Daily Coffee Report 6/11/26
Daily coffee report
StoneX Coffee Team
- Coffee
Starbucks Sees Slight Increases in Store Sales, Revenues Also Higher
By: Alexis Rubinstein, Managing Editor - Coffee Network
CoffeeNetwork (New York) - Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter and 52-week fiscal year ended September 28, 2025.
Q4 Fiscal Year 2025 Highlights:
- Global comparable store sales increased 1%, primarily driven by a 1% increase in comparable transactions
- North America and U.S. comparable store sales were flat, driven by a 1% increase in average ticket, offset by a 1% decline in comparable transactions;
- International comparable store sales increased 3%, driven by a 6% increase in comparable transactions, partially offset by a 3% decline in average ticket; China comparable store sales increased 2%, driven by a 9% increase in comparable transactions, partially offset by a 7% decline in average ticket
- The company had 107 net store closures in Q4, ending the period with 40,990 stores. This included 627 stores closed as part of our restructuring plan announced on September 25, 2025, of which over 90% were in North America.
- At the end of Q4, stores in the U.S. and China comprised 61% of the company’s global portfolio, with 16,864 and 8,011 stores in the U.S. and China, respectively
- Consolidated net revenues increased 5%, including on a constant currency basis, to $9.6 billion
- GAAP operating margin contracted 1,150 basis points year-over-year to 2.9%, primarily due to restructuring costs associated with the closure of coffeehouses (stores) and simplification of our support organization, inflation, investments in support of “Back to Starbucks”, which were largely in labor hours, and deleverage.
- Non-GAAP operating margin contracted 500 basis points year-over-year, including on a constant currency basis, to 9.4%
- Effective tax rate of 18.8% compared to 23.8% in the prior year. The decrease was primarily driven by lower pre-tax earnings and the proportionate impacts from certain permanent differences and discrete items.
- GAAP earnings per share of $0.12 declined 85% over prior year
- Non-GAAP earnings per share of $0.52 declined 35% over prior year, or 34% on a constant currency basis
Full Fiscal Year 2025 Highlights
- Global comparable store sales declined 1%, driven by a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket
- North America and U.S. comparable store sales declined 2%, driven by a 4% decline in comparable transactions, partially offset by a 2% increase in average ticket;
- International comparable store sales were flat, driven by a 2% increase in comparable transactions, offset by a 2% decline in average ticket; China comparable store sales declined 1%, driven by a 5% decline in average ticket, partially offset by a 4% increase in comparable transactions
- Consolidated net revenues increased 3%, including on a constant currency basis, to $37.2 billion
- GAAP operating margin contracted 710 basis points year-over-year to 7.9%, primarily due to restructuring costs associated with the closure of coffeehouses and simplification of our support organization, deleverage, investments in support of “Back to Starbucks,” which were largely in labor hours, and inflation.
- Non-GAAP operating margin contracted 510 basis points year-over-year to 9.9%, or contracted 500 basis points on a constant currency basis.
- Effective tax rate of 25.9% compared to 24.3% in the prior year. The increase was primarily due to the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in Q3, partially offset by the discrete impact of a tax status change for a certain foreign entity in Q1.
- GAAP earnings per share of $1.63 declined 51% over prior year
- Non-GAAP earnings per share of $2.13 declined 36% over prior year, or a 35% decline on a constant currency basis
Q4 North America Segment Results
Net revenues for the North America segment increased 3% over Q4 FY24 to $6.9 billion in Q4 FY25, primarily driven by net new company-operated store growth of 4% over the past 12 months, prior to the restructuring closures late in the quarter. This increase was partially offset by a decline in our licensed store business.
Operating income decreased to $308.5 million in Q4 FY25 compared to $1.3 billion in Q4 FY24. Operating margin of 4.5% contracted from 18.7% in the prior year, primarily due to restructuring costs associated with the closure of coffeehouses and simplification of our support organization, deleverage, investments in support of “Back to Starbucks”, which were largely in labor hours, and inflation.
Q4 International Segment Results
Net revenues for the International segment increased 9% over Q4 FY24 to $2.1 billion in Q4 FY25, primarily due to net new company-operated store growth of 5% over the past 12 months, and a 3% increase in comparable store sales, driven by a 6% increase in comparable transactions, partially offset by a 3% decline in average ticket. Also contributing was incremental net revenue from the acquisition of a U.K. licensed business partner and an increase in our licensed store business revenue.
Operating income decreased to $223.2 million in Q4 FY25 compared to $282.9 million in Q4 FY24. Operating margin of 10.8% contracted from 14.9% in the prior year, primarily driven by costs associated with the closure of coffeehouses and simplification of our support organization and increased promotional activity.
Q4 Channel Development Segment Results
Net revenues for the Channel Development segment increased 17% over Q4 FY24 to $542.6 million in Q4 FY25, primarily due to an increase in revenue in the Global Coffee Alliance.
Operating income increased to $265.2 million in Q4 FY25 compared to $264.7 million in Q4 FY24. Operating margin of 48.9% contracted from 56.9% in the prior year, primarily driven by a decline in our North American Coffee Partnership joint venture income and mix shift, partially offset by favorable global product costs.
Company Update
In September, we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy. We assessed our existing store portfolio with respect to both whether coffeehouses had a viable path to offering the physical environment consistent with the brand and a clear path to financial performance. We closed the coffeehouses that did not meet these criteria.
In October, the company announced Pilar Ramos as executive vice president and chief legal officer of Starbucks, effective early November 2025.
In September, the company opened the first Spain flagship store inside Real Madrid's Santiago Bernabéu Stadium. The opening in Madrid's global destination is a symbol of community connections and offers an immersive coffee experience.
In September, the company announced that Starbucks is the official coffee partner of the LA28 Olympic and Paralympic Games and Team USA.
The Board declared a cash dividend of $0.62 per share, payable on November 28, 2025, to shareholders of record on November 14, 2025. The company had 62 consecutive quarters of dividend payouts with CAGR of 18% over that time period, demonstrating the company's commitment to consistent value creation for shareholders.
Alexis Rubinstein
- Coffee
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