TAL

MKT CAP:$7B

TAL Education Group

Market Cap

$7B

Consumer Defensive·Education & Training Services·🇨🇳 China·NYSE

Consumer Def.·Education·🇨🇳·NYSE

Stock Price

$11.01-$0.48 (-4.22%)

Apr 24, 2026

Company Details

TAL Education Group provides K-12 after-school tutoring services in the People's Republic of China. The company offers tutoring services to K-12 students covering various academic subjects, including mathematics, physics, chemistry, biology...

CEO

Bangxin Zhang

IPO Date

Oct 20, 2010

Website

www.100tal.com

Key Metrics TTM

Revenue

$2.8B

+36.1% YoY

Net Income

$279M

EPS (Diluted)

$1.39

Free Cash Flow

$441M

Revenue / Share

$15.05

Gross Margin

55.2%

Operating Margin

6.5%

Net Margin

9.9%

FCF Margin

15.6%

P/S

2.4x

P/E

24.4x

Earnings Reports

Q3 2026

Jan 29, 2026

$772M+27.3%EPS $0.69

Q2 2026

Oct 30, 2025

$863M+38.7%EPS $0.66

Q1 2026

Jul 31, 2025

$577M+39.2%EPS $0.15

FY 2025

Jun 16, 2025

$2.3B+51.2%EPS $1.26

Q4 2025

Jun 16, 2025

$611M+41.9%EPS -$0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$542M	$343M	$28M
Q1 23	$223M	$135M	-$36M
Q2 23	$294M	$177M	$2M
Q3 23	$233M	$130M	-$34M
Q4 23	$268M	$141M	-$45M
Q1 24	$275M	$136M	-$67M
Q2 24	$412M	$243M	$29M
Q3 24	$374M	$200M	-$32M
Q4 24	$430M	$228M	-$16M
Q1 25	$414M	$214M	-$18M
Q2 25	$622M	$350M	$48M
Q3 25	$606M	$320M	-$18M
Q4 25	$611M	$318M	-$19M
Q1 26	$577M	$316M	$14M
Q2 26	$863M	$492M	$95M
Q3 26	$772M	$433M	$93M

Valuation

Quarter	P/S	P/E
Q4 22	0.4x	—
Q1 23	0.9x	—
Q2 23	2.0x	—
Q3 23	2.7x	—
Q4 23	4.3x	—
Q1 24	3.4x	—
Q2 24	3.4x	—
Q3 24	4.9x	—
Q4 24	6.1x	—
Q1 25	4.3x	131.6x
Q2 25	2.8x	71.8x
Q3 25	3.0x	52.3x
Q4 25	3.4x	89.1x
Q1 26	2.5x	58.8x
Q2 26	7.4x	114.5x
Q3 26	6.7x	68.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$0	$0
Q4 22	-$162M	-$162M
Q1 23	-$45M	-$45M
Q2 23	-$3M	-$3M
Q3 23	$96M	$96M
Q4 23	-$41M	-$151M
Q1 24	$126M	$126M
Q2 24	-$43M	-$43M
Q3 24	$247M	$247M
Q4 24	-$24M	-$136M
Q1 25	$247M	$247M
Q2 25	-$576.0K	-$576.0K
Q3 25	$378M	$378M
Q4 25	-$226M	-$226M
Q1 26	$348M	$348M
Q2 26	-$58M	-$58M

Capital Expenditures

Quarter	CapEx
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$110M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$113M
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$112M
Q1 26	$0
Q2 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-60.3%	-67.7%
Q1 23	-84.0%	-81.3%
Q2 23	-79.6%	-81.0%
Q3 23	-77.2%	-75.6%
Q4 23	-50.5%	-39.0%
Q1 24	+23.6%	+32.3%
Q2 24	+40.1%	+30.9%
Q3 24	+60.5%	+52.4%
Q4 24	+60.3%	+42.2%
Q1 25	+50.4%	+26.3%
Q2 25	+51.0%	+50.1%
Q3 25	+62.4%	+53.9%
Q4 25	+41.9%	+41.0%
Q1 26	+39.2%	+30.3%
Q2 26	+38.7%	+33.7%
Q3 26	+27.3%	+8.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$41M	4.0%
Q4 22	$135.0K	0.0%
Q1 23	$26M	11.9%
Q2 23	$27M	9.3%
Q3 23	$28M	12.2%
Q4 23	$26M	9.8%
Q1 24	$26M	9.3%
Q2 24	$21M	5.1%
Q3 24	$22M	5.9%
Q4 24	$21M	4.8%
Q1 25	$18M	4.4%
Q2 25	$17M	2.7%
Q3 25	$0	0.0%
Q4 25	$14M	2.3%
Q1 26	$11M	1.9%
Q2 26	$12M	1.4%

OpEx Breakdown

Quarter	SG&A
Q4 22	$316M
Q1 23	$171M
Q2 23	$175M
Q3 23	$163M
Q4 23	$186M
Q1 24	$203M
Q2 24	$213M
Q3 24	$233M
Q4 24	$244M
Q1 25	$232M
Q2 25	$303M
Q3 25	$338M
Q4 25	$336M
Q1 26	$303M
Q2 26	$397M
Q3 26	$339M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$1.6B	$1.1B	$2.7B
Q1 23	$1.7B	$1.2B	$2.9B
Q2 23	$1.8B	$1.3B	$3.1B
Q3 23	$1.9B	$1.2B	$3.0B
Q4 23	$2.0B	$1.1B	$3.2B
Q1 24	$2.1B	$959M	$3.0B
Q2 24	$2.2B	$768M	$3.0B
Q3 24	$2.2B	$974M	$3.2B
Q4 24	$2.2B	$1.1B	$3.3B
Q1 25	$2.5B	$1.2B	$3.7B
Q2 25	$2.1B	$1.4B	$3.5B
Q3 25	$2.2B	$1.6B	$3.8B
Q4 25	$1.8B	$1.8B	$3.6B
Q1 26	$1.5B	$2.2B	$3.7B
Q2 26	$1.5B	$1.7B	$3.2B
Q3 26	$2.5B	$1.5B	$3.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	71M	+0.4%	+1.5%
Q1 23	71M	-0.2%	+0.0%
Q2 23	70M	-1.6%	-1.2%
Q3 23	70M	-0.0%	-1.4%
Q4 23	70M	+0.2%	-1.6%
Q1 24	70M	-0.3%	-1.7%
Q2 24	67M	-3.5%	-3.7%
Q3 24	66M	-1.8%	-5.4%
Q4 24	68M	+2.5%	-3.2%
Q1 25	68M	+0.1%	-2.8%
Q2 25	68M	-0.2%	+0.5%
Q3 25	68M	-0.0%	+2.4%
Q4 25	68M	-0.1%	-0.2%
Q1 26	205M	+203.3%	+202.3%
Q2 26	193M	-6.0%	+184.6%
Q3 26	188M	-2.6%	+177.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$33.4K	16K
Q1 23	$13.8K	16K
Q2 23	$18.2K	16K
Q3 23	$14.4K	16K
Q4 23	$22.9K	12K
Q1 24	$23.5K	12K
Q2 24	$35.2K	12K
Q3 24	$31.9K	12K
Q4 24	$36.8K	12K
Q1 25	$27.6K	15K
Q2 25	$41.5K	15K
Q3 25	$40.4K	15K
Q4 25	$26.5K	23K
Q1 26	$25.1K	23K
Q2 26	$37.5K	23K
Q3 26	$33.6K	23K

Revenue / Employee