New Oriental Education & Technology Group Inc. (EDU) Cash Flow Statement
Where EDU’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- $1.03B +14.6% vs FY2025
- Capital expenditures
- $246.9M 4.3% of revenue
- Free cash flow
- $1.03B 18.1% margin
- Returned to shareholders
- $327.3M 32% of free cash flow
- Change in cash
- $279.4M cash at year-end $2.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
EDU operating cash flow, capex and free cash flow
EDU cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $618.1MFY2017 | $1.03BFY2026 | +5.8%/yr | |
| Capital expenditures | $105.7MFY2017 | $246.9MFY2026 | +9.9%/yr | |
| Free cash flow | $512.4MFY2017 | $1.03BFY2026 | +8.0%/yr | |
| Free cash flow margin | 28.5%FY2017 | 18.1%FY2026 | −10.4 pts | |
| Operating cash flow / net income | 2.23FY2017 | 2.16FY2026 | −0.07 | |
| Stock-based compensation | $20.3MFY2017 | $88.5MFY2026 | +17.8%/yr | |
| Dividends paid | $0FY2017 | $96.4MFY2026 | — | |
| Share buybacks (net) | $4.6MFY2017 | $230.9MFY2026 | +54.7%/yr | |
| Capex / revenue | 5.9%FY2017 | 4.3%FY2026 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EDU cash flow by activity
EDU net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EDU cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $475.2M | $375.8M | $309.6M | $235.4M | −$1.22B | $230.0M | $354.9M | $227.8M | $297.2M | $276.8M |
| Depreciation & amortization | $178.7M | $145.9M | $106.8M | $122.7M | $194.4M | $225.7M | $151.0M | $114.0M | $79.0M | $55.4M |
| Stock-based compensation | $88.5M | $59.9M | $122.5M | $89.8M | $133.0M | $68.9M | $62.1M | $71.3M | $57.4M | $20.3M |
| Change in working capital | $236.8M | $250.7M | $518.9M | $537.9M | −$1.15B | $528.9M | $191.5M | $310.8M | $366.1M | $263.7M |
| Other non-cash items | $47.9M | $64.2M | $64.9M | −$14.7M | $766.4M | $76.6M | $45.0M | $81.6M | −$18.7M | $1.9M |
| Cash from operating activities | $1.03B | $896.6M | $1.12B | $971.0M | −$1.28B | $1.13B | $804.5M | $805.6M | $781.1M | $618.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$246.9M | −$259.2M | −$283.4M | −$143.0M | −$150.7M | −$436.3M | −$309.5M | −$276.9M | −$219.6M | −$105.7M |
| Investments (net) | −$218.0M | −$93.4M | −$1.15B | −$37.4M | $1.17B | −$1.79B | −$1.26B | −$574.7M | −$406.7M | −$672.3M |
| Acquisitions & other investing | $7.2M | $259.2M | $283.4M | $143.0M | $150.7M | $49.9M | $309.5M | $276.9M | $219.6M | $105.7M |
| Cash from investing activities | −$457.7M | −$93.4M | −$1.15B | −$37.4M | $1.17B | −$2.18B | −$1.26B | −$574.7M | −$406.7M | −$672.3M |
| Financing activities | ||||||||||
| Dividends paid | −$96.4M | −$98.2M | $0 | −$12.9M | −$7.8M | −$19.7M | −$10.3M | −$96.5M | −$71.2M | $0 |
| Share repurchases & issuance (net) | −$230.9M | −$445.5M | −$62.9M | −$191.6M | −$8.0M | −$19.7M | −$13.4M | −$56.0M | −$89.6M | −$4.6M |
| Net borrowing (repayment) | −$14.4M | $0 | −$240,000 | −$48.8M | −$222.0M | $177.1M | $20.0M | $96.5M | $96.5M | $96.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $1.51B | $0 | $233.3M | $0 | $0 |
| Other financing | −$38.5M | −$41.3M | −$97.3M | $6.4M | $6.9M | $3.7M | −$14.2M | $89.3M | −$10.5M | −$87.1M |
| Cash from financing activities | −$380.2M | −$585.0M | −$160.4M | −$246.9M | −$230.9M | $1.65B | −$17.9M | $266.6M | −$74.9M | $4.8M |
| Summary | ||||||||||
| Net change in cash | $279.4M | $228.0M | −$216.3M | $610.9M | −$437.6M | $712.7M | −$498.8M | $431.5M | $342.3M | −$67.0M |
| Cash at end of period | $2.10B | $1.82B | $1.59B | $1.81B | $1.19B | $1.63B | $919.4M | $1.42B | $983.3M | $641.0M |
| Free cash flow | $1.03B | $637.4M | $839.3M | $828.0M | −$1.43B | $693.7M | $494.9M | $528.8M | $561.5M | $512.4M |
| Free cash flow margin | 18.1% | 13.0% | 19.5% | 27.6% | −46.1% | 16.2% | 13.8% | 17.1% | 22.9% | 28.5% |
| Capex / revenue | 4.3% | 5.3% | 6.6% | 4.8% | 4.9% | 10.2% | 8.6% | 8.9% | 9.0% | 5.9% |
| Operating cash flow / net income | 2.16 | 2.39 | 3.63 | 4.13 | — | 4.91 | 2.27 | 3.54 | 2.63 | 2.23 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $62.2M | $126.8M | $45.5M | $240.7M | $7.1M | $87.3M | $31.9M | $245.4M | $27.0M | $87.2M | $30.1M | $165.4M |
| Depreciation & amortization | — | — | — | $36.5M | — | $26.7M | $26.7M | $26.7M | $106.8M | $30.7M | $30.7M | $30.7M |
| Stock-based compensation | $22.7M | $21.1M | $21.4M | $23.3M | $28.6M | $16.1M | $8.3M | $6.9M | $25.8M | $27.5M | $29.6M | $39.6M |
| Change in working capital | — | — | $515.8M | $75.2M | $896.6M | $497.5M | $496.5M | −$8.8M | −$8.8M | −$8.8M | — | −$25.8M |
| Other non-cash items | $433.9M | −$155.4M | −$259.1M | −$183.3M | −$533.2M | −$626.6M | −$250.2M | −$86.9M | $226.1M | −$27.0M | $210.3M | $125.9M |
| Cash from operating activities | $518.7M | −$7.5M | $323.5M | $192.3M | $399.1M | $963,000 | $313.3M | $183.2M | $376.8M | $109.4M | $300.6M | $335.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$99.0M | −$68.8M | −$23.7M | −$55.4M | −$65,900 | −$52.4M | −$60.6M | −$80.2M | −$169.3M | −$80.1M | −$80.1M | −$132.5M |
| Investments (net) | — | — | — | −$451.7M | −$88.3M | $79.9M | $210.1M | −$295.2M | −$864.0M | $11.3M | −$93.0M | −$208.2M |
| Acquisitions & other investing | −$233.1M | $117.5M | $301.1M | $55.4M | $65,900 | $52.4M | $60.6M | $80.2M | $169.3M | $80.1M | $80.1M | $132.5M |
| Cash from investing activities | −$332.1M | $48.7M | $277.4M | −$451.7M | −$88.3M | $79.9M | $210.1M | −$295.2M | −$864.0M | $11.3M | −$93.0M | −$208.2M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | −$98.2M | — | — | −$100.0M | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | — | −$474.8M | — | — | — | −$79.7M | −$79.7M | −$79.7M | — | −$193.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$152.7M | −$138.0M | −$60.0M | $543.6M | −$98.5M | −$94.6M | −$138.4M | −$73.8M | −$29.6M | $46.2M | −$4.7M | $180.8M |
| Cash from financing activities | −$152.7M | −$138.0M | −$60.0M | −$29.4M | −$98.5M | −$94.6M | −$238.4M | −$153.5M | −$109.2M | −$33.5M | −$4.7M | −$13.0M |
| Summary | ||||||||||||
| Net change in cash | $59.7M | −$61.3M | $557.5M | −$276.5M | $227.9M | −$21.8M | $259.9M | −$238.0M | −$600.0M | $68.3M | $230.0M | $85.3M |
| Cash at end of period | $2.10B | $2.04B | $2.10B | $1.54B | $1.82B | $1.59B | $1.61B | $1.35B | $1.59B | $2.19B | $2.12B | $1.89B |
| Free cash flow | $419.7M | −$76.3M | $299.8M | $136.9M | $399.1M | −$51.4M | $252.7M | $103.0M | $207.5M | $29.3M | $300.6M | $203.3M |
| Free cash flow margin | 27.4% | −5.4% | 25.1% | 9.0% | 32.1% | −4.3% | 24.3% | 7.2% | 18.3% | 2.4% | 34.6% | 18.5% |
| Capex / revenue | 6.5% | 4.9% | 2.0% | 3.6% | 0.0% | 4.4% | 5.8% | 5.6% | 14.9% | 6.6% | 9.2% | 12.0% |
| Operating cash flow / net income | 8.34 | −0.06 | 7.12 | 0.80 | 56.21 | 0.01 | 9.81 | 0.75 | 13.97 | 1.26 | 10.00 | 2.03 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EDU cash generation
In fiscal 2026 (ended May 31, 2026), New Oriental Education & Technology generated $1.0 billion of cash from operations (up 14.6%) and spent $246.9 million on capital expenditures, leaving free cash flow of $1.0 billion, 18.1% of revenue. It returned $327.3 million to shareholders through dividends ($96.4 million) and net share buybacks ($230.9 million). Cash and equivalents rose by $279.4 million over the year.
Related: EDU income statement, EDU balance sheet, EDU dividend history. See the EDU stock overview for the latest quote and news.
EDU cash flow FAQ
What is New Oriental Education & Technology's free cash flow?
New Oriental Education & Technology's free cash flow was $1.0 billion in fiscal 2026: $1.0 billion of operating cash flow minus $246.9 million of capital expenditures It was $637.4 million a year earlier..
How much cash does New Oriental Education & Technology generate from operations?
New Oriental Education & Technology generated $1.0 billion of cash from operating activities in fiscal 2026, 2.16 times its net income of $475.2 million.
How much does New Oriental Education & Technology spend on capital expenditures?
New Oriental Education & Technology spent $246.9 million on capital expenditures in fiscal 2026, 4.3% of revenue, compared with $259.2 million the year before.
How much stock does New Oriental Education & Technology buy back?
New Oriental Education & Technology spent $230.9 million on net share repurchases in fiscal 2026.
How much does New Oriental Education & Technology pay in dividends?
New Oriental Education & Technology paid $96.4 million in dividends in fiscal 2026, 9.4% of free cash flow.