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Sep 28
Starbucks Q4 2025 Earnings Report
Starbucks posted modest revenue growth and returned to positive global comp sales in Q4 2025.
Key Takeaways
Starbucks reported Q4 2025 results with a 5% year-over-year revenue increase and a return to global comparable sales growth. Despite restructuring costs heavily impacting operating margins and net income, adjusted EPS came in stronger than GAAP results, reflecting early signs of momentum from its 'Back to Starbucks' strategy.
Starbucks
Starbucks
Starbucks Revenue by Segment
Starbucks Revenue by Geographic Location
Revenue by Segment
Company-operated stores Revenue
CapyFin.comLicensed stores Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.comChannel Development Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
Starbucks emphasized confidence in its multi-year turnaround under the 'Back to Starbucks' strategy, with improving comp trends and investments in store and partner experience. However, restructuring costs and operational headwinds remain near-term challenges.
Positive Outlook
- Global comp sales turned positive for the first time in 7 quarters
- U.S. comp sales in September turned positive
- Strong revenue growth in international and channel development segments
- Restructuring expected to streamline operations going forward
- Dividend increased to $0.62 per share
Challenges Ahead
- GAAP EPS declined 85% YoY due to restructuring costs
- North America operating margin contracted significantly to 4.5%
- 107 net store closures in Q4, mostly in North America
- Higher labor and inflation costs pressured margins
- Operating income declined nearly 79% YoY