TH International Ltd income statement

In fiscal 2025, TH International Ltd reported revenue of $183m, down 5.3% on the year before, operating income of −$44.2m (a -24.1% margin) and net income of −$60.5m, or −$1.86 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

TH International Ltd: income statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	31	100	151	220	193	183
Cost of revenue	—	3	7	21	21	24
Gross profit	—	97	143	199	172	159
General and administrative	12	27	43	46	29	28
Operating income	−20	−58	−87	−94	−49	−44
Interest expense	—	0	2	3	3	2
Income before tax	−21	−59	−111	−119	−64	−61
Income tax	0	0	0	0	0	0
Net income	−21	−59	−111	−124	−57	−60
Diluted EPS	−$0.96	−$2.43	−$4.32	−$4.01	−$1.77	−$1.86
Diluted shares (average)	21m	24m	26m	31m	32m	33m
EBITDA	−16	−47	−69	−75	−31	−29

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

Compare with peers

Head to head: NATH vs THCH GENK vs THCH ARKR vs THCH GTIM vs THCH

More: Restaurants stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from TH International Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TH International Ltd.