The combination of accelerating revenue growth, margin expansion, raised guidance, and capital return initiatives suggests strong operational momentum. Traders should monitor the upcoming Q4 results for confirmation of full-year guidance and any changes in buyback pace.
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Executive Summary
New Oriental reported strong third-quarter fiscal 2026 results with revenue up 19.8% YoY to $1.42 billion and net income up 45.3% YoY to $126.8 million, driven by growth in new education initiatives and improved operating efficiency. The company also raised full-year revenue guidance and announced a second dividend installment and continued share buybacks.
Key Facts
- Q3 FY2026 revenue: $1.417 billion, up 19.8% YoY
- Q3 operating income: $180.3 million, up 44.8% YoY
- Q3 net income attributable to New Oriental: $126.8 million, up 45.3% YoY
- Non-GAAP operating margin expanded 230 bps to 14.3%
- Full-year revenue guidance raised to $5.56–5.60 billion (13–14% YoY growth)
- Second dividend installment of $0.60 per ADS approved
- Share repurchase program: $184.3 million spent on ~3.3 million ADSs as of April 21, 2026
Financial Impact
Revenue increased by $234.3 million YoY, operating income by $55.8 million, and net income by $39.6 million. Full-year revenue guidance raised by approximately $100 million at midpoint.
Risk Factors
- Forward-looking statements are subject to risks including regulatory changes in China's education sector
- Net operating cash outflow of $7.5 million in the quarter despite strong earnings
- Capital expenditures of $68.8 million may pressure near-term cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-168990 |
| Document: d90814d6k.htm | 0001193125-26-168990 |
| Document: 0001193125-26-168990-index-headers.html | 0001193125-26-168990 |
| Document: 0001193125-26-168990-index.html | 0001193125-26-168990 |
| Document: 0001193125-26-168990.txt | 0001193125-26-168990 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Apr 22, 2026 26w ago | 6-K | $5.08 $4.52 | ▼ −11.02% | ▼ −15.80% | $4.52 (−11.02%) |
Apr 10, 2026 28w ago | 6-K | $5.08 $4.52 | ▼ −11.02% | ▼ −21.35% | $4.52 (−11.02%) |
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