Starbucks 8-K
PositiveEarningsGuidance raisedRestructuringImpairment / charge
Stronger coffeehouse traffic supports a raised outlook; China's shift to a licensed JV lowers reported revenue and adds a divestiture gain.
Filed 2026-07-29 16:06 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 FY2026 results with raised FY2026 guidance. Global comparable store sales rose 7.9%, led by transaction growth, while revenue declined 1.4% (0.8% in constant currency), reflecting the China retail transaction. GAAP EPS rose 86%; Starbucks raised its FY2026 outlook overall.
Key Figures
| Metric | Q3 FY2026 | Q3 FY2025 | Y/Y |
|---|---|---|---|
| Net revenues | $9.32B | $9.46B | (1.4)% |
| Operating income | $980M | $936M | 4.8% |
| Operating margin | 10.5% | 9.9% | +60 bp |
| Non-GAAP operating margin | 14.4% | 10.1% | +430 bp |
| Net earnings attributable to Starbucks | $1.05B | $558M | 87.2% |
| Diluted EPS | $0.91 | $0.49 | 85.7% |
| Non-GAAP diluted EPS | $0.85 | $0.50 | 70.0% |
- Global comparable store sales increased 7.9%, driven by transactions up 4.2% and average ticket up 3.5%. Margin expansion reflected sales leverage, lower inflation and tariff refunds, partly offset by restructuring costs and labor investments.
- The April China transaction converted 7,991 company-operated stores to a licensed joint venture model; Starbucks retains 40% ownership. The quarter included a $536M divestiture gain and $303M of restructuring and impairment costs.
- Starbucks used part of the China sale proceeds for tender offers covering approximately $1.3B aggregate principal of outstanding notes. The board declared a $0.62-per-share dividend, payable 8/28/2026 to shareholders of record 8/14/2026.
Guidance
FY2026 guidance was raised overall; prior figures are not stated. Growth targets are relative to FY2025 non-GAAP measures unless specified.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| U.S. comparable store sales growth | Q4 FY2026 | 6.5% or greater | — | — |
| U.S. comparable store sales growth | FY2026 | Slightly greater than 6.0% | — | — |
| Global comparable store sales growth | FY2026 | Nearing 6.0% | — | — |
| Consolidated net revenue growth | FY2026 | Flat to slight growth Y/Y | — | — |
| Consolidated operating margin, non-GAAP | FY2026 | Greater than 11.0% | — | — |
| EPS, non-GAAP | FY2026 | $2.55-$2.65 | — | — |
| Net new coffeehouses | FY2026 | Approximately 600-650 | — | — |
Investor Takeaways
- Q4 U.S. comparable store sales growth of at least 6.5% is the near-term test for achieving FY2026 U.S. growth slightly above 6% and global growth near 6%; watch whether traffic and margin gains continue amid labor and restructuring costs.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3