CHA

MKT CAP:$2B

Chagee Holdings Limited American Depositary Shares

Market Cap

$2B

Consumer Defensive·Beverages - Non-Alcoholic·🇨🇳 China·NASDAQ

Consumer Def.·Beverages·🇨🇳·NASDAQ

Stock Price

$11.06-$1.25 (-10.11%)

Apr 22, 2026

Company Details

Chagee Holdings Limited, through its subsidiaries, owns, operates, and franchises teahouses under the CHAGEE brand name in the People's Republic of China and internationally. The company engages in sale of tea drinks and related raw materia...

CEO

Junjie Zhang

IPO Date

Apr 17, 2025

Website

chagee.com/en

Key Metrics TTM

Revenue

$1.9B

+91.2% YoY

Net Income

$171M

EPS (Diluted)

$0.89

Free Cash Flow

$280M

Revenue / Share

$9.76

Gross Margin

45.9%

Operating Margin

10.5%

Net Margin

9.1%

FCF Margin

14.9%

P/S

1.1x

P/E

11.7x

Earnings Reports

FY 2025

Dec 30, 2025

$1.8B+1.2%EPS $0.88

Q4 2025

Dec 30, 2025

$429MEPS $0.02

Q3 2025

Nov 28, 2025

$469MEPS $0.30

Q2 2025

Jun 30, 2025

$487MEPS $0.05

Q1 2025

Mar 31, 2025

$496M+35.4%EPS $0.52

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$32M	$10M	-$397.9K
Q1 23	$61M	$24M	$12M
Q2 23	$107M	$43M	$22M
Q3 23	$211M	$92M	$54M
Q4 23	$299M	$130M	$70M
Q1 24	$366M	$165M	$103M
Q1 25	$496M	$240M	$120M
Q2 25	$487M	$235M	$16M
Q3 25	$469M	$213M	$66M
Q4 25	$429M	$174M	-$5M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	13.7x	78.8x
Q4 23	8.3x	48.1x
Q1 24	5.7x	28.9x
Q1 25	4.1x	20.5x
Q2 25	2.9x	19.9x
Q3 25	1.7x	12.2x
Q4 25	1.2x	13.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$10M	$10M
Q1 23	$26M	$26M
Q2 23	$42M	$40M
Q3 23	$112M	$111M
Q4 23	$103M	$101M
Q1 24	$76M	$72M
Q1 25	$53M	$53M
Q2 25	$89M	$89M
Q3 25	$67M	$67M

Capital Expenditures

Quarter	CapEx
Q4 22	$259.6K
Q1 23	$358.0K
Q2 23	$1M
Q3 23	$884.6K
Q4 23	$2M
Q1 24	$5M
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	+849.3%	+619.4%
Q1 24	+501.1%	+434.5%
Q1 25	+363.2%	+342.7%
Q2 25	+130.8%	+199.3%
Q3 25	+56.7%	+75.3%
Q4 25	+17.0%	+64.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$153.6K	0.5%
Q1 23	$63.1K	0.1%
Q2 23	$94.4K	0.1%
Q3 23	$999.3K	0.5%
Q4 23	$379.8K	0.1%
Q1 24	$52.6K	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$15M	3.3%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 22	$5M	$2M	—
Q1 23	$6M	$1M	—
Q2 23	$10M	$4M	—
Q3 23	$17M	$8M	—
Q4 23	$33M	$12M	—
Q1 24	$37M	$11M	—
Q1 25	$52M	$44M	—
Q2 25	$138M	$56M	—
Q3 25	$77M	$44M	—
Q4 25	—	—	$145M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$29M	$0	$29M
Q3 23	$187M	$20M	$207M
Q4 23	$339M	$15M	$354M
Q1 24	$412M	$15M	$426M
Q2 24	$534M	$15M	$549M
Q3 24	$618M	$15M	$632M
Q4 24	$695M	$15M	$709M
Q1 25	$747M	$38M	$785M
Q2 25	$1.3B	$38M	$1.3B
Q3 25	$1.3B	$38M	$1.3B
Q4 25	$1.1B	$53M	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	184M	—	—
Q1 23	184M	0.0%	—
Q2 23	184M	0.0%	—
Q3 23	184M	0.0%	—
Q4 23	184M	0.0%	0.0%
Q1 24	184M	0.0%	0.0%
Q1 25	184M	0.0%	0.0%
Q2 25	184M	0.0%	0.0%
Q3 25	194M	+5.8%	+5.8%
Q4 25	193M	-0.7%	+5.0%

Shares Outstanding