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Luckin Coffee vs Shake Shack: revenue, profit, margins and growth compared

Luckin Coffee brought in $7B of revenue in fiscal 2025, Shake Shack $1.4B in fiscal 2025. Revenue changed by +48.9% at Luckin Coffee and +15.4% at Shake Shack on the year before, so Luckin Coffee grew faster. Luckin Coffee kept 7.3% of its revenue as net profit, Shake Shack 3.2%. Free cash flow was $494.9M at Luckin Coffee and $56.5M at Shake Shack.

Side by side, latest fiscal year

LKNCYSHAK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$7B$1.4B
Revenue growth+48.9%+15.4%
Net income$513.9M$45.7M
Net margin7.3%3.2%
Free cash flow$494.9M$56.5M
Free cash flow margin7.0%3.9%
Earnings per share (diluted)$0.20$1.09
Cash$327.4M$360.1M
Debtn/a$247.7M
Price to earningsn/a52.8
Market valuen/a$2.5B
Dividend yieldn/an/a
Rank by revenue in sector#166 of 1065 · Consumer discretionary#422 of 1065 · Consumer discretionary

Over the years

Revenue
LKNCY FY2019: $434.5MLKNCY FY2020: $618.1MLKNCY FY2021: $1.2BLKNCY FY2022: $1.9BLKNCY FY2023: $3.5BLKNCY FY2024: $4.7BLKNCY FY2025: $7BSHAK FY2018: $459.3MSHAK FY2019: $594.5MSHAK FY2020: $522.9MSHAK FY2021: $739.9MSHAK FY2022: $900.5MSHAK FY2023: $1.1BSHAK FY2024: $1.3BSHAK FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
LKNCY $7BSHAK $1.4B
Net income
LKNCY FY2019: -$533.3MLKNCY FY2020: -$856.6MLKNCY FY2021: $107.7MLKNCY FY2022: $70.8MLKNCY FY2023: $401.1MLKNCY FY2024: $401.7MLKNCY FY2025: $513.9MSHAK FY2018: $15.2MSHAK FY2019: $19.8MSHAK FY2020: -$42.2MSHAK FY2021: -$4.6MSHAK FY2022: -$21.2MSHAK FY2023: $20.3MSHAK FY2024: $10.2MSHAK FY2025: $45.7MFY18FY19FY20FY21FY22FY23FY24FY25
LKNCY $513.9MSHAK $45.7M
Net margin
LKNCY FY2019: -122.7%LKNCY FY2020: -138.6%LKNCY FY2021: 8.6%LKNCY FY2022: 3.7%LKNCY FY2023: 11.4%LKNCY FY2024: 8.5%LKNCY FY2025: 7.3%SHAK FY2018: 3.3%SHAK FY2019: 3.3%SHAK FY2020: -8.1%SHAK FY2021: -0.6%SHAK FY2022: -2.4%SHAK FY2023: 1.9%SHAK FY2024: 0.8%SHAK FY2025: 3.2%FY18FY19FY20FY21FY22FY23FY24FY25
LKNCY 7.3%SHAK 3.2%
Revenue growth
LKNCY FY2020: +42.3%LKNCY FY2021: +102.2%LKNCY FY2022: +54.2%LKNCY FY2023: +82.0%LKNCY FY2024: +34.7%LKNCY FY2025: +48.9%SHAK FY2019: +29.4%SHAK FY2020: -12.1%SHAK FY2021: +41.5%SHAK FY2022: +21.7%SHAK FY2023: +20.8%SHAK FY2024: +15.2%SHAK FY2025: +15.4%FY19FY20FY21FY22FY23FY24FY25
LKNCY +48.9%SHAK +15.4%
Free cash flow
LKNCY FY2019: -$536.9MLKNCY FY2020: -$490.3MLKNCY FY2021: -$7.8MLKNCY FY2022: -$110.5MLKNCY FY2023: $21.2MLKNCY FY2024: $264.1MLKNCY FY2025: $494.9MSHAK FY2018: -$2.1MSHAK FY2019: -$16.7MSHAK FY2020: -$31.7MSHAK FY2021: -$43.1MSHAK FY2022: -$65.8MSHAK FY2023: -$14MSHAK FY2024: $35.7MSHAK FY2025: $56.5MFY18FY19FY20FY21FY22FY23FY24FY25
LKNCY $494.9MSHAK $56.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Luckin Coffee and Shake Shack

Which is bigger by revenue, Luckin Coffee or Shake Shack?

Luckin Coffee is bigger by revenue: $7B in fiscal 2025, against $1.4B for Shake Shack in fiscal 2025.

Which keeps more of its revenue as profit, Luckin Coffee or Shake Shack?

Luckin Coffee had a net margin of 7.3% in fiscal 2025; Shake Shack had 3.2% in fiscal 2025.

Which grew revenue faster, Luckin Coffee or Shake Shack?

In their latest fiscal years revenue changed by +48.9% at Luckin Coffee and +15.4% at Shake Shack.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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