TAL Education Group
NYSE: TAL · CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES
Updated 2026-06-05
TAL Education Group (TAL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.92M | $37.56M | $69.30M | $110.80M | $177.52M | $225.93M | $313.90M | $433.97M | $619.94M | $1.04B | $1.72B | $2.56B | $3.27B | $4.51B | $4.40B | $1.02B | $1.49B | $2.25B | $3.02B |
| Revenue growth (YoY) | — | +320.8% | +84.5% | +59.9% | +60.2% | +27.3% | +38.9% | +38.3% | +42.9% | +67.9% | +65.7% | +48.4% | +27.9% | +37.8% | -2.5% | -76.9% | +46.6% | +51.1% | +34.2% |
| Cost of revenue | $4.39M | $18.59M | $37.66M | $56.25M | $95.59M | $115.75M | $151.54M | $203.07M | $303.63M | $521.32M | $887.30M | $1.16B | $1.47B | $2.05B | $2.21B | $434.78M | $683.84M | $1.05B | $1.35B |
| Gross profit | $4.54M | $18.96M | $31.95M | $54.55M | $81.93M | $110.18M | $162.35M | $230.90M | $316.31M | $519.77M | $837.41M | $1.40B | $1.80B | $2.45B | $2.19B | $581.30M | $805.57M | $1.20B | $1.67B |
| Gross margin | 50.8% | 50.5% | 46.1% | 49.2% | 46.2% | 48.8% | 51.7% | 53.2% | 51.0% | 49.9% | 48.6% | 54.6% | 55.1% | 54.4% | 49.8% | 57.2% | 54.1% | 53.3% | 55.4% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | — | $5.89M | $10.87M | $19.09M | $37.81M | $51.13M | $70.30M | $110.23M | $161.02M | $263.29M | $386.29M | $579.67M | $794.96M | $1.12B | $1.20B | $413.79M | $429.95M | $458.89M | — |
| Operating income | $1.67M | $10.70M | $15.47M | $25.47M | $20.95M | $31.38M | $56.29M | $66.78M | $81.72M | $131.23M | $205.47M | $334.33M | $156.94M | $-351.27M | $-130.52M | $-113.00M | $-85.61M | $-3.15M | $277.07M |
| Operating margin | 18.8% | 28.5% | 22.3% | 23.0% | 11.8% | 13.9% | 17.9% | 15.4% | 13.2% | 12.6% | 11.9% | 13.1% | 4.8% | -7.8% | -3.0% | -11.1% | -5.7% | -0.1% | 9.2% |
| EBITDA | $1.84M | $11.72M | $17.58M | $28.95M | $26.65M | $38.49M | $66.30M | $79.25M | $100.91M | $164.73M | $265.01M | $423.02M | $272.10M | $-189.78M | $55.08M | $-76.69M | $-60.52M | $49.14M | $277.07M |
| EBITDA margin | 20.6% | 31.2% | 25.4% | 26.1% | 15.0% | 17.0% | 21.1% | 18.3% | 16.3% | 15.8% | 15.4% | 16.5% | 8.3% | -4.2% | 1.3% | -7.5% | -4.1% | 2.2% | 9.2% |
| EBIT | $1.67M | $10.70M | $15.47M | $25.47M | $20.95M | $31.38M | $56.29M | $66.78M | $81.72M | $131.23M | $205.47M | $334.33M | $156.94M | $-351.27M | $-130.52M | $-113.00M | $-85.61M | $-3.15M | — |
| Interest expense | — | $42967.00 | $40643.00 | $59212.00 | $3.50M | $5.34M | $9.44M | $5.81M | $7.50M | $13.14M | $16.64M | $17.63M | $11.82M | $16.95M | $7.87M | $24.87M | $0.00 | — | — |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $1.52M | $7.30M | $14.25M | $24.09M | $24.31M | $33.44M | $60.61M | $67.16M | $102.88M | $116.66M | $199.56M | $366.65M | $-110.17M | $-116.35M | $-1.14B | $-135.12M | $-3.57M | $84.59M | $532.73M |
| Net income growth (YoY) | — | +380.1% | +95.3% | +69.1% | +0.9% | +37.5% | +81.2% | +10.8% | +53.2% | +13.4% | +71.1% | +83.7% | -130.0% | -5.6% | -878.2% | +88.1% | +97.4% | +2469.1% | +529.8% |
| Profit margin | 17.0% | 19.4% | 20.6% | 21.7% | 13.7% | 14.8% | 19.3% | 15.5% | 16.6% | 11.2% | 11.6% | 14.3% | -3.4% | -2.6% | -25.9% | -13.3% | -0.2% | 3.8% | 17.6% |
Frequently asked questions
What is TAL Education Group's revenue?
TAL Education Group's trailing twelve-month revenue is $3.01B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is TAL?
In its most recent fiscal year, TAL ran a gross margin of 55.35%, an operating margin of 9.17%, and a net margin of 17.64%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TAL generate?
TAL produced $285.66M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TAL's balance sheet healthy?
TAL holds $1.75B in cash and equivalents against — in long-term debt, on $3.77B of shareholder equity. That debt is best read against the cash flow the business throws off each year.