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Side-by-side financial comparison of BRC Inc. (BRCC) and PATHWARD FINANCIAL, INC. (CASH). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $112.7M, roughly 2.5× BRC Inc.). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs -2.8%, a 29.2% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 7.0%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
BRCC vs CASH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $276.3M |
| Net Profit | $-3.2M | $72.9M |
| Gross Margin | 32.1% | — |
| Operating Margin | -6.3% | — |
| Net Margin | -2.8% | 26.4% |
| Revenue YoY | 6.5% | — |
| Net Profit YoY | -29.3% | — |
| EPS (diluted) | $-0.02 | $3.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $276.3M | ||
| Q4 25 | $112.7M | $173.1M | ||
| Q3 25 | $100.7M | $186.7M | ||
| Q2 25 | $94.8M | $195.8M | ||
| Q1 25 | $90.0M | $274.8M | ||
| Q4 24 | $105.9M | $182.6M | ||
| Q3 24 | $98.2M | $179.5M | ||
| Q2 24 | $89.0M | $188.6M |
| Q1 26 | — | $72.9M | ||
| Q4 25 | $-3.2M | $35.2M | ||
| Q3 25 | $-486.0K | $38.8M | ||
| Q2 25 | $-5.3M | $42.1M | ||
| Q1 25 | $-2.9M | $75.0M | ||
| Q4 24 | $-2.5M | $30.0M | ||
| Q3 24 | $-535.0K | $33.5M | ||
| Q2 24 | $-482.0K | $44.9M |
| Q1 26 | — | — | ||
| Q4 25 | 32.1% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 33.9% | — | ||
| Q1 25 | 36.1% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | 41.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | -6.3% | 24.6% | ||
| Q3 25 | 0.5% | 25.9% | ||
| Q2 25 | -13.3% | 24.1% | ||
| Q1 25 | -6.0% | 33.2% | ||
| Q4 24 | -2.1% | 19.8% | ||
| Q3 24 | 1.1% | 20.9% | ||
| Q2 24 | 1.1% | 27.1% |
| Q1 26 | — | 26.4% | ||
| Q4 25 | -2.8% | 20.3% | ||
| Q3 25 | -0.5% | 20.8% | ||
| Q2 25 | -5.6% | 21.5% | ||
| Q1 25 | -3.2% | 27.3% | ||
| Q4 24 | -2.3% | 16.4% | ||
| Q3 24 | -0.5% | 18.7% | ||
| Q2 24 | -0.5% | 23.8% |
| Q1 26 | — | $3.35 | ||
| Q4 25 | $-0.02 | $1.57 | ||
| Q3 25 | $0.00 | $1.69 | ||
| Q2 25 | $-0.07 | $1.81 | ||
| Q1 25 | $-0.04 | $3.14 | ||
| Q4 24 | $-0.03 | $1.23 | ||
| Q3 24 | $-0.01 | $1.34 | ||
| Q2 24 | $-0.01 | $1.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3M | $157.6M |
| Total DebtLower is stronger | $34.7M | $59.5M |
| Stockholders' EquityBook value | $45.7M | $850.7M |
| Total Assets | $209.2M | $7.1B |
| Debt / EquityLower = less leverage | 0.76× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $157.6M | ||
| Q4 25 | $4.3M | $331.2M | ||
| Q3 25 | $9.5M | $120.6M | ||
| Q2 25 | $4.3M | $258.3M | ||
| Q1 25 | $3.9M | $254.2M | ||
| Q4 24 | $6.8M | $597.4M | ||
| Q3 24 | $7.3M | $158.3M | ||
| Q2 24 | $9.6M | $298.9M |
| Q1 26 | — | $59.5M | ||
| Q4 25 | $34.7M | $33.5M | ||
| Q3 25 | $35.0M | $33.5M | ||
| Q2 25 | $72.7M | $33.4M | ||
| Q1 25 | $68.8M | $33.4M | ||
| Q4 24 | $65.1M | $33.4M | ||
| Q3 24 | $64.9M | $33.4M | ||
| Q2 24 | $66.5M | $33.3M |
| Q1 26 | — | $850.7M | ||
| Q4 25 | $45.7M | $854.5M | ||
| Q3 25 | $48.0M | $858.0M | ||
| Q2 25 | $10.1M | $819.0M | ||
| Q1 25 | $11.2M | $814.7M | ||
| Q4 24 | $13.2M | $758.3M | ||
| Q3 24 | $14.5M | $822.5M | ||
| Q2 24 | $14.9M | $748.4M |
| Q1 26 | — | $7.1B | ||
| Q4 25 | $209.2M | $7.6B | ||
| Q3 25 | $222.4M | $7.2B | ||
| Q2 25 | $225.3M | $7.2B | ||
| Q1 25 | $222.9M | $7.0B | ||
| Q4 24 | $227.4M | $7.6B | ||
| Q3 24 | $233.7M | $7.5B | ||
| Q2 24 | $229.9M | $7.5B |
| Q1 26 | — | 0.07× | ||
| Q4 25 | 0.76× | 0.04× | ||
| Q3 25 | 0.73× | 0.04× | ||
| Q2 25 | 7.19× | 0.04× | ||
| Q1 25 | 6.15× | 0.04× | ||
| Q4 24 | 4.94× | 0.04× | ||
| Q3 24 | 4.47× | 0.04× | ||
| Q2 24 | 4.46× | 0.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.7M | — |
| Free Cash FlowOCF − Capex | $-9.4M | — |
| FCF MarginFCF / Revenue | -8.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-8.7M | $108.3M | ||
| Q3 25 | $6.4M | $303.7M | ||
| Q2 25 | $-3.3M | $30.4M | ||
| Q1 25 | $-4.1M | $188.3M | ||
| Q4 24 | $2.2M | $-71.7M | ||
| Q3 24 | $1.9M | $143.1M | ||
| Q2 24 | $2.3M | $113.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-9.4M | $104.1M | ||
| Q3 25 | $5.6M | $300.3M | ||
| Q2 25 | $-4.3M | $27.7M | ||
| Q1 25 | $-5.3M | $184.7M | ||
| Q4 24 | $504.0K | $-73.8M | ||
| Q3 24 | $-205.0K | $138.8M | ||
| Q2 24 | $147.0K | $111.0M |
| Q1 26 | — | — | ||
| Q4 25 | -8.3% | 60.1% | ||
| Q3 25 | 5.5% | 160.9% | ||
| Q2 25 | -4.5% | 14.1% | ||
| Q1 25 | -5.9% | 67.2% | ||
| Q4 24 | 0.5% | -40.4% | ||
| Q3 24 | -0.2% | 77.3% | ||
| Q2 24 | 0.2% | 58.8% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 2.4% | ||
| Q3 25 | 0.8% | 1.8% | ||
| Q2 25 | 1.0% | 1.4% | ||
| Q1 25 | 1.3% | 1.3% | ||
| Q4 24 | 1.6% | 1.1% | ||
| Q3 24 | 2.2% | 2.4% | ||
| Q2 24 | 2.4% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.08× | ||
| Q3 25 | — | 7.83× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 2.51× | ||
| Q4 24 | — | -2.39× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | — | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
