Black Rock Raises 2026 Opening Target to 40

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue reached $66.8 million, up 29.7% from a year earlier, as same-store sales growth accelerated to 5.8%.

Black Rock Coffee Bar, Inc. (BRCB), a drive-thru coffee operator, reported third-quarter revenue of $66.8 million, up 29.7% from a year earlier, as year-over-year growth accelerated for a second straight quarter after 25.0% in the second quarter and 23.7% in the first.

Same-store sales rose 5.8% from the year-ago period, up from 4.2% in the second quarter after 5.2% in the first. The company said that marked its 15th consecutive quarter of positive same-store sales growth, or 16.6% on a two-year basis.

The company opened 11 new stores in the quarter, taking the systemwide count to 211.

Income from operations was $2.8 million, or a 4.2% margin, versus a $6.4 million operating loss, or a (12.4)% margin, a year earlier. Sequential operating margin compressed from 6.5% in the second quarter and 4.8% in the first.

Net income was $2.7 million, or a 4.0% margin, versus a $16.2 million net loss, or a (31.4)% margin, a year earlier.

Store-Level Profit was $19.3 million, or a 28.9% margin, versus $15.2 million, or a 29.6% margin, a year earlier. Sequential Store-Level Profit margin compressed from 30.2% in the second quarter and 29.6% in the first.

Adjusted EBITDA was $8.5 million, up 22.1% from a year earlier, after 17.2% growth in the second quarter and 23.5% in the first. Adjusted EBITDA margin was 12.7%, versus 13.4% a year earlier.

GAAP selling, general and administrative expenses were $10.3 million, or 15.5% of revenue, versus $17.2 million, or 33.3% of revenue, a year earlier. Adjusted SG&A was $8.9 million, or 13.4% of revenue, versus $6.9 million, or 13.3% of revenue, a year earlier.

Average unit volume was $1,296 versus $1,260 a year earlier. Total store operating weeks were 2,687 versus 2,108 a year earlier.

Chief Executive Officer Mark Davis said the company opened 11 new stores and is now ahead of its development plan, increasing its full-year target to 40 new store openings. He said the company is reaffirming full-year revenue and adjusted EBITDA guidance.

The company updated full-year 2026 guidance to 40 new store openings, up from 38 after the second quarter and 36 after the first. Capital-expenditure guidance rose to $47 million to $48 million from $42 million to $43 million after the second quarter and $40 million to $41 million after the first. It reaffirmed total revenue of $255 million to $257 million, mid-single-digit same-store sales growth, and adjusted EBITDA of $34 million to $35 million.

Cash and cash equivalents were $13.6 million as of September 30, 2026, versus $16.0 million at June 30 and $20.0 million at March 31. Total debt was $38.1 million, versus $30.6 million at June 30 and $27.4 million at March 31. The company had $4.0 million outstanding under its $25 million revolving credit facility, leaving $21.0 million of remaining borrowing capacity.