Net Income Per Share

3 Months Ended

Mar. 31, 2026

Prior to the IPO, the Black Rock OpCo membership structure included common units, redeemable Series A Preferred Units, Series A-1 Preferred Units, Series A-2 Preferred Units, and profits interests units. The Company analyzed the calculation of net income (loss) per unit for the periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of the condensed consolidated financial statements. Therefore, net income (loss) per unit information has not been presented for the three months ended March 31, 2025.

The following tables set forth reconciliations of the numerators and denominators used to compute basic and diluted net income per share of Class A common stock for the three months ended March 31, 2026.


(in thousands)	Three Months Ended March 31, 2026
Numerator:
Net income	$	1,799
Less: net income attributable to noncontrolling interests	1,421
Net income attributable to Black Rock Coffee Bar, Inc.	$	378


(in thousands, except share and per share amounts)	Three Months Ended March 31, 2026
Basic net income per share attributable to Class A common shareholders
Numerator:
Net income attributable to Black Rock Coffee Bar, Inc.	$	378
Denominator:
Weighted-average number of shares of Class A common stock outstanding	17,562,299
Basic net income per share attributable to Class A common shareholders	$	0.02

Diluted net income per share attributable to Class A common shareholders
Numerator:
Net income attributable to Black Rock Coffee Bar, Inc.	$	378
Diluted net income attributable to Black Rock Coffee Bar, Inc.	$	378
Denominator:
Weighted-average number of shares of Class A common stock outstanding used to calculate diluted net income per share	17,562,299
Diluted net income per share attributable to Class A common shareholders	$	0.02

The following Class A common share equivalents were excluded from diluted net income per share in the periods presented because they were anti-dilutive:


						Three Months Ended March 31, 2026
Stock options						647,862
RSUs						341,246
LLC Units						32,038,336
Total anti-dilutive securities						33,027,444

Shares of the Company's Class B and Class C common stock do not participate in income or losses of Black Rock Coffee Bar, Inc. and therefore are not participating securities. As such, separate presentation of basic and diluted net income per share of Class B and Class C common stock under the two-class method has not been presented.