실적분석 2026년 8월 27일

Gaotu Techedu ($GOTU) Q2 2026 Earnings Analysis — Revenue Beats Estimates, Losses Narrow, After-Hours Rally

Earnings Scorecard

Revenue: RMB 1.6701 billion (+20.2% YoY, vs. estimate of RMB 1.604 billion) ✅ Beat

EPS: Loss of RMB 0.57 per American Depositary Share (Q2 2026, narrowed from RMB 0.88 loss a year earlier) — Consensus coverage is thin

Guidance: Newly issued — Q3 2026 revenue of RMB 1.838 billion to RMB 1.858 billion (+16.4% to +17.7% YoY)

Stock reaction: After-hours +6.94% ($1.85) — as of 21:08 KST, 08-27

The Positives

Revenue growth: Q2 2026 net revenue of RMB 1.6701 billion, +20.2% YoY

Narrower losses: Operating loss of RMB 149.8 million, down 38.1% YoY

Cash flow: Operating cash inflow of RMB 861.2 million, +46.3% YoY

Total course fee settlements in the quarter also rose 19.4% to RMB 2.6891 billion, and gross margin ticked up slightly to 66.5%. The COO explained that AI and digital tools reduced the operating expense ratio as a percentage of revenue by 7.9 percentage points versus the prior year.

The Negatives

Persistent net loss: Q2 2026 net loss of RMB 135.8 million (attributable to common shareholders)

Wider H1 loss: Cumulative H1 net loss of RMB 101.3 million, up from RMB 92.0 million a year earlier

Slower H1 cash flow: H1 operating cash inflow of RMB 32.8 million, down 70.6% YoY

Quarterly results improved, but the company is still in the red. Selling expenses rose on marketing and brand campaigns and headcount expansion, and combined interest and investment income was lower than a year ago.

What Management Said

The Founder, Chairman, and CEO said investments in educational products, learning services, and organizational capabilities are translating into higher revenue per transaction and improved operational efficiency. The COO said profitable growth is the top priority, and that the company will maintain service quality while applying greater discipline to resource allocation.

Market Reaction and What to Watch Next

With revenue coming in above estimates and operating losses and quarterly cash flow improving together, the market appears to have responded to the trajectory of narrowing losses.

Whether the company actually delivers on its Q3 revenue guidance (RMB 1.838 billion to RMB 1.858 billion).

Further decline in the operating expense ratio and the timing of a quarterly return to profitability.

The pace of share repurchases and changes in cash and investment asset balances.