was $413.0 million, up 13.3%, and non-GAAP net income reached $483.3 million, a 15.4% increase.

What is New Oriental’s cash and investment position as of February 28, 2026?

As of February 28, 2026, New Oriental held $1,783.4 million in cash and cash equivalents, $1,491.7 million in term deposits, and $1,953.2 million in short-term investments, supporting its operations, growth initiatives, and ongoing shareholder return programs.

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