STARBUCKS CORP Q1 FY26 Results

Summary

Starbucks reported a 6% increase in consolidated net revenues, reaching $9.9 billion for Q1 FY26. Global comparable store sales increased by 4%, driven by transaction growth. GAAP operating margin contracted to 9.0%, while non-GAAP operating margin was 10.1%. The company is introducing fiscal year 2026 guidance, expecting global and U.S. comparable store sales growth of 3% or greater and non-GAAP earnings per share in the range of $2.15 to $2.40.

Key Highlights

1. 1

   Global comparable store sales increased 4% in Q1 FY26, driven by a 3% increase in comparable transactions and a 1% increase in average ticket.

2. 2

   North America and U.S. comparable store sales increased 4%, with a 3% rise in comparable transactions and a 1% increase in average ticket.

3. 3

   International comparable store sales increased 5%, led by a 7% increase in China comparable store sales.

4. 4

   Consolidated net revenues increased 6% to $9.9 billion in Q1 FY26, or a 5% increase on a constant currency basis.

5. 5

   GAAP operating margin contracted 290 basis points year-over-year to 9.0%, while non-GAAP operating margin contracted 180 basis points to 10.1%.

6. 6

   GAAP earnings per share declined 62% over prior year to $0.26, while non-GAAP earnings per share declined 19% to $0.56.

7. 7

   The company opened 128 net new stores in Q1, ending the period with 41,118 stores.