$SBUX · Starbucks Corporation

Starbucks reported its fiscal third quarter 2026 results, showing global comparable store sales up 7.9% — the fourth consecutive quarter of growth. The increase was driven by a 4.2% rise in transactions and a 3.5% increase in average ticket. North America comparable store sales rose 8.1%, with U.S. stores up 7.9%, both benefiting from higher customer traffic and spending. International comparable store sales increased 5.7%.

Consolidated net revenues fell 1% to $9.3 billion, a decline entirely due to the conversion of Starbucks retail operations in China to a licensed joint venture model during the quarter. Excluding that change, underlying revenue growth was solid. GAAP operating margin expanded to 10.5%, while non-GAAP operating margin reached 14.4%, helped by sales leverage, lower inflation, and tariff refunds. GAAP earnings per share jumped 86% to $0.91, and non-GAAP earnings per share rose 70% to $0.85. The company also used part of the proceeds from the China sale to repurchase about $1.3 billion of its outstanding notes.

Starbucks raised its full-year fiscal 2026 guidance, reflecting confidence in the durability of its performance. The North America segment delivered strong revenue and operating income growth, while the International segment’s revenue decline was offset by a significant margin increase tied to the China transaction. The Channel Development segment saw revenue rise 22% and operating margin expand.