Press release
Starbucks Reports Q3 Fiscal Year 2025 Results
“Back to Starbucks” Strategy Yielding Three Consecutive Quarters of Improving U.S. Transaction Comp Q3 Consolidated Net Revenues Up 4% to $9.5 Billion Q3
About this update from Starbucks Corporation
[{"type":"text","content":"\n“Back to Starbucks” Strategy Yielding Three Consecutive Quarters of Improving U.S. Transaction Comp\n\n\nQ3 Consolidated Net Revenues Up 4% to $9.5 Billion\n\n\nQ3 GAAP EPS $0.49, Non-GAAP EPS $0.50; Impacted in Part by One-Time Investments in Coffeehouse Leaders\n\n\n SEATTLE--(BUSINESS WIRE)--\nStarbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 29, 2025. GAAP results in fiscal 2025 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\nQ3 Fiscal Year 2025 Highlights\n\n\n\nGlobal comparable store sales declined 2%, driven by a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket\n\n\nNorth America comparable store sales declined 2%, driven by a 3% decline in comparable transactions, partially offset by a 1% increase in average ticket; U.S. comparable store sales declined 2%, driven by a 4% decline in comparable transactions, partially offset by a 2% increase in average ticket\n\n\n\nInternational comparable store sales were flat, driven by a 1% increase in comparable transactions, offset by a 1% decline in average ticket; China comparable store sales increased 2%, driven by a 6% increase in comparable transactions, partially offset by a 4% decline in average ticket\n\n\n\n\n\n\nThe company opened 308 net new stores in Q3, ending the period with 41,097 stores: 53% company-operated and 47% licensed\n\n\nAt the end of Q3, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 17,230 and 7,828 stores in the U.S. and China, respectively\n\n\n\n\n\n\nConsolidated net revenues increased 4% to $9.5 billion, or a 3% increase on a constant currency basis\n\n\n\nGAAP operating margin contracted 680 basis points year-over-year to 9.9%, primarily driven by deleverage, investments in support of “Back to Starbucks,” including additional labor and Leadership Experience 2025, and inflation.\n\n\nNon-GAAP operating margin contracted 660 basis points year-over-year to 10.1%, or contracted 650 basis points year-over-year on a constant currency basis\n\n\n\n\n\n\nEffective tax rate of 31.8% compared to 24.8% in the prior year, the increase was primarily driven by the discrete impact of chan...