Luckin Coffee (LKNC) Q4 2025 earnings summary

Executive summary

• Achieved rapid growth in 2025, ending with 31,048 stores globally, including over 20,000 self-operated stores in China and 160 overseas locations, with significant expansion in Singapore, Malaysia, and the U.S.

• Total net revenues for 2025 reached RMB49.3 billion, up 43% year-over-year, with operating profit up 42.1% to RMB5,072.9 million.

• Cumulative transacting customers surpassed 450 million, with 117 million new customers added in 2025 and monthly transacting customers exceeding 98 million.

• Product innovation included 140 new SKUs, 23 IP collaborations, and non-coffee beverages exceeding 20% of total cups sold.

• ESG initiatives advanced, earning the 2025 China Best ESG Employer award and launching inclusive employment programs.

Financial highlights

• Q4 2025 net revenues were RMB12.8 billion, up 32.9% year-over-year, with GMV at RMB14.8 billion.

• Q4 GAAP operating profit was RMB821.4 million (6.4% margin), non-GAAP operating profit RMB946 million (7.5% margin); full-year GAAP operating income was RMB5,072.9 million (10.3% margin).

• Q4 net profit was RMB518 million (4.1% margin), non-GAAP net profit RMB699 million (5.5% margin); full-year net margin was 7.3%.

• Store-level operating margin for self-operated stores was 15% in Q4 and 17.8% for the year.

• Year-end cash and equivalents increased to RMB8,964.4 million, up from RMB5,934.2 million in 2024.

Outlook and guidance

• Expect near-term volatility in same-store sales and profitability in 2026 due to high 2025 subsidy base and evolving delivery platform dynamics.

• Management remains focused on scaling operations, disciplined expansion, product innovation, and customer engagement to drive sustainable long-term growth.