Tiendas 3B Q3 2026 Earnings: Same-Store Sales Drive 40.3% Revenue Growth

Tiendas 3B (NYSE: TBBB) reported Q3 2026 revenue of Ps. 28.445 billion, up 40.3% year over year, while diluted EPS was Ps. 0.14 versus a diluted loss per share in Q3 2025. Same-store sales growth of 20.5% and continued store expansion drove revenue, while lower share-based compensation helped the company return to a quarterly net profit.

Core Earnings Results

Revenue growth came primarily from stores operating for more than one year, with a smaller contribution from the 603 net new stores opened over the past 12 months. Gross profit grew faster than revenue as stronger commercial margins and lower transportation costs relative to sales lifted the gross margin by 52 basis points.

Reported profitability improved sharply, although the comparison was significantly affected by lower non-cash share-based payment expense. Excluding that expense, EBITDA still increased 60.5%, indicating that the improvement was not solely accounting-driven.

EBITDA is a non-IFRS measure. Tiendas 3B defines it as net profit or loss plus income tax expense, net financial costs, depreciation, and amortization.

Store Network and Operating Performance

Same-store sales increased 20.5%, compared with 17.9% growth in the prior-year quarter. Management attributed the result to improvements in the customer value proposition, stronger brand equity, and growing customer trust.

The company opened 141 net new stores during the quarter, up from 131 a year earlier. Its store base expanded 19.1% year over year to 3,765 locations as of September 30, 2026, with 603 net new stores added over the preceding 12 months.

Tiendas 3B also opened four distribution centers during Q3, bringing the network to 25 from 18 a year earlier. The broader logistics footprint supported continued regional expansion, while lower transportation costs as a percentage of revenue contributed to gross-margin improvement despite the new facility openings.

Profitability, Cash Flow, and the Balance Sheet

Sales expenses rose 35.4% to Ps. 2.796 billion, mainly because of the larger store network and wage inflation. However, they declined to 9.8% of revenue from 10.2%, reflecting operating leverage across labor and other store-level costs.

Below the operating line, financial costs increased 45.7% to Ps. 528 million. The company attributed the increase primarily to higher interest expense on lease liabilities as it expanded its stores, distribution centers, and equipment. Building lease payments also rose to Ps. 638 million from Ps. 463 million. A Ps. 97 million foreign-exchange gain and Ps. 63 million of financial income partly offset these costs, but Ps. 290 million of income tax expense left quarterly net profit at Ps. 23 million.

Cash-flow figures were reported for the first nine months rather than Q3 alone. Operating cash flow reached Ps. 7.051 billion in 9M26, up 127.8% from Ps. 3.095 billion in 9M25. Tiendas 3B said its negative working-capital structure—supported by high inventory turnover relative to supplier payment terms—allowed operating cash flow to fund expansion.

Investing cash outflow increased to Ps. 4.129 billion from Ps. 2.228 billion. This included continued investment in stores and logistics as well as Ps. 1.483 billion placed into short-term deposits from equity follow-on proceeds. The company ended September with Ps. 3.075 billion of local-currency cash and cash equivalents, plus $237 million in U.S. dollar-denominated short-term bank deposits.

Lower Share-Based Compensation Drove Much of the Margin Recovery

Administrative expenses fell 39.2% to Ps. 1.283 billion, entirely because non-cash share-based payment expense declined to Ps. 550 million from Ps. 1.574 billion. The prior-year period included a heavier expense from the Liquidity Event Plan, which is recognized on a graded vesting schedule that produces higher charges earlier in the period.

Excluding share-based payments, administrative expenses actually increased 37.0% to Ps. 733 million as Tiendas 3B invested in talent and new regions. Even so, these expenses edged down to 2.6% of revenue, a six-basis-point improvement.

This distinction is important for interpreting the earnings recovery. Lower share-based compensation accounted for much of the swing in reported administrative expense and EBITDA, but EBITDA excluding share-based payments also grew faster than revenue and expanded its margin by 83 basis points. The quarter therefore showed both a favorable compensation comparison and improved operating leverage in the underlying business.

Management’s View

Chairman and CEO K. Anthony Hatoum said the company remains focused on disciplined store expansion and improving its customer value proposition rather than managing toward a specific EBITDA-margin target. Management expects these priorities to support sustainable margin expansion over time, but it did not provide quantitative financial guidance for the coming quarter or full year.

Risks Investors Need to Watch

• Expansion is increasing lease-related costs. Financial costs rose 45.7%, primarily because of interest on lease liabilities, while building lease payments increased as the store and distribution network expanded.
• Net profitability remains thin. Despite Ps. 682 million of operating profit, financial costs and taxes reduced net profit to Ps. 23 million, equivalent to a 0.1% margin.
• Growth depends on maintaining high store productivity. Most revenue growth came from stores operating for more than one year, making the sustainability of 20.5% same-store sales growth an important factor for future performance.
• Reported earnings remain sensitive to share-based compensation. The lower non-cash charge materially improved the year-over-year comparison, while the expense was still Ps. 550 million in Q3.
• Cash generation relies partly on favorable working-capital dynamics. The company’s expansion funding benefits from inventory turning faster than supplier obligations come due; changes in that relationship could affect operating cash flow.

Summary

Tiendas 3B’s Q3 2026 results combined 40.3% revenue growth with better gross-margin performance and improved expense leverage. Same-store sales and continued network expansion were the main operating drivers, while lower share-based compensation helped reported EBITDA and net income return to positive territory. The next areas to monitor are whether same-store sales remain elevated, whether new stores and distribution centers preserve operating leverage, and how rising lease-related costs affect the company’s still-narrow net margin.