BBB Foods (TBBB) Q4 2025 earnings summary

Executive summary

• Achieved record growth in 2025, opening 574 net new stores (21% increase) and 4 new distribution centers, surpassing guidance and reaching 3,346 stores and 20 DCs.

• Same-store sales grew 18.3% for the year and 16.6% in Q4, reflecting strong customer value proposition and brand equity.

• Total revenues rose 36.1% year-over-year in 2025 to Ps. 78,153 million, with Q4 revenue up 34.4% to Ps. 21,972 million.

• Adjusted EBITDA for 2025 was Ps. 4,384 million, up 30.1%, and Q4 adjusted EBITDA was Ps. 1,200 million, up 23.5%.

• Reported net loss for 2025 was Ps. 2,840 million, mainly due to higher share-based payment expenses and FX losses.

Financial highlights

• 2025 revenue: Ps. 78,153 million (+36.1% YoY); Q4: Ps. 21,972 million (+34.4% YoY).

• Same-store sales: +18.3% for 2025 YoY; +16.6% in Q4 YoY.

• Adjusted EBITDA: Ps. 4,384 million (+30.1% YoY); Q4: Ps. 1,200 million (+23.5% YoY).

• Operating cash flow: Ps. 4,682 million (+24.9% YoY).

• Private label sales reached 58.2% of merchandise, up from 53.6% in 2024.

Outlook and guidance

• 2026 guidance: 590–630 new stores, same-store sales growth of 13–16%, and revenue growth of 29–32%.

• Target CapEx per store: Ps. 5.5 million, payback period of 26 months, and 55% cash-on-cash return by year three.

• Guidance is based on current economic outlook and excludes incremental sales from new equipment.