截至 2025 年 8 月 31 日，好未来的 2026 财年第二季度收入 8.61 亿美元，同比增长 39.1%；新东方的 2026 财年第一季度收入 15.23 亿美元，同比增长 6.1%。 两家中国教育行业巨头好未来与新东方在 10 月末发布了最新季度财报。 | | 好未来和新东方财务指标对比 (数据来源: 官方披露) | | | --- | --- | --- | | 财务指标 | 好未来(TAL) FY2026 Q2(截至 2025 年 8 月 31 日) | 新东方(EDU) FY2026 Q1(截至 2025 年 8 月 31 日) | | 净收入 | 861.0 百万美元 | 1,523.0 百万美元 | | 收入同比增长 | 39.10% | 6.10% | | 经营利润 | 96.1 百万美元 | 311.0 百万美元 | | 经营利润率 | 11.20% | 20.40% | | 净利润 | 124.0 百万美元 | 241.0 百万美元 | | 净利润同比增长 | 116.10% | -1.9 % | | 非通用会计口径经营利润率 | 12.50% | 22.00% | | 现金及短期 ...

业绩简评 2025 年 10 月 31 日公司披露 2026 财年二季度业绩，FY2026Q2（2025 年 6-8 月）暑期季度实现营收 8.61 亿美元，同比增长 39%；归母 净利润 1.24 亿美元，同比增长 116%；Non-GAAP 经营利润 1.08 亿 美元，同比增长 67%；Non-GAAP 归母净利润 1.36 亿美元，同比增 长 83%。 经营分析 暑期收入好于预期，预计由教培和硬件业务共同驱动。FY26Q2 公 司收入 8.61 亿美元，同比增长 39%，高于彭博一致预期的 8.31 亿美元。培优业务保持较好增长，主要由网点扩张和入学人次增 长所推动，ASP 同比保持稳定。硬件业务同环比均实现增长，主要 由推出的三款新型号推动，尽管受到产品结构影响 ASP 下降到 4000 元以下，但销量增长仍然推动硬件业务增长。公司期末递延 收入余额同比增长 59%至 8.23 亿美元，增速较上一季度加快，这 或预示秋季学期报名情况较好。 暑期利润好于预期，培优业务处于相对成熟阶段，贡献利润。 FY26Q2 公司 Non-GAAP 经营利润 1.08 亿美元，同比增长 67%， Non-GAAP 经 ...

好未来教育（纽约证券交易所：TAL，下称"好未来"或"公司"）是中国智能学习解决方案提供商。日 前，公司公布其截至 2025年 8 月 31 日的2026财年第二季度未经审计财务报告。 归属于好未来的非美国会计准则净利润（不考虑股权激励费用）为1.36亿美元，上年同期归属于好未来 的非美国会计准则净利润为7,432.9万美元。 基本和摊薄每ADS净利润分别为0.22美元和0.21美元。非美国会计准则基本和摊薄每ADS净利润（不考 虑股权激励费用）均为0.24美元。每三份ADS等于一份A类普通股。 截至2025年8月31日，现金、现金等价物和短期投资合计余额为32.49亿美元，而截至2025年2月28日的 余额为36.18亿美元。 截至2025年8月31日的6个月业绩摘要 净收入为14.36亿美元，上年同期净收入为10.34亿美元。 经营利润为1.10亿美元，上年同期经营利润为3,029.2万美元。 2026财年第二季度业绩摘要 净收入为8.61亿美元，上年同期净收入为6.19亿美元。 经营利润为9,609.7万美元，上年同期经营利润为4,762.2万美元。 非美国会计准则经营利润（不考虑股权激励费用）为1.0 ...

据央视新闻10月31日报道，当地时间10月30日，美国参议院以51票赞同、47票反对的结果通过决议，终止美国总统特朗普在全球范围内实施的全面关税政 策。 据悉，美国参议院宣布，已批准终止总统为实施全球关税而宣布的国家紧急状态的联合决议。本周早些时候，参议院已通过两项决议，旨在取消对加拿大 和巴西征收的关税。 据悉，这些决议接下来还须经众议院表决。但此前众议院共和党人已多次阻止推翻关税的立法行动，这些决议预计很难在众议院获得投票表决。即便众议 院最终通过，国会仍需三分之二绝对多数才能推翻总统否决。 当地时间10月30日，纽约州州长凯西·霍楚尔宣布，纽约州进入紧急状态，并拨款6500万美元用于该州紧急食品救济。霍楚尔表示，此举将帮助约300万名 由于联邦政府的"补充营养援助计划"终止而失去食品援助的纽约居民。10月25日，美国农业部在其网站上发布通知称，美国联邦政府的"补充营养援助计 划"将于11月1日停止。随后，来自25个州和哥伦比亚特区的总检察长和州长向波士顿联邦法院提起了诉讼。 当地时间10月30日，由于政府"停摆"持续，第三季度美国实际国内生产总值（GDP）数据被迫推迟公布，这一数据原定于本周公布。目前， ...

Market Overview - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.35%, and Nasdaq futures down 0.55% [1] - European indices also show declines, with Germany's DAX down 0.18%, UK's FTSE 100 down 0.67%, France's CAC40 down 1.04%, and the Euro Stoxx 50 down 0.61% [2][3] - WTI crude oil prices fell by 0.86% to $59.96 per barrel, while Brent crude also dropped by 0.86% to $63.77 per barrel [4] Economic and Policy Updates - The meeting between Chinese President and US President Trump emphasized that economic and trade relations should be a stabilizing force rather than a point of conflict [5] - Federal Reserve Chairman Jerome Powell's comments on interest rate cuts have led to skepticism in the market, with the 10-year US Treasury yield holding steady at 4.08% after a previous spike [5] - Powell also stated that the current AI investment wave is fundamentally different from the internet bubble, highlighting that AI companies are rooted in profitability and real economic activity [6] Company Earnings and Performance - Roblox reported a record Q3 with 151.5 million daily active users, a 70% year-over-year increase, and bookings of $1.92 billion, exceeding analyst expectations [7] - Microsoft exceeded Q1 expectations with revenues of $77.7 billion, driven by a significant increase in capital expenditures related to AI [7] - Alphabet's Q3 revenue was $102.35 billion, up 16% year-over-year, with strong performance in its cloud division [8] - Meta's Q3 net profit fell 83% due to a one-time tax expense, despite a 26% increase in revenue to $51.24 billion [9] - Starbucks reported Q4 revenue of $9.57 billion, a 5.5% increase, with same-store sales returning to positive growth [10] - Shell's Q3 profit exceeded expectations, supported by strong oil and gas trading performance despite weak energy prices [11] - TotalEnergies' Q3 adjusted net profit fell 2.3% to $3.98 billion, meeting analyst expectations [12] - Stellantis reported a 13% increase in Q3 revenue to €37.2 billion, but issued a cost warning that affected stock performance [13] - Samsung Electronics' semiconductor division saw a 79% increase in Q3 operating profit, driven by AI demand [14] Future Outlook - OpenAI is reportedly preparing for an IPO that could value the company at $1 trillion, with plans to raise at least $60 billion [5] - Eli Lilly raised its full-year guidance due to strong sales from its weight loss and diabetes drugs, with Q3 sales reaching $17.6 billion [17] - Tesla plans to showcase its Cybercab model at the Shanghai International Import Expo in November [19]

TAL Education Group (NYSE:TAL) Q2 2026 Earnings Call October 30, 2025 08:00 AM ET Speaker4Ladies and gentlemen, good day and thank you for standing by. Welcome to TAL Education Group's Fiscal 2026 Second Quarter Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be informed that today's conference is being recorded. I would now like to hand the conference over to Ms. Fang Liu, Investor Relati ...

2026财年第二季度，好未来实现净收入8.61亿美元，较上年同期的6.19亿美元增长39.2%。经营利润达 9609.7万美元，同比大幅增长101.8%，远超上年同期的4762.2万美元。归属于好未来的净利润为1.24亿 美元，同比增长116%，上年同期为5743.1万美元。每股收益方面，基本和摊薄每ADS净利润分别为0.22 美元和0.21美元。在非美国会计准则下(不考虑股权激励费用)，公司表现更为突出，非GAAP净利润达 1.36亿美元，同比增长83%；非GAAP经营利润为1.08亿美元，上年同期为6452.0万美元；非GAAP基本 和摊薄每ADS净利润均为0.24美元。 截至2025年8月31日的上半财年，好未来累计净收入达14.36亿美元，同比增长39%；经营利润为1.1亿美 元，上年同期为3029.2万美元；归属于好未来的净利润为1.55亿美元，上年同期为6883.3万美元。非 GAAP净利润达1.78亿美元，同比增长71%。基本和摊薄每ADS净利润均为0.26美元，非GAAP每ADS净 利润为0.3美元。 截至2025年8月31日，公司持有的现金、现金等价物和短期投资合计余额为32.49亿美元，较 ...

好未来教育（纽约证券交易所：TAL，下称"好未来"或"公司"）是中国智能学习解决方案提供商。日 前，公司公布其截至 2025年 8 月 31 日的2026财年第二季度未经审计财务报告。 2024 2025 百分比变化 净收入 619,361 2026财年第二季度业绩摘要 截至2025年8月31日的6个月业绩摘要 财务数据——2026 财年第二季度和上半财年 （单位：千美元，不包括每 ADS数据和百分比） 截至8月31日的季度数据 861,353 39.1% 经营利润 47,622 96,097 净收入为8.61亿美元，上年同期净收入为6.19亿美元。 经营利润为9,609.7万美元，上年同期经营利润为4,762.2万美元。 非美国会计准则经营利润（不考虑股权激励费用）为1.08亿美元，上年同期非美国会计准则经营 利润为6,452.0万美元。 归属于好未来的净利润为1.24亿美元，上年同期归属于好未来的净利润为5,743.1万美元。 归属于好未来的非美国会计准则净利润（不考虑股权激励费用）为1.36亿美元，上年同期归属于 好未来的非美国会计准则净利润为7,432.9万美元。 基本和摊薄每ADS净利润分别为0.2 ...

Core Insights - The company reported a net revenue of $861 million for the second quarter of fiscal year 2026, representing a year-over-year growth of 39.1% [1] - Operating profit reached $96.1 million, showing a significant increase of 101.8% year-over-year [1] - Net profit attributable to the company was $124 million, which is a year-over-year growth of 116.1% [1] Business Performance - The core business of the company made progress during the quarter, with revenue from quality courses and learning equipment both experiencing sequential and year-over-year growth [1] - Continuous investment in user experience, technology, and educational model innovation has been a key driver for business development [1]

Core Viewpoint - TAL Education Group reported significant financial growth in the second quarter of fiscal year 2026, with net revenues increasing by 39.1% year-over-year, driven by strong performance in enrichment learning programs and learning devices [4][8][21]. Financial Results for the Second Quarter of Fiscal Year 2026 - Net revenues reached US$861.4 million, up from US$619.4 million in the same quarter of the previous year, marking a 39.1% increase [4][8]. - Income from operations was US$96.1 million, compared to US$47.6 million in the prior year, reflecting a 101.8% increase [8][12]. - Non-GAAP income from operations was US$107.8 million, up from US$64.5 million, a 67.2% increase [8][12]. - Net income attributable to TAL was US$124.1 million, a 116.1% increase from US$57.4 million in the same period last year [8][16]. - Non-GAAP net income attributable to TAL was US$135.8 million, compared to US$74.3 million, an 82.7% increase [8][16]. - Basic net income per ADS was US$0.22, and diluted net income per ADS was US$0.21, both showing significant increases from the previous year [8][17]. Financial Results for the First Six Months of Fiscal Year 2026 - For the first six months, net revenues totaled US$1,436.4 million, a 39.0% increase from US$1,033.5 million in the same period last year [21]. - Income from operations was US$110.4 million, compared to US$30.3 million in the prior year, reflecting a 264.6% increase [29][33]. - Non-GAAP income from operations was US$133.0 million, up from US$65.4 million, a 103.3% increase [29][33]. - Net income attributable to TAL was US$155.4 million, compared to US$68.8 million, a 125.7% increase [33]. - Non-GAAP net income attributable to TAL was US$177.9 million, compared to US$103.9 million, a 71.1% increase [33]. - Basic and diluted net income per ADS were both US$0.26, with non-GAAP figures also at US$0.30 [34]. Operating Costs and Expenses - Operating costs and expenses for the second quarter were US$766.7 million, a 34.0% increase from US$572.0 million in the same quarter of the previous year [5][22]. - Non-GAAP operating costs and expenses were US$755.0 million, a 36.0% increase from US$555.1 million [5][22]. - Selling and marketing expenses increased by 46.9% to US$267.3 million from US$181.9 million [7][24]. - General and administrative expenses rose by 8.0% to US$129.1 million from US$119.5 million [9][25]. Cash and Investments - As of August 31, 2025, cash, cash equivalents, and short-term investments totaled US$3,248.8 million, down from US$3,618.4 million as of February 28, 2025 [19]. - The deferred revenue balance was US$822.7 million, compared to US$671.2 million as of February 28, 2025 [20]. Share Repurchase Program - The board of directors authorized a new share repurchase program allowing the company to repurchase up to US$600 million of its common shares over the next 12 months [36].