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Company research27 Sep 2024
Europastry: Ready Baked for IPO
Founded in 1986, Europastry has grown into one of the largest frozen bakery companies in the world, with its business spanning across five continents.
Starbucks
Starbucks (SBUX) investor relations material
Starbucks Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Jul, 2026
Executive summary
Achieved four consecutive quarters of global comparable sales growth and two consecutive quarters of margin expansion, with Q3 global comparable store sales up 7.9% and brand metrics at five-year highs.
Q3 consolidated net revenues declined 1% year-over-year to $9.3 billion, mainly due to the China transition, but international licensed store revenues increased.
EPS grew 70% year-over-year to $0.85 (non-GAAP) and 86% to $0.91 (GAAP), with net earnings attributable to shareholders up 87% to $1,045.3 million.
Surpassed 1,000 coffeehouse uplifts in North America, ahead of the fiscal 2026 goal, and transitioned China retail operations to a joint venture license structure.
The China divestiture resulted in a $536.3M pre-tax gain and proceeds were used for debt reduction.
Financial highlights
Global comparable store sales increased 7.9% in Q3 FY26, with North America up 8.1% and International up 5.7%.
Q3 consolidated net revenues were $9.3 billion, down 1% year-over-year; consolidated operating margin expanded 430 bps YoY to 14.4% (non-GAAP) and 60 bps to 10.5% (GAAP).
Diluted EPS was $0.91 (GAAP) and $0.85 (non-GAAP), both up significantly year-over-year.
Channel Development revenues grew 22% to $587.9 million, with operating margin up 700 bps to 52.1%.
Opened 175 net new stores in Q3, ending with 41,304 stores globally.
Outlook and guidance
Raised full-year 2026 guidance: U.S. Q4 comp growth expected at 6.5% or better, full-year U.S. comp growth above 6%, and global comp growth nearing 6%.
Fiscal 2026 consolidated net revenues expected to be flat to slightly higher year-over-year; consolidated margin guidance raised to over 11%.
EPS guidance increased to $2.55–$2.65; 600–650 net new coffeehouse openings expected in fiscal 2026, mainly driven by international growth.
$2 billion cost savings plan on track through fiscal 2028; restructuring plans to complete by H1 2027 with $230M in additional charges expected.
Macroeconomic pressures, including tariffs and coffee pricing, are expected to ease into Q4 2026.
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Latest events from Starbucks
- Ambitious 2028 targets set with global expansion, digital innovation, and margin growth at the core.SBUX
Investor Day 2026 - Menu innovation, store upgrades, and operational focus fuel growth and margin recovery.SBUXThe 6th Annual Evercore Consumer & Retail Conference
- Turnaround accelerates with innovation, cost savings, and plans to double U.S. store footprint.SBUXBernstein 42nd Annual Strategic Decisions Conference
- Operational turnaround, partner investment, and governance proposals shaped the annual meeting.SBUXAGM 2026
- Q2 2026 saw 9% revenue and 22% EPS growth, with raised FY26 guidance and China JV transition.SBUXQ2 2026
- Q1 revenue rose 5–6% to $9.9B, but margins and EPS fell amid restructuring and China JV.SBUXQ1 2026
- Revenue up 4% to $9.5B, but EPS down 47% as margins contracted and global comps fell.SBUXQ3 2025
- Q3 FY24 revenue fell 1% to $9.1B; EPS and comps declined, but store count and loyalty grew.SBUXQ3 2024
- Q1 revenue flat at $9.4B, EPS down 22–23%, but turnaround strategy shows early positive signs.SBUXQ1 2025
Next Starbucks earnings date
Q4 202629 Oct, 2026
Starbucks
Next Starbucks earnings date
Q4 202629 Oct, 2026
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Frequently asked questions
From a Neighborhood Coffee Shop to a Global Giant
Starbucks is a chain of coffee houses founded and headquartered in Seattle, but with operations all over the world. The company has grown from a small outfit run by a couple of friends to a global powerhouse in the coffee industry and has become one of the world's most recognizable brands. One thing that is worth noting is that Starbucks doesn’t offer franchising opportunities, like Domino's, McDonalds, Wendy’s, and several other companies do. Instead, their stores are corporately owned and operated.
Founding story
Starbucks was founded in 1971 by three partners: Jerry Baldwin, Zev Siegl, and Gordon Bowker. The first store was located in Seattle's historic Pikes Market and originally the company focused on selling high-quality coffee beans and equipment. However, in 1982, Howard Schultz joined the company and proposed the idea of creating a coffeehouse experience that was more akin to the one he’d found in Europe. Throughout the years, Starbucks expanded rapidly and went public in 1992. Today, Starbucks is a global coffeehouse chain with tens of thousands of stores worldwide, offering a wide range of items outside of just traditional coffee.
The coffeehouse experience
Right from the beginning, Starbucks has been focused on providing an appealing and inviting coffeehouse experience for its customers and guests. For many consumers, Starbucks has become the go-to place for meeting friends, catching up on work, or simply a place to enjoy a warm cup of coffee. This is something that the company takes great pride in, and places a heavy emphasis on. Today, customers can choose to order at the counter, in Starbucks’s popular app, or via drive-through.
While the main emphasis for Starbucks has always been various types of coffee, the company also offers a variety of different snacks and light meals. Adapting the menu to the seasons is also something that Starbucks has succeeded at, and popular choices such as pumpkin spiced lattes and other season-specific drinks rotate in and out of the menu.