Starbucks (SBUX) investor relations material

Executive summary

• Q2 2026 net revenues rose 9% year-over-year to $9.5 billion, with global comparable store sales up 6.2% and U.S. comps up 7.1%, driven by transaction growth and menu innovation.

• EPS grew 22% year-over-year to $0.50 (non-GAAP), with GAAP EPS up 32% to $0.45; first EPS growth in over two years.

• Operating margin expanded to 9.4% (non-GAAP) and 8.7% (GAAP), aided by sales leverage and cost discipline.

• Closed $3.1B China JV transaction, transitioning nearly 8,000 stores to a licensed model and retaining a 40% stake.

• Store count reached 41,129 globally, with 11 net new stores opened in Q2; U.S. and China comprise 61% of the portfolio.

Financial highlights

• Q2 2026 net revenues: $9.5B (+8.8% YoY); global comps up 6.2%; U.S. comps up 7.1%.

• Operating margin: 9.4% (non-GAAP, +120 bps), 8.7% (GAAP, +180 bps); international margin expanded to 19.4%.

• Net earnings attributable to shareholders: $510.9M for Q2 2026; diluted GAAP EPS $0.45, non-GAAP EPS $0.50.

• North America: Q2 revenues up 7% to $6.9B; operating margin contracted to 9.9%.

• International: Q2 revenues up 10% to $2.1B; all top 10 markets posted positive comps; margin expanded to 19.4%.

Outlook and guidance

• FY26 global and U.S. comparable store sales growth expected at 5% or greater; consolidated net revenues projected to be roughly flat year-over-year.

• Non-GAAP EPS guidance raised to $2.25–$2.45; China JV transition expected to be EPS neutral for the year.

• Plan to add 600–650 net new stores in FY26, with 450–500 international (half in China) and 150–175 U.S. company-operated.

• Management expects lower revenues but higher operating margin from the China JV model starting Q3 2026.