SBUX Research | Milton Maxwell

SBUX

Starbucks Corporation

85.08

-0.32-0.38%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

Report date

≈ -/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q1 '26

1/27/26Jan 27, 2026

Key Stats

Market Cap

96.74B

P/E (TTM)

52.20

Basic EPS (TTM)

1.63

Dividend Yield

0.03%

Recent Filings

8-K

Q4 comps turn positive

10/29/25Oct 29, 2025

Starbucks posted Q4 net revenues up 5% to $9.6B, with global comp sales rising 1%—first growth in seven quarters—driven by international gains while U.S. held flat. GAAP operating margin cratered to 2.9% from restructuring ($755M, including 627 store closures) and labor investments, yet non-GAAP margin was 9.4%. Turnaround underway. Restructuring risks linger.

8-K

Restructuring with $1B charges

9/25/25Sep 25, 2025

Starbucks approved a restructuring plan on September 23, 2025, closing underperforming coffeehouses and trimming its support organization under the 'Back to Starbucks' strategy. It expects ~$1B in charges, with $400M non-cash asset impairments and $600M cash outlays, 90% in North America; most closures wrap by fiscal year-end. North America company-operated stores dip 1% in FY2025. Forward-looking estimates carry execution risks.

8-K

Q3 revenues up 4%, margins shrink

7/29/25Jul 29, 2025

Starbucks posted Q3 net revenues up 4% to $9.5B, but global comp sales fell 2% on 2% transaction declines. Operating margin cratered to 9.9% from investments in 'Back to Starbucks' and a discrete tax hit, slashing GAAP EPS 47% to $0.49. Progress shows. China comps rose 2%.

10-Q

Q3 FY2025 results

7/29/25Jul 29, 2025

Starbucks posted Q3 FY2025 net revenues of $9.5B, up 3.8% y/y, driven by 1,151 net new company-operated stores, yet global comparable store sales dipped 2% on fewer transactions. Operating income fell to $936M from $1.5B, with margins contracting to 9.9% from 16.7% amid labor investments, coffee inflation, and $21M restructuring charges. Diluted EPS of $0.49 matched basic on 1,140M shares, down from $0.93. Cash swelled to $4.2B with $3.4B YTD operating cash flow; $3B revolver fully available despite $17.3B long-term debt. U.K. acquisition added 113 stores, $106M goodwill. Labor union organizing efforts pose ongoing risks.

8-K

Execs get $6M PRSUs

7/2/25Jul 2, 2025

Starbucks' board approved $6,000,000 performance-based RSUs for continuing named executive officers on June 29, 2025, tying 100% of payout to Back to Starbucks strategy goals like operating expense cuts, Green Apron rollout, and Rewards revamp—vesting post-fiscal 2027 if thresholds met. Payouts cap at 200% of target but adjust down if TSR lags S&P 500 median. Retention hinges on service through settlement.

About

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee internationally. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee, tea, and other beverages, roasted whole beans and ground coffees, complementary food, packaged coffees, single-serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and foodservice accounts. The company offers its products under the Starbucks Coffee, Teavana, Seattle's Best Coffee, Ethos, and Starbucks Reserve brands. Starbucks Corporation was founded in 1971 and is based in Seattle, Washington.

CEO

Mr. Brian R. Niccol

IPO

6/26/1992

Website

https://www.starbucks.com

Employees

381,000

Sector

Consumer Cyclical

Industry

Restaurants