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Luckin Coffee vs Wendy's: revenue, profit, margins and growth compared

Luckin Coffee brought in $7B of revenue in fiscal 2025, Wendy's $2.2B in fiscal 2025. Revenue changed by +48.9% at Luckin Coffee and -3.1% at Wendy's on the year before, so Luckin Coffee grew faster. Luckin Coffee kept 7.3% of its revenue as net profit, Wendy's 7.6%. Free cash flow was $494.9M at Luckin Coffee and $242.6M at Wendy's.

Side by side, latest fiscal year

LKNCYWEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 28, 2025)
Revenue$7B$2.2B
Revenue growth+48.9%-3.1%
Net income$513.9M$165.1M
Net margin7.3%7.6%
Free cash flow$494.9M$242.6M
Free cash flow margin7.0%11.1%
Earnings per share (diluted)$0.20$0.85
Cash$327.4M$300.8M
Debtn/a$2.8B
Price to earningsn/a7.5
Market valuen/a$1.2B
Dividend yieldn/a10.49%
Rank by revenue in sector#166 of 1065 · Consumer discretionary#356 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: $7BWEN FY2018: $1.6BWEN FY2019: $1.7BWEN FY2020: $1.7BWEN FY2021: $1.9BWEN FY2022: $2.1BWEN FY2023: $2.2BWEN FY2024: $2.2BWEN FY2025: $2.2BFY18FY19FY20FY21FY22FY23FY24FY25
LKNCY $7BWEN $2.2B
Net income
LKNCY FY2019: -$533.3MLKNCY FY2020: -$856.6MLKNCY FY2021: $107.7MLKNCY FY2022: $70.8MLKNCY FY2023: $401.1MLKNCY FY2024: $401.7MLKNCY FY2025: $513.9MWEN FY2018: $460.1MWEN FY2019: $136.9MWEN FY2020: $117.8MWEN FY2021: $200.4MWEN FY2022: $177.4MWEN FY2023: $204.4MWEN FY2024: $194.4MWEN FY2025: $165.1MFY18FY19FY20FY21FY22FY23FY24FY25
LKNCY $513.9MWEN $165.1M
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%WEN FY2018: 28.9%WEN FY2019: 8.0%WEN FY2020: 6.8%WEN FY2021: 10.6%WEN FY2022: 8.5%WEN FY2023: 9.4%WEN FY2024: 8.7%WEN FY2025: 7.6%FY18FY19FY20FY21FY22FY23FY24FY25
LKNCY 7.3%WEN 7.6%
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%WEN FY2019: +7.5%WEN FY2020: +1.5%WEN FY2021: +9.4%WEN FY2022: +10.5%WEN FY2023: +4.1%WEN FY2024: +3.0%WEN FY2025: -3.1%FY19FY20FY21FY22FY23FY24FY25
LKNCY +48.9%WEN -3.1%
Free cash flow
LKNCY FY2019: -$536.9MLKNCY FY2020: -$490.3MLKNCY FY2021: -$7.8MLKNCY FY2022: -$110.5MLKNCY FY2023: $21.2MLKNCY FY2024: $264.1MLKNCY FY2025: $494.9MWEN FY2018: $154.4MWEN FY2019: $214.5MWEN FY2020: $215.4MWEN FY2021: $267.8MWEN FY2022: $174.4MWEN FY2023: $260.4MWEN FY2024: $260.9MWEN FY2025: $242.6MFY18FY19FY20FY21FY22FY23FY24FY25
LKNCY $494.9MWEN $242.6M

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

Questions about Luckin Coffee and Wendy's

Which is bigger by revenue, Luckin Coffee or Wendy's?

Luckin Coffee is bigger by revenue: $7B in fiscal 2025, against $2.2B for Wendy's in fiscal 2025.

Which keeps more of its revenue as profit, Luckin Coffee or Wendy's?

Luckin Coffee had a net margin of 7.3% in fiscal 2025; Wendy's had 7.6% in fiscal 2025.

Which grew revenue faster, Luckin Coffee or Wendy's?

In their latest fiscal years revenue changed by +48.9% at Luckin Coffee and -3.1% at Wendy's.

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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