Free cash flow remains consistently negative, highlighted by a -17.0% FCF margin in 2026Q1, indicating that store-level operations are not yet self-funding the aggressive capital expenditure requirements.
| Cash from Operations | 16.1M | 2.19M | 13.3M | 5.17M |
| Operating CF Margin % | - | 1.09% | 8.27% | 3.88% |
| Operating CF Growth % | 84.05% | -83.55% | 157.5% | - |
| Net Income | 1.29M | 0 | -7.19M | -8.7M |
| Depreciation & Amortization | 9.65M | 0 | 10.36M | 8.52M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 |
| Deferred Taxes | 323K | 0 | 0 | 0 |
| Other Non-Cash Items | 9.05M | 15.15M | 10M | 8.38M |
| Working Capital Changes | -3.83M | -12.97M | 127K | -3.04M |
| Change in Receivables | 645K | 220K | -3.53M | 290K |
| Change in Inventory | -406.5K | -843K | -596K | 331K |
| Change in Payables | 1.06M | 3.53M | 27K | -1.76M |
| Cash from Investing | -36.23M | -35.31M | -22.92M | -15.45M |
| Capital Expenditures | -19.65M | 0 | -22.18M | -16.16M |
| CapEx % of Revenue | 9.44% | 17.41% | 13.78% | 12.13% |
| Acquisitions | 0 | 0 | 0 | 5.87M |
| Investments | - | - | - | - |
| Other Investing | -16.58M | -35.31M | -745K | -5.16M |
| Cash from Financing | 9.7M | 51.3M | 2.64M | 21.56M |
| Debt Issued (Net) | 3.35M | -70.75M | 11.61M | -800K |
| Equity Issued (Net) | -563K | 365.46M | -4.57M | 30.9M |
| Dividends Paid | -300K | 0 | -624K | -8.09M |
| Share Repurchases | 0 | -3.43M | 0 | 0 |
| Other Financing | 7.21M | -243.41M | -3.77M | -448K |
| Net Change in Cash | 34.66M | 18.18M | -6.97M | 11.28M |
| Free Cash Flow | -19.58M | -32.7M | -9.62M | -11.24M |
| FCF Margin % | -9.41% | -16.32% | -5.98% | -8.44% |
| FCF Growth % | - | -240.02% | 14.45% | - |
| FCF per Share | -1.11 | -1.92 | -0.63 | -0.74 |
| FCF Conversion (FCF/Net Income) | -15.17x | -36.48x | -3.55x | -0.59x |
| Interest Paid | 6.31M | 0 | 10.14M | 9.41M |
| Taxes Paid | 60K | 0 | 277K | 195K |
Capital intensity outpacing cash
According to recent financial disclosures, BRCB exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios reaching as high as 17.97 in 2026Q1, suggesting that reported earnings are currently failing to capture the underlying cash-generative capacity of the core store operations.
The wide gap between net income and operating cash flow indicates that non-cash items and working capital adjustments are heavily influencing the bottom line. Investors should monitor whether this trend reflects genuine operational efficiency or merely the accounting treatment of rapid unit expansion.
As reported in quarterly filings, BRCB's free cash flow remains consistently negative, with a 2026Q1 FCF margin of -17.0%, highlighting a business model that is currently reliant on external capital or cash reserves to fund its aggressive physical footprint expansion across the Western United States.
The persistent negative FCF trajectory suggests that the company is in a heavy investment phase where capital expenditures are significantly outpacing internal cash generation. This trend warrants further investigation into the expected payback period for new locations to determine when the business might reach self-sustaining cash flow.
Based on the provided data, BRCB's capital intensity is substantial, with CapEx/Revenue ratios peaking at 29.2% in 2026Q1, which reflects a strategy of prioritizing new store construction over the optimization of existing assets in a highly competitive and capital-intensive beverage retail environment.
The high level of capital expenditure relative to revenue suggests that the company is aggressively deploying cash to secure market share. This intensity may limit the company's ability to pivot if regional economic conditions deteriorate or if unit-level economics fail to meet internal growth targets.
As evidenced by the fluctuating working capital changes, including a $3.5M outflow in 2025Q4, BRCB appears to face inconsistent cash conversion cycles, which may indicate challenges in managing inventory levels or timing payments to suppliers during periods of rapid store-level scaling.
The volatility in working capital suggests that the company's cash management is sensitive to the pace of its expansion. Analysts should monitor whether these fluctuations are temporary timing differences or indicative of structural inefficiencies in the supply chain and inventory management processes.
Quick answers to the most common questions about buying BRCB stock.
Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) generated $2.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) reported negative free cash flow of $32.7M in 2025, indicating capital requirements exceeded cash from operations.
Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) spent $3.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.