Press release
Starbucks Reports Q1 Fiscal Year 2026 Results
Q1 Comparable Store Sales Accelerate to 4% Globally and in the U.S., Led by Transactions Company Delivers U.S. Comparable Transaction Growth for the First
About this update from Starbucks Corporation
[{"type":"text","content":"\nQ1 Comparable Store Sales Accelerate to 4% Globally and in the U.S., Led by Transactions\nCompany Delivers U.S. Comparable Transaction Growth for the First Time in Eight Quarters\nQ1 Consolidated Net Revenues Up 6% to $9.9 Billion\nQ1 GAAP EPS $0.26, Non-GAAP EPS $0.56\nCompany Introduces Fiscal Year 2026 Guidance\n\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal first quarter ended December 28, 2025. GAAP results in fiscal 2026 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.\n\n\nQ1 Fiscal Year 2026 Highlights\n\n\n\nGlobal comparable store sales increased 4%, driven by a 3% increase in comparable transactions and a 1% increase in average ticket\n\n\nNorth America and U.S. comparable store sales increased 4%, driven by a 3% increase in comparable transactions and a 1% increase in average ticket\n\n\n\nInternational comparable store sales increased 5%, driven by a 3% increase in comparable transactions and a 2% increase in average ticket; China comparable store sales increased 7%, driven by a 5% increase in comparable transactions and a 2% increase in average ticket\n\n\n\n\n\n\nThe company opened 128 net new stores in Q1, ending the period with 41,118 stores: 52% company-operated and 48% licensed\n\n\nAt the end of Q1, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,911 and 8,011 stores in the U.S. and China, respectively\n\n\n\n\n\n\nConsolidated net revenues increased 6% to $9.9 billion, or a 5% increase on a constant currency basis\n\n\n\nGAAP operating margin contracted 290 basis points year-over-year to 9.0%, primarily driven by labor investments in support of “Back to Starbucks” and inflationary pressures, largely driven by elevated coffee pricing and tariffs.\n\n\nNon-GAAP operating margin contracted 180 basis points year-over-year to 10.1%, including on a constant currency basis\n\n\n\n\n\n\nEffective tax rate of 61.7% compared to 23.6% in the prior year, with the increase primarily driven by the discrete impact of changes in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale in the first quarter of 2026 and la...