3Q26
Filed Nov 2, 20263Q26 total revenue reached Ps. 28,445 million, up 40.3% year-over-year, while EBITDA excluding share-based payment expense increased 60.5% to Ps. 1,877 million.
Revenue growth of 40.3%, Same Store Sales growth of 20.5%, gross-margin expansion, 141 net new stores, and 60.5% growth in EBITDA excluding share-based payment expense marked a strong quarter. Reported net profit was Ps. 23 million versus a Ps. 1,424 million net loss, though profitability continued to be affected by lease-related financial costs and non-cash share-based payment expense.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| 3Q26 Total Revenueother | Ps. 28,445 million | – | 40.3% |
| 3Q26 Revenue from Sales of Merchandiseother | Ps. 28,403,711 | – | 40.3% |
| 3Q26 Sales of Recyclablesother | 41,738 | – | 46.5% |
| 3Q26 Gross Profitother | Ps. 4,743 million | – | 44.8% |
| 3Q26 Gross Profit Marginother | 16.7% | – | 52 bps |
| 3Q26 Cost of Salesother | (23,702,146) | – | 39.4% |
| 3Q26 Sales Expensesother | (Ps. 2,796) million | – | 35.4% |
| 3Q26 Sales Expenses as % of Revenueother | 9.8% | – | (36 bps) |
| 3Q26 Administrative Expensesother | (Ps. 1,283) million | – | (39.2%) |
| 3Q26 Administrative Expenses as % of Revenueother | 4.5% | – | (589 bps) |
| 3Q26 Administrative Expenses excluding non-cash share-based payment expensenon-GAAP | Ps. 733 million | – | 37.0% |
| 3Q26 Administrative Expenses excluding non-cash share-based payment expense as % of Revenuenon-GAAP | 2.6% | – | (6 bps) |
| 3Q26 Other Income - Netother | Ps. 17 million | – | (3.5%) |
| 3Q26 Other Income - Net as % of Revenueother | 0.1% | – | (3 bps) |
| 3Q26 Operating Profit (Loss)other | Ps. 681,674 | – | n.m. |
| 3Q26 Operating Profit (Loss) Marginother | 2.4% | – | – |
| 3Q26 EBITDAnon-GAAP | Ps. 1,327 million | – | n.m. |
| 3Q26 EBITDA Marginnon-GAAP | 4.7% | – | n.m. |
| 3Q26 Share-Based Payment Expenseother | Ps. 550 million | – | (65.0%) |
| 3Q26 EBITDA excluding Share-Based Payment Expensesnon-GAAP | Ps. 1,877 million | – | 60.5% |
| 3Q26 EBITDA Margin excluding Share-Based Payment Expensesnon-GAAP | 6.6% | – | 83 bps |
| 3Q26 Financial Incomeother | Ps. 63 million | – | 48.9% |
| 3Q26 Financial Costsother | Ps. 528 million | – | 45.7% |
| 3Q26 Exchange Rate Fluctuationother | Ps. 97,006 | – | n.m. |
| 3Q26 Financial (Costs) - Netother | (Ps. 368,735) | – | (9.4%) |
| 3Q26 Profit (Loss) Before Income Taxother | Ps. 312,939 | – | n.m. |
| 3Q26 Income Tax Expenseother | (Ps. 289,684) | – | 110.8% |
| 3Q26 Net Profit (Loss) for the Periodother | Ps. 23 million | – | n.m. |
| 3Q26 Net Profit (Loss) Marginother | 0.1% | – | n.m. |
| 3Q26 Basic Earnings per Common Shareother | 0.19 | – | n.m. |
| 3Q26 Diluted Earnings per Common Shareother | 0.14 | – | n.m. |
| 3Q26 Building Lease Paymentsother | Ps. 638 million | – | – |
| 9M26 Total Revenueother | 77,343,087 | – | 37.7% |
| 9M26 Gross Profitother | Ps. 12,809,561 | – | 41.3% |
| 9M26 Gross Profit Marginother | 16.6% | – | – |
| 9M26 Operating Profit (Loss)other | Ps. 1,015,454 | – | n.m. |
| 9M26 Net (Loss) for the Periodother | (Ps. 921,340) | – | (48.7%) |
| 9M26 EBITDAnon-GAAP | Ps. 2,841,416 | – | 148.3% |
| 9M26 EBITDA Marginnon-GAAP | 3.7% | – | – |
| 9M26 EBITDA excluding Share-Based Payment Expensesnon-GAAP | Ps. 4,728,561 | – | 48.5% |
| 9M26 EBITDA Margin excluding Share-Based Payment Expensesnon-GAAP | 6.1% | – | – |
4Q26E, FY26E, FY27E, FY28E and FY29E outlook
- NoteProjected Share-Based Payment Non-Cash Expense: 4Q26E total Ps. 489 million; FY26E total Ps. 2,376 million; FY27E total Ps. 879 million; FY28E total Ps. 215 million; FY29E total Ps. 50 million.
- NoteProjected Liquidity Event Plan Shares expense: 4Q26E Ps. 235 million; FY26E Ps. 1,378 million; FY27E Ps. 470 million; FY28E Ps. 28 million; FY29E -.
- NoteProjected Legacy Plan expense: 4Q26E Ps. 57 million; FY26E Ps. 219 million; FY27E Ps. 115 million; FY28E Ps. 45 million; FY29E -.
- NoteProjected Post-IPO Equity Incentive Plan - Options expense: 4Q26E Ps. 133 million; FY26E Ps. 527 million; FY27E Ps. 276 million; FY28E Ps. 142 million; FY29E Ps. 50 million.
- NoteProjected Post-IPO Equity Incentive Plan - RSUs expense: 4Q26E Ps. 63 million; FY26E Ps. 252 million; FY27E Ps. 17 million; FY28E -; FY29E -.
What drove it
- Same Store Sales grew 20.5% compared to 3Q25.
- Revenue growth was driven mostly by sales from stores operating for more than one year and, to a lesser extent, incremental sales from 603 net new stores opened in the past twelve months.
- Gross-margin improvement reflected a stronger commercial margin and lower transportation costs as a percentage of revenue, despite the opening of four distribution centers in 3Q26.
- Sales-expense leverage was attributed to improved operational leverage across most components, including labor.
- Administrative expenses declined entirely because of lower non-cash share-based payment expense.
- Cash flow was supported by growing sales, high inventory turnover relative to supplier payment terms, and structurally negative working capital.
Concerns
- Financial costs were Ps. 528 million for 3Q26 and increased 45.7%, primarily because of higher interest expense on lease liabilities.
- 3Q26 net profit margin was 0.1%.
- 9M26 net loss was (Ps. 921,340).
- Administrative expenses excluding non-cash share-based payment expense increased 37.0% as the Company invested in talent and opened new regions.
- Net cash flows used in investing activities totaled (Ps. 4,129) million in 9M26, including a Ps. 1,483 million allocation of primary equity follow-on proceeds into short-term deposits and continuing store and logistics investment.
- The Company stated that projected share-based payment expense figures may vary slightly from initial estimates due to actual vesting of awards.
What to watch
- Same Store Sales growth following the 20.5% reported for 3Q26.
- Execution of store expansion after 141 net new stores in 3Q26 and 603 net new stores over the last twelve months.
- Distribution-network expansion after four distribution centers opened in 3Q26, bringing the total to 25.
- Gross-margin development following the 52-bps expansion to 16.7%.
- The trajectory of lease-related financial costs as the store and distribution-center network expands.
- Reported EBITDA and administrative expenses as non-cash share-based payment expense follows the projected vesting schedule.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: Ps. 3,074,886; December 31, 2025: Ps. 1,427,248.
- Short-term bank deposits as of September 30, 2026: 4,219,654; December 31, 2025: 2,711,422.
- The Company held $237 million in U.S. dollar-denominated short-term bank deposits as of September 30, 2026.
- Short-term debt as of September 30, 2026: 1,842,305; December 31, 2025: 2,107,044.
- Long-term debt as of September 30, 2026: 283,944; December 31, 2025: 141,907.
- Current lease liabilities as of September 30, 2026: 1,484,035; December 31, 2025: 1,118,382.
- Non-current lease liabilities as of September 30, 2026: 13,446,931; December 31, 2025: 10,612,062.
- 9M26 net cash flows provided by operating activities: Ps. 7,051 million, compared to Ps. 3,095 million in 9M25, growth of 127.8%.
- 9M26 net cash flows used in investing activities: (Ps. 4,129) million, compared to (Ps. 2,228) million in 9M25, growth of 85.4%.
- 9M26 net cash flows used in financing activities: (Ps. 1,287) million, compared to (Ps. 1,172) million in 9M25, growth of 9.8%.
- 9M26 net increase (decrease) in cash and cash equivalents: Ps. 1,634 million, compared to (Ps. 305) million in 9M25.
- 3Q26 net cash flows provided by operating activities: Ps. 2,765,158, compared to Ps. 1,139,602 in 3Q25.
- 3Q26 net cash flows used in investing activities: (Ps. 1,049,670), compared to (Ps. 890,089) in 3Q25.
- 3Q26 net cash flows used in financing activities: (Ps. 631,534), compared to (Ps. 248,214) in 3Q25.
Analysis
BBB Foods delivered 3Q26 total revenue of Ps. 28,445 million, up 40.3% year-over-year, supported by 20.5% Same Store Sales growth and a 19.1% expansion in its store base. The Company opened 141 net new stores during the quarter, reaching 3,765 stores as of September 30, 2026. It also opened four distribution centers, bringing its network to 25. Management said sales from stores operating for more than one year accounted for most revenue growth, with incremental sales from 603 net new stores opened over the prior twelve months contributing to a lesser extent.
Gross profit increased 44.8% to Ps. 4,743 million, while gross profit margin rose 52 bps to 16.7%. The Company attributed the margin improvement to a stronger commercial margin and lower transportation costs as a percentage of revenue, despite the four distribution-center openings. Sales expenses grew 35.4%, below revenue growth, and their share of revenue declined 36 bps to 9.8%, reflecting operational leverage including labor. Administrative expenses declined 39.2% to Ps. 1,283 million, entirely due to lower non-cash share-based payment expense. Excluding that expense, administrative expenses were Ps. 733 million and increased 37.0% as the Company invested in talent and opened new regions.
Reported EBITDA was Ps. 1,327 million, compared with negative Ps. 404 million in 3Q25. EBITDA excluding share-based payment expense rose 60.5% to Ps. 1,877 million and its margin increased 83 bps to 6.6%. The improvement in reported EBITDA was materially affected by share-based payment expense falling to Ps. 550 million from Ps. 1,574 million. Operating profit was Ps. 681,674 versus an operating loss of Ps. 879,793, and the Company returned to a Ps. 23 million net profit from a Ps. 1,424 million net loss. Financial costs increased 45.7% to Ps. 528 million, primarily from higher interest expense on lease liabilities associated with network expansion.
Cash generation remained a central feature of the release. Net cash flows provided by operating activities were Ps. 2,765,158 in 3Q26 and Ps. 7,051 million in 9M26, up 127.8% from 9M25. The Company stated that its structurally negative working-capital cycle, growing sales, and high inventory turnover relative to supplier payment terms supported cash flow. 9M26 investing cash outflows were Ps. 4,129 million, including Ps. 1,483 million allocated from primary equity follow-on proceeds into short-term deposits and ongoing investment in stores and logistics. Cash and cash equivalents were Ps. 3,074,886 at September 30, 2026, while the Company also held $237 million in U.S. dollar-denominated short-term bank deposits.
The release did not provide revenue, margin, earnings, or store-opening guidance. It did provide projected non-cash share-based payment expense through FY29E, with total expense projected at Ps. 489 million for 4Q26E, Ps. 2,376 million for FY26E, Ps. 879 million for FY27E, Ps. 215 million for FY28E, and Ps. 50 million for FY29E. Management emphasized that it does not manage the business to a specific EBITDA margin target and instead prioritizes disciplined network expansion and improvement of the customer value proposition.
Management, verbatim
Our third-quarter 2026 results sustained the strong momentum established in the first half of the year.
K. Anthony Hatoum, Chairman and Chief Executive Officer
Our priorities remain the disciplined expansion of our store network and the relentless improvement of our customer value proposition.
K. Anthony Hatoum, Chairman and Chief Executive Officer
Cash flow generation remained strong, fully funding our expansion during the quarter.
K. Anthony Hatoum, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- No revenue guidance was issued.
- No gross-margin guidance was issued.
- No operating-expense guidance was issued.
- No tax-rate guidance was issued.
- No earnings or EBITDA guidance was issued.
- No prior-release outlook was provided, so comparison with prior guidance is unavailable.
- No capital-return activity, including dividends or share repurchases, was reported.
- No free cash flow metric was reported.
- No reportable operating segments or segment revenue disclosure was provided.
- 3Q25 basic and diluted earnings per common share figures were not reported numerically; both were presented as n.m.
- 9M26 and 9M25 basic and diluted earnings per common share figures were presented as n.m.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.