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what it is
Black Rock runs company-owned coffee shops built around fast drive-thru service, with 169 locations across seven states as of September 30, 2025.
how it gets paid
Last year Black Rock Coffee made $200M in revenue. drive-thru beverage sales was the main engine at $120M, or 60% of sales.
why it's growing
Revenue grew 24.5% last year. EDGAR shows Revenue up 185% vs. prior year to $147 million.
what just happened
Revenue hit $147M, but EPS stayed negative at -$0.05.
At a glance
n/a balance sheet
1.8x trailing p/e — the market's not buying it — or you found a deal
$12.00 fy2025 eps est
$161M fy2024 rev est
0.4% operating margin
What they do
Black Rock runs company-owned coffee shops built around fast drive-thru service, with 169 locations across seven states as of September 30, 2025.
Convenience is the pitch. All 169 locations include drive-thru service, and about 75% also have lobbies, so you get speed or a place to stay without choosing. That format helped the chain reach seven states by September 30, 2025, but the quiet part is simple: with a 0.4% operating margin, the edge has to be traffic and execution.
How they make money
$200M
annual revenue · their business grew +24.5% last year
drive-thru beverage sales
$120M
lobby beverage sales
$40M
food and snack sales
$20M
digital, merchandise, and other
$20M
The products that matter
sells drinks through drive-thru stores
Company-operated coffee bars
~$180M · about 90% of revenue
This is the business. About 90% of a $200M revenue base comes from 184 locations, so store openings and store traffic matter more than anything else on the page.
184 stores
customer traffic and repeat visits
Loyalty program
10% same-store sales growth
Management tied loyalty gains to last year's 10% same-store sales growth. If repeat visits fade, the expansion pitch starts looking like a lot of new stores covering for weaker old ones.
traffic lever
ancillary and non-store sales
Other revenue
$20M · about 10% of revenue
This is the smaller bucket at $20M. Helpful, yes. Thesis-changing, no. You are still buying a store-count growth story with a coffee cup in its hand.
small side bucket
Key numbers
$200M
annual revenue
That is the current scale. Plain English: Black Rock is growing fast, but it is still a sub-$1 billion revenue business by a wide margin.
24.5%
revenue growth
Sales rose 24.5% vs. prior year. So what: the demand story is real even if profits are still thin.
0.4%
operating margin
Operating margin means profit after running the stores but before interest and taxes. Plain English: almost none of each sales dollar is sticking yet.
$150M
long-term debt
Debt is money the company owes over time. So what: that is a big load for a business still fighting for durable profitability.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $150M (25% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BRCB right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $147M, but EPS stayed negative at -$0.05.
EDGAR shows quarterly revenue up 185% vs. prior year to $147 million, while EPS was -$0.05. Yahoo Finance shows the last reported EPS at -$0.04, so you should focus more on the sales trend than the exact penny loss.
$147M
revenue
$0.05
eps
0.4%
gross margin
the number that mattered
The number that mattered was 24.5% annual revenue growth, because this stock is being priced on expansion while profits are still thin.
source: EDGAR filings and company results, 2026
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What could go wrong
Black Rock's risk is specific, not theoretical: it needs to open at least 36 stores while keeping same-store sales closer to 10% than to flat. That's a demanding ask for a 184-store chain carrying $150M of long-term debt.
high
new-store execution
Management wants at least 36 new openings in 2026 on top of 184 existing stores. That is real operating strain for a small chain — staffing, site selection, training, and local demand all have to line up.
If openings fall materially short of 36, the whole unit-growth pitch loses force.
med
same-store sales slowdown
Last year same-store sales grew 10%. That matters because expansion looks much better when the old stores are also getting more productive. If traffic or ticket growth cools, new units have to do all the work.
If comps drop well below last year's 10%, investors stop paying for clean expansion and start asking harder margin questions.
med
debt and thin profitability
The company carries $150M of long-term debt, or 25% of capital, while the source page still shows incomplete balance-sheet coverage and an unusually aggressive $12.00 EPS estimate. That's a reminder that the revenue story and the profit story are not the same story.
Revenue can keep rising while profits stay thin. Retail does that more often than growth investors like to admit.
This setup needs both halves of the math to work: 184 stores growing to at least 220, and same-store sales staying healthy enough that the older locations still carry their weight. If either side slips, a $457M equity value on a $200M revenue base looks less forgiving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
core metric
same-store sales
Last year this number was 10%. If it cools while store openings continue, growth gets more expensive and less persuasive.
calendar
next earnings report
Estimated for 2026-06-15–17. Consensus calls for $0.05 EPS and $58.05M in revenue.
store growth
opening pace toward 36+ new units
This is the operating promise behind the stock. Each quarter should make that target feel more credible, or more strained.
street view
analyst target revisions
Stifel sits at $27 and the consensus target is $28.73. If those numbers start moving down after a growth quarter, the market is telling you execution is getting harder.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for BRCB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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