Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.72B | $2.56B | $3.27B | $4.50B | $4.39B | $1.02B | $1.49B | $2.25B | $3.01B |
| Revenue growth | — | 64.4% | 49.4% | 27.7% | 37.3% | -2.3% | -76.8% | 46.2% | 51.0% | 33.7% |
| Gross profit | $521M | $833M | $1.40B | $1.80B | $2.45B | $2.19B | $583M | $806M | $1.20B | $1.67B |
| Gross margin | 49.9% | 48.6% | 54.6% | 55.1% | 54.4% | 49.8% | 57.2% | 54.1% | 53.3% | 55.4% |
| Operating income | $135M | $209M | $342M | $137M | -$438M | -$615M | -$90.7M | -$69.2M | -$3.15M | $276M |
| Operating margin | 12.9% | 12.2% | 13.3% | 4.2% | -9.7% | -14.0% | -8.9% | -4.6% | -0.1% | 9.2% |
| Net income | $117M | $198M | $367M | -$110M | -$116M | -$1.14B | -$136M | -$3.57M | $84.6M | $531M |
| Net margin | 11.2% | 11.6% | 14.3% | -3.4% | -2.6% | -25.9% | -13.3% | -0.2% | 3.8% | 17.6% |
| EPS (diluted) | $0.66 | $1.03 | $1.83 | -$0.56 | -$0.57 | -$5.29 | -$0.64 | -$0.02 | $0.41 | $2.75 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $379M | $685M | $194M | $856M | $955M | -$939M | $7.36M | $306M | $398M | $601M |
| Capital expenditures | $71.1M | $126M | $138M | $178M | $245M | $246M | $110M | $113M | $112M | $93.2M |
| Free cash flow | $308M | $559M | $56.0M | $678M | $710M | -$1.19B | -$103M | $193M | $286M | $508M |
| Share buybacks | — | — | — | — | $9.85M | $196M | $66.4M | $234M | $13.1M | $644M |
| Dividends paid | $0.00 | $41.2M | $0.00 | — | — | — | — | — | — | — |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $470M | $712M | $1.25B | $1.87B | $3.24B | $1.64B | $2.02B | $2.21B | $1.77B | $1.52B |
| Total assets | $1.83B | $3.05B | $3.74B | $5.57B | $12.1B | $5.08B | $4.72B | $4.93B | $5.50B | $5.94B |
| Total liabilities | $1.15B | $1.41B | $1.20B | $3.03B | $6.91B | $1.08B | $903M | $1.29B | $1.74B | $2.16B |
| Long-term debt | $225M | $225M | $0.00 | $262M | — | — | — | — | — | — |
| Shareholders' equity | $644M | $1.62B | $2.48B | $2.52B | $5.20B | $4.03B | $3.84B | $3.66B | $3.77B | $3.77B |
| Retained earnings | $418M | $565M | $920M | $786M | $625M | -$544M | -$686M | -$694M | -$624M | -$130M |
| Shares (wtd avg diluted) | 189M | 194M | 200M | 198M | 204M | 215M | 213M | 203M | 205M | 193M |
Every figure is extracted from TAL Education Group’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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