Black Rock Coffee Bar, Inc. (BRCB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$223.6M

Net income, last twelve months

$722.0K

Earnings per share

$0.07

Gross margin

29.8%

Operating margin

1.0%

Net margin

0.3%

Free cash flow

-$40.0M

Return on equity

1.3%

Market value

$216.6M

Price to earnings

145.9x

Cash

$16.0M

Debt

$31.6M

Debt to equity

0.58

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 11 August 2026.

• Revenue rose 25% year over year. Total revenue was $63.0 million, up 25.0% from the prior year period, with store revenue of $62.9 million.
• Operating income up on higher sales. Income from operations was $4.1 million at a 6.5% margin, the same margin as the prior year period, against $3.3 million.
• Net income turned positive. Net income was $3.2 million, after a net loss of $1.1 million a year earlier; diluted EPS of Class A common stock was $0.06.
• Adjusted EBITDA up 17%. Adjusted EBITDA was $9.4 million, with a 15.0% margin, down 1.0 point from 16.0% in the prior year period.
• Stores span seven states. The company described itself as the largest fully company-owned coffee retailer in the country, with locations across seven states from the Pacific Northwest to Texas.
• Founded in Beaverton, Oregon. The company said it was founded in 2008 in Beaverton, Oregon, as a single 160 square foot coffee bar.
• Six-month net openings reached 19. Net new store openings for the first six months were 19, against 9 a year earlier.
• Invested in customer engagement initiatives. During the quarter the company continued investing in initiatives to widen the ways it engages customers.
• Loyalty, daypart offers and hours. Named initiatives include loyalty segmentation, daypart-based offers, and extended operating hours, alongside new and exciting menu offerings.
• Brand awareness in existing markets. Management said it continues to grow its presence and build brand awareness in its existing markets.
• Store-level profit margin rose. Store-Level Profit was $19.0 million, a 30.2% margin against 29.5% a year earlier; the company treats this as a non-GAAP measure.
• Labor and beverage costs increased. Labor and related expenses were $13.2 million, up from $10.4 million; beverage, food and packaging costs were $17.0 million, up from $14.7 million.
• Adjusted SG&A rose as share of revenue. Adjusted SG&A was $8.4 million, or 13.4% of total revenue, against $6.0 million, or 12.0%, in the prior year period. Reported SG&A was 15.6% of revenue in both periods.
• Pre-opening costs rose. Pre-opening costs were $1.3 million, up from $0.8 million; depreciation and amortization was $3.9 million, up from $2.9 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 9 held.

Every filing

The newest filings with the SEC of 37 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

127 funds held it at 30 Jun 2026: 54 added and 25 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Starbucks Corp. (SBUX): revenue $38.3B, market value $117.6B
• Dutch Bros Inc. (BROS): revenue $1.9B, market value $6.6B
• Shake Shack Inc. (SHAK): revenue $1.6B, market value $2.8B
• Wendy's Co. (WEN): revenue $2.2B, market value $1.3B

What the company does

Black Rock Coffee Bar operates drive-thru coffee bars in the United States. It was founded in 2008 in Beaverton, Oregon, by Daniel Brand and Jeff Hernandez, starting as a single 160 square foot coffee bar. As of 31 December 2025 it had 181 locations in seven states, from the Pacific Northwest to Texas. The company describes itself as the largest fully company-owned coffee retailer in the country. It employed approximately 2,800 team members across its stores, roasting facilities and corporate office.

What it sells

The menu is built around coffee. It includes espresso drinks such as Lattes, Americanos and Cappuccinos, signature drinks such as the Caramel Blondie, Mexican Mocha and Blackout, and Nitro Cold Brew and Cold Brew. Guests can change espresso strength, sweetness, milk type and flavors.

Fuel is the company's proprietary energy drink line. It comes in Iced and Frozen formats, with Original and Sugar-Free varieties. Fuel and Frozen Fuel made up approximately 24% of total revenue. Food is sold under the name "All-Day Breakfast" and includes breakfast burritos, sausage cheddar sandwiches, banana bread and glazed donut holes. The company also sells K-Cup pods, custom blend roasted beans and cold brew bags.

How the stores work

Every location has a drive-thru, and approximately 73% also have a lobby with seating. Many stores use dual-lane drive-thrus, and baristas take orders in line on tablets. The company targets service times of approximately 90 seconds from order to handoff.

All stores are company-operated. The company does not own the land for any of them. It develops sites through Build-to-Suit, Reverse Build-to-Suit and ground lease structures. Site selection uses traffic patterns, demographic indicators and mobility data. The company says it expects to open 36 stores in 2026 and that most new locations will have both a drive-thru and a lobby.

Loyalty and digital

The loyalty program launched in June 2024 and is built into the mobile app and the point-of-sale system. Members earn points, called Bolts, for every dollar spent and can redeem them for drinks, food and other perks. As of 31 December 2025, loyalty transactions made up approximately 63% of total sales.

The app supports order-ahead, and third-party delivery serves guests off-premise. The company runs Revel for point of sale, Paytronix for loyalty, R365 for inventory and 7shifts for labor scheduling.

Sourcing and roasting

The company buys arabica beans from Brazil, Ethiopia, Uganda, Mexico and Honduras. It roasts them in small batches at its two facilities, in Tempe, Arizona and Vancouver, Washington. Both use Probat G120 roasters. Beans go to stores weekly and are used within 14 days of roasting. The company generally keeps around a six-month supply of green coffee, held at its importer's warehouse and its roasting facilities. National and regional distributors deliver dairy, syrups, packaging and the components for Fuel.

Its people

None of the employees are represented by a labor union. The company describes a career path from Barista to Shift Lead, Assistant Store Lead, Store Lead and Multi-Store Lead. Above the stores are Area Managers and Directors of Operations, who oversee between 20 and 55 stores. Profit sharing starts at the Assistant Store Lead level. Quarterly performance bonuses go to Assistant Store Leads, Store Leads, Multi-Store Leads, Area Managers and Directors of Operations.

In 2025 the company supported over 450 local businesses and high schools through donations. Its Give Back Days are local events where it donates a portion of the day's proceeds to individuals facing hardship.

How it competes

The company names several groups of competitors:

- national and regional coffee chains - local specialty coffee shops - regional drive-thru beverage chains - drive-thru quick service restaurants with coffee and other beverage programs

Its competitors use company-operated, franchised and mixed models. The company says many have existed longer and have substantially greater resources. Because of Fuel, it also competes with companies outside the coffee shop industry, such as convenience food shops. Sales are typically nominally higher in the spring and fall months, which affects the second and third quarters.

How the company is set up

Black Rock Coffee Bar, Inc. is a Texas corporation and a holding company. It is the sole managing member of Black Rock OpCo, which through its subsidiaries conducts all of the operations. The company completed its initial public offering of Class A common stock on 15 September 2025 and owns 65.0% of Black Rock OpCo after the related transactions.

*From Black Rock Coffee Bar's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2068577/000162828026014380/brcb-20251231.htm)*

From the company's 10-K.