BRC Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data BRC Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	82.1	164	233	301	396	391	398
Cost of revenue	46.4	94.5	143	202	270	230	260
Gross profit	35.7	69.4	89.7	99.2	125	161	138
Selling and marketing	13.3	25.5	36.4	38.2	30.8	35.6	39.2
General and administrative		13.9	26.2	64.5	71.6	50.8	54.7
Operating expenses	35.8	63.6	101	167	176	157	163
Operating income	-0.12	5.78	-11.6	-67.8	-50.2	3.85	-24.6
Interest expense	0.73	1.05	2.03	1.59	6.33	11.3	7.51
Other non-operating income	-0.64	-1.27	-2.09	-270	-6.32	-11.3	-7.51
Pre-tax income	-0.76	4.51	-13.7	-338	-56.5	-7.48	-32.1
Income tax	0.01	0.19	0.18	0.37	0.19	0.17	0.13
Net income to minority interests				-255	-40	-4.7	-20.3
Net income	-0.77	4.32	-13.8	-82.9	-16.7	-2.95	-11.9
EBITDA	0.82	7.16	-8.68	-63.4	-42.9	13.9	-12.4
EPS, basic				-0.27	-0.27	-0.04	-0.13
EPS, diluted				-0.27	-0.27	-0.04	-0.13
Shares, basic (weighted)				307	60.9	71.1	95.2
Shares, diluted (weighted)				307	60.9	71.1	95.2

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		35.2	18.3	39	12.4	6.81	4.33
Receivables		3.63	7.44	22.3	25.2	33.6	35.1
Inventory		16	20.9	77.2	56.5	42.6	49.7
Other current assets		2.19	6.38	6.78	12.2	12.4	11.2
Total current assets		57.1	53	145	108	95.5	100
Property, plant and equipment		14.7	31.1	59.5	68.3	59.2	42.9
Lease right-of-use assets				20.1	36.2	26.7	21.2
Intangible assets		0.19	0.17	0.23	0.42	0.36	0.3
Other non-current assets		0.15	2.78	0.32	0.31	0.14	0.13
Total assets		72.5	87.1	225	236	227	209
Accounts payable		11.5	17.4	12.4	33.6	38.8	34.7
Accrued liabilities		16.1	22.2	36.7	34.9	27.9	32.5
Deferred revenue	1.3	4.62	7.33	9.51	11	3.92	4.03
Short-term debt		0.87	12	2.14	2.3	2.05	2.4
Total current liabilities		33.5	59	62.2	84.1	75.2	76.1
Long-term debt		12.2	22.7	47	68.7	63	32.3
Lease liabilities				19.5	35.9	29.1	24.8
Other non-current liabilities			0.33	0.5	0.52	10.6	7.98
Total liabilities		46.4	82.3	129	189	178	141
Total debt		13	34.7	49.2	71	65.1	34.7
Paid-in capital			0	130	134	137	181
Retained earnings			-20	-104	-120	-123	-135
Shareholders' equity	-1.25	-103	-149	25.8	13.3	13.2	45.7
Minority interests			0	70.1	33.2	36.3	22.4
Total equity	-1.25	-103	-149	95.9	46.5	49.5	68
Total liabilities and equity		72.5	87.1	225	236	227	209
Shares outstanding	0.11		0.09

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.77	4.32	-13.8	-338	-56.7	-7.65	-32.2
Depreciation and amortization	0.93	1.38	2.9	4.38	7.26	10.1	12.2
Stock-based compensation	0.14	1.93	3.2	6.08	6.97	10.6	10.3
Deferred income tax		0	0	0	0	0	0
Change in receivables	-0.24	-2.96	-3.76	-14.9	-2.77	-8.63	-1.54
Change in inventory	0.29	-10.9	-4.83	-56.3	-8.18	-10.1	-12
Change in payables	0.99	7.03	4.65	-6.15	21.6	6.81	-3.83
Cash from operations	4.14	11.5	-7.69	-116	-25	11.3	-9.81
Capital expenditures	-1.04	-9.76	-19.3	-30.4	-27.2	-8.67	-3.66
Cash from investing	-1.11	-9.76	-19.3	-30.4	-21.5	-7.71	1.42
Debt issued	2.7	16.4	38.7	51.6	295	353	248
Debt repaid	-4.67	-7.33	-20.1	-38.8	-268	-362	-280
Stock issued				0	0	0	37.3
Share buybacks		0	0	-20.1	0	0
Dividends paid		0	-7	0	0
Cash from financing	-2.17	28.8	9.68	167	21.4	-10.7	5.91
Net change in cash	0.87	30.6	-17.3	20.7	-25.1	-7.1	-2.48
Free cash flow	3.1	1.79	-27	-147	-52.2	2.64	-13.5
Interest paid	0.33	1.01	0.72	1.28	4.48	9.04	5.38
Income taxes paid	0.01	0.11	0.15	0.28	0.56	0.43	0.13

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.9%	Gross profit / revenue.
Operating margin	-1.0%	Operating income / revenue.
EBITDA margin	1.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.3%	Pre-tax income / revenue.
Net margin	-0.9%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.4%	Cash from operations / revenue.
Return on equity (ROE)	-7.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.9%	Net income / average total assets.
Return on invested capital (ROIC)	-4.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-739.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-189.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-186.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-609.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	246.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	21.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	33.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-32.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.42x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.65x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.3%	Total debt / total assets.
Liabilities / assets	64.4%	Total liabilities / total assets.
Net debt	$19.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.71x	Operating income / interest expense.
Working capital	$30.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$48.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.09x	Revenue / average total assets.
Fixed asset turnover	10.8x	Revenue / average property, plant and equipment.
Inventory turnover	6.22x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	13.1x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	40 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	25.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.65	Revenue / diluted weighted shares.
FCF per share	$0.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.09	Cash from operations / diluted weighted shares.
Book value per share	$0.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.41	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.31B	Share price x shares outstanding.
Enterprise value	$2.33B	Market cap + total debt - cash - short-term investments.
P/S	5.37x	Market cap / revenue.
P/B	47.8x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	48.0x	Market cap / tangible book value, when positive.
P/FCF	300x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	224x	Market cap / cash from operations, when positive.
EV/Sales	5.42x	Enterprise value / revenue.
EV/EBITDA	407x	Enterprise value / EBITDA, when both are positive.
EV/FCF	303x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.3%	Free cash flow / market cap.
Earnings yield	-0.2%	Net income / market cap (the inverse of P/E).

What was BRC Inc.'s revenue in fiscal 2025?

BRC Inc. reported revenue of $398.3M for fiscal 2025, 1.7% higher than the year before.

Was BRC Inc. profitable in fiscal 2025?

No. It reported a net loss of $11.9M.

How much free cash flow did BRC Inc. generate in fiscal 2025?

Cash from operations of $9.8M minus capital expenditures of $3.7M left free cash flow of -$13.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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