Starbucks (SBUX) Q4 2026 Earnings
Non-GAAP EPS excludes $272.8 million of restructuring and impairment costs, $5.5 million of transaction and transition costs and $6.8 million of transformation costs (GAAP diluted EPS was $0.59)
How Did SBUX Stock React to Q4 2026 Earnings?
Did SBUX Beat Earnings? Q4 2026 Results
Yes. Starbucks reported Q4 2026 earnings of $0.80 a share on Oct 29, 2026, beating the $0.71 consensus estimate by 13.3%. Revenue was $9.1B against a $9.2B estimate.
Starbucks closed fiscal Q4 2026 with a cleaner earnings beat than its top line suggested, posting adjusted non-GAAP EPS of $0.80 against a consensus of $0.71, a 13.35% beat, even as revenue of $9.14 billion missed the $9.24 billion estimate by 1.04% and fell 4.5% year over year. The headline revenue decline, however, was largely structural: Starbucks converted its China retail operations into a licensed joint venture during the year, stripping roughly 7,991 company-operated stores from its revenue base and pulling International segment revenue down 37%, even as that segment's operating margin nearly doubled to 19.7%. Beneath that noise, the core North America business grew revenue 6% to $7.33 billion, and global comparable coffeehouse sales rose 7.2%, driven by a 5.2% lift in average ticket and 1.8% higher transactions, a result that prompted CEO Brian Niccol to declare the "Back to Starbucks" turnaround has become a growth plan. Looking ahead, Starbucks guided fiscal 2027 non-GAAP EPS of $3.15 to $3.25, with plans to resume share repurchases after a year of debt repayment.
- Global comparable coffeehouse sales up 7.2%, driven by 5.2% higher average ticket and 1.8% higher comparable transactions
- North America comps up 7.9%, driven by product mix, customer food attach, pricing and higher delivery sales
- Lower restructuring costs and sales leverage drove 790 bps GAAP operating margin expansion
- Conversion of China retail operations to a licensed joint venture lowered company-operated revenue but lifted International margin to 19.7%
- Channel Development margin expanded on mix shifts and higher North American Coffee Partnership income
- Channel Development revenue down 9% on lower Global Coffee Alliance revenue
“We had a terrific quarter and a great year driven by our focus on the fundamentals and what has always set Starbucks apart: exceptional coffee, a moment of connection and a world-class customer experience. This gives me confidence our performance is durable.”
Starbucks CEO, on the earnings call
What Is Starbucks's Outlook?
Fiscal 2027 is a 53-week year, and all guidance is on that basis except comps, which are measured against the 52-week fiscal 2026. Starbucks expects: - Consolidated net revenues down approximately 1% year over year, including approximately $700 million from the 53rd week. The decline is primarily due to the transition of Starbucks China retail operations to a licensed joint venture model. - North America comparable coffeehouse sales growth of approximately 4.0%. - Non-GAAP consolidated operating margin of 13.5% to 14.0%. - Non-GAAP EPS of $3.15 to $3.25, including slightly more than ten cents from the 53rd week. The corresponding GAAP diluted EPS range is $3.07 to $3.17. - Approximately 1,200 net new coffeehouses globally, led by International. The company also plans to resume share repurchases in fiscal 2027.
SBUX YoY Financials
| Metric | Q4 2026 | Q4 2025 | Year over year |
|---|---|---|---|
| Revenue | $9.1B | $9.6B | −4.5% |
| Operating Income | $991.8M | $948.0M | +4.6% |
| Net Income | $677.2M | $133.1M | +408.8% |
SBUX Revenue by Segment
SBUX Revenue by Geography
When Does Starbucks Report Next?
Figures from SEC filings and company reports. Not investment advice.