TAL Education Group cash flow statement

In fiscal 2026, TAL Education Group's operations generated $601m of cash; it spent $93.2m on capital projects, leaving free cash flow of $508m. It returned $644m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

TAL Education Group: cash flow statement, annual
Fiscal year	2010Feb 2010	2011Feb 2011	2012Feb 2012	2013Feb 2013	2014Feb 2014	2015Feb 2015	2016Feb 2016	2017Feb 2017	2018Feb 2018	2019Feb 2019	2020Feb 2020	2021Feb 2021	2022Feb 2022	2023Feb 2023	2024Feb 2024	2025Feb 2025	2026Feb 2026
Cash from operations	27	54	73	65	102	148	197	379	685	194	856	955	−939	7	306	398	601
Depreciation and amortisation	1	3	5	7	10	12	18	29	51	77	100	137	171	35	24	46	69
Stock-based pay	—	5	8	8	8	18	26	36	47	77	118	205	175	109	89	65	43
Capital spending	4	5	73	6	11	31	35	71	126	138	178	245	246	110	113	112	93
Free cash flow	23	49	1	59	91	117	162	308	559	56	678	710	−1,185	−103	193	286	508
Free cash flow after stock pay	—	43	−7	51	82	98	136	272	512	−21	560	505	−1,360	−212	105	221	465
Dividends paid	—	30	—	39	—	—	0	0	41	0	—	—	—	—	—	—	—
Share buybacks	—	—	—	2	—	—	—	—	—	—	—	10	196	66	234	13	644

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from TAL Education Group's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to TAL Education Group.