Starbucks Corporation (SBUX) Earnings Call Transcripts

Starbucks Corporation's Latest Earnings Call - Q3 FY2026

In the third quarter of fiscal year 2026, Starbucks Corporation (SBUX) reported consolidated net revenues of $9.3 billion, reflecting a 7.9% increase in global comparable store sales. Earnings per share (EPS) surged 70% year-over-year to $0.85, driven by operational improvements and a robust customer experience strategy. Management raised full-year guidance, expecting U.S. comp growth of over 6% and consolidated margin greater than 11%, signaling strong momentum heading into the fourth quarter.

Reported metrics

Guidance from management

Management raised full-year guidance, expecting U.S. comp growth of over 6% and consolidated margin greater than 11%. They anticipate continued momentum in the fourth quarter, supported by operational improvements and cost savings.

What management said

So let me start with the first one. And with regards to the impacts of things like extended hours, actually pretty limited. Let me back first up with a 7.9% comp that we drove about half of it or a little bit less than half of it was due to closures, sales transfer, delivery growth. The rest of it is all that great store performance and menu and innovation. So let me start there. The hours of operation piece was actu...

Sorry. Thank you. We're excited about the -- first off, the gross -- the operating income margin expand what we saw in the quarter. And we saw that even without the tariff refund as we shared the year-to-date performance is probably the right way to look at our product and distribution costs or COGS because that pretty much nets the impact of increased tariffs and then obviously the refunds. We believe we've largel...

What analysts pressed on

Analysts expressed concerns about sustaining same-store sales momentum and the impact of store closures on overall performance. There were also questions regarding the differentiation of Starbucks' offerings amid increasing competition in the coffee category.

Main topics on the call

• Revenue Growth Acceleration — Starbucks achieved consolidated net revenues of $9.3 billion, with global comparable store sales growing 7.9%. Management noted, "It's clear proof that our back to Starbucks plan is working," indicating a strong recovery...
• Margin Expansion — The consolidated operating margin expanded 430 basis points year-over-year to 14.4%. This growth was attributed to sales leverage and cost savings, with management stating, "Our results show we're walking the talk."
• Guidance Increase — Management raised full-year guidance, projecting U.S. comp growth of over 6% and consolidated margin above 11%. They expressed confidence in the trajectory of the business, stating, "We believe our top line momentum is b...
• Customer Engagement and Brand Affinity — Starbucks Rewards membership grew to 35.8 million active members, with management highlighting that brand affinity and purchase intent reached five-year highs. They noted, "Customers continue to see worth and value in th...

Read the full Starbucks Corporation transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 47 Starbucks Corporation earnings call transcripts on record, spanning January 28, 2020 to July 29, 2026. Based on this history, Starbucks Corporation reports quarterly. The most recent call on file is dated July 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

47

First call

January 28, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly