BBB Foods, Inc. Class A (TBBB) Q2 2026 Earnings Report

The call presented a strong positive operational and financial performance: double-digit same-store sales growth (+20%), high revenue growth (+39% to MXN 26.0 billion), significant adjusted EBITDA expansion (+44% to MXN 1.6 billion), robust operating cash flow growth (+119% H1), rapid store network expansion (593 net new stores in 12 months, ~20% store base growth), and improved working capital (adjusted negative working capital MXN 10.2 billion). Lowlights were largely related to planned investments (G&A/talent), a one-time MXN 37 million follow-on expense, non-cash share-based compensation affecting reported EBITDA, and potential short-term logistics pressure from additional DC openings. Overall, the positives substantially outweigh the near-term costs and investments, and management reiterated confidence in long-term growth and unit economics.

Management's forward-looking commentary emphasized continued rapid expansion funded by strong cash generation while flagging some near‑term costs from network build‑out: they opened 155 net new stores in Q2 (3,624 total stores as of June 30; 593 net new over the last 12 months, ~20% store‑base growth vs June 2025) and one DC in Q2, with two additional DCs recently opened and a third expected in Q3 (management warned this could put short‑term pressure on logistics expense); same‑store sales were +20% YoY, Q2 revenue was MXN 26.0 billion (+39% YoY), reported EBITDA MXN 960 million and EBITDA excl. non‑cash share‑based comp MXN 1.6 billion (+44% YoY) with adjusted EBITDA margin up 21 bps to 6.2% excluding a MXN 37 million one‑time follow‑on expense; H1 operating cash flow was MXN 4.3 billion (+119% YoY), adjusted negative working capital was MXN 10.2 billion (~11.2% of LTM revenue) and inventory days are below 20, and management said operating cash flow will fully fund organic expansion while G&A investment (roughly ~3% of revenue near term) will continue to add talent in purchasing, logistics and systems.