STARBUCKS CORP

Starbucks Corporation has designated Val Bauduin as its principal accounting officer, effective June 11, 2026. Mr. Bauduin will continue in his role as senior vice president, Corporate Finance and Development, reporting to Chief Financial Officer Cathy Smith. The responsibility for principal accounting officer has transferred from Ms. Smith to Mr. Bauduin, with no changes to his compensation.

Starbucks Corporation completed its cash tender offers on May 20, 2026, repurchasing and cancelling several series of its senior notes. The company purchased a total of approximately $1.31 billion in principal amount of notes across five series. Starbucks does not intend to purchase any additional notes under these offers, and three series of notes remain unchanged.

Starbucks' Board of Directors approved further actions under its "Back to Starbucks" strategy, focusing on revitalizing coffeehouses and enhancing customer experience to drive long-term growth. As part of this, the company plans to streamline its domestic and international support organization and non-retail facilities, and reduce operational complexity for Starbucks Reserve and Roastery locations. Starbucks anticipates approximately $400 million in restructuring charges, with $280 million being non-cash due to asset impairment and $120 million in cash for employee separation benefits, with most actions completed by the end of fiscal year 2026.

Starbucks reported strong Q2 2026 financial results with net revenues increasing 8.8% to $9.53 billion and diluted EPS rising 32.4% to $0.45. The company also provided an update on its strategic partial divestiture of 60% interest in its China retail operations to Boyu Capital for $3.1 billion, which closed on March 30, 2026, converting 7,991 company-operated stores to licensed. Additionally, Starbucks continues its 'Back to Starbucks' strategy, involving coffeehouse closures and support organization restructuring.

Starbucks reported strong Q2 FY26 results with consolidated net revenues increasing 9% to $9.5 billion and global comparable store sales up 6.2%, driven by transaction growth. GAAP EPS rose 32% to $0.45, and Non-GAAP EPS increased 22% to $0.50. The company also raised its fiscal year 2026 guidance for comparable store sales growth and Non-GAAP EPS, reflecting confidence in its "Back to Starbucks" plan. Additionally, Starbucks announced the closing of its joint venture with Boyu Capital for China retail operations and declared a cash dividend of $0.62 per share.