BBB Foods (TBBB) Q2 2026 earnings summary

Executive summary

• Achieved revenue growth of 38.7% year-over-year in Q2 2026, reaching Ps. 26,037 million, with same-store sales up 20.0% and 155 net new stores opened, totaling 3,624 stores and 21 distribution centers as of June 30, 2026.

• Adjusted EBITDA (excluding non-cash share-based payment) rose 43.8% to Ps. 1,575 million, with margin expanding by 21 bps to 6.1%; reported EBITDA was Ps. 960 million.

• Net loss for Q2 2026 was Ps. 386 million, compared to Ps. 286 million in Q2 2025, impacted by higher administrative and financial costs.

• Strong operating cash flow and negative working capital fully fund organic expansion, with cash and cash equivalents at Ps. 1,981 million and $236 million in USD deposits.

• Opened one new distribution center in Q2 2026, with three more planned for Q3.

Financial highlights

• Total revenue for Q2 2026 was Ps. 26,037 million, up from Ps. 18,770 million in Q2 2025.

• Gross profit increased 43.4% year-over-year to Ps. 4,362 million, with gross margin at 16.8%.

• Adjusted EBITDA margin improved to 6.1% from 5.8% year-over-year; sales expenses as a percentage of revenue decreased by 56 bps to 10.0%.

• Administrative expenses (excluding share-based payment) increased by 57 bps to 3.1% of revenue, reflecting investment in talent and expansion.

• Cash flow from operating activities for H1 2026 reached Ps. 4,285 million, up 119% year-over-year.

Outlook and guidance

• Confident in significant long-term growth opportunity, with continued focus on disciplined execution, operational efficiency, and self-funded organic expansion.

• Continued investment in talent expected, with G&A expenses likely to remain around 3% of revenue in the short term.

• No constraints on real estate pipeline; expansion pace could accelerate if conditions remain favorable.

• Ongoing investments in new regions and talent to support growth.

• Entering the second half of 2026 with strong momentum and confidence in sustained long-term value creation.