Black Rock Coffee Bar
Company-owned, drive-thru coffee chain built around a proprietary energy-drink line and a controlling founder group.
Something off on this page? Send us feedback.
Profile
Operates a company-owned, drive-thru-anchored coffee chain across seven Western and Sunbelt states, selling coffee alongside a proprietary energy-drink line that has become a meaningful revenue driver. Listed on Nasdaq in 2025 under a multi-class share structure that leaves the co-founders in control.
Grew from a single drive-thru coffee stand in Beaverton, Oregon in 2008 into a fully company-owned chain after reacquiring its franchises, then listed on Nasdaq in 2025.
Coffee anchors the menu alongside teas, smoothies, and food, but a proprietary energy-drink line — including a frozen version and a canned format — has become a signature draw and a material revenue share. A loyalty program tied to mobile ordering drives most transactions.
Stores are concentrated across seven Western and Sunbelt states, with nearly two hundred locations open and a long-term ambition to grow several-fold over the next decade through continued company-owned expansion rather than franchising.
Co-founders retain controlling voting power through a multi-class share structure paired with a tax receivable agreement, and the business still posts net losses as it scales.
Company facts
Key statistics
Year to date −59.1% · Average volume (30d) 336.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Robert W. Baird | Target | $32 | $10 | ||
| Aug 24, 2026 | Baird | Downgrade | Outperform | Neutral | ||
| Aug 12, 2026 | Raymond James | Target | $20 | $13 | ||
| Jul 16, 2026 | Morgan Stanley | Downgrade | Overweight | Equal Weight | ||
| Jul 15, 2026 | Morgan Stanley | Target | $22 | $9 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.07 | $0.06 | −7.7% | $64.6M | $63.0M | −2.4% | +19.10% |
| May 12, 2026Q1 FY26 | $0.04 | $0.02 | −50.0% | $56.7M | $55.5M | −2.2% | −30.26% |
| Mar 3, 2026Q4 FY25 | $0.03 | $0.04 | +33.3% | $53.7M | $53.6M | −0.2% | +9.59% |
| Nov 11, 2025Q3 FY25 | −$0.24 | −$0.05 | +79.2% | $53.7M | $51.5M | −4.1% | −5.05% |
Financial highlights
| 9 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $47.6M | $47.6M | $51.5M | $53.6M | $55.5M | $63.0M | |
| Gross profit | $20.2M | $20.2M | $15.3M | $15.8M | $13.0M | $27.7M | |
| Operating income | $2.8M | $2.8M | −$4.9M | $3.0M | $3.8M | $4.1M | |
| Net income | −$972.5K | $972.5K | −$712.0K | $652.0K | $378.0K | $1.2M | |
| Diluted EPS | −$0.07 | $0.07 | −$0.05 | $0.04 | $0.02 | $0.06 | |
| Gross margin | 42.5% | 42.5% | 29.7% | 29.5% | 23.5% | 44.0% | |
| Operating margin | 5.8% | 5.8% | -9.5% | 5.6% | 6.9% | 6.5% |
Fiscal years (4-quarter sums)FY25 $200.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $16.0M · Total debt $161.7M · Total assets $392.4M · Shareholders' equity $54.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 18.02M · Float —
Insiders — filings are in another share unit.
The Form 4 positions here total more than the shares outstanding, so the filings and the share count are not on the same basis — usually an unlisted unit behind the listed one — and no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Cynosure Group, LLC | 21.83M | 52.60% | 13D | May 22, 2026 |
| Demi I. Winters | 3.75M | 14.80% | 13D | May 19, 2026 |
| Tyson Switzenberg | 2.31M | 11.40% | 13G | Apr 16, 2026 |
| FMR LLC | 2.04M | 11.32% | 13F | May 15, 2026 |
| Morgan Stanley | 1.82M | 10.08% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 22, 2026 | Clay Howard Geyer | officer: Chief Operating Officer | +933 | $6.86 |
| May 21, 2026 | Clay Howard Geyer | officer: Chief Operating Officer | +45,080 | $6.51 |
| May 20, 2026 | Jessica Michele Wegener-Beyer | officer: Chief Marketing Officer | +3,098 | $6.46 |
| May 20, 2026 | Michael Ryan Schmidt | officer: Principal Accounting Officer | +7,100 | $6.98 |
| May 15, 2026 | Viking Cake BR, LLC | other: Former 10% Owner | −11,618,782 |
Peers
- Dutch Bros
Closest drive-thru rival — matching concept, energy drinks, Western roots
- Starbucks
Category-defining incumbent, and the 'real competition' per BRCB's own founder
- McDonald's
McCafé's 2026 specialty-drink push targets the same drive-thru occasion
- Celsius
Fast-growing energy-drink peer chasing the same younger, active consumer
- Monster Beverage
Category-leading canned energy-drink competitor for Fuel by the Can
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Black Rock Coffee Bar | $9.13 | +0.11% | $164.5M | 135.7 | 37.6 | 0.7 | — |
| Dutch Bros | $50.04 | +0.27% | $8.62B | 69.3 | 45.4 | 4.6 | +32.5% |
| Starbucks | $108.15 | +0.30% | $122.95B | 62.0 | 36.0 | 3.2 | −1.4% |
| McDonald's | $265.11 | +0.04% | $188.28B | 21.5 | 20.0 | 6.8 | +3.7% |
| Celsius | $32.98 | −0.03% | $8.43B | 157.0 | 21.4 | 2.8 | +10.6% |
| Monster Beverage | $46.92 | +0.13% | $91.66B | 43.2 | 38.3 | 9.9 | +20.2% |
| Median | 62.0 | 36.0 | 4.6 | +10.6% |