Black Rock Coffee Bar (BRCB) Q1 2026 earnings summary

Executive summary

• Achieved 23.7% year-over-year revenue growth to $55.5 million for Q1 2026, with same store sales up 5.2% and nine new stores opened, bringing the total to 190.

• Adjusted EBITDA reached $7.4 million (13.4% margin), and net income improved to $1.8 million from a net loss of $0.9 million in the prior year.

• Store-level profit margin increased to 29.6%, supported by operational efficiency and retention.

• Loyalty program participation and segmentation drove engagement and spend, with digital sales and menu innovation supporting growth.

• Record-low team member turnover at 54% and continued investment in people and culture.

Financial highlights

• Store-level profit reached $16.4 million, up from $12.7 million in Q1 2025, with a margin of 29.6%.

• Adjusted EBITDA was $7.4 million, up 23.5% year-over-year, with a margin of 13.4%.

• Net income improved to $1.8 million, reversing a prior year loss.

• Cash and cash equivalents were $20 million as of March 31, 2026; total debt was $27.4 million.

• SG&A expenses were $9.2 million (16.7% of revenue); adjusted SG&A margin was 14.3%.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: 36 new store openings, $255–$257 million in revenue, mid-single-digit same store sales growth, and $33.5–$34.5 million in adjusted EBITDA.

• Capital expenditures expected at $40–$41 million, including tenant improvement allowances.

• Long-term targets: 20%+ annual unit and revenue growth, mid-single-digit same store sales growth, and adjusted EBITDA growth outpacing revenue.

• Confident in reaching 1,000 units by 2035.

• Cash flow and liquidity expected to be sufficient for the next twelve months and foreseeable future.