Black Rock Coffee Bar Raises 2026 Opening and Ebitda Targets
The company lifted full-year 2026 adjusted EBITDA to $34 million to $35 million and store openings to 38 after a 25.0% year-over-year revenue increase.
Black Rock Coffee Bar, Inc. (BRCB), a company-owned drive-thru coffee operator, raised its 2026 store-opening and adjusted EBITDA targets after second-quarter revenue of $63.0 million, up 25.0% from a year earlier.
The company now expects 38 new store openings and adjusted EBITDA of $34 million to $35 million for the full year, up from 36 openings and $33.5 million to $34.5 million when it reaffirmed guidance in May. Total revenue of $255 million to $257 million, mid-single-digit same-store sales growth, and capital expenditures of $42 million to $43 million were left unchanged.
Revenue growth had been 23.7% in the first quarter. Same-store sales, however, slowed to 4.2% year over year from 5.2% in the first quarter, after a 10.9% year-ago comparison. Chief Executive Officer Mark Davis said the 4.2% increase, or 15.1% on a two-year basis, underscored the resilience of customer demand. Average unit volume was $1,288.
The company opened 10 new locations in the quarter, bringing the systemwide count to 200 stores. Total store operating weeks were 2,510. Store revenue was $62.9 million.
Income from operations was $4.1 million, with the operating margin at 6.5%. Store-level profit was $19.0 million, and store-level profit margin expanded to 30.2% from 29.5% a year earlier. Adjusted EBITDA was $9.4 million, up 17.2%, after 23.5% growth in the first quarter. Adjusted EBITDA margin compressed to 15.0% from 16.0% a year earlier.
Selling, general, and administrative expenses were $9.8 million, or 15.6% of total revenue. Adjusted SG&A expenses were $8.4 million, or 13.4% of total revenue. Net income was $3.2 million, compared with a $1.1 million loss a year earlier. Net income attributable to Black Rock Coffee Bar, Inc. was $1.2 million, or $0.06 a share, after $2.0 million of net income was allocated to noncontrolling interest.
Davis said the company continued to invest in menu offerings, loyalty segmentation, daypart-based offers, and extended operating hours, and that a largely committed 2026 and 2027 development pipeline reinforced confidence in whitespace ahead.
Cash and cash equivalents were $16.0 million as of June 30, 2026, down from $20.0 million at March 31. Total debt was $30.6 million, consisting of $18.6 million outstanding under the credit facility and $12.0 million of financing obligations related to certain reverse build-to-suit lease arrangements. Outstanding principal under the term loan facility was $19.6 million. The $25 million revolving credit facility remained undrawn.
The company remains focused on deepening guest engagement, fostering a people-oriented culture, and growing its market presence as it scales the 200-store base.