Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.48B | $1.80B | $2.45B | $3.10B | $3.58B | $4.28B | $3.11B | $3.00B | $4.31B | $4.90B |
| Revenue growth | — | 21.7% | 36.0% | 26.5% | 15.6% | 19.5% | -27.4% | -3.5% | 43.9% | 13.6% |
| Operating income | $199M | $262M | $263M | $306M | $399M | $117M | -$983M | $190M | $350M | $428M |
| Operating margin | 13.4% | 14.6% | 10.7% | 9.9% | 11.1% | 2.7% | -31.6% | 6.3% | 8.1% | 8.7% |
| Net income | $225M | $274M | $296M | $238M | $413M | $334M | -$1.19B | $177M | $310M | $372M |
| Net margin | 15.2% | 15.3% | 12.1% | 7.7% | 11.5% | 7.8% | -38.2% | 5.9% | 7.2% | 7.6% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $524M | $623M | $781M | $806M | $804M | $1.13B | -$1.28B | $971M | $1.12B | $897M |
| Capital expenditures | $64.4M | $106M | $214M | $269M | $310M | $429M | $151M | $143M | $249M | $242M |
| Free cash flow | $460M | $517M | $567M | $537M | $495M | $701M | -$1.43B | $828M | $873M | $655M |
| Share buybacks | — | — | — | — | — | — | — | $192M | $62.9M | $445M |
| Dividends paid | $62.7M | $71.2M | $71.2M | — | — | — | — | — | — | $98.2M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $709M | $641M | $983M | $1.41B | $915M | $1.61B | $1.15B | $1.66B | $1.39B | $1.61B |
| Total assets | $2.35B | $2.92B | $3.98B | $4.65B | $6.56B | $10.2B | $6.03B | $6.39B | $7.53B | $7.81B |
| Total liabilities | $920M | $1.20B | $1.76B | $2.12B | $3.69B | $5.13B | $2.24B | $2.58B | $3.48B | $3.85B |
| Long-term debt | — | — | — | $96.5M | $118M | $0.00 | — | — | — | — |
| Shareholders' equity | $1.40B | $1.68B | $1.99B | $2.36B | $2.73B | $4.91B | $3.71B | $3.60B | $3.78B | $3.66B |
| Retained earnings | $932M | $1.17B | $1.35B | $1.65B | $1.99B | $2.25B | $1.07B | $1.23B | $1.51B | $1.77B |
| Shares (wtd avg diluted) | 157M | 158M | 159M | 1.59B | 1.60B | 1.65B | 1.70B | 1.69B | 1.67B | 1.63B |
Every figure is extracted from New Oriental Education & Technology Group Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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