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Jun 29
Starbucks Q3 2025 Earnings Report
Starbucks reported modest revenue growth and declining earnings in Q3 2025.
Key Takeaways
Starbucks delivered $9.5B in revenue for Q3 2025, with EPS declining due to one-time investments and margin pressures. While comparable sales declined in key regions, store growth and international revenue helped offset broader softness.
GAAP EPS fell to $0.49, impacted by restructuring and leadership investment costs.
Net income dropped 47% YoY, totaling $558.3M.
Revenue increased 4% YoY to $9.5B despite a 2% decline in global comparable sales.
Starbucks opened 308 net new stores, ending the quarter with 41,097 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 aims to reignite growth with innovation, internal talent development, and enhanced customer experience as part of its 'Back to Starbucks' strategy.
Positive Outlook
- Leadership Experience 2025 completed with strong participation.
- 308 net new stores opened in Q3.
- China comparable sales grew 2% with 6% more transactions.
- Investments targeting long-term customer experience improvements.
- Dividend declared, marking 61 consecutive quarterly payouts.
Challenges Ahead
- GAAP operating margin dropped to 9.9% from 16.7%.
- EPS was impacted by restructuring and leadership investments.
- North America comparable transactions declined 3%.
- Operating income declined 38% YoY.
- Effective tax rate increased to 31.8% from 24.8%.