Black Rock Coffee Bar, Inc. (BRCB) is a publicly traded company on NASDAQ, known for its drive-thru coffee bars that provide premium caffeinated beverages and an elevated customer experience. Founded in 2008 by Daniel Brand and Jeff Hernandez (along with Jake Spellmeyer and Bryan Pereboom) in a 160 sq ft ...Black Rock Coffee Bar, Inc. (BRCB) is a publicly traded company on NASDAQ, known for its drive-thru coffee bars that provide premium caffeinated beverages and an elevated customer experience. Founded in 2008 by Daniel Brand and Jeff Hernandez (along with Jake Spellmeyer and Bryan Pereboom) in a 160 sq ft drive-thru in Beaverton, Oregon, the company has grown significantly. As of its IPO in September 2025, the company manages over 156 locations across Arizona, California, Colorado, Idaho, Oregon, Texas, and Washington, with a workforce of approximately 2,800 employees. Headquartered in Scottsdale, Arizona, the company emphasizes a culture of hospitality, professional development, and compassionate customer service. Financially, as of the latest TTM data, Black Rock Coffee Bar has a market cap of around $131.5 million, with revenue per share of $11.85. The company's gross profit margin stands at 30.9%, while its net profit margin is low at 0.6%, reflecting the high costs associated with its expansion. The company has a debt-to-equity ratio of 3.08, indicating significant leverage, and an EV/EBITDA of 40.65, suggesting a high valuation relative to earnings. Despite this, the company shows a strong asset turnover of 0.6 and a quick ratio of 0.77, indicating potential liquidity challenges. The management team is led by CEO Mark Davis, who joined in 2023, and co-founder Jeff Hernandez serves on the board. The company's mission is to bring light and joy to communities through its coffee, positioning itself as a rival to larger chains like Starbucks. With its recent IPO, the company aims to expand its footprint and enhance its brand presence, focusing on a high-growth strategy in the competitive coffee market.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$200.3M
+24.5%
+13.6%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-60000
+98.4%
+222.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+29.3%
-40.5%
+87.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+2.6%
+252.6%
-5.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-0.0%
+98.7%
+183.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-33.1M
-244.5%
+403.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-16.5%
-176.7%
+367.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
359.2%
+129.1%
-4.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.04x
+78.1%
-18.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, and welcome to the Black Rock Coffee Bar's Second Quarter 2026 Results Conference Call. Today's call is being recorded, and we have allocated 1 hour for prepared remarks and Q&A. At this time, I'd like to turn the conference over to Will MacIntosh, Chief Investor Relations Officer for Black Rock Coffee Bar. Thank you. You may begin.
Will MacIntosh: Good afternoon, everyone, and thanks for joining us for Black Rock Coffee Bar's second quarter results. Before we begin, we would like to remind you that this conference call may include forward-looking statements. These statements, which are subject to various risks, uncertainties, and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in this afternoon's press release, as well as our filings with the SEC, which can be found on our IR website. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we will also reference certain non-GAAP financial information. We use non-GAAP measures to assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in this afternoon's press release and in our SEC filings. Joining me on the call today is our CEO, Mark Davis, and our CFO, Rodd Booth. Following our prepared remarks, we'll open the call for your questions. With that, I'll turn the call over to Mark.
Mark Davis: Thank you, Will. Good afternoon, everyone. We appreciate you joining us today to discuss our second quarter results. Our second quarter results reflect the strength of Black Rock's differentiated operating model and the disciplined execution of our team. It starts with our people, our greatest competitive advantage. They bring our premium beverages and continuous product innovation to life every day, creating exceptional guest experiences that continue to broaden our appeal across more guests, occasions, and dayparts. And because every Black Rock location is company-owned, our welcoming lobbies and convenient drive-thrus allow us to consistently deliver that experience regardless of how our guests choose to engage with us. Together, these differentiated advantages provide a strong foundation for durable, long-term growth, reflected in another strong quarter that delivered 25% revenue growth, 28% store-level profit growth, and 17% adjusted EBITDA growth compared to the prior year period. Even as we absorb the incremental costs of operating as a public company, which were not present in the same period …