New Oriental Education & Technology Group Inc.
New Oriental Education & Technology Group Inc. is a Cayman Islands holding company that operates through PRC subsidiaries and variable interest entities in China. Its business spans educational and value-added services delivered through schools, learning centers, and online platforms, with a long operating history in mainland China.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueTutoring, test preparation, and school-age learning programs for students.
Counseling and support services for students planning to study abroad.
Language learning, professional education, and skills-based programs.
Digital and blended learning services delivered through online-offline channels.
Learning materials, content, and related education services.
Products
Reported · share of revenue- Services86.4 %
- Products13.6 %
Source: 20-F FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves students and families in China across multiple age groups, from school-age learners to adults. It also serves students seeking overseas study guidance and learners using online or blended education formats. The broad program mix is designed to support recurring enrollment and cross-selling across a student's learning journey.
Buy tutoring, exam prep, and enrichment programs to improve academic performance and admissions outcomes.
Buy language, professional, and continuing education programs for career and personal development.
Buy counseling and support services for applications, testing, and placement abroad.
Buy digital and blended courses for convenience, reach, and flexible scheduling.
Strategy
The company focuses on broadening its education platform across age groups and course types so it can cross-sell across a student's learning lifecycle. It is also investing in OMO delivery, digital capabilities, and AI-enabled products to improve service reach and teaching efficiency. Brand strength, referrals, and multi-channel student acquisition remain central to its competitive position.
A wider offering supports cross-selling and reduces dependence on any single course type.
Blended and online delivery expands reach and improves flexibility for students.
AI tools may improve teaching efficiency, personalization, and product differentiation.
Referrals and word-of-mouth are important sources of enrollment growth in education.
Geography
New Oriental is structurally centered in mainland China, where its operating subsidiaries and VIEs conduct substantially all business activities. The company is incorporated in the Cayman Islands and listed in the U.S., but its revenue base and operating footprint are overwhelmingly tied to China. That geography creates exposure to PRC education regulation, licensing, and foreign investment restrictions.
Risks
The business is exposed to Chinese education regulation, including restrictions on foreign investment and licensing requirements, because operations rely on PRC VIE structures. Demand can also be affected by student enrollment trends, competitive pressure, and changes in spending on tutoring, overseas study, and adult learning. Because the company uses a cross-border holding structure, investors also face structural and legal risks tied to control of the consolidated affiliated entities rather than direct ownership.
- PRC regulatory and licensing restrictionsImpact: HighLikelihood: High
Education businesses in China are subject to licensing and foreign investment limits that can affect operations and ownership.
Exposure: Mainland China education operations
- VIE structure and contractual control riskImpact: HighLikelihood: Medium
The company does not directly own the operating VIEs and relies on contracts for control and economic benefits.
Exposure: Consolidated affiliated entities in China
- Enrollment and consumer demand volatilityImpact: MediumLikelihood: High
Revenue depends on student sign-ups and renewals across multiple education categories.
Exposure - Competitive pressure in private educationImpact: MediumLikelihood: High
The company competes for students, brand trust, and teacher quality in a crowded market.
Exposure: China private education market
- Overseas study market sensitivityImpact: MediumLikelihood: Medium
Consulting demand is tied to international student mobility and destination-country policies.
Exposure: Study-abroad counseling
Accounting
Judgemental itemsRevenue and results from PRC affiliated entities are consolidated despite no direct equity ownership.
Impact: Affects reported revenue, assets, and control assessment
Management excludes share-based compensation, amortization, fair-value changes, and impairments.
Impact: Affects comparability between GAAP and adjusted results
Investments and goodwill may require impairment testing and valuation estimates.
Impact: Can create earnings volatility and one-time charges
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Last updated: 28/09/2026