Track & Field (TFCO4) reported net income of R$ 35.1 million in the third quarter of 2026 (3Q26), up 17.3% from 3Q25. Net revenue totaled R$ 274.5 million, growth of 2.2%, a slower pace than consumer sales because of a one-off 5.2% decline in merchandise sales to franchises (sell in), resulting from the strong comparison base in 3Q25 and the shift of billing between quarters.
Gross profit reached R$ 153.0 million (+8.0%), with a gross margin of 55.7% (+2.9 p.p.), driven by a more favorable product mix and the greater share of company-owned retail and royalties in revenue. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding the effects of IFRS 16 and non-recurring items) was R$ 57.8 million, up 12.6%, with a margin of 21.1% (+2.0 p.p.). Adjusted net income totaled R$ 38.2 million (+9.3%), with a net margin of 13.9%.
Sell out (sales to consumers across all channels) totaled R$ 470.1 million, up 6.4%, with same-store sales 2.6% higher. Sales captured by e-commerce rose 15.6% to R$ 55.7 million, or 11.8% of the total. The chain ended the quarter with 460 stores (402 franchises and 58 company-owned), after the opening of 12 franchises. The number of tickets grew 7.8% and the number of items sold, 5.6%.
Adjusted operating expenses amounted to 34.7% of net revenue (+1.1 p.p.). In the first nine months of 2026, adjusted EBITDA was R$ 185.0 million (+13.8%) and adjusted net income was R$ 124.0 million (+7.9%).
Operating cash flow was R$ 20.3 million (+18.1%). The company maintained net cash of R$ 48.1 million, with no bank debt, and R$ 140.9 million in net cash equivalents (net cash plus card receivables), up 29.5%.
Is TFCO4 worth investing in?
- Price
- R$ 10.03
- as of 11/11/2026
- Dividend yield
- 3.35 %
- P/L
- 64.32
- P/VPA
- 15.43
