The FY2026 results confirm strong momentum in the core education business, with revenue and operating income both growing. The newly announced ~$300M dividend and $200M buyback for FY2027 reinforce the shareholder return narrative. Monitor the next quarterly earnings for continued growth in educational services and test preparation revenue, and watch for execution on the FY2027 capital return program.
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Executive Summary
New Oriental's FY2026 annual report (20-F) shows strong growth: total net revenues rose 15.5% YoY to $5,661.3M, operating income grew 50.2% to $643.3M, and net income attributable to shareholders rose 27.8% to $475.2M. The company also announced a ~$300M dividend and a new $200M buyback for FY2027, continuing its shareholder return plan. The filing is largely a confirmation of previously reported strong results, with the main new information being the formalization of the FY2027 capital return program.
Key Facts
- Total net revenues for FY2026 were $5,661.3M, up 15.5% from $4,900.3M in FY2025.
- Operating income for FY2026 was $643.3M, up 50.2% from $428.3M in FY2025.
- Net income attributable to shareholders was $475.2M, up 27.8% from $371.7M in FY2025.
- Basic EPS was $0.30 for FY2026, up from $0.23 in FY2025.
- Educational services and test preparation courses revenue grew to $4,006.8M in FY2026 from $3,456.2M in FY2025.
- Private label products and livestreaming e-commerce service revenue grew to $122.0M in FY2026 from $119.1M in FY2025.
- Total GMV from East Buy's livestreaming e-commerce was RMB10.2 billion in FY2026, up from RMB8.7 billion in FY2025.
- Board approved a ~$300M cash dividend for FY2027, to be paid in two installments in December 2026 and June 2027.
- Board approved a new 2027 Share Repurchase Program authorizing up to $200M in buybacks from July 29, 2026 through July 28, 2027.
- Under the 2026 Share Repurchase Program, the company repurchased ~54.1 million common shares for ~$288.7M.
- Cash and cash equivalents stood at $1,821.2M as of May 31, 2026, up from $1,612.4M in FY2025.
Financial Impact
FY2026 revenue growth of 15.5% YoY to $5.66B, with operating income up 50.2% to $643M. Net income attributable to shareholders up 27.8% to $475M. Announced ~$300M dividend and $200M buyback for FY2027.
Risk Factors
- Regulatory risk in China's private education sector remains a significant overhang, with the Alleviating Burden Opinion and its implementation measures potentially affecting operations.
- The company's reliance on VIE structure and PRC regulatory approvals for overseas offerings creates structural uncertainty.
- The livestreaming e-commerce business (East Buy) is dependent on the popularity of livestreamers and sales channels like Douyin, which could decline.
- The company believes it was a PFIC for U.S. federal income tax purposes for FY2026, which could have adverse tax consequences for U.S. holders.
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-397192 |
| Document: d157159dex81.htm | 0001193125-26-397192 |
| Document: d157159dex121.htm | 0001193125-26-397192 |
| Document: d157159dex122.htm | 0001193125-26-397192 |
| Document: d157159dex151.htm | 0001193125-26-397192 |
| Document: d157159dex131.htm | 0001193125-26-397192 |
| Document: d157159dex132.htm | 0001193125-26-397192 |
| Document: d157159dex152.htm | 0001193125-26-397192 |
| Document: 0001193125-26-397192-index-headers.html | 0001193125-26-397192 |
| Document: 0001193125-26-397192-index.html | 0001193125-26-397192 |
| Document: 0001193125-26-397192.txt | 0001193125-26-397192 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 6-K | $58.62 | awaiting T+20 | — | $57.99 (−1.07%) |
Oct 8, 2026 19d ago | 6-K | $57.38 | awaiting T+20 | — | $57.99 (+1.06%) |
Oct 8, 2026 19d ago | 6-K | $57.38 | awaiting T+20 | — | $57.99 (+1.06%) |
Sep 22, 2026 5w ago | 6-K | $54.74 $61.15 | ▲ +11.71% | ▲ +12.27% | $57.99 (+5.94%) |
Sep 22, 2026 5w ago | 20-F | $54.74 $61.15 | ▲ +11.71% | ▲ +12.27% | $57.99 (+5.94%) |
Aug 11, 2026 11w ago | Insider Cluster | $55.55 $55.49 | ▼ −0.11% | ▲ +0.95% | $57.99 (+4.39%) |
Jul 29, 2026 12w ago | 6-K | $58.58 $57.72 | ▼ −1.47% | ▼ −6.49% | $57.99 (−1.01%) |
Jul 7, 2026 16w ago | 6-K | $47.81 $59.06 | ▲ +23.53% | ▲ +22.20% | $57.99 (+21.29%) |
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