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- **Revenue Soars 39% YoY**: Driven by learning devices and offline expansion, net revenues hit USD 861M.
- **AI-Powered Devices Thrive**: 3 new models launched, AI Think 101 gets top industry rating, 80% weekly active users.
- **Profit Growth**: Non-GAAP net income up 83% to USD 135.8M, gross margin 57%.
- **Share Buybacks**: USD 135M spent so far, remaining USD 465M program to be executed flexibly.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 FY2026 net revenues reached USD 861.4 million, up 39.1% YoY, driven by expansion of offline Peiyou learning centers and AI-driven learning devices. 
- **Learning Devices Expansion**: Launched 3 new models (P4, S4, T4) in Q2, achieving sequential and YoY revenue growth. AI Think 101 companion received industry's highest AI agent rating.
- **Long-Term Focus**: Prioritizes sustainable growth over short-term profits, with 80% weekly active rate and >1hr daily usage for learning devices.

**【CFO Financial Commentary】**
- **Profitability**: Non-GAAP net income USD 135.8 million (up 83% YoY), gross margin 57.0% (vs 56.3% YoY). 
- **Cost Management**: Selling expenses 30.7% of revenue (up from 28.7%), but G&A efficiency improved to 14% of revenue (down from 17.5%).
- **Cash Position**: USD 3.5 billion in cash, with USD 134.7M spent on share buybacks since July 2025 under USD 600M program.

**【Q&A Highlights】**
- **Offline Growth**: Peiyou offline centers expanded moderately, ASP stable YoY, but expect gradual growth taper as focus shifts to quality.
- **Device Competition**: Faces intense competition but differentiates via K-12 content, AI integration, and 80% weekly active rate.
- **Share Buybacks**: Will execute remaining USD 465M buyback program flexibly based on market conditions.

TAL Education Group (TAL) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TAL

TAL fundamentals

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