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BBB Foods, Inc. Class A (TBBB) Q3 2026 Earnings Report

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TBBB Q3 2026 EPS Results

Actual EPS
$0.01
Consensus EPS
-$0.09
Beat/Miss
Beat by +$0.10
One Year Ago EPS
$0.01

TBBB Q3 2026 Revenue Results

Actual Revenue
$1.65B
Expected Revenue
$1.47B
Beat/Miss
Beat by +$174.69M
YoY Revenue Growth
+51.35%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/02/2026
Time
After Close
Conference Call
Monday, November 2, 2026
TBBB Upcoming Earnings

BBB Foods, Inc. Class A's next earnings date is estimated for April 29, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

TBBB Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 02, 2026|% Change Since:22.91%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by 40% revenue growth, 20.5% same-store sales growth, 60% adjusted EBITDA growth, 128% operating cash flow growth, continued store and distribution center expansion, operating leverage, and improving new-store performance. The main challenges were sequential margin pressure from distribution center openings, a potential temporary cash flow effect from proposed tax reform, and limited concrete data on customer switching and market share. Management maintained its store-opening guidance and expressed confidence in continued growth and efficiency improvements.

Company Guidance

Management made no change to the 590-630 opening guidance for the year, saying the fourth quarter tends to be a little bit heavier on store openings and that the pipeline looks very healthy at this stage. Commercial-margin improvements are expected to continue for the foreseeable future, transportation has a lot more happening in 2027, and Frozen remains a growth category, with several others also growing quite fast and continuing to grow through 2027, if we do our job correctly. Management does not expect any changes for our plans for next year related to the tax law with the information that we have today and will provide guidance on the next call, in which we will review Q4.

  • Strong Revenue and Same-Store Sales GrowthThird-quarter total revenue increased 40% year-over-year to MXN 28 billion, while same-store sales grew 20.5% year-over-year. Management attributed same-store sales growth to continuous improvements to the value proposition, growing brand recognition, and increasing customer trust.
  • Significant Outperformance Versus ANTADThe company maintained a same-store sales gap of more than 21 percentage points versus ANTAD while keeping internal inflation very low.
  • Rapid Store Network ExpansionThe company opened 141 net new stores in the third quarter, bringing year-to-date openings to 419, the last-12-month total to 603, and the total store count to 3,765. Management reiterated that the company remains well within its annual guidance of 590-630 openings, supported by a healthy pipeline and a typically heavier fourth quarter.
  • Distribution Network ExpansionThe company opened four new distribution centers during the quarter, expanding its network to 25 regions. Management stated that each new distribution center serves roughly the same number of stores and helps reduce warehouse-to-store distances by reshuffling store assignments.
  • Adjusted EBITDA Growth and Margin ExpansionThird-quarter EBITDA excluding non-cash share-based payment expense increased 60% year-over-year to MXN 1.9 billion. Adjusted EBITDA margin increased by 83 basis points year-over-year, driven by strong sales growth, improved gross margin, and operational efficiencies. Reported EBITDA reached MXN 1.3 billion.
  • Operating Leverage Across ExpensesSales expenses as a percentage of revenue decreased by 36 basis points year-over-year to 9.8% in the third quarter. Most expense lines, including labor, showed operating leverage, while administrative expenses excluding share-based payment decreased by six basis points year-over-year.
  • Strong Operating Cash Flow and Self-Funded ExpansionOperating cash flow for the first nine months reached MXN 7.1 billion, an increase of 128% versus the same period last year. Management stated that operating cash flows fully fund organic expansion.
  • Expansion of Negative Working CapitalAdjusted negative working capital reached MXN 10.8 billion as of September 2026, compared with MXN 7.8 billion in 2025, excluding IPO and follow-on proceeds. It represented approximately 10.9% of total last-twelve-month revenue on the same basis.
  • Commercial Margin ImprovementManagement reported an expansion in commercial margin during the quarter and described the longer-term margin trend as a healthy upward trend. Improvement was attributed to scale, including better rebates, while also noting that margins can move up or down from quarter to quarter.
  • Distribution Center and Transportation EfficiencyOlder distribution centers are becoming more efficient, pre-opening expenses are being managed more effectively, and transportation expenses continue to improve. Management said there remains significant potential to further optimize transportation costs and expects more activity on that front in 2027.
  • Improving New-Store PerformanceNewer store vintages are starting with higher initial sales and their sales are growing faster than previous vintages. Management said store sales curves are becoming steeper and maximum sales are increasing over time, supported by stronger brand recognition and an improving value proposition.
  • Healthy Customer and Competition TrendsManagement reported no notable change in competitive conditions, continued gains in new customers, and a healthy trend in ticket size. The company also stated that its price gap remained steady during the quarter.
  • Same-Store Sales Driven Primarily by Volume and MixManagement stated that two-thirds of same-store sales growth has been coming from volume, described as the number of tickets and price per ticket, with the balance coming from price. Within the price component, the vast majority comes from mix rather than inflation because internal inflation is very low, close to zero.
  • Higher Items per BasketItems per transaction have increased from the two-to-three-item range discussed at the time of the IPO to a current range of four to five items per transaction. Management expects the number to continue increasing as the value proposition improves.
  • Growth Across Categories, Including Frozen and CosmeticsManagement said every category is contributing to growth, with Frozen and cosmetics delivering outstanding performance and dairy continuing to show solid growth as part of same-store sales. Frozen remains a growth category, and several other categories are also growing quickly and are expected to continue growing through 2027.
  • Continued Investment in Refrigeration and FrozenThe company continues to invest in refrigeration and Frozen while evaluating return on invested capital carefully. Management said the refrigeration strategy is dynamic, with further changes expected in future years to optimize the store, reduce refrigeration costs, offer refrigerated goods, and improve ROIC.
  • Disciplined Product Testing and SKU ManagementApproximately 60-80 pilots or tests are running across stores at any point in time. Successful pilots are added to the catalog, while the company maintains discipline on its SKU count, which remains around 900 products. New products are generally added only when they offer very high value for money, very high rotation, or are otherwise materially differentiated.
  • Private Label Supply Planning and Supplier FlexibilityPrivate labels play a strategic role in offering value to customers. The company proactively manages procurement several years ahead, discussing 2028 and 2029 supply needs with suppliers during 2026. Depending on the product, geography, logistics, growth capacity, and supply-safety considerations, the company may use one or multiple suppliers for a given private-label product.
  • Ongoing Investment in Talent and CultureManagement described investment in talent as a high-return-on-investment effort and said the company will continue investing across all levels, from cashiers to senior management. It also emphasized the importance of the team and continued attention to HR and culture.
  • Positive Reception for YemaYema currently has four stores, is targeting a niche that management said other businesses appear not to have addressed, and has received an exceptional customer reception. Management expects Yema to continue growing at its own pace but has not provided long-term guidance.
  • Seasonal Patterns Remain ConsistentManagement said there are no major differences in seasonality versus prior years. Seasonal products are sold mainly in November and December, sometimes through January, and rebates for December sales may be paid in January.
  • Tax Reform Not Expected to Change Current PlansBased on the information available at the time of the call, management expects the proposed tax law limiting deductions to mainly affect cash flows temporarily. The company does not currently expect changes to its plans for next year and does not believe the reform would require a change in capital structure, although the matter remains under review pending the final draft.

TBBB Earnings History

TBBB earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Apr 29, 20272026 (Q4)―--0.25――
Nov 02, 20262026 (Q3)-0.090.010.019.38% (+0.00)
Aug 12, 20262026 (Q2)-0.14-0.13-0.135.52% (+0.01)
May 06, 20262026 (Q1)-0.23-0.25-0.04-526.32% (-0.21)
Mar 11, 20262025 (Q4)-0.27-0.41-0.01-4781.25% (-0.41)
Nov 19, 20252025 (Q3)-0.530.010.1-93.23% (-0.09)
Aug 11, 20252025 (Q2)-0.05-0.130.16-184.75% (-0.29)
May 07, 20252025 (Q1)―--0.09―
Apr 09, 20252024 (Q4)0.01-0.04-0.0954.35% (+0.05)
Nov 25, 20242024 (Q3)0.050.100.0734.52% (+0.03)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed