STKSNasdaqRetail-Eating PlacesUS GAAP · USD

ONE Group Hospitality, Inc.

ONE Group Hospitality, Inc. is a U.S.-based restaurant and hospitality company that develops, owns, operates, manages, licenses and franchises upscale and polished-casual dining concepts. Its portfolio includes STK, Benihana, Kona Grill and RA Sushi, along with ONE Hospitality food-and-beverage services for hotels, casinos and other high-end venues in North America, Europe, Latin America and the Middle East.

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Revenue806m USD
+19.7 %y/y
Operating profit (EBIT)8.0m USD
−10.1 %y/y
EBIT margin1.0%
−0.3 ppy/y
Net income-92.2m USD
−439.5 %y/y
Free cash flow-27.3m USD
+0.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20002004006008001,000m USD2020: 142 m USD2020: EBIT -14 m USD20202021: 277 m USD2021: EBIT 19 m USD20212022: 317 m USD2022: EBIT 16 m USD20222023: 333 m USD2023: EBIT 9.3 m USD20232024: 673 m USD2024: EBIT 8.9 m USD20242025: 806 m USD2025: EBIT 8.0 m USD20258068.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
Owned restaurant brands90 %

Company-operated dining concepts including STK, Benihana, Kona Grill and RA Sushi.

Managed, licensed and franchised restaurants5 %

Restaurants and venues operated under fee-based arrangements rather than direct ownership.

ONE Hospitality services5 %

Turn-key food-and-beverage operations for hotels, casinos and other hospitality venues.

Customers

The company serves guests seeking destination dining experiences with premium food, cocktails and entertainment-oriented atmospheres. Its customer base also includes hotels, casinos and other hospitality owners that outsource food-and-beverage operations or use managed, licensed or franchised restaurant formats.

Upscale restaurant guests

Customers dining at STK and similar venues for premium steaks, seafood, cocktails and social atmosphere.

Casual and family dining guests

Customers visiting Benihana, Kona Grill and RA Sushi for branded menu items and experiential dining.

Hospitality venue operators

Hotels, casinos and similar properties that buy managed F&B services, consulting and operating support.

Franchise and license partners

Third parties that operate branded locations and pay fees tied to sales and profits.

Strategy

The company’s strategy centers on expanding STK and Benihana, improving same-store sales and operating efficiency, and adding venues through ownership, management, licensing and franchising. It also uses ONE Hospitality to extend its brand and operating model into hotels and casinos, where it can earn fee-based revenue with limited capital intensity.

Expand core brandsMedium term

STK and Benihana are the main growth engines and brand anchors.

Increase operating efficiencyShort term

Higher system scale can improve purchasing, labor and overhead leverage.

Grow fee-based hospitality servicesMedium term

Management and franchise fees diversify revenue and reduce capital needs.

Geography

Q1/2026

The company operates in major metropolitan markets across North America, Europe, Latin America and the Middle East, with a large concentration of venues in the United States. Its ONE Hospitality business also serves hotels and casinos in the United States and Europe, making location quality and tourism flows important to performance.

United States100 %
Other countries (US filing)0.4 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to consumer spending trends, traffic volatility and the economics of premium dining, where guest demand can be sensitive to location quality and discretionary spending. Expansion also creates execution risk around site selection, construction costs, lease commitments and staffing, while the fee-based hospitality model depends on third-party venue performance and contract renewals.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Expansion and development execution1Labor and input cost inflation4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Expansion and development executionImpact: HighLikelihood: Low

    New venues require site selection, construction, training and lease commitments.

    Exposure: Owned restaurant openings and relocations

  2. Discretionary consumer spendingImpact: High

    Upscale and experiential dining is sensitive to consumer confidence and traffic.

    ExposureSTKBenihanaKona GrillRA Sushi
  3. Lease and occupancy costsImpact: High

    Restaurant sites often require long-term leases and tenant improvements.

    Exposure: Urban and destination locations

  4. Labor and input cost inflationImpact: MediumLikelihood: Low

    Restaurants are labor-intensive and exposed to food, beverage and wage changes.

    Exposure: Owned and managed venues

  5. Third-party venue performanceImpact: Medium

    Management and franchise fees depend on the sales and profitability of client sites.

    Exposure: ONE Hospitality contracts

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Accounting

Judgemental items
Revenue recognition by business line

Restaurant sales, management fees, franchise fees and incentive fees follow different timing and measurement rules.

Impact: Affects reported revenue mix and comparability across segments

Lease accounting and non-cash rent

Restaurant locations are lease-intensive and the company highlights non-cash rent in adjusted metrics.

Impact: Affects operating expense presentation and adjusted EBITDA

Seasonality

The company states cash flow is typically stronger in the fourth quarter.

Impact: Quarterly results may not be representative of full-year performance

Pre-opening and construction costs

New venue development requires capitalized build-out and pre-opening spending.

Impact: Can create uneven expense recognition during expansion periods

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Last updated: 24/09/2026

ONE Group Hospitality, Inc. (STKS) Revenue, Earnings & Financials 2025 – Clarifo