Luckin Coffee Announces Third Quarter 2026 Financial Results
Delivery expenses fell 38.1% year over year as the order mix shifted from delivery to pick-up.
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Rhea-AI Summary
Luckin Coffee (LKNCY) reported third-quarter 2026 revenue of RMB17.9 billion, alongside higher earnings and a new share repurchase authorization.
Revenue rose 17.0% year over year. GAAP operating income increased 55.1% to RMB2,755.9 million, with operating margin rising to 15.4% from 11.6%. Net income grew 45.4% to RMB1,858.9 million. Self-operated same-store sales fell 11.1%, versus 14.3% growth a year earlier. Average monthly transacting customers increased 9.6% to 123.0 million. Operating cash flow reached RMB4,131.8 million, versus RMB2,069.2 million a year earlier.
The board approved a new up to US$500 million, 12-month buyback program, starting when the existing authorization is fully used or expires, whichever occurs first. Under the existing program, repurchases totaled US$391.0 million through September 30, 2026.
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Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointRevenue rose 17.0% year over year to RMB17,891.5 million in third-quarter 2026.
- Moderate pointGAAP operating income rose 55.1% to RMB2,755.9 million; margin reached 15.4%, versus 11.6% a year earlier.
- Moderate pointNet income increased 45.4% to RMB1,858.9 million; net margin rose to 10.4% from 8.4% a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.New buyback authorization of up to US$500 million covers a 12-month period. 5.6% of market cap
- Moderate pointOperating cash flow reached RMB4,131.8 million, versus RMB2,069.2 million in third-quarter 2025.
- Moderate pointCash, restricted cash, deposits and short-term investments totaled RMB14,333.4 million, versus RMB8,964.4 million at December 31, 2025.
- Moderate pointMonthly transacting customers increased 9.6% year over year to an average of 123.0 million.
- Moderate pointGross merchandise value, the transaction value of items sold, increased 19.7% year over year to RMB20.7 billion.
11 minor points
- Minor pointDelivery expenses declined 38.1% year over year to RMB1,789.0 million as orders shifted toward pick-up.
- Minor pointSelf-operated store revenue increased 16.8% year over year to RMB12,939.8 million.
- Minor pointSelf-operated store operating profit rose 55.5% to RMB3,019.3 million; margin increased 5.8 percentage points to 23.3%.
- Minor pointPartnership store revenue increased 11.7% year over year to RMB4,242.7 million.
- Minor pointFreshly brewed drink revenue increased to RMB12,438.4 million, versus RMB10,632.9 million in third-quarter 2025.
- Minor pointOther product revenue increased to RMB1,051.9 million, versus RMB622.5 million in third-quarter 2025.
- Minor pointBasic and diluted earnings per ADS reached RMB5.92 each, versus RMB4.00 and RMB3.92 a year earlier, respectively.
- Minor pointNon-GAAP operating income increased 58.2% to RMB3,047.0 million; margin reached 17.0%, versus 12.6% a year earlier.
- Minor pointNon-GAAP net income rose 50.9% to RMB2,144.8 million; margin reached 12.0%, versus 9.3% a year earlier.
- Minor pointNon-GAAP basic and diluted earnings per ADS reached RMB6.80 each, versus RMB4.40 each a year earlier.
- Minor pointStore preopening and other expenses fell 14.8% year over year to RMB23.4 million.
Negative
- Moderate pointSelf-operated same-store sales declined 11.1%, versus 14.3% growth in third-quarter 2025.
- Moderate pointMaterials costs increased 23.7% year over year to RMB6,854.2 million.
- Moderate pointStore rental and other operating costs rose 26.7% year over year to RMB3,925.4 million.
- Minor pointGeneral and administrative expenses rose 35.5% to RMB1,075.3 million; revenue share reached 6.0%, versus 5.2% a year earlier.
- Minor pointSales and marketing expenses rose 30.0% to RMB976.2 million; revenue share reached 5.5%, versus 4.9% a year earlier.
4 minor points
- Minor pointDepreciation and amortization increased 19.7% year over year to RMB490.9 million.
- Minor pointIncome tax expenses increased to RMB914.1 million, versus RMB560.1 million in third-quarter 2025.
- Minor pointOther revenue declined to RMB158.4 million, versus RMB232.9 million a year earlier, mainly reflecting lower self-operated delivery revenue.
- Minor point. Forward-looking: it has not happened yet and may not happen.New buyback commencement depends on full use or expiration of the existing authorization, whichever occurs first.
Details
News Market Reaction – LKNCY
On Nov 3, the day this news came out, LKNCY closed 5.45% above the previous close. That session’s volume was 3.8x the stock’s average daily volume.
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Net Revenues Increased by
GAAP Operating Income Increased by
Average Monthly Transacting Customers Reached Another Record High of 123.0 Million
BEIJING, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (“Luckin Coffee” or the “Company”) (OTC: LKNCY) today announced its unaudited financial results for the three months ended September 30, 2026.
THIRD QUARTER 2026 HIGHLIGHTS1
- Total net revenues were RMB17,891.5 million (US
$2,666.0 million ), representing a17.0% year-over-year increase. - Net new store openings were 2,599, comprising 2,543 stores in China (including Hong Kong), 14 stores in Singapore, 40 stores in Malaysia and 2 stores in the U.S. Total number of stores increased to 38,909 at the third quarter end, comprising 25,402 self-operated stores and 13,507 partnership stores, which represented a store unit growth of
7.2% from the total store count as of the end of the second quarter of 2026. - Average monthly transacting customers reached another record high of 123.0 million, representing a
9.6% year-over-year increase. - Revenues from self-operated stores were RMB12,939.8 million (US
$1,928.2 million ), representing a16.8% year-over-year increase. - Same-store sales growth for self-operated stores was negative
11.1% , compared to14.3% in the same quarter of 2025, primarily reflecting a high prior-year comparison base due to elevated subsidies offered by food delivery platforms during the comparable period. - Store-level operating profit – self-operated stores was RMB3,019.3 million (US
$449.9 million ), representing a55.5% year-over-year increase. Store-level operating margin improved by 5.8 percentage points year-over-year to23.3% . - Revenues from partnership stores were RMB4,242.7 million (US
$632.2 million ), representing an11.7% year-over-year increase. - GAAP operating income was RMB2,755.9 million (US
$410.7 million ), representing a55.1% year-over-year increase. GAAP operating margin improved by 3.8 percentage points year-over-year to15.4% . Non-GAAP operating income, which adjusts for share-based compensation expenses and deal-related expenses for long-term equity investment, was RMB3,047.0 million (US$454.0 million ), representing a58.2% year-over-year increase. Non-GAAP operating margin improved by 4.4 percentage points year-over-year to17.0% .
Dr. Jinyi Guo, Co-founder and CEO of Luckin Coffee, said, “Our execution of the high-quality, scaled growth strategy continued to yield positive results. Amid growing coffee demand in China, our average monthly transacting customers reached another record high, while we maintained an industry-leading pace of store expansion. We also continued to improve profitability, with quarterly non-GAAP net income reaching a record RMB2.1 billion. These results further validate our digitally driven end-to-end business model and reinforce our confidence in capturing the secular growth opportunities in China’s coffee market. With this in mind, we are pleased to announce that our board has approved a new share repurchase program of up to US
__________________
1 Please refer to the section “KEY DEFINITIONS” for detailed definitions on certain terms used.
THIRD QUARTER 2026 FINANCIAL RESULTS
Total net revenues were RMB17,891.5 million (US
- Revenues from product sales were RMB13,648.7 million (US
$2,033.8 million ), representing an increase of18.8% from RMB11,488.3 million in the same quarter of 2025.- Net revenues from freshly brewed drinks increased to RMB12,438.4 million (US
$1,853.4 million ) from RMB10,632.9 million in the same quarter of 2025. This revenue stream accounted for69.5% of total net revenues, largely consistent with the same quarter of 2025. - Net revenues from other products increased to RMB1,051.9 million (US
$156.7 million ) from RMB622.5 million in the same quarter of 2025. This revenue stream accounted for5.9% of total net revenues, compared to4.1% in the same quarter of 2025. - Net revenues from others were RMB158.4 million (US
$23.7 million ), compared to RMB232.9 million in the same quarter of 2025. The decrease was mainly due to lower revenue from delivery for self-operated stores. This revenue stream accounted for0.9% of total net revenues, compared to1.4% in the same quarter of 2025.
- Net revenues from freshly brewed drinks increased to RMB12,438.4 million (US
- Revenues from partnership stores were RMB4,242.7 million (US
$632.2 million ), representing an increase of11.7% from RMB3,798.9 million in the same quarter of 2025. This revenue stream accounted for23.7% of total net revenues, compared to24.9% in the same quarter of 2025. Revenues from partnership stores included sales of materials of RMB2,811.2 million (US$418.9 million ), delivery service fees of RMB606.3 million (US$90.3 million ), profit sharing and royalty fee of RMB580.8 million (US$86.5 million ), sales of equipment of RMB214.5 million (US$32.0 million ), and franchise and other service fees of RMB30.0 million (US$4.5 million ).
Total operating expenses were RMB15,135.5 million (US
- Cost of materials were RMB6,854.2 million (US
$1,021.3 million ), representing an increase of23.7% from RMB5,539.9 million in the same quarter of 2025. The increase was primarily attributable to (i) higher product sales volume and (ii) increased sales of materials to partnership stores. - Store rental and other operating costs were RMB3,925.4 million (US
$584.9 million ), representing an increase of26.7% from RMB3,097.1 million in the same quarter of 2025. The increase mainly resulted from expanded store footprint and increased items sold which led to year-over-year increases in (i) labor costs, (ii) store rental costs as well as (iii) utilities and other store operating costs. - Depreciation and amortization expenses were RMB490.9 million (US
$73.2 million ), representing an increase of19.7% from RMB410.0 million in the same quarter of 2025. The increase was mainly due to (i) greater depreciation expenses from new equipment deployed at stores and (ii) higher store leasehold improvement amortization. - Delivery expenses were RMB1,789.0 million (US
$266.6 million ), representing a significant decrease of38.1% from RMB2,889.2 million in the same quarter of 2025. The decrease was mainly due to a notable shift in order mix from delivery to pick-up. - Sales and marketing expenses were RMB976.2 million (US
$145.5 million ), representing an increase of30.0% from RMB751.2 million in the same quarter of 2025. The increase was mainly driven by higher spending on advertising and other promotion expenses. Sales and marketing expenses as a percentage of total net revenues was5.5% , compared to4.9% in the same quarter of 2025. - General and administrative expenses were RMB1,075.3 million (US
$160.2 million ), representing an increase of35.5% from RMB793.4 million in the same quarter of 2025. The increase was mainly driven by increases in (i) share-based compensation for management and employees, (ii) payroll costs for general and administrative staff, and (iii) research and development expenses. General and administrative expenses as a percentage of total net revenues was6.0% , compared to5.2% in the same quarter of 2025. - Store preopening and other expenses were RMB23.4 million (US
$3.5 million ), representing a decrease of14.8% from RMB27.4 million in the same quarter of 2025, mainly due to fewer stores preparing to be opened compared to the same quarter of 2025. Store preopening and other expenses as a percentage of total net revenues was0.1% , compared to0.2% in the same quarter of 2025. - Losses and expenses related to Fabricated Transactions and Restructuring were RMB1.1 million (US
$0.2 million ), compared to RMB2.3 million in the same quarter of 2025. - Store-level operating margin - self-operated stores was
23.3% , improving by 5.8 percentage points from17.5% in the same quarter of 2025.
GAAP operating income was RMB2,755.9 million (US
Income tax expenses were RMB914.1 million (US
Net income was RMB1,858.9 million (US
Basic and diluted net income per ADS was RMB5.92 (US
Non-GAAP basic and diluted net income per ADS was RMB6.80 (US
Net cash provided by operating activities was RMB4,131.8 million (US
Cash and cash equivalents, restricted cash, term deposits and short-term investments were RMB14,333.4 million (US
SHARE REPURCHASE PROGRAM UPDATE AND ADDITIONAL AUTHORIZATION
Pursuant to the Company’s share repurchase program announced in April 2026 and upsized in September 2026, with an aggregate authorized amount of US
Separately, the Company’s board of directors has approved a new share repurchase program (the “New Share Repurchase Program”), under which the Company may repurchase up to US
The Company’s share repurchases, if any, under the New Share Repurchase Program may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, block trades and/or through other legally permissible means, depending on market and economic conditions and other factors, including share price, applicable legal and regulatory requirements, the Company’s insider trading policy and capital availability. Open-market repurchases may be conducted in reliance on Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), where applicable, and repurchases may also be effected pursuant to trading plans intended to satisfy the requirements of Rule 10b5-1 under the Exchange Act.
The New Share Repurchase Program does not obligate the Company to acquire any particular number of ADSs or to expend any particular amount. The Company’s board of directors will review the New Share Repurchase Program periodically and may authorize adjustments to its terms or size, or suspend or terminate the program at any time.
KEY OPERATING DATA
| For the three months ended or as of | |||||||||||||
| Mar 31, | June 30, | Sep 30, | Dec 31, | Mar 31, | June 30, | Sep 30, | |||||||
| 2025 | 2025 | 2025 | 2025 | 2026 | 2026 | 2026 | |||||||
| Total stores | 24,097 | 26,206 | 29,214 | 31,048 | 33,596 | 36,310 | 38,909 | ||||||
| Self-operated stores | 15,598 | 16,968 | 18,882 | 20,234 | 21,807 | 23,734 | 25,402 | ||||||
| Partnership stores | 8,499 | 9,238 | 10,332 | 10,814 | 11,789 | 12,576 | 13,507 | ||||||
| Same-store sales growth for self-operated stores | 9.2% | 13.8% | 14.3% | 1.3% | (0.1)% | (5.3)% | (11.1)% | ||||||
| Average monthly transacting customers (in thousands) | 74,272 | 91,697 | 112,295 | 98,351 | 93,089 | 112,707 | 123,019 | ||||||
KEY DEFINITIONS
- GMV (gross merchandise value) refers to the transaction amount from the sales of freshly brewed and non-freshly brewed items through self-operated stores and partnership stores.
- Total net revenues include revenues from product sales and revenues from partnership stores.
- Revenues from product sales mainly include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operated stores, e-commerce, offline sales and revenue from delivery for self-operated stores.
- Revenues from self-operated stores include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operated stores, and delivery fees derived from self-operated stores paid by the Company’s customers.
- Revenues from partnership stores include net revenue from the sales of materials, equipment, delivery services, profit sharing and royalty fees, franchise and other services from partnership stores.
- Same-store sales growth for self-operated stores. Defined as the year-over-year growth rate of total revenues from self-operated stores that are identified as qualifying on a monthly basis, meaning stores that were in operation at the beginning of the comparable month and remained open through the end of the current month. Same-store sales growth is calculated by dividing the sum of each current month’s revenue from qualified self-operated stores by the sum of each comparable month’s revenue from those same qualified self-operated stores. Beginning in the first quarter of 2026, we adjusted this definition to better reflect the sales growth of our self-operated stores. Comparative figures from previous periods presented have been adjusted to conform to the updated definition.
- Store-level operating profit - self-operated stores. Calculated by deducting cost for self-operated stores including cost of direct materials (including wastage in stores), cost of delivery packaging materials, storage and logistics expenses, commissions to third-party delivery platforms related to revenues from self-operated stores, store depreciation expense (including decoration loss for store closure), store rental and other operating costs, delivery expense, transaction fees, store preopening and other expenses from the Company’s self-operated store revenues.
- Store-level operating margin - self-operated stores. Calculated by dividing store-level operating profit by total revenues from self-operated stores.
- Total number of stores. The number of stores open at the end of the period.
- Net new store openings. The number of gross new stores opened during the period minus the number of stores permanently closed during the period.
- Average monthly transacting customers. The total of each month’s number of transacting customers divided by the number of months during the period (includes those of partnership stores and those only paid with free-coupons).
- Non-GAAP operating income. Calculated by operating income excluding share-based compensation expenses and deal-related expenses for long-term equity investment.
- Non-GAAP net income. Calculated by net income excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items.
- Non-GAAP net income attributable to the Company’s ordinary shareholders. Calculated by adjusting net income attributable to the Company’s ordinary shareholders excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items.
- Non-GAAP basic and diluted net income per share. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted share.
- Non-GAAP basic and diluted net income per ADS. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted ADS.
USE OF NON-GAAP FINANCIAL MEASURES
In evaluating the business, the Company considers and uses non-GAAP operating income/(loss) and non-GAAP net income/(loss), each a non-GAAP financial measure, in reviewing and assessing the Company’s operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in the Company’s business, provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Furthermore, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.
The Company defines non-GAAP operating income/(loss) as operating income/(loss) excluding share-based compensation expenses and deal-related expenses for long-term equity investment, non-GAAP net income/(loss) as net income/(loss) excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items, and non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding recurring item of share-based compensation expenses, one-off item of deal-related expenses for long-term equity investment and income tax effects of GAAP to non-GAAP reconciling items.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this earnings release.
EXCHANGE RATE INFORMATION
This earnings release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at the rate of RMB6.7110 to US
CONFERENCE CALL
The Company will host a conference call today, on Tuesday, November 3, 2026, at 8:00 am Eastern Time (or Tuesday, November 3, 2026, at 9:00 pm Beijing Time) to discuss the financial results.
Participants may access the call by dialing the following numbers:
| USA/Canada Toll Free: | +1-888-317-6003 |
| International: | +1-412-317-6061 |
| Mainland China: | +86-400-120-6115 |
| Hong Kong: | +852-58081995 |
| Conference ID: | 5849826 |
The replay will be accessible through November 10, 2026, by dialing the following numbers:
| USA/Canada Toll Free: | +1-855-669-9658 |
| International: | +1-412-317-0088 |
| Access Code: | 9066982 |
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at investor.lkcoffee.com.
SAFE HARBOR STATEMENTS
This earnings release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Luckin Coffee may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Luckin Coffee’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings or investigations in connection with Luckin Coffee; the outcome and effect of the restructuring of Luckin Coffee’s financial obligations; Luckin Coffee’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of Luckin Coffee’s previously issued financial results; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in the coffee industry or the food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; governmental policies and regulations relating to Luckin Coffee’s industry; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in Luckin Coffee’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Luckin Coffee undertakes no obligation to update any forward-looking statement, except as required under applicable law.
STATEMENT REGARDING PRELIMINARY UNAUDITED FINANCIAL INFORMATION
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information. Accordingly, you should not place undue reliance upon these preliminary estimates. The preliminary unaudited financial information included in this press release has been prepared by, and is the responsibility of, the Company’s management. The Company’s auditor has not audited, reviewed, compiled or applied agreed-upon procedures with respect to such preliminary financial data. Accordingly, the Company’s auditor does not express an opinion or any other form of assurance with respect thereto. Upon completion of the year-end audit, the Company’s audited financial results may differ materially from its preliminary estimates.
ABOUT LUCKIN COFFEE INC.
Luckin Coffee Inc. (OTC: LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high convenience and high affordability to customers. Empowered by proprietary technologies, Luckin Coffee pursues its vision to build a world-class coffee brand and become a part of everyone’s daily life. Luckin Coffee was founded in 2017 and is based in China. For more information, please visit investor.lkcoffee.com.
INVESTOR AND MEDIA CONTACTS
Investor Relations:
Luckin Coffee IR
Email: ir@lkcoffee.com
Bill Zima
ICR
Phone: 646 880 9039
Media Relations:
Luckin Coffee PR
Email: pr@lkcoffee.com
| LUCKIN COFFEE INC. CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2025 AND UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2026 (Amounts in thousands of RMB and US$, except for number of shares) | |||||
| As of | |||||
| December 31, 2025 | September 30, 2026 (Unaudited) | ||||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 2,294,112 | 7,586,125 | 1,130,402 | ||
| Restricted cash | 5,362 | 114,189 | 17,015 | ||
| Term deposit - current | 3,328,423 | 846,306 | 126,107 | ||
| Short-term investment, net | 2,579,000 | 5,025,000 | 748,771 | ||
| Accounts receivable, net | 156,330 | 198,433 | 29,568 | ||
| Receivables from online payment platforms | 580,557 | 798,733 | 119,018 | ||
| Inventories, net | 2,966,506 | 2,850,378 | 424,732 | ||
| Prepaid expenses and other current assets, net | 2,520,657 | 2,643,249 | 393,868 | ||
| Total current assets | 14,430,947 | 20,062,413 | 2,989,481 | ||
| Non-current assets: | |||||
| Long-term investment, net | - | 644,256 | 96,000 | ||
| Property and equipment, net | 6,289,986 | 6,884,123 | 1,025,797 | ||
| Restricted cash | 57,459 | 61,782 | 9,206 | ||
| Term deposit - non-current | 700,000 | 700,000 | 104,306 | ||
| Other non-current assets, net | 968,836 | 1,036,719 | 154,481 | ||
| Deferred tax assets, net | 217,036 | 261,122 | 38,910 | ||
| Operating lease, right-of-use assets | 7,637,320 | 8,676,659 | 1,292,901 | ||
| Total non-current assets | 15,870,637 | 18,264,661 | 2,721,601 | ||
| TOTAL ASSETS | 30,301,584 | 38,327,074 | 5,711,082 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Short-term bank borrowings | - | 3,250,000 | 484,280 | ||
| Accounts payable | 1,103,767 | 1,430,827 | 213,206 | ||
| Accrued expenses and other liabilities | 4,148,323 | 5,611,880 | 836,221 | ||
| Deferred revenues | 156,290 | 139,553 | 20,794 | ||
| Payable for equity litigants settlement | 149,887 | 143,569 | 21,393 | ||
| Operating lease liabilities | 2,948,353 | 3,374,458 | 502,825 | ||
| Total current liabilities | 8,506,620 | 13,950,287 | 2,078,719 | ||
| Non-current liabilities: | |||||
| Deferred tax liabilities | 339,797 | 533,355 | 79,475 | ||
| Operating lease liabilities | 4,315,808 | 4,859,441 | 724,101 | ||
| Total non-current liabilities | 4,655,605 | 5,392,796 | 803,576 | ||
| Total liabilities | 13,162,225 | 19,343,083 | 2,882,295 | ||
| Commitments and contingencies | |||||
| Mezzanine equity | |||||
| Convertible senior preferred shares | 1,514,660 | 1,514,660 | 225,698 | ||
| Shareholders’ equity: | |||||
| Class A Ordinary shares | 24 | 24 | 4 | ||
| Class B Ordinary shares | 2 | 2 | 0 | ||
| Additional paid-in capital | 17,278,391 | 18,002,875 | 2,682,592 | ||
| Statutory reserves | 453,625 | 452,759 | 67,465 | ||
| Treasury shares | - | (2,654,127) | (395,489) | ||
| Accumulated earnings/(deficits) | (2,438,985) | 1,413,317 | 210,597 | ||
| Accumulated other comprehensive income | 331,642 | 254,481 | 37,920 | ||
| Total Company’s ordinary shareholders’ equity | 15,624,699 | 17,469,331 | 2,603,089 | ||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 30,301,584 | 38,327,074 | 5,711,082 | ||
| LUCKIN COFFEE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands of RMB and US$, except for number of shares and per share data) | |||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||
| Net revenues: | |||||||||||
| Revenues from product sales | 11,488,260 | 13,648,725 | 2,033,784 | 27,764,284 | 34,846,795 | 5,192,490 | |||||
| Revenues from partnership stores | 3,798,852 | 4,242,733 | 632,206 | 8,746,978 | 10,925,768 | 1,628,039 | |||||
| Total net revenues | 15,287,112 | 17,891,458 | 2,665,990 | 36,511,262 | 45,772,563 | 6,820,529 | |||||
| Cost of materials | (5,539,919) | (6,854,198) | (1,021,338) | (13,675,678) | (17,832,121) | (2,657,148) | |||||
| Store rental and other operating costs | (3,097,088) | (3,925,426) | (584,924) | (8,091,301) | (10,600,680) | (1,579,598) | |||||
| Depreciation and amortization expenses | (409,964) | (490,916) | (73,151) | (1,123,074) | (1,416,033) | (211,002) | |||||
| Delivery expenses | (2,889,182) | (1,788,969) | (266,573) | (5,247,879) | (4,714,737) | (702,539) | |||||
| Sales and marketing expenses | (751,239) | (976,243) | (145,469) | (1,840,153) | (2,633,713) | (392,447) | |||||
| General and administrative expenses | (793,449) | (1,075,277) | (160,226) | (2,210,822) | (2,911,145) | (433,787) | |||||
| Store preopening and other expenses | (27,428) | (23,378) | (3,484) | (59,756) | (65,467) | (9,755) | |||||
| Impairment loss of long-lived assets | - | - | - | (5,509) | (153) | (23) | |||||
| Losses and expenses related to Fabricated Transactions and Restructuring | (2,289) | (1,119) | (167) | (5,596) | (3,790) | (565) | |||||
| Total operating expenses | (13,510,558) | (15,135,526) | (2,255,332) | (32,259,768) | (40,177,839) | (5,986,864) | |||||
| Operating income | 1,776,554 | 2,755,932 | 410,658 | 4,251,494 | 5,594,724 | 833,665 | |||||
| Interest and investment income | 54,134 | 41,836 | 6,234 | 133,326 | 120,728 | 17,990 | |||||
| Interest and financing expenses | - | (12,978) | (1,934) | (125) | (14,942) | (2,226) | |||||
| Foreign exchange loss, net | (2,707) | (19,517) | (2,908) | (12,797) | (48,867) | (7,282) | |||||
| Other income, net | 10,476 | 7,726 | 1,151 | 59,824 | 25,141 | 3,746 | |||||
| Net income before income taxes | 1,838,457 | 2,772,999 | 413,201 | 4,431,722 | 5,676,784 | 845,893 | |||||
| Income tax expense | (560,133) | (914,118) | (136,212) | (1,349,530) | (1,825,348) | (271,993) | |||||
| Net income | 1,278,324 | 1,858,881 | 276,989 | 3,082,192 | 3,851,436 | 573,900 | |||||
| Net income attributable to the Company’s ordinary shareholders | 1,278,324 | 1,858,881 | 276,989 | 3,082,192 | 3,851,436 | 573,900 | |||||
| Net income per share: | |||||||||||
| Basic | 0.50 | 0.74 | 0.11 | 1.20 | 1.50 | 0.22 | |||||
| Diluted | 0.49 | 0.74 | 0.11 | 1.19 | 1.50 | 0.22 | |||||
| Net income per ADS: | |||||||||||
| Basic* | 4.00 | 5.92 | 0.88 | 9.60 | 12.00 | 1.76 | |||||
| Diluted* | 3.92 | 5.92 | 0.88 | 9.52 | 12.00 | 1.76 | |||||
| Weighted average shares outstanding used in calculating basic and diluted income per share: | |||||||||||
| Basic | 2,564,658,430 | 2,517,371,654 | 2,517,371,654 | 2,564,658,441 | 2,559,798,522 | 2,559,798,522 | |||||
| Diluted | 2,586,724,800 | 2,525,722,598 | 2,525,722,598 | 2,584,194,116 | 2,566,517,865 | 2,566,517,865 | |||||
| Net income | 1,278,324 | 1,858,881 | 276,989 | 3,082,192 | 3,851,436 | 573,900 | |||||
| Other comprehensive income, net of tax of nil: | |||||||||||
| Foreign currency translation difference, net of tax of nil | (17,645) | (3,768) | (561) | (54,739) | (77,161) | (11,498) | |||||
| Total comprehensive income | 1,260,679 | 1,855,113 | 276,428 | 3,027,453 | 3,774,275 | 562,402 | |||||
| Total comprehensive income attributable to the Company’s ordinary shareholders | 1,260,679 | 1,855,113 | 276,428 | 3,027,453 | 3,774,275 | 562,402 | |||||
* Each ADS represents eight Class A Ordinary Shares. The per ADS indicators are based on rounded results of corresponding per share indicators, which could have a rounding difference of absolute amount for not more than 0.04 per ADS.
| LUCKIN COFFEE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$) | |||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||
| Net cash provided by operating activities | 2,069,201 | 4,131,760 | 615,669 | 5,526,280 | 7,547,764 | 1,124,685 | |||||
| Net cash used in investing activities | (3,750,368) | (4,142,204) | (617,225) | (7,339,419) | (2,682,901) | (399,776) | |||||
| Net cash provided by/(used in) financing activities | - | (21,045) | (3,136) | (333,600) | 595,873 | 88,791 | |||||
| Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | 2,936 | (18,569) | (2,767) | (13,695) | (55,573) | (8,281) | |||||
| Net increase/(decrease) in cash and cash equivalents and restricted cash | (1,678,231) | (50,058) | (7,459) | (2,160,434) | 5,405,163 | 805,419 | |||||
| Cash and cash equivalents and restricted cash at beginning of period | 3,924,482 | 7,812,154 | 1,164,082 | 4,406,685 | 2,356,933 | 351,204 | |||||
| Cash and cash equivalents and restricted cash at end of period | 2,246,251 | 7,762,096 | 1,156,623 | 2,246,251 | 7,762,096 | 1,156,623 | |||||
| LUCKIN COFFEE INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES (Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data) | |||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||
| A. Non-GAAP operating income | |||||||||||
| Operating income | 1,776,554 | 2,755,932 | 410,658 | 4,251,494 | 5,594,724 | 833,665 | |||||
| Adjusted for: | |||||||||||
| Share-based compensation expenses | 149,139 | 269,473 | 40,154 | 430,760 | 724,484 | 107,954 | |||||
| Deal-related expenses for long-term equity investment | - | 21,636 | 3,224 | - | 21,636 | 3,224 | |||||
| Non-GAAP operating income | 1,925,693 | 3,047,041 | 454,036 | 4,682,254 | 6,340,844 | 944,843 | |||||
| B. Non-GAAP net income | |||||||||||
| Net income | 1,278,324 | 1,858,881 | 276,989 | 3,082,192 | 3,851,436 | 573,900 | |||||
| Adjusted for: | |||||||||||
| Share-based compensation expenses | 149,139 | 269,473 | 40,154 | 430,760 | 724,484 | 107,954 | |||||
| Deal-related expenses for long-term equity investment | - | 21,636 | 3,224 | - | 21,636 | 3,224 | |||||
| Income tax effects of GAAP to non-GAAP reconciling items | (6,030) | (5,165) | (770) | (15,225) | (12,842) | (1,914) | |||||
| Non-GAAP net income | 1,421,433 | 2,144,825 | 319,597 | 3,497,727 | 4,584,714 | 683,164 | |||||
| Non-GAAP net income attributable to the Company’s ordinary shareholders | 1,421,433 | 2,144,825 | 319,597 | 3,497,727 | 4,584,714 | 683,164 | |||||
| C. Non-GAAP net income per share | |||||||||||
| Weighted average shares outstanding used in calculating basic and diluted income per share: | |||||||||||
| Basic | 2,564,658,430 | 2,517,371,654 | 2,517,371,654 | 2,564,658,441 | 2,559,798,522 | 2,559,798,522 | |||||
| Diluted | 2,586,724,800 | 2,525,722,598 | 2,525,722,598 | 2,584,194,116 | 2,566,517,865 | 2,566,517,865 | |||||
| Non-GAAP net income per share: | |||||||||||
| Basic | 0.55 | 0.85 | 0.13 | 1.36 | 1.79 | 0.27 | |||||
| Diluted | 0.55 | 0.85 | 0.13 | 1.35 | 1.79 | 0.27 | |||||
| Non-GAAP net income per ADS: | |||||||||||
| Basic* | 4.40 | 6.80 | 1.04 | 10.88 | 14.32 | 2.16 | |||||
| Diluted* | 4.40 | 6.80 | 1.04 | 10.80 | 14.32 | 2.16 | |||||
* Each ADS represents eight Class A Ordinary Shares. The per ADS indicators are based on rounded results of corresponding per share indicators, which could have a rounding difference of absolute amount for not more than 0.04 per ADS.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Luckin Coffee's third-quarter 2026 revenue and earnings?
Luckin Coffee reported RMB17,891.5 million in revenue and RMB1,858.9 million in net income for the three months ended September 30, 2026. Revenue increased 17.0% and net income increased 45.4% year over year. Basic and diluted earnings per American depositary share were RMB5.92 each.
Why did Luckin Coffee's same-store sales decline in third-quarter 2026?
The company attributed the 11.1% decline in self-operated same-store sales primarily to a high prior-year comparison base caused by elevated food-delivery platform subsidies during the comparable period. Self-operated same-store sales had grown 14.3% in third-quarter 2025.