Second Quarter 2026
Filed Aug 11, 2026Black Rock Coffee Bar, Inc. Reports Second Quarter 2026 Results Total Revenue Growth of 25.0% Year Over Year in the Second Quarter
Total revenue grew 25.0%, same store sales growth was 4.2%, and the Company opened 10 new stores. Income from operations, net income, Store-Level Profit, and Adjusted EBITDA increased year over year, although Adjusted EBITDA growth of 17.2% trailed revenue growth and Adjusted SG&A Expenses Margin increased to 13.4% from 12.0%.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $63.0 million | – | 25.0% |
| Same Store Sales Growthother | 4.2% | – | 4.2% |
| Income from operationsGAAP | $4.1 million | – | – |
| Income from operations marginGAAP | 6.5% | – | – |
| Store-Level Profitnon-GAAP | $19.0 million | – | – |
| Store-Level Profit Marginnon-GAAP | 30.2% | – | – |
| Selling, general, and administrative expensesGAAP | $9.8 million | – | – |
| Selling, general, and administrative expenses as a percentage of total revenueGAAP | 15.6% | – | – |
| Adjusted SG&A Expensesnon-GAAP | $8.4 million | – | – |
| Adjusted SG&A Expenses Marginnon-GAAP | 13.4% | – | – |
| Net incomeGAAP | $3.2 million | – | 403.3% |
| Adjusted EBITDAnon-GAAP | $9.4 million | – | 17.2% |
| Total store operating weeksother | 2,510 | – | – |
| New stores opened during the periodother | 10 | – | – |
| Systemwide storesother | 200 stores | – | – |
Full Year 2026 outlook
- Revenue$255 to $257 million
- Note38 new store openings
- NoteSame Store Sales growth in the mid-single digits
- NoteAdjusted EBITDA in the range of $34 to $35 million
- NoteCapital Expenditures in the range of $42 to $43 million which includes anticipated tenant improvement allowances
What drove it
- Same Store Sales Growth increased 4.2% compared to the prior year period.
- Same store sales growth was 15.1% on a two-year basis, despite lapping a 10.9% same store sales growth comparison from the prior year.
- The Company opened 10 new locations during the quarter.
- Management cited new menu offerings, loyalty segmentation, daypart-based offers, and extended operating hours as guest-engagement initiatives.
- Management cited a largely committed 2026 and 2027 development pipeline.
Concerns
- Adjusted EBITDA grew 17.2%, compared with total revenue growth of 25.0%.
- Adjusted SG&A Expenses Margin was 13.4%, compared with 12.0% in the prior year period.
- Cash and cash equivalents totaled $16.0 million while total debt was $30.6 million.
- The release identifies dependence on a small number of suppliers and two roasting facilities as a risk factor.
What to watch
- Execution against full year 2026 guidance for 38 new store openings.
- Same Store Sales growth in the mid-single digits for full year 2026.
- Delivery of Total Revenue in the range of $255 to $257 million and Adjusted EBITDA in the range of $34 to $35 million.
- Capital Expenditures in the range of $42 to $43 million, including anticipated tenant improvement allowances.
- Progress against the largely committed 2026 and 2027 development pipeline.
Balance sheet and cash flow
- As of June 30, 2026, Cash and cash equivalents totaled $16.0 million.
- As of June 30, 2026, total debt was $30.6 million, consisting of $18.6 million outstanding under our credit facility and $12.0 million of financing obligations related to certain reverse build-to-suit lease arrangements.
- As of June 30, 2026, outstanding principal under the Company's term loan facility was $19.6 million.
- The Company's $25 million revolving credit facility remains undrawn.
Analysis
Black Rock Coffee Bar reported $63.0 million of total revenue, up 25.0% compared to the prior year period. Same Store Sales Growth increased 4.2%, and total store operating weeks were 2,510 compared with 2,015 in the prior year period. The Company opened 10 new stores during the period and reached 200 stores systemwide, combining positive same-store demand with continued unit expansion.
Profitability improved on reported measures. Income from operations was $4.1 million compared with $3.3 million in the prior year period, and income from operations margin was 6.5%. Net income was $3.2 million compared with a net loss of $(1.1) million in the prior year period. Store-Level Profit was $19.0 million compared with $14.9 million, while Store-Level Profit Margin was 30.2%.
The expense mix warrants attention. SG&A expenses were $9.8 million, or 15.6% of total revenue, compared with $7.9 million, or 15.6% of total revenue, in the prior year period. Adjusted SG&A Expenses were $8.4 million, or 13.4% of total revenue, compared with $6.0 million, or 12.0% of total revenue. Adjusted EBITDA rose 17.2% to $9.4 million from $8.0 million, trailing the reported 25.0% revenue growth rate.
Management attributed demand and engagement initiatives to new menu offerings, loyalty segmentation, daypart-based offers, and extended operating hours. The Company updated full year 2026 guidance to 38 new store openings, Total Revenue of $255 to $257 million, Same Store Sales growth in the mid-single digits, Adjusted EBITDA of $34 to $35 million, and Capital Expenditures of $42 to $43 million including anticipated tenant improvement allowances. Liquidity disclosures showed $16.0 million of cash and cash equivalents and $30.6 million of total debt as of June 30, 2026, while the $25 million revolving credit facility remained undrawn.
Management, verbatim
We delivered another strong quarter, where revenue increased 25% and adjusted EBITDA grew 17% year-over-year, reflecting the continued strength of our brand, customer engagement strategy, and operating model. Same store sales growth increased 4.2%, or 15.1% on a two-year basis, despite lapping a particularly strong 10.9% same store sales growth comparison from the prior year, underscoring the resilience of customer demand and the consistency of our overall performance.
Mark Davis, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter total revenue, income from operations, net income, Store-Level Profit, SG&A expenses, Adjusted SG&A Expenses, Adjusted EBITDA, same store sales growth, and total store operating weeks.
- Gross profit and gross margin.
- GAAP and non-GAAP earnings per share.
- Operating cash flow and free cash flow.
- Share repurchases, dividends, and other capital-return amounts.
- Segment revenue and segment operating metrics.
- Prior full year 2026 outlook needed to compare current guidance with prior guidance.
- Guidance for gross margin, operating expenses, and tax rate.
- Reconciliation of full year 2026 Adjusted EBITDA outlook to GAAP net income.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.