Luckin Coffee offset the high base from last year's Q2 delivery subsidies through store openings and user growth.
More importantly, delivery costs declined YoY for the first time since the delivery wars.Overall results were clearly ahead of market expectations.
+9Q2 total net revenue was RMB 15.9bn (+29% YoY). Operating profit rebounded 22% to RMB 2.1bn.
Same-store sales at company-operated stores fell 5.3% YoY. The high base from delivery subsidies in Jul–Aug last year will keep SSS under pressure in Q3.The company maintained its H1 pace of opening 5,000+ stores. Global store count reached 36,310.
Below is Dolphin Research's Trans of Luckin Coffee's FY26Q1 earnings call.
For the earnings analysis, see 'Luckin Coffee: Revenue Up, No Profit Gain - When Will the Little Blue Cup Shake Off the Delivery Hangover?'Luckin Coffee announces first buyback
Below is Dolphin Research's recap of Luckin Coffee's FY25 Q4 earnings call. For our full take on the results, see 'Luckin: Has the delivery war hijacked the coffee leader?'
---The impact of the 'food-delivery price war' driving up delivery costs continued to weigh on Q4 profitability. The margin hit remained significant.
The following are the minutes of the 3Q25FY earnings call for Luckin Coffee, compiled by Dolphin Research. For a review of the earnings report, please refer to 'Luckin: Profit 'Squat' Just for a Better 'Jump''
Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...
Maintaining a healthy and sustainable level of profitability is the focus
$Luckin Coffee(LKNCY.US) released its financial report for the second quarter of 2025 (ending June 2025) before the U.S. stock market opened on the afternoon of July 30, 2025, Beijing time. Overall, in the second quarter, under the dual stimulus of the peak season and the support of the delivery business, Luckin's performance this quarter was very impressive, with all key indicators exceeding BBG expectations. 1. Store openings maintained rapid growth. In terms of the number of store openings, Luckin had a net increase of 1,757 stores in Q2 2025 compared to the previous quarter. Although the total number of store openings remained the same as Q1, the company significantly accelerated the opening of self-operated stores in Q2. Generally speaking...
