Starbucks Corporation (SBUX) Earnings Call Transcripts

Starbucks Corporation's Latest Earnings Call - Q4 FY2026

In the fourth quarter of fiscal 2026, Starbucks Corporation reported net revenues of $9.1 billion, a decline of 3.9% year-over-year, primarily due to the transition of its China business to a licensed model. However, the company saw a significant increase in earnings per share, which grew approximately 54% to $0.80, exceeding the high end of guidance. For fiscal 2027, management expects North America comparable store sales growth of approximately 4%, consolidated operating margin of 13.5% to 14%, and EPS guidance of $3.15 to $3.25, indicating a strong outlook despite the anticipated revenue decline due to the international segment's transition.

Reported metrics

Guidance from management

Starbucks expects North America comparable store sales growth of approximately 4% for fiscal 2027, with consolidated operating margin guidance of 13.5% to 14% and EPS of $3.15 to $3.25. This guidance reflects confidence in operational improvements and customer engagement strategies.

What management said

Yes. The only thing I would add to what Cathy said is, just if you remember at our Investor Day, we targeted the idea of 13.5% to 15% margins by fiscal year I think the fact that we are already believing we will achieve that low end of that guidance in fiscal year '27 speaks to, I think, the excellent work on the cost but also the fundamentals that are driving the top line and transactions. So the fact that we're al...

Sorry, maybe I'll just put a plug in as well for another favorite in the afternoon is our Matco business and our Manta platform. Our pocket of business is now over $1 billion platform, and it's growing tremendously year-over-year, which started is probably just a more simple much beverage. We now -- almost everyone puts a cold foam on it, and it is sought after more often in the afternoon. So that's also been a gre...

What analysts pressed on

Analysts expressed concerns regarding the impact of the transition of the China business to a licensed model on future revenues and the potential for slower growth in new store openings in North America. There were also inquiries about the sustainability of margin improvements and how the company plans to manage costs amidst inflationary pressures.

Main topics on the call

• Revenue Transition — Starbucks experienced a decline in net revenues due to the transition of its China operations to a licensed model, with CEO Brian Niccol stating, "our net revenues were $9.1 billion, down 3.9% year-over-year, reflecting ...
• Earnings Growth — Earnings per share grew approximately 54% to $0.80, which was described as "exceeding the high end of our guidance," showcasing strong operational performance.
• Comparable Store Sales — Management reported global comparable store sales growth of 7.2%, with U.S. comps up 7.7%, marking the fifth consecutive quarter of positive comp growth. Niccol emphasized, "more customers are visiting us because the Sta...
• Operating Margin Expansion — The consolidated operating margin expanded by 450 basis points to 14%, marking the third consecutive quarter of margin growth, attributed to sales leverage and disciplined execution. CFO Cathy Smith noted, "consolidated ...

Read the full Starbucks Corporation transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 48 Starbucks Corporation earnings call transcripts on record, spanning January 28, 2020 to October 29, 2026. Based on this history, Starbucks Corporation reports quarterly. The most recent call on file is dated October 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SBUX

Exchange

NasdaqGS

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

48

First call

January 28, 2020

Most recent

October 29, 2026

Reporting cadence

quarterly