Luckin Coffee Reports Third Quarter 2026 Financial Results

At a Glance (China Coffee Network): On November 3, Luckin Coffee announced its third-quarter 2026 financial results. The company continued to advance its high-quality, scaled-growth strategy with positive results, as its business growth remained solid and steady and its profit-improvement trend became clearer. In the third quarter, total net revenue was 17.891 billion yuan, up 17.0% year on year. The quarter’s profit level rose further; non-GAAP net profit reached 2.145 billion yuan, a record high for a single quarter; GAAP operating profit reached 2.756 billion yuan, up 55.1% year on year; operating margin was 15.4%, up 3.8 percentage points year on year. On the demand side, consumer spending continued to show resilience, with both the average monthly transacting customers and per-capita cup volume hitting record highs again. Average monthly transacting customers grew 9.6% year on year to 123 million. By the end of the third quarter, the total number of stores worldwide reached 38,909, and cumulative transacting customers surpassed 520 million. Meanwhile, based on confidence in the company’s long-term development prospects and to better reward shareholders, the board of directors approved a new one-year share repurchase program of up to US$500 million, which also fully reflects the company’s firm confidence in its long-term value.

On November 3, Luckin Coffee announced its third-quarter 2026 financial results. The company continued to advance its high-quality, scaled-growth strategy with positive results, as its business growth remained solid and steady and its profit-improvement trend became clearer. In the third quarter, total net revenue was 17.891 billion yuan, up 17.0% year on year. The quarter’s profit level rose further; non-GAAP net profit reached 2.145 billion yuan, a record high for a single quarter; GAAP operating profit reached 2.756 billion yuan, up 55.1% year on year; operating margin was 15.4%, up 3.8 percentage points year on year. On the demand side, consumer spending continued to show resilience, with both the average monthly transacting customers and per-capita cup volume hitting record highs again. Average monthly transacting customers grew 9.6% year on year to 123 million. By the end of the third quarter, the total number of stores worldwide reached 38,909, and cumulative transacting customers surpassed 520 million. Meanwhile, based on confidence in the company’s long-term development prospects and to better reward shareholders, the board of directors approved a new one-year share repurchase program of up to US$500 million, which also fully reflects the company’s firm confidence in its long-term value.

In the third quarter, revenue from self-operated stores was 12.940 billion yuan, up 16.8% year on year. In the third quarter of last year, high subsidies from the delivery-platform war pushed up both delivery volume and overall per-cup prices, creating a high base. Since the start of this year, subsidies from delivery platforms have shrunk rapidly, and same-store sales at self-operated stores were significantly affected in the third quarter, down 11.1% year on year. However, since July this year, the same-store decline has narrowed month by month, and the improvement trend has continued to deepen. More notably, as the delivery share and delivery costs fell sharply, the profitability of self-operated stores continued to improve; in the third quarter, store-level operating profit of self-operated stores was 3.019 billion yuan, up 55.5% year on year; store-level operating margin was 23.3%, basically recovering to the level before the high subsidies of delivery platforms. In addition, revenue from partnership stores in the third quarter was 4.243 billion yuan, up 11.7% year on year. GMV grew 19.7% year on year to 20.734 billion yuan. These operating results further validate Luckin’s scaled-growth model and enhance the company’s confidence in its long-term development prospects.

In terms of stores, to meet growing market demand, the company maintained a competitive, industry-leading store-opening pace, further consolidating and expanding its industry-leading position. In the third quarter, net store additions were 2,599, of which the Chinese market (including Hong Kong) added 2,543 net stores and overseas added 56 net stores. By the end of the third quarter, the company’s total number of stores worldwide reached 38,909; of these, the Chinese market (including Hong Kong) totaled 38,630 stores, including 25,277 self-operated and 13,353 partnership stores. The company always takes customer demand as the core driver of store expansion, and while relying on its digital operations capability, it continuously identifies diverse demands across different regions and keeps improving its national store network covering cities of all tiers, counties and townships, so that consumers can conveniently enjoy Luckin’s products and services in various scenarios such as work and life, shopping and leisure, and commuting. As the store scale continues to expand, new stores this year have generally maintained healthy operating quality, providing strong support for the company to further expand its delivery network and increase long-term market share. In international markets, the total number of overseas stores reached 279 by the end of the third quarter, including 103 self-operated stores in Singapore, 22 self-operated stores in the United States and 154 franchised stores in Malaysia. With Singapore stores surpassing 100, Luckin has become the second-largest chain coffee brand by store count in the local market. Relying on its mature domestic digital-operation experience and combining it with local consumer demand and market characteristics, the company continuously optimizes localized operations, has basically validated the Singapore store economic model, and keeps improving per-store performance; its brand, products and service experience have gradually gained recognition from local customers. The achievements in the Singapore market prove the replicable potential of Luckin’s business model going overseas, and also accumulate valuable operating experience for the company to steadily expand into more international markets.

In terms of products, the company adheres to coffee as its core, continuously improving its professionalism and advancing diversified innovation, constantly enriching its product matrix to drive user retention and repurchase with stronger product power. In the third quarter, the company launched a total of 41 freshly made beverages and more than 20 light-food items. In the coffee segment, the company focused on strengthening Luckin’s professional mindshare and brand tone, launching the Ethiopia Geisha cold brew and, on that basis, innovatively extending several new cold-brew products to offer consumers more professional coffee choices. At the same time, the company rolled out to nationwide limited-time availability two signature-blend products that had received positive feedback in its “Lab stores,” bringing customers a more distinctive coffee experience. In the non-coffee segment, the company continued to expand its product categories, enriching beverage choices for different time slots and scenarios. Among them, the Thai milk tea series launched in August received a warm response from consumers, with first-week sales exceeding 13 million cups, setting a new record for new-product sales this year, further demonstrating the potential of non-coffee categories in expanding customer coverage and consumption demand.

In terms of customers, the company continuously innovates its ways of interacting with consumers, constantly enhancing brand favorability and attractiveness, and through a more convenient store network and richer product choices, converts consumers’ love for Luckin into repeated purchases, driving steady growth in customer scale and consumption frequency. During the quarter, the company continuously strengthened its interaction and emotional connection with consumers through sports events and diversified IP collaborations, deepening Luckin’s healthy, youthful and fashionable brand image. This quarter, the brand also collaborated with Disney’s classic “Villains” series, demonstrating highly creative insight; combining IP creativity with product launches, it brought customers a more engaging and fun consumption experience and received widespread acclaim. In the third quarter, Luckin added more than 28 million new transacting customers, and by the end of the quarter, cumulative transacting customers surpassed 520 million. Average monthly transacting customers exceeded 120 million in the quarter, hitting a record high again. In addition, since the start of this year, the per-capita cup volume of transacting customers has risen steadily, also hitting a record high in the third quarter. The continued positive user trend shows that the positive flywheel of rising Chinese coffee-consumption supply and growing frequency has begun to turn, further confirming the company’s judgment on long-term coffee-consumption demand and providing a solid demand foundation for the company’s continued promotion of scaled growth.

In terms of sustainable development, the company always integrates social responsibility into its business development. In the third quarter, the company focused on public-welfare activities, caring for the physical and mental health and growth of different groups. In Singapore, the company is not only committed to localized service but also actively engages in community welfare. Luckin has carried out multiple collaborations with Singapore’s Institute of Mental Health (IMH) and its charitable arm, the Woodbridge Hospital Charity Fund (WHCF), supporting mental-health awareness and community care through public-welfare co-branded merchandise fundraising and in-store public-welfare artwork displays; at the end of September, on the occasion of its 100th Singapore store opening, Luckin further established a long-term public-welfare partnership with these two institutions to jointly deepen public awareness of mental health. Domestically, the company launched a three-year “Starlight Program” in Pu’an, Guizhou, to support local youth football development, enabling more children in mountainous areas to participate in the sport they love through nutritional support, training equipment and exchange activities, gaining health, confidence and growth through sports. In addition, after the debris-flow disaster at the Gyirong port in Tibet, the company joined forces with the China Foundation for Rural Development to donate funds immediately in support of disaster rescue and post-disaster reconstruction. In the future, as its business scale continues to grow, Luckin is committed not only to providing more consumers with quality products and experiences, but also, through warm and inclusive localized sustainable practices, to staying close to communities, responding to the real needs of different groups, continuously giving back to people up and down the industry chain, and actively creating longer-term social value.

Guo Jinyi, co-founder and chief executive officer of Luckin Coffee, said: “We continue to advance our high-quality, scaled-growth strategy with positive results. As Chinese coffee-consumption demand continues to grow, the company has maintained an industry-leading store-opening pace, and average monthly transacting customers hit a record high this quarter. At the same time, we continue to improve profitability; this quarter’s non-GAAP net profit exceeded 2.1 billion yuan, a record high for a single quarter. These operating results further validate the company’s full-chain digital business model and give us greater confidence to seize the long-term growth opportunities in China’s coffee market. Based on this, with the approval of the board of directors, we have decided to launch a new one-year share repurchase program of up to US$500 million. In the future, we will continue to focus on expanding market share and creating long-term value for shareholders.”