New Oriental generated $4,893.0 million in net service Revenue for the fiscal year ended May 31, 2026, while its three-year Shareholder return plan dedicates no less than 50% of preceding-year Net Income to dividends or repurchases. Investors also received $0.12 per common share, or $1.20 per ADS.

Key Highlights

  • New Oriental’s net service revenue was $4,893 million for the fiscal year ended May 31, 2026.
  • The shareholder return framework covers fiscal year 2026 and requires at least half of the preceding fiscal year’s net income to be allocated to dividends or repurchases.
  • Governmental control over currency conversion is identified as a risk that may affect the value of an investment.

New Oriental Education & Technology Group Inc. recorded $4,893 million in net service revenue for the fiscal year ended May 31, 2026. The company’s board approved a three-year shareholder return plan that directs no less than 50% of the preceding fiscal year’s net income toward dividends, share repurchases or both. The board approved an ordinary Dividend of $0.12 per common share, equivalent to $1.20 per ADS, with two installments totaling approximately $189 million.

$4,893 Million Service Revenue

New Oriental’s net service revenue was $3,050.022 million in fiscal 2022, $2,544.729 million in fiscal 2023, $3,500.998 million in fiscal 2024, $4,334.071 million in fiscal 2025 and $4,893 million in fiscal 2026. The figures are stated in thousands of U.S. dollars. Consolidated affiliated entities accounted for 99.7% of total net revenue in fiscal 2026. Their contribution was 99.8% in fiscal 2025 and 99.2% in fiscal 2024. The company’s consolidated structure includes New Oriental’s subsidiaries, variable interest entities and the subsidiaries or schools of those entities. New Oriental is incorporated in the Cayman Islands, while its principal executive offices are in Beijing.

Dividends And Repurchases

The shareholder return plan was approved on July 29, 2025 and takes effect from fiscal year 2026. The board will reassess the arrangement when its three-year term expires. The ordinary dividend approved on October 27, 2025 was distributed in two installments. Both payments have been completed, with the aggregate amount reaching approximately $189 million.

Intercompany Funding Flows

New Oriental received Loan repayments of $1.5 million, $128.4 million and $447.5 million from intermediate holding companies and subsidiaries for fiscal years 2024, 2025 and 2026, respectively. It provided loans of nil, $352.4 million and $0.1 million to those intermediate holding companies and subsidiaries over the same fiscal years. Under the described arrangements, funding to PRC subsidiaries may be provided only through Capital contributions or loans. Funding to variable interest entities and their subsidiaries or schools may be provided only through loans, subject to applicable government registration.

Payment And Currency Risks

The company states that funds can be transferred among New Oriental, its subsidiaries, the variable interest entities and investors in accordance with applicable PRC laws and regulations. In a hypothetical tax scenario, the filing uses a statutory tax rate of 25%, leaving 75% for distribution, followed by a 10% Withholding tax and a resulting 67.5% net distribution to the parent or shareholders. Certain subsidiaries and variable interest entities qualify for a temporary 15% preferential income tax rate.