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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The ONE Group Hospitality
The ONE Group Hospitality (STKS) investor relations material
The ONE Group Hospitality Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Total revenue for Q2 2026 decreased 3.3% year-over-year to $200.5 million, mainly due to planned and temporary restaurant closures from Grill Concepts portfolio optimization.
Operating income rose to $6.6 million from $0.7 million in Q2 2025, driven by improved restaurant operating profit and reduced transition/integration costs.
Net loss attributable to the company narrowed to $2.1 million from $10.1 million in Q2 2025, reflecting operational improvements.
Operating cash flow for the first six months of 2026 reached $33 million, nearly triple the prior year, enabling debt reduction and disciplined capital deployment.
Strategic focus on asset-light, capital-efficient growth, portfolio optimization, and new openings and conversions to drive future profitability.
Financial highlights
Total GAAP revenues were $200.5 million in Q2 2026, down 3.3% year-over-year, mainly due to planned grill concept closures.
Comparable restaurant sales increased 0.9%, with U.S. STK up 3.2% and Benihana up 0.8%.
Restaurant operating profit margin rose 110 basis points to 16.4%; STK margin up to 17.4%, Benihana up to 19.5%, Grill Concepts at 4.9%.
Adjusted EBITDA for Q2 2026 was $21.1 million, down from $23.4 million in Q2 2025; for the first six periods, Adjusted EBITDA was $49.7 million, up from $48.6 million.
General and administrative expenses rose to $14.0 million (7.0% of revenue) in Q2 2026, up from $11.7 million (5.6%) in Q2 2025, due to inflation, bonuses, and IT investments.
Outlook and guidance
Q3 2026 revenue projected at $176–$180 million, with comparable sales growth of 0–2%.
Full-year 2026 revenue guidance is $805–$820 million, reflecting asset-light strategy and lower same-store sales expectations.
Adjusted EBITDA guidance for 2026 ranges from $50–$105 million; CapEx reduced to $30 million.
Plan to open 6–10 new venues in 2026, prioritizing capital-efficient and asset-light models, with conversions of Grill Concepts locations to Benihana or STK formats.
Capital expenditures will prioritize projects requiring $1.5 million or less, net of tenant improvement allowances.
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Next The ONE Group Hospitality earnings date
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Frequently asked questions
The ONE Group Hospitality, Inc. is a global hospitality company developing, owning, operating, managing, and licensing a diverse portfolio of upscale restaurants and lounges around the world. The company operates through its segments including STK, a steakhouse concept, Kona Grill, which offers contemporary American favorites, sushi, and cocktails in a casual, upscale environment, and ONE Hospitality, which provides management services for hotels, casinos, and other high-end venues both nationally and internationally. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ under the ticker symbol STKS.