Black Rock Coffee Q4 Revenue Soars 25.3% to $53.6M, Profit Margins Hit 29.4%
Black Rock Coffee reported Q4 revenue of $53.6M, up 25.3% year-over-year, on 12 new store openings, while store-level profit rose 35.8% to $15.7M and margins expanded 230 basis points to 29.4%. Management forecasts 36 new stores and $255M–$257M revenue for 2026 as part of its 1,000-unit goal by 2035.
1. Q4 Financial Performance
Black Rock Coffee’s fourth-quarter revenue rose 25.3% year-over-year to $53.6 million, supported by 9.3% same-store sales growth and the opening of 12 new stores. Store-level profit increased 35.8% to $15.7 million, pushing store-level margins up 230 basis points to 29.4%, while consolidated adjusted EBITDA jumped 52.4% to $6.5 million.
2. Full-Year Results and 2026 Guidance
For the full year, revenue grew 24.5% to $200.3 million and adjusted EBITDA climbed 36.2% to $27.5 million, with EBITDA margin expanding 120 basis points to 13.7%. Management plans to open 36 new stores in 2026 and projects revenue of $255–257 million.
3. Operational and Profitability Drivers
Cost margin improvements stemmed from enhanced store-level execution, procurement efficiencies and pricing oversight, while SG&A discipline held expenses at 15% of revenue. Loyalty participation remained at 65%, and digital initiatives, targeted marketing tests and menu innovations bolstered guest engagement and transaction growth.
4. Store Development and Long-Term Goals
The company ended 2025 with 181 stores after opening 32 locations and reiterated a 1,000-unit target by 2035. It is deploying a modular prototype to reduce capital costs and expanding its site pipeline buffer to minimize landlord and permitting delays.