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Starbucks (SBUX) investor relations material
Starbucks Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Jul, 2025
Executive summary
Q3 net revenues rose 4% year-over-year to $9.5B, driven by new store openings, but global comparable store sales declined 2% due to lower U.S. transactions, partially offset by higher average ticket.
EPS fell 47% to $0.49, impacted by margin contraction, labor investments, and one-time costs.
The company is in the early stages of a turnaround, focusing on operational improvements, partner engagement, and customer experience.
Major investments are being made in the Green Apron service model and store portfolio transformation.
Acquisition of 23.5 Degrees Topco Limited converted 113 UK licensed stores to company-operated.
Financial highlights
Consolidated net revenues increased 4% to $9.5B; constant currency growth was 3%.
Operating margin contracted by 650–680 basis points to 9.9–10.1%, impacted by deleverage, labor, and inflation.
Net earnings attributable to shareholders fell 47% year-over-year to $558M.
Store operating expenses as a percentage of company-operated store revenues increased to 55.6% from 50.9%.
Cash and investments totaled $4.7B as of June 29, 2025.
Outlook and guidance
Macroeconomic challenges, including tariffs and volatile coffee prices, are expected to persist for the remainder of fiscal 2025.
Leadership expects to accelerate innovation and growth in 2026, focusing on customer service and operational improvements.
Investor Day scheduled for early 2026 to share long-term plans and targets.
Explain the impact of Leadership Experience 2025.
Why did North America operating margin contract?
How will Starbucks unleash innovation in 2026?
Quantify cost offsets to $0.5B labor investment.
Assess long-term margin potential vs. 2019.
Detail Green Apron Service traffic lift by daypart.
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Q4 202528 Oct, 2025
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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.
A diverse menu
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.
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