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Education & training · Consumer Defensive
TAL Education reported revenue of $3B in the fiscal year ended Feb 2026, up 33.7% from the year before. Operating income was $276M, an operating margin of 9.2%, and net income was $531M. Operating cash flow of $601M less capital expenditure of $93M left free cash flow of $508M.
Ranks among the 9 education & training companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | 4,391 | 1,020 | 1,490 | 2,250 | 3,009 |
| Cost of revenue | 2,203 | 436 | 684 | 1,050 | 1,343 |
| Gross profit | 2,188 | 583 | 806 | 1,200 | 1,665 |
| Selling, general & admin | 2,318 | 697 | 875 | 1,203 | 1,389 |
| Operating income | −615 | −90.7 | −69.2 | −3.2 | 276 |
| Interest expense | 7.9 | – | – | – | – |
| Pre-tax income | −778 | −110 | 17.5 | 132 | 685 |
| Income tax | 397 | 20.0 | 15.4 | 38.3 | 154 |
| Net income | −1,136 | −136 | −3.6 | 84.6 | 531 |
| Diluted EPS | −5.29 | −0.64 | −0.02 | 0.41 | 2.75 |
| Diluted shares | 215 | 213 | 203 | 205 | 193 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,638 | 2,022 | 2,209 | 1,771 | 1,524 |
| Receivables | 25.6 | 44.8 | 52.7 | 94.2 | 71.6 |
| Inventory | 21.8 | 39.0 | 68.3 | 105 | 143 |
| Current assets | 3,629 | 3,468 | 3,699 | 4,127 | 3,843 |
| Net PP&E | 281 | 289 | 405 | 472 | 501 |
| Goodwill | – | – | 0.2 | 0.2 | 45.5 |
| Total assets | 5,083 | 4,724 | 4,928 | 5,503 | 5,936 |
| Payables | 89.8 | 60.0 | 127 | 146 | 153 |
| Deferred revenue | 188 | 235 | 400 | 624 | 833 |
| Current liabilities | 903 | 784 | 1,082 | 1,441 | 1,767 |
| Total liabilities | 1,080 | 903 | 1,289 | 1,737 | 2,163 |
| Shareholders' equity | 4,030 | 3,845 | 3,662 | 3,767 | 3,774 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −939 | 7.4 | 306 | 398 | 601 |
| Capital expenditure | 246 | 110 | 113 | 112 | 93.2 |
| Free cash flow | −1,185 | −103 | 193 | 286 | 508 |
| Depreciation & amortisation | 171 | 35.3 | 23.7 | 45.8 | 68.6 |
| Stock-based compensation | 175 | 109 | 88.9 | 64.9 | 43.1 |
| Acquisitions | – | 0.3 | – | −0.1 | 95.5 |
| Share buybacks | 196 | 66.4 | 234 | 13.1 | 644 |
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −76.8% | 46.2% | 51.0% | 33.7% |
| EPS growth (YoY) | – | – | – | – | 570.7% |
| Gross margin | 49.8% | 57.2% | 54.1% | 53.3% | 55.4% |
| Operating margin | −14.0% | −8.9% | −4.6% | −0.1% | 9.2% |
| Net margin | −25.9% | −13.3% | −0.2% | 3.8% | 17.6% |
| Return on equityBlank when equity is negative | −28.2% | −3.5% | −0.1% | 2.2% | 14.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −14.7% | −2.3% | −1.8% | −0.1% | 6.6% |
| Free cash flow margin | −27.0% | −10.1% | 13.0% | 12.7% | 16.9% |
| Cash conversion (CFO ÷ net income) | 0.83x | −0.05x | −85.7x | 4.70x | 1.13x |
| Receivable days | 2 | 16 | 13 | 15 | 9 |
| Inventory days | 4 | 33 | 36 | 36 | 39 |
| Payable days | 15 | 50 | 68 | 51 | 41 |
| Interest cover | −78.1x | – | – | – | – |
| Current ratio | 4.02x | 4.42x | 3.42x | 2.86x | 2.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.