New Oriental Education & Technology Group Inc. reported its financial results for the fourth fiscal quarter and the full fiscal year ended May 31, 2025. For the fourth quarter, the company achieved net revenues of $1,243.2 million, a 9.4% increase compared to the same period last year. Excluding revenues from East Buy private label products and livestreaming business, net revenues were $1,088.5 million, reflecting an 18.7% year-over-year rise, driven primarily by growth in the company's educational new business initiatives. For the fiscal year 2025, New Oriental's net revenues totaled $4,900.3 million, marking a 13.6% increase from the previous year. The company reported an operating income of $428.3 million for the year, a 22.2% increase year over year. The non-GAAP operating income, which excludes certain items like share-based compensation and amortization of intangible assets, was $554.2 million, representing a 15.8% increase from the prior year. The operating margin for fiscal year 2025 stood at 8.7%, up from 8.1% in the previous year. The non-GAAP operating margin, excluding East Buy private label products and livestreaming business, was 12.8%, showing an improvement of 150 basis points year over year. Looking ahead to fiscal year 2026, New Oriental plans to continue its cost optimization and efficiency enhancement measures. The company noted a slowdown in revenue growth in its overseas-related businesses and investments in its newly-integrated tourism-related business during fiscal year 2025. However, it remains focused on maintaining its core educational business growth. At the end of the fourth quarter, deferred revenue from customers was $1,954.5 million, a 9.8% increase compared to the end of the fourth quarter of fiscal year 2024.