Companies /Consumer Cyclical

Starbucks Corp

NASDAQ: SBUX Restaurants
$108.30
â–² $1.04 (+0.97%) today
Markets open · 3:25pm ET

Q2 2026 Earnings

Reported Apr 28, 2026, 4:06pm ET · SEC source
$0.50
Beat +13.64%
EPS · est. $0.44
$9.5B
Beat +3.31%
Revenue · est. $9.2B
−15.1%
Trailing market
SBUX vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Apr 28Apr 29report 4:06pm ETearnings+0.2%+1.1%
−6%−3%0+3%Apr 28Apr 29earnings+0.2%+1.1%
SBUX +1.1%S&P 500 +0.2%
−6%−3%0+3%Apr 28Apr 29report 4:06pm ETearnings+1.3%+1.1%
−6%−3%0+3%Apr 28Apr 29earnings+1.3%+1.1%
SBUX +1.1%NASDAQ +1.3%
−3%0+3%Apr 27May 6report 4:06pm ETearnings+3.1%+4.4%
−3%0+3%Apr 27May 6earnings+3.1%+4.4%
SBUX +4.4%S&P 500 +3.1%
−4%0+4%Apr 27May 6report 4:06pm ETearnings+5.7%+4.4%
−4%0+4%Apr 27May 6earnings+5.7%+4.4%
SBUX +4.4%NASDAQ +5.7%
+8.45%
Day of report
−0.16%
Next session
+0.89%
One week
−8.52%
30 days

S&P 500 over the same 30 days: +6.60%.

Did SBUX Beat Earnings? Q2 2026 Results

Starbucks delivered a convincing second-quarter beat for fiscal 2026, with CEO Brian Niccol declaring the results mark "the turn in our turnaround" as the company's Back to Starbucks initiative translated into tangible financial gains. The coffee giant posted adjusted earnings of $0.50 per share, ahead of the $0.44 consensus estimate by 13.64%, while revenue climbed 8.8% year-over-year to $9.53 billion, beating analyst expectations of $9.23 billion by 3.31%. The clearest driver behind the improvement was a 6.2% rise in global comparable store sales, fueled by a 3.8% increase in transactions and a 2.3% lift in average ticket, a meaningful reversal from declines posted in the year-ago period. North American comps led the way with a 7.1% gain on 4.4% transaction growth, reflecting improved staffing and service execution at store level. Encouraged by the momentum, management raised its full-year outlook, now projecting global comparable store sales growth of at least 5% and non-GAAP EPS in the range of $2.25 to $2.45, even as the pending China joint venture transition tempers near-term revenue expectations.

Key Takeaways
  • Global comparable store sales increased 6.2%, driven by 3.8% transaction growth and 2.3% average ticket increase
  • North America comparable store sales increased 7.1%, driven by 4.4% transaction growth
  • Channel Development revenue surged 39% driven by Global Coffee Alliance growth
  • International operating margin expanded to 19.4% from 11.6% due to cessation of China depreciation after assets held-for-sale classification
  • Sales leverage and lower depreciation and amortization costs improved consolidated GAAP operating margin by 180 basis points

“Our second quarter marked the turn in our turnaround as our Back to Starbucks plan drove both top and bottom line growth.”

Starbucks CEO, on the earnings call

Forward Guidance & Outlook

Starbucks raised its FY2026 guidance: global and U.S. comparable store sales growth of 5.0% or greater; consolidated net revenues roughly flat year-over-year (reflecting the China JV transition to a licensee structure in H2); non-GAAP consolidated operating margin to slightly improve year-over-year; non-GAAP EPS of $2.25 to $2.45; and approximately 600 to 650 net new coffeehouses globally. GAAP diluted EPS is projected at $1.73 to $1.93. Guidance reflects Starbucks China retail operations reported as a company-operated business in H1 FY2026 and as a joint venture licensee in H2 FY2026.

SBUX YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$3.0B$6.0B$9.0B$8.8B$9.5BRevenue$601.0M$828.1MOperating Income$384.2M$510.9MNet Income
$0$3.0B$6.0B$9.0BRevenueOperating IncomeNet Income

SBUX Revenue by Segment

Company-Operated Stores$7.8B+7.3%
Licensed Stores$1.1B+7.1%
Channel Development$567.8M+38.8%

SBUX Revenue by Geography

North America$6.9B+6.5%
United States$6.4B+6.0%
International
China$799.8M+8.0%

Figures from SEC filings and company reports. Not investment advice.