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Mar 30
Starbucks Q2 2025 Earnings Report
Starbucks reported mixed Q2 2025 results with modest revenue growth but declining profitability.
Key Takeaways
Starbucks posted a 2% increase in consolidated net revenues to $8.8 billion, but GAAP operating margin contracted 590 basis points to 6.9%. Global comparable store sales declined 1%, with North America down 1% and International up 2%. The company opened 213 net new stores, ending the quarter with 40,789 stores globally.
Consolidated net revenues increased 2% to $8.8 billion, with 3% growth on a constant currency basis.
GAAP operating margin contracted 590 basis points to 6.9%, driven by deleverage and additional labor costs.
Global comparable store sales declined 1%, with North America down 1% and International up 2%.
The company opened 213 net new stores, ending the quarter with 40,789 stores globally.
Starbucks
Starbucks
Starbucks Revenue by Segment
Starbucks Revenue by Geographic Location
Revenue by Segment
Company-operated Revenue
CapyFin.comLicensed stores Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.comChannel Dev. Revenue
CapyFin.comCorporate/Other Revenue
CapyFin.com Forward Guidance
Starbucks remains focused on its 'Back to Starbucks' turnaround strategy, aiming to improve transaction comps and build long-term growth.
Positive Outlook
- Early progress on 'Back to Starbucks' strategy showing promise.
- International comparable store sales growth of 2%.
- Continued store expansion with 213 net new stores opened.
- Strong brand loyalty and customer engagement.
- Commitment to long-term, durable growth and strong returns.
Challenges Ahead
- Declining profitability with GAAP operating margin down 590 bps.
- North America comparable store sales declined 1%.
- Higher labor and restructuring costs impacting margins.
- Macroeconomic uncertainty affecting consumer spending.
- Intense competition in the global coffee market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income