Key Highlights

  • Total revenue rose 38.7% to Ps. 26,037 million in the second quarter of 2026, and same-store sales grew 20.0%.
  • The chain opened 155 net new stores and one distribution center, ending June with 3,624 stores and 21 distribution centers.
  • The net loss was Ps. 386 million, while non-cash share-based payment expense reached Ps. 615 million in the quarter.
  • Operating cash flow was Ps. 2,325 million, and short-term deposits included US$236 million held in dollars.

BBB Foods (NYSE:TBBB) shares were trading near their 52-week high at USD 59.20 on October 19, 2026, up 2.64%. The British Virgin Islands company runs its Tiendas 3B hard discount grocery stores in Mexico, reports in Mexican pesos (Ps.) and furnished unaudited second quarter 2026 results on Form 6-K on August 12. They pair fast sales growth with a wider loss, and four large brokerages have published views since.

Four large brokerages weigh in after the August report

Goldman Sachs kept a Neutral rating on August 19 and raised its target to US$40 from US$36. UBS lifted its Buy-rated target to US$58 from US$51 on August 28. JPMorgan, a global coordinator of the company's May share offering, raised its Overweight-rated target to US$67 from US$48 on September 10. Bank of America reiterated a Buy rating on September 14, with a target of US$66 against US$55 before. The USD 59.20 price sits above the Goldman Sachs and UBS targets and below the other two. These are the firms' own views, not a forecast by this article.

Sales growth of 38.7%, and a deeper loss

Revenue for the quarter ended June 30 reached Ps. 26,037 million, against Ps. 18,770 million a year earlier. Same-store sales grew 20.0%, compared with 17.7% in the second quarter of 2025. Six-month revenue was Ps. 48,898 million. Gross profit rose 43.4% to Ps. 4,362 million, a 16.8% margin.

Costs grew faster further down the income statement. Administrative expenses rose 95.3% to Ps. 1,428 million, and the release cites higher non-cash share-based payment expense, added staff for new regional operations and Ps. 37 million of non-recurring offering costs. Share-based payment expense was Ps. 615 million, against Ps. 252 million a year earlier. EBITDA, a non-IFRS measure, was Ps. 960 million, a 3.7% margin. Excluding share-based payment, another non-IFRS figure, it was Ps. 1,575 million, a 6.1% margin.

The net loss was Ps. 386 million, compared with Ps. 286 million in the second quarter of 2025, after income tax expense of Ps. 208 million and a foreign exchange loss of Ps. 85 million, which the company links to the dollar weakening against the peso.

Stores, cash and the May share sale

The chain added 155 net stores and a 21st distribution center in the quarter, lifting its network to 3,624 stores from 3,346 at the end of 2025. Operating cash flow was Ps. 2,325 million for the quarter and Ps. 4,285 million for the half, against purchases of property and equipment of Ps. 935 million and Ps. 1,641 million. Management calls expansion self-funded.

Cash and equivalents stood at Ps. 1,981 million on June 30, with short-term bank deposits of Ps. 4,129 million, including US$236 million in dollars. Short-term debt was Ps. 1,551 million and long-term debt Ps. 254 million.

In its late-May follow-on offering at US$32.50 a share, the company sold 2,695,626 Class A shares, including the underwriters' option exercised in full, and selling shareholders sold 12,604,174. Net primary proceeds were Ps. 1,487 million. On August 6 the lock-up on Class C shares expired, and all of them converted one-to-one into Class A shares.

What management has and has not guided

The release offers no formal guidance on revenue, margins or store openings, and the company says it does not manage the business to specific EBITDA margin targets. Its CEO noted a soft consumer environment in Mexico and cited strong momentum entering the second half.

The company does project non-cash share-based payment expense of Ps. 553 million for the third quarter, Ps. 489 million for the fourth quarter and Ps. 2,379 million for 2026, including Ps. 1,378 million for the Liquidity Event Plan. Of 7.5 million Class C shares granted under that plan, 3,125,007 had vested by June 30. These are the company's own estimates.