Business
The ONE Group Reports First Quarter 2026 Financial Results
Total GAAP Revenues Grew Year Over Year Owned Restaurant Cost of Sales as a Percent of Owned Restaurant Net Revenue Improved to 19.4% from 20.8% Operating
About this update from The One Group Hospitality, Inc.
Total GAAP Revenues Grew Year Over Year Owned Restaurant Cost of Sales as a Percent of Owned Restaurant Net Revenue Improved to 19.4% from 20.8% Operating Income Increased 30%, Adjusted EBITDA* Increased 12% Capital Expenditures, Net of Tenant Improvement Allowances, Reduced 23% Year-Over-Year as Company Prioritizes Capital-Efficient Growth and Free Cash Flow Generation DENVER--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the first quarter ended March 29, 2026. Highlights for the first quarter 2026 compared to the same quarter in 2025 are as follows: Total GAAP revenues increased 0.8% to $212.8 million from $211.1 million Consolidated comparable sales** decreased 0.3%, based on the same number of days year over year GAAP net income attributable to The ONE Group Hospitality, Inc. increased to $3.2 million from $1.0 million Restaurant Operating Profit*** increased by 100 basis points to 19.1% of owned restaurant net revenue, excluding Grill Concepts restaurants closed, from 18.1% Adjusted EBITDA* attributable to The ONE Group Hospitality, Inc. increased 12.1% to $28.8 million from $25.7 million “Our first quarter demonstrates strong continued momentum. We achieved positive comparable sales for the second quarter in a row at our flagship STK brand and saw substantial expansion in restaurant margins. STK’s 1.4% comparable sales growth and Benihana’s stable performance highlight the resilience of our distinctive Vibe Dining experience in a challenging consumer market. Our focused operational improvements – including food and beverage cost controls, menu refinement, integration synergies, and supply chain optimization – delivered a 100 basis point margin improvement overall. This is driven by impressive gains of 280 basis points at STK and 130 basis points at Benihana. With beef pricing secured through September 2026 and a strong operational foundation in place, we are confident in our ability to deliver on our full-year 2026 financial guidance,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group. “Our focus remains on strategic portfolio optimization and capital-efficient growth. In the first quarter, we generated $21.7 million in operating cash flow, reduced debt by $9.1 million, including eliminating our revolving facility balance entirely, and reduc...
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