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Dec 28, 2025
Starbucks Q1 2026 Earnings Report
Starbucks reported a solid Q1 performance with revenue growth, a return to U.S. transaction gains, and steady momentum in its global store footprint.
Key Takeaways
Starbucks posted a 6% revenue increase in Q1 FY26 to $9.9B, with adjusted EPS of $0.56. The company saw comparable sales rise globally and in key markets, while U.S. transactions grew for the first time in eight quarters.
Global comparable store sales rose 4%, driven by transaction growth.
U.S. comparable transactions increased for the first time in 8 quarters.
Revenue reached $9.9B, up from $9.4B in Q1 FY25.
Company opened 128 net new stores, ending the quarter with 41,118 globally.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Starbucks expects stable growth in FY26 with positive comps, modest margin expansion, and ongoing global store expansion.
Positive Outlook
- Global and U.S. comparable sales growth expected at 3% or greater.
- Non-GAAP operating margin expected to slightly improve YoY.
- Non-GAAP EPS projected between $2.15 and $2.40.
- 600–650 net new store openings globally.
- Continued focus on operational efficiency and cost control.
Challenges Ahead
- Higher effective tax rate due to China JV accounting change.
- Margin pressures from labor investments and inflation.
- China operations pending JV transaction may create transition risk.
- Ongoing restructuring costs from 'Back to Starbucks' initiatives.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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