Black Rock Coffee Bar, Inc. BRCB
Our Mission: To Fuel People Forward – One Connection, One Moment, One Cup at a Time
We are a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon, by our co-founders Daniel Brand and Jeff Hernandez. What started as a single 160 square foot coffee bar in 2008 is now one of the fastest growing beverage companies in the United States by revenue and the largest fully company-owned coffee retailer in the country, with 181 locations spanning seven states as of December 31, 2025, from the Pacific Northwest to Texas.
We were founded as a drive-thru only concept and evolved to include engaging seating areas, which we call "lobbies." All of our locations include efficient drive-thrus and approximately 73% of our locations include lobbies as of December 31, 2025. We expect most of our new locations to include both drive-thrus and lobbies as we continue to grow. Our modern, inviting store formats—paired with a robust digital platform—allow us to deliver a dynamic and multi-faceted guest experience.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $200.3M | $160.9M | $133.2M | — |
| SG&A | $41.3M | $25.3M | $20.3M | — |
| Total operating expenses | $199.4M | $154.9M | $131.1M | — |
| Operating income | $901.0K | $6.0M | $2.0M | — |
| Pre-tax income | -$16.1M | -$6.9M | -$8.3M | — |
| Income tax | $475.0K | $270.0K | $357.0K | — |
| Net income | -$60.0K | -$7.2M | -$8.8M | — |
| EPS, basic | 0.00 | — | — | — |
| EPS, diluted | 0.00 | — | — | — |
| Shares, diluted (wtd. avg.) | 17.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $28.4M | $10.2M | $17.2M | $5.9M |
| Receivables | $3.5M | $4.3M | — | — |
| Inventory | $2.9M | $2.1M | — | — |
| Total current assets | $40.1M | $19.4M | — | — |
| Property, plant and equipment | $101.2M | $70.0M | — | — |
| Goodwill | $9.4M | $9.4M | — | — |
| Other intangibles | $5.8M | $7.3M | — | — |
| Total assets | $336.4M | $212.9M | — | — |
| Accounts payable | $12.1M | $6.6M | — | — |
| Short-term debt | $835.0K | $925.0K | — | — |
| Total current liabilities | $38.6M | $33.3M | — | — |
| Long-term debt | $25.9M | $89.3M | — | — |
| Total liabilities | $231.7M | $229.6M | — | — |
| Retained earnings | -$60.0K | — | — | — |
| Total equity | $45.7M | -$257.8M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $2.2M | $13.3M | $5.2M | — |
| Depreciation and amortisation | $12.2M | $10.4M | $8.5M | — |
| Stock-based compensation | $2.1M | $0 | $0 | — |
| Capital expenditure | $34.9M | $22.2M | $16.2M | — |
| Investing cash flow | -$35.3M | -$22.9M | -$15.4M | — |
| Financing cash flow | $51.3M | $2.6M | $21.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-014380.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $133.2M | $160.9M | $200.3M |
| Gross profit | — | — | — | — |
| Net income | — | -$8.8M | -$7.2M | -$60.0K |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 5810
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP | $114.91B | 61.8x | 2.8% |
| BROS | Dutch Bros Inc. | $5.58B | 64.8x | 27.9% |
| SHAK | Shake Shack Inc. | $2.63B | 59.8x | 15.4% |
| WEN | Wendy's Co | $1.19B | 7.3x | -3.1% |
| CNNE | Cannae Holdings, Inc. | $706.6M | — | -6.4% |
| SDOT | Sadot Group Inc. | $9.2M | — | -64.8% |
| CHA | Chagee Holdings Ltd. | — | — | — |