Black Rock Coffee Bar, Inc. Reports Third Quarter 2026 Results

The annual store-opening target rose to 40, while revenue and adjusted EBITDA guidance remained unchanged.

Rhea-AI Summary

Black Rock Coffee Bar (Nasdaq: BRCB) reported third-quarter revenue of $66.8 million, returning to operating and net profitability. Revenue rose 29.7% year over year in the quarter ended September 30, 2026. Same-store sales grew 5.8%, versus 10.8% a year earlier. Operating income reached $2.799 million, versus a $6.407 million loss, while net income was $2.653 million, versus a $16.175 million loss. Diluted earnings per share were $0.05, versus a $0.05 loss.

Adjusted EBITDA, a non-GAAP earnings measure, rose 22.1% to $8.451 million, but its margin fell to 12.7% from 13.4%. The company opened 11 stores and raised its annual opening target to 40. It reaffirmed 2026 revenue guidance of $255–$257 million and adjusted EBITDA of $34–$35 million. Capital spending is expected at $47–$48 million, including anticipated tenant improvement allowances. Cash was $13.618 million at September 30, down from $28.406 million at year-end; total debt was $38.1 million.

27 points · 0 major

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0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose 29.7% year over year to $66.8 million.
• Moderate pointThird-quarter operating income reached $2.799 million, versus a $6.407 million loss; operating margin reached 4.2%.
• Moderate pointThird-quarter net income reached $2.653 million, versus a $16.175 million loss a year earlier.
• Moderate pointThird-quarter same-store sales grew 5.8%, versus 10.8% growth a year earlier.
• Moderate pointThird-quarter adjusted EBITDA rose 22.1% to $8.451 million year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.The company raised its full-year target to 40 new store openings.
• Moderate pointNine-month operating cash flow reached $29.119 million, versus $2.914 million used a year earlier.

20 minor points

• Minor pointThird-quarter diluted earnings per share reached $0.05, versus a $0.05 loss a year earlier.
• Minor pointThird-quarter store-level profit, a non-GAAP measure, increased to $19.256 million from $15.226 million.
• Minor pointThird-quarter selling, general and administrative expenses fell to $10.340 million from $17.158 million.
• Minor pointThird-quarter net interest expense fell to $685,000 from $2.871 million.
• Minor pointNew store openings totaled 11 in the third quarter and 30 over nine months, versus 20.
• Minor pointAverage unit volume increased to $1.296 million from $1.260 million a year earlier.
• Minor pointThird-quarter store operating weeks increased to 2,687 from 2,108 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 revenue guidance is $255–$257 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Reaffirmed 2026 adjusted EBITDA guidance is $34–$35 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year same-store sales growth is expected in the mid-single digits.
• Minor pointNine-month revenue increased to $185.208 million from $146.682 million.
• Minor pointNine-month operating income reached $9.577 million, versus an $889,000 loss; operating margin reached 5.2%.
• Minor pointNine-month net income reached $7.670 million, versus an $18.120 million loss.
• Minor pointNine-month diluted earnings per share reached $0.15, versus a $0.05 loss.
• Minor pointNine-month same-store sales grew 5.1%, versus 10.3% growth a year earlier.
• Minor pointNine-month adjusted EBITDA increased to $25.307 million from $20.985 million.
• Minor pointNine-month store-level profit increased to $54.670 million; its margin rose to 29.6% from 29.2%.
• Minor pointNine-month selling, general and administrative expenses fell to $29.387 million from $31.898 million.
• Minor pointNine-month net interest expense fell to $1.632 million from $9.028 million.
• Minor pointRemaining revolving credit capacity was $21.0 million at September 30, 2026.

Negative

• Moderate pointCash fell to $13.618 million at September 30, 2026, from $28.406 million at year-end 2025.
• Moderate pointTotal debt was $38.1 million, including credit-facility borrowings and financing obligations tied to certain leases.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Expected 2026 capital expenditures are $47–$48 million, including anticipated tenant improvement allowances.
• Moderate pointThird-quarter store-level profit margin fell to 28.9% from 29.6% a year earlier.
• Moderate pointThird-quarter adjusted EBITDA margin fell to 12.7% from 13.4% a year earlier.
• Moderate pointThird-quarter adjusted administrative expenses increased to $8.9 million, or 13.4% of revenue, from $6.9 million, or 13.3%.
• Moderate pointNine-month investing cash outflow increased to $52.968 million from $23.184 million.
• Moderate pointTax receivable agreement liability rose to $64.577 million from $38.893 million at year-end 2025.

7 minor points

• Minor pointThird-quarter store operating costs increased to $47.428 million from $36.184 million.
• Minor pointThird-quarter depreciation and amortization increased to $4.259 million from $3.030 million.
• Minor pointThird-quarter pre-opening costs increased to $1.929 million from $1.503 million.
• Minor pointNine-month adjusted EBITDA margin fell to 13.7% from 14.3% a year earlier.
• Minor pointNine-month store operating costs increased to $130.331 million from $103.753 million.
• Minor pointNine-month depreciation and amortization increased to $11.644 million from $8.856 million.
• Minor pointNine-month pre-opening costs increased to $4.269 million from $3.064 million.

News Explained

The release reports diluted EPS of $0.05 for the quarter on 50,108,015 weighted-average diluted Class A shares, versus a $0.05 loss on 14,808,173 shares a year earlier; the per-share comparison therefore uses different share-count bases.

Key Figures

Total revenue: $66.8 million; +29.7% YoY Same-store sales growth: 5.8% Income from operations: $2.8 million vs. loss of $6.4 million +5 more

Total revenue

$66.8 million; +29.7% YoY

Q3 2026

Same-store sales growth

5.8%

Q3 2026, year over year

Income from operations

$2.8 million vs. loss of $6.4 million

Q3 2026 vs. prior-year period

Net income

$2.7 million vs. loss of $16.2 million

Q3 2026 vs. prior-year period

Adjusted EBITDA

$8.5 million; +22.1%

Q3 2026 year over year

New store openings

40

Full-year 2026 outlook

Total revenue outlook

$255 million to $257 million

Full-year 2026

Adjusted EBITDA outlook

$34 million to $35 million

Full-year 2026

Previous Earnings Reports

4 past events · Latest: Aug 11

Same Type 4 events

1. Aug 11

   Q2 earnings

   24h Move

   +19.1%

   Revenue and Adjusted EBITDA grew; full-year guidance called for 38 new stores.

2. May 12

   Q1 earnings

   24h Move

   -30.3%

   Revenue grew, net income was positive, and full-year revenue guidance was reaffirmed.

3. Mar 03

   FY25 results

   24h Move

   +9.6%

   Full-year revenue and Adjusted EBITDA grew, with 36 new stores expected in 2026.

4. Nov 11

   Q3 earnings

   24h Move

   -5.0%

   Revenue grew, but the quarter included operating and net losses.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

same store sales growth, adjusted ebitda, term loan facility, revolving credit facility, +1 more

5 terms

same store sales growth financial

"Same Store Sales Growth(1) of 5.8% compared to the prior year period"

Same store sales growth measures how revenue from a retailer’s or chain’s locations that have been open for a defined prior period changes compared with the same period before, excluding stores or outlets opened or closed recently. It matters to investors because it isolates organic customer demand—like checking how the fruit yield from the same trees changed year to year rather than counting fruit from newly planted trees—so it shows whether existing operations are truly improving or weakening.

adjusted ebitda financial

"Adjusted EBITDA(2) grew 22.1% to $8.5 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

term loan facility financial

"outstanding principal under the Company's term loan facility was $19.5 million"

A term loan facility is a type of loan provided by a lender that is repaid over a set period of time, usually with fixed payments. It functions like a large, upfront loan that a borrower agrees to pay back gradually, often used to fund major investments or projects. For investors, understanding a company's use of such loans helps assess its financial stability and risk level.

revolving credit facility financial

"under its $25 million revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

tenant improvement allowances financial

"Capital Expenditures in the range of $47 to $48 million which include anticipated tenant improvement allowances"

An amount of money a landlord agrees in a lease to provide for the cost of modifying or outfitting a rented commercial space to the tenant’s needs (the "build-out" or "fit-out"). The lease specifies how the allowance is paid (often reimbursed against receipts or paid directly to contractors), what work and costs are eligible, any maximum dollar limit, and what happens to unused funds; the allowance is typically a one-time contribution tied to the lease term and may be treated separately from regular rent or amortized into it.

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Total Revenue Growth of 29.7% Year Over Year in the Third Quarter

Same Store Sales Growth of 5.8% Year Over Year in the Third Quarter

Opened 11 New Stores in the Third Quarter

SCOTTSDALE, Ariz., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Black Rock Coffee Bar, Inc. (Nasdaq: BRCB) (“Black Rock Coffee Bar” or the “Company”) today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Opened 11 new stores during the period
• Total revenue of $66.8 million, up 29.7% compared to the prior year period
• Same Store Sales Growth⁽¹⁾ of 5.8% compared to the prior year period
• Income from operations of $2.8 million compared to a loss from operations of $6.4 million in the prior year period. In the third quarter of 2026, income (loss) from operations margin was 4.2%
• Store-Level Profit⁽²⁾ of $19.3 million as compared to $15.2 million in the prior year period. In the third quarter of 2026, Store-Level Profit Margin was 28.9%
• Selling, general, and administrative (“SG&A”) expenses of $10.3 million, or 15.5% of total revenue, compared to $17.2 million, or 33.3% of total revenue, in the prior year period
• Adjusted SG&A Expenses⁽²⁾ of $8.9 million, or 13.4% of total revenue, compared to $6.9 million, or 13.3% of total revenue, in the prior year period
• Net income grew 116.4% to $2.7 million, as compared to a net loss of $16.2 million in the prior year period
• Adjusted EBITDA⁽²⁾ grew 22.1% to $8.5 million, as compared to $6.9 million in the prior year period
• Total store operating weeks⁽¹⁾ of 2,687, as compared to 2,108 in the prior year period

"We delivered another exceptional quarter, with revenue increasing 30% and adjusted EBITDA growing 22% year-over-year, reflecting the continued strength of our brand, customer engagement strategy and operating model. Same-store sales accelerated to 5.8%, or 16.6% on a two-year basis, marking our 15th consecutive quarter of positive same-store sales growth, while positive transaction growth reinforced our confidence in the resilience of consumer demand and the momentum we are building across the business. During the quarter, we opened 11 new stores and are now ahead of our development plan, increasing our full-year target to 40 new store openings. Further, we are reaffirming our full year revenue and adjusted EBITDA guidance based on our confidence in our plan for the remainder of the year. We are encouraged by the early success of initiatives including our menu innovation, expanded operating hours, and enhanced loyalty capabilities. We believe that these initiatives keep our menu fresh and exciting, give customers more reasons to visit throughout the day, and help deepen customer relationships and drive engagement over time. Combined with our strong development pipeline, growing leadership bench, and significant whitespace opportunity, we believe Black Rock remains well positioned to deliver sustainable long-term growth," said Mark Davis, Chief Executive Officer.

Balance Sheet & Liquidity

As of September 30, 2026, Cash and cash equivalents totaled $13.6 million and total debt was $38.1 million, consisting of $22.5 million of borrowings under our credit facility, net of unamortized debt issuance costs, and $15.5 million of financing obligations related to certain reverse build-to-suit lease arrangements.

As of September 30, 2026, outstanding principal under the Company's term loan facility was $19.5 million. The Company had $4.0 million outstanding under its $25 million revolving credit facility, leaving $21.0 million of remaining borrowing capacity as of September 30, 2026.

Full Year 2026 Outlook

The Company is updating its full year 2026 guidance to:

• 40 new store openings
• Total Revenue in the range of $255 to $257 million
• Same Store Sales Growth in the mid-single digits
• Adjusted EBITDA in the range of $34 to $35 million⁽³⁾
• Capital Expenditures in the range of $47 to $48 million which include anticipated tenant improvement allowances
  

(1)	Same Store Sales Growth and total store operating weeks are defined in the section "Key Performance Measures".
(2)	See “Non-GAAP Financial Measures” for a discussion of Store-Level Profit, Store-Level Profit Margin, Adjusted Selling, General, and Administrative Expenses, and Adjusted EBITDA and a reconciliation of each measure to its most directly comparable GAAP measure.
(3)	A reconciliation of adjusted EBITDA outlook to GAAP net income is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation, including equity-based compensation.

Conference Call and Webcast Information

Black Rock Coffee Bar will host a conference call on November 10, 2026, at 5:00 p.m. Eastern Time to discuss third quarter ended September 30, 2026 results. The conference call can be accessed live over the phone by dialing 1-877-704-4453 or for international callers, 1-201-389-0920. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13762671. The replay will be available until Tuesday, November 24, 2026. A live webcast of the conference call and related presentation materials will also be available in the investor relations section of Black Rock Coffee Bar’s website, ir.br.coffee.

About Black Rock Coffee Bar

Black Rock Coffee Bar is a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon. What started as a single 160 square foot coffee bar in 2008 is now one of the fastest growing beverage companies in the United States by revenue and the largest fully company-owned coffee retailer in the country, with more than 210 locations spanning seven states from the Pacific Northwest to Texas.

Forward-Looking Statements

This release contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Black Rock Coffee Bar’s strategy, future financial condition, sustainable long-term growth, future operations, projected costs, prospects, plans, objectives of management, the expected benefits of our strategic initiatives, our development pipeline, expected whitespace opportunity, and full year 2026 outlook, including new store openings, total revenue, same store sales growth, adjusted EBITDA, and capital expenditures. These statements are based on Black Rock Coffee Bar’s current expectations and beliefs, as well as a number of assumptions concerning future events. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Black Rock Coffee Bar’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including our inability to successfully identify and secure appropriate sites and timely develop and expand our operations; our inability to protect our brand and reputation; our inability to secure, protect, and enforce our intellectual property rights; our dependence on a small number of suppliers and two roasting facilities; our dependence on third-party information technology systems and services; our and our vendors’ vulnerability to security breaches, including breaches that may impact confidential customer information; our expectations regarding our future operating and financial performance; the size of our addressable markets, market share, and market trends; our ability to compete in our industry; changes in consumer tastes and nutritional and dietary trends; our ability to effectively manage the continued growth of our workforce and operations; our inability to open profitable stores; our failure to generate projected same store sales growth; the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs; our dependence on long-term non-cancelable leases; our relationship with our employees and the status of our workers; the effects of seasonal trends on our results of operations; our vulnerability to global financial market conditions, including inflation and other macroeconomic factors, including, without limitation, due to the ongoing conflict in the Middle East; our ability to attract, retain, and motivate skilled personnel, including key members of our senior management; our vulnerability to adverse weather conditions in local or regional areas where our stores are located; our realization of any benefit from the Tax Receivable Agreements and our organizational structure; the increased expenses associated with being a public company; and those other risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC") on March 4, 2026, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on August 12, 2026, as will be updated by our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, once filed, and in our future reports to be filed with the SEC. Forward-looking statements contained in this release are made as of this date, and Black Rock Coffee Bar undertakes no duty to update such information except as required under applicable law.

Non-GAAP Financial Measures

This press release contains “non-GAAP financial measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA”, "Adjusted EBITDA Margin", “Store-Level Profit”, “Store-Level Profit Margin”, “Adjusted Selling, General, and Administrative Expenses”, and "Adjusted Selling, General, and Administrative Expenses Margin". We believe these non-GAAP financial measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide. Please refer to the tables in this press release for a reconciliation of non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP.

Store-Level Profit and Store-Level Profit Margin

Store-Level Profit represents store revenue in the specific period less beverage, food and packaging, labor and related expenses, occupancy and related expenses, and other store operating expenses, excluding depreciation and amortization and pre-opening costs in the period.

Store-Level Profit Margin represents Store-Level Profit as a percentage of store revenue. We use Store-Level Profit and Store-Level Profit Margin in our evaluation of the performance and profitability of each store.

We use Store-Level Profit and Store-Level Profit Margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA is net income (loss) adjusted to exclude interest expense, net, income tax expense (benefit), and depreciation and amortization, further adjusted to exclude certain items that we do not consider indicative of our ongoing operating performance, including transaction costs associated with our initial public offering ("IPO"), capital restructuring costs, equity-based compensation, gain (loss) on the remeasurement of the liability related to the TRA, certain litigation defense costs, net and other non-core costs. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Total revenue.

We use Adjusted EBITDA and Adjusted EBITDA Margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures.

Adjusted Selling, General, and Administrative Expenses and Adjusted Selling, General, and Administrative Expenses Margin

Adjusted Selling, General, and Administrative Expenses is selling, general, and administrative expenses adjusted to exclude transaction costs, equity-based compensation, certain litigation defense costs, net and other costs. Adjusted Selling, General, and Administrative Expenses Margin represents Adjusted Selling, General, and Administrative Expenses as a percentage of Total revenue.

We use Adjusted Selling, General, and Administrative Expenses and Adjusted Selling, General, and Administrative Expenses Margin because it may provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods.

BLACK ROCK COFFEE BAR, INC.

Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Store revenue	$	66,684			$	51,410			$	185,001			$	146,520
Other		71				58				207				162
Total revenue		66,755				51,468				185,208				146,682
Store operating costs and expenses (exclusive of depreciation and amortization presented separately below):
Beverage, food and packaging costs		17,873				14,286				49,854				41,641
Labor and related expenses		14,732				10,785				39,442				30,588
Occupancy and related expenses		5,544				4,034				15,338				11,641
Other store operating expenses		9,279				7,079				25,697				19,883
Total store operating costs and expenses		47,428				36,184				130,331				103,753
Selling, general and administrative expenses		10,340				17,158				29,387				31,898
Depreciation and amortization		4,259				3,030				11,644				8,856
Pre-opening costs		1,929				1,503				4,269				3,064
Total operating expenses		63,956				57,875				175,631				147,571
Income (loss) from operations		2,799				(6,407	)			9,577				(889	)
Interest expense, net		(685	)			(2,871	)			(1,632	)			(9,028	)
Other income (expense), net		(131	)			(6,866	)			(741	)			(7,950	)
Income (loss) before income taxes		1,983				(16,144	)			7,204				(17,867	)
Income tax expense (benefit)		(670	)			31				(466	)			253
Net income (loss)		2,653				(16,175	)			7,670				(18,120	)
Less: Net loss attributable to Black Rock OpCo prior to the Transactions		—				(14,432	)			—				(16,377	)
Less: Net income (loss) attributable to noncontrolling interest		1,118				(1,031	)			4,539				(1,031	)
Net income (loss) attributable to Black Rock Coffee Bar, Inc.	$	1,535			$	(712	)		$	3,131			$	(712	)
Net income (loss) per share of Class A common stock: (1)
Basic	$	0.07			$	(0.05	)		$	0.15			$	(0.05	)
Diluted	$	0.05			$	(0.05	)		$	0.15			$	(0.05	)
Weighted-average shares of Class A common stock outstanding
Basic		22,506,549				14,808,173				20,446,604				14,808,173
Diluted		50,108,015				14,808,173				20,454,941				14,808,173

(1)	Basic and diluted net loss per share of Class A common stock is applicable only for the period subsequent to September 12, 2025, which is the period effective with and following the IPO and transactions related thereto.

BLACK ROCK COFFEE BAR, INC.

Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)

	September 30, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	13,618		$	28,406
Receivables, net		5,708			3,450
Inventories		3,618			2,898
Prepaid expenses and deposits		4,671			5,363
Total current assets		27,615			40,117
Property and equipment, net		142,389			101,207
Operating lease right-of-use assets, net		162,398			126,903
Other assets		447			277
Goodwill		9,360			9,360
Deferred income tax asset		83,667			52,764
Intangible assets, net		4,450			5,808
Total assets	$	430,326		$	336,436
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		11,165			12,126
Accrued expenses		10,315			7,986
Accrued payroll and benefits		7,291			6,549
Gift card and loyalty program liability		2,050			2,126
Current portion of long-term debt		1,396			835
Current portion of operating lease liabilities		10,919			8,960
Total current liabilities		43,136			38,582
Tax receivable agreement liability		64,577			38,893
Long-term debt, net of current portion		36,694			25,917
Operating lease liabilities, net of current portion		164,723			128,338
Total liabilities		309,130			231,730
Commitments and Contingencies
Preferred stock, par value $0.00001 per share; 20,000,000 shares authorized, no shares issued or outstanding as of September 30, 2026 or December 31, 2025, respectively		—			—
Class A common stock, par value $0.00001 per share; 500,000,000 shares authorized, 22,994,301 and 17,478,452 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		—			—
Class B common stock, par value $0.00001 per share, 200,000,000 shares authorized, 22,269,956 and 10,916,155 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		—			—
Class C common stock, par value $0.00001 per share, 50,000,000 shares authorized, 4,884,984 and 21,661,200 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		—			—
Additional paid-in capital		62,898			45,735
Retained earnings (Accumulated deficit)		3,071			(60	)
Total shareholders' equity attributable to Black Rock Coffee Bar, Inc.		65,969			45,675
Noncontrolling interest		55,227			59,031
Total shareholders' equity		121,196			104,706
Total liabilities and shareholders' equity	$	430,326		$	336,436

BLACK ROCK COFFEE BAR, INC.

Summary Cash Flow Data
(in thousands; unaudited)

		Nine Months Ended September 30,								Change
Summary of Cash Flows			2026				2025			$				%
Net cash provided by (used in) operating activities		$	29,119			$	(2,914	)		$	32,033			1,099.3	%
Net cash used in investing activities			(52,968	)			(23,184	)			(29,784	)		128.5	%
Net cash provided by financing activities			9,061				48,517				(39,456	)		(81.3)%
Net increase (decrease) in cash and cash equivalents		$	(14,788	)		$	22,419			$	(37,207	)		(166.0)%

Key Performance Measures
($ in thousands; unaudited)

	Three Months Ended September 30,												Nine Months Ended September 30,
		2026				2025			Change					2026				2025			Change
Total Stores (End of Period)		211				169				42				211				169				42
Net New Store Openings		11				11				0				30				20				10
Same Store Sales Growth(1)		5.8	%			10.8	%		(5.0)%					5.1	%			10.3	%		(5.2)%
Average Unit Volume	$	1,296			$	1,260			$	36			$	1,296			$	1,260			$	36
Store revenue	$	66,684			$	51,410			$	15,274			$	185,001			$	146,520			$	38,481
Income (loss) from operations(2)	$	2,799			$	(6,407	)		$	9,206			$	9,577			$	(889	)		$	10,466
Income (loss) from operations margin(2)		4.2	%		(12.4)%					16.6	%			5.2	%		(0.6)%					5.8	%
Store-Level Profit(3)	$	19,256			$	15,226			$	4,030			$	54,670			$	42,767			$	11,903
Store-Level Profit Margin(3)		28.9	%			29.6	%		(0.7) %					29.6	%			29.2	%			0.4	%
Net income (loss)(2)	$	2,653			$	(16,175	)		$	18,828			$	7,670			$	(18,120	)		$	25,790
Net income (loss) margin(2)		4.0	%		(31.4)%					35.4	%			4.1	%		(12.4)%					16.5	%
Adjusted EBITDA(3)	$	8,451			$	6,922			$	1,529			$	25,307			$	20,985			$	4,322
Adjusted EBITDA Margin(3)		12.7	%			13.4	%		(0.7)%					13.7	%			14.3	%		(0.6)%
Total store operating weeks(4)		2,687				2,108				579				7,554				6,067				1,487

(1)	Same Store Sales Growth reflects the change in year-over-year sales for the comparable store base, which we define as stores open for 18 months or longer.
(2)	The Company does not consider income (loss) from operations, income (loss) from operations margin, net income (loss) or net income (loss) margin to be key performance measures but has included such metrics in this table to provide the most directly comparable GAAP metric to Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin.
(3)	See “Non-GAAP Financial Measures” for a discussion of Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of each measure to its most directly comparable GAAP measure.
(4)	Total store operating weeks are calculated based on the number of operating days for the store base and dividing by 7. Our store base is defined as stores open as of the period end date. Management uses this metric as an indicator of our overall financial health, growth and future expansion prospects.

Supplemental Reconciliation of U.S. GAAP Actuals to Non-GAAP Actuals

Following are the reconciliations of the most comparable GAAP financial measures to non-GAAP financial measures. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this press release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

	Three Months Ended September 30,
($ in thousands; unaudited)		2026				2025
Net income (loss)	$	2,653			$	(16,175	)
Non-GAAP Adjustments:
Interest expense, net		685				2,871
Income tax expense (benefit)		(670	)			31
Depreciation and amortization		4,259				3,030
Transaction costs(1)		—				9,056
Capital restructuring costs(2)		—				6,866
Equity-based compensation		1,254				868
TRA remeasurements		131				—
Certain litigation defense costs, net(3)		139				273
Other costs(4)		—				102
Adjusted EBITDA	$	8,451			$	6,922
Net income (loss) margin		4.0	%		(31.4)%
Adjusted EBITDA Margin		12.7	%			13.4	%

(1)	Includes non-recurring professional service fees and executive compensation related to our IPO.
(2)	For the three months ended September 30, 2025, includes the forgiveness of our related party note receivable (refer to Note 12 in the unaudited condensed consolidated financial statements included in the Form 10-Q for the quarterly period ended September 30, 2026) along with a debt extinguishment charge related to the payoff of our Prior Credit Facility.
(3)	For the three months ended September 30, 2026, includes litigation expense relating to the defense of our securities class action lawsuit and other legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance. For the three months ended September 30, 2025, includes legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance.
(4)	Non-recurring professional service costs.

	Nine Months Ended September 30,
($ in thousands; unaudited)		2026				2025
Net income (loss)	$	7,670			$	(18,120	)
Non-GAAP Adjustments:
Interest expense, net		1,632				9,028
Income tax expense (benefit)		(466	)			253
Depreciation and amortization		11,644				8,856
Transaction costs(1)		—				11,641
Capital restructuring costs(2)		—				7,937
Equity-based compensation		3,581				868
TRA remeasurements		739				—
Certain litigation defense costs, net(3)		371				235
Other costs(4)		136				287
Adjusted EBITDA	$	25,307			$	20,985
Net income (loss) margin		4.1	%		(12.4)%
Adjusted EBITDA Margin		13.7	%			14.3	%

(1)	Includes non-recurring professional service fees and executive compensation related to our IPO.
(2)	For the nine months ended September 30, 2025, includes the forgiveness of our related party note receivable (refer to Note 12 in the unaudited condensed consolidated financial statements included in the Form 10-Q for the quarterly period ended September 30, 2026) along with a debt extinguishment charge related to the payoff of our Prior Credit Facility and fees incurred in connection with the redemption of our Series A.
(3)	For the nine months ended September 30, 2026, includes litigation expense relating to the defense of our securities class action lawsuit and other legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance. For the nine months ended September 30, 2025, includes legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance, offset by insurance proceeds.
(4)	Non-recurring professional service costs.

 

	Three Months Ended September 30,
($ in thousands; unaudited)		2026				2025
Income (loss) from operations	$	2,799			$	(6,407	)
Other		(71	)			(58	)
Selling, general and administrative expenses		10,340				17,158
Depreciation and amortization		4,259				3,030
Pre-opening costs		1,929				1,503
Store-Level Profit	$	19,256			$	15,226
Income (loss) from operations margin		4.2	%		(12.4)%
Store-Level Profit Margin		28.9	%			29.6	%

	Nine Months Ended September 30,
($ in thousands; unaudited)		2026				2025
Income (loss) from operations	$	9,577			$	(889	)
Other		(207	)			(162	)
Selling, general and administrative expenses		29,387				31,898
Depreciation and amortization		11,644				8,856
Pre-opening costs		4,269				3,064
Store-Level Profit	$	54,670			$	42,767
Income (loss) from operations margin		5.2	%		(0.6)%
Store-Level Profit Margin		29.6	%			29.2	%

	Three Months Ended September 30,
($ in thousands; unaudited)		2026				2025
Selling, general and administrative expenses	$	10,340			$	17,158
Non-GAAP Adjustments:
Transaction costs(1)		—				(9,056	)
Equity-based compensation		(1,254	)			(868	)
Certain litigation defense costs, net(2)		(139	)			(273	)
Other costs(3)		—				(102	)
Adjusted Selling, General, and Administrative Expenses	$	8,947			$	6,859
Selling, general and administrative expenses margin		15.5	%			33.3	%
Adjusted Selling, General, and Administrative Expenses Margin		13.4	%			13.3	%

(1)	Includes non-recurring professional service fees and executive compensation related to our IPO.
(2)	For the three months ended September 30, 2026, includes litigation expense relating to the defense of our securities class action lawsuit and other legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance. For the three months ended September 30, 2025, includes legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance.
(3)	Non-recurring professional service costs.

	Nine Months Ended September 30,
($ in thousands; unaudited)		2026				2025
Selling, general and administrative expenses	$	29,387			$	31,898
Non-GAAP Adjustments:
Transaction costs(1)		—				(11,641	)
Equity-based compensation		(3,581	)			(868	)
Certain litigation defense costs, net(2)		(371	)			(235	)
Other costs(3)		(136	)			(287	)
Adjusted Selling, General, and Administrative Expenses	$	25,299			$	18,867
Selling, general and administrative expenses margin		15.9	%			21.7	%
Adjusted Selling, General, and Administrative Expenses Margin		13.7	%			12.9	%

(1)	Includes non-recurring professional service fees and executive compensation related to our IPO.
(2)	For the nine months ended September 30, 2026, includes litigation expense relating to the defense of our securities class action lawsuit and other legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance. For the nine months ended September 30, 2025, includes legal costs associated with certain litigation matters that we do not consider indicative of our ongoing operating performance, offset by insurance proceeds.
(3)	Non-recurring professional service costs.

Investor Contact:
Will MacIntosh
investors@br.coffee
(541) 208-1860

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Black Rock Coffee Bar's third-quarter 2026 earnings?

Black Rock Coffee Bar reported $2.653 million in net income and diluted earnings of $0.05 per share. A year earlier, it reported a $16.175 million net loss and a $0.05 diluted loss per share. Revenue increased 29.7% to $66.8 million.

What is Black Rock Coffee Bar's full-year 2026 guidance?

Black Rock Coffee Bar expects $255–$257 million in revenue and $34–$35 million in adjusted EBITDA for 2026. The company raised its target to 40 new store openings and expects mid-single-digit same-store sales growth. Expected capital expenditures are $47–$48 million, including anticipated tenant improvement allowances.

How does Black Rock Coffee Bar define same-store sales growth?

Black Rock Coffee Bar measures year-over-year sales changes at stores open for 18 months or longer. That comparable-store base is the basis for its reported same-store sales growth.