TAL Education Group
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $530.8M | $84.6M | $-3.6M | $-135.6M | $-1.14B | $-116.0M | $-110.2M | $367.2M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $68.6M | $45.8M | $23.7M | $35.3M | $171.4M | $137.0M | $99.5M | $76.7M |
| Amortization | $3.8M | $2.3M | $1.4M | $1.2M | $13.9M | $24.0M | $15.7M | $12.2M |
| Stock-Based Compensation | $43.1M | $64.9M | $88.9M | $108.6M | $174.8M | $204.9M | $117.9M | $77.3M |
| Net Cash from Operating Activities | $601.5M | $397.9M | $306.2M | $7.4M | $-939.2M | $954.7M | $855.9M | $194.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $93.2M | $111.7M | $112.7M | $110.3M | $246.3M | $245.1M | $178.1M | $138.4M |
| Business Acquisitions | $95.5M | $-80.0K | — | $250.0K | — | $11.9M | $7.0M | $66.9M |
| Net Cash from Investing Activities | $-175.7M | $-847.0M | $95.1M | $-301.6M | $1.37B | $-2.64B | $-338.8M | $-166.6M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | $0 |
| Stock Repurchases | $644.1M | $13.1M | $233.6M | $66.4M | $196.3M | $9.9M | — | — |
| Net Cash from Financing Activities | $-643.5M | $-13.2M | $-233.1M | $-66.2M | $-2.77B | $4.79B | $131.2M | $475.0M |
| Net Change in Cash | $-205.7M | $-465.7M | $162.6M | $-386.9M | $-2.34B | $3.10B | $651.5M | $536.0M |
| Free Cash Flow | $508.3M | $286.2M | $193.4M | $-103.0M | $-1.19B | $709.7M | $677.8M | $56.0M |