Revenue growth of 16.5% in 2026Q1 is offset by structural margin volatility, as gross margins contracted from 42.5% in early 2025 to 23.5% in the most recent quarter.
| Sales/Revenue | 208.17M | 200.32M | 160.92M | 133.16M |
| Revenue Growth % | - | 24.49% | 20.84% | - |
| Cost of Goods Sold | 143.86M | 141.59M | 81.62M | 72.16M |
| COGS % of Revenue | - | 70.68% | 50.72% | 54.19% |
| Gross Profit | 64.31M | 58.73M | 79.29M | 61M |
| Gross Margin % | 30.89% | 29.32% | 49.28% | 45.81% |
| Gross Profit Growth % | - | -25.94% | 29.98% | - |
| Operating Expenses | 59.6M | 53.52M | 82.03M | 58.96M |
| OpEx % of Revenue | - | 26.72% | 50.98% | 44.28% |
| Selling, General & Admin | 50.31M | 41.32M | 34.03M | 20.31M |
| SG&A % of Revenue | - | 20.63% | 21.15% | 15.25% |
| Research & Development | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 3M | 12.2M | 48M | 38.65M |
| Operating Income | 4.72M | 5.2M | -2.74M | 2.04M |
| Operating Margin % | 2.27% | 2.6% | -1.7% | 1.53% |
| Operating Income Growth % | - | 290% | -234.13% | - |
| EBITDA | 17.45M | 17.4M | 7.63M | 10.56M |
| EBITDA Margin % | 8.39% | 8.69% | 4.74% | 7.93% |
| EBITDA Growth % | - | 128.24% | -27.83% | - |
| D&A (Non-Cash Add-back) | 12.74M | 12.2M | 10.36M | 8.52M |
| EBIT | -4.36M | -6.28M | -8.4M | 3.15M |
| Net Interest Income | -6.69M | -9.35M | -4.34M | -10.95M |
| Interest Income | 197K | 433K | 0 | 538K |
| Interest Expense | 6.89M | 9.78M | 4.34M | 11.49M |
| Other Income/Expense | -18.02M | -21.27M | -10.01M | -10.38M |
| Pretax Income | -13.3M | -16.06M | -12.75M | -8.34M |
| Pretax Margin % | -6.39% | -8.02% | -7.92% | -6.26% |
| Income Tax | 467K | 475K | -886K | 357K |
| Effective Tax Rate % | -3.51% | -2.96% | 6.95% | -4.28% |
| Net Income | 1.29M | -60K | -3.74M | -8.82M |
| Net Margin % | 0.62% | -0.03% | -2.33% | -6.62% |
| Net Income Growth % | - | 98.4% | 57.54% | - |
| Net Income (Continuing) | -13.77M | -16.54M | -11.86M | -8.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 60.21M | 59.03M | 0 | 436K |
| EPS (Diluted) | 0.07 | -0.00 | -0.25 | -0.58 |
| EPS Growth % | - | 98.64% | 56.9% | - |
| EPS (Basic) | - | -0.00 | -0.25 | -0.58 |
| Diluted Shares Outstanding | 17.56M | 17.02M | 15.27M | 15.27M |
| Basic Shares Outstanding | 17.56M | 17.02M | 15.27M | 15.27M |
| Dividend Payout Ratio | - | - | - | - |
Operating margin volatility
As reported in recent financial filings, BRCB achieved a 24.49% year-over-year revenue growth rate, signaling that the company is successfully prioritizing rapid unit expansion over immediate bottom-line stability to capture market share in the competitive Western United States beverage landscape.
The consistent revenue climb from $42.8M in 2024Q4 to $55.5M in 2026Q1 suggests that the company's drive-thru-centric model is gaining traction with its target demographic. However, investors should monitor whether this growth is sustainable through organic same-store sales or if it remains overly dependent on the capital-intensive opening of new locations.
Based on the provided income statement data, gross margins have fluctuated significantly, ranging from a high of 42.5% in early 2025 to a low of 23.5% in 2026Q1, indicating a lack of consistent pricing power or vulnerability to shifting commodity input costs.
The sharp contraction in gross margin suggests that the company may be struggling to pass through inflationary pressures in dairy and coffee beans to its consumer base. This instability warrants further investigation into whether the current product mix is shifting toward lower-margin items or if operational inefficiencies are eroding profitability.
According to the latest quarterly figures, BRCB's operating margin of 2.60% highlights a business model where corporate overhead and store-level expenses frequently consume nearly all gross profit, leaving minimal cushion for the company to scale effectively without significant improvements in operational efficiency.
The erratic nature of operating income, which swung from a $8.0M loss in 2024Q4 to a $3.8M gain in 2026Q1, suggests that the company has yet to achieve the necessary scale to amortize its fixed costs. Investors should monitor whether SG&A expenses continue to track closely with revenue growth, which would indicate a failure to realize meaningful operating leverage.
As evidenced by the net margin of -0.03% across the observed period, BRCB appears to be operating at a razor-thin break-even point, raising concerns that the current growth strategy may be masking underlying structural weaknesses in unit-level economics.
Short-term profitability is highly sensitive to minor fluctuations in operating expenses, as seen in the inconsistent net income results. The reliance on aggressive expansion to drive top-line growth may be unsustainable if the company cannot demonstrate a clear path to consistent, positive net margins in the coming quarters.
Quick answers to the most common questions about buying BRCB stock.
For fiscal year 2025, Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) reported total revenue of $200.3M. This represents a 50.4% increase compared to $133.2M in 2023.
Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) reported a net loss of $0.1M for the fiscal year ending 2025.
Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) reported an operating income of $5.2M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Black Rock Coffee Bar, Inc. Class A Common Stock (BRCB) generated $58.7M in gross profit for the year, representing a gross profit margin of 29.3%. This demonstrates the company's core pricing power and production efficiency.