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Black Rock Coffee Bar cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.5M in Q2 2026 · −$40.0M over twelve months

Operating cash flow$12.4M
Capital spending−$16.9M
Free cash flow−$4.5M
Cash / net income10.2×
Cash conversion cycle-10 days

Analysis

In Q2 2026, Black Rock Coffee Bar generated $12.4M of operating cash flow and spent $16.9M on capital projects, leaving free cash flow of −$4.5M. That is $1.0M less than in Q2 2025 (−$3.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $13.0M; the largest uses were net borrowing (+) / repaid (−) ($82.5M), capital spending ($53.0M), other investing ($1.1M); besides operations, cash came from other financing ($125M); the cash balance rose by $1.3M.

Operating cash flow was $12.4M against net income of $1.2M — 10.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$3.9M, employee-related liabilities +$2.1M, stock-based pay +$1.1M.

Its cash conversion cycle was -10 days (receivables 5 + inventory 7 − payables 22): suppliers fund its working capital.

Free cash flow

Black Rock Coffee Bar: free cash flow by quarterBlack Rock Coffee Bar: free cash flow by quarter$229KQ4 2024−$3.1MQ1 2025−$3.5MQ2 2025−$19.2MQ3 2025−$6.9MQ4 2025−$9.4MQ1 2026−$4.5MQ2 2026
Operating cash flow less capital spending.
Black Rock Coffee Bar: operating cash flow against capital spendingBlack Rock Coffee Bar: operating cash flow against capital spendingOperating cash flowCapital spending$4.2M$3.9MQ4 2024$3.4M$6.5MQ1 2025$5.0M$8.5MQ2 2025−$11.3M$7.9MQ3 2025$5.1M$12.0MQ4 2025$6.8M$16.2MQ1 2026$12.4M$16.9MQ2 2026
Latest (Q2 2026): Operating cash flow $12.4M, Capital spending $16.9M.

Capital allocation, year by year

Black Rock Coffee Bar: where the cash came from (up) and went (down), by fiscal yearBlack Rock Coffee Bar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2023: Operating cash flow $5.2MFY2023: Net borrowing −$800KFY2023: Capital spending −$16.2M$5.2MFY2023FY2024: Operating cash flow $13.3MFY2024: Net borrowing $11.6MFY2024: Capital spending −$22.2MFY2024: Buybacks −$14.6M$24.9MFY2024FY2025: Operating cash flow $2.2MFY2025: Net borrowing −$69.3MFY2025: Shares issued $315MFY2025: Capital spending −$34.9MFY2025: Buybacks −$3.4M$317MFY2025
Over these 3 years operating cash flow totalled $20.7M; the largest uses were capital spending ($73.2M) and net borrowing ($70.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$16.0M
Debt$31.6M
Net debt$15.6M
Due within a year$835K

Black Rock Coffee Bar's operations bring cash in ($13.0M over twelve months), and it spends more than that on capital projects: a gap of $40.0M funded from its $16.0M of cash and investments and from borrowing ($31.6M of debt, $835K due within a year). That is a choice to invest, not a cash runway running down.

Black Rock Coffee Bar: debt maturities by year (FY2025)Black Rock Coffee Bar: debt maturities by year (FY2025)$835KYear 1$1.2MYear 2$1.4MYear 3$1.9MYear 4$15.8MYear 5$6.7MAfter year 5
Principal due in each year as disclosed in the annual report, against $16.0M of cash and investments now.

Where the cash came from and went

Black Rock Coffee Bar: sources (+) and uses (−) of cash, Q2 2026Black Rock Coffee Bar: sources (+) and uses (−) of cash, Q2 2026Capital spending−$16.9MOperating cash flow$12.4MCash drawn (+) / kept (−)$4.0MNet borrowing (+) / repaid (−)$921KOther investing−$418K
Black Rock Coffee Bar: sources (+) and uses (−) of cash, TTM to Q2 2026Black Rock Coffee Bar: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$125MNet borrowing (+) / repaid (−)−$82.5MCapital spending−$53.0MOperating cash flow$13.0MCash drawn (+) / kept (−)−$1.3MOther investing−$1.1M

From profit to cash

Black Rock Coffee Bar: net income to operating cash flow, Q2 2026Black Rock Coffee Bar: net income to operating cash flow, Q2 2026Net income$3.2MDepreciation & amortization$3.9MStock-based pay$1.1MDeferred taxes$6KInventory−$136KPayables−$527KAccrued liabilities$701KEmployee-related liabilities$2.1MDeferred revenue$142KPrepaid and other assets−$35KOperating cash flow$12.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20265722-10
Q1 20265727-15
Q4 20257728-14

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$12.4M−$16.9M—$921K$4.0M−$4.5M
Q1 2026$6.8M−$16.2M—$1.3M$8.4M−$9.4M
Q4 2025$5.1M−$12.0M—$3.4M$4.2M−$6.9M
Q3 2025−$11.3M−$7.9M—−$88.2M−$18.0M−$19.2M
Q2 2025$5.0M−$8.5M—$5.7M$2.1M−$3.5M
Q1 2025$3.4M−$6.5M—$9.7M−$6.5M−$3.1M
Q4 2024$4.2M−$3.9M−$2.3M−$232K$2.6M$229K

Black Rock Coffee Bar: income statement and cash flow

Black Rock Coffee Bar, Q2 2026: revenue $63.0M (+25% year over year), operating margin 6.5%. The chart follows the revenue to costs, profit and cash.

Black Rock Coffee Bar: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.