Starbucks Corporation (SBUX)

Starbucks Evaluates Sale and IPO Options for Japanese Operations (SBUX)June 10, 2026 5:51 AM
IH Market News Starbucks (NASDAQ:SBUX) is reportedly reviewing strategic alternatives for its business in Japan, including a possible partial divestment or public listing, according to a Bloomberg News report citing people familiar with the matter. The coffee chain has held early-stage discussions with investment banks as it assesses options for its Japanese subsidiary, one of the company’s most significant international operations. According to the report, a transaction involving the sale of a stake in the business could value the Japanese unit at between ¥400 billion and ¥500 billion, equivalent to approximately $2.5 billion to $3.1 billion. Potential interest could come from both strategic industry buyers and private equity investors. Strategic Review Still in Early Stages Sources cited by Bloomberg indicated that no formal decision has been made and that discussions remain preliminary. Starbucks is evaluating a range of possibilities, including maintaining ownership, selling a minority stake, or pursuing an initial public offering of the business. The company has not publicly commented on any specific transaction plans. Japan remains one of Starbucks’ largest overseas markets, with around 2,100 stores across the country. The majority of these locations are directly operated, giving the company significant exposure to consumer demand and operational performance in the market. Part of a Broader Asian Portfolio Strategy The reported review comes as Starbucks continues to reshape its presence across Asia through a more flexible ownership structure. Earlier this year, the company completed the sale of a 60% stake in its China retail operations to Boyu Capital. Starbucks described that transaction as an important step in supporting long-term expansion and unlocking future growth opportunities in one of its most important international markets. A similar move in Japan could provide additional capital flexibility while allowing Starbucks to retain exposure to a mature and strategically important business. More about Starbucks Starbucks Corporation is one of the world’s largest coffeehouse operators, with thousands of stores across North America, Asia, Europe and other international markets. The company offers coffee beverages, tea, food products and consumer packaged goods, while increasingly focusing on digital engagement, loyalty programmes and international expansion to support long-term growth. Starbucks stock price Original: Starbucks Evaluates Sale and IPO Options for Japanese Operations (SBUX)

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Starbucks to Participate in the 6th Annual Evercore Consumer and Retail ConferenceJune 2, 2026 4:05 PM
Business Wire Starbucks Corporation (NASDAQ: SBUX) today announced that Brian Niccol, chairman and chief executive officer, will participate in a keynote fireside chat at the 6th Annual Evercore Consumer and Retail Conference on Tuesday, June 9th, 2026, at 11:40 a.m. Eastern Time. The fireside chat will be webcast live from the company’s Investor Relations website at https://investor.starbucks.com on the Events & Presentations page. About Starbucks Since 1971, Starbucks Coffee Company has been committed to responsibly sourcing and roasting high-quality arabica coffee. Today, with a global footprint of more than 41,000 company-operated and licensed coffeehouses and a growing presence in consumer-packaged goods, we are the world's premier purveyor of specialty coffee. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at about.starbucks.com or www.starbucks.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260602473511/en/ Starbucks Contact, Investor Relations:
Catherine Park
investorrelations@starbucks.com Starbucks Contact, Media:
Emily Albright
press@starbucks.com Original: Starbucks to Participate in the 6th Annual Evercore Consumer and Retail Conference

Starbucks Corporation Announces Pricing Terms for its Upsized Tender Offers for Eight Series of NotesMay 18, 2026 3:15 PM
Business Wire Starbucks Corporation (Nasdaq: SBUX) (“Starbucks,” “we,” “us” or the “Company”) today announced the pricing terms for its previously announced tender offers to purchase (each offer a “Tender Offer” and collectively, the “Tender Offers”) for cash the notes of the series listed in the table below (collectively, the “Notes”). The Tender Offers were made pursuant to the Offer to Purchase, dated May 4, 2026, as amended by the Company’s press release relating to the early results and upsizing of the Tender Offers issued on May 15, 2026 (together, the “Offer to Purchase”), which sets forth a more comprehensive description of the terms and conditions of the Tender Offers. Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase. Set forth below are the applicable Reference Yields and Total Consideration for each series of Notes per $1,000 principal amount of Notes tendered, as calculated by Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, Lead Dealer Managers for the Tender Offers, at 10:00 a.m., Eastern Time, today, May 18, 2026, in accordance with the terms set out in the Offer to Purchase.   Title of Security CUSIP/ISIN Aggregate Principal Amount Outstanding Acceptance Priority Level U.S. Treasury Reference Security Reference Yield Fixed Spread Total Consideration(1) Proration Factor(2) Aggregate Principal Amount Accepted for Purchase Pool 1 Tender Offers 4.800% Senior Notes due 2030 855244BL2/
US855244BL23 $500,000,000 1 3.875% UST due April 30, 2031 4.228% +25 bps $1,011.44 – $321,824,000 4.500% Senior Notes due 2028 855244BN8/ US855244BN88 $750,000,000 2 3.750% UST due April 30, 2028 4.044% +25 bps $1,003.75 48.60% $273,468,000 4.000% Senior Notes due 2028 855244AR0/ US855244AR02 $750,000,000 3 3.750% UST due April 30, 2028 4.044% +25 bps $993.13 – – Pool 2 Tender Offers 4.500% Senior Notes due 2048 855244AS8/ US855244AS84 $1,000,000,000 1 4.625% UST due February 15, 2046 5.124% +75 bps $829.71 68.98% $200,000,000 5.400% Senior Notes due 2035 855244BM0/ US855244BM06 $500,000,000 2 4.125% UST due February 15, 2036 4.568% +40 bps $1,030.36 – $410,249,000 5.000% Senior Notes due 2034 855244BJ7/ US855244BJ76   $500,000,000 3 4.125% UST due February 15, 2036 4.568% +30 bps $1,008.18 44.44% $110,351,000 4.900% Senior Notes due 2031 855244BH1/ US855244BH11   $500,000,000 4 3.875% UST due April 30, 2031 4.228% +35 bps $1,013.12 – – 4.800% Senior Notes due 2033 855244BF5/ US855244BF54 $500,000,000 5 4.125% UST due February 15, 2036 4.568% +20 bps $1,001.75 – – (1) The Total Consideration for each $1,000 of each series of Notes validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and includes the applicable Early Tender Payment as set forth in the table on the front cover of the Offer to Purchase, which does not constitute an additional or increased payment. The Total Consideration for each series of Notes does not include the applicable Accrued Interest (as defined below), which will be payable in addition to the applicable Total Consideration. (2) Rounded to the nearest hundredth of one percent. The early tender date for the Tender Offers was 5:00 p.m., Eastern Time, on May 15, 2026 (the “Early Tender Date”). Subject to the terms and conditions set forth in the Offer to Purchase, Starbucks will accept for purchase up to the Aggregate Cap, the Maximum Amounts and the Tender Sub Cap Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date as shown in the table above. Starbucks has elected to exercise its right to have an early settlement. The date for payment in respect of such Notes will be May 20, 2026 (the “Early Settlement Date”). Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes were validly tendered and not validly withdrawn prior to or at the Early Tender Date and that are accepted for purchase will receive the applicable Total Consideration, as set forth in the table above, for each $1,000 principal amount of such Notes in cash on the Early Settlement Date. In addition to the Total Consideration, all Holders of Notes accepted for purchase will also receive accrued and unpaid interest on Notes validly tendered, not validly withdrawn and accepted for purchase from the applicable last interest payment date up to, but not including, the Early Settlement Date (“Accrued Interest”), payable on the Early Settlement Date. Because the aggregate purchase price of the Notes validly tendered and not validly withdrawn as of the Early Tender Date exceeds the Aggregate Cap and Maximum Amounts and the aggregate principal amount of 2048 Notes validly tendered and not validly withdrawn as of the Early Date exceeds the Tender Sub Cap, the Notes will be accepted for purchase subject to the Acceptance Priority Levels and proration factors set forth in the table above and, in each case, as described in the Offer to Purchase. The Company will accept for purchase the aggregate principal amount of each series of the Notes that were validly tendered and not validly withdrawn as of the Early Tender Date as set forth in the table above. The Notes that were validly tendered and not validly withdrawn as of the Early Tender Date and are accepted for purchase will be cancelled by the Company on the Early Settlement Date and will no longer remain outstanding obligations of the Company. The Notes not accepted for purchase will be promptly credited to the account of the registered holder of such Notes with The Depository Trust Company and otherwise returned in accordance with the Offer to Purchase. Although the Tender Offers are scheduled to expire at 5:00 p.m., Eastern Time, on June 2, 2026 (the “Expiration Date”), because the Tender Offers were filled by the Early Tender Date, Starbucks does not expect to accept for purchase any Notes that are tendered after the Early Tender Date and before the Expiration Date. The withdrawal rights for the Tender Offers expired at 5:00 p.m., Eastern Time, on May 15, 2026 and have not been extended; therefore, previously tendered Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by the Company). The Tender Offers are subject to the satisfaction of certain conditions as set forth in the Offer to Purchase. The Company reserves the right, subject to applicable law, to (i) waive any and all conditions to any of the Tender Offers, (ii) extend or terminate any of the Tender Offers, (iii) increase or decrease the Aggregate Cap, (iv) increase or decrease either of the Maximum Amounts, (v) increase or decrease the Tender Sub Cap or (vi) otherwise amend any of the Tender Offers in any respect. The Company may take any action described in clauses (i) through (vi) above with respect to one or more Tender Offers without having to do so for all Tender Offers. Holders should refer to the Offer to Purchase for the complete terms and conditions for the Tender Offers. The Company has retained (i) Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC as Lead Dealer Managers, (ii) BofA Securities, Citigroup Global Markets Inc., Scotia Capital (USA) Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as Co-Dealer Managers and (iii) D.F. King & Co., Inc. as the Tender and Information Agent, in each case, in connection with the Tender Offers. Any questions or requests for assistance concerning the Tender Offers may be directed to (i) Morgan Stanley & Co. LLC at LMNY @c172driver or collect at (212) 761-1057, (ii) U.S. Bancorp Investments, Inc. at liabilitymanagement @stockclock or collect at (917) 558-2756 or (iii) Wells Fargo Securities, LLC at liabilitymanagement @jacada4 or collect at (704) 410-4759. Requests for additional copies of the Offer to Purchase or any other documents may be directed to D.F. King & Co., Inc. at

Starbucks Corporation Announces Early Results and Upsizing of its Tender Offers for Eight Series of NotesMay 15, 2026 8:32 PM
Business Wire Starbucks Corporation (Nasdaq: SBUX) (“Starbucks,” “we,” “us” or the “Company”) today announced the early results of its previously announced tender offers to purchase (each offer a “Tender Offer” and collectively, the “Tender Offers”) for cash the notes of the series listed in the table below (collectively, the “Notes”). The Tender Offers were made pursuant to the Offer to Purchase, dated May 4, 2026 (the “Offer to Purchase”), which sets forth a more comprehensive description of the terms and conditions of the Tender Offers. Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase. In addition, Starbucks has exercised its previously disclosed right to amend the terms of the Tender Offers to increase (i) the Aggregate Cap for all Notes validly tendered and accepted for purchase pursuant to the Tender Offers to $1.3 billion; (ii) the Pool 1 Maximum Amount to $600 million; and (iii) the Pool 2 Maximum Amount to $700 million. Except as described in this press release, the terms and conditions of the Tender Offers set forth in the Offer to Purchase remain unchanged. According to information provided by D.F. King & Co., Inc., the Tender and Information Agent in connection with the Tender Offers, $2,598,857,000 aggregate principal amount of the Notes were validly tendered prior to or at 5:00 p.m., Eastern Time on May 15, 2026 (the “Early Tender Date”) and not validly withdrawn. The table below provides certain information about the Tender Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn prior to the Early Tender Date.   Title of
Security CUSIP/ISIN Aggregate Principal
Amount Outstanding Maximum
Amount(1) Acceptance Priority
Level(2) Tender Sub Cap(3) Aggregate Principal Amount Validly
Tendered and Not Validly
Withdrawn as of Early Tender Date Pool 1
Tender
Offers 4.800% Senior
Notes due
2030 855244BL2/
US855244BL23 $500,000,000 $600,000,000 1 —— $321,824,000 4.500% Senior
Notes due
2028 855244BN8/
US855244BN88 $750,000,000 2 —— $564,970,000 4.000% Senior
Notes due
2028 855244AR0/
US855244AR02 $750,000,000 3 —— $356,531,000 Pool 2
Tender
Offers 4.500% Senior
Notes due
2048 855244AS8/
US855244AS84 $1,000,000,000 $700,000,000 1 $200,000,000 $290,150,000 5.400% Senior
Notes due
2035 855244BM0/
US855244BM06 $500,000,000 2 —— $410,249,000 5.000% Senior
Notes due
2034 855244BJ7/
US855244BJ76   $500,000,000 3 —— $251,065,000 4.900% Senior
Notes due
2031 855244BH1/
US855244BH11   $500,000,000 4 —— $177,449,000 4.800% Senior
Notes due
2033 855244BF5/
US855244BF54 $500,000,000 5 —— $226,619,000 (1) The Pool 1 Maximum Amount of $600,000,000 represents the maximum aggregate purchase price of Pool 1 Notes that the Company is offering to purchase in the Pool 1 Tender Offers. The Pool 2 Maximum Amount of $700,000,000 represents the maximum Aggregate Purchase Price of Pool 2 Notes that the Company is offering to purchase in the Pool 2 Tender Offers. (2) Subject to the Aggregate Cap, the Maximum Amounts, the Tender Sub Cap (as defined below) and proration, if applicable, the aggregate principal amount of each series of Notes that is purchased in the Tender Offer for that series will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order) specified in this column. (3) The Tender Offer with respect to the 4.500% Senior Notes due 2048 (the “2048 Notes”) will be subject to an aggregate principal amount sublimit of $200,000,000 (the “Tender Sub Cap”). Pursuant to the terms of the Offer to Purchase, Starbucks expects to accept for purchase, up to the Aggregate Cap, the Maximum Amounts and the Tender Sub Cap for the 2048 Notes and subject to proration, if applicable, the Notes validly tendered and not validly withdrawn as of the Early Tender Date in accordance with the Acceptance Priority Levels specified in the table above. Because the aggregate purchase price of the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date exceeds the Aggregate Cap and the Maximum Amounts, Starbucks does not expect to accept any further tenders of Notes. The applicable consideration (the “Total Consideration”) offered per $1,000 principal amount of each series of Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the applicable Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes (the “Fixed Spread”) specified in the table on the front cover of the Offer to Purchase plus the applicable yield based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table on the front cover of the Offer to Purchase as displayed on the applicable Bloomberg Reference Page specified in the table on the front cover of the Offer to Purchase at 10:00 a.m., Eastern Time on May 18, 2026. Holders of any Notes that were validly tendered and not validly withdrawn prior to or at the applicable Early Tender Date and that are accepted for purchase will receive the applicable Total Consideration. The Total Consideration, as calculated using the Fixed Spread for each series of Notes set forth in the table on the front cover of the Offer to Purchase, includes the Early Tender Payment, and the Early Tender Payment does not constitute additional or increased payment. In addition to the Total Consideration, all Holders of Notes accepted for purchase will also receive accrued and unpaid interest on Notes validly tendered, not validly withdrawn and accepted for purchase from the applicable last interest payment date up to, but not including, the applicable Settlement Date, payable on such Settlement Date. The Company reserves the right, in its sole discretion, to make payment for Notes that are validly tendered prior to or at the Early Tender Date and that are accepted for purchase on the date referred to as the “Early Settlement Date.” It is anticipated that the Early Settlement Date will be May 20, 2026. In accordance with the terms of the Offer to Purchase, the withdrawal deadline was 5:00 p.m., Eastern Time on May 15, 2026 (the “Withdrawal Deadline”). As a result, tendered Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by the Company). The Tender Offers are subject to the satisfaction of certain conditions as set forth in the Offer to Purchase. The Company reserves the right, subject to applicable law, to (i) waive any and all conditions to any of the Tender Offers, (ii) extend or terminate any of the Tender Offers, (iii) increase or decrease the Aggregate Cap, (iv) increase or decrease either of the Maximum Amounts, (v) increase or decrease the Tender Sub Cap or (vi) otherwise amend any of the Tender Offers in any respect. The Company may take any action described in clauses (i) through (vi) above with respect to one or more Tender Offers without having to do so for all Tender Offers. In the case of clauses (i) through (vi) above, the Company does not intend to extend the Withdrawal Deadline or reinstate withdrawal rights, subject to applicable law. Holders should refer to the Offer to Purchase, as amended by this press release, for the complete terms and conditions for the Tender Offers. The Company has retained (i) Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC as Lead Dealer Managers, (ii) BofA Securities, Citigroup Global Markets Inc., Scotia Capital (USA) Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as Co-Dealer Managers and (iii) D.F. King & Co., Inc. as the Tender and Information Agent, in each case, in connection with the Tender Offers. Any questions or requests for assistance concerning the Tender Offers may be directed to (i) Morgan Stanley & Co. LLC at LMNY @c172driver or collect at (212) 761-1057, (ii) U.S. Bancorp Investments, Inc. at liabilitymanagement @stockclock or collect at (917) 558-2756 or (iii) Wells Fargo Securities, LLC at liabilitymanagement @jacada4 or collect at (704) 410-4759. Requests for additional copies of the Offer to Purchase or any other documents may be directed to D.F. King & Co., Inc. at

Starbucks Gains After Upgrading Outlook as Turnaround Momentum BuildsApril 29, 2026 5:55 AM
IH Market News
Starbucks (NASDAQ:SBUX) lifted its full-year 2026 guidance on Tuesday, raising expectations for both comparable-store sales growth and adjusted earnings per share, as CEO Brian Niccol continues to push forward a turnaround strategy that is attracting more customers back to stores.The company now expects comparable store sales to grow by at least 5.0% in fiscal 2026, both globally and within the U.S. It also projected adjusted earnings per share in a range of $2.25 to $2.45.Shares rose more than 5% in premarket trading on Wednesday following the update.Starbucks reported a 6.2% increase in global same-store sales for the second quarter, supported by a 3.8% rise in comparable transactions and a 2.3% increase in average ticket size.Reacting to the results, Jeffrey Bernstein noted the “U.S. comp beat, while Int’l met consensus, which coupled with operating margin upside, drove an EPS beat. And comp momentum continues in April.”Niccol’s strategy has centered on improving in-store operations, including simplifying the menu and shortening wait times—moves that have helped bring customers back in the company’s core U.S. market. Starbucks has also rolled out its “Back to Starbucks” initiative, which includes enhancements to employee pay and working conditions aimed at improving staff retention and store consistency after stalled negotiations with a union representing some U.S. baristas.Second-quarter consolidated net revenue rose 9% to $9.5 billion, comfortably exceeding the consensus estimate of $9.12 billion.“Our second quarter marked the turn in our turnaround as our Back to Starbucks plan drove both top and bottom line growth,” said Brian Niccol, chairman and chief executive officer. “This is the Starbucks our customers deserve and the Starbucks we believe will deliver long-term growth and value for our partners and shareholders as we execute consistently, at-scale.”Adjusted earnings per share for the quarter came in at $0.50, beating analyst expectations of $0.42 by $0.08.The company’s consolidated operating margin improved to 9.4% for the quarter, an increase of 120 basis points compared with the same period last year.Starbucks stock price

Original: Starbucks Gains After Upgrading Outlook as Turnaround Momentum Builds

Starbucks Reports Q2 Fiscal Year 2026 ResultsApril 28, 2026 4:05 PM
Business Wire
Company Delivers Healthy Comparable Store Sales and Earnings Growth

Global Q2 Comparable Store Sales Up 6.2%, Led by Transaction Growth

Q2 Consolidated Net Revenues Up 9% to $9.5 billion

Q2 GAAP EPS $0.45, Non-GAAP EPS $0.50

Raises Fiscal Year 2026 Guidance for Comparable Stores Sales Growth and Non-GAAP EPS


Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 29, 2026. GAAP results in fiscal 2026 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.


Q2 Fiscal Year 2026 Highlights



Global comparable store sales increased 6.2%, primarily driven by a 3.8% increase in comparable transactions and a 2.3% increase in average ticket


North America comparable store sales increased 7.1%, primarily driven by a 4.4% increase in comparable transactions and a 2.6% increase in average ticket; U.S. comparable store sales increased 7.1%, primarily driven by a 4.3% increase in comparable transactions and a 2.7% increase in average ticket



International comparable store sales increased 2.6%, primarily driven by a 2.1% increase in comparable transactions and a 0.5% increase in average ticket; China comparable store sales increased 0.5%, primarily driven by a 2.1% increase in comparable transactions, partially offset by a 1.6% decline in average ticket






The company opened 11 net new stores in Q2, ending the period with 41,129 stores: 52% company-operated and 48% licensed


At the end of Q2, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,944 and 7,991 stores in the U.S. and China, respectively






Consolidated net revenues increased 9% to $9.5 billion, or a 8% increase on a constant currency basis



GAAP operating margin expanded 180 basis points year-over-year to 8.7%, primarily driven by sales leverage and lower store operating and depreciation and amortization costs after classifying assets for Starbucks retail operations in China as held for sale, partially offset by labor investments largely in support of “Back to Starbucks”


Non-GAAP operating margin expanded 120 basis points year-over-year to 9.4%, or 110 basis points on a constant currency basis






Effective tax rate of 29.8% compared to 23.5% in the prior year, with the increase primarily due to the impact of reorganizing certain entities in China, the $8 million discrete increase to the change in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale in the first quarter of 2026, and the effect of higher pre-tax earnings and the proportionate impacts from certain permanent differences and discrete items


Non-GAAP effective tax rate increased 340 basis points to 27.1%






GAAP earnings per share of $0.45 increased 32% over prior year


Non-GAAP earnings per share of $0.50 expanded 22% over prior year, including on a constant currency basis






“Our second quarter marked the turn in our turnaround as our Back to Starbucks plan drove both top and bottom line growth,” commented Brian Niccol, chairman and chief executive officer. “This is the Starbucks our customers deserve and the Starbucks we believe will deliver long-term growth and value for our partners and shareholders as we execute consistently, at-scale.”


“We’ve been clear that topline improvement would come first, with earnings growth to follow. We have more work to do, but we're pleased to see the combination of our comp growth and cost discipline starting to show up in margins,” commented Cathy Smith, chief financial officer.


Q2 North America Segment Results




 






 






 






 






 






 








 






Quarter Ended






 






Change (%)








($ in millions)






Mar 29, 2026






 






Mar 30, 2025






 








Change in Comparable Store Sales (1)






7.1%






 






(1.3)%






 






 








Change in Transactions






4.4%






 






(3.9)%






 






 








Change in Ticket






2.6%






 






2.7%






 






 








Store Count (2)






18,385






 






18,627






 






(1)%








Net revenues






$6,893.8






 






$6,472.7






 






7%








Operating Income






$679.9






 






$748.3






 






(9)%








Operating Margin






9.9%






 






11.6%






 






(170) bps









(1)







Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed for fewer than three weeks or operating at reduced hours remain in comparable store sales while stores identified for permanent closures are removed in the month following closure.








(2)







Includes the impact of 7 stores closed in Q2 FY26 as part of our “Back to Starbucks” restructuring plan.







Net revenues for the North America segment increased 7% over Q2 FY25 to $6.9 billion in Q2 FY26, primarily driven by an increase in company-operated store revenue due to a 7.1% increase in comparable store sales, driven by a 4.4% increase in comparable transactions and a 2.6% increase in average ticket.


Operating income decreased to $679.9 million in Q2 FY26 compared to $748.3 million in Q2 FY25. Operating margin of 9.9% contracted from 11.6% in the prior year, primarily driven by labor investments largely in support of “Back to Starbucks”, product mix shift, and inflation led by tariffs and elevated coffee pricing, partially offset by sales leverage.


Q2 International Segment Results




 






 






 






 






 






 








 






Quarter Ended






 






Change (%)








($ in millions)






Mar 29, 2026






 






Mar 30, 2025






 








Change in Comparable Store Sales (1)






2.6%






 






1.7%






 






 








Change in Transactions






2.1%






 






3.0%






 






 








Change in Ticket






0.5%






 






(1.3)%






 






 








Store Count (2)






22,744






 






22,162






 






3%








Net revenues






$2,051.1






 






$1,867.1






 






10%








Operating Income






$398.6






 






$217.0






 






84%








Operating Margin






19.4%






 






11.6%






 






780 bps









(1)







Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed for fewer than three weeks or operating at reduced hours remain in comparable store sales while stores identified for permanent closures are removed in the month following closure.








(2)







Includes the impact of 55 stores closed in Q2 FY26 as part of our “Back to Starbucks” restructuring plan.







Net revenues for the International segment increased 10% over Q2 FY25 to $2.1 billion in Q2 FY26, primarily driven by an increase in our licensed store business revenue, favorable foreign currency translation impacts, an increase in company-operated store revenue due to a 2.6% increase in comparable store sales, driven by a 2.1% increase in comparable transactions and a 0.5% increase in average ticket, and net new company-operated store growth of 3% over the past 12 months.


Operating income increased to $398.6 million in Q2 FY26 compared to $217.0 million in Q2 FY25. Operating margin of 19.4% expanded from 11.6% in the prior year, primarily driven by lower store operating and depreciation and amortization costs after classifying assets for Starbucks retail operations in China as held for sale and ceasing the related depreciation and amortization, and sales leverage, partially offset by inflationary pressures, primarily driven by elevated coffee pricing.


Q2 Channel Development Segment Results




 






 






 






 






 






 








 






Quarter Ended






 






Change (%)








($ in millions)






Mar 29, 2026






 






Mar 30, 2025






 








Net revenues






$567.8






 






$409.0






 






39%








Operating Income






$229.9






 






$193.5






 






19%








Operating Margin






40.5%






 






47.3%






 






(680) bps







Net revenues for the Channel Development segment increased 39% over Q2 FY25 to $567.8 million in Q2 FY26, primarily due to an increase in revenue in the Global Coffee Alliance.


Operating income increased to $229.9 million in Q2 FY26 compared to $193.5 million in Q2 FY25. Operating margin of 40.5% contracted from 47.3% in the prior year, primarily driven by lower income from the North American Coffee Partnership joint venture relative to segment revenue growth and other product mix shifts.


Company Update



In January, the company hosted its Investor Day in New York City where Starbucks leaders, including ceo, Brian Niccol, cfo, Cathy Smith, and other executive leaders highlighted the company’s turnaround progress, unveiled new coffeehouse innovations, introduced a reimagined loyalty program, and reaffirmed its commitment to be the world’s leading customer service company.



In March, the company launched its reimagined loyalty program with three levels of membership – Green, Gold, Reserve – to deliver more meaningful value, personalization, and engagement in members. This evolution is a key milestone in the Back to Starbucks strategy and has reinvigorated what it means to be a Starbucks Rewards member.



In March, the company hosted its 34th Annual Meeting of Shareholders. Brian Niccol delivered opening remarks, highlighting continued progress in the company’s Back to Starbucks plan and commitments. Shareholders voted in favor of all director nominees, approved the company’s executive compensation on an advisory basis, and ratified the appointment of the company’s independent registered public accounting firm.



In April, the company announced a new incentive rewards program designed to create more opportunities for hourly coffeehouse partners to share in the success of the Back to Starbucks transformation. The program reflects the company's continued commitment to offering one of the most competitive total compensation and benefits packages in the industry.



In April, the company announced the closing of its previously announced joint venture with Boyu Capital to operate Starbucks retail in China, marking a significant milestone in the company's long-term strategy to unlock sustainable, disciplined growth in China. Under the terms of the agreement, funds managed by Boyu Capital now hold a 60% stake in Starbucks China retail operations, while Starbucks retains a 40% ownership interest and continues to own and license the brand and intellectual property to the joint venture. The impact of this transaction will begin to be reported in connection with our third quarter results.



In April, the company announced a plan to open an additional office in Nashville, Tennessee intended to establish a more strategic presence in the Southeast region of the U.S. In March, management approved a restructuring plan to relocate certain functions of our support organization to the additional office.



The Board declared a cash dividend of $0.62 per share, payable on May 29, 2026, to shareholders of record on May 15, 2026. The company had 64 consecutive quarters of dividend payouts with CAGR of 17% over that time period, demonstrating the company's commitment to consistent value creation for shareholders.



Fiscal Year 2026 Guidance


The company updates its fiscal year 2026 guidance (all growth targets are relative to fiscal year 2025 non-GAAP measures unless specified):



Global and U.S. comparable store sales growth of 5.0% or greater;



Consolidated net revenues roughly flat year over year;



Non-GAAP consolidated operating margin to slightly improve year over year;



Non-GAAP earnings per share in the range of $2.25 to $2.45; and



Approximately 600 to 650 net new coffeehouses globally across company-operated and licensed businesses.



Please refer to the section entitled "Non-GAAP Disclosure" and the reconciliation of GAAP measures to non-GAAP measures at the end of this release. Certain projected non-GAAP financial measures cannot be reconciled to the most comparable GAAP measure without unreasonable effort.


Guidance reflects the retail operations of Starbucks China as a joint venture licensee structure in the second half of the fiscal year 2026. The retail operations of Starbucks China are reported as a company-operated business for the first half of fiscal year 2026.


The company will provide additional information regarding its business outlook during its regularly scheduled quarterly earnings conference call.


Conference Call


Starbucks will hold a conference call today at 1:15 p.m. Pacific Time, which will be hosted by Brian Niccol, chairman and ceo, and Cathy Smith, cfo. The call will be webcast and can be accessed at http://investor.starbucks.com. A replay of the webcast will be available until end of day Friday, June 12, 2026.


The company uses its website as a tool to disclose important information about the company and comply with its disclosure obligations under Regulation Fair Disclosure.


About Starbucks


Since 1971, Starbucks Coffee Company has been committed to responsibly sourcing and roasting high-quality arabica coffee. Today, with a global footprint of more than 41,000 company-operated and licensed coffeehouses and a growing presence in consumer-packaged goods, we are the world's premier purveyor of specialty coffee. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at about.starbucks.com or www.starbucks.com.


Forward-Looking Statements


Certain statements contained herein and in our investor conference call related to these results and progress towards our “Back to Starbucks” plan are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and in other filings with the SEC, as well as, among others:



our ability to preserve, grow, and leverage our brands;



the impact of our brand, marketing, promotional, advertising, and pricing strategies, platforms, reformulations, innovations, or customer experience initiatives or investments;



the costs and risks associated with, and the successful and timely execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments, and plans, including our “Back to Starbucks” strategy and our restructuring plan;



the costs and risks associated with, and the successful execution and effects of, strategic changes to our ownership and operating structure, including as a result of acquisitions, divestitures, other strategic transactions or entry into joint ventures, including our joint venture with respect to Starbucks retail operations in China;



our ability to align our investment efforts with our strategic goals;



evolving consumer preferences, demand, consumption, or spending behavior, reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes;



the ability of our business partners, suppliers, and third-party providers to fulfill their responsibilities and commitments and our reliance on certain key business partners and suppliers;



the potential negative effects of food or beverage safety incidents, or product recalls, including any perceived association of our products or brands with such incidents;



our ability to open new stores and efficiently maintain the attractiveness of our existing stores and manage related costs;



our heavy reliance on the financial performance of our North America operating segment and our dependence on the performance and growth of certain international markets;



our ability to operate and successfully expand our footprint in international markets, which is influenced by factors distinct from our North America operating segment;



inherent risks of operating a global business, including changing conditions in our markets; local factors affecting store openings, protectionist trade or foreign investment policies, such as tariffs and import/export regulations; economic or trade sanctions; compliance with local laws and other regulations; and local labor policies and conditions, including labor strikes and work stoppages;



higher costs, lower quality, or unavailability of coffee, dairy, cocoa, energy, water, raw materials, or product ingredients and related volatility;



the ability of our supply chain to meet current or future business needs and our ability to scale and improve our forecasting, planning, production, and logistics management;



the potential impact on our supply chain and operations of adverse weather conditions, natural disasters, or significant increases in logistics costs;



a worsening in the terms and conditions upon which we engage with our manufacturers and source suppliers;



the impact of unfavorable macroeconomic conditions and other factors, including economic slowdowns or recessions, rising real estate costs, supply chain disruptions, climate change and extreme weather events, inflation and interest rate fluctuations, government shutdowns, labor unrest, geopolitical instability, disruptions in credit markets and foreign current exchange rate volatility;



failure to meet market expectations for our financial performance or any announced guidance and the impact thereof;



failure to attract or retain key executive or partner talent;



changes in the availability and cost of labor, including any union organizing efforts and our responses to such efforts;



the impact of, and our ability to respond to, substantial competition from new entrants, consolidations by competitors, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods); marketing, category expansion, product introductions; or entry or expansion in our geographic markets;



evolving corporate governance and public disclosure regulations and expectations;



the potential impact of activist shareholder actions or tactics;



failure to comply with applicable laws and complex and changing legal and regulatory requirements, including in privacy and data protection;



the impact or likelihood of significant legal disputes and proceedings or government investigations;



the unauthorized access, use, theft, or destruction of our data, or of our proprietary or confidential information and the impact thereof;



potential negative effects of, and our ability to respond to, a material failure, inadequacy, or interruption of our information technology systems or those of our third-party business partners or service providers, or failure to comply with data protection laws; and



our ability to adequately protect our intellectual property or adequately ensure that we are not infringing the intellectual property of others.



In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and economic environment, and new risks periodically emerge. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this release. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.


Key Metrics


We believe the company's financial results and long-term growth model will continue to be driven by new store openings, comparable store sales growth and operating margin management. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies.




STARBUCKS CORPORATION








CONSOLIDATED STATEMENTS OF EARNINGS








(unaudited, in millions, except per share data)










 



 






Quarter Ended






 






Quarter Ended








 






Mar 29,

2026






 






Mar 30,

2025






 






%

Change






 






Mar 29,

2026






 






Mar 30,

2025








 








 






 






 






 






 






 






 






As a % of total net revenues








Net revenues:






 






 






 






 






 






 






 






 






 








Company-operated stores






$






7,816.4






 






 






$






7,285.0






 






 






7.3






%






 






82.0






%






 






83.1






%








Licensed stores






 






1,088.4






 






 






 






1,016.0






 






 






7.1






 






 






11.4






 






 






11.6






 








Other






 






626.7






 






 






 






460.6






 






 






36.1






 






 






6.6






 






 






5.3






 








Total net revenues






 






9,531.5






 






 






 






8,761.6






 






 






8.8






 






 






100.0






 






 






100.0






 








Product and distribution costs






 






3,208.5






 






 






 






2,737.6






 






 






17.2






 






 






33.7






 






 






31.2






 








Store operating expenses






 






4,408.6






 






 






 






4,176.0






 






 






5.6






 






 






46.3






 






 






47.7






 








Other operating expenses






 






130.5






 






 






 






138.7






 






 






(5.9






)






 






1.4






 






 






1.6






 








Depreciation and amortization expenses






 






363.4






 






 






 






418.9






 






 






(13.2






)






 






3.8






 






 






4.8






 








General and administrative expenses






 






618.1






 






 






 






632.3






 






 






(2.2






)






 






6.5






 






 






7.2






 








Restructuring and impairments






 






25.1






 






 






 






116.2






 






 






(78.4






)






 






0.3






 






 






1.3






 








Total operating expenses






 






8,754.2






 






 






 






8,219.7






 






 






6.5






 






 






91.8






 






 






93.8






 








Income from equity investees






 






50.8






 






 






 






59.1






 






 






(14.0






)






 






0.5






 






 






0.7






 








Operating income






 






828.1






 






 






 






601.0






 






 






37.8






 






 






8.7






 






 






6.9






 








Interest income and other, net






 






37.0






 






 






 






28.4






 






 






30.3






 






 






0.4






 






 






0.3






 








Interest expense






 






(137.0






)






 






 






(127.3






)






 






7.6






 






 






(1.4






)






 






(1.5






)








Earnings before income taxes






 






728.1






 






 






 






502.1






 






 






45.0






 






 






7.6






 






 






5.7






 








Income tax expense






 






217.3






 






 






 






118.0






 






 






84.2






 






 






2.3






 






 






1.3






 








Net earnings including noncontrolling interests






 






510.8






 






 






 






384.1






 






 






33.0






 






 






5.4






 






 






4.4






 








Net earnings/(loss) attributable to noncontrolling interests






 






(0.1






)






 






 






(0.1






)






 






—






 






 






0.0






 






 






0.0






 








Net earnings attributable to Starbucks






$






510.9






 






 






$






384.2






 






 






33.0






 






 






5.4






%






 






4.4






%








Net earnings per common share - diluted






$






0.45






 






 






$






0.34






 






 






32.4






%






 






 






 






 








Weighted avg. shares outstanding - diluted






 






1,143.2






 






 






 






1,140.0






 






 






 






 






 






 






 








Cash dividends declared per share






$






0.62






 






 






$






0.61






 






 






 






 






 






 






 








Supplemental Ratios:






 






 






 






 






 






 






 






 






 








Store operating expenses as a % of company-operated store revenues






 






 






 






56.4






%






 






57.3






%








Effective tax rate including noncontrolling interests






 






 






 






29.8






%






 






23.5






%









 






Two Quarters Ended






 






Two Quarters Ended








 






Mar 29,

2026






 






Mar 30,

2025






 






%

Change






 






Mar 29,

2026






 






Mar 30,

2025








 








 






 






 






 






 






 






 






As a % of total net revenues








Net revenues:






 






 






 






 






 






 






 






 






 








Company-operated stores






$






16,004.4






 






 






$






15,070.3






 






 






6.2






%






 






82.3






%






 






83.0






%








Licensed stores






 






2,218.8






 






 






 






2,151.7






 






 






3.1






 






 






11.4






 






 






11.8






 








Other






 






1,223.4






 






 






 






937.4






 






 






30.5






 






 






6.3






 






 






5.2






 








Total net revenues






 






19,446.6






 






 






 






18,159.4






 






 






7.1






 






 






100.0






 






 






100.0






 








Product and distribution costs






 






6,482.1






 






 






 






5,631.3






 






 






15.1






 






 






33.3






 






 






31.0






 








Store operating expenses






 






8,961.0






 






 






 






8,379.1






 






 






6.9






 






 






46.1






 






 






46.1






 








Other operating expenses






 






261.7






 






 






 






291.3






 






 






(10.2






)






 






1.3






 






 






1.6






 








Depreciation and amortization expenses






 






764.3






 






 






 






826.2






 






 






(7.5






)






 






3.9






 






 






4.5






 








General and administrative expenses






 






1,256.8






 






 






 






1,298.0






 






 






(3.2






)






 






6.5






 






 






7.1






 








Restructuring and impairments






 






113.2






 






 






 






116.2






 






 






(2.6






)






 






0.6






 






 






0.6






 








Total operating expenses






 






17,839.1






 






 






 






16,542.1






 






 






7.8






 






 






91.7






 






 






91.1






 








Income from equity investees






 






111.3






 






 






 






105.5






 






 






5.5






 






 






0.6






 






 






0.6






 








Operating income






 






1,718.8






 






 






 






1,722.8






 






 






(0.2






)






 






8.8






 






 






9.5






 








Interest income and other, net






 






50.1






 






 






 






56.2






 






 






(10.9






)






 






0.3






 






 






0.3






 








Interest expense






 






(276.0






)






 






 






(254.5






)






 






8.4






 






 






(1.4






)






 






(1.4






)








Earnings before income taxes






 






1,492.9






 






 






 






1,524.5






 






 






(2.1






)






 






7.7






 






 






8.4






 








Income tax expense






 






688.9






 






 






 






359.4






 






 






91.7






 






 






3.5






 






 






2.0






 








Net earnings including noncontrolling interests






 






804.0






 






 






 






1,165.1






 






 






(31.0






)






 






4.1






 






 






6.4






 








Net earnings attributable to noncontrolling interests






 






(0.2






)






 






 






0.1






 






 






nm






 






0.0






 






 






0.0






 








Net earnings attributable to Starbucks






$






804.2






 






 






$






1,165.0






 






 






(31.0






)






 






4.1






%






 






6.4






%








Net earnings per common share - diluted






$






0.70






 






 






$






1.02






 






 






(31.4






)%






 






 






 






 








Weighted avg. shares outstanding - diluted






 






1,142.6






 






 






 






1,139.2






 






 






 






 






 






 






 








Cash dividends declared per share






$






1.24






 






 






$






1.22






 






 






 






 






 






 






 








Supplemental Ratios:






 






 






 






 






 






 






 






 






 








Store operating expenses as a % of company-operated store revenues






 






 






 






56.0






%






 






55.6






%








Effective tax rate including noncontrolling interests






 






 






 






46.1






%






 






23.6






%









Segment Results (in millions)











North America
















 



 






Mar 29,

2026






 






Mar 30,

2025






 






%




Change






 






Mar 29,

2026






 






Mar 30,

2025












Quarter Ended






 






 






 






 






 






 






As a % of North America




total net revenues








Net revenues:






 






 






 






 






 






 






 






 






 








Company-operated stores






$






6,284.7






 






$






5,861.7






 






7.2






%






 






91.2






%






 






90.6






%








Licensed stores






 






608.0






 






 






610.3






 






(0.4






)






 






8.8






 






 






9.4






 








Other






 






1.1






 






 






0.7






 






57.1






 






 






0.0






 






 






0.0






 








Total net revenues






 






6,893.8






 






 






6,472.7






 






6.5






 






 






100.0






 






 






100.0






 








Product and distribution costs






 






2,068.8






 






 






1,807.1






 






14.5






 






 






30.0






 






 






27.9






 








Store operating expenses






 






3,691.9






 






 






3,431.6






 






7.6






 






 






53.6






 






 






53.0






 








Other operating expenses






 






56.0






 






 






68.6






 






(18.4






)






 






0.8






 






 






1.1






 








Depreciation and amortization expenses






 






299.5






 






 






299.2






 






0.1






 






 






4.3






 






 






4.6






 








General and administrative expenses






 






92.4






 






 






96.6






 






(4.3






)






 






1.3






 






 






1.5






 








Restructuring and impairments






 






5.3






 






 






21.3






 






(75.1






)






 






0.1






 






 






0.3






 








Total operating expenses






 






6,213.9






 






 






5,724.4






 






8.6






 






 






90.1






 






 






88.4






 








Operating income






$






679.9






 






$






748.3






 






(9.1






)%






 






9.9






%






 






11.6






%








Supplemental Ratio:






 






 






 






 






 






 






 






 






 








Store operating expenses as a % of company-operated store revenues






 






 






 






58.7






%






 






58.5






%








 






 






 






 






 






 






 






 






 






 








Two Quarters Ended






 






 






 






 






 






 






 






 






 








Net revenues:






 






 






 






 






 






 






 






 






 








Company-operated stores






$






12,920.2






 






$






12,229.5






 






5.6






%






 






91.2






%






 






90.3






%








Licensed stores






 






1,251.2






 






 






1,313.0






 






(4.7






)






 






8.8






 






 






9.7






 








Other






 






2.9






 






 






2.1






 






38.1






 






 






0.0






 






 






0.0






 








Total net revenues






 






14,174.3






 






 






13,544.6






 






4.6






 






 






100.0






 






 






100.0






 








Product and distribution costs






 






4,204.3






 






 






3,774.6






 






11.4






 






 






29.7






 






 






27.9






 








Store operating expenses






 






7,477.0






 






 






6,890.1






 






8.5






 






 






52.8






 






 






50.9






 








Other operating expenses






 






115.8






 






 






147.0






 






(21.2






)






 






0.8






 






 






1.1






 








Depreciation and amortization expenses






 






598.3






 






 






588.1






 






1.7






 






 






4.2






 






 






4.3






 








General and administrative expenses






 






186.7






 






 






193.9






 






(3.7






)






 






1.3






 






 






1.4






 








Restructuring and impairments






 






45.3






 






 






21.3






 






112.7






 






 






0.3






 






 






0.2






 








Total operating expenses






 






12,627.4






 






 






11,615.0






 






8.7






 






 






89.1






 






 






85.8






 








Operating income






$






1,546.9






 






$






1,929.6






 






(19.8






)%






 






10.9






%






 






14.2






%








Supplemental Ratio:






 






 






 






 






 






 






 






 






 








Store operating expenses as a % of company-operated store revenues






 






 






 






57.9






%






 






56.3






%









International
















 



 






Mar 29,

2026






 






Mar 30,

2025






 






%




Change






 






Mar 29,

2026






 






Mar 30,

2025












Quarter Ended






 






 






 






 






 






 






As a % of International




total net revenues








Net revenues:






 






 






 






 






 






 






 






 






 








Company-operated stores






$






1,531.7






 






 






$






1,423.3






 






 






7.6






%






 






74.7






%






 






76.2






%








Licensed stores






 






480.4






 






 






 






405.7






 






 






18.4






 






 






23.4






 






 






21.7






 








Other






 






39.0






 






 






 






38.1






 






 






2.4






 






 






1.9






 






 






2.0






 








Total net revenues






 






2,051.1






 






 






 






1,867.1






 






 






9.9






 






 






100.0






 






 






100.0






 








Product and distribution costs






 






749.7






 






 






 






659.8






 






 






13.6






 






 






36.6






 






 






35.3






 








Store operating expenses






 






716.7






 






 






 






744.4






 






 






(3.7






)






 






34.9






 






 






39.9






 








Other operating expenses






 






55.6






 






 






 






55.1






 






 






0.9






 






 






2.7






 






 






3.0






 








Depreciation and amortization expenses






 






32.6






 






 






 






89.0






 






 






(63.4






)






 






1.6






 






 






4.8






 








General and administrative expenses






 






89.0






 






 






 






84.8






 






 






5.0






 






 






4.3






 






 






4.5






 








Restructuring and impairments






 






8.8






 






 






 






16.8






 






 






(47.6






)






 






0.4






 






 






0.9






 








Total operating expenses






 






1,652.4






 






 






 






1,649.9






 






 






0.2






 






 






80.6






 






 






88.4






 








Income/(loss) from equity investees






 






(0.1






)






 






 






(0.2






)






 






(50.0






)






 






0.0






 






 






0.0






 








Operating income






$






398.6






 






 






$






217.0






 






 






83.7






%






 






19.4






%






 






11.6






%








Supplemental Ratio:






 






 






 






 






 






 






 






 






 








Store operating expenses as a % of company-operated store revenues






 






 






 






46.8






%






 






52.3






%








 






 






 






 






 






 






 






 






 






 








Two Quarters Ended






 






 






 






 






 






 






 






 






 








Net revenues:






 






 






 






 






 






 






 






 






 








Company-operated stores






$






3,084.2






 






 






$






2,840.8






 






 






8.6






%






 






74.9






%






 






76.0






%








Licensed stores






 






967.6






 






 






 






838.7






 






 






15.4






 






 






23.5






 






 






22.4






 








Other






 






64.2






 






 






 






58.9






 






 






9.0






 






 






1.6






 






 






1.6






 








Total net revenues






 






4,116.0






 






 






 






3,738.4






 






 






10.1






 






 






100.0






 






 






100.0






 








Product and distribution costs






 






1,497.8






 






 






 






1,306.8






 






 






14.6






 






 






36.4






 






 






35.0






 








Store operating expenses






 






1,484.0






 






 






 






1,489.0






 






 






(0.3






)






 






36.1






 






 






39.8






 








Other operating expenses






 






112.3






 






 






 






115.7






 






 






(2.9






)






 






2.7






 






 






3.1






 








Depreciation and amortization expenses






 






102.7






 






 






 






178.1






 






 






(42.3






)






 






2.5






 






 






4.8






 








General and administrative expenses






 






184.9






 






 






 






177.2






 






 






4.3






 






 






4.5






 






 






4.7






 








Restructuring and impairments






 






52.4






 






 






 






16.8






 






 






211.9






 






 






1.3






 






 






0.4






 








Total operating expenses






 






3,434.1






 






 






 






3,283.6






 






 






4.6






 






 






83.4






 






 






87.8






 








Income/(loss) from equity investees






 






(0.5






)






 






 






(0.7






)






 






(28.6






)






 






0.0






 






 






0.0






 








Operating income






$






681.4






 






 






$






454.1






 






 






50.1






%






 






16.6






%






 






12.1






%








Supplemental Ratio:






 






 






 






 






 






 






 






 






 








Store operating expenses as a % of company-operated store revenues






 






 






 






48.1






%






 






52.4






%









Channel Development
















 



 






Mar 29,

2026






 






Mar 30,

2025






 






%




Change






 






Mar 29,

2026






 






Mar 30,

2025












Quarter Ended






 






 






 






 






 






 






As a % of




Channel Development




total net revenues








Net revenues






$






567.8






 






 






$






409.0






 






38.8






%






 






 






 






 








Product and distribution costs






 






370.5






 






 






 






257.7






 






43.8






 






 






65.3






%






 






63.0






%








Other operating expenses






 






17.7






 






 






 






15.0






 






18.0






 






 






3.1






 






 






3.7






 








General and administrative expenses






 






0.7






 






 






 






1.2






 






(41.7






)






 






0.1






 






 






0.3






 








Restructuring and impairments






 






(0.1






)






 






 






0.9






 






nm






 






0.0






 






 






0.2






 








Total operating expenses






 






388.8






 






 






 






274.8






 






41.5






 






 






68.5






 






 






67.2






 








Income from equity investees






 






50.9






 






 






 






59.3






 






(14.2






)






 






9.0






 






 






14.5






 








Operating income






$






229.9






 






 






$






193.5






 






18.8






%






 






40.5






%






 






47.3






%








 






 






 






 






 






 






 






 






 






 








Two Quarters Ended






 






 






 






 






 






 






 






 






 








Net revenues






$






1,090.5






 






 






$






845.3






 






29.0






%






 






 






 






 








Product and distribution costs






 






723.1






 






 






 






517.5






 






39.7






 






 






66.3






%






 






61.2






%








Other operating expenses






 






31.5






 






 






 






28.4






 






10.9






 






 






2.9






 






 






3.4






 








General and administrative expenses






 






1.9






 






 






 






3.1






 






(38.7






)






 






0.2






 






 






0.4






 








Restructuring and impairments






 






0.1






 






 






 






0.9






 






(88.9






)






 






0.0






 






 






0.1






 








Total operating expenses






 






756.6






 






 






 






549.9






 






37.6






 






 






69.4






 






 






65.1






 








Income from equity investees






 






111.8






 






 






 






106.2






 






5.3






 






 






10.3






 






 






12.6






 








Operating income






$






445.7






 






 






$






401.6






 






11.0






%






 






40.9






%






 






47.5






%









Corporate and Other













 






Mar 29,

2026






 






Mar 30,

2025






 






%




Change








 






 








Quarter Ended






 






 






 






 






 








Net revenues






$






18.8






 






 






$






12.8






 






 






46.9






%








Product and distribution costs






 






19.5






 






 






 






13.0






 






 






50.0






 








Other operating expenses






 






1.2






 






 






 






—






 






 






nm






 








Depreciation and amortization expenses






 






31.3






 






 






 






30.7






 






 






2.0






 








General and administrative expenses






 






436.0






 






 






 






449.7






 






 






(3.0






)








Restructuring and impairments






 






11.1






 






 






 






77.2






 






 






(85.6






)








Total operating expenses






 






499.1






 






 






 






570.6






 






 






(12.5






)








Operating loss






$






(480.3






)






 






$






(557.8






)






 






(13.9






)%








 






 






 






 






 






 








Two Quarters Ended






 






 






 






 






 








Net revenues






$






65.8






 






 






$






31.1






 






 






111.6






%








Product and distribution costs






 






56.9






 






 






 






32.4






 






 






75.6






 








Other operating expenses






 






2.1






 






 






 






0.2






 






 






950.0






 








Depreciation and amortization expenses






 






63.3






 






 






 






60.0






 






 






5.5






 








General and administrative expenses






 






883.3






 






 






 






923.8






 






 






(4.4






)








Restructuring and impairments






 






15.4






 






 






 






77.2






 






 






(80.1






)








Total operating expenses






 






1,021.0






 






 






 






1,093.6






 






 






(6.6






)








Operating loss






$






(955.2






)






 






$






(1,062.5






)






 






(10.1






)%









STARBUCKS CORPORATION








CONSOLIDATED BALANCE SHEETS








(unaudited, in millions, except per share data)










 



 






Mar 29,

2026






 






Sep 28,

2025








ASSETS






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






1,532.0






 






 






$






3,219.8






 








Short-term investments






 






168.3






 






 






 






247.2






 








Accounts receivable, net






 






1,288.9






 






 






 






1,277.5






 








Inventories






 






2,157.8






 






 






 






2,185.6






 








Prepaid expenses and other current assets






 






368.8






 






 






 






452.2






 








Assets held for sale






 






5,043.4






 






 






 






—






 








Total current assets






 






10,559.2






 






 






 






7,382.3






 








Long-term investments






 






306.3






 






 






 






246.9






 








Equity investments






 






483.1






 






 






 






466.2






 








Property, plant and equipment, net






 






7,188.7






 






 






 






8,493.5






 








Operating lease, right-of-use asset






 






8,189.5






 






 






 






9,315.7






 








Deferred incomes taxes, net






 






1,541.8






 






 






 






1,826.9






 








Other long-term assets






 






817.8






 






 






 






752.5






 








Other intangible assets






 






176.0






 






 






 






166.8






 








Goodwill






 






1,295.1






 






 






 






3,368.9






 








TOTAL ASSETS






$






30,557.5






 






 






$






32,019.7






 








LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






1,674.3






 






 






$






1,852.8






 








Accrued liabilities






 






2,168.0






 






 






 






2,359.7






 








Accrued payroll and benefits






 






793.9






 






 






 






1,093.9






 








Current portion of operating lease liability






 






1,301.2






 






 






 






1,564.5






 








Stored value card liability and current portion of deferred revenue






 






1,828.7






 






 






 






1,840.6






 








Current portion of long-term debt






 






1,997.7






 






 






 






1,498.9






 








Liabilities held for sale






 






1,685.6






 






 






 






—






 








Total current liabilities






 






11,449.4






 






 






 






10,210.4






 








Long-term debt






 






13,084.2






 






 






 






14,575.9






 








Operating lease liability






 






8,008.3






 






 






 






8,972.2






 








Deferred revenue






 






5,678.7






 






 






 






5,772.6






 








Other long-term liabilities






 






794.6






 






 






 






577.8






 








Total liabilities






 






39,015.2






 






 






 






40,108.9






 








Shareholders’ deficit:






 






 






 








Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,139.5 and 1,136.9 shares, respectively






 






1.1






 






 






 






1.1






 








Additional paid-in-capital






 






832.1






 






 






 






634.1






 








Retained deficit






 






(8,881.0






)






 






 






(8,272.5






)








Accumulated other comprehensive income/(loss)






 






(417.3






)






 






 






(459.3






)








Total shareholders’ deficit






 






(8,465.1






)






 






 






(8,096.6






)








Noncontrolling interests






 






7.4






 






 






 






7.4






 








Total deficit






 






(8,457.7






)






 






 






(8,089.2






)








TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)






$






30,557.5






 






 






$






32,019.7






 









STARBUCKS CORPORATION








CONSOLIDATED STATEMENTS OF CASH FLOWS








(unaudited, in millions)








 



 






Two Quarters Ended








 






Mar 29,

2026






 






Mar 30,

2025








OPERATING ACTIVITIES:






 






 






 








Net earnings including noncontrolling interests






$






804.0






 






 






$






1,165.1






 








Adjustments to reconcile net earnings to net cash provided by operating activities:






 






 






 








Depreciation and amortization






 






821.1






 






 






 






867.5






 








Deferred income taxes, net






 






363.0






 






 






 






(12.4






)








Income earned from equity method investees, net






 






(128.0






)






 






 






(115.5






)








Distributions received from equity method investees






 






109.7






 






 






 






133.8






 








Stock-based compensation






 






219.3






 






 






 






178.3






 








Non-cash lease costs






 






675.3






 






 






 






811.6






 








Loss on disposal, impairment, and accelerated amortization of assets






 






138.0






 






 






 






82.1






 








Other






 






(2.0






)






 






 






3.4






 








Cash provided by/(used in) changes in operating assets and liabilities:






 






 






 








Accounts receivable






 






(83.4






)






 






 






17.0






 








Inventories






 






(90.4






)






 






 






(281.0






)








Income taxes payable






 






(5.9






)






 






 






6.4






 








Accounts payable






 






(41.4






)






 






 






339.4






 








Deferred revenue






 






103.2






 






 






 






65.4






 








Operating lease liability






 






(879.3






)






 






 






(834.4






)








Other operating assets and liabilities






 






(41.0






)






 






 






(62.7






)








Net cash provided by operating activities






 






1,962.2






 






 






 






2,364.0






 








INVESTING ACTIVITIES:






 






 






 








Purchases of investments






 






(105.6






)






 






 






(169.4






)








Sales of investments






 






16.4






 






 






 






—






 








Maturities and calls of investments






 






106.0






 






 






 






141.0






 








Additions to property, plant and equipment






 






(596.4






)






 






 






(1,282.1






)








Acquisitions, net of cash acquired






 






—






 






 






 






(177.1






)








Other






 






(73.7






)






 






 






(11.6






)








Net cash used in investing activities






 






(653.3






)






 






 






(1,499.2






)








FINANCING ACTIVITIES:






 






 






 








Net proceeds from issuance of short-term debt






 






2.5






 






 






 






1.1






 








Repayments of short-term debt






 






—






 






 






 






(5.4






)








Repayments of long-term debt






 






(1,000.0






)






 






 






—






 








Proceeds from issuance of common stock






 






36.5






 






 






 






44.4






 








Cash dividends paid






 






(1,411.4






)






 






 






(1,384.9






)








Minimum tax withholdings on share-based awards






 






(60.2






)






 






 






(76.5






)








Net cash used in financing activities






 






(2,432.6






)






 






 






(1,421.3






)








Effect of exchange rate changes on cash and cash equivalents






 






5.9






 






 






 






(58.3






)








Less: Net change in cash balances classified as assets held for sale






 






(570.0






)






 






 






—






 








Net increase/(decrease) in cash and cash equivalents






 






(1,687.8






)






 






 






(614.8






)








CASH AND CASH EQUIVALENTS:






 






 






 








Beginning of period






 






3,219.8






 






 






 






3,286.2






 








End of period






$






1,532.0






 






 






$






2,671.4






 








SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:






 






 






 








Cash paid during the period for:






 






 






 








Interest, net of capitalized interest






$






314.4






 






 






$






294.2






 








Income taxes






$






320.5






 






 






$






459.2






 







Supplemental Information


The following supplemental information is provided for historical and comparative purposes.




U.S. Supplemental Data








 






Quarter Ended






 






Change (%)








($ in millions)






Mar 29, 2026






 






Mar 30, 2025






 








Net revenues






$6,435.9






 






$6,048.8






 






6%








Change in Comparable Store Sales (1)






7.1%






 






(1.6)%






 






 








Change in Transactions






4.3%






 






(4.3)%






 






 








Change in Ticket






2.7%






 






2.9%






 






 








Store Count (2)






16,944






 






17,122






 






(1)%








(1)


Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude Siren Retail stores. Stores that are temporarily closed for fewer than three weeks or operating at reduced hours remain in comparable store sales while stores identified for permanent closures are removed in the month following closure.







(2)


Includes the impact of 4 stores closed in Q2 FY26 as part of our “Back to Starbucks” restructuring plan.









China Supplemental Data








 






Quarter Ended






 






Change (%)








($ in millions)






Mar 29, 2026






 






Mar 30, 2025






 








Net revenues






$799.8






 






$739.7






 






8%








Change in Comparable Store Sales (1)






0.5%






 






(0.1)%






 






 








Change in Transactions






2.1%






 






4.4%






 






 








Change in Ticket






(1.6)%






 






(4.2)%






 






 








Store Count (2)






7,991






 






7,758






 






3%








(1)


Includes only Starbucks® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed for fewer than three weeks or operating at reduced hours remain in comparable store sales while stores identified for permanent closures are removed in the month following closure.







(2)


Includes the impact of 48 stores closed in Q2 FY26 as part of our “Back to Starbucks” restructuring plan.









Store Data








 






Net stores opened/(closed) and transferred during the period (1)






 






 






 






 








 






Quarter Ended






 






Two Quarters Ended






 






Stores open as of








 






Mar 29,

2026






 






Mar 30,

2025






 






Mar 29,

2026






 






Mar 30,

2025






 






Mar 29,

2026






 






Mar 30,

2025








North America:






 






 






 






 






 






 






 






 






 






 






 








Company-operated stores






44






 






 






89






 






104






 






 






170






 






11,122






 






11,331








Licensed stores






(19






)






 






1






 






(30






)






 






33






 






7,263






 






7,296








Total North America






25






 






 






90






 






74






 






 






203






 






18,385






 






18,627








International:






 






 






 






 






 






 






 






 






 






 






 








Company-operated stores (2)






(10






)






 






91






 






(61






)






 






317






 






10,435






 






10,174








Licensed stores (2)






(4






)






 






32






 






126






 






 






70






 






12,309






 






11,988








Total International






(14






)






 






123






 






65






 






 






387






 






22,744






 






22,162








Total Company






11






 






 






213






 






139






 






 






590






 






41,129






 






40,789









(1)







Includes the impact of 62 stores closed in Q2 FY26 as part of our “Back to Starbucks” restructuring plan.








(2)







Includes the conversion of 113 licensed stores to company-operated stores following the acquisition of 23.5 Degrees Topco Limited during the first quarter of fiscal 2025.







Non-GAAP Disclosure


In addition to the generally accepted accounting principles in the United States (GAAP) results provided in this release, the company provides certain non-GAAP financial measures in this release that are not in accordance with, or alternatives for, GAAP. Our non-GAAP financial measures of non-GAAP general and administrative expenses (G&A), non-GAAP operating income, non-GAAP operating income growth (loss), non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP earnings per share exclude the below-listed items and their related tax impacts, as management believes this exclusion contributes to a more meaningful evaluation of the company’s future operating performance and comparisons to the company's past operating performance. The GAAP measures most directly comparable to non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth (loss), non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP earnings per share are G&A, operating income, operating income growth (loss), operating margin, effective tax rate and diluted net earnings per share, respectively.




Non-GAAP Exclusion







Rationale








Restructuring and impairment costs







Management excludes restructuring and impairment costs relating to the write-down of certain company-operated store assets and employee severance costs for the reasons discussed above. These expenses are anticipated to be completed within a finite period of time.








Transaction costs







Management excludes transaction costs for the reasons discussed above. These expenses are anticipated to be completed within a finite period of time.








Income tax impact from changes in indefinite reinvestment assertions







Management excludes the income tax impact from changes in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale for the reasons discussed above. These expenses are anticipated to be completed within a finite period of time.








Transformation costs







Management excludes transformation costs that reflect temporary, incremental third-party professional services incurred in connection with a defined initiative to implement changes to certain processes and operating models. These expenses are anticipated to be completed within a finite period of time.







The company also presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present the constant currency information, including with respect to consolidated net revenues, operating income, operating margin, and earnings per share, current period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods, excluding related hedging activities. We believe the presentation of results on a constant currency basis in addition to GAAP results helps users better understand our performance, because it excludes the effects of foreign currency volatility that are not indicative of our underlying operating results.


Non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth (loss), non-GAAP operating margin, non-GAAP effective tax rate, non-GAAP earnings per share, and constant currency may have limitations as analytical tools. These measures should not be considered in isolation or as a substitute for analysis of the company’s results as reported under GAAP. Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes.


The company is unable to provide a reconciliation of our Non-GAAP consolidated operating margin growth target to the corresponding GAAP financial measure because the company believes that it would not be possible for it to have the required information necessary to quantitatively reconcile such measures with sufficient precision without unreasonable efforts.




STARBUCKS CORPORATION








NET REVENUE CONSTANT CURRENCY RECONCILIATION








(unaudited, in millions)








 



 






Quarter Ended








 






Consolidated








Revenue for the quarter ended Mar 30, 2025 as reported (GAAP)






$






8,761.6






 








Revenue for the quarter ended Mar 29, 2026 as reported (GAAP)






$






9,531.5






 








Change (%)






 






8.8






%








Constant Currency Impact (%)






 






(0.7






)








Change in Constant Currency (%)






 






8.1






%









STARBUCKS CORPORATION








RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES








(unaudited, in millions, except per share data)












 



 






Quarter Ended (1)






 






 






 






 








Consolidated






Mar 29,

2026






 






Mar 30,

2025






 






Change






Constant Currency Impact






Change in Constant Currency








Operating income, as reported (GAAP)






$






828.1






 






 






$






601.0






 






 






37.8






%






 






 








Restructuring and impairments (2)






 






25.1






 






 






 






116.2






 






 






 






 






 








Transaction costs (3)






 






9.8






 






 






 






—






 






 






 






 






 








Transformation costs (4)






 






28.9






 






 






 






—






 






 






 






 






 








Non-GAAP operating income






$






891.9






 






 






$






717.2






 






 






24.4






%






(1.3






)%






23.1






%








 






 






 






 






 






 






 






 








Operating margin, as reported (GAAP)






 






8.7






%






 






 






6.9






%






 






180 bps






 






 








Restructuring and impairments (2)






 






0.3






 






 






 






1.3






 






 






 






 






 








Transaction costs (3)






 






0.1






 






 






 






—






 






 






 






 






 








Transformation costs (4)






 






0.3






 






 






 






—






 






 






 






 






 








Non-GAAP operating margin






 






9.4






%






 






 






8.2






%






 






120 bps






(10) bps






110 bps








 






 






 






 






 






 






 






 








Diluted net earnings per share, as reported (GAAP)






$






0.45






 






 






$






0.34






 






 






32.4






%






 






 








Restructuring and impairments (2)






 






0.02






 






 






 






0.10






 






 






 






 






 








Transaction costs (3)






 






0.01






 






 






 






—






 






 






 






 






 








Transformation costs (4)






 






0.03






 






 






 






—






 






 






 






 






 








Income tax effect on Non-GAAP adjustments (5)






 






—






 






 






 






(0.03






)






 






 






 






 








Income tax impact from changes in indefinite reinvestment assertions (6)






 






0.01






 






 






 






—






 






 






 






 






 








Non-GAAP diluted net earnings per share






$






0.50






 






 






$






0.41






 






 






22.0






%






—






%






22.0






%








(1)


Certain numbers may not foot due to rounding convention.







(2)


Represents costs associated with our restructuring efforts.







(3)


Represents transaction-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.







(4)


Represents transformation costs primarily due to relocating certain functions of our support organization to an additional office in Nashville, Tennessee.







(5)


Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.







(6)


Represents the impact from changes in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale.









 






Quarter Ended






 






 








Consolidated






Mar 29,

2026






 






Mar 30,

2025






 






Change








Effective tax rate (GAAP)






29.8






%






 






23.5






%






 






630 bps








Income tax effect on Non-GAAP adjustments (1)






6.2






%






 






0.2






%






 






 








Income tax impact from changes in indefinite reinvestment assertions (2)






(8.9






)%






 






—






%






 






 








Non-GAAP effective tax rate






27.1






%






 






23.7






%






 






340 bps








(1)


Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.







(2)


Represents the impact from changes in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale.









Q2 QTD FY26 NON-GAAP DISCLOSURE DETAILS








(unaudited, in millions, and before income taxes)











Q2 QTD FY26








Statement of Earnings Line Item






North America






International






Channel Development






Corporate and Other






Consolidated








Restructuring and impairments








Restructuring and impairment costs (1)






$






5.3






 






$






8.8






 






$






(0.1






)






$






11.1






 






$






25.1






 








General and administrative expenses








Transaction costs (2)






$






—






 






$






5.4






 






$






—






 






$






4.4






 






$






9.8






 








Transformation costs (3)






$






2.5






 






$






2.8






 






$






—






 






$






5.6






 






$






10.9






 








Product and distribution costs








Transformation costs (3)






$






16.7






 






$






—






 






$






—






 






$






—






 






$






16.7






 








Other operating expenses








Transformation costs (3)






$






—






 






$






1.3






 






$






—






 






$






—






 






$






1.3






 








Total impact to operating income






$






(24.5






)






$






(18.3






)






$






0.1






 






$






(21.1






)






$






(63.8






)








(1)


Represents costs associated with our restructuring efforts.







(2)


Represents transaction-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.







(3)


Represents transformation costs primarily due to relocating certain functions of our support organization to an additional office in Nashville, Tennessee.









STARBUCKS CORPORATION








RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES








(unaudited)








 



 






Year Ended








Consolidated






Sep 27,

2026








 






(Projected)








Diluted net earnings per share (GAAP) (1)






$ 1.73- 1.93






 








Restructuring and impairments






0.21






 








Transaction costs






0.08






 








Transformation costs






0.04






 








Income tax impact from changes in indefinite reinvestment assertions






0.24






 








Income tax effect on Non-GAAP adjustments






(0.05






)








Non-GAAP net earnings per share (2)






$ 2.25- 2.45






 








(1)


Management is currently evaluating the effects the transaction will have on our third quarter financial results, therefore the anticipated material gain, and related tax impacts, have been excluded from our projections.







(2)


Certain numbers may not foot due to rounding convention.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428339545/en/
Starbucks Contact, Investor Relations:

Catherine Park

investorrelations@starbucks.com


Starbucks Contact, Media:

Emily Albright

press@starbucks.com


Original: Starbucks Reports Q2 Fiscal Year 2026 Results