Luckin Coffee’s rapid expansion continued in the second quarter of 2026, as the Chinese chain posted a 28.5% year-over-year jump in net revenue and pushed its store network past 36,000 locations, even as same-store sales and margins showed signs of strain. The company released its unaudited results for the three months ended 30 June 2026 on 3 August in Beijing, according to Luckin Coffee Inc..
Total net revenues reached RMB15,885.6 million (US$2,336.8 million), up from RMB12,358.7 million a year earlier, Luckin reported in its earnings release. The company said this growth was “primarily driven” by a 29.8% year-over-year increase in gross merchandise value (GMV), which climbed to RMB18.4 billion during the quarter.
Store growth remained aggressive. Luckin said its global network grew to 36,310 outlets by the end of June, including 23,734 self-operated stores and 12,576 partnership locations. Net new openings in the quarter totaled 2,714 units: 2,668 in China (including Hong Kong), seven in Singapore, 31 in Malaysia, and eight in the United States, according to the same filing.
The company’s historical disclosure shows how quickly that footprint has expanded: quarter-end store counts rose from 22,340 on 31 December 2024 to 31,048 a year later, then to 33,596 on 31 March 2026 before reaching 36,310 on 30 June 2026, Luckin reported. Both self-operated and partnership formats have scaled in parallel over this period.
Customer metrics also hit new highs. Average monthly transacting customers reached a record 112.7 million in the second quarter, a 22.9% increase from the same period in 2025, according to the company’s release. In his statement accompanying the results, co-founder and CEO Dr. Jinyi Guo said cumulative transacting customers are approaching 500 million.
Behind those headline growth figures, however, per-store performance has weakened. Same-store sales growth for self-operated locations fell to negative 5.3% in the quarter, compared with 13.8% growth in the second quarter of 2025, Luckin reported. Historical data released by the company show that same-store sales growth has trended down from 14.3% in the third quarter of 2025 to 1.3% in the fourth quarter of 2025, negative 0.1% in the first quarter of 2026, and negative 5.3% in the latest period.
Revenues from self-operated stores still climbed 26.6% year-over-year to RMB11,564.1 million in the second quarter, while revenues from partnership stores rose 27.9% to RMB3,667.8 million, according to Luckin’s figures. Store-level operating profit for self-operated locations increased 25.9% to RMB2,468.6 million over the same period.
At the company level, profitability grew but margins narrowed. Luckin’s Form 6-K filing showed GAAP operating income of RMB2,122.9 million in the quarter, a 22.0% increase year-over-year, while GAAP operating margin slipped to 13.4% from 14.1% a year earlier. Net income reached RMB1,486.4 million for a net margin of 9.4%, and non-GAAP net income was RMB1,753.4 million with a non-GAAP net margin of 11.0%.
Luckin reported net cash provided by operating activities of RMB2,625.3 million in the quarter and said its cash, cash equivalents, restricted cash, term deposits and short-term investments totaled RMB10,925.8 million as of 30 June 2026, according to the same SEC filing. Under a share repurchase program of up to US$300 million, the company bought back 48.9 million Class A ordinary shares (equivalent to 6.1 million American depositary shares) for US$195.1 million in the quarter.
Dr. Guo described the quarter’s results as evidence of “the strength of our high-quality, scaled growth strategy and the resilience of our business model,” adding that Luckin’s network surpassing 36,000 locations and its cumulative customer base approaching 500 million have “further reinforced Luckin Coffee’s market leadership,” according to the company’s earnings release.
