Black Rock Coffee Bar, Inc.
BRCB Nasdaq Retail-Eating & Drinking Places Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$200M
24.5%
vs prior year
Operating margin
Operating income as a share of revenue.
0.4%
3.3 pts
Net income
Profit after all expenses, interest and tax.
−$0.1M
Free cash flow
Cash from operations minus capital spending.
−$32.7M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.6%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Black Rock Coffee Bar, Inc. does
No business description yet.
- Legal name
- Black Rock Coffee Bar, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 4, 2026
- Accession · CIK
- 0001628280-26-014380
0002068577
Revenue and margins
Black Rock Coffee Bar, Inc. had $200M of revenue in fiscal 2025, up 24.5% on the year before.
FY23
Revenue $133M
FY24
Revenue $161M
FY25
Revenue $200M
Q3 '24
Revenue $41.5M
Q4 '24
Revenue $42.8M
Q1 '25
Revenue $44.8M
Q2 '25
Revenue $50.4M
Q3 '25
Revenue $51.5M
Q4 '25
Revenue $53.6M
Q1 '26
Revenue $55.5M
Q2 '26
Revenue $63.0M
FY23
Gross —
Operating 1.5%
Net −6.6%
FCF −8.3%
FY24
Gross —
Operating 3.7%
Net −4.5%
FCF −5.5%
FY25
Gross —
Operating 0.4%
Net −0.0%
FCF −16.3%
Gross
Operating
Net
FCF
Q3 '24
Gross —
Operating 7.6%
Net −1.7%
FCF —
Q4 '24
Gross —
Operating −0.3%
Net −9.9%
FCF 0.5%
Q1 '25
Gross —
Operating 5.0%
Net 0.0%
FCF −6.9%
Q2 '25
Gross —
Operating 6.5%
Net 0.0%
FCF −7.0%
Q3 '25
Gross —
Operating −12.4%
Net −1.4%
FCF −37.4%
Q4 '25
Gross —
Operating 3.3%
Net 1.2%
FCF −12.8%
Q1 '26
Gross —
Operating 4.8%
Net 0.7%
FCF −17.0%
Q2 '26
Gross —
Operating 6.5%
Net 1.9%
FCF −7.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$8.8M
FY24
Net income −$7.2M
FY25
Net income −$0.1M
Q3 '24
Net income −$0.7M
Q4 '24
Net income −$4.2M
Q1 '25
Net income $0.0M
Q2 '25
Net income $0.0M
Q3 '25
Net income −$0.7M
Q4 '25
Net income $0.7M
Q1 '26
Net income $0.4M
Q2 '26
Net income $1.2M
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS $0.00
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS —
Q2 '25
Diluted EPS —
Q3 '25
Diluted EPS −$0.05
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS $0.02
Q2 '26
Diluted EPS $0.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity —
Return on assets −3.4%
FY25
Return on capital 1.6%
Return on equity —
Return on assets −0.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$32.7M in fiscal 2025, −16.3% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$11.0M
FY24
Free cash flow −$8.9M
FY25
Free cash flow −$32.7M
Q3 '24
Free cash flow —
Q4 '24
Free cash flow $0.2M
Q1 '25
Free cash flow −$3.1M
Q2 '25
Free cash flow −$3.5M
Q3 '25
Free cash flow −$19.2M
Q4 '25
Free cash flow −$6.9M
Q1 '26
Free cash flow −$9.4M
Q2 '26
Free cash flow −$4.5M
FY23
Cash from operations $5.2M
Capital spending $16.2M
FY24
Cash from operations $13.3M
Capital spending $22.2M
FY25
Cash from operations $2.2M
Capital spending $34.9M
Cash from operations
Capital spending
Q3 '24
Cash from operations —
Capital spending —
Q4 '24
Cash from operations $4.2M
Capital spending $3.9M
Q1 '25
Cash from operations $3.4M
Capital spending $6.5M
Q2 '25
Cash from operations $5.0M
Capital spending $8.5M
Q3 '25
Cash from operations −$11.3M
Capital spending $7.9M
Q4 '25
Cash from operations $5.1M
Capital spending $12.0M
Q1 '26
Cash from operations $6.8M
Capital spending $16.2M
Q2 '26
Cash from operations $12.4M
Capital spending $16.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Black Rock Coffee Bar, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Black Rock Coffee Bar, Inc. can carry it.
FY23
Cash $17.2M
Debt —
FY24
Cash $10.2M
Debt $90.2M
FY25
Cash $28.4M
Debt $27.9M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $17.2M | $10.2M | $28.4M |
| Debt incl. finance leases | — | $90.2M | $27.9M |
| Net debt / EBITDA | — | 4.9x | −0.0x |
| Debt / equity | — | — | 0.6x |
| Current ratio | — | 0.6x | 1.0x |
| Quick ratio | — | 0.5x | 1.0x |
| Total assets | — | $213M | $336M |
| Total liabilities | — | $230M | $232M |
| Shareholders' equity | — | −$258M | $45.7M |
| Net debt (− = net cash) | — | $80.0M | −$0.5M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 3 | 5 / 7 |
| Accruals ratio | — | −9.6% | −0.8% |
| Altman Z'' | — | — | 0.25 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $133M | $161M | $200M |
| Operating income | $2.0M | $6.0M | $0.9M |
| Pretax income | −$8.3M | −$6.9M | −$16.1M |
| Income tax | $0.4M | $0.3M | $0.5M |
| Net income | −$8.8M | −$7.2M | −$0.1M |
| Diluted EPS | — | — | $0.00 |
| Diluted shares | — | — | 0.02B |
| Cash flow | |||
| Cash from operations | $5.2M | $13.3M | $2.2M |
| Capital expenditure | $16.2M | $22.2M | $34.9M |
| Free cash flow | −$11.0M | −$8.9M | −$32.7M |
| Depreciation and amortization | $8.5M | $10.4M | $12.2M |
| Stock-based compensation | $0.0M | $0.0M | $2.1M |
| Balance sheet | |||
| Cash and short-term investments | $17.2M | $10.2M | $28.4M |
| Total debt | — | $90.2M | $27.9M |
| Current assets | — | $19.4M | $40.1M |
| Current liabilities | — | $33.3M | $38.6M |
| Inventory | — | $2.1M | $2.9M |
| Property and equipment, net | — | $70.0M | $101M |
| Goodwill | — | $9.4M | $9.4M |
| Intangible assets | — | $7.3M | $5.8M |
| Total assets | — | $213M | $336M |
| Total liabilities | — | $230M | $232M |
| Preferred stock | — | — | $0.0M |
| Shareholders' equity | — | −$258M | $45.7M |
| Margins | |||
| Operating margin | 1.5% | 3.7% | 0.4% |
| EBITDA margin | 7.9% | 10.2% | 6.5% |
| Net margin | −6.6% | −4.5% | −0.0% |
| FCF margin | −8.3% | −5.5% | −16.3% |
| Returns | |||
| Return on capital | — | — | 1.6% |
| Return on capital employed | — | 3.4% | 0.3% |
| Return on assets | — | −3.4% | −0.0% |
| Return on tangible equity | — | — | −0.2% |
| Growth | |||
| Revenue growth | — | 20.8% | 24.5% |
| Financial health | |||
| Net debt / EBITDA | — | 4.9x | −0.0x |
| Debt / equity | — | — | 0.6x |
| Current ratio | — | 0.6x | 1.0x |
| Quick ratio | — | 0.5x | 1.0x |
| Capital allocation | |||
| Capex / revenue | 12.1% | 13.8% | 17.4% |
| Stock comp / revenue | 0.0% | 0.0% | 1.0% |
| Quality scores | |||
| Piotroski F-score | — | — | 5.0 |
| Altman Z'' | — | — | 0.3 |
| Accruals ratio | — | −9.6% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0002068577). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.