BBB Foods (TBBB) Q1 2026 earnings summary

Executive summary

• Opened 123 net new stores in Q1 2026, reaching 3,469 total stores and 20 distribution centers, with 580 net stores opened in the last twelve months.

• Same-store sales grew 16.0% year-over-year, significantly outpacing industry benchmarks and reflecting strong customer loyalty.

• Revenue increased 33.4% year-over-year to Ps. 22,860 million, driven by robust store expansion and network growth.

• Adjusted EBITDA (excluding non-cash share-based compensation) rose 38.9% to Ps. 1,276 million; reported EBITDA was Ps. 554 million.

• Net loss widened to Ps. 558 million from Ps. 87 million in 1Q25, mainly due to higher non-cash share-based payment expenses.

Financial highlights

• Gross profit increased 35.0% year-over-year to Ps. 3,704 million, with gross margin expanding to 16.2%.

• Sales expenses rose 34.1% to Ps. 2,364 million, remaining flat at 10.3% of revenue.

• Administrative expenses (ex-SBP) were flat at 2.9% of revenue; total admin expenses rose 33.6% YoY.

• Operating cash flow reached Ps. 1,961 million, up 64.1% year-over-year.

• Financial costs increased 43.6% to Ps. 457 million, reflecting higher interest on lease liabilities.

Outlook and guidance

• Management remains confident in continued high growth, with a long runway for store expansion and ongoing investment in new regions and talent.

• CapEx for 2026 is projected at Ps. 5.2 billion, covering new stores, distribution centers, and equipment.

• SG&A expected to remain stable as a percentage of revenue for the year, with long-term leverage anticipated.

• Focus on execution and operational efficiency, with anticipated improvement in EBITDA margin over time.

• Strong momentum expected for the remainder of 2026, with ongoing store expansion and productivity gains.