Starbucks (SBUX) investor relations material

Executive summary

• Achieved four consecutive quarters of positive global comparable sales growth and two consecutive quarters of consolidated margin expansion, with Q3 global comparable store sales up 7.9% driven by transaction growth and higher average ticket.

• Q3 consolidated net revenues declined 1% year-over-year to $9.3 billion, mainly due to the China retail business transition to a licensed joint venture model.

• North America led performance with 8.1% comparable sales growth and operating margin expansion, while international segment posted its sixth consecutive quarter of positive systemwide comps, with Japan and the UK as key drivers.

• Brand affinity, consideration, and purchase intent reached five-year highs, with Starbucks Rewards membership at 35.8 million active members in the U.S.

• The divestiture of China retail operations resulted in a $536.3M pre-tax gain and a shift to equity method accounting for the new joint venture.

Financial highlights

• Q3 consolidated net revenues were $9.3 billion, down 1% year-over-year due to the China retail business transition.

• Global comparable sales grew 7.9% year-over-year, led by transaction growth of over 4%.

• North America segment revenues reached $7.4 billion, with U.S. comps up 7.9% (transactions +4.2%, average ticket +3.6%).

• International company-operated comparable sales grew 5.7%; channel development net revenues rose 22% to $587.9 million.

• Q3 consolidated GAAP operating margin expanded 60 basis points year-over-year to 10.5%; non-GAAP operating margin expanded 430 basis points to 14.4%; EPS grew 86% (GAAP) to $0.91 and 70% (non-GAAP) to $0.85.

Outlook and guidance

• Raised full-year 2026 guidance: U.S. comparable store sales growth expected at just over 6%, global comparable store sales growth nearing 6%.

• FY26 consolidated net revenues expected to be flat to slightly higher year-over-year, reflecting China JV impact.

• Consolidated non-GAAP operating margin guidance raised to greater than 11%; non-GAAP EPS guidance increased to $2.55–$2.65.

• Expect 600–650 net new coffeehouse openings in FY26, with international as the main growth driver.

• Management expects continued margin expansion and topline growth, supported by the licensed joint venture model in China and ongoing initiatives.