Revenue growth remains robust at 23.3% year-over-year, yet structural margin compression persists with gross margins fluctuating between 8.2% and 14.0% over the last ten quarters.
| Sales/Revenue | 306.89M | 282.76M | 237.86M | 187.43M | 141.09M | 64.89M | 45.17M | 64.25M | 51.74M | 37.25M |
| Revenue Growth % | 18.74% | 18.88% | 26.91% | 32.84% | 117.42% | 43.67% | -29.69% | 24.16% | 38.91% | - |
| Cost of Goods Sold | 272.59M | 249.33M | 208.34M | 158.65M | 119.2M | 58.78M | 49.42M | 54.73M | 43.63M | 32.84M |
| COGS % of Revenue | - | 88.18% | 87.59% | 84.65% | 84.48% | 90.59% | 109.42% | 85.18% | 84.32% | 88.15% |
| Gross Profit | 34.3M | 33.43M | 29.52M | 28.78M | 21.89M | 6.11M | -4.25M | 9.52M | 8.12M | 4.42M |
| Gross Margin % | 11.18% | 11.82% | 12.41% | 15.35% | 15.52% | 9.41% | -9.42% | 14.82% | 15.68% | 11.85% |
| Gross Profit Growth % | - | 13.25% | 2.59% | 31.46% | 258.38% | 243.58% | -144.69% | 17.3% | 83.76% | - |
| Operating Expenses | 37.7M | 38.2M | 41.03M | 28.45M | 22.64M | 16.1M | 12.24M | 7.86M | 6.25M | 3.39M |
| OpEx % of Revenue | - | 13.51% | 17.25% | 15.18% | 16.05% | 24.81% | 27.11% | 12.23% | 12.08% | 9.1% |
| Selling, General & Admin | 37.34M | 37.75M | 39.05M | 28.04M | 22.29M | 15.7M | 12.06M | 7.75M | 5.96M | 3.36M |
| SG&A % of Revenue | - | 13.35% | 16.42% | 14.96% | 15.8% | 24.2% | 26.71% | 12.06% | 11.53% | 9.03% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 358K | 448K | 1.98M | 410K | 355K | 396K | 180K | 110K | 287K | 25K |
| Operating Income | -3.4M | -4.76M | -11.51M | 332K | -754K | -9.99M | -16.5M | 1.66M | 1.86M | 1.03M |
| Operating Margin % | -1.11% | -1.68% | -4.84% | 0.18% | -0.53% | -15.39% | -36.53% | 2.59% | 3.6% | 2.76% |
| Operating Income Growth % | - | 58.62% | -3565.36% | 144.03% | 92.45% | 39.45% | -1093.26% | -10.84% | 81.4% | - |
| EBITDA | 12.46M | 9.29M | 282K | 8.16M | 4.86M | -9.59M | -13.34M | 3.83M | 3.54M | 2.4M |
| EBITDA Margin % | 4.06% | 3.28% | 0.12% | 4.36% | 3.44% | -14.78% | -29.53% | 5.96% | 6.84% | 6.43% |
| EBITDA Growth % | 35708.57% | 3192.55% | -96.55% | 68.02% | 150.65% | 28.08% | -448.61% | 8.14% | 47.6% | - |
| D&A (Non-Cash Add-back) | 15.86M | 14.05M | 11.79M | 7.83M | 5.61M | 396K | 3.16M | 2.17M | 1.68M | 1.37M |
| EBIT | -1.67M | -1.66M | -8.59M | 1.8M | -603K | -9.97M | -16.05M | 1.71M | 1.88M | 1.03M |
| Net Interest Income | 2.86M | 3.03M | 2.87M | 1.4M | 64K | -200K | 314K | -137K | -116K | -80K |
| Interest Income | 2.93M | 3.1M | 2.92M | 1.47M | 151K | 20K | 450K | 51K | 12K | 5K |
| Interest Expense | 77K | 70K | 47K | 69K | 87K | 220K | 136K | 188K | 128K | 85K |
| Other Income/Expense | 1.65M | 3.03M | 2.87M | 1.4M | 64K | -200K | 314K | -137K | -116K | -80K |
| Pretax Income | -1.75M | -1.73M | -8.64M | 1.74M | -690K | -10.19M | -16.18M | 1.52M | 1.75M | 947K |
| Pretax Margin % | -0.57% | -0.61% | -3.63% | 0.93% | -0.49% | -15.7% | -35.83% | 2.37% | 3.38% | 2.54% |
| Income Tax | 185K | 175K | 167K | 233K | 74K | 106K | 1.17M | 68K | 5K | 240K |
| Effective Tax Rate % | -10.58% | -10.12% | -1.93% | 13.43% | -10.72% | -1.04% | -7.25% | 4.46% | 0.29% | 25.34% |
| Net Income | -1.93M | -1.9M | -8.8M | 1.5M | -764K | -10.29M | -17.36M | 1.46M | 1.74M | 707K |
| Net Margin % | -0.63% | -0.67% | -3.7% | 0.8% | -0.54% | -15.87% | -38.43% | 2.27% | 3.37% | 1.9% |
| Net Income Growth % | 81.58% | 78.37% | -686.15% | 296.6% | 92.58% | 40.69% | -1292.17% | -16.42% | 146.39% | - |
| Net Income (Continuing) | -1.93M | -1.9M | -8.8M | 1.5M | -764K | -10.29M | -17.36M | 1.46M | 1.74M | 707K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.16 | -0.16 | -0.79 | 0.14 | -0.08 | -1.21 | -2.08 | 0.26 | 0.22 | 0.09 |
| EPS Growth % | 81.85% | 79.75% | -664.29% | 278.12% | 93.5% | 41.83% | -900% | 18.18% | 145.81% | - |
| EPS (Basic) | - | -0.16 | -0.79 | 0.15 | -0.08 | -1.21 | -2.08 | 0.28 | 0.22 | 0.09 |
| Diluted Shares Outstanding | 12.12M | 11.92M | 11.2M | 10.64M | 9.72M | 8.53M | 8.34M | 5.51M | 7.9M | 7.9M |
| Basic Shares Outstanding | 12.12M | 11.92M | 11.2M | 10.3M | 9.72M | 8.53M | 8.34M | 5.28M | 7.9M | 7.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Thin Margins and Scalability
According to recent quarterly filings, KRUS achieved a 23.3% year-over-year revenue growth in 2026Q2, signaling that the company remains in an aggressive unit-opening phase despite broader macroeconomic headwinds that have pressured consumer discretionary spending across the restaurant sector during the same period.
The consistent double-digit revenue growth suggests that the brand's unique conveyor-belt model continues to resonate with consumers, driving high-volume traffic. However, investors should monitor whether this growth is primarily fueled by new unit additions or if existing locations are maintaining the throughput necessary to justify the high capital expenditure required for their proprietary automation technology.
As reported in financial statements, the company's gross margin fluctuated between 8.2% and 14.0% over the last ten quarters, reflecting a thin profitability profile that leaves little room for error in managing food costs or labor expenses in highly competitive regional markets.
The volatility in gross margins suggests that the company lacks significant pricing power, likely due to its fixed-price-per-plate model which prevents rapid pass-through of commodity inflation. This structural limitation warrants further investigation into whether the company can achieve economies of scale as it expands its footprint or if it will remain perpetually vulnerable to seafood price volatility.
Based on KRUS's reported figures, operating income has remained largely negative, with a -1.3% operating margin in 2026Q2, indicating that the company has yet to achieve the necessary scale to offset its significant fixed costs and corporate overhead through its current revenue base.
The failure of operating income to scale alongside revenue growth suggests that the company's expansion strategy is currently prioritizing market share over immediate profitability. Investors should monitor the relationship between SG&A growth and revenue to determine if management can eventually achieve operating leverage or if the business model is inherently burdened by high maintenance and administrative costs.
Analysis of recent income statements reveals that stock-based compensation reached $1.2 million in 2026Q2, which significantly impacts the bottom line and suggests that reported net losses may be partially exacerbated by non-cash expenses intended to align management and employee incentives with long-term growth.
The presence of recurring stock-based compensation in a period of negative net income warrants caution, as it dilutes shareholders while the company struggles to reach GAAP profitability. Analysts should adjust for these non-cash charges to better understand the underlying cash-generating capability of the restaurant operations independent of equity-based incentive structures.
While the company maintains a strong growth trajectory, the persistent negative net margins and thin gross margins, as shown in the 2026Q2 data, suggest that the current valuation may be overly optimistic regarding the long-term profitability of the automated conveyor-belt restaurant model.
Short-term investors might focus on the risk that the novelty of the Bikkura Pon system could fade, leading to a decline in repeat visitation and a subsequent collapse in unit-level economics. The reliance on aggressive expansion to mask underlying operational inefficiencies may prove unsustainable if capital markets tighten or if the company fails to demonstrate a clear path to positive operating margins.
Quick answers to the most common questions about buying KRUS stock.
For fiscal year 2025, Kura Sushi USA, Inc. (KRUS) reported total revenue of $282.8M. This represents a 659.1% increase compared to $37.3M in 2017.
Kura Sushi USA, Inc. (KRUS) reported a net loss of $1.9M for the fiscal year ending 2025.
Kura Sushi USA, Inc. (KRUS) reported an operating income of $-4.8M, resulting in an operating profit margin of -1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Kura Sushi USA, Inc. (KRUS) generated $33.4M in gross profit for the year, representing a gross profit margin of 11.8%. This demonstrates the company's core pricing power and production efficiency.