Luckin Coffee
LKNCY · OTCRetail-Eating & Drinking Places · Fiscal year ends Dec 31 · Reports in CNY
Luckin Coffee reported revenue of CNY 49.3B in the fiscal year ended Dec 2025, up 43.0% from the year before. Operating income was CNY 5.1B, an operating margin of 10.3%, and net income was CNY 3.6B. Operating cash flow of CNY 6.1B less capital expenditure of CNY 2.6B left free cash flow of CNY 3.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CNY 8B | CNY 13.3B | CNY 24.9B | CNY 34.5B | CNY 49.3B |
| Operating income | −CNY 539M | CNY 1.2B | CNY 3B | CNY 3.6B | CNY 5.1B |
| Interest expense | CNY 35M | CNY 23M | – | CNY 4M | CNY 125,000 |
| Pre-tax income | CNY 515M | CNY 1.1B | CNY 3.1B | CNY 3.7B | CNY 5.3B |
| Income tax | −CNY 64M | CNY 639M | CNY 258M | CNY 771M | CNY 1.7B |
| Net income | CNY 579M | CNY 488M | CNY 2.8B | CNY 3B | CNY 3.6B |
| Diluted EPS | 0.27 | 0.19 | 1.12 | 1.16 | 1.40 |
| Diluted shares | 2,136M | 2,516M | 2,533M | 2,548M | 2,568M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CNY 6.5B | CNY 3.5B | CNY 2.9B | CNY 4.4B | CNY 2.3B |
| Receivables | CNY 39M | CNY 59M | CNY 81M | CNY 111M | CNY 156M |
| Inventory | CNY 593M | CNY 1.2B | CNY 2.2B | CNY 2.5B | CNY 3B |
| Current assets | CNY 8.4B | CNY 6B | CNY 7.6B | CNY 10.7B | CNY 14.4B |
| Net PP&E | CNY 1.8B | CNY 1.9B | CNY 4.2B | CNY 5.1B | CNY 6.3B |
| Total assets | CNY 12.3B | CNY 10.5B | CNY 18.3B | CNY 23.1B | CNY 30.3B |
| Payables | CNY 294M | CNY 441M | CNY 815M | CNY 739M | CNY 1.1B |
| Deferred revenue | CNY 96M | CNY 97M | CNY 123M | CNY 153M | CNY 156M |
| Current liabilities | CNY 6.6B | CNY 2.8B | CNY 5.5B | CNY 6.7B | CNY 8.5B |
| Total liabilities | CNY 7.2B | CNY 3.9B | CNY 8.6B | CNY 10.1B | CNY 13.2B |
| Shareholders' equity | CNY 3.6B | CNY 5B | CNY 8.1B | CNY 11.6B | CNY 15.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CNY 123M | CNY 20M | CNY 2.9B | CNY 4.2B | CNY 6.1B |
| Capital expenditure | CNY 173M | CNY 782M | CNY 2.8B | CNY 2.3B | CNY 2.6B |
| Free cash flow | −CNY 50M | −CNY 762M | CNY 150M | CNY 1.9B | CNY 3.5B |
| Depreciation & amortisation | CNY 465M | CNY 392M | CNY 605M | CNY 1.2B | CNY 1.6B |
| Stock-based compensation | CNY 303M | CNY 398M | CNY 240M | CNY 365M | CNY 573M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.9% | 87.3% | 38.4% | 43.0% |
| Operating income growth (YoY) | – | – | 161.2% | 18.2% | 42.1% |
| EPS growth (YoY) | – | −29.6% | 489.5% | 3.6% | 20.7% |
| Operating margin | −6.8% | 8.7% | 12.1% | 10.4% | 10.3% |
| Net margin | 7.3% | 3.7% | 11.4% | 8.6% | 7.3% |
| Return on equityBlank when equity is negative | 15.9% | 9.7% | 35.0% | 25.6% | 23.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −9.4% | 15.1% | 23.5% | 21.7% | 23.3% |
| Free cash flow margin | −0.6% | −5.7% | 0.6% | 5.6% | 7.0% |
| Cash conversion (CFO ÷ net income) | 0.21x | 0.04x | 1.02x | 1.43x | 1.69x |
| Receivable days | 2 | 2 | 1 | 1 | 1 |
| Interest cover | −15.2x | 49.2x | – | 910x | 40583x |
| Current ratio | 1.27x | 2.13x | 1.39x | 1.60x | 1.70x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.