SBUX Starbucks (SBUX) Q2 FY25 earnings call
Starbucks' Q2 FY25 results were financially disappointing, marked by declining comparable sales and EPS, yet management expressed confidence in its 'Back to Starbucks' turnaround strategy. Early indicators of recovery, particularly in North America and China, are attributed to strategic labor investments, operational improvements, and a renewed focus on customer experience and brand. The company is re-evaluating its store portfolio and CapEx strategy, prioritizing labor-focused throughput over equipment, while navigating dynamic tariff and coffee price environments.
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SBUX operating KPIs by quarter
| KPI | Dec 2025 Q1 FY26 | Mar 2026 Q2 FY26 | Jun 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Loyalty program members US | — | 35.6MUS 90-day active Starbucks Rewards membership reached a record 35.6 million with both rewards member and nonmember transactions growing year-over-year.Source: earnings call transcript | 35.8MWe now have 35.8 million 90-day active members in the US It's only been 4 months since we launched our new program, and we're already seeing members leveling up from green to gold and gold to reserve.Source: earnings call transcript | +0.6% |
| Stores North America | 18.36KOverall, our North America portfolio increased by 49 net new coffeehouses to reach 18,360 at the end of the quarter.Source: earnings call transcript | 18.385KOverall, our North America store base grew by 25 net new coffeehouses to 18,385 at the end of the quarter.Source: earnings call transcript | 18.371KOverall, our North America store base was 18,371 coffee houses at the end of the quarter.Source: earnings call transcript | -0.1% |
| Stores International | — | 22.744KOur International store portfolio was 22,744 at the end of the second quarter, down 14 net coffeehouses from Q1.Source: earnings call transcript | 22.933KOur international portfolio ended the quarter at 22,933 coffee houses, including 189 net new openings in the quarter.Source: earnings call transcript | +0.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.