🔹 Revenue: $9.5B (Est. $9.29B) 🟢; +4% YoY
🔹 Adj EPS: $0.50 (Est. $0.65) 🔴; -46% YoY
🔹 Oper Margin: 10.1% (Est. 11.6%) 🔴; -660 bps YoY
🔹 Comparable Store Sales: -2% (Est. -1.5%) 🔴
🔹 Comparable Transactions: -2% (Est. -2.7%) 🟢
🔹 Discrete Tax Item Impact: -$0.11 on EPS
North America
🔹 Revenue: $6.93B; UP +2% YoY
🔹 Comp Sales: -2% (Est. -2.4%) 🟡
🔹 U.S. Comp Sales: -2% (Est. -2.53%) 🟢
🔹 Operating Income: $918.7M; DOWN -36% YoY
🔹 Operating Margin: 13.3%; DOWN -770 bps YoY
🔹 Transactions: -3%; Ticket: +1%
🔹 Store Count: 18,734; UP +3% YoY
International
🔹 Revenue: $2.01B; UP +9% YoY
🔹 Comp Sales: 0% (Est. +2.09%) 🔴
🔹 China Comp Sales: +2% (Est. +1.44%) 🟢
🔹 Operating Income: $272.7M; DOWN -5% YoY
🔹 Operating Margin: 13.6%; DOWN -200 bps YoY
🔹 China Transactions: +6%; Ticket: -4%
🔹 Store Count: 22,363; UP +5% YoY
Channel Development
🔹 Revenue: $483.8M; UP +10% YoY
🔹 Operating Income: $218.4M; DOWN -7% YoY
🔹 Operating Margin: 45.1%; DOWN -860 bps YoY
Other Metrics & Updates
🔹 Global Store Count: 41,097 (53% company-operated)
🔹 Net New Stores Added in Q3: +308
🔹 U.S. + China = 61% of total stores
CEO Commentary
🔸 “We’ve fixed a lot... we are ahead of schedule. In 2026, we’ll unleash a wave of innovation that fuels growth.” – CEO Brian Niccol
🔸 “We’re building back a better Starbucks experience and a better business.”
CFO Commentary
🔸 “Q3 EPS was negatively impacted by $0.11 from one-time investments and tax items.” – CFO Cathy Smith
🔸 “We are focused on durable, sustainable long-term growth.”
Capital Allocation
🔹 Quarterly Dividend: $0.61/share, payable Aug 29, 2025
🔹 Dividend CAGR: 18% over 61 consecutive quarters
Strategic Updates
🔸 $1.75B bond issuance completed in May for general purposes
🔸 New COO and board members appointed in June
🔸 Largest-ever Leadership Experience 2025 held with 14,000+ attendees
