TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2025 and Issues Notice of Annual General Meeting

, /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 second quarter of fiscal year 2026 ended August 31, 2025 and issued notice of Annual General Meeting. Highlights for the Second Quarter of Fiscal Year 2026 Net revenues were US$861.4 million, compared to net revenues of US$619.4 million in the same period of the prior year. Income from operations was US$96.1 million, compared to income from operations of US$47.6 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$107.8 million, compared to non-GAAP income from operations of US$64.5 million in the same period of the prior year. Net income attributable to TAL was US$124.1 million, compared to net income attributable to TAL of US$57.4 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$135.8 million, compared to non-GAAP net income attributable to TAL of US$74.3 million in the same period of the prior year. Basic net income per American Depositary Share ("ADS") was US$0.22, and diluted net income per ADS was US$0.21. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.24. Three ADSs represent one Class A common share. Cash, cash equivalents and short-term investments totaled US$3,248.8 million as of August 31, 2025, compared to US$3,618.4 million as of February 28, 2025. Highlights for the Six Months Ended August 31, 2025 Net revenues were US$1,436.4 million, compared to net revenues of US$1,033.5 million in the same period of the prior year. Income from operations was US$110.4 million, compared to income from operations of US$30.3 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$133.0 million, compared to non-GAAP income from operations of US$65.4 million in the same period of the prior year. Net income attributable to TAL was US$155.4 million, compared to net income attributable to TAL of US$68.8 million in the same period of the prior year. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$177.9 million, compared to non-GAAP net income attributable to TAL of US$103.9 million in the same period of the prior year. Basic and diluted net income per ADS were both US$0.26. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.30. Financial Data—— Second Quarter and First Six Months of Fiscal Year 2026(In US$ thousands, except per ADS data and percentages) Three Months Ended August 31, 2024 2025 Pct. Change Net revenues 619,361 861,353 39.1 % Income from operations 47,622 96,097 101.8 % Non-GAAP income from operations 64,520 107,849 67.2 % Net income attributable to TAL 57,431 124,084 116.1 % Non-GAAP net income attributable to TAL 74,329 135,836 82.7 % Net income per ADS attributable to TAL – basic 0.09 0.22 129.6 % Net income per ADS attributable to TAL – diluted 0.09 0.21 130.0 % Non-GAAP net income per ADS attributable to TAL – basic 0.12 0.24 94.2 % Non-GAAP net income per ADS attributable to TAL – diluted 0.12 0.24 94.6 % Six Months Ended August 31, 2024 2025 Pct. Change Net revenues 1,033,548 1,436,352 39.0 % Income from operations 30,292 110,443 264.6 % Non-GAAP income from operations 65,396 132,958 103.3 % Net income attributable to TAL 68,833 155,366 125.7 % Non-GAAP net income attributable to TAL 103,937 177,881 71.1 % Net income per ADS attributable to TAL – basic 0.11 0.26 132.4 % Net income per ADS attributable to TAL – diluted 0.11 0.26 133.1 % Non-GAAP net income per ADS attributable to TAL – basic 0.17 0.30 76.2 % Non-GAAP net income per ADS attributable to TAL – diluted 0.17 0.30 76.7 % "We delivered progress across our core businesses in the second quarter of fiscal year 2026. Both our enrichment learning programs and learning devices contributed to revenue growth, sequentially and year-over-year. Ongoing investments in user experience, technology, and educational model innovations continue to drive this momentum." said Alex Peng, TAL's President and Chief Financial Officer. Mr. Peng added, "Strategically, we will continue to allocate resources on key areas critical to achieving sustainable growth. Our goal is to deliver transformative learning solutions that empower students' holistic development while expanding access to high-quality educational content. " Financial Results for the Second Quarter of Fiscal Year 2026 Net Revenues In the second quarter of fiscal year 2026, TAL reported net revenues of US$861.4 million, representing a 39.1% increase from US$619.4 million in the second quarter of fiscal year 2025. Operating Costs and Expenses In the second quarter of fiscal year 2026, operating costs and expenses were US$766.7 million, representing a 34.0% increase from US$572.0 million in the second quarter of fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$755.0 million, representing a 36.0% increase from US$555.1 million in the second quarter of fiscal year 2025. Cost of revenues increased by 36.8% to US$370.3 million from US$270.6 million in the second quarter of fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 37.6% to US$369.8 million, from US$268.8 million in the second quarter of fiscal year 2025. Selling and marketing expenses increased by 46.9% to US$267.3 million from US$181.9 million in the second quarter of fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 48.6% to US$264.4 million, from US$177.9 million in the second quarter of fiscal year 2025. General and administrative expenses increased by 8.0% to US$129.1 million from US$119.5 million in the second quarter of fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 11.5% to US$120.8 million, from US$108.3 million in the second quarter of fiscal year 2025. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 30.5% to US$11.8 million in the second quarter of fiscal year 2026 from US$16.9 million in the same period of fiscal year 2025. Gross Profit Gross profit increased by 40.8% to US$491.0 million from US$348.7 million in the second quarter of fiscal year 2025. The gross margin for the second quarter of fiscal year 2026 was 57.0%, compared to 56.3% in the same period of the prior year. Income from Operations Income from operations was US$96.1 million in the second quarter of fiscal year 2026, compared to income from operations of US$47.6 million in the second quarter of fiscal year 2025. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$107.8 million, compared to Non-GAAP income from operations of US$64.5 million in the same period of the prior year. Other Income Other income was US$67.1 million for the second quarter of fiscal year 2026, compared to other income of US$20.5 million in the second quarter of fiscal year 2025. Impairment Loss on Long-term Investments Impairment loss on long-term investment was US$1.4 million for the second quarter of fiscal year 2026, compared to US$4.9 million in the same period of fiscal year 2025. Income Tax Expense Income tax expense was US$51.1 million in the second quarter of fiscal year 2026, compared to US$25.6 million of income tax expense in the second quarter of fiscal year 2025. Net Income attributable to TAL Education Group Net income attributable to TAL was US$124.1 million in the second quarter of fiscal year 2026, compared to net income attributable to TAL of US$57.4 million in the second quarter of fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$135.8 million, compared to Non-GAAP net income attributable to TAL of US$74.3 million in the second quarter of fiscal year 2025. Basic and Diluted Net Income per ADS Basic net income per ADS was US$0.22, and diluted net income per ADS was US$0.21 in the second quarter of fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.24 in the second quarter of fiscal year 2026. Cash Flow Net cash used in operating activities for the second quarter of fiscal year 2026 was US$58.1 million. Cash, Cash Equivalents, and Short-Term Investments As of August 31, 2025, the Company had US$1,542.2 million of cash and cash equivalents and US$1,706.6 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 August 31, 2025, the Company's deferred revenue balance was US$822.7 million, compared to US$671.2 million as of February 28, 2025. Financial Results for the First Six Months of Fiscal Year 2026 Net Revenues For the first six months of fiscal year 2026, TAL reported net revenues of US$1,436.4 million, representing a 39.0% increase from US$1,033.5 million in the first six months of fiscal year 2025. Operating Costs and Expenses In the first six months of fiscal year 2026, operating costs and expenses were US$1,328.2 million, representing a 32.3% increase from US$1,004.1 million in the first six months of fiscal year 2025. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$1,305.7 million, representing a 34.7% increase from US$969.0 million in the first six months of fiscal year 2025. Cost of revenues increased by 33.8% to US$629.9 million from US$470.6 million in the first six months of fiscal year 2025. Non-GAAP cost of revenues, which excluded share-based compensation expenses, increased by 34.8% to US$628.8 million from US$466.5 million in the first six months of fiscal year 2025 . Selling and marketing expenses increased by 47.2% to US$448.1 million from US$304.3 million in the first six months of fiscal year 2025. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, increased by 49.4% to US$442.1 million from US$296.0 million in the first six months of fiscal year 2025. General and administrative expenses increased by 9.2% to US$250.2 million from US$229.2 million in the first six months of fiscal year 2025. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 13.7% to US$234.8 million from US$206.6 million in the first six months of fiscal year 2025. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 35.9% to US$22.5 million in the first six months of fiscal year 2026 from US$35.1 million in the same period of fiscal year 2025. Gross Profit Gross profit increased by 43.3% to US$806.4 million from US$562.9 million in the first six months of fiscal year 2025. The gross margin for the first six months of fiscal year 2026 was 56.1%, compared to 54.5% in the same period of the prior year. Income from Operations Income from operations was US$110.4 million in the first six months of fiscal year 2026, compared to income from operations of US$30.3 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$133.0 million, compared to US$65.4 million Non-GAAP income from operations in the same period of the prior year. Other Income Other income was US$76.5 million for the first six months of fiscal year 2026, compared to other income of US$33.6 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 six months of fiscal year 2026, compared to US$8.7 million for the first six months of fiscal year 2025. Income Tax Expense Income tax expense was US$62.2 million in the first six months of fiscal year 2026, compared to US$27.9 million for the first six months of fiscal year 2025. Net Income Attributable to TAL Education Group Net income attributable to TAL was US$155.4 million in the first six months of fiscal year 2026, compared to net income attributable to TAL of US$68.8 million in the first six months of fiscal year 2025. Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, was US$177.9 million, compared to US$103.9 million Non-GAAP 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 both US$0.26 in the first six months of fiscal year 2026. Non-GAAP basic and diluted net income per ADS, which excluded share-based compensation expenses, were both US$0.30 in the first six months of fiscal year 2026. Cash Flow Net cash provided by operating activities for the first six months of fiscal year 2026 was US$289.7 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 July 31 and October 29, 2025, the Company has repurchased 4,195,065 common shares at an aggregate consideration of approximately US$134.7 million. TAL to Hold Annual General Meeting on November 14, 2025 The Company announced that it will hold its annual general meeting of shareholders (the "AGM") at TAL Building No.1, Courtyard No. 9, Qixin Middle Street, Changping District, Beijing, China, on November 14, 2025 at 3:00PM (Beijing time). No proposal will be submitted to shareholders for approval at the AGM. Instead, the AGM will serve as an open forum for shareholders and beneficial owners of the Company's ADSs to discuss Company's affairs with management. The board of directors of the Company has fixed the close of business on November 3, 2025 (Eastern Standard Time) as the record date (the "Record Date"). Holders of record of the Company's common shares at the close of business on the Record Date are entitled to notice of the AGM and any adjournment or postponement thereof. Beneficial owners of the Company's ADSs are welcome to attend the AGM in person. The notice of the AGM is available on the Investor Relations section of the Company's website at https://ir.100tal.com/. The Company has filed its annual report on Form 20-F (the "Annual Report"), which includes the Company's audited financial statements for the fiscal year ended February 28, 2025, with the U.S. Securities and Exchange Commission (the "SEC"). The Company's Annual Report can be accessed on the Investor Relations section of its website at https://ir.100tal.com, as well as on the SEC's website at http://www.sec.gov. Conference Call The Company will host a conference call and live webcast to discuss its financial results for the second fiscal quarter of fiscal year 2026 ended August 31, 2025 at 8:00 a.m. Eastern Time on October 30, 2025 (8:00 p.m. Beijing time on October 30, 2025). Please note that you will need to pre-register for conference call participation at https://register-conf.media-server.com/register/BId11d22b63571450197297e0a9753b9bd. Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. 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 https://ir.100tal.com/. 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 DingInvestor RelationsTAL Education GroupTel: +86 10 5292 6669-8809Email: [email protected] TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) As of February 28,2025 As of August 31,2025 ASSETS Current assets Cash and cash equivalents $ 1,771,260 $ 1,542,194 Restricted cash, current 187,846 205,973 Short-term investments 1,847,120 1,706,603 Inventory, net 104,876 133,021 Amounts due from related parties, current 37 28 Prepaid expenses and other current assets 215,781 264,313 Total current assets 4,126,920 3,852,132 Restricted cash, non-current 32,625 33,242 Property and equipment, net 472,366 499,833 Deferred tax assets 3,487 1,741 Rental deposits 22,131 25,273 Intangible assets, net 394 48,382 Goodwill 155 45,704 Land use rights, net 182,880 184,640 Amounts due from related parties, non-current 96 98 Long-term investments 305,105 367,111 Long-term prepayments and other non-current assets 27,844 28,194 Operating lease right-of-use assets 329,064 366,289 Total assets $ 5,503,067 $ 5,452,639 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 146,300 $ 157,374 Deferred revenue, current 624,272 777,669 Amounts due to related parties, current 93 89 Accrued expenses and other current liabilities 582,227 649,957 Operating lease liabilities, current 88,453 103,780 Total current liabilities 1,441,345 1,688,869 Deferred revenue, non-current 46,955 44,984 Deferred tax liabilities 3,474 13,737 Operating lease liabilities, non-current 244,895 269,551 Total liabilities 1,736,669 2,017,141 Equity Class A common shares 154 154 Class B common shares 49 49 Treasury stock - (17) Additional paid-in capital 4,294,819 3,781,362 Statutory reserve 179,537 177,230 Accumulated deficit (624,078) (466,405) Accumulated other comprehensive loss (83,914) (56,586) Total TAL Education Group's equity 3,766,567 3,435,787 Non-controlling interests (169) (289) Total equity 3,766,398 3,435,498 Total liabilities and equity $ 5,503,067 $ 5,452,639 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 Ended August 31, For the Six Months Ended August 31 , 2024 2025 2024 2025 Net revenues $ 619,361 $ 861,353 $ 1,033,548 $ 1,436,352 Cost of revenues (note 1) 270,632 370,340 470,640 629,911 Gross profit 348,729 491,013 562,908 806,441 Operating expenses (note 1) Selling and marketing 181,900 267,286 304,328 448,059 General and administrative 119,499 129,107 229,181 250,226 Total operating expenses 301,399 396,393 533,509 698,285 Government subsidies 292 1,477 893 2,287 Income from operations 47,622 96,097 30,292 110,443 Interest income, net 20,397 14,161 42,919 32,883 Other income 20,466 67,076 33,617 76,548 Impairment loss on long-term investments (4,925) (1,410) (8,692) (1,410) Income before income tax expense and loss from equity method investments 83,560 175,924 98,136 218,464 Income tax expense (25,635) (51,080) (27,930) (62,158) Loss from equity method investments (587) (819) (1,572) (1,074) Net income 57,338 124,025 68,634 155,232 Add: Net loss attributable to noncontrolling interests 93 59 199 134 Total net income attributable to TAL Education Group $ 57,431 $ 124,084 $ 68,833 $ 155,366 Net income per common share Basic $ 0.28 $ 0.65 $ 0.34 $ 0.79 Diluted 0.28 0.64 0.34 0.78 Net income per ADS (note 2) Basic $ 0.09 $ 0.22 $ 0.11 $ 0.26 Diluted 0.09 0.21 0.11 0.26 Weighted average shares used in calculating net income per common share Basic 201,768,916 189,830,408 201,668,024 195,905,541 Diluted 204,949,839 192,494,611 205,166,141 198,687,649 Note1: Share-based compensation expenses are included in the operating costs and expenses as follows: For the Three Months For the Six Months Ended August 31, Ended August 31, 2024 2025 2024 2025 Cost of revenues $ 1,793 $ 503 $ 4,155 $ 1,125 Selling and marketing expenses 3,953 2,905 8,328 5,976 General and administrative expenses 11,152 8,344 22,621 15,414 Total $ 16,898 $ 11,752 $ 35,104 $ 22,515 Note 2: Three ADSs represent one Class A common Share. TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands of U.S. dollars) For the Three Months Ended August 31, For the Six Months Ended August 31, 2024 2025 2024 2025 Net income $ 57,338 $ 124,025 $ 68,634 $ 155,232 Other comprehensive income, net of tax 24,744 11,355 17,164 27,342 Comprehensive income 82,082 135,380 85,798 182,574 Add: Comprehensive loss attributable to noncontrolling interests 2,378 53 2,333 120 Comprehensive income attributable to TAL Education Group $ 84,460 $ 135,433 $ 88,131 $ 182,694 TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) For the Three Months Ended August 31, For the Six Months Ended August 31, 2024 2025 2024 2025 Net cash (used in)/provided by operating activities $ (576) $ (58,095) $ 246,217 $ 289,690 Net cash (used in)/provided by investing activities (193,669) 563,331 (318,304) 36,022 Net cash used in financing activities (6,799) (281,885) (6,794) (535,989) Effect of exchange rate changes 3,576 (328) 2,359 (45) Net (decrease)/increase in cash, cash equivalents and restricted cash (197,468) 223,023 (76,522) (210,322) Cash, cash equivalents and restricted cash at the beginning of period $ 2,578,422 $ 1,558,386 $ 2,457,476 $ 1,991,731 Cash, cash equivalents and restricted cash at the end of period $ 2,380,954 $ 1,781,409 $ 2,380,954 $ 1,781,409 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 August 31, For the Six MonthsEnded August 31, 2024 2025 2024 2025 Cost of revenues $ 270,632 $ 370,340 $ 470,640 $ 629,911 Share-based compensation expense in cost of revenues 1,793 503 4,155 1,125 Non-GAAP cost of revenues 268,839 369,837 466,485 628,786 Selling and marketing expenses 181,900 267,286 304,328 448,059 Share-based compensation expense in selling and marketing expenses 3,953 2,905 8,328 5,976 Non-GAAP selling and marketing expenses 177,947 264,381 296,000 442,083 General and administrative expenses 119,499 129,107 229,181 250,226 Share-based compensation expensein general and administrativeexpenses 11,152 8,344 22,621 15,414 Non-GAAP general and administrative expenses 108,347 120,763 206,560 234,812 Operating costs and expenses 572,031 766,733 1,004,149 1,328,196 Share-based compensation expense in operating costs and expenses 16,898 11,752 35,104 22,515 Non-GAAP operating costs and expenses 555,133 754,981 969,045 1,305,681 Income from operations 47,622 96,097 30,292 110,443 Share based compensation expenses 16,898 11,752 35,104 22,515 Non-GAAP income from operations (note 3) 64,520 107,849 65,396 132,958 Net income attributable to TAL Education Group 57,431 124,084 68,833 155,366 Share based compensation expenses 16,898 11,752 35,104 22,515 Non-GAAP net income attributable to TAL Education Group (note 3) $ 74,329 $ 135,836 $ 103,937 $ 177,881 Net income per ADS Basic $ 0.09 $ 0.22 $ 0.11 $ 0.26 Diluted 0.09 0.21 0.11 0.26 Non-GAAP Net income per ADS Basic $ 0.12 $ 0.24 $ 0.17 $ 0.30 Diluted 0.12 0.24 0.17 0.30 ADSs used in calculating net income per ADS Basic 605,306,748 569,491,224 605,004,072 587,716,623 Diluted 614,849,517 577,483,833 615,498,423 596,062,947 ADSs used in calculating Non-GAAP net income per ADS Basic 605,306,748 569,491,224 605,004,072 587,716,623 Diluted 614,849,517 577,483,833 615,498,423 596,062,947 Note 3: The tax effect of share-based compensation expenses was immaterial in the second quarter and in the first six months of fiscal year 2026. 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TAL Education Group Announces Unaudited Financial Results for the Second Fiscal Quarter Ended August 31, 2025 and Issues Notice of Annual General Meeting

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