| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 9.5K | 3.9% | 8.8% |
| Total Income | 9.5K | 3.9% | 8.8% |
| Expenditure | 8.8K | 3.6% | 6.5% |
| PBT | 728.10 | 4.8% | 45.0% |
| Net Profit | 510.90 | 74.2% | 33.0% |
| OPM | 8.69% | 0.30pp | 1.83pp |
| NPM | 5.36% | 2.40pp | 0.98pp |
| EPS | 0.45 | 73.1% | 32.4% |
Starbucks Reports Q2 FY26 Revenue Up 9% to $9.5 Billion, Raises Full-Year Guidance
29 Apr 2026 · 29 Apr, 1:43 am
Summary
Starbucks Corporation delivered a strong second fiscal quarter for 2026, with consolidated net revenues increasing 9% to $9.5 billion. This growth was supported by a healthy 6.2% rise in global comparable store sales, driven by transaction growth. The company also saw significant profit expansion, with GAAP operating margin expanding 180 basis points to 8.7% and non-GAAP earnings per share growing 22% to $0.50. Management expressed confidence in the 'Back to Starbucks' plan, noting that topline improvement is now translating into margin growth, leading to an upward revision of fiscal year 2026 guidance for comparable store sales and non-GAAP EPS.
Key Highlights
- 1
Starbucks reported a 9% increase in consolidated net revenues, reaching $9.5 billion for the second fiscal quarter of 2026.
- 2
Global comparable store sales grew by 6.2%, primarily driven by a 3.8% increase in comparable transactions.
- 3
GAAP operating margin expanded by 180 basis points year-over-year to 8.7%, while non-GAAP operating margin expanded by 120 basis points to 9.4%.
- 4
GAAP earnings per share increased 32% to $0.45, and non-GAAP earnings per share expanded 22% to $0.50 over the prior year.
- 5
The company opened 11 net new stores in Q2, bringing the total global store count to 41,129.
- 6
Starbucks raised its fiscal year 2026 guidance for global and U.S. comparable store sales growth to 5.0% or greater and for non-GAAP earnings per share to a range of $2.25 to $2.45.
- 7
The International segment's operating income surged by 84% to $398.6 million, with its operating margin expanding by 780 basis points to 19.4%.
Management Comments
Brian Niccol
Our second quarter marked the turn in our turnaround as our Back to Starbucks plan drove both top and bottom line growth. This is the Starbucks our customers deserve and the Starbucks we believe will deliver long-term growth and value for our partners and shareholders as we execute consistently, at-scale.
Cathy Smith
We’ve been clear that topline improvement would come first, with earnings growth to follow. We have more work to do, but we're pleased to see the combination of our comp growth and cost discipline starting to show up in margins.
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