Tiendas 3B (NYSE: TBBB) reported 4Q25 revenue of Ps. 21.97 billion (+34.4% YoY) and full-year 2025 revenue of Ps. 78.15 billion (+36.1% YoY), surpassing its own store-opening guidance with 574 net new units. Reported EBITDA was dragged down by a Ps. 2.93 billion non-cash share-based payment. On an adjusted basis, EPS came in at -$0.49, missing the consensus estimate of -$0.27. The stock dropped approximately 7.76% in pre-market trading following the earnings release.
About Tiendas 3B
BBB Foods Inc. traded on the NYSE under the ticker TBBB – is the pioneer and dominant player in Mexico’s grocery hard discount retail segment. The company’s name, “Tiendas 3B,” references the Mexican saying “Bueno, Bonito y Barato” (Good, Nice, and Affordable), anchoring its mission to deliver high-value grocery products at bargain prices to budget-conscious Mexican households. Founded in 1997 and headquartered in Mexico City, TBBB made its landmark debut on the New York Stock Exchange in February 2024.
As of December 31, 2025, the company operated 3,346 stores and 20 distribution centers across Mexico, making it one of the fastest-growing retailers in Latin America by store count and sales growth. The company’s market capitalization stood at approximately $3.81 billion, with a trailing twelve-month P/S ratio of 0.94x and a negative P/E reflecting its ongoing growth-investment phase. Private label products represented 58.2% of merchandise sales in 2025, up from 53.6% in 2024, providing higher margins and supply chain control.
Top Financial Highlights
- 4Q25 Total Revenue reached Ps. 21,972 million, a +34.4% year-over-year increase driven by same-store sales growth and new store openings.
- FY2025 Total Revenue hit Ps. 78,153 million, up +36.1% compared to 2024, with a four-year revenue CAGR of 35%.
- 4Q25 Gross Profit was Ps. 3,580 million at a 16.3% gross margin, a contraction of just 21 basis points YoY, primarily due to incremental logistics costs from four new distribution centers.
- FY2025 Gross Profit reached Ps. 12,643 million (16.2% gross margin), with a 15 bps contraction fully attributable to new distribution center logistics costs.
- 4Q25 Reported EBITDA was Ps. 79 million (0.4% margin), down from Ps. 845 million in 4Q24, impacted by a Ps. 891 million non-cash share-based payment expense and a Ps. 230 million one-time accounts receivable write-off.
- 4Q25 Adjusted EBITDA (excluding SBP and write-off) was Ps. 1,200 million, up +23.5% YoY at a 5.5% margin (-48 bps).
- FY2025 Adjusted EBITDA (excluding SBP and write-off) was Ps. 4,384 million, up +30.1% YoY at a 5.6% margin (-26 bps).
- FY2025 Net Loss was Ps. 2,840 million (-3.6% net margin), compared to a net profit of Ps. 334 million in FY2024, driven primarily by Ps. 2,930 million in non-cash share-based compensation and the one-time write-off.
- 4Q25 Net Loss was Ps. 1,043 million (-4.7% margin), versus a net loss of Ps. 24 million in 4Q24.
- Operating Cash Flow (FY2025) increased +24.9% to Ps. 4,682 million, supported by negative working capital of Ps. 8,939 million.
- Cash on Hand as of December 31, 2025: Ps. 1,427 million in local currency plus $151 million USD in short-term deposits (~Ps. 2,711 million at the period-end exchange rate of 17.97).
- Same Store Sales growth reached 16.6% in 4Q25 and 18.3% for the full year 2025, far exceeding the prior year’s 11.8% and 13.4%, respectively.
- Store Openings: 574 net new stores in FY2025 (vs. guidance of 500-550), including 184 in 4Q25 alone, bringing the total to 3,346 units.
- 2026 Guidance: The company projects 590-630 net new stores, 13%-16% same-store sales growth, and 29%-32% total revenue growth.
Beat or Miss?
| Metric | Reported | Consensus Estimate | Difference / Analysis |
| Q4 2025 Revenue | ~$1.22 billion | ~$1.24 billion | Slight miss; growth remained strong at +34% YoY |
| Q4 2025 EPS (USD) | ($0.49) | ($0.27) | Miss — driven by Ps. 891M non-cash SBP expense and Ps. 230M one-time write-off |
| FY2025 Revenue | Ps. 78,153 million | N/A | Exceeded store count guidance (574 vs. 500–550 guided) |
| Same Store Sales (FY2025) | 18.30% | 11%–14% (prior guidance) | Beat — significantly surpassed own guidance |
| Net New Stores (FY2025) | 574 | 500–550 (company guidance) | Beat — opened 24–74 more stores than guided |
| Adjusted EBITDA (FY2025) | Ps. 4,384M (+30.1%) | N/A | Positive on an adjusted basis; reported figure distorted by non-cash items |
| Operating Cash Flow (FY2025) | Ps. 4,682M (+24.9%) | N/A | Strong; supports self-funded expansion model |
What Leadership Is Saying?
CEO K. Anthony Hatoum on Strategy and Vision:
“We delivered another quarter of excellent performance and closed the year with strong momentum. Our results in 2025 reflect the continued strength of our business model, rapid and disciplined store expansion, strong same-store sales growth, and solid cash generation… We operate a high-growth business model that has proven to be robust and resilient across economic cycles. It offers very attractive unit economics, generates cash, and becomes more competitive as it continues to scale.”
CFO Eduardo Pizzuto on Financials, Margins, and Cash Flow:
“Our business model generates significant negative working capital which in turn supports strong operating cash flow. For example, in December 2025, negative working capital reached MXN 8.9 billion compared with MXN 6 billion in 2024, excluding IPO proceeds. This represents approximately 11.4% of total revenue… Over the last four years, EBITDA has grown at a CAGR of 42%, reflecting the strength of our business model. Even though we do not manage this business to an EBITDA target, you can see that our EBITDA margin naturally increases over time as a result of our continued store maturation, scale, and operational efficiency.”
Historical Performance
4Q25 vs. 4Q24
| Category | 4Q25 | 4Q24 | Change (%) |
| Total Revenue | Ps. 21,972M | Ps. 16,347M | 34.40% |
| Gross Profit | Ps. 3,580M | Ps. 2,698M | 32.70% |
| Gross Margin | 16.30% | 16.50% | -21 bps |
| Sales Expenses | Ps. 2,317M (10.5% of rev.) | Ps. 1,913M (11.7% of rev.) | 21.10% |
| Administrative Expenses | Ps. 1,549M (7.1% of rev.) | Ps. 561M (3.4% of rev.) | 176.40% |
| Reported EBITDA | Ps. 79M | Ps. 845M | -90.60% |
| Adjusted EBITDA (ex. SBP & write-off) | Ps. 1,200M | Ps. 972M | 23.50% |
| Net Loss | Ps. (1,043M) | Ps. (24M) | n.m. |
| Same Store Sales Growth | 16.60% | 11.80% | +480 bps |
| Net New Stores | 184 | 130 (est. Q4 portion) | +21% (FY basis) |
FY2025 vs. FY2024
| Category | FY2025 | FY2024 | Change (%) |
| Total Revenue | Ps. 78,153M | Ps. 57,439M | 36.10% |
| Gross Profit | Ps. 12,643M | Ps. 9,376M | 34.80% |
| Gross Margin | 16.20% | 16.30% | -15 bps |
| Sales Expenses | Ps. 8,123M (10.4%) | Ps. 6,122M (10.7%) | 32.70% |
| Admin Expenses | Ps. 5,094M (6.5%) | Ps. 1,987M (3.5%) | 156.40% |
| Reported EBITDA | Ps. 1,224M | Ps. 2,847M | -57.00% |
| Adjusted EBITDA (ex. SBP & write-off) | Ps. 4,384M | Ps. 3,370M | 30.10% |
| Net Profit (Loss) | Ps. (2,840M) | Ps. 334M | n.m. |
| Operating Cash Flow | Ps. 4,682M | Ps. 3,749M | 24.90% |
| Same Store Sales Growth | 18.30% | 13.40% | +490 bps |
| Net New Stores | 574 | 484 | 18.60% |
Competitor Comparison: Q4 2025
| Company | Q4 2025 Revenue | Q4 YoY Revenue Growth | Q4 Net Income / Loss |
| Tiendas 3B (TBBB) | Ps. 21,972M | 34.40% | Ps. (1,043M) loss |
| Walmex (WALMEXV) | Ps. 282,849M | 3.00% | Ps. 14,600M profit |
| Chedraui (CHDRAUI) | Ps. 75,221M | -3.0% (FX impact) | Ps. 1,344M profit |
| FEMSA/OXXO (FMX) | Ps. 220,091M | 5.70% | Ps. 12,709M profit |
Tiendas 3B’s 16.6% same-store sales growth dwarfs all major competitors, reflecting strong consumer trade-down behavior and rapid market share gains. However, TBBB is the only peer reporting a net loss, reflecting its high-investment, pre-profitability expansion phase. Walmex, Chedraui, and FEMSA all operate from much larger, more mature bases with substantially lower revenue growth rates but established profitability.
How the Market Reacted?
TBBB stock dropped 7.76% in pre-market trading to approximately $31.39, as the headline EPS loss of -$0.49 significantly missed the analyst consensus of -$0.27. Revenue also came in just below the $1.24 billion consensus at approximately $1.22 billion, adding to the initial selloff. As of March 19, 2026, the stock traded at $33.16, reflecting a cumulative decline of roughly 9% post-earnings and 13.5% over the prior month.
The pullback stood in contrast to positive underlying operating trends, prompting Itau BBA to upgrade TBBB to Outperform on March 13, 2026, with a price target of $42, while analyst consensus remained a Buy with an average target of $43.67 – implying roughly 30% upside from post-earnings levels. The market’s reaction appeared to reflect near-term concern over widening reported losses rather than skepticism about long-term growth fundamentals.
