New Oriental enters its October 28 first-quarter fiscal 2027 release with a strong fiscal 2026 baseline. Revenue reached $5.6613 billion, up 15.5%, while operating income rose 50.2% to $643.3 million. Operating margin improved to 11.4% from 8.7%.
Profit growth also moved ahead of revenue. Net income attributable to New Oriental increased 27.8% to $475.2 million. Deferred revenue was $2.2429 billion at May 31, 14.8% higher than a year earlier, offering a dated view of collections before services are delivered.
The balance sheet adds flexibility to the operating picture. Cash and cash equivalents totaled $1.8212 billion, term deposits were $1.3668 billion, and investments were $2.3723 billion. Together, those resources came to $5.5603 billion. That liquidity provides resilience, but it does not answer how the new fiscal year has begun.
Business mix is central to that question. Educational services and test preparation generated 70.8% of fiscal 2026 revenue. Private-label products and livestreaming e-commerce accounted for 14.3%, while overseas study consulting contributed 9.0%. The education engine therefore remains dominant even as newer activities add execution complexity.
New Oriental's current and preliminary fiscal 2027 view calls for revenue of $6.4539 billion to $6.6803 billion. The company describes that view as subject to change and dependent on the prevailing dollar-renminbi exchange rate. Since no fiscal 2027 quarter has yet been reported, October 28 should provide the first evidence on revenue momentum, operating profit and margin conversion. The release is scheduled before the U.S. market opens.
The full New Oriental premium review develops the broader thesis, regulatory context, business mix and event questions in greater depth. This public companion keeps the focus on the fiscal 2026 operating record, the liquid-resource cushion and the first quarterly test of the new outlook.
Market analysis, not personalized investment advice.