The strong revenue and Adjusted EBITDA growth, combined with accelerating store openings and improving store-level margins, suggest operational leverage is building. The 2026 guidance implies ~27% revenue growth, which is aggressive but achievable given current momentum. Traders should monitor whether the company can maintain same-store sales growth and control SG&A as it scales.
Price Chart
Executive Summary
Black Rock Coffee Bar (BRCB) reported strong fourth-quarter and full-year 2025 results, with Q4 revenue up 25.3% YoY to $53.6 million and same-store sales growth of 9.3%. Adjusted EBITDA grew 52.4% in Q4 and 36.2% for the full year. The company opened 12 new stores in Q4 and 32 for the year, and provided 2026 guidance calling for $255–257 million in revenue and 36 new store openings.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $53.6 million, up 25.3% YoY
- Full-year 2025 revenue: $200.3 million, up 24.5% YoY
- Q4 same-store sales growth: 9.3% YoY
- Full-year same-store sales growth: 10.1% YoY
- Q4 net income: $1.6 million vs. net loss of $(4.2) million in prior year
- Adjusted EBITDA: $6.5 million in Q4 (up 52.4%), $27.5 million for full year (up 36.2%)
- Opened 12 new stores in Q4, 32 for full year
- 2026 outlook: $255–257 million revenue, 36 new stores, Adjusted EBITDA of $33.5–34.5 million
Financial Impact
Revenue grew 25.3% in Q4 and 24.5% for full year; Adjusted EBITDA increased 52.4% in Q4 and 36.2% annually; net loss narrowed significantly despite higher SG&A
Risk Factors
- Full-year net loss widened to $(16.5) million despite revenue growth, driven by high interest expense and IPO-related costs
- SG&A as a % of revenue increased to 20.6% in 2025 from 15.7% in 2024, raising concerns about cost discipline
- Heavy capital expenditures ($40–41M expected in 2026) could pressure cash flow despite strong Adjusted EBITDA
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3248904 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Press Release | $9.81 | awaiting T+60 | — | $9.92 (+1.12%) |
Oct 9, 2026 17d ago | SC 13G | $7.25 | awaiting T+60 | — | $9.92 (+36.83%) |
Sep 25, 2026 4w ago | Press Release | $7.19 | awaiting T+60 | — | $9.92 (+37.97%) |
Sep 25, 2026 4w ago | Press Release | $7.19 | awaiting T+60 | — | $9.92 (+37.97%) |
Sep 11, 2026 6w ago | Press Release | $8.48 | awaiting T+60 | — | $9.92 (+16.98%) |
Sep 1, 2026 7w ago | Press Release | $9.54 | awaiting T+60 | — | $9.92 (+3.98%) |
Aug 28, 2026 8w ago | Press Release | $9.13 | awaiting T+60 | — | $9.92 (+8.65%) |
Aug 28, 2026 8w ago | Press Release | $9.13 | awaiting T+60 | — | $9.92 (+8.65%) |
Aug 11, 2026 10w ago | Press Release | $8.23 | awaiting T+60 | — | $9.92 (+20.53%) |
Jul 30, 2026 12w ago | Press Release | $7.97 $9.81 | ▲ +23.09% | ▲ +20.62% | $9.92 (+24.47%) |
US Market Status
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