NYSE$EDU
New Oriental Education & Technology Group Inc-ADR · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
New Oriental reported a 9.4% increase in total net revenues for the fourth fiscal quarter of 2025, reaching US$1,243.2 million, driven by growth in educational new business initiatives. Despite an operating loss of US$8.7 million, non-GAAP operating income significantly increased by 116.3% to US$81.7 million. Net income attributable to New Oriental decreased by 73.7% to US$7.1 million, while non-GAAP net income increased by 59.4% to US$98.1 million.
New Oriental concluded fiscal year 2025 with healthy top-line growth in Q4, driven by strong performance in its core educational businesses and new initiatives. While GAAP net income saw a significant decrease, non-GAAP profitability improved substantially, reflecting effective cost management and strategic investments in technology and new educational offerings. The company also announced a new shareholder return plan, committing at least 50% of net income to shareholders.
- Total net revenues increased by 9.4% year over year to US$1,243.2 million in Q4 FY2025, with core educational businesses (excluding East Buy) growing by 18.7%.
- The company reported an operating loss of US$8.7 million, a decrease from an operating income of US$10.5 million in the prior year, primarily due to impairment of goodwill.
- Non-GAAP operating income surged by 116.3% to US$81.7 million, and non-GAAP operating margin improved to 6.6%, indicating strong underlying operational efficiency.
- Net income attributable to New Oriental decreased by 73.7% to US$7.1 million, but non-GAAP net income increased by 59.4% to US$98.1 million, highlighting the impact of non-recurring items on GAAP results.
Headline financials
Revenue & EPS history
New Oriental · Revenue · Quarterly
$1.24B
Revenue by segment
New Oriental · $1.18B total across 2 segments · Q3 2025
- Core education (ex-East Buy)$1.04B—87.8%
- East Buy private label & livestreaming$145M—12.2%
Forward guidance
New Oriental expects total net revenues for the first quarter of fiscal year 2026 to be between US$1,464.1 million and US$1,507.2 million, representing a year-over-year increase of 2% to 5%. For the full fiscal year 2026, total net revenues are projected to be in the range of US$5,145.3 million to US$5,390.3 million, indicating a year-over-year increase of 5% to 10%.
Tailwinds
- Expected continued revenue growth in Q1 FY2026 (2% to 5% year-over-year).
- Anticipated full fiscal year 2026 revenue growth (5% to 10% year-over-year), reflecting a long-term strategic view.
- Commitment to intensifying management efforts on core educational business, enhancing product capabilities and quality.
- Focus on systematically developing educational resources and improving operational efficiency.
- Continued execution of cost optimization and efficiency enhancement initiatives across all business lines.
Headwinds
- The forecast reflects New Oriental's current and preliminary view, which is subject to change.
- The forecast is based on the current USD/RMB exchange rate, which is also subject to change.
- Experienced a slowdown in revenue growth within overseas-related businesses during fiscal year 2025.
- Invested in newly-integrated tourism-related business during fiscal year 2025, which may impact short-term profitability.
- The outlook is subject to inherent risks and uncertainties, including changes in PRC laws and regulations, competition, and general economic conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-0.1%
Avg return
Earnings day
+2.0%
Avg return
5 days after
+2.2%
Avg return
30 days after
50%
25 / 50 earnings
Positive
+23.5%
Q1 2023
Best reaction
-57.3%
Q4 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -3.4% | -7.2% | -17.7% | |
| Q2 2026 | +5.4% | +10.9% | -2.4% | |
| Q1 2026 | -3.4% | -1.7% | -16.1% | |
| Q4 2025 | -5.4% | -1.1% | +2.6% | |
| Q3 2025 | -0.7% | +5.8% | +4.6% | |
| Q1 2025 | -8.9% | -4.4% | -14.6% | |
| Q4 2024 | -10.8% | -5.7% | -11.2% | |
| Q3 2024 | -11.1% | -8.1% | -12.8% | |
| Q2 2024 | +12.6% | +5.8% | +27.3% | |
| Q1 2024 | +4.2% | +3.9% | +20.1% | |
| Q4 2023 | +5.6% | +12.6% | +9.9% | |
| Q3 2023 | +14.0% | +10.3% | -3.9% | |
| Q2 2023 | -4.4% | +3.6% | -2.7% | |
| Q1 2023 | +23.5% | +12.7% | +18.9% | |
| Q4 2022 | +20.6% | +9.3% | +17.0% | |
| Q3 2022 | +3.7% | +20.7% | +13.6% | |
| Q4 2021 | -1.0% | -5.6% | +21.9% | |
| Q3 2021 | +8.4% | +6.1% | -22.6% | |
| Q2 2021 | -6.0% | -7.0% | +5.4% | |
| Q1 2021 | -3.2% | -3.5% | -0.4% | |
| Q4 2020 | -3.2% | +0.3% | +4.6% | |
| Q3 2020 | +4.0% | +0.7% | +7.3% | |
| Q2 2020 | -2.6% | -8.2% | +4.4% | |
| Q1 2020 | -3.5% | +3.7% | +1.5% | |
| Q4 2019 | +9.0% | +6.8% | +8.5% | |
| Q3 2019 | -0.1% | +4.6% | -10.2% | |
| Q2 2019 | +10.5% | +17.6% | +18.9% | |
| Q1 2019 | -18.4% | -9.5% | -13.2% | |
| Q4 2018 | -1.0% | -2.5% | -17.5% | |
| Q3 2018 | +1.9% | +3.8% | +20.1% | |
| Q2 2018 | -9.0% | -4.6% | -6.6% | |
| Q1 2018 | -5.4% | -9.2% | -5.0% | |
| Q4 2017 | +3.0% | -0.8% | +3.4% | |
| Q3 2017 | +6.5% | +2.8% | +16.6% | |
| Q2 2017 | -1.8% | -0.6% | +1.5% | |
| Q1 2017 | +8.2% | +6.6% | +5.8% | |
| Q4 2016 | +6.3% | +5.3% | +2.5% | |
| Q3 2016 | +8.4% | — | — | |
| Q2 2016 | +2.7% | — | — | |
| Q1 2015 | +9.7% | — | — | |
| Q4 2015 | -3.3% | — | — | |
| Q3 2015 | +5.7% | — | — | |
| Q2 2014 | -4.6% | — | — | |
| Q4 2012 | -57.3% | — | — | |
| Q2 2012 | -11.5% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q2 2011 | +2.1% | — | — | |
| Q3 2010 | -2.1% | — | — |
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