BBB Foods (TBBB) Q3 2025 earnings summary

Executive summary

• Opened 131 net new stores in Q3 2025, reaching 3,162 stores and 18 distribution centers.

• Total revenue grew 36.7% year-over-year to Ps. 20,279 million, with same-store sales up 17.9%.

• EBITDA excluding non-cash share-based payment expense rose 43.6% to Ps. 1,170 million, while reported EBITDA was negative at Ps. -404 million.

• Net loss for 3Q25 was Ps. 1,424 million, mainly due to a significant increase in non-cash share-based payment expense.

• Cash flow from operations for the first nine months of 2025 reached Ps. 3,095 million, a 30% year-on-year increase.

Financial highlights

• Gross profit for 3Q25 was Ps. 3,277 million, up 39.8% year-over-year, with a gross margin of 16.2%.

• EBITDA margin excluding share-based payment expense reached 5.8%, up 28 bps year-over-year.

• Sales expenses rose 37.8% to Ps. 2,065 million, representing 10.2% of revenue.

• Administrative expenses surged 326.5% to Ps. 2,109 million, mainly due to non-cash share-based payment expense.

• Net loss margin was -7.0% in 3Q25, compared to a net profit margin of 1.7% in 3Q24.

Outlook and guidance

• Confident in maintaining strong same-store sales growth into next year, supported by ongoing product improvements.

• No signs of market saturation; clear path to operating at least 14,000 stores in Mexico.

• Continued focus on store expansion, with 528 net new stores opened in the last twelve months.

• Expect continued operational leverage and margin improvement as store vintages mature.

• Guidance for next year’s operating leverage and expansion pace to be provided in the next call.