Luckin Coffee Revenue Rises 17% as Same-Store Sales Fall 11.1%

Luckin Coffee Inc. posted third-quarter 2026 revenue of $2.666 billion, up 17% year over year, as self-operated same-store sales fell 11.1% and revenue growth slowed from the prior quarter.

The preliminary, unaudited results cover the three months ended Sept. 30. Revenue growth had been 28.5% in the second quarter.

GAAP net income increased 45.4% to $277 million, while non-GAAP net income rose 50.9% to $319.6 million. Non-GAAP basic and diluted net income was $1.04 per American depositary share (ADS), compared with GAAP net income of $0.88 per ADS.

Luckin’s non-GAAP calculation removes share-based pay, costs tied to a long-term equity investment and the related tax effects. The company cautioned that non-GAAP measures are not U.S. GAAP results and should not be treated as substitutes for GAAP figures.

Same-store sales growth at self-operated stores was negative 11.1%, after a 5.3% decline in the second quarter and 14.3% growth in the third quarter of 2025. Luckin Coffee said the latest decline primarily reflected a high comparison base in the year-earlier quarter, when food-delivery platform subsidies were elevated.

Average monthly transacting customers reached 123.019 million, up 9.6% from a year earlier. Luckin Coffee had 38,909 stores at quarter-end after opening 2,599 net new locations during the quarter, including two in the United States.

“Amid growing coffee demand in China, our average monthly transacting customers reached another record high, while we maintained an industry-leading pace of store expansion,” co-founder and CEO Dr. Jinyi Guo said.

Luckin Coffee’s board approved a new share repurchase program authorizing up to $500 million in purchases over 12 months. The new program begins after the existing $500 million authorization is fully used or expires. As of Sept. 30, Luckin Coffee had repurchased 95.8 million Class A ordinary shares, equivalent to 12 million ADSs, for $391 million under the existing program. The new authorization does not require the company to buy shares.

The company cautioned that its year-end audit could significantly change the preliminary financial results.