Black Rock Coffee Bar (BRCB) Q1 2026 earnings summary

Executive summary

• Achieved 23.7% year-over-year revenue growth to $55.5 million in Q1 2026, surpassing long-term growth targets, with nine new stores opened, bringing the total to 190.

• Same-store sales grew 5.2% year-over-year, or 14.4% on a two-year basis, despite headwinds from strategic densification.

• Adjusted EBITDA reached $7.4 million (13.4% margin), up 23.5% year-over-year, and net income improved to $1.8 million from a prior year loss.

• Loyalty program participation reached 66%, with segmented offers doubling engagement and spend in pilot markets.

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

Financial highlights

• Store-level profit was $16.4 million, up from $13 million in Q1 2025, with a margin of 29.6%.

• Adjusted EBITDA grew to $7.4 million from $6 million in Q1 2025; margin held steady at 13.4%.

• Net income improved to $1.8 million from a $0.9 million loss in Q1 2025.

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

• Cash and cash equivalents stood at $20 million, with total debt of $27.4 million as of March 31, 2026.

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 (inclusive of TI 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.