Luckin Coffee revenues up 50.2% in Q3 2025

However, total operating expenses increased by 57%.

Chinese coffee giant Luckin Coffee reported a total net revenue of $2.14b in the third quarter of 2025, an increase of 50.2% compared to the same period last year.

Net revenue growth was primarily driven by a 48.1% year-over-year increase in gross merchandise value (GMV), which reached $2.43b, as a result of an increase in the number of products sold, resulting from growth in the number of stores in operation, as well as monthly transacting customers.

However, operating expenses surged 57% from the same period last year. The increase primarily resulted from the company’s business expansion.

Operating expenses as a percentage of net revenues were 88.4%, compared to 84.5% in the same quarter of 2024. The ratio increase was primarily attributable to the rise in delivery expenses as a percentage of net revenues due to the surge in third-quarter delivery orders, partially offset by the lower cost of materials and store-related expenses as percentages of net revenues due to supply chain strength and refined operations.

The group saw delivery expenses 211.4% increase driven by the surge in delivery volumes, especially from the third-party food delivery platforms.

Luckin Coffee opened a net of 3,008 stores, comprising 2,979 stores in China (including Hong Kong), 5 stores in Singapore, 21 stores in Malaysia and 3 stores in the US in Q3.