📈 Price History

Ratio Health

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— Good

— Average

— Poor

By Category

📊 Peer Medians

About

TAL Education Group provides smart learning solutions in the People’s Republic of China. It offers learning services through Xueersi Peiyou small classes, personalized premium services, and online course offerings. The company also develops and provides learning content solutions for learners across print, digital and device-based formats, including print books, books integrated with digital learning experiences, learning devices, and mobile applications. In addition, it offers online education services, including live class and pre-recorded course content through www.xueersi.com. Further, the company engages in development and sale of software, network, and learning devices; investment management and consulting services. TAL Education Group was founded in 2003 and is headquartered in Beijing, the People’s Republic of China.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TAL

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	1.66M	$18.9M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	234.2K	$2.7M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q1 2026

Cautious

Management explicitly stated that Peiyou revenue growth will gradually taper off and that new learning centers take longer to ramp up, while also highlighting a non-GAAP operating loss for the learning devices business. The tone was measured, focusing on long-term sustainability rather than aggressive expansion.

Q2 2026

Cautious

Management repeatedly acknowledged 'occasional variability and limited visibility' in financial performance due to seasonal shifts, competitive pressures, and resource reallocation. They emphasized long-term growth over short-term results and warned of margin compression from new initiatives.

Q3 2026

Mixed

Management expresses confidence in strategic progress and long-term capabilities, but repeatedly cautions about near-term variability, limited visibility, and competitive pressures. Phrases like 'may face occasional variability and limited visibility' and 'caution against using this quarter's margin performance as a benchmark' indicate a cautious undertone despite strong results.

Q4 2026 latest

Confident Specific

Management repeatedly used phrases like 'solid growth', 'disciplined approach', and 'operating efficiency', and provided specific metrics such as retention rate of over 80% and blended ASP over RMB 3,000. The tone was upbeat but grounded, with clear explanations for one-time items and forward-looking commitments.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened after this call. TAL delivered solid revenue growth of 31.5% YoY in USD, improved gross margin to 53.2%, and turned profitable (non-GAAP net income of $254.5M vs $7.0M a year ago). The core Peiyou business continues to grow with disciplined expansion, while the learning devices business shows maturity with a new product launch and robust engagement metrics. The one-time investment gain boosted other income, but operating fundamentals are clearly improving. Investors should watch for moderation in revenue growth in FY2027 as guided, and whether operating leverage can sustain margin expansion. The repurchase program indicates confidence, though execution remains modest.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED TAL Education Q4 FY2026 revenue $802.4M (+31.5% YoY), net income $244.8M

Revenue & Profitability

Q4 FY2026 net revenues were $802.4 million, up 31.5% YoY. GAAP income from operations was $72.5 million; non-GAAP income from operations was $82.2 million. GAAP net income attributable to TAL was $244.8 million, compared to a net loss of $7.3 million in the prior year. Non-GAAP net income attributable to TAL was $254.5 million. Other income was $275.0 million, primarily driven by a one-time increase in fair value of investments. Cash and short-term investments totaled $3,239.3 million as of February 28, 2026.

Outlook

Management sees steady demand for enrichment learning driven by evolving parental and educational priorities. They anticipate that as the business scales with a larger baseline, year-over-year growth rates will gradually moderate. The learning devices market is described as highly dynamic with advancing hardware, content, and AI features. Management remains focused on sustainable growth and improving profitability, with potential quarterly fluctuations.

Growth Drivers

Key growth levers include: offline Peiyou Small Class enrichment programs (expanded to over 40 cities in FY2026, entering five new cities, with retention rate around 80%); online enrichment learning (upgraded with immersive classrooms and role-playing); content solutions (learning devices, now including X5 Ultra, with blended ASP over RMB 3,000 and revenue growth YoY); and selective international expansion leveraging R&D and operational know-how. In FY2027, the company plans to focus on consolidating presence in existing cities rather than aggressive geographic expansion.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Q4 FY2026 gross margin expanded to 53.2% from 52.0% YoY. Non-GAAP selling and marketing expenses as a percentage of revenue decreased from 35.1% to 27.2%, and non-GAAP G&A expenses as a percentage of revenue decreased from 17.4% to 15.8%. Non-GAAP operating income margin improved for every quarter of FY2026 compared to the prior year. Management expects operational efficiency to improve further and remains focused on driving profitability, though quarterly fluctuations may occur.

Key Risks

Risks flagged include: industry-wide memory cost pressures affecting hardware costs; one-time investment gains (other income) not representative of future performance; and the natural moderation of growth rates as the business scales. Forward-looking statements are subject to uncertainties outlined in SEC filings. No specific regulatory or competitive risks were highlighted beyond the dynamic competitive landscape.

Generated by AI · Q4 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-07-30

Q1 FY2027 saw strong revenue and profit growth, with double-digit gains in core segments and improved margins. Learning devices and offline programs both expanded, while disciplined capital allocation and share repurchases continued. Market volatility and cost pressures persist.

Q4 2026 Q4 2026 2026-04-23

Q4 and FY2026 saw robust revenue and profit growth, driven by strong performance in learning services, content solutions, and learning devices. Margin expansion and operational efficiency improved, with a disciplined outlook for FY2027 and continued focus on AI and quality growth.

Q3 2026 Q3 2026 2026-01-29

Reported 27% year-over-year revenue growth and significant margin improvement, driven by strong performance in both offline and online enrichment programs and robust user engagement in learning devices. Growth is expected to moderate due to a higher comparison base and market factors.

Q2 2026 Q2 2026 2025-10-30

Net revenues grew 39.1% year-over-year to $861.4 million, with strong gains in both learning services and devices. Investments in technology and AI drove innovation, while a new $600 million share repurchase program was launched. Margin variability expected as new initiatives scale.

Q1 2026 Q1 2026 2025-07-31

Q1 FY2026 saw 38.8% revenue growth, strong margins, and high retention in core programs. New AI-powered learning devices and expanded content offerings drove engagement, while a new $600M share repurchase plan was authorized. Q2 is expected to benefit from seasonal demand.

📊 Analysis Methodology

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