| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 200.48 | 5.8% | 3.3% |
| Total Income | 200.48 | 5.8% | 3.3% |
| Expenditure | 193.92 | 2.5% | 6.2% |
| PBT | -3.07 | 174.0% | 68.1% |
| Net Profit | -2.12 | 166.3% | 79.0% |
| OPM | 3.27% | 3.26pp | 2.95pp |
| NPM | -1.06% | 2.56pp | 3.81pp |
| EPS | -0.36 | 80.0% | 39.0% |
The ONE Group Reports Q2 2026 Results with Positive Comparable Sales
06 Aug 2026 · 6 Aug, 2:14 am
Summary
The ONE Group Hospitality, Inc. reported second quarter 2026 financial results, with total GAAP revenues at $200.5 million, a decrease of 3.3% year-over-year, attributed to restaurant closures. However, consolidated comparable sales showed positive growth of 0.9%, and GAAP operating income saw a substantial increase to $6.6 million. The company highlighted strong margin performance, with restaurant operating profit margin expanding to 16.4%. Management emphasized a focus on capital-efficient growth and portfolio optimization, including new development agreements and the expansion of the Benihana Express brand, aiming to strengthen the balance sheet and drive long-term shareholder value.
Key Highlights
- 1
Total GAAP revenues decreased 3.3% to $200.5 million for the second quarter of 2026 compared to $207.4 million in the prior year period.
- 2
Consolidated comparable sales increased by 0.9% in the second quarter of 2026.
- 3
GAAP operating income increased significantly to $6.6 million in Q2 2026 from $0.7 million in Q2 2025.
- 4
Restaurant operating profit margin improved by 110 basis points to 16.4% in Q2 2026, up from 15.3% in the prior year quarter.
- 5
Year-to-date net cash provided by operating activities improved by $21.7 million to $33.0 million for the first six months of 2026.
- 6
Capital expenditures, net of tenant improvement allowances, were reduced by 38% year-over-year, prioritizing capital-efficient growth.
- 7
The company signed a new development agreement for two licensed STK locations at a major U.S. airport and is expanding the Benihana Express brand.
Management Comments
Emanuel “Manny” Hilario
Our second quarter results underscore the momentum we are building across the portfolio, driven by the continued strength of our Vibe Dining brands. Consolidated comparable sales were positive, with positive transaction growth across all segments. STK posted a strong comparable sales performance of 3.2%. We completed the relocation of our STK Downtown New York restaurant from Little West 12th to 15th Street, with the restaurant having been closed for most of the second quarter due to the transition. Quarterly margin performance was strong, with the consolidated margin expanding 110 basis points to 16.4%. These results reflect the continued execution of our operational and strategic initiatives across the portfolio. We remain focused on capital-efficient growth and portfolio optimization. During the quarter, we signed a new development agreement for two licensed STK locations at a major U.S. airport. We are also very excited about the expansion of the Benihana Express brand, a small footprint, fast casual version of the Benihana that you crave. Both of these are great examples of our asset-light strategy in action, which continues to gain traction with additional openings planned for the second half of the year. With this approach, we will be able to reduce capital expenditures while sustaining our development pipeline, further strengthening our balance sheet. Going forward, we remain committed to disciplined capital allocation and operational excellence as the foundation for building long-term shareholder value.
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