KURA SUSHI USA, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data KURA SUSHI USA, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	51.7	64.2	45.2	64.9	141	187	238	283	328
General and administrative	5.97	7.75	12.1	15.7	22.3	28	39.1	37.7	40.6
Operating expenses	49.9	62.6	61.7	74.9	142	187	249	288	335
Operating income	1.86	1.66	-16.5	-9.99	-0.75	0.33	-11.5	-4.76	-6.59
Interest expense	0.13	0.19	0.14	0.22	0.09	0.07	0.05	0.07	0.07
Interest income	0.01	0.05	0.45	0.02	0.15	1.47	2.92	3.1	2.23
Pre-tax income	1.75	1.52	-16.2	-10.2	-0.69	1.74	-8.64	-1.73	-4.42
Income tax	0.01	0.07	1.17	0.11	0.07	0.23	0.17	0.18	0.22
Net income	1.74	1.46	-17.4	-10.3	-0.76	1.5	-8.8	-1.9	-4.65
EBITDA	3.54	3.83	-13.3	-5.47	4.86	8.16	0.28	9.29	11.1
EPS, basic	0.35	0.28	-2.08	-1.21	-0.08	0.15	-0.79	-0.16	-0.38
EPS, diluted	0.34	0.26	-2.08	-1.21	-0.08	0.14	-0.79	-0.16	-0.38
Shares, basic (weighted)	0.01	5.28	8.34	8.53	9.72	10.3	11.2	11.9	12.1
Shares, diluted (weighted)	0.01	5.51	8.34	8.53	9.72	10.6	11.2	11.9	12.1

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents		38	9.26	40.4	35.8	69.7	51	47.5	28.4
Short-term investments					0	8.54	0	15	19.8
Receivables		0.95	2.13
Inventory		0.54	0.37	0.73	1.12	1.75	2.22	2.14	2.63
Other current assets		0.45	0.38	0.22	0.23	0.54	0.38	0.93	0.78
Total current assets		41.5	14.8	57.5	42.4	89.4	61.3	75.4	59.1
Property, plant and equipment		31.9	45.5	53.9	75.6	106	139	171	211
Lease right-of-use assets			56.1	64.2	80	104	124	146	185
Long-term investments							0	29.5	17.4
Total assets		76.4	118	178	201	305	329	431	481
Accounts payable		3.68	4.92	4.92	5.56	7.25	8.98	11.5	11.3
Total current liabilities		8.29	13.9	20	25.3	29.1	34.5	42.8	47.7
Lease liabilities			56.9	65.8	82.3	110	131	156	200
Other non-current liabilities		0.24	0.34	0.4	0.48	0.65	0.81	1.16	1.69
Total liabilities		14.2	72.7	86.8	108	140	166	200	249
Paid-in capital		59.4	60.3	116	119	189	196	266	272
Retained earnings		2.73	-14.6	-24.9	-25.7	-24.2	-33	-34.9	-39.5
Other comprehensive income						0.04		-0.02	-0.05
Shareholders' equity	21.5	62.2	45.7	90.8	93.3	165	163	231	232
Total equity	21.5	62.2	45.7	90.8	93.3	165	163	231	232
Total liabilities and equity		76.4	118	178	201	305	329	431	481

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1.74	1.46	-17.4	-10.3	-0.76	1.5	-8.8	-1.9	-4.65
Depreciation and amortization	1.68	2.17	3.16	4.52	5.61	7.83	11.8	14	17.7
Stock-based compensation	0.11	0.59	0.86	1.41	2.41	3.55	4.31	4.74	4.82
Deferred income tax	-0.06	-0.06	1.12
Change in receivables	0.17	-0.43	0.63
Change in inventory	-0.12	-0.16	0.12	-0.37	-0.39	-0.63	-0.47	0.08	-0.49
Change in payables	0.25	1.65	-0.61	0.91	-0.17	1.68	0.62	2.85	0.49
Cash from operations	5.24	5.99	-13	-7.15	23.7	18.1	15.6	24.7	31.9
Capital expenditures	-7.09	-10.7	-14.4	-14.1	-26.8	-39.1	-44.3	-46.2	-57
Purchases of investments						-9.29	-3.5
Cash from investing	-6.59	-11.3	-14.8	-14.7	-28.2	-49.9	-36.5	-93.7	-51.5
Debt issued		3.92	5.98	17
Debt repaid		-3.92	-5.98
Stock issued			0.03	0.52	0.96	1.96	2.49	1.57	0.96
Cash from financing	4.18	37.6	-1	53	-0.17	65.8	2.14	65.5	0.5
Net change in cash	2.83	32.3	-28.8	31.2	-4.65	33.9	-18.7	-3.49	-19.1
Free cash flow	-1.85	-4.73	-27.4	-21.2	-3.07	-21	-28.6	-21.4	-25.1
Interest paid	0.12	0.19	0.01	0.08
Income taxes paid	0	0.06	0.13	0.15	0.21	0.11	0.27	0.26	0.21

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $27.96 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-2.0%	Operating income / revenue.
EBITDA margin	3.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.3%	Pre-tax income / revenue.
Net margin	-1.4%	Net income / revenue.
FCF margin	-7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Return on equity (ROE)	-2.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.0%	Net income / average total assets.
Return on invested capital (ROIC)	-2.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	17.4%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	29.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.01x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	51.8%	Total liabilities / total assets.
Interest coverage	-98.4x	Operating income / interest expense.
Working capital	$11.5M	Current assets - current liabilities.
Tangible book value	$231.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	1.72x	Revenue / average property, plant and equipment.
Capex / operating cash flow	178.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.38	Net income per basic share, as reported (split-adjusted).
Revenue per share	$27.06	Revenue / diluted weighted shares.
FCF per share	-$2.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.63	Cash from operations / diluted weighted shares.
Book value per share	$19.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.12	Tangible book value / shares outstanding.
Cash per share	$3.97	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$339.6M	Share price x shares outstanding.
Enterprise value	$291.4M	Market cap + total debt - cash - short-term investments.
P/S	1.03x	Market cap / revenue.
P/B	1.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.46x	Market cap / tangible book value, when positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	0.89x	Enterprise value / revenue.
EV/EBITDA	26.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.4%	Free cash flow / market cap.
Earnings yield	-1.4%	Net income / market cap (the inverse of P/E).

What was KURA SUSHI USA, INC.'s revenue in fiscal 2026?

KURA SUSHI USA, INC. reported revenue of $328.3M for fiscal 2026, 16.1% higher than the year before.

Was KURA SUSHI USA, INC. profitable in fiscal 2026?

No. It reported a net loss of $4.6M.

How much free cash flow did KURA SUSHI USA, INC. generate in fiscal 2026?

Cash from operations of $31.9M minus capital expenditures of $57.0M left free cash flow of -$25.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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