$SBUX · STARBUCKS CORP
Starbucks reported Q4 FY2026 results with global comparable sales up 7.2%, consolidated revenue of $9.14B (down 4% YoY, reflecting the China JV conversion), GAAP EPS of $0.59 (+392% YoY), and non-GAAP EPS of $0.80 (+54% YoY). Full-year FY2026 revenue reached $37.9B (+2% YoY) with non-GAAP EPS of $2.72. The company introduced FY2027 guidance including non-GAAP EPS of $3.15–$3.25, North America comp growth of ~4%, and ~1,200 net new stores globally.
- Global comparable coffeehouse sales rose 7.2% in Q4, driven by 5.2% higher average ticket and 1.8% transaction growth
- North America Q4 comps surged 7.9% (U.S. +7.7%), with operating margin expanding to 12.3% from 4.5% a year ago
- Q4 GAAP operating margin hit 10.8%, up 790 bps YoY; non-GAAP operating margin reached 14.0%, up 450 bps
- Full-year FY2026 non-GAAP EPS was $2.72, up 28% YoY; GAAP EPS $2.21, up 36%
- FY2027 guidance: non-GAAP EPS $3.15–$3.25, North America comps ~4%, ~1,200 net new stores, non-GAAP op margin 13.5%–14.0%
Extended-hours trading shows SBUX at $105.09, down 0.51% from the regular-session close of $105.63, despite strong Q4 results. The slight dip may reflect FY2027 revenue guidance of a ~1% decline (China JV transition) and a non-GAAP EPS range of $3.15–$3.25 that could be below some buy-side expectations.
Starbucks delivered its strongest comp quarter since the turnaround began — 7.2% global, 7.9% North America — and issued FY2027 guidance that signals confidence in sustained double-digit EPS growth.
Starbucks' 7.2% global comp growth and 790 bps GAAP margin expansion under the "Back to Starbucks" turnaround plan sets a high bar in the QSR space, where peers are grappling with traffic pressures. The China JV pivot mirrors a broader trend of Western brands de-risking direct China exposure.
FY2027 consolidated revenue expected to decline ~1% due to the China retail-to-licensed JV conversion, which removes company-operated revenue from that market. The 250 North America store closures in Q4, while framed as portfolio optimization, signal ongoing rationalization risk.