BBB Foods (TBBB) Q4 2025 earnings summary

Executive summary

• Achieved record growth in 2025, opening 574 net new stores (21% increase), reaching 3,346 stores and 20 distribution centers, surpassing guidance for store openings.

• Total revenue for 2025 reached Ps. 78,153 million, up 36.1% year-over-year, with Same Store Sales growth of 18.3%.

• Private label penetration increased to 58.2% of merchandise sales, up from 53.6% in 2024.

• Adjusted EBITDA for 2025 grew 30.1% to Ps. 4,384 million, while operating cash flow rose 24.9% to Ps. 4,682 million.

• Reported net loss for 2025 was Ps. 2,840 million, mainly due to higher share-based payment expenses and FX losses.

Financial highlights

• 4Q25 revenue was Ps. 21,972 million, up 34.4% year-over-year; Same Store Sales grew 16.6%.

• 4Q25 adjusted EBITDA was Ps. 1,200 million (+23.5% YoY), excluding non-cash share-based compensation and a one-time asset write-off.

• Full-year adjusted EBITDA margin was 5.6%, down 26 bps year-over-year; reported EBITDA margin was 1.6%.

• Sales expenses as a percentage of revenue declined to 10.4% in 2025 and 10.5% in Q4, reflecting operating leverage.

• Negative working capital increased to Ps. 8,939 million at year-end, supporting strong cash generation.

Outlook and guidance

• 2026 guidance: 590–630 new stores, Same Store Sales growth of 13–16%, and total revenue growth of 29–32%.

• Targeting average CapEx of Ps. 5.5 million per store, 26-month payback, and 55% cash-on-cash return by year three.

• Guidance is based on current economic outlook and may change if macro conditions shift.