Luckin Coffee Announces Third Quarter 2025 Financial Results, Sees 50% Increase in Net Revenues

By: Alexis Rubinstein, Managing Editor - Coffee Network

Tue, 18 Nov 2025, 22:01

CoffeeNetwork (New York) — Luckin Coffee Inc. (OTC: LKNCY) today announced its unaudited financial results for the three months ended September 30, 2025.

THIRD QUARTER 2025 HIGHLIGHTS

Total net revenues were RMB15,287.1 million (US$2,143.2 million), representing a 50.2% year-over-year increase.
Net new store openings were 3,008, comprising 2,979 stores in China (including Hong Kong), 5 stores in Singapore, 21 stores in Malaysia and 3 stores in the U.S. Total number of stores increased to 29,214 at the third quarter end, comprising 18,882 self-operated stores and 10,332 partnership stores, which represented a store unit growth of 11.5% from the total store count as of the end of the second quarter of 2025.
Average monthly transacting customers reached a record high of 112.3 million, representing a 40.6% year-over-year increase.
Revenues from self-operated stores were RMB11,080.3 million (US$1,553.4 million), representing a 47.7% year-over-year increase.
Same-store sales growth for self-operated stores was 14.4%, significantly improved from negative 13.1% in the same quarter of 2024.
Store level operating profit - self-operated stores was RMB1,941.2 million (US$272.1 million), representing a 10.2% year-over-year increase. Store level operating margin was 17.5%, compared to 23.5% in the same quarter of 2024.
Revenues from partnership stores were RMB3,798.9 million (US$532.6 million), representing a 62.3% year-over-year increase.
GAAP operating income was RMB1,776.6 million (US$249.1 million), representing a 12.9% year-over-year increase. GAAP operating margin was 11.6%, compared to 15.5% in the same quarter of 2024. Non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB1,925.7 million (US$270.0 million), representing a 15.2% year-over-year increase. Non-GAAP operating margin was 12.6%, compared to 16.4% in the same quarter of 2024.

Dr. Jinyi Guo, Co-founder and CEO of Luckin Coffee, said, “Our scale-driven strategy continued to yield strong results. We sustained robust revenue growth momentum through the third quarter, alongside another double-digit increase in self-operated same-store sales. Our expanding store network has enhanced our fulfilment capabilities, enabling us to capture rising customer demand and achieve a major milestone of surpassing 100 million average monthly transacting customers for the first time. These achievements further reinforced our competitive edge and market leadership. Looking ahead, we remain committed to product innovation and brand equity enhancement. Our value propositions of high quality, affordability, and convenience form the cornerstone of our continued customer base expansion, which is a key driver of Luckin Coffee’s long-term sustainable growth.”

THIRD QUARTER 2025 FINANCIAL RESULTS

Total net revenues were RMB15,287.1 million (US$2,143.2 million), representing an increase of 50.2% from RMB10,180.8 million in the same quarter of 2024. Net revenues growth was primarily driven by a 48.1% year-over-year increase in GMV, which reached RMB17.3 billion, as a result of an increase in the number of products sold resulting from growth in the number of stores in operation as well as monthly transacting customers.
Revenues from product sales were RMB11,488.3 million (US$1,610.6 million), representing an increase of 46.5% from RMB7,839.5 million in the same quarter of 2024.
Net revenues from freshly brewed drinks increased to RMB10,632.9 million (US$1,490.7 million) from RMB7,210.8 million in the same quarter of 2024. This revenue stream accounted for 69.6% of total net revenues, compared to 70.8% in the same quarter of 2024.
Net revenues from other products increased to RMB622.5 million (US$87.3 million) from RMB476.9 million in the same quarter of 2024. This revenue stream accounted for 4.1% of total net revenues, compared to 4.7% in the same quarter of 2024.
Net revenues from others increased to RMB232.9 million (US$32.7 million) from RMB151.8 million in the same quarter of 2024. This revenue stream accounted for 1.4% of total net revenues, compared to 1.5% in the same quarter of 2024.
Revenues from partnership stores were RMB3,798.9 million (US$532.6 million), representing an increase of 62.3% from RMB2,341.3 million in the same quarter of 2024. This revenue stream accounted for 24.9% of total net revenues, compared to 23.0% in the same quarter of 2024. Revenues from partnership stores included sales of materials of RMB2,023.5 million (US$283.7 million), delivery service fees of RMB866.5 million (US$121.5 million), profit sharing and royalty fee of RMB580.2 million (US$81.3 million), sales of equipment of RMB308.7 million (US$43.3 million), and franchise and other service fees of RMB19.9 million (US$2.8 million).
Total operating expenses were RMB13,510.6 million (US$1,894.1 million), representing an increase of 57.0% from RMB8,607.8 million in the same quarter of 2024. The increase primarily resulted from the Company’s business expansion. Operating expenses as a percentage of net revenues was 88.4%, compared to 84.5% in the same quarter of 2024. The ratio increase was primarily attributable to the rise in delivery expenses as a percentage of net revenues due to the surge in third-quarter delivery orders, partially offset by the lower cost of materials and store-related expenses as percentages of net revenues thanks to the Company’s supply chain strength and refined operations.
Cost of materials were RMB5,539.9 million (US$776.7 million), representing an increase of 40.6% from RMB3,939.9 million in the same quarter of 2024. The increase was mainly due to increases in (i) the number of products sold and (ii) sales of materials to partnership stores.
Store rental and other operating costs were RMB3,097.1 million (US$434.2 million), representing an increase of 35.5% from RMB2,284.9 million in the same quarter of 2024. The increase mainly resulted from the increased number of stores and 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 RMB410.0 million (US$57.5 million), representing an increase of 32.4% from RMB309.7 million in the same quarter of 2024. The increase was mainly due to increases in (i) amortization of leasehold improvements for the stores and (ii) depreciation expenses of additional equipment put into use in new stores.
Delivery expenses were RMB2,889.2 million (US$405.1 million), representing an increase of 211.4% from RMB927.7 million in the same quarter of 2024. The significant increase was mainly driven by the surge in delivery volumes, especially from the third-party food delivery platforms.
Sales and marketing expenses were RMB751.2 million (US$105.3 million), representing an increase of 27.5% from RMB589.0 million in the same quarter of 2024. The increase was mainly driven by increases in commissions to the third-party food delivery and live streaming platforms, partially offset by the decrease of advertising and other promotion expenses. Sales and marketing expenses as a percentage of total net revenues was 4.9%, decreased from 5.8% in the same quarter of 2024.
General and administrative expenses were RMB793.4 million (US$111.2 million), representing an increase of 24.6% from RMB636.6 million in the same quarter of 2024. The increase was mainly driven by increases in payroll costs for general and administrative staff, share-based compensation for management and employees, and research and development expenses. General and administrative expenses as a percentage of total net revenues was 5.2%, decreased from 6.3% in the same quarter of 2024.
Store preopening and other expenses were RMB27.4 million (US$3.8 million), representing an increase of 103.7% from RMB13.5 million in the same quarter of 2024, mainly due to more stores preparing to be opened compared to the same quarter of 2024. Store preopening and other expenses as a percentage of total net revenues was 0.2%, compared to 0.1% of total net revenues in the same quarter of 2024.
Losses and expenses related to Fabricated Transactions and Restructuring were RMB2.3 million (US$0.3 million), compared to negative RMB102.5 million in the same quarter of 2024.
Store level operating margin - self-operated stores was 17.5%, compared to 23.5% in the same quarter of 2024.
GAAP operating income was RMB1,776.6 million (US$249.1 million), representing an increase of 12.9% from RMB1,573.0 million in the same quarter of 2024. GAAP operating margin was 11.6%, compared to 15.5% in the same quarter of 2024. Non-GAAP operating income was RMB1,925.7 million (US$270.0 million), representing an increase of 15.2% from RMB1,671.2 million in the same quarter of 2024. Non-GAAP operating margin was 12.6%, compared to 16.4% in the same quarter of 2024.
Income tax expenses were RMB560.1 million (US$78.5 million), compared to RMB356.6 million in the same quarter of 2024. The significant increase was mainly due to the increased profits earned in this quarter.
Net income was RMB1,278.3 million (US$179.2 million), compared to RMB1,314.3 million in the same quarter of 2024. Net margin was 8.4%, compared to 12.9% in the same quarter of 2024. Non-GAAP net income was RMB1,421.4 million (US$199.3 million), compared to RMB1,412.5 million in the same quarter of 2024. Non-GAAP net margin was 9.3%, compared to 13.9% in the same quarter of 2024.
Basic and diluted net income per ADS was RMB4.00 (US$0.56) and RMB3.92 (US$0.56), respectively, compared to RMB4.16 and RMB4.16 in the same quarter of 2024, respectively.
Non-GAAP basic and diluted net income per ADS was RMB4.40 (US$0.64) and RMB4.40 (US$0.64), respectively, compared to RMB4.40 and RMB4.40 in the same quarter of 2024, respectively.
Net cash provided by operating activities was RMB2,069.2 million (US$290.1 million), compared to RMB1,316.1 million in the same quarter of 2024.
Cash and cash equivalents, restricted cash, term deposits and short-term investments were RMB9,347.8 million (US$1,310.5 million) as of September 30, 2025, compared to RMB5,934.2 million as of December 31, 2024.

Coffee

This material should be construed as market commentary and represents the opinions and viewpoints of the author, and does not reflect tailored advice associated with any specific account.

The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.

References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.

StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.

R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.

StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.

This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.

StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).

SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.

StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.

StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.

StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.

StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

Satellite view of Earth at night showing illuminated cities across Asia and the Middle East

Discover more insights

Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.

Explore subscriptions

Perspective: Morning Commentary for June 4

June 4 – Crude oil prices dropped along with Treasury yields after yet another ceasefire agreement was reached between Israel and Lebanon, raising hopes of a peace agreement with Iran. Yet, stocks are mixed this morning, with the Dow higher and the S&P and Nasdaq lower. The VIX is again trading near 16 this morning, while the dollar index fell back into its comfort zone near 99.2 following yesterday’s rally. Yields on 10-year Treasuries are trading near 4.46%, while yields on 2-year Treasuries are trading near 4.03%. WTI crude oil is trading near $93 per barrel, while Brent trades near $95 per barrel. Wheat prices again managed a modest bounce overnight, but corn and soybean prices saw more follow-through selling on their recent downward momentum, with July corn hitting new contract lows on favorable Midwest weather and emerging demand concerns.

Arlan SudermanThu, 04 Jun 2026, 13:21

Grains & Oilseeds
Energy
Dairy
Renewable Fuels
Cocoa
Coffee
Cotton
Sugar
Meats & Livestock
Forest Products

Morning Commodity Insight (MCI): Technical Analysis and Trade Setup in Major Commodity Markets

This daily commentary delivers a concise, expert-driven overview of global futures markets, designed for traders and investors seeking actionable insights. Each edition covers the technical setups, and trade recommendations across major commodity contracts, including grains, livestock, metals, energy, currencies, and equity indices.

Eli TesfayeThu, 04 Jun 2026, 04:40

Grains & Oilseeds
Base Metals
Precious Metals
Equities
Energy
Cocoa
Coffee
Sugar
Meats & Livestock
Currencies

Daily Coffee Report 6/3/26

Daily coffee report

StoneX Coffee TeamWed, 03 Jun 2026, 21:26

Coffee

StoneX: We open markets

Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.

Reach

With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.

Transparency

As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.

Expertise

From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.