TAL Education Group Announces Unaudited Financial Results for the Third Fiscal Quarter Ended November 30, 2025

BEIJING, Jan. 29, 2026 /PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2026 ended November 30, 2025.

Highlights for the Third Quarter of Fiscal Year 2026

- Net revenues were US$770.2 million, compared to net revenues of US$606.4 million in the same period of the prior year.

- Income from operations was US$93.1 million, compared to loss from operations of US$17.4 million in the same period of the prior year.

- Non-GAAP income from operations, which excluded share-based compensation expenses, was US$104.0 million, compared to non-GAAP loss from operations of US$1.9 million in the same period of the prior year.

- Net income attributable to TAL was US$130.6 million, compared to net income attributable to TAL of US$23.1 million in the same period of the prior year.

- Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$141.4 million, compared to non-GAAP net income attributable to TAL of US$38.6 million in the same period of the prior year.

- Basic and diluted net income per American Depositary Share ("ADS") were US$0.24 and US$0.23, respectively. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.25. Three ADSs represent one Class A common share.

- Cash, cash equivalents and short-term investments totaled US$3,617.4 million as of November 30, 2025, compared to US$3,618.4 million as of February 28, 2025.

Highlights for the Nine Months Ended November 30, 2025

- Net revenues were US$2,206.5 million, compared to net revenues of US$1,640.0 million in the same period of the prior year.

- Income from operations was US$203.6 million, compared to income from operations of US$12.9 million in the same period of the prior year.

- Non-GAAP income from operations, which excluded share-based compensation expenses, was US$236.9 million, compared to non-GAAP income from operations of US$63.5 million in the same period of the prior year.

- Net income attributable to TAL was US$286.0 million, compared to net income attributable to TAL of US$91.9 million in the same period of the prior year.

- Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$319.3 million, compared to non-GAAP net income attributable to TAL of US$142.5 million in the same period of the prior year.

- Basic and diluted net income per ADS were US$0.50 and US$0.49, respectively. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.55.

Financial Data——Third Quarter and First NineMonthsof Fiscal Year 2026

(In US$ thousands, except per ADS data and percentages)

Three Months Ended

November 30,

2024

2025

Pct. Change

Net revenues

606,446

770,167

27.0 %

(Loss)/Income from operations

(17,432)

93,123

(634.2 %)

Non-GAAP (loss)/income from operations

(1,920)

103,950

(5,514.1 %)

Net income attributable to TAL

23,069

130,595

466.1 %

Non-GAAP net income attributable to TAL

38,581

141,422

266.6 %

Net income per ADS attributable to TAL – basic

0.04

0.24

517.6 %

Net income per ADS attributable to TAL – diluted

0.04

0.23

518.7 %

Non-GAAP net income per ADS attributable to TAL – basic

0.06

0.25

299.9 %

Non-GAAP net income per ADS attributable to TAL – diluted

0.06

0.25

300.6 %

Nine Months Ended

November 30,

2024

2025

Pct. Change

Net revenues

1,639,994

2,206,519

34.5 %

Income from operations

12,860

203,566

1,482.9 %

Non-GAAP income from operations

63,476

236,908

273.2 %

Net income attributable to TAL

91,902

285,961

211.2 %

Non-GAAP net income attributable to TAL

142,518

319,303

124.0 %

Net income per ADS attributable to TAL – basic

0.15

0.50

226.4 %

Net income per ADS attributable to TAL – diluted

0.15

0.49

227.3 %

Non-GAAP net income per ADS attributable to TAL – basic

0.24

0.55

135.0 %

Non-GAAP net income per ADS attributable to TAL – diluted

0.23

0.55

135.7 %

"In the third quarter of fiscal year 2026, our net revenues continued their steady growth trajectory. We remain focused on integrating technology into learning experiences and are dedicated to enhancing our content, products, and services to support students' holistic development." said Alex Peng, TAL's President and Chief Financial Officer.

Mr. Peng added, "We will continue to drive forward our strategic initiatives and dynamically allocate resources to build competitive advantages and generate value for our users and society."

Financial Results for the Third Quarter of Fiscal Year 2026

Net Revenues

In the third quarter of fiscal year 2026, TAL reported net revenues of US$770.2 million, representing a 27.0% increase from US$606.4 million in the third quarter of fiscal year 2025.

Operating Costs and Expenses

In the third quarter of fiscal year 2026, operating costs and expenses were US$677.0 million, representing an 8.5% increase from US$623.9 million in the third quarter of fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$666.2 million, representing a 9.5% increase from US$608.4 million in the third quarter of fiscal year 2025.

Cost of revenues increased by 18.0% to US$338.4 million from US$286.7 million in the third quarter of fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 18.4% to US$338.0 million, from US$285.4 million in the third quarter of fiscal year 2025.

Selling and marketing expenses decreased by 2.8% to US$220.1 million from US$226.4 million in the third quarter of fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 2.1% to US$217.6 million, from US$222.4 million in the third quarter of fiscal year 2025.

General and administrative expenses increased by 7.1% to US$118.6 million from US$110.7 million in the third quarter of fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 10.0% to US$110.7 million, from US$100.6 million in the third quarter of fiscal year 2025.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 30.2% to US$10.8 million in the third quarter of fiscal year 2026 from US$15.5 million in the same period of fiscal year 2025.

Gross Profit

Gross profit increased by 35.0% to US$431.8 million from US$319.8 million in the third quarter of fiscal year 2025. The gross margin for the third quarter of fiscal year 2026 was 56.1%, compared to 52.7% in the same period of the prior year.

(Loss)/Income from Operations

Income from operations was US$93.1 million in the third quarter of fiscal year 2026, compared to loss from operations of US$17.4 million in the third quarter of fiscal year 2025. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$104.0 million, compared to Non-GAAP loss from operations of US$1.9 million in the same period of the prior year.

Other Income

Other income was US$38.6 million for the third quarter of fiscal year 2026, compared to other income of US$18.2 million in the third quarter of fiscal year 2025.

Income Tax Benefit/(Expense)

Income tax expense was US$15.3 million in the third quarter of fiscal year 2026, compared to US$3.6 million of income tax benefit in the third quarter of fiscal year 2025.

Net Income attributable to TAL Education Group

Net income attributable to TAL was US$130.6 million in the third quarter of fiscal year 2026, compared to net income attributable to TAL of US$23.1 million in the third quarter of fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$141.4 million, compared to Non-GAAP net income attributable to TAL of US$38.6 million in the third quarter of fiscal year 2025.

Basic and Diluted Net Income per ADS

Basic and diluted net income per ADS were US$0.24 and US$0.23, respectively, in the third quarter of fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.25 in the third quarter of fiscal year 2026.

Cash Flow

Net cash provided by operating activities for the third quarter of fiscal year 2026 was US$526.7 million.

Cash, Cash Equivalents, and Short-Term Investments

As of November 30, 2025, the Company had US$2,146.3 million of cash and cash equivalents and US$1,471.1 million of short-term investments, compared to US$1,771.3 million of cash and cash equivalents and US$1,847.1 million of short-term investments as of February 28, 2025.

Deferred Revenue

As of November 30, 2025, the Company's deferred revenue balance was US$1,162.8 million, compared to US$671.2 million as of February 28, 2025.

Financial Results for the First Nine Months of Fiscal Year 2026

Net Revenues

For the first nine months of fiscal year 2026, TAL reported net revenues of US$2,206.5 million, representing a 34.5% increase from US$1,640.0 million in the first nine months of fiscal year 2025.

Operating Costs and Expenses

In the first nine months of fiscal year 2026, operating costs and expenses were US$2,003.0 million, representing a 23.1% increase from US$1,627.1 million in the first nine months of fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,969.6 million, representing a 24.9% increase from US$1,576.5 million in the first nine months of fiscal year 2025.

Cost of revenues increased by 27.9% to US$968.3 million from US$757.3 million in the first nine months of fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 28.6% to US$966.8 million from US$751.9 million in the first nine months of fiscal year 2025.

Selling and marketing expenses increased by 25.9% to US$668.1 million from US$530.8 million in the first nine months of fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 27.3% to US$659.7 million from US$518.4 million in the first nine months of fiscal year 2025.

General and administrative expenses increased by 8.1% to US$366.6 million from US$339.0 million in the first nine months of fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 12.1% to US$343.2 million from US$306.3 million in the first nine months of fiscal year 2025.

Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 34.1% to US$33.3 million in the first nine months of fiscal year 2026 from US$50.6 million in the same period of fiscal year 2025.

Gross Profit

Gross profit increased by 40.3% to US$1,238.2 million from US$882.7 million in the first nine months of fiscal year 2025. The gross margin for the first nine months of fiscal year 2026 was 56.1%, compared to 53.8% in the same period of the prior year.

(Loss)/Income from Operations

Income from operations was US$203.6 million in the first nine months of fiscal year 2026, compared to income from operations of US$12.9 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$236.9 million, compared to US$63.5 million Non-GAAP income from operations in the same period of the prior year.

Other Income

Other income was US$115.1 million for the first nine months of fiscal year 2026, compared to other income of US$51.8 million in the same period of the prior year.

Impairment Loss on Long-term Investments

Impairment loss on long-term investments was US$1.4 million for the first nine months of fiscal year 2026, compared to US$8.7 million for the first nine months of fiscal year 2025.

Income Tax Benefit/(Expense)

Income tax expense was US$77.5 million in the first nine months of fiscal year 2026, compared to US$24.3 million of income tax expense in the first nine months of fiscal year 2025.

Net Income Attributable to TAL Education Group

Net income attributable to TAL was US$286.0 million in the first nine months of fiscal year 2026, compared to net income attributable to TAL of US$91.9 million in the first nine months of fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$319.3 million, compared to US$142.5 million Non-GAAP net income attributable to TAL in the same period of the prior year.

Basic and Diluted Net Income per ADS

Basic and diluted net income per ADS were US$0.50 and US$0.49, respectively, in the first nine months of fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.55, in the first nine months of fiscal year 2026.

Cash Flow

Net cash provided by operating activities for the first nine months of fiscal year 2026 was US$816.4 million.

Share Repurchase

On July 28, 2025, TAL's board of directors authorized a new share repurchase program under which the Company may repurchase up to US$600 million of the Company's common shares over the next 12 months. Between October 30, 2025 and January 28, 2026, the Company has repurchased 844,856 common shares at an aggregate consideration of approximately US$27.7 million.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the third fiscal quarter of fiscal year 2026 ended November 30, 2025 at 7:00 a.m. Eastern Time on January 29, 2026 (8:00 p.m. Beijing time on January 29, 2026).

Please note that you will need to pre-register for conference call participation at .

Upon registration, you will receive an email containing participant dial-in numbers, passcode, and a unique access PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

A live and archived webcast of the conference call will be available on the Investor Relations section of TAL's website at .

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, TAL Education Group's strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to provide competitive learning services and products; the Company's ability to continue to recruit, train and retain talents; the Company's ability to improve the content of current course offerings and develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About TAL Education Group

TAL Education Group is a smart learning solutions provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning solutions to students from all ages through diversified class formats. Our learning solutions mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol "TAL".

About Non-GAAP Financial Measures

In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating costs and expenses, non-GAAP income from operations, non-GAAP net income attributable to TAL, non-GAAP basic and non-GAAP diluted net income per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to TAL's historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

For further information, please contact:

Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email:

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

February 28,
2025

As of

November 30,
2025

ASSETS

Current assets

Cash and cash equivalents

$ 1,771,260

$ 2,146,309

Restricted cash, current

187,846

305,144

Short-term investments

1,847,120

1,471,116

Inventory, net

104,876

136,952

Amounts due from related parties, current

37

25

Prepaid expenses and other current assets

215,781

252,069

Total current assets

4,126,920

4,311,615

Restricted cash, non-current

32,625

34,148

Property and equipment, net

472,366

495,202

Deferred tax assets

3,487

1,469

Rental deposits

22,131

25,668

Intangible assets, net

394

47,169

Goodwill

155

45,705

Land use rights, net

182,880

185,012

Amounts due from related parties, non-current

96

99

Long-term investments

305,105

371,948

Long-term prepayments and other non-current assets

27,844

30,744

Operating lease right-of-use assets

329,064

370,809

Total assets

$ 5,503,067

$ 5,919,588

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$ 146,300

$ 161,086

Deferred revenue, current

624,272

1,110,709

Amounts due to related parties, current

93

89

Accrued expenses and other current liabilities

582,227

705,754

Operating lease liabilities, current

88,453

104,318

Total current liabilities

1,441,345

2,081,956

Deferred revenue, non-current

46,955

52,051

Deferred tax liabilities

3,474

13,907

Operating lease liabilities, non-current

244,895

273,036

Total liabilities

1,736,669

2,420,950

Equity

Class A common shares

154

156

Class B common shares

49

49

Treasury stock

-

(20)

Additional paid-in capital

4,294,819

3,703,604

Statutory reserve

179,537

175,957

Accumulated deficit

(624,078)

(334,537)

Accumulated other comprehensive loss

(83,914)

(46,207)

Total TAL Education Group's equity

3,766,567

3,499,002

Non-controlling interests

(169)

(364)

Total equity

3,766,398

3,498,638

Total liabilities and equity

$ 5,503,067

$ 5,919,588

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

For the Three Months EndedNovember 30,

For the Nine Months Ended

November 30,

2024

2025

2024

2025

Net revenues

$ 606,446

$ 770,167

$ 1,639,994

$ 2,206,519

Cost of revenues (note 1)

286,689

338,361

757,329

968,272

Gross profit

319,757

431,806

882,665

1,238,247

Operating expenses (note 1)

Selling and marketing

226,441

220,063

530,769

668,122

General and administrative(note 2)

110,748

118,620

339,036

366,559

Total operating expenses

337,189

338,683

869,805

1,034,681

(Loss)/income from operations

(17,432)

93,123

12,860

203,566

Interest income, net

21,491

14,330

64,410

47,213

Other income

18,150

38,591

51,767

115,139

Impairment loss on long-term investments

-

-

(8,692)

(1,410)

Income before income tax benefit/(expense) and loss from
equity method investments

22,209

146,044

120,345

364,508

Income tax benefit/(expense)

3,582

(15,307)

(24,348)

(77,465)

Loss from equity method investments

(2,765)

(221)

(4,337)

(1,295)

Net income

23,026

130,516

91,660

285,748

Add: Net loss attributable to noncontrolling interests

43

79

242

213

Total netincomeattributable to TAL Education Group

$ 23,069

$ 130,595

$ 91,902

$ 285,961

Net incomeper common share

Basic

$ 0.11

$ 0.71

$ 0.46

$ 1.49

Diluted

0.11

0.70

0.45

1.47

Netincomeper ADS (note 3)

Basic

$ 0.04

$ 0.24

$ 0.15

$ 0.50

Diluted

0.04

0.23

0.15

0.49

Weighted average shares used in calculating net income
per common share

Basic

201,905,486

185,057,275

201,746,602

192,315,752

Diluted

204,949,612

187,521,021

205,093,389

194,991,739

Note1: Share-based compensation expenses are included in the operating costs and expenses as follows:

For the Three Months
Ended November 30,

For the Nine Months
Ended November 30,

2024

2025

2024

2025

Cost of revenues

$ 1,271

$ 387

$ 5,426

$ 1,512

Selling and marketing expenses

4,082

2,477

12,410

8,453

General and administrative expenses

10,159

7,963

32,780

23,377

Total

$ 15,512

$ 10,827

$ 50,616

$ 33,342

Note 2: GAAP and non-GAAP general and administrative expenses include government subsidies, which
were separately presented in our historical financial statements. This reclassification has been made to
conform to the presentation for the current period, and such reclassification had no impact on the Group's
previously reported (loss)/income from operations, net income, shareholders' equity, or cash flows.

Note 3: Three ADSs represent one Class A common Share.

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF COMPREHENSIVE (LOSS)/INCOME

(In thousands of U.S. dollars)

For the Three Months Ended

November 30,

For the Nine Months Ended

November 30,

2024

2025

2024

2025

Net income

$ 23,026

$ 130,516

$ 91,660

$ 285,748

Other comprehensive (loss)/income, net of tax

(21,512)

10,383

(4,348)

37,725

Comprehensiveincome

1,514

140,899

87,312

323,473

Add: Comprehensive (income)/loss attributable to noncontrolling interests

(2,308)

75

25

195

Comprehensive (loss)/income attributable to TAL Education Group

$ (794)

$ 140,974

$ 87,337

$ 323,668

TAL EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

For the Three Months Ended

November 30,

For the Nine Months Ended

November 30,

2024

2025

2024

2025

Net cash provided by operating activities

$ 378,038

$ 526,742

$ 624,255

$ 816,432

Net cash (used in)/provided by investing activities

(214,435)

264,177

(532,739)

300,199

Net cash provided by/(used in) financing activities

48,731

(88,586)

41,937

(624,575)

Effect of exchange rate changes

(4,834)

1,859

(2,475)

1,814

Net increase in cash, cash equivalents and restricted cash

207,500

704,192

130,978

493,870

Cash, cash equivalents and restricted cash at the beginning of period

2,380,954

1,781,409

2,457,476

1,991,731

Cash, cash equivalents and restricted cash at the end of period

$ 2,588,454

$ 2,485,601

$ 2,588,454

$ 2,485,601

TAL EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures

(In thousands of U.S. dollars, except share, ADS, per share and per ADS data)

For the Three Months

Ended November 30,

For the Nine Months
Ended November 30,

2024

2025

2024

2025

Cost of revenues

$ 286,689

$ 338,361

$ 757,329

$ 968,272

Share-based compensation expense in cost of revenues

1,271

387

5,426

1,512

Non-GAAP cost of revenues

285,418

337,974

751,903

966,760

Selling and marketing expenses

226,441

220,063

530,769

668,122

Share-based compensation expense in selling and marketing expenses

4,082

2,477

12,410

8,453

Non-GAAP selling and marketing expenses

222,359

217,586

518,359

659,669

General and administrative expenses(note 2)

110,748

118,620

339,036

366,559

Share-based compensation expense in general and administrative expenses

10,159

7,963

32,780

23,377

Non-GAAP general and administrative expenses(note 2)

100,589

110,657

306,256

343,182

Operating costs and expenses

623,878

677,044

1,627,134

2,002,953

Share-based compensation expense in operating costs and expenses

15,512

10,827

50,616

33,342

Non-GAAP operating costs and expenses

608,366

666,217

1,576,518

1,969,611

(Loss)/income from operations

(17,432)

93,123

12,860

203,566

Share based compensation expenses

15,512

10,827

50,616

33,342

Non-GAAP (loss)/income from operations

(1,920)

103,950

63,476

236,908

Net income attributable to TAL Education Group

23,069

130,595

91,902

285,961

Share based compensation expenses

15,512

10,827

50,616

33,342

Non-GAAP net income attributable to TAL Education Group (note 4)

$ 38,581

$ 141,422

$ 142,518

$ 319,303

Net income per ADS

Basic

$ 0.04

$ 0.24

$ 0.15

$ 0.50

Diluted

0.04

0.23

0.15

0.49

Non-GAAP net income per ADS

Basic

$ 0.06

$ 0.25

$ 0.24

$ 0.55

Diluted

0.06

0.25

0.23

0.55

ADSs used in calculating net income per ADS

Basic

605,716,458

555,171,825

605,239,806

576,947,256

Diluted

614,848,836

562,563,063

615,280,167

584,975,217

ADSs used in calculating Non-GAAP net income per ADS

Basic

605,716,458

555,171,825

605,239,806

576,947,256

Diluted

614,848,836

562,563,063

615,280,167

584,975,217

Note 4: The tax effect of share-based compensation expenses was immaterial in the third quarter and in the first nine months of fiscal year 2026.