Luckin Coffee Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Luckin Coffee 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

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	435	618	1,250	1,927	3,508	4,724	7,035
Selling and marketing	180	134	52.9	82.7	181	263	370
General and administrative	154	150	199	212	258	332	436
Operating income	-461	-397	-84.6	168	426	485	724
Interest expense	4.54	17.9	5.57	3.41		0.54	0.02
Interest income	11.4	20.8	16	12.3
Other non-operating income	-0.91	-8.99	-2.59	8.8	8.77	11.5	11.5
Pre-tax income	-454	-956	97.7	163	438	506	754
Income tax	0.2	-97.7	-10	92.6	36.5	104	240
Net income to minority interests	-0.3	-2.13	0.02
Net income	-533	-857	108	70.8	401	402	514
EBITDA	-402	-322	-11.6	224	511	648	946
EPS, basic	-0.33	-0.42	0.05	0.03	0.16	0.16	0.20
EPS, diluted	-0.33	-0.42	0.05	0.03	0.16	0.16	0.20
Shares, basic (weighted)	1,609	2,022	2,051	2,473	2,532	2,546	2,565
Shares, diluted (weighted)	1,609	2,022	2,136	2,516	2,533	2,548	2,568

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	699	737	1,016	512	412	598	327
Short-term investments	71.8	38.3			14.1	34.3	368
Receivables	3.28	2.66	6.06	8.52	11.4	15.2	22.3
Inventory	55.4	42.2	93.1	175	310	339	423
Other current assets	6.71	9.44	13.9	7.59	2.75	5.13	6.78
Total current assets	1,085	984	1,316	875	1,070	1,467	2,060
Property, plant and equipment	278	317	283	271	587	694	898
Lease right-of-use assets			194	291	731	814	1,090
Other non-current assets	37	26.1	25.7	47.5	111	127	138
Total assets	1,402	1,429	1,932	1,520	2,576	3,165	4,325
Accounts payable	77.3	32.1	46.1	64	115	101	158
Accrued liabilities	5.9	3.03	40.8	54.1	105	145	218
Deferred revenue	20.8	13.5	15.1	14.1	17.4	21	22.3
Short-term debt	37.6
Total current liabilities	619	153	1,034	410	769	916	1,214
Long-term debt	44.6
Lease liabilities			90.2	149	439	456	616
Other non-current liabilities		30.2
Total liabilities	664	1,011	1,125	559	1,208	1,377	1,879
Total debt	82.2
Paid-in capital	1,702	2,260	2,360	2,325	2,293	2,289	2,466
Retained earnings	-986	-1,908	-1,847	-1,656	-1,226	-818	-348
Other comprehensive income	11.1	55.8	56.4	57.6	55.9	60.1	47.3
Shareholders' equity	727	407	570	732	1,146	1,581	2,230
Minority interests	11.8	10.5
Total equity	739	418	570	732	1,146	1,581	2,230
Total liabilities and equity	1,402	1,429	1,932	1,520	2,576	3,165	4,325

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-454	-859	108	70.8	401	402	514
Depreciation and amortization	59.2	74.1	73	56.8	85.2	163	222
Stock-based compensation	21.9	3.38	47.5	57.7	33.7	50	81.8
Deferred income tax		-97.9	-10.1	71.7	-19.9	10.8	56.3
Change in receivables	-3.28	0.83	-3.52	-3.04	-3.05	-4.16	-6.46
Change in inventory	-33.8	16.9	-49.7	-87.6	-139	-33.5	-62.3
Cash from operations	-311	-364	19.4	2.88	409	580	869
Capital expenditures	-226	-126	-27.2	-113	-387	-315	-374
Purchases of investments	-148	-69.8			-218	-50.2	-489
Cash from investing	-261	-262	0.05	-116	-486	-440	-1,111
Debt issued	50.2					4.6
Debt repaid	-11.1	-98.5					-4.8
Cash from financing	1,040	617	238	-330		45.7	-47.6
Exchange rate effect	13.3	2.71	-3.49	11.2	1.04	2.05	-2.96
Net change in cash	481	-6.5	254	-432	-76	187	-293
Free cash flow	-537	-490	-7.81	-110	21.2	264	495
Interest paid	4.75	2.33		4.95		0.51	0.07
Income taxes paid				9.98	60.1	62.5	179

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $33.79 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.3%	Operating income / revenue.
EBITDA margin	13.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.7%	Pre-tax income / revenue.
Net margin	7.3%	Net income / revenue.
FCF margin	7.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Effective tax rate	31.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.7%	Net income / average total assets.
Return on invested capital (ROIC)	34.2%	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	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.3%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	48.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	54.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	62.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	49.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	62.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	46.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	61.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	27.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	93.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	25.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	88.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	50.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	571.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	87.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	41.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	45.0%	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	40.5%	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	36.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	41.7%	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	24.8%	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	0.8%	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	0.7%	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	4.9%	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	1.70x	Current assets / current liabilities.
Quick ratio	0.59x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.57x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.4%	Total liabilities / total assets.
Interest coverage	40,225x	Operating income / interest expense.
Working capital	$845.6M	Current assets - current liabilities.
Tangible book value	$2.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.88x	Revenue / average total assets.
Fixed asset turnover	8.84x	Revenue / average property, plant and equipment.
Receivables turnover	375x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
FCF conversion	96.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	43.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.20	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	$0.20	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.74	Revenue / diluted weighted shares.
FCF per share	$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.34	Cash from operations / diluted weighted shares.
Book value per share	$0.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.87	Tangible book value / shares outstanding.
Cash per share	$0.27	(Cash + short-term investments) / shares outstanding.

What was Luckin Coffee Inc.'s revenue in fiscal 2025?

Luckin Coffee Inc. reported revenue of $7.03B for fiscal 2025, 48.9% higher than the year before.

Was Luckin Coffee Inc. profitable in fiscal 2025?

Yes. Net income was $513.9M, a net margin of 7.3%.

How much free cash flow did Luckin Coffee Inc. generate in fiscal 2025?

Cash from operations of $869.4M minus capital expenditures of $374.5M left free cash flow of $494.9M.

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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