Black Rock Coffee Bar’s first quarter as a newly public company showed strong sales and profit growth, even as its share price trades far below its 2025 debut. The Scottsdale‑based chain reported $55.5 million in revenue for the three months ended March 31, 2026, up 23.7% year-over-year, according to its filing with the U.S. Securities and Exchange Commission on May 12.
The company turned a net income of $1.8 million in the quarter, compared with a net loss of $(0.9) million a year earlier, the same SEC exhibit shows. Net income margin reached 3.2%, versus a negative margin of (2.0)% in the prior-year period. Store-level profit rose to $16.389 million, with store-level profit margin improving to 29.6% from 28.3% in the first quarter of 2025.
Same-store sales increased 5.2% in the quarter, or 14.4% on a two-year basis, Black Rock reported in the SEC filing. The company opened nine net new locations in the period, ending the quarter with 190 stores. Average unit volume increased to $1.279 million from $1.203 million. Adjusted EBITDA reached $7.429 million, with a margin of 13.4%, which the company said was flat compared with the prior year.
Chief executive officer Mark Davis said the results reflected the company’s operating model and customer base. “We delivered a strong first quarter, with both revenue and adjusted EBITDA up 24% year-over-year, reflecting the strength and resiliency of our customer base and operating model,” Davis stated in the company’s earnings announcement. He added that performance was supported by three strategic priorities: deepening customer engagement, strengthening a people-oriented culture and expanding marketing presence.
Davis also pointed to a “broad and balanced demographic profile” and “steady demand across day parts and days of the week,” according to the same press release. He said the chain’s “coffee‑led mix with growing food attachment and energy mix growth” positions it to “navigate periods of macro uncertainty” while focusing on “profitable growth” and “long-term value creation for our shareholders.”
In the quarter, Black Rock’s comparable sales were lifted by higher spending per visit rather than more traffic, according to a feature in QSR Magazine published May 13, 2026. That article reported that average check rose 5.8% in the quarter, driven by roughly 3% price and 2.8% from product mix such as food attachment and lower discounting, while traffic declined 0.6%.
The QSR Magazine piece also noted that Black Rock experienced no material impact from McDonald’s testing of its “Refreshers” beverage line in Colorado. The same report said the company beat Wall Street profit expectations for the quarter, citing adjusted EBITDA of $7.4 million versus analyst estimates.
The latest results come after a year of rapid expansion ahead of and following the company’s initial public offering. For full-year 2025, Black Rock generated revenue of $200.3 million, up 24.5% from the prior year, with adjusted EBITDA of $27.5 million, up 36.2%, according to fourth-quarter earnings highlights compiled by MarketBeat. Same-store sales grew 10.1% for 2025, and store-level profit margin expanded by about 130 basis points to roughly 29%, Black Rock’s chief financial officer Rod Booth said on the earnings call, as cited by MarketBeat.
Black Rock listed on the Nasdaq on September 15, 2025, raising $294.1 million at an offer price of $20.00 per share, according to an IPO profile from Renaissance Capital. The same profile reported a first-day IPO return of 37.7%, but a return from IPO of –39.6% based on a share price of $12.08, and described a 52-week trading range between $30.40 and $11.51.
Renaissance Capital’s data show that the company’s valuation has fallen even as its store count climbed from 158 locations as of June 30, 2025, to 181 by the end of 2025 and 190 by the end of the first quarter of 2026. MarketBeat’s summary of the fourth-quarter 2025 call noted that management issued 2026 guidance for total revenue between $255 million and $257 million, mid-single digit same-store sales growth and consolidated adjusted EBITDA between $33.5 million and $34.5 million, guidance that Black Rock reiterated in its May 12, 2026 earnings release.
