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Starbucks
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Latest analysis
Updated Jul 29, 2026
Starbucks delivers four consecutive quarters of comp growth with Q3 global SSS up 7.9%, driven by transaction gains, while China divestiture reshapes revenue base.
Starbucks Q3 FY2026 marks a decisive inflection: global comparable store sales grew 7.9%, led by a 4.2% transaction increase — the more durable half of the comp — confirming the 'Back to Starbucks' turnaround is generating real traffic recovery, not just ticket inflation. Non-GAAP operating margin expanded 430 basis points year-over-year to 14.4%, and the company raised FY2026 guidance, projecting Q4 U.S. SSS of 6.5% or greater. The China divestiture to Boyu Capital-managed funds, converting 7,991 company-operated stores to a licensed joint venture, structurally reduces consolidated revenue but improves International operating margin by 550 basis points and shifts Starbucks toward an asset-light model outside North America.
Tone: bullishRevenue
$37.2B
SBUX 10-K · FY 2025
Employees
381,000
Revenue FY2024
$36.2B
Founded
1985
Profile
SBUX 10-K Item 1 · Nov 14, 2025Starbucks is the world's premier roaster, marketer, and retailer of specialty coffee, operating approximately 41,000 stores across 89 markets through a mix of company-operated and licensed locations. The company generates revenue through store sales, licensed royalties, and a Channel Development segment that sells packaged coffee, tea, and ready-to-drink beverages through retail and foodservice channels. Since late fiscal 2024, management has been executing a 'Back to Starbucks' strategic reset focused on customer experience, store partner investment, and portfolio rationalization.
Read filing description ↓ Collapse description ↑
Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets. Formed in 1985, Starbucks Corporation's common stock trades on the Nasdaq Global Select Market under the symbol 'SBUX.' We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores. We also sell a variety of coffee and tea products and license our trademarks through other channels, such as licensed stores as well as grocery and foodservice through our Global Coffee Alliance with Nestlé S.A. In addition to our flagship Starbucks Coffee brand, we sell goods and services under the following brands: Teavana, Ethos, and Starbucks Reserve. Our primary objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world. We believe the continuous investments in our brand and operations will deliver long-term targeted revenue and income growth. This includes expansion of our global store base, adding stores in both existing, developed markets such as the U.S. and in higher growth markets, as well as optimizing the mix of company-operated and licensed stores around the world. In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process, and technology innovation, including in our industry-leading digital platform. In the fourth quarter of fiscal 2024, we announced our 'Back to Starbucks' strategy, which was implemented with the goal to bring new and existing customers to our stores and business, and return to growth. In the fourth quarter of fiscal 2025, we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company's 'Back to Starbucks' strategy.
Primary products
- handcrafted coffee beverages
- tea beverages
- food items
- whole bean and ground coffees
- Starbucks-branded single-serve products
- ready-to-drink beverages
Business segments
End markets
Geographies
Named customers
“Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenues increased 3% to $37.2 billion in fiscal 2025 compared to $36.2 billion in fiscal 2024, primarily driven by incremental revenues from net new company-operated stores, an increase in revenue in the Global Coffee Alliance, and incremental revenue from the acquisition of 23.5 Degrees Topco Limited.
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