Black Rock Coffee Bar (BRCB) Q4 2025 earnings summary

Executive summary

• Achieved 24.5% revenue growth and 36.2% adjusted EBITDA growth for 2025, with strong operational execution, above-plan new store performance, and significant improvements in profitability and efficiency.

• Opened 32 new stores in 2025, ending the year with 181 locations, representing a 21% increase year-over-year and exceeding the original plan.

• Same-store sales grew 10.1% for the year and 9.3% in Q4, with healthy transaction growth and strong guest engagement.

• Loyalty program participation reached 65%, driving higher visit frequency and spend per visit, with continued investment in digital, loyalty, and menu innovation.

• Continued investment in people, culture, and leadership development, resulting in improved retention and engagement.

Financial highlights

• 2025 total revenue: $200.3 million; Q4 revenue: $53.6 million, up 25.3% year-over-year.

• Adjusted EBITDA for 2025: $27.5 million (13.7% margin); Q4 adjusted EBITDA: $6.5 million (12.1% margin), up 52.4% year-over-year.

• Store-level profit margin for 2025: 29.2%, up from 27.9% prior year; Q4 store-level profit margin: 29.4%.

• Net income for Q4 2025 was $2M (2.9% margin); FY 2025 net loss was $16.5M (-8.3% margin).

• Cash and cash equivalents at year-end: $28.4 million; total debt: $26.7 million; net cash position: $9.7 million.

Outlook and guidance

• 2026 guidance: 36 new store openings, revenue of $255–$257 million, mid-single digit same-store sales growth, adjusted EBITDA of $33.5–$34.5 million, and capital expenditures of $40–$41 million.

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

• Committed to achieving 1,000 units by 2035.