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Four Seasons Education sells interest-based learning programs to learners in China, covering areas such as science, creativity and coding. Learning services bring in slightly more than half its revenue. It also sends teachers into schools to deliver its own courses through after-school clubs, including Sudoku and Mathematics Magic House. Schools pay cooperation fees and hourly teaching fees. Attracting learners depends heavily on word-of-mouth referrals, while delivering classes requires qualified teachers.
Tourism supplies almost all the remaining revenue. Travel agencies, corporate customers and individuals pay for services such as itinerary planning, chartered buses, sightseeing guidance and accommodation arrangements. The business also includes educational study tours and study camps. A much smaller business sells course development, digital learning systems and related services to schools and other educational institutions.
This is no longer the academic tutoring business it once was: the company stopped mainland Chinese kindergarten-to-grade-nine academic after-school tutoring at the end of 2021 to comply with regulation. Its current education offerings remain subject to operating permits and changing local rules. Nearly all revenue comes through Chinese entities that the Cayman Islands parent controls by contract rather than owns directly, so access to those operations and their earnings depends on those arrangements.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Four Seasons Education also depends heavily on Chinese travel demand: tourism generated 46.5% of fiscal 2026 revenue, an exposure these education peers do not fully capture.
TAL Education Group competes with Four Seasons Education for learners in China through science, creativity, coding, humanities and aesthetics classes, after both exited mainland K–9 academic tutoring. Demand for TAL’s enrichment classes is worth watching as a signal for the same kinds of courses at Four Seasons.
New Oriental competes with Four Seasons Education for Chinese families’ spending on enrichment learning programs and educational study tours, overlapping with both its classes and its travel offerings.
Gaotu Techedu’s non-academic courses for young learners compete with Four Seasons Education’s enrichment classes for Chinese families’ supplemental learning budgets. Demand for Gaotu’s adolescent-development courses is a useful signal to watch, rather than its college-student and adult exam courses.
New Oriental Education and Technology Group, Inc. earningsEDU
New Oriental’s report can show whether Chinese families’ spending on enrichment classes and educational study tours is supporting the same learning and tourism markets in which Four Seasons Education earns revenue.
Look for what New Oriental says about demand for enrichment classes and educational study tours. Strength in both would suggest families are still paying for services that overlap with Four Seasons Education’s learning and tourism businesses. Weakness in both would mean a tougher fight for those budgets; weakness in only one would point to pressure concentrated in the matching business.
TAL Education Group earningsTAL
TAL Education’s report can show how demand for science, creativity, coding, humanities and aesthetics classes is changing—the same kinds of enrichment courses Four Seasons Education offers.
Focus on TAL’s comments about demand for these enrichment classes, not its academic tutoring business. Strong demand would suggest families are still paying for courses Four Seasons Education also offers. Weak demand would mean Four Seasons faces a harder task attracting learners and winning families’ spending for similar classes.
