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Starbucks (SBUX) investor relations material
Starbucks Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Oct, 2025
Executive summary
Achieved global comparable store sales growth in Q4 for the first time in seven quarters, with flat U.S. comps and positive international momentum.
Q4 consolidated net revenues rose 5% year-over-year to $9.6 billion; full-year revenues up 3% to $37.2 billion.
Strategic focus on the Back to Starbucks plan, emphasizing customer service, store experience, menu innovation, and cost control for sustainable value.
Green Apron Service standard rolled out across U.S. company-operated stores, improving partner engagement and customer experience.
Leadership highlights renewed focus on the core coffeehouse experience and skilled baristas as part of the turnaround strategy.
Financial highlights
Q4 global comparable store sales increased 1%, driven by a 1% rise in transactions.
Q4 consolidated revenue was $9.6 billion, up 5% year-over-year, driven by net new store growth and international outperformance.
Q4 non-GAAP EPS was $0.52, down 34–35% year-over-year; GAAP EPS was $0.12, down 85%.
Q4 consolidated operating margin was 9.4%, down 500 basis points year-over-year; GAAP margin contracted 1,150 bps to 2.9%.
International segment reported record Q4 revenues of $2.1 billion; full-year $7.8 billion.
Outlook and guidance
Expecting continued positive comps in Q1, led by transaction growth and supported by holiday promotions and menu innovation.
Fiscal 2026 to focus on scaling Green Apron Service, disciplined capital deployment, and cost management.
Consolidated G&A in fiscal 2026 expected to run lower than fiscal 2023, partially offsetting ongoing investments.
Full fiscal 2026 and long-term guidance to be provided at investor day in January.
Management emphasizes a continued focus on topline growth and cost control to support durable, sustainable growth.
Restructuring costs: future impact on margins?
Quantify 'Back to Starbucks' labor investment impact.
International transaction vs. ticket trends drivers?
Green Apron Service impact on transaction growth?
What value from new China strategic partner?
New prototype's impact on unit economics?
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Q1 202627 Jan, 2026
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Frequently asked questions
From a Neighborhood Coffee Shop to a Global Giant
Starbucks is a chain of coffee houses founded and headquartered in Seattle, but with operations all over the world. The company has grown from a small outfit run by a couple of friends to a global powerhouse in the coffee industry and has become one of the world's most recognizable brands. One thing that is worth noting is that Starbucks doesn’t offer franchising opportunities, like Domino's, McDonalds, Wendy’s, and several other companies do. Instead, their stores are corporately owned and operated.
Founding story
Starbucks was founded in 1971 by three partners: Jerry Baldwin, Zev Siegl, and Gordon Bowker. The first store was located in Seattle's historic Pikes Market and originally the company focused on selling high-quality coffee beans and equipment. However, in 1982, Howard Schultz joined the company and proposed the idea of creating a coffeehouse experience that was more akin to the one he’d found in Europe. Throughout the years, Starbucks expanded rapidly and went public in 1992. Today, Starbucks is a global coffeehouse chain with tens of thousands of stores worldwide, offering a wide range of items outside of just traditional coffee.
The coffeehouse experience
Right from the beginning, Starbucks has been focused on providing an appealing and inviting coffeehouse experience for its customers and guests. For many consumers, Starbucks has become the go-to place for meeting friends, catching up on work, or simply a place to enjoy a warm cup of coffee. This is something that the company takes great pride in, and places a heavy emphasis on. Today, customers can choose to order at the counter, in Starbucks’s popular app, or via drive-through.
A diverse menu
While the main emphasis for Starbucks has always been various types of coffee, the company also offers a variety of different snacks and light meals. Adapting the menu to the seasons is also something that Starbucks has succeeded at, and popular choices such as pumpkin spiced lattes and other season-specific drinks rotate in and out of the menu.
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