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The ONE Group posts operating cash flow jump as restaurant margins expand
2Q26 revenue fell 3.3% year over year to $200.5 million, but operating cash flow nearly tripled to $33.0 million year to date as net capex dropped 38%.
The ONE Group reported 2Q26 revenue of $200.5 million, down 3.3% year over year from $207.4 million and slightly below the prior $202 million to $206 million guidance range, as planned restaurant closures and the timing of a downtown New York STK relocation weighed on company-owned net revenue. Consolidated comparable sales rose 0.9%, with positive transactions across all segments, supporting market share gains even as revenue declined 3.3% overall due to Grill Concepts closures and the delayed STK relocation. Management said procurement synergies drove 110 basis points of restaurant-margin expansion, but higher marketing and G&A and the delayed Chelsea opening pressured adjusted EBITDA.
Operating cash flow nearly tripled to $33.0 million year to date, helped by a 38% decline in net capex, which the company said supported continued debt reduction and created refinancing optionality. The company also pointed to an asset-light development approach, including Benihana Express, to improve returns and capital efficiency.
The company’s revised 2026 outlook, per the update, reflected lower owned development and deferred conversions rather than weaker traffic trends. The ONE Group said 2Q26 marked an operating inflection, with comparable sales returning to growth and transactions turning positive across STK, Benihana, and Grill Concepts despite the revenue impact from closures and relocation timing.