Starbucks (SBUX) Fiscal Q4 2026 Earnings Call: Margin Expansion and FY2027 Guidance
Source Tradingkey
Key Takeaways
- Starbucks reported fiscal Q4 2026 net revenue of $9.1 billion, down 3.9% year over year, primarily because Starbucks China transitioned from company-operated stores to a licensed joint venture.
- Global comparable sales rose 7.2%, marking a fifth consecutive quarter of growth. U.S. comparable sales increased 7.7%, comprising 2.4% transaction growth and 5.2% ticket growth.
- Consolidated operating margin expanded 450 basis points to approximately 14%, while EPS increased approximately 54% to $0.80.
- For fiscal 2026, net revenue reached $37.9 billion, up 2.1%. Operating margin expanded 200 basis points to 11.9%, and EPS rose approximately 27% to $2.72.
- Management expects fiscal 2027 North America comparable sales growth of approximately 4%, consolidated operating margin of 13.5% to 14%, and EPS of $3.15 to $3.25.
- Starbucks plans approximately 1,200 net new stores globally in fiscal 2027. International markets are expected to contribute about 1,100, with China accounting for roughly half.
Key Financial Data
| Metric | Fiscal Q4 2026 | Change / Context |
|---|---|---|
| Consolidated net revenue | $9.1 billion | Down 3.9% year over year, mainly due to China deconsolidation |
| Global comparable sales | +7.2% | Fifth consecutive quarter of positive comparable sales |
| U.S. comparable sales | +7.7% | Transactions +2.4%; ticket +5.2% |
| North America net revenue | $7.3 billion | Up 6.3% |
| International net revenue | $1.3 billion | China retail operations are no longer consolidated |
| Consolidated operating margin | Approximately 14% | Up 450 basis points |
| North America operating margin | Approximately 16% | Up 440 basis points |
| EPS | $0.80 | Up approximately 54% |
| Starbucks Rewards active members | 36 million | Record 90-day active membership |
| Full-Year Metric | Fiscal 2026 | Change |
|---|---|---|
| Consolidated net revenue | $37.9 billion | +2.1% |
| Global company-operated comparable sales | +6.2% | U.S. +6.5%; International +3.7% |
| Consolidated operating margin | 11.9% | +200 basis points |
| EPS | $2.72 | Approximately +27% |
| Global store count | 41,607 | 617 net new openings during the year |
Business and Operating Performance
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