Jun 2026 (Q3 FY26) — Jul 29, 2026
Starbucks Q3 FY26 — Strong Global Comps and Margin Expansion Drive Raised Full-Year Guidance
Read the full callStarbucks (SBUX) earnings
- Jun 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
Starbucks earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9,323 | −1.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.5 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,045 | +87.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 24 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Closing of the Starbucks China joint venture with Boyu | expect to close in the spring of this year, subject to regulatory approvals | Dec 2025 | Beginning this quarter, Starbucks retail operations in China were deconsolidated from our financials and reported as a licensed business | Achieved |
| Digital menu board deployment across US company-operated stores | fully deploy digital menu boards in cafes across our U.S. company-owned stores over the next 18 months | Dec 2024 | digital menu boards now are in -- I think by the time we get to September, we'll be in like 80%, 90% of our stores | Missed |
| Consolidated operating margin | consolidated operating margins to grow slightly year-over-year | Dec 2025 | We're also raising our full fiscal year 2026 consolidated margin guidance to greater than 11% | Revised Up |
4 of STARBUCKS CORP's 41 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 38 more targets are in the full ledger.
Claimed
- Consolidated net revenues reached $9.3 billion, driven by sequentially improving global comparable sales growth of 7.9%.
- Consolidated operating margin expanded by 430 basis points year-over-year to 14.4%, marking the second consecutive quarter of expansion.
- Earnings per share grew 70% year-over-year to $0.85, a meaningful step towards earnings recovery.
- North America company-operated comparable sales increased 8.1%, with U.S. comps up 7.9% driven by balanced transaction and ticket growth.
- The company raised its full fiscal year 2026 guidance for U.S. comp growth (to >6%), global comp growth (to ~6%), consolidated net revenues (flat to slightly higher), consolidated margin (to >11%), and EPS (to $2.55-$2.65).
Qualified
- Consolidated net revenues were down 1% from the prior year, largely driven by the transition of the China retail business to a new joint venture license structure.
- North America licensed Coffee House net revenues were roughly flat despite 41 net closures in the quarter.
- Coffee remained a cost headwind in the quarter, though its impact was lower than the first two quarters of the fiscal year.
- The company is gaining deeper visibility into some underperforming coffee houses in North America, which could result in additional closures.
Price
$97.87 +0.36% · +$0.35
Performance +14.7% 1Y
1Y: $85.36 on 17 Oct 2025 → $97.87. High $108.55 (13 Aug 2026), low $79.6 (4 Nov 2025).
- Previous close
- $97.52
- 52-week range
- $79.6 – $108.55
- One year
- +15.78%
Overview
- Symbol
- SBUX
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 24 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Closing of the Starbucks China joint venture with Boyu | expect to close in the spring of this year, subject to regulatory approvals | Dec 2025 | Beginning this quarter, Starbucks retail operations in China were deconsolidated from our financials and reported as a licensed business | Achieved |
| Digital menu board deployment across US company-operated stores | fully deploy digital menu boards in cafes across our U.S. company-owned stores over the next 18 months | Dec 2024 | digital menu boards now are in -- I think by the time we get to September, we'll be in like 80%, 90% of our stores | Missed |
| Consolidated operating margin | consolidated operating margins to grow slightly year-over-year | Dec 2025 | We're also raising our full fiscal year 2026 consolidated margin guidance to greater than 11% | Revised Up |
Claimed
- Consolidated net revenues reached $9.3 billion, driven by sequentially improving global comparable sales growth of 7.9%.
- Consolidated operating margin expanded by 430 basis points year-over-year to 14.4%, marking the second consecutive quarter of expansion.
- Earnings per share grew 70% year-over-year to $0.85, a meaningful step towards earnings recovery.
- North America company-operated comparable sales increased 8.1%, with U.S. comps up 7.9% driven by balanced transaction and ticket growth.
- The company raised its full fiscal year 2026 guidance for U.S. comp growth (to >6%), global comp growth (to ~6%), consolidated net revenues (flat to slightly higher), consolidated margin (to >11%), and EPS (to $2.55-$2.65).
Qualified
- Consolidated net revenues were down 1% from the prior year, largely driven by the transition of the China retail business to a new joint venture license structure.
- North America licensed Coffee House net revenues were roughly flat despite 41 net closures in the quarter.
- Coffee remained a cost headwind in the quarter, though its impact was lower than the first two quarters of the fiscal year.
- The company is gaining deeper visibility into some underperforming coffee houses in North America, which could result in additional closures.
The full ledger
Open STARBUCKS CORP’s full ledger
A free account opens 5 company ledgers a month. All 41 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — Apr 28, 2026
Starbucks Q2 FY26 — Turnaround Progress with Top and Bottom Line Growth
Read the full callDec 2025 (Q1 FY26) — Jan 28, 2026
Starbucks Q1 FY26 — Turnaround Plan Driving Top-Line Growth
Read the full callEvery analysed call
Starbucks earnings calls (SBUX)
Financials
What the filings say
Net profit, year on year: +87% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,074 | 9,398 | 8,762 | 9,456 | 9,569 | 9,915 | 9,532 | 9,323 |
| Expenses | 7,870 | 8,323 | 8,220 | 8,578 | 9,376 | 9,085 | 8,754 | 8,421 |
| Operating profit | 1,307 | 1,122 | 601 | 936 | 278 | 891 | 828 | 980 |
| Operating margin | 14.4% | 11.9% | 6.9% | 9.9% | 2.9% | 9.0% | 8.7% | 10.5% |
| Interest | 140 | 127 | 127 | 142 | 146 | 139 | 137 | 135 |
| Profit before tax | 1,194 | 1,022 | 502 | 819 | 164 | 765 | 728 | 1,419 |
| Tax rate | 23.8% | 23.6% | 23.5% | 31.8% | 18.8% | 61.7% | 29.8% | 26.4% |
| Net profit | 909 | 781 | 384 | 558 | 133 | 293 | 511 | 1,045 |
| EPS ($ per share) | — | 0.69 | 0.34 | 0.49 | — | 0.26 | 0.45 | 0.92 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 1,457 | -5,771 | -7,816 | -6,316 | -8,450 | -7,256 | -7,344 | -8,272 |
| Total liabilities | 22,981 | 25,451 | 37,174 | 36,707 | 36,677 | 37,433 | 38,781 | 40,109 |
| Fixed assets | 5,929 | 6,432 | 6,241 | 6,370 | 6,561 | 7,387 | 8,666 | 8,494 |
| Investments | 182 | 71 | 281 | 162 | 365 | 402 | 257 | 247 |
| Total assets | 24,156 | 19,220 | 29,375 | 31,393 | 27,978 | 29,446 | 31,339 | 32,020 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 11,938 | 5,047 | 1,598 | 5,989 | 4,397 | 6,009 | 6,096 | 4,748 |
| Cash from investing | -2,361 | -1,011 | -1,711 | -319 | -2,146 | -2,271 | -2,699 | -2,485 |
| Cash from financing | -3,243 | -10,057 | 1,713 | -3,651 | -5,638 | -2,991 | -3,718 | -2,298 |
| Net cash flow | — | — | 1,664 | 2,105 | -3,637 | 733 | -265 | -66 |
| Capital expenditure | -1,976 | -1,807 | -1,484 | -1,470 | -1,841 | -2,334 | -2,777 | -2,305 |
| Free cash flow | 9,961 | 3,240 | 114 | 4,519 | 2,556 | 3,675 | 3,318 | 2,442 |
SBUX revenue by segment
International shrank from 20% to 14% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America | 75% | 75% | 74% | 73% | 72% | 73% | 72% | 79% | +6.8% |
| International | 20% | 20% | 21% | 21% | 22% | 21% | 22% | 14% | -34.2% |
| Channel Development | 5% | 5% | 5% | 5% | 6% | 5% | 6% | 6% | +21.5% |
| Corporate and Other | <1% | <1% | <1% | <1% | 1% | <1% | <1% | <1% | -50.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
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.
Revenue by region
Q3 FY2026 · share of revenue
- US 79% ↑ 6 pt
- Non Us 20% ↑ 2 pt
- CN 1% ↓ 8 pt
As SBUX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
50 filings between Nov 10, 2025 and Oct 5, 2026.
Open market
decisions to buy or sellPurchases
$994.5K
1 purchase by 1 insider
Sales
$2.18M
13 sales by 2 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 19
- Award — granted as compensation
- 17
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BREWER BRADY | — | $1.73M | Oct 5, 2026 |
| KNUDSTORP JORGEN VIG | $994.5K | — | Nov 10, 2025 |
| KELLY SARA | — | $452.8K | Apr 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 5, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 1,641 | $155.5K |
| Sep 15, 2026 | KELLY SARA evp, chief partner officer | Tax withheld | 1,454 | $140.4K |
| Sep 9, 2026 | Niccol Brian R chairman and ceo | Tax withheld | 56,267 | $5.63M |
| Sep 4, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 2,229 | $235.4K |
| Aug 5, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 2,229 | $236.3K |
| Jul 6, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 2,229 | $231.8K |
| Jun 15, 2026 | KELLY SARA evp, chief partner officer | Tax withheld | 316 | $32.1K |
| Jun 11, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 588 | $58.8K |
| Jun 5, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 1,641 | $154.8K |
| May 5, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 2,229 | $233.6K |
| Apr 29, 2026 | KELLY SARA evp, chief partner officer | Sale 10b5-1 plan | 2,000 | $210.0K |
| Apr 17, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 588 | $58.8K |
| Apr 6, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 1,641 | $147.7K |
| Mar 25, 2026 | MAYER MARISSA A Director | Award | 3,667 | $0 |
| Mar 25, 2026 | Mohan Neal Director | Award | 3,667 | $0 |
| Mar 25, 2026 | Moyo Dambisa F Director | Award | 2,265 | $0 |
| Mar 25, 2026 | SERVITJE DANIEL Director | Award | 3,667 | $0 |
| Mar 25, 2026 | SIEVERT G MICHAEL Director | Award | 3,667 | $0 |
| Mar 25, 2026 | Zhang Wei Director | Award | 3,667 | $0 |
| Mar 25, 2026 | KNUDSTORP JORGEN VIG Director | Award | 4,746 | $0 |
| Mar 25, 2026 | FORD BETH Director | Award | 3,937 | $0 |
| Mar 25, 2026 | Campion Andrew Director | Award | 4,099 | $0 |
| Mar 25, 2026 | ALLISON RICHARD E JR Director | Award | 3,991 | $0 |
| Mar 24, 2026 | Smith Cathy R evp, cfo | Tax withheld | 2,231 | $205.2K |
| Mar 23, 2026 | KNUDSTORP JORGEN VIG Director | Tax withheld | 355 | $33.3K |
| Mar 17, 2026 | GRAMS MICHAEL DAVID evp, chief operating officer | Tax withheld | 989 | $96.5K |
| Mar 9, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 588 | $58.8K |
| Mar 5, 2026 | BREWER BRADY ceo, International | Sale 10b5-1 plan | 1,641 | $159.4K |
| Mar 5, 2026 | KELLY SARA evp, chief partner officer | Sale 10b5-1 plan | 2,500 | $242.8K |
| Nov 19, 2025 | Niccol Brian R chairman and ceo | Tax withheld | 11,822 | $989.3K |
| Nov 19, 2025 | Smith Cathy R evp, cfo | Tax withheld | 1,904 | $159.3K |
| Nov 19, 2025 | KELLY SARA evp, chief partner officer | Tax withheld | 1,020 | $85.4K |
| Nov 19, 2025 | BREWER BRADY ceo, International | Tax withheld | 1,428 | $119.5K |
| Nov 18, 2025 | KELLY SARA evp, chief partner officer | Tax withheld | 2,042 | $170.2K |
| Nov 18, 2025 | BREWER BRADY ceo, International | Tax withheld | 4,413 | $367.8K |
| Nov 14, 2025 | BREWER BRADY ceo, International | Tax withheld | 1,206 | $102.2K |
| Nov 14, 2025 | KELLY SARA evp, chief partner officer | Tax withheld | 603 | $51.1K |
| Nov 14, 2025 | Lerman Bradley E evp, chief legal officer | Tax withheld | 864 | $73.3K |
| Nov 11, 2025 | KELLY SARA evp, chief partner officer | Award | 13,886 | $0 |
| Nov 11, 2025 | Lerman Bradley E evp, chief legal officer | Award | 5,420 | $0 |
| Nov 11, 2025 | Niccol Brian R chairman and ceo | Award | 106,457 | $0 |
| Nov 11, 2025 | BREWER BRADY ceo, International | Award | 7,951 | $0 |
| Nov 11, 2025 | GRAMS MICHAEL DAVID evp, chief operating officer | Award | 18,514 | $0 |
| Nov 11, 2025 | RAMOS PILAR evp, chief legal officer | Award | 16,200 | $0 |
| Nov 11, 2025 | Smith Cathy R evp, cfo | Award | 20,829 | $0 |
| Nov 11, 2025 | BREWER BRADY ceo, International | Award | 16,200 | $0 |
| Nov 11, 2025 | KELLY SARA evp, chief partner officer | Award | 4,970 | $0 |
| Nov 10, 2025 | BREWER BRADY ceo, International | Tax withheld | 825 | $69.8K |
| Nov 10, 2025 | KNUDSTORP JORGEN VIG Director | Purchase | 11,700 | $994.5K |
| Nov 10, 2025 | KELLY SARA evp, chief partner officer | Tax withheld | 60 | $5.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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