Starbucks Corporation Q4 2026 Earnings Recap

Starbucks shares fell 1.7% after earnings, a roughly flat reaction. Revenue declined 3.9% year over year in Q4, reflecting the China business transition to a licensed model, while comps and margins improved; the transcript does not identify a specific investor disappointment.

Key Takeaways

• Q4 net revenue was $9.1 billion, down 3.9% year over year; global comps rose 7.2% and U.S. comps rose 7.7%.
• Consolidated operating margin expanded 450 basis points to 14%, and EPS grew about 54% to $0.80.
• For fiscal 2026, revenue was $37.9 billion, up 2.1%; operating margin expanded 200 basis points to 11.9%, and EPS grew about 27% to $2.72.
• North America company-operated comps grew 7.9%; more than 80% of North America company-operated coffeehouses delivered positive comps, versus less than 50% a year earlier.
• Starbucks reported record 90-day active Rewards membership of 36 million and completed more than 1,700 North America coffeehouse uplifts by year-end.