Black Rock Coffee Bar (BRCB) Q2 2026 earnings summary

Executive summary

• Achieved $63.0M in Q2 2026 revenue, up 25% year-over-year, with 10 new stores opened, reaching 200 total locations as of June 30, 2026.

• Store-level profit for Q2 2026 was $19.0M, with a margin of 30.2%, and same store sales grew 4.2% year-over-year.

• Adjusted EBITDA for Q2 2026 was $9.4M, up 17.2% year-over-year, with a margin of 15.0%.

• Net income for Q2 2026 was $3.2M, compared to a net loss of $1.1M in Q2 2025.

• Year-to-date 2026 revenue reached $118.5M, up 24.4% year-over-year, with 19 stores opened YTD.

Financial highlights

• Store-level profit was $19.0M, up from $14.9M in Q2 2025; margin improved to 30.2%.

• Adjusted EBITDA margin was 15.0%, down from 16.0% in Q2 2025.

• Net income margin improved to 5.1% from -2.1% year-over-year.

• Adjusted SG&A expenses were $8.4M (13.4% of revenue), up from $6.0M (12.0%).

• Operating cash flow for the first half of 2026 was $19.2M, up from $8.4M in the prior year period.

Outlook and guidance

• Full-year 2026 guidance: 38 new store openings, total revenue of $255–$257M, mid-single digit same store sales growth, and adjusted EBITDA of $34–$35M.

• Capital expenditures forecasted at $42–$43M, including tenant improvement allowances, with 30% allocated to 2027 pipeline.

• Management expects continued store expansion and investment in digital and operational infrastructure.

• Anticipates sufficient liquidity for the next twelve months and foreseeable future, supported by cash flow and available credit.

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