$SBUX · STARBUCKS CORP
Starbucks filed its 10-K for fiscal 2026 (ended Sep 27, 2026). Total net revenues rose 2.0% to $37.91B from $37.18B, with diluted EPS of $2.21 versus $1.63 a year earlier. Net earnings attributable to Starbucks were $2.53B, up from $1.86B, helped by a $536.3M net gain from divesting certain operations. Operating income of $3.69B improved from $2.94B but remains below FY2024's $5.41B, with $688.6M in restructuring and impairment charges.
- FY2026 total net revenues $37.91B, up 2.0% from $37.18B.
- Diluted EPS $2.21 vs $1.63 in FY2025; net earnings $2.53B vs $1.86B.
- Operating income $3.69B, still below FY2024's $5.41B.
- Restructuring and impairments of $688.6M in FY2026, down from $892.0M.
- North America comparable sales up 6.6%; International revenue fell 14% to $6.74B.
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Starbucks' turnaround shows revenue and EPS recovery but operating income remains far below pre-restructuring levels, signaling the "Back to Starbucks" strategy is still a work in progress.
Starbucks' North America comp growth of 6.6% contrasts with a 14% International revenue decline, reflecting the China joint venture divestiture and ongoing global restructuring.
Restructuring charges ($688.6M) tied to coffeehouse closures and support-organization transformation continue; International segment revenue fell 14% on lower company-operated coffeehouse sales.