# Starbucks (SBUX) Q3 FY2026 earnings

Results filed 2026-07-29 for the quarter ended 2026-06-28. Source page: https://earnings.opennash.com/companies/sbux/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/829224/000082922426000129/0000829224-26-000129-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Starbucks Q3 fiscal 2026: global comparable store sales up 7.9%, consolidated net revenues down 1% to $9.3 billion, GAAP EPS $0.91 and non-GAAP EPS $0.85.

Starbucks grew sales at stores open at least 13 months by 7.9% worldwide, led by 4.2% more customer transactions. Total revenue fell 1% to $9.3 billion because the company sold control of its China stores to a joint venture in April and no longer counts those stores as its own. Non-GAAP operating margin widened to 14.4%, helped by tariff refunds and lower inflation. GAAP EPS was $0.91 and non-GAAP EPS was $0.85.
Management raised its fiscal 2026 outlook. It expects fourth-quarter U.S. comparable store sales growth of 6.5% or greater and non-GAAP EPS of $2.55 to $2.65 for the year. Revenue is expected to be flat to slightly up. The main tension is quality of earnings. Tariff refunds largely offset tariffs incurred earlier in the year, restructuring costs were high, and North America store count fell 2% from a year ago.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Consolidated net revenues | $9.3 billion | down 1% from a year ago | GAAP |
| Net earnings attributable to Starbucks | $1,045.3 | up 87.2% from a year ago | GAAP |
| Diluted EPS | $0.91 | up 86% over prior year | GAAP |
| Non-GAAP diluted EPS | $0.85 | up 70% over prior year | non-GAAP |
| Operating income | $980.4 | up 4.8% from a year ago | GAAP |
| Non-GAAP operating income | $1,345.2 | up 40.7% from a year ago | non-GAAP |
| Operating margin | 10.5% | expanded 60 basis points year-over-year | GAAP |
| Non-GAAP operating margin | 14.4% | expanded 430 basis points year-over-year | non-GAAP |
| Global comparable store sales | 7.9% |  |  |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| North America net revenues | $7.4 billion | up 7% from Q3 FY25 |
| International net revenues | $1.3 billion | down 34% from Q3 FY25 |
| Channel Development net revenues | $587.9 million | up 22% from Q3 FY25 |
| U.S. comparable store sales | 7.9% |  |
| International comparable store sales | 5.7% |  |
| Global store count | 41,304 stores | 175 net new stores in Q3 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| U.S. comparable store sales growth | fourth quarter of fiscal 2026 | 6.5% or greater |
| U.S. comparable store sales growth | fiscal year 2026 | slightly greater than 6.0% |
| Global comparable store sales growth | fiscal year 2026 | nearing 6.0% |
| Non-GAAP consolidated operating margin | fiscal year 2026 | greater than 11.0% |
| Non-GAAP earnings per share | fiscal year 2026 | $2.55 to $2.65 |
| GAAP diluted EPS (projected) | year ended Sep 27, 2026 | $ 2.14 - 2.24 |
| Net new coffeehouses globally | fiscal year 2026 | 600 to 650 |

## Key takeaways

1. **Traffic drove comparable sales growth** Global comparable store sales increased 7.9%, primarily driven by a 4.2% increase in comparable transactions and a 3.5% increase in average ticket.
2. **China sale cut revenue but lifted margins** Consolidated net revenues decreased 1% to $9.3 billion as China moved to a licensed joint venture, while non-GAAP operating margin expanded 430 basis points to 14.4%.
3. **Tariff refunds flattered the quarter's margins** Starbucks received substantially all requested IEEPA tariff refunds, which largely offset related tariffs incurred in the first three quarters of fiscal 2026.
4. **Fiscal 2026 outlook was raised** Non-GAAP EPS guidance is $2.55 to $2.65, with fourth-quarter U.S. comparable store sales growth of 6.5% or greater.
5. **Restructuring costs and North America store count weigh** Restructuring and impairments were $302.6 million in the quarter, and North America store count was 18,371, down 2% from a year ago.

## Questions

**What were Starbucks' key results in Q3 fiscal 2026?** Global comparable store sales rose 7.9% and consolidated net revenues fell 1% to $9.3 billion. GAAP EPS was $0.91 and non-GAAP EPS was $0.85.
**Why did Starbucks' revenue fall while comparable sales rose?** The China retail business moved to a licensed joint venture in Q3, which cut company-operated store revenue. International net revenues fell 34% to $1.3 billion, while North America net revenues rose 7% to $7.4 billion.
**What is Starbucks' updated fiscal 2026 guidance?** Non-GAAP EPS is expected at $2.55 to $2.65, non-GAAP operating margin above 11.0%, and revenue flat to slight growth. It also expects fourth-quarter U.S. comparable store sales growth of 6.5% or greater and about 600 to 650 net new coffeehouses.
**How did Starbucks' margins change?** GAAP operating margin expanded 60 basis points to 10.5%, and non-GAAP operating margin expanded 430 basis points to 14.4%. Management cited sales leverage, lower inflation and tariff refunds, partly offset by restructuring costs and labor investments.
**What happened with the China transaction and the dividend?** Starbucks completed the China transaction with Boyu Capital in April, retains a 40% ownership interest in the joint venture, and booked a $536.3 million net gain. The Board declared a cash dividend of $0.62 per share.

## Slides and investor documents

- [Earnings at a Glance](https://s203.q4cdn.com/326826266/files/doc_financials/2026/q3/Q3-FY26-Earnings-at-a-Glance.pdf) (Slide deck)
- [Transcript](https://s203.q4cdn.com/326826266/files/doc_financials/2026/q3/Q3-FY26-SBUX-Transcript.pdf) (Company's official transcript)
- [Form 10-Q](https://d18rn0p25nwr6d.cloudfront.net/CIK-0000829224/df3ef225-bfc1-4663-8cdf-7472c4508746.pdf) (Document)