Technology
New Oriental Announces Results for the Fourth Fiscal Quarter and the Fiscal Year Ended May 31, 2026
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3 hours agoon
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BEIJING, July 29, 2026 /PRNewswire/ — New Oriental Education & Technology Group Inc. (the “Company” or “New Oriental”) (NYSE: EDU/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended May 31, 2026.
Financial Highlights for the Fourth Fiscal Quarter Ended May 31, 2026
Total net revenues increased by 23.0% year over year to US$1,529.5 million for the fourth fiscal quarter of 2026. Operating income increased to US$85.8 million for the fourth fiscal quarter of 2026, compared to an operating loss of US$8.7 million in the prior-year period.Net income attributable to New Oriental increased by 775.8% year over year to US$62.2 million for the fourth fiscal quarter of 2026.
Key Financial Results
(in thousands US$, except per ADS(1) data)
4Q FY2026
4Q FY2025
% of
change
Net revenues
1,529,532
1,243,155
23.0 %
Operating income/(loss)
85,797
(8,674)
1,089.1 %
Non-GAAP operating income (2)(3)
110,010
81,678
34.7 %
Net income attributable to New Oriental
62,182
7,100
775.8 %
Non-GAAP net income attributable to New Oriental (2)(3)
87,760
98,083
-10.5 %
Net income per ADS attributable to New Oriental – basic
0.40
0.04
791.3 %
Net income per ADS attributable to New Oriental – diluted
0.39
0.04
793.6 %
Non-GAAP net income per ADS attributable to New Oriental – basic (2)(3)(4)
0.56
0.62
-8.9 %
Non-GAAP net income per ADS attributable to New Oriental – diluted (2)(3)(4)
0.55
0.61
-9.6 %
(in thousands US$, except per ADS(1) data)
FY2026
FY2025
% of
change
Net revenues
5,661,294
4,900,262
15.5 %
Operating income
643,251
428,250
50.2 %
Non-GAAP operating income (2)(3)
737,568
554,228
33.1 %
Net income attributable to New Oriental
475,172
371,716
27.8 %
Non-GAAP net income attributable to New Oriental (2)(3)
571,106
517,071
10.5 %
Net income per ADS attributable to New Oriental – basic
3.01
2.29
31.2 %
Net income per ADS attributable to New Oriental – diluted
2.97
2.28
30.4 %
Non-GAAP net income per ADS attributable to New Oriental – basic (2)(3)(4)
3.62
3.19
13.3 %
Non-GAAP net income per ADS attributable to New Oriental – diluted (2)(3)(4)
3.57
3.17
12.8 %
(1) Each ADS represents ten common shares. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.
(2) GAAP represents Generally Accepted Accounting Principles in the United States of America.
(3) New Oriental provides non-GAAP financial measures on net income attributable to New Oriental, operating income and net income per ADS attributable to New Oriental that exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain) /loss from fair value change of investments, (gain) /loss from equity method investments, impairment of long-term investments, impairment of goodwill, (gain) /loss on disposals of investments and others, as well as tax effects on non-GAAP adjustments. For further details on these adjustments, please refer to the section titled “About Non-GAAP Financial Measures” and the tables captioned “Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures” set forth at the end of this release.
(4) The Non-GAAP net income per ADS attributable to New Oriental is computed using Non-GAAP net income attributable to New Oriental and the same number of shares and ADSs used in GAAP basic and diluted EPS calculation.
Operating Highlights for the Fourth Fiscal Quarter Ended May 31, 2026
Michael Yu, New Oriental’s Executive Chairman, commented, “We are pleased to conclude the final quarter of fiscal year 2026 on a strong note, with continued healthy top line growth of 23.0%. Revenues from overseas test preparation and consulting business increased by approximately 3.6%. In addition, our domestic test preparation business targeting adults and university students grew by approximately 29.1% year over year. Our new educational business initiatives also gained meaningful traction, growing approximately 24.8% year over year. This quarter, our non-academic tutoring courses reached around 60 cities, attracting approximately 1,072,000 student enrollments, and our intelligent learning system and devices were adopted across around 60 cities, with approximately 326,000 active paid users. These results reflect the soundness of our core education strategy and our unwavering commitment to elevating teaching standards and product quality. The consistent growth we have achieved validates our long-term approach and demonstrates its capacity to generate sustainable value. Alongside our growth momentum, we have made significant strides in cost optimization and operational efficiency, advancing these initiatives into a new phase. Our newly established New Oriental Home – a comprehensive customer service platform integrated across all departments – has already served over 950,000 families across 69 cities by the end of this quarter. This infrastructure is designed to deepen customer loyalty and retention, unlock cross-selling potential, and maximize customer lifetime value, all while reducing customer acquisition and marketing costs. We remain steadfast in our commitment to strengthening our brand and delivering lasting value to both our customers and shareholders.”
Chenggang Zhou, New Oriental’s Chief Executive Officer, added, “This fiscal quarter, we continued to execute our strategy of disciplined capacity expansion – one that over the full year has demonstrated remarkable effectiveness in balancing revenue growth with operational efficiency. Equally important, AI has become a central organizational priority, and we have advanced its adoption with clear execution and measurable progress. We further enhanced our OMO teaching system and deepened AI integration across our education ecosystem – embedding AI into existing offerings, refining AI‑powered products, and deploying AI to boost operational efficiency and support for our teaching staff. Together, these efforts position us well for sustained long-term competitive advantage. For FY2026, East Buy continued to offer products under its “Three Highs” standards – safety, quality, and cost performance – backed by reliable service. It launched 11 new Douyin vertical accounts, expanding its channel matrix to 18, with coverage spanning food, fresh produce, nutrition, and more niche categories. It also upgraded its live streaming system and introduced talent recruitment initiatives, supplier summits, and user feedback mechanisms to strengthen its ecosystem. Looking ahead to FY2027, East Buy will expand offline experience stores via New Oriental’s learning centers, accelerate private label development, refine membership operations, and improve supply chain efficiency – all in service of driving sustainable long-term growth.”
Stephen Zhihui Yang, New Oriental’s Executive President and Chief Financial Officer, commented, “Despite one-time costs and expenses arising from our internal management restructuring this quarter, we still delivered year over year expansion in Non-GAAP operating margin. This achievement was primarily driven by enhanced operational efficiency, improved utilization within our educational business, and the solid top- and bottom-line performance of East Buy. For the quarter, Non-GAAP operating margin reached 7.2%, up by 60 basis points compared to the same period last fiscal year. For the full fiscal year 2026, Non-GAAP operating margin expanded by 170 basis points, from 11.3% to 13.0%. Looking ahead, we will continue to execute our cost and efficiency initiatives across key business lines in the coming new fiscal year. Building on the structural optimizations already in place, we aim to steadily reduce fixed costs, drive further operational efficiencies, and reinforce the foundation for sustainable, profitable growth.”
Update on Shareholder Return for the Fiscal Year 2026
In October 2025, the Company announced that, pursuant to its previously adopted three-year shareholder return plan, the board of directors had approved an ordinary dividend of US$0.12 per common share, or US$1.20 per ADS, to be distributed in two installments as part of the shareholder return for the fiscal year 2026. The first and second installments have been fully paid to shareholders and ADS holders.
Additionally, as part of the shareholder return for the fiscal year 2026, the Company also announced in October 2025 a share repurchase program, under which the Company is authorized to repurchase up to US$300 million of its ADSs or common shares over the subsequent 12 months. As of July 28, 2026, the Company had repurchased a total of approximately 51.5 million common shares (including common shares represented by ADSs) for an aggregate consideration of approximately US$274.0 million from the open market under this share repurchase program. The Company expects to continue to carry out this share repurchase program for the remainder of its duration in accordance with its terms.
Shareholder Return for the Fiscal Year 2027
To implement its three-year shareholder return plan adopted in July 2025 for the fiscal year 2027, the board of directors of the Company has approved an ordinary cash dividend and a new share repurchase program.
The aggregate amount of the cash dividend for the fiscal year 2027 is expected to be approximately US$300 million, to be paid in two installments in December 2026 and June 2027, respectively. Further details regarding the cash dividend will be decided by the board of directors and announced by the Company in due course.
Pursuant to the share repurchase program for the fiscal year 2027, the Company may repurchase up to US$200 million of its ADSs or common shares over the subsequent 12 months following the board approval. The Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The board of directors of the Company will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its existing cash balance.
Financial Results for the Fourth Fiscal Quarter Ended May 31, 2026
Net Revenues
For the fourth fiscal quarter of 2026, New Oriental reported net revenues of US$1,529.5 million, representing a 23.0% increase year over year. The growth was mainly driven by the increase in net revenues from the Company’s new educational business initiatives.
Operating Costs and Expenses
Operating costs and expenses for the quarter were US$1,443.7 million, representing a 15.3 % increase year over year.
Cost of revenues increased by 25.9% year over year to US$717.3 million.Selling and marketing expenses increased by 23.9% year over year to US$262.5 million.General and administrative expenses increased by 13.2% year over year to US$463.9 million.Impairment of goodwill was nil, compared to US$60.3 million in the same period of the prior fiscal year.
Total share-based compensation expenses, which were allocated to related operating costs and expenses, decreased by 20.7% to US$22.7 million in the fourth fiscal quarter of 2026.
Operating Income / Loss and Operating Margin
Operating income increased to US$85.8 million for the fourth fiscal quarter of 2026, compared to an operating loss of US$8.7 million in the prior-year period. Non-GAAP income from operations for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, was US$110.0 million, representing a 34.7% increase year over year.
Operating margin for the quarter was 5.6%, compared to negative 0.7% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, for the quarter was 7.2%, compared to 6.6% in the same period of the prior fiscal year.
Net Income and Net Income per ADS
Net income attributable to New Oriental for the quarter was US$62.2 million, representing a 775.8% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were US$0.40 and US$0.39, respectively.
Non-GAAP Net Income and Non-GAAP Net Income per ADS
Non-GAAP net income attributable to New Oriental for the quarter, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments, impairment of goodwill, loss/(gain) on disposals of investments and others, as well as tax effects on non-GAAP adjustments, was US$87.8 million, representing a 10.5% decrease year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.56 and US$0.55, respectively.
Cash Flow
Net operating cash inflow for the fourth fiscal quarter of 2026 was approximately US$518.7 million and capital expenditures for the quarter were US$99.0 million.
Balance Sheet
As of May 31, 2026, New Oriental had cash and cash equivalents of US$1,821.2 million. In addition, the Company had US$1,366.8 million in term deposits and US$2,372.3 million in short-term investments.
New Oriental’s deferred revenue, which represents cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered, at the end of the fourth quarter of fiscal year 2026 was US$2,242.9 million, an increase of 14.8% as compared to US$1,954.5 million at the end of the fourth quarter of fiscal year 2025.
Financial Results for the Fiscal Year Ended May 31, 2026
For the fiscal year 2026 ended May 31, 2026, New Oriental reported net revenues of US$5,661.3 million, representing a 15.5% increase year over year.
Operating income was US$643.3 million, representing a 50.2% increase year over year. Non-GAAP operating income, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, for the fiscal year 2026 was US$737.6 million, representing a 33.1% increase year over year.
Operating margin for the fiscal year 2026 was 11.4%, compared to 8.7% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill, for the fiscal year 2026, was 13.0%, compared to 11.3% for the same period of the prior fiscal year.
Net income attributable to New Oriental for the fiscal year 2026 was US$475.2 million, representing a 27.8% increase year over year. Basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2026 amounted to US$3.01 and US$2.97, respectively.
Non-GAAP net income attributable to New Oriental, excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain) /loss from fair value change of investments, loss from equity method investments, impairment of long-term investments, impairment of goodwill, gain on disposals of investments and others, as well as tax effects on non-GAAP adjustments, for the fiscal year 2026 was US$571.1 million, representing a 10.5% increase year over year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2026 amounted to US$3.62 and US$3.57, respectively.
Outlook for the Full Year of FY2027
New Oriental expects total net revenues in the fiscal year 2027 (June 1, 2026 to May 31, 2027) to be in the range of US$6,453.9 million to US$6,680.3 million, representing a year over year increase in the range of 14% to 18%.
This 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.
Conference Call Information
New Oriental’s management will host an earnings conference call at 8 AM on July 29, 2026, U.S. Eastern Time (8 PM on July 29, 2026, Beijing/Hong Kong Time).
Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, and unique personal PIN.
Conference call registration link:
https://register-conf.media-server.com/register/BIffe9352b170044a4b248e41d134aed08.
It will automatically direct you to the registration page of “New Oriental FY2026 Q4 Earnings Conference Call” where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s) and personal PIN) provided in the confirmation email received at the point of registering.
Joining the conference call via a live webcast:
Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org.
Listening to the conference call replay:
A replay of the conference call may be accessed via the webcast on-demand by registering at https://edge.media-server.com/mmc/p/pdsxxtdn first. The replay will be available until July 29, 2027.
About New Oriental
New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental’s program, service and product offerings mainly consist of educational services and test preparation courses, private label products and livestreaming e-commerce, overseas study consulting services, and educational materials and distribution. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, each of which represents ten common shares, are listed and traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.
For more information about New Oriental, please visit http://www.neworiental.org/english/.
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, the outlook for the full year of fiscal year 2027, quotations from management in this announcement, as well as New Oriental’s strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed 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 New Oriental’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 effectively and efficiently manage changes of its existing business and new business; its ability to execute its business strategies; uncertainties in relation to the interpretation and implementation of or proposed changes to, the PRC laws, regulations and policies regarding the private education industry; its ability to attract students without a significant decrease in course fees; its ability to maintain and enhance its “New Oriental” brand; its ability to maintain consistent teaching quality throughout its school network, or service quality throughout its brand; its ability to achieve the benefits it expects from recent and future acquisitions; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector and livestreaming e-commerce business in China; the continuing efforts of its senior management team and other key personnel, health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in its annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement New Oriental’s consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, (gain)/loss from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, loss/(gain) on disposals of investments and others, as well as tax effects on non-GAAP adjustments; operating income excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; operating margin excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and impairment of goodwill; and basic and diluted net income per ADS and per share excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, loss/(gain) from fair value change of investments, loss/(gain) from equity method investments, impairment of long-term investments and goodwill, loss/(gain) on disposals of investments and others, as well as tax effects on non-GAAP adjustments. 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 tables captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.
New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding from each non-GAAP measure certain items that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to 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 New Oriental’s historical performance and liquidity. New Oriental 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 these non-GAAP measures is that they exclude from each non-GAAP measure certain items that have been and will continue to be for the foreseeable future a significant recurring expense in its 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.
Contacts
For investor and media inquiries, please contact:
Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: rita.fong@fticonsulting.com
Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
As of May 31
As of May 31
2026
2025
(Unaudited)
(Audited)
USD
USD
ASSETS:
Current assets:
Cash and cash equivalents
1,821,202
1,612,379
Restricted cash, current
179,103
180,724
Term deposits, current
919,492
1,092,115
Short-term investments
2,372,290
1,873,502
Accounts receivable, net
36,991
33,629
Inventory, net
105,803
80,884
Prepaid expenses and other current assets, net
389,132
307,902
Amounts due from related parties, current
7,742
6,567
Total current assets
5,831,755
5,187,702
Restricted cash, non-current
96,185
24,030
Term deposits, non-current
447,295
355,665
Property and equipment, net
880,068
767,346
Land use rights, net
57,191
54,900
Amounts due from related parties, non-current
12,645
12,464
Long-term deposits
56,434
48,815
Intangible assets, net
7,773
13,020
Goodwill, net
46,558
43,832
Long-term investments, net
383,063
388,481
Deferred tax assets, net
105,271
97,932
Right-of-use assets
854,358
793,842
Other non-current assets
13,424
17,470
Total assets
8,792,020
7,805,499
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
126,942
80,484
Accrued expenses and other current liabilities
937,749
830,583
Dividend payable
93,413
–
Income taxes payable
203,531
167,881
Amounts due to related parties
88
405
Deferred revenue
2,242,946
1,954,464
Operating lease liability, current
285,016
255,997
Total current liabilities
3,889,685
3,289,814
Deferred tax liabilities
14,094
14,174
Unsecured senior notes
–
14,403
Operating lease liabilities, non-current
563,825
533,376
Total long-term liabilities
577,919
561,953
Total liabilities
4,467,604
3,851,767
Equity
New Oriental Education & Technology Group Inc.
shareholders’ equity
3,986,323
3,661,873
Non-controlling interests
338,093
291,859
Total equity
4,324,416
3,953,732
Total liabilities and equity
8,792,020
7,805,499
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for per share and per ADS amounts)
For the Three Months Ended May 31
2026
2025
(Unaudited)
(Unaudited)
USD
USD
Net revenues
1,529,532
1,243,155
Operating cost and expenses (note 1)
Cost of revenues
717,311
569,872
Selling and marketing
262,518
211,906
General and administrative
463,906
409,752
Impairment of goodwill
–
60,299
Total operating cost and expenses
1,443,735
1,251,829
Operating income/(loss)
85,797
(8,674)
Gain/(Loss) from fair value change of investments
2,962
(458)
Other income, net
15,374
19,022
Provision for income taxes
(25,379)
(1,535)
(Loss)/Gain from equity method investments
(5,780)
2,982
Net income
72,974
11,337
Net income attributable to non-controlling interests
(10,792)
(4,237)
Net income attributable to New Oriental Education &
Technology Group Inc.’s shareholders
62,182
7,100
Net income per share attributable to New Oriental-Basic
(note 2)
0.04
0.00
Net income per share attributable to New Oriental-Diluted
(note 2)
0.04
0.00
Net income per ADS attributable to New Oriental-Basic
(note 2)
0.40
0.04
Net income per ADS attributable to New Oriental-Diluted
(note 2)
0.39
0.04
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
RECONCILIATIONS OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
(In thousands except for per share and per ADS amounts)
For the Three Months Ended May 31
2026
2025
(Unaudited)
(Unaudited)
USD
USD
Operating income/(loss)
85,797
(8,674)
Share-based compensation expenses
22,711
28,636
Amortization of intangible assets resulting from
business acquisitions
1,502
1,417
Impairment of goodwill
–
60,299
Non-GAAP operating income
110,010
81,678
Operating margin
5.6 %
-0.7 %
Non-GAAP operating margin
7.2 %
6.6 %
Net income attributable to New Oriental
62,182
7,100
Share-based compensation expenses
21,173
27,174
(Gain)/Loss from fair value change of investments
(2,962)
458
Amortization of intangible assets resulting from
business acquisitions
931
878
Loss/(Gain) from equity method investments
5,780
(2,982)
Impairment of long-term investments
–
4,865
Impairment of goodwill
–
60,299
Loss/(Gain) on disposals of investments and others
163
(184)
Tax effects on Non-GAAP adjustments
493
475
Non-GAAP net income attributable to New Oriental
87,760
98,083
Net income per ADS attributable to New Oriental-
Basic (note 2)
0.40
0.04
Net income per ADS attributable to New Oriental-
Diluted (note 2)
0.39
0.04
Non-GAAP net income per ADS attributable to New
Oriental – Basic (note 2)
0.56
0.62
Non-GAAP net income per ADS attributable to New
Oriental – Diluted (note 2)
0.55
0.61
Weighted average shares used in calculating basic
net income per ADS (note 2)
1,560,309,964
1,587,987,886
Weighted average shares used in calculating
diluted net income per ADS (note 2)
1,582,646,432
1,602,366,310
Net income per share – basic
0.04
0.00
Net income per share – diluted
0.04
0.00
Non-GAAP net income per share – basic
0.06
0.06
Non-GAAP net income per share – diluted
0.06
0.06
Notes:
Note 1: Share-based compensation expenses (in thousands) are included in the operating cost and expenses as
follows:
For the Three Months Ended May 31
2026
2025
(Unaudited)
(Unaudited)
USD
USD
Cost of revenues
243
477
Selling and marketing
2,310
1,275
General and administrative
20,158
26,884
Total
22,711
28,636
Note 2: Each ADS represents ten common shares.
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Three Months Ended May 31
2026
2025
(Unaudited)
(Unaudited)
USD
USD
Net cash provided by operating activities
518,749
399,122
Net cash used in investing activities
(332,125)
(88,292)
Net cash used in financing activities
(152,720)
(98,477)
Effect of exchange rate changes
25,789
15,503
Net change in cash, cash equivalents and restricted cash
59,693
227,856
Cash, cash equivalents and restricted cash at beginning
of period
2,036,797
1,589,277
Cash, cash equivalents and restricted cash at end of
period
2,096,490
1,817,133
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for per share and per ADS amounts)
For the Year Ended May 31
2026
2025
(Unaudited)
(Audited)
USD
USD
Net revenues
5,661,294
4,900,262
Operating cost and expenses (note 1)
Cost of revenues
2,568,167
2,183,291
Selling and marketing
855,864
783,959
General and administrative
1,594,012
1,444,463
Impairment of goodwill
–
60,299
Total operating cost and expenses
5,018,043
4,472,012
Operating income
643,251
428,250
Gain/(Loss) from fair value change of investments
10,613
(10,078)
Other income, net
76,685
118,212
Provision for income taxes
(196,111)
(146,294)
Loss from equity method investments
(17,777)
(14,257)
Net income
516,661
375,833
Net income attributable to non-controlling interests
(41,489)
(4,117)
Net income attributable to New Oriental Education &
Technology Group Inc.’s shareholders
475,172
371,716
Net income per share attributable to New Oriental-Basic
(note 2)
0.30
0.23
Net income per share attributable to New Oriental-
Diluted (note 2)
0.30
0.23
Net income per ADS attributable to New Oriental-Basic
(note 2)
3.01
2.29
Net income per ADS attributable to New Oriental-Diluted
(note 2)
2.97
2.28
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
(In thousands except for per share and per ADS amounts)
For the Year Ended May 31
2026
2025
(Unaudited)
(Unaudited)
USD
USD
Operating income
643,251
428,250
Share-based compensation expenses
88,466
59,933
Amortization of intangible assets resulting from
business acquisitions
5,851
5,746
Impairment of goodwill
–
60,299
Non-GAAP operating income
737,568
554,228
Operating margin
11.4 %
8.7 %
Non-GAAP operating margin
13.0 %
11.3 %
Net income attributable to New Oriental
475,172
371,716
Share-based compensation expenses
84,257
54,829
(Gain) /Loss from fair value change of investments
(10,613)
10,078
Amortization of intangible assets resulting from
business acquisitions
3,627
3,581
Loss from equity method investments
17,777
14,257
Impairment of long-term investments
–
4,865
Impairment of goodwill
–
60,299
Gain on disposals of investments and others
(1,353)
(345)
Tax effects on Non-GAAP adjustments
2,239
(2,209)
Non-GAAP net income attributable to New Oriental
571,106
517,071
Net income per ADS attributable to New Oriental-
Basic (note 2)
3.01
2.29
Net income per ADS attributable to New Oriental-
Diluted (note 2)
2.97
2.28
Non-GAAP net income per ADS attributable to New
Oriental – Basic (note 2)
3.62
3.19
Non-GAAP net income per ADS attributable to New
Oriental – Diluted (note 2)
3.57
3.17
Weighted average shares used in calculating basic net
income per ADS (note 2)
1,578,483,794
1,619,727,518
Weighted average shares used in calculating diluted
net income per ADS (note 2)
1,595,505,635
1,631,137,164
Net income per share – basic
0.30
0.23
Net income per share – diluted
0.30
0.23
Non-GAAP net income per share – basic
0.36
0.32
Non-GAAP net income per share – diluted
0.36
0.32
Notes:
Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as
follows:
For the Year Ended May 31
2026
2025
(Unaudited)
(Audited)
USD
USD
Cost of revenues
909
(1,261)
Selling and marketing
4,228
4,658
General and administrative
83,329
56,536
Total
88,466
59,933
Note 2: Each ADS represents ten common shares.
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year Ended May 31
2026
2025
(Unaudited)
(Audited)
USD
USD
Net cash provided by operating activities
1,027,080
896,592
Net cash used in investing activities
(457,701)
(93,428)
Net cash used in financing activities
(380,153)
(584,971)
Effect of exchange rate changes
90,131
9,836
Net change in cash, cash equivalents and restricted cash
279,357
228,029
Cash, cash equivalents and restricted cash at beginning of
period
1,817,133
1,589,104
Cash, cash equivalents and restricted cash at end of period
2,096,490
1,817,133
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SOURCE New Oriental Education and Technology Group Inc.
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Technology
General Dynamics Reports Second-Quarter 2026 Financial Results
Published
45 minutes agoon
July 29, 2026By
Revenue $14.1 billion, up 8.1% versus prior yearDiluted EPS $4.24, up 13.4% versus prior year$1.9 billion cash from operating activities, 162% of net earnings1.4-to-1 book-to-bill, with strong order activity in all segments
RESTON, Va., July 29, 2026 /PRNewswire/ — General Dynamics (NYSE: GD) today reported second-quarter 2026 operating earnings of $1.5 billion, and $4.24 per diluted share (EPS), on revenue of $14.1 billion. Compared with the year-ago quarter, revenue increased 8.1%, operating earnings increased 11.9%, and diluted EPS increased 13.4%. Operating margin of 10.4% was a 40-basis-point expansion from the year-ago quarter.
“Our businesses delivered solid results in the quarter, with revenue growth across all four segments – including double-digit increases in revenue and noteworthy margin expansion in Aerospace and Marine Systems – reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog,” said Phebe Novakovic, chairman and chief executive officer. “We are well positioned to support our customers’ needs and are continuing to make significant investments to increase output to meet strong and growing demand.”
Cash and Capital Deployment
Net cash provided by operating activities in the quarter totaled $1.9 billion, or 162% of net earnings. During the quarter, the company paid $429 million in dividends, invested $234 million in capital expenditures, and reduced total debt by $498 million. The company ended the quarter with $7.5 billion in total debt and $4.3 billion in cash and equivalents on hand.
Orders and Backlog
Orders received in the quarter totaled $14.7 billion in the defense segments and $5.3 billion in the Aerospace segment, for a total of $20 billion. Book-to-bill ratio, defined as orders divided by revenue, was 1.4-to-1 for the quarter for the defense segments, 1.5-to-1 for the Aerospace segment, and 1.4-to-1 on a company-wide basis.
Backlog at the end of the quarter was $136.5 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $186.9 billion.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics’ financial results conference call will be held on Wednesday, July 29, 2026, at 9:00 a.m. EDT. A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.
This press release may contain forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue
$ 14,094
$ 13,041
$ 1,053
8.1 %
Operating costs and expenses
(12,634)
(11,736)
(898)
Operating earnings
1,460
1,305
155
11.9 %
Other, net
(4)
15
(19)
Interest, net
(49)
(88)
39
Earnings before income tax
1,407
1,232
175
14.2 %
Provision for income tax, net
(247)
(218)
(29)
Net earnings
$ 1,160
$ 1,014
$ 146
14.4 %
Earnings per share—basic
$ 4.29
$ 3.78
$ 0.51
13.5 %
Basic weighted average shares outstanding
270.2
268.1
Earnings per share—diluted
$ 4.24
$ 3.74
$ 0.50
13.4 %
Diluted weighted average shares outstanding
273.5
270.9
EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Six Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue
$ 27,575
$ 25,264
$ 2,311
9.1 %
Operating costs and expenses
(24,695)
(22,691)
(2,004)
Operating earnings
2,880
2,573
307
11.9 %
Other, net
14
36
(22)
Interest, net
(118)
(177)
59
Earnings before income tax
2,776
2,432
344
14.1 %
Provision for income tax, net
(491)
(424)
(67)
Net earnings
$ 2,285
$ 2,008
$ 277
13.8 %
Earnings per share—basic
$ 8.46
$ 7.48
$ 0.98
13.1 %
Basic weighted average shares outstanding
270.2
268.6
Earnings per share—diluted
$ 8.35
$ 7.40
$ 0.95
12.8 %
Diluted weighted average shares outstanding
273.8
271.3
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue:
Aerospace
$ 3,525
$ 3,062
$ 463
15.1 %
Marine Systems
4,660
4,220
440
10.4 %
Combat Systems
2,290
2,283
7
0.3 %
Technologies
3,619
3,476
143
4.1 %
Total
$ 14,094
$ 13,041
$ 1,053
8.1 %
Operating earnings:
Aerospace
$ 510
$ 403
$ 107
26.6 %
Marine Systems
342
291
51
17.5 %
Combat Systems
318
324
(6)
(1.9) %
Technologies
339
332
7
2.1 %
Corporate
(49)
(45)
(4)
(8.9) %
Total
$ 1,460
$ 1,305
$ 155
11.9 %
Operating margin:
Aerospace
14.5 %
13.2 %
Marine Systems
7.3 %
6.9 %
Combat Systems
13.9 %
14.2 %
Technologies
9.4 %
9.6 %
Total
10.4 %
10.0 %
EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)
DOLLARS IN MILLIONS
Six Months Ended
Variance
July 5, 2026
June 29, 2025
$
%
Revenue:
Aerospace
$ 6,804
$ 6,088
$ 716
11.8 %
Marine Systems
9,003
7,809
1,194
15.3 %
Combat Systems
4,573
4,459
114
2.6 %
Technologies
7,195
6,908
287
4.2 %
Total
$ 27,575
$ 25,264
$ 2,311
9.1 %
Operating earnings:
Aerospace
$ 1,003
$ 835
$ 168
20.1 %
Marine Systems
658
541
117
21.6 %
Combat Systems
628
615
13
2.1 %
Technologies
678
660
18
2.7 %
Corporate
(87)
(78)
(9)
(11.5) %
Total
$ 2,880
$ 2,573
$ 307
11.9 %
Operating margin:
Aerospace
14.7 %
13.7 %
Marine Systems
7.3 %
6.9 %
Combat Systems
13.7 %
13.8 %
Technologies
9.4 %
9.6 %
Total
10.4 %
10.2 %
EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
(Unaudited)
July 5, 2026
December 31, 2025
ASSETS
Current assets:
Cash and equivalents
$ 4,333
$ 2,333
Accounts receivable
2,398
2,406
Unbilled receivables
9,255
8,380
Inventories
9,097
9,232
Other current assets
1,955
1,897
Total current assets
27,038
24,248
Noncurrent assets:
Property, plant and equipment, net
7,575
7,525
Intangible assets, net
1,281
1,375
Goodwill
20,927
21,009
Other assets
3,342
3,092
Total noncurrent assets
33,125
33,001
Total assets
$ 60,163
$ 57,249
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt
$ 1,256
$ 1,006
Accounts payable
2,874
2,678
Customer advances and deposits
11,034
9,824
Other current liabilities
3,601
3,288
Total current liabilities
18,765
16,796
Noncurrent liabilities:
Long-term debt
6,260
7,007
Other liabilities
8,312
7,824
Total noncurrent liabilities
14,572
14,831
Shareholders’ equity:
Common stock
482
482
Surplus
4,535
4,403
Retained earnings
45,502
44,080
Treasury stock
(23,110)
(22,860)
Accumulated other comprehensive loss
(583)
(483)
Total shareholders’ equity
26,826
25,622
Total liabilities and shareholders’ equity
$ 60,163
$ 57,249
EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS – (UNAUDITED)
DOLLARS IN MILLIONS
Six Months Ended
July 5, 2026
June 29, 2025
Cash flows from operating activities—continuing operations:
Net earnings
$ 2,285
$ 2,008
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment
348
325
Amortization of intangible and finance lease right-of-use assets
115
121
Equity-based compensation expense
107
89
Deferred income tax provision (benefit)
365
(98)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable
8
(612)
Unbilled receivables
(846)
(200)
Inventories
135
(207)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable
196
(261)
Customer advances and deposits
1,168
106
Other, net
154
179
Net cash provided by operating activities
4,035
1,450
Cash flows from investing activities:
Capital expenditures
(437)
(340)
Other, net
13
124
Net cash used by investing activities
(424)
(216)
Cash flows from financing activities:
Dividends paid
(834)
(785)
Repayment of fixed-rate notes
(500)
(1,500)
Purchases of common stock
(319)
(600)
Proceeds from commercial paper, net
—
696
Proceeds from fixed-rate notes
—
747
Other, net
48
39
Net cash used by financing activities
(1,605)
(1,403)
Net cash used by discontinued operations
(6)
(5)
Net increase (decrease) in cash and equivalents
2,000
(174)
Cash and equivalents at beginning of period
2,333
1,697
Cash and equivalents at end of period
$ 4,333
$ 1,523
EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION – (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Non-GAAP Financial Measures:
Second Quarter
Six Months
2026
2025
2026
2025
Free cash flow:
Net cash provided by operating activities
$ 1,880
$ 1,598
$ 4,035
$ 1,450
Capital expenditures
(234)
(198)
(437)
(340)
Free cash flow (a)
$ 1,646
$ 1,400
$ 3,598
$ 1,110
July 5, 2026
December 31, 2025
Net debt:
Total debt
$ 7,516
$ 8,013
Less cash and equivalents
4,333
2,333
Net debt (b)
$ 3,183
$ 5,680
Supplemental Aerospace Data:
Second Quarter
Six Months
2026
2025
2026
2025
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft
35
32
66
62
Mid-cabin aircraft
6
6
13
12
Total
41
38
79
74
Aerospace Book-to-Bill:
Orders (c)
$ 5,278
$ 4,003
$ 9,121
$ 6,364
Revenue
3,525
3,062
6,804
6,088
Book-to-Bill Ratio
1.5x
1.3x
1.3x
1.0x
(a)
We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure
for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business
acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our
earnings and as a key performance measure in evaluating management.
(b)
We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for
investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an
important indicator of liquidity and financial position.
(c)
Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.
EXHIBIT H
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS
Funded
Unfunded
Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Second Quarter 2026:
Aerospace
$ 22,992
$ 985
$ 23,977
$ 1,170
$ 25,147
Marine Systems
42,356
22,826
65,182
7,442
72,624
Combat Systems
27,507
1,843
29,350
10,847
40,197
Technologies
11,256
6,733
17,989
30,945
48,934
Total
$ 104,111
$ 32,387
$ 136,498
$ 50,404
$ 186,902
First Quarter 2026:
Aerospace
$ 21,172
$ 1,095
$ 22,267
$ 1,040
$ 23,307
Marine Systems
40,598
23,373
63,971
12,519
76,490
Combat Systems
25,532
1,383
26,915
11,770
38,685
Technologies
10,818
6,869
17,687
32,272
49,959
Total
$ 98,120
$ 32,720
$ 130,840
$ 57,601
$ 188,441
Second Quarter 2025:
Aerospace
$ 18,676
$ 1,227
$ 19,903
$ 1,165
$ 21,068
Marine Systems
39,298
13,674
52,972
14,708
67,680
Combat Systems
15,961
616
16,577
9,592
26,169
Technologies
9,945
4,285
14,230
32,011
46,241
Total
$ 83,880
$ 19,802
$ 103,682
$ 57,476
$ 161,158
*
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase
new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.
For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract
value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.
EXHIBIT H-1
BACKLOG – (UNAUDITED)
DOLLARS IN MILLIONS
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SOURCE General Dynamics
Technology
Keeper Leads Privileged Access Management Market in User Satisfaction and Customer Experience, According to SoftwareReviews 2026 Report
Published
45 minutes agoon
July 29, 2026By
Independent user data highlights KeeperPAM’s top-ranked performance in customer satisfaction, usability and vendor relationships
CHICAGO, July 29, 2026 /PRNewswire/ — Keeper Security, the leading zero-trust and zero-knowledge identity security and Privileged Access Management (PAM) platform, today announces its leadership in a recent comparison report analyzing independent, user-validated data from Info-Tech Research Group’s SoftwareReviews platform. KeeperPAM emerged as the leader among top PAM providers, significantly outperforming competitors across critical satisfaction and sentiment metrics.
Keeper scored highest among all evaluated vendors in key categories, including 93% likeliness to recommend, an 87% fair cost-to-value rating and a +89 net emotional footprint.The company also led implementation metrics, including 85% ease of implementation and 85% ease of IT administration.Keeper achieved an 81% satisfaction rating for usability and intuitiveness, reinforcing its commitment to user-friendly, intuitive design.
Privileged access management has become a foundational component of enterprise cybersecurity as organizations contend with increasingly sophisticated identity-driven threats. As network environments expand across cloud, hybrid and remote infrastructures, managing privileged credentials and access pathways has grown more complex – and more critical than ever.
At the same time, user sentiment data gathered from SoftwareReviews’ platform highlights a growing disconnect in enterprise software. While 92% of organizations renew their existing software investments, only 64% would recommend their providers. This satisfaction gap underscores the importance of selecting a technology partner that delivers, not only strong functionality, but also long-term value, usability and customer support.
“Organizations are rethinking how they approach PAM as identity-based attacks continue to rise and infrastructure becomes more complex,” said Darren Guccione, CEO and Co-founder of Keeper Security. “This recognition from SoftwareReviews reflects our commitment to delivering a modern, unified platform that prioritizes both security and user experience. We built KeeperPAM to eliminate the friction, cost and complexity of disparate, legacy solutions while giving organizations complete visibility and control over privileged access.”
Why Keeper Stands Out
The SoftwareReviews report highlights Keeper’s consistent performance across the factors that matter most to enterprise buyers, demonstrating leadership in customer satisfaction, product capabilities and vendor partnership.
Customer Experience and Vendor Relationship: Keeper earned the highest Net Emotional Footprint (+89) score among all evaluated vendors, reflecting strong customer trust, transparency and ongoing engagement. Users report high satisfaction across service experience, product innovation and vendor responsiveness.Ease of Deployment and Time-to-Value: Keeper led in implementation-related metrics, including ease of deployment, data integration and IT administration. Organizations benefited from a streamlined onboarding process that reduces operational disruption and accelerates time-to-value.User Experience and Adoption: High usability scores reinforce Keeper’s focus on intuitive design. A seamless user experience reduces training requirements, drives adoption across teams and enables employees to work more efficiently and securely.Feature Depth and Platform Consolidation: Keeper outperformed competitors in both feature breadth and quality, delivering a comprehensive set of capabilities within a single platform. This unified approach eliminates the need for multiple point solutions, reducing complexity and improving operational efficiency.
KeeperPAM is a modern, cloud-native privileged access management platform built on a zero-trust, zero-knowledge architecture. The platform consolidates enterprise password management, secrets management, privileged session management and endpoint privilege management into a single unified solution. With AI-powered threat detection, real-time monitoring and automated credential rotation, KeeperPAM provides organizations with complete visibility and control over privileged access. Its architecture enforces least-privilege and just-in-time access across all users, devices and infrastructure, helping organizations reduce their attack surface, strengthen compliance and defend against modern cyber threats.
The KeeperPAM solution has fueled tremendous growth for Keeper, with the company recently named the second fastest-growing cybersecurity software provider in the world, trailing only Google in the Gartner analysis. Keeper achieved a year-over-year global revenue growth rate of 53.42% in 2025, which was 3.45x greater than the overall market average of 15.50%.
To learn more and access the full SoftwareReviews 2026 Privileged Access Management Comparison Report, visit keeper.io/infotech-comparison-report. Organizations can also request a demo of KeeperPAM at keepersecurity.com/privileged-access-management.
About Keeper Security
Keeper Security is the leading zero-trust and zero-knowledge identity security solution, trusted by millions of people and thousands of organizations globally. KeeperPAM® is Keeper’s privileged access management platform that unifies password and passkey management, secrets management, privileged session management and endpoint privilege management in a single cloud-native platform, protected with quantum-resistant encryption. KeeperAI delivers real-time, AI-native threat detection across every privileged session. As AI agents proliferate and identity becomes the defining attack surface, Keeper governs access for humans, machines, non-human identities and AI agents, serving as the unified control plane for access, compliance and visibility across the enterprise. For more information, visit KeeperSecurity.com.
Learn more: KeeperSecurity.com
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Media Contact
Katherine Benfield
ICR for Keeper Security
KeeperSecurity@icrinc.com
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Technology
Garmin announces second quarter 2026 results
Published
45 minutes agoon
July 29, 2026By
Company reports record second quarter operating results and raises full year guidance
SCHAFFHAUSEN, Switzerland, July 29, 2026 /PRNewswire/ — Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended June 27, 2026.
Highlights include:
Record consolidated revenue of approximately $2.02 billion, an 11% increase compared to the prior year quarterGross and operating margins expanded to 62.4% and 30.4% respectively, compared to the prior year quarterRecord operating income of $616 million, a 30% increase compared to the prior year quarterGAAP EPS of $2.80 and pro forma EPS(1) of $2.81, representing a 29% increase in pro forma EPS compared to the prior year quarterRecently completed the strategic acquisition of TrainingPeaks® and TrainHeroic®, leading training platforms for athletes and coachesRecently unveiled AXIS™, an all-new highly scalable family of flight displaysRecently announced CIRQA™ Smart Band, our first screenless smart band, that includes a rich set of health and wellness features
(In thousands, except per share information)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
YoY
June 27,
June 28,
YoY
2026
2025
Change
2026
2025
Change
Net sales
$
2,022,092
$
1,814,564
11 %
$
3,775,582
$
3,349,663
13 %
Fitness
756,823
605,425
25 %
1,303,646
990,147
32 %
Outdoor
482,740
490,357
(2) %
900,270
928,853
(3) %
Aviation
268,749
249,366
8 %
532,590
472,481
13 %
Marine
341,369
299,262
14 %
696,385
618,699
13 %
Auto OEM
172,411
170,154
1 %
342,691
339,483
1 %
Gross profit
1,262,022
1,067,012
18 %
2,304,310
1,951,557
18 %
Gross margin %
62.4
%
58.8
%
61.0
%
58.3
%
Operating Income
615,508
472,295
30 %
1,047,173
805,119
30 %
Operating income %
30.4
%
26.0
%
27.7
%
24.0
%
GAAP diluted EPS
$
2.80
$
2.07
35 %
$
4.89
$
3.79
29 %
Pro forma diluted EPS(1)
$
2.81
$
2.17
29 %
$
4.89
$
3.78
29 %
(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS
Executive Overview from Cliff Pemble, President and Chief Executive Officer:
“We delivered another quarter of outstanding financial results with double-digit revenue growth and robust margin expansion, which resulted in record revenue and operating income. Each business segment contributed to these impressive results. Our performance in the first half of 2026 was very strong giving us confidence to raise our full year 2026 consolidated revenue and EPS guidance.” – Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.
Fitness:
Revenue from the fitness segment increased 25% in the second quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income. During the quarter, we launched the Forerunner® 70 and Forerunner 170, easy-to-use GPS running smartwatches designed to help runners of all levels reach their goals. In addition, we celebrated global running day and global cycling day with the release of our running and cycling data reports, highlighting how athletes around the world are recording runs and rides. More recently, we announced the CIRQA Smart Band, a screenless wearable that offers rich wellness and fitness insights without requiring a subscription and further expands our addressable market for wellness devices.
Outdoor:
Revenue from the outdoor segment decreased 2% in the second quarter primarily due to the consumer auto and adventure watch product categories. Gross and operating margins were 69% and 34%, respectively, resulting in $164 million of operating income. We recently announced the Approach® Z10, a compact laser rangefinder that sends precise distances to compatible devices bringing a high-fidelity experience to game play, and we also released our Trends in Golf Data Report, highlighting that participation in the sport is up and players improving in nearly every shot category.
Aviation:
Revenue from the aviation segment increased 8% in the second quarter with growth in both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $72 million of operating income. For the 11th consecutive year, we were named Best Supplier of the Year by Embraer, recognizing us for outstanding performance as a supplier of Electrical and Electronic Systems for their Phenom business jets. During the quarter, we launched the D2™ Mach 2 Pro, our first aviator smartwatch with inReach technology. We also recently announced AXIS, an all-new family of highly integrated and scalable cockpit display solutions for a broad range of certified and experimental aircraft models.
Marine:
Revenue from the marine segment increased 14% in the second quarter with broad-based growth across multiple categories. Gross and operating margins were 61% and 29%, respectively, resulting in $100 million of operating income. During the quarter, we launched the Garmin Signal™ VHF marine radios which offer color touchscreens and new features that enhance communication on the water. We recently announced the next generation LiveScope™ 2, delivering live sonar images with improved range and clarity.
Auto OEM:
Revenue from the auto OEM segment increased 1% during the second quarter primarily due to domain controllers. Operating income improved to $3 million in the quarter, compared to an operating loss in the prior-year period, driven by improved gross profit and lower research and development expenses.
Additional Financial Information:
The consolidated gross margin expanded 360 basis points to 62.4%, compared to the prior year quarter with higher margins across all segments. The consolidated gross margin increase was primarily attributable to favorable product mix within certain segments and approximately $21 million in refunds of previously paid tariffs.
Total operating expenses in the second quarter were $647 million, a 9% increase over the prior year. Research and development and selling, general and administrative expenses increased 10% and 8%, respectively, driven primarily by personnel related costs.
The effective tax rate in the second quarter was 16.8%, compared to an effective tax rate of 16.5% in the prior year quarter. The increase in the effective tax rate is primarily due to income mix by jurisdiction.
In the second quarter of 2026, we generated operating cash flows of $404 million and free cash flow(1) of $276 million. We paid a quarterly dividend of $202 million and repurchased $43 million of the Company’s shares within the quarter, leaving approximately $448 million remaining as of June 27, 2026 in the $500 million share repurchase program authorized through December 2028. We ended the quarter with cash and marketable securities of approximately $4.4 billion.
(1)
See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.
Fiscal Year 2026 Guidance:
Based on our performance during the first half of 2026 and our positive outlook for the remainder of the year, we are raising our full year 2026 guidance. We now anticipate revenue of approximately $8.05 billion and pro forma EPS of $10.00 based on gross margin of 59.7%, operating margin of 27.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).
Dividend Recommendation:
At the 2026 annual shareholders’ meeting, Garmin shareholders, in accordance with Swiss corporate law, approved a cash dividend in the total amount of $4.20 per share, payable in four equal installments on dates to be determined by the Board in its discretion. The first payment was made on June 26, 2026. The Board of Directors has established September 25, 2026, as the payment date for the next dividend installment of $1.05 per share with a record date of September 11, 2026. The Board currently anticipates the scheduling of the remaining quarterly dividend installments as follows:
Dividend Date
Record Date
$’s per share
December 24, 2026
December 11, 2026
$1.05
March 26, 2027
March 12, 2027
$1.05
Webcast Information/Forward-Looking Statements:
The information for Garmin Ltd.’s earnings call is as follows:
When:
Wednesday, July 29, 2026 10:30 a.m. Eastern
Where:
Join a live stream of the call at the following link
An archive of the live webcast will be available until July 28, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the News & Events page.
This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, tariffs and other global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2025 Form 10-K can be downloaded from https://investors.garmin.com/financials/sec-filings/default.aspx. All information provided in this release and in the attachments is as of June 27, 2026. We undertake no duty to update this information unless required by law.
This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company’s use of these measures are included in the attachments.
Garmin, the Garmin logo, the Garmin delta, Approach, Forerunner, TrainingPeaks, TrainHeroic, and inReach are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. AXIS, LiveScope, D2, CIRQA, and Garmin Signal are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Investor Relations Contact:
Media Relations Contact:
Teri Seck
Krista Klaus
+1 913 397 8200
+1 913 397 8200
Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
Net sales
$
2,022,092
$
1,814,564
$
3,775,582
$
3,349,663
Cost of goods sold
760,070
747,552
1,471,272
1,398,106
Gross profit
1,262,022
1,067,012
2,304,310
1,951,557
Research and development expense
303,940
276,663
599,758
544,783
Selling, general and administrative expenses
342,574
318,054
657,379
601,655
Total operating expense
646,514
594,717
1,257,137
1,146,438
Operating income
615,508
472,295
1,047,173
805,119
Other income (expense):
Interest income
38,173
31,724
74,147
62,231
Foreign currency (losses) gains
(2,492)
(23,512)
630
1,248
Other (expense) income
(128)
(256)
1,640
730
Total other income (expense)
35,553
7,956
76,417
64,209
Income before income taxes
651,061
480,251
1,123,590
869,328
Income tax provision
109,141
79,429
176,591
135,737
Net income
$
541,920
$
400,822
$
946,999
$
733,591
Net income per share:
Basic
$
2.81
$
2.08
$
4.91
$
3.81
Diluted
$
2.80
$
2.07
$
4.89
$
3.79
Weighted average common shares outstanding:
Basic
192,836
192,523
192,755
192,534
Diluted
193,471
193,416
193,515
193,557
Garmin Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
June 27,
2026
December 27,
2025
Assets
Current assets:
Cash and cash equivalents
$
2,334,235
$
2,278,646
Marketable securities
331,955
459,202
Accounts receivable, net
1,153,215
1,253,015
Inventories
1,966,061
1,772,257
Deferred costs
13,673
17,538
Prepaid expenses and other current assets
509,473
467,558
Total current assets
6,308,612
6,248,216
Property and equipment, net
1,454,228
1,375,348
Operating lease right-of-use assets
212,297
196,183
Noncurrent marketable securities
1,703,680
1,396,929
Deferred income tax assets
717,795
718,094
Noncurrent deferred costs
3,930
4,373
Goodwill
748,474
760,241
Other intangible assets, net
179,054
198,362
Other noncurrent assets
95,821
95,923
Total assets
$
11,423,891
$
10,993,669
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
401,318
$
347,493
Salaries and benefits payable
201,311
228,267
Accrued warranty costs
71,560
72,921
Accrued sales program costs
118,531
153,193
Other accrued expenses
249,765
257,651
Deferred revenue
106,956
105,646
Income taxes payable
326,081
381,549
Dividend payable
607,651
173,351
Total current liabilities
2,083,173
1,720,071
Deferred income tax liabilities
107,365
109,701
Noncurrent income taxes payable
3,754
3,596
Noncurrent deferred revenue
22,072
22,277
Noncurrent operating lease liabilities
177,957
164,835
Other noncurrent liabilities
557
625
Stockholders’ equity:
Common shares, $0.10 par value (194,901 and 194,901 shares authorized and
issued; 192,910 and 192,620 shares outstanding)
19,490
19,490
Additional paid-in capital
2,381,041
2,368,670
Treasury shares (1,991 and 2,281 shares)
(427,840)
(406,423)
Retained earnings
7,106,837
6,970,182
Accumulated other comprehensive income (loss)
(50,515)
20,645
Total stockholders’ equity
9,029,013
8,972,564
Total liabilities and stockholders’ equity
$
11,423,891
$
10,993,669
Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
26-Weeks Ended
June 27, 2026
June 28, 2025
Operating Activities:
Net income
$
946,999
$
733,591
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
81,270
75,980
Amortization
16,711
17,423
Loss on sale or disposal of property and equipment
55
350
Unrealized foreign currency losses (gains)
2,575
(16,566)
Deferred income taxes
3,418
(49,754)
Stock compensation expense
88,793
82,279
Realized loss on marketable securities
597
706
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts
84,187
17,902
Inventories
(209,361)
(206,276)
Other current and noncurrent assets
(44,687)
(37,092)
Accounts payable
59,547
(2,591)
Other current and noncurrent liabilities
(68,307)
2,408
Deferred revenue
1,187
(6,843)
Deferred costs
4,310
7,262
Income taxes
(27,750)
(24,820)
Net cash provided by operating activities
939,544
593,959
Investing activities:
Purchases of property and equipment
(194,395)
(85,738)
Purchase of marketable securities
(510,525)
(465,372)
Redemption of marketable securities
311,308
306,469
Net payments for acquisitions
(2,993)
(1,973)
Other investing activities, net
(68)
503
Net cash used in investing activities
(396,673)
(246,111)
Financing activities:
Dividends
(376,045)
(317,748)
Proceeds from issuance of treasury shares related to equity awards
31,442
29,065
Purchase of treasury shares related to equity awards
(47,063)
(33,431)
Purchase of treasury shares under share repurchase plan
(81,581)
(93,632)
Net cash used in financing activities
(473,247)
(415,746)
Effect of exchange rate changes on cash and cash equivalents
(14,014)
60,650
Net increase (decrease) in cash, cash equivalents, and restricted cash
55,610
(7,248)
Cash, cash equivalents, and restricted cash at beginning of period
2,279,360
2,080,154
Cash, cash equivalents, and restricted cash at end of period
$
2,334,970
$
2,072,906
Garmin Ltd. and Subsidiaries
Net Sales, Gross Profit and Operating Income by Segment (Unaudited)
(In thousands)
Fitness
Outdoor
Aviation
Marine
Auto OEM
Total
13-Weeks Ended June 27, 2026
Net sales
$
756,823
$
482,740
$
268,749
$
341,369
$
172,411
$
2,022,092
Gross profit
480,723
332,319
201,971
208,964
38,045
1,262,022
Operating income (loss)
277,039
163,583
72,166
99,848
2,872
615,508
13-Weeks Ended June 28, 2025
Net sales
$
605,425
$
490,357
$
249,366
$
299,262
$
170,154
$
1,814,564
Gross profit
364,670
324,429
185,472
164,338
28,103
1,067,012
Operating income (loss)
197,630
157,881
63,383
62,921
(9,520)
472,295
26-Weeks Ended June 27, 2026
Net sales
$
1,303,646
$
900,270
$
532,590
$
696,385
$
342,691
$
3,775,582
Gross profit
819,246
610,261
399,279
406,340
69,184
2,304,310
Operating income (loss)
434,659
282,373
143,100
190,606
(3,565)
1,047,173
26-Weeks Ended June 28, 2025
Net sales
$
990,147
$
928,853
$
472,481
$
618,699
$
339,483
$
3,349,663
Gross profit
584,813
606,964
353,374
348,271
58,135
1,951,557
Operating income (loss)
275,344
286,668
111,739
149,785
(18,417)
805,119
Garmin Ltd. and Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
YoY
June 27,
June 28,
YoY
2026
2025
Change
2026
2025
Change
Net sales
$
2,022,092
$
1,814,564
11 %
$
3,775,582
$
3,349,663
13 %
Americas
979,390
878,014
12 %
1,801,019
1,623,747
11 %
EMEA
766,069
677,402
13 %
1,422,914
1,246,355
14 %
APAC
276,633
259,148
7 %
551,649
479,561
15 %
Americas – North America & South America; EMEA – Europe, Middle East & Africa; APAC – Asia Pacific & Australian Continent
Non-GAAP Financial Information
To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.
The tables below provide reconciliations between the GAAP and non-GAAP measures.
Pro forma effective tax rate
The Company’s income tax expense is occasionally impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors’ consistent comparison between periods. In the first half of 2026 and 2025 there were no such discrete tax items identified.
Pro forma net income (earnings) per share
Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company’s performance between periods.
(In thousands, except per share information)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
GAAP net income
$
541,920
$
400,822
$
946,999
$
733,591
Foreign currency gains / losses(1)
2,492
23,512
(630)
(1,248)
Tax effect of foreign currency gains / losses(2)
(418)
(3,889)
99
195
Pro forma net income
$
543,994
$
420,445
$
946,468
$
732,538
GAAP net income per share:
Basic
$
2.81
$
2.08
$
4.91
$
3.81
Diluted
$
2.80
$
2.07
$
4.89
$
3.79
Pro forma net income per share:
Basic
$
2.82
$
2.18
$
4.91
$
3.80
Diluted
$
2.81
$
2.17
$
4.89
$
3.78
Weighted average common shares outstanding:
Basic
192,836
192,523
192,755
192,534
Diluted
193,471
193,416
193,515
193,557
(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.
(2) The tax effect of foreign currency gains was calculated using the effective tax rates of 16.8% and 15.7% for the 13-weeks and 26-weeks ended June 27, 2026, respectively, and 16.5% and 15.6% for the 13-weeks and 26-weeks ended June 28, 2025, respectively.
Free cash flow
Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.
(In thousands)
13-Weeks Ended
26-Weeks Ended
June 27,
June 28,
June 27,
June 28,
2026
2025
2026
2025
Net cash provided by operating activities
$
403,556
$
173,171
$
939,544
$
593,959
Less: purchases of property and equipment
(127,778)
(45,677)
(194,395)
(85,738)
Free cash flow
$
275,778
$
127,494
$
745,149
$
508,221
Forward-looking Financial Measures
The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.
The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.00 per share for the 26-week period ended June 27, 2026.
At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.
View original content to download multimedia:https://www.prnewswire.com/news-releases/garmin-announces-second-quarter-2026-results-302837349.html
SOURCE Garmin Ltd.
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