The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
A sustained upward trajectory in total revenue is evident from March 2021 through September 2026, with quarterly revenue increasing from approximately 1.74 billion USD to 3.29 billion USD. This growth is driven almost exclusively by food and beverage revenue, which rose from 1.71 billion USD to 3.27 billion USD over the same period. Conversely, delivery service revenue exhibited a gradual decline, falling from 25.5 million USD in early 2021 to 15.2 million USD by late 2026, suggesting a shift in revenue composition or a strategic pivot away from third-party delivery reliance.
Operating expenses have scaled alongside revenue growth, with food, beverage, and packaging costs rising from 522 million USD to 972 million USD. Labor costs showed a similar expansion, increasing from 433 million USD in March 2021 to 847 million USD in September 2026. Occupancy costs followed a steady linear increase, reflecting a likely expansion of the physical store footprint. Despite these rising costs, the company maintained a positive gross profit trend, peaking at 844 million USD in June 2026.
Revenue Performance and Diversification
Total revenue grew by approximately 89% over the analyzed period. The dominance of food and beverage revenue over delivery service revenue indicates that the core business model remains focused on direct sales. The contraction in delivery revenue suggests that this segment has become a negligible contributor to the overall top line.
Operating Cost Efficiency
Labor and food costs grew at rates roughly proportional to revenue growth. Labor costs increased by approximately 95%, slightly outpacing the total revenue growth rate. However, the scaling of occupancy costs remained controlled, increasing from 101 million USD to 179 million USD, which suggests efficient capacity utilization as the business expanded.
Operating Income and Profitability
Income from operations demonstrated significant growth, rising from 161 million USD in March 2021 to 451 million USD in September 2026. A notable peak in operational efficiency occurred in June 2026, where income from operations reached 525 million USD. The ability to increase operating income more rapidly than revenue suggests improved operational leverage over time.
Bottom Line Results
Net income trended upward from 127 million USD to 339 million USD. While quarterly volatility is present—particularly in the 2024-2025 period where net income peaked at 436 million USD in June 2025—the long-term trend reflects a strengthened bottom line. Provision for income taxes grew in tandem with pre-tax income, maintaining a relatively consistent effective tax rate.
The financial data indicates a period of aggressive scaling and successful revenue expansion. While variable costs such as labor and raw materials have increased in absolute terms, the company has successfully converted this growth into higher operational and net income. The trend suggests a mature growth phase where the focus has shifted toward optimizing operating margins and managing the costs associated with a larger physical footprint.
