Luckin Coffee Inc. balance sheet LKNCY

Annual Quarterly

As of Dec 31, 2025, Luckin Coffee Inc. had total assets of $4.3 billion and total liabilities of $1.9 billion. Total assets were up 36.6% from a year earlier. Stockholders' equity was $2.2 billion. It held $695.5 million in cash and investments against $1.0 billion of total debt, net debt of $341.3 million. The current ratio, current assets divided by current liabilities, was 1.70.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019
Assets
Cash	327 -45.2%	598 +45.1%	412 -19.6%	512 -49.6%	1,016 +38.0%	737 +5.4%	699
Short-term investments	368 +974.5%	34 +143.2%	14	—	—	38 -46.7%	72
Cash and investments	696 +10.1%	632 +48.3%	426 -16.8%	512 -49.6%	1,016 +31.2%	775 +0.5%	771
Receivables	22 +46.4%	15 +34.2%	11 +33.3%	9 +40.7%	6 +127.4%	3 -18.7%	3
Inventory	423 +24.9%	339 +9.2%	310 +77.5%	175 +87.9%	93 +120.5%	42 -23.7%	55
Total current assets	2,060 +40.4%	1,467 +37.0%	1,070 +22.3%	875 -33.5%	1,316 +33.7%	984 -9.3%	1,085
Property and equipment, net	898 +29.3%	694 +18.2%	587 +116.9%	271 -4.4%	283 -10.7%	317 +14.0%	278
Total assets	4,325 +36.6%	3,165 +22.9%	2,576 +69.6%	1,520 -21.4%	1,932 +35.2%	1,429 +1.9%	1,402
Liabilities and equity
Accounts payable	158 +55.6%	101 -11.8%	115 +79.3%	64 +38.9%	46 +43.4%	32 -58.4%	77
Total current liabilities	1,214 +32.6%	916 +19.0%	769 +87.6%	410 -60.3%	1,034 +574.3%	153 -75.2%	619
Total liabilities	1,879 +36.5%	1,377 +13.9%	1,208 +116.3%	559 -50.3%	1,125 +11.2%	1,011 +52.4%	664
Stockholders' equity	2,230 +41.1%	1,581 +38.0%	1,146 +56.5%	732 +28.5%	570 +40.0%	407 -44.0%	727
Debt
Debt due within a year	—	—	—	—	—	—	38
Long-term debt	—	—	—	—	—	—	45
Lease liabilities	1,037 +33.4%	777 +11.2%	699 +153.2%	276 +50.0%	184	—	—
Total debt	1,037 +33.4%	777 +11.2%	699 +153.2%	276 +50.0%	184	—	82
Net cash	-341 -134.6%	-145 +46.8%	-273 -215.7%	236 -71.6%	832	—	689
Ratios
Current ratio	1.70x	1.60x	1.39x	2.13x	1.27x	6.41x	1.75x
Debt to equity	0.46x	0.49x	0.61x	0.38x	0.32x	—	0.11x
Debt to EBITDA	1.10x	1.20x	1.37x	1.23x	—	—	—
Return on equity	23.04%	25.41%	35.00%	9.67%	18.90%	-210.93%	-62.46%
Return on assets	11.88%	12.69%	15.57%	4.66%	5.57%	-60.10%	-32.37%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry: Retail-Eating & Drinking Places (SIC 5810)
Listed as: LKNCY (OTC)
Fiscal year ends: December 31
Incorporated in: Cayman Islands
Headquarters: Xiamen, Fujian
SEC filer status: Large accelerated filer
SEC CIK: 1767582
Former names: Luckin Coffee Inc. (until Nov 4, 2026)

Other Retail-Eating & Drinking Places companies

All 11 Retail-Eating & Drinking Places companies

Source: SEC EDGAR filings. This is company-reported data, not investment advice.