Q3 2026 Starbucks Corp Earnings Call Transcript
Key Points
- Starbucks Corp (SBUX) delivered its fourth consecutive quarter of positive global comps, with global comparable sales up 7.9%.
- Consolidated operating margin expanded 430 basis points year-over-year to 14.4%, driven by sales leverage and cost savings.
- Earnings per share grew 70% year-over-year to $0.85, and the company raised its full-year 2026 guidance.
- The 'Back to Starbucks' plan is gaining traction, with improvements in Green Apron Service, store operations, and customer connection scores.
- The Coffee House Uplift program surpassed 1,000 locations ahead of schedule, showing positive transaction lifts across all access points.
- Consolidated net revenues declined 1% year-over-year to $9.3 billion, partly due to the deconsolidation of China operations.
- North America licensed store revenues were roughly flat year-over-year, impacted by net closures in the quarter.
- The company expects net new company-operated unit growth in North America to remain modest through fiscal 2027.
- Starbucks Corp (SBUX) anticipates some underperforming coffee house closures in North America as it cleans up its development pipeline.
- Coffee prices remain a cost headwind, though the impact is expected to ease in the fourth quarter.
Good afternoon, and welcome to Starbucks third quarter fiscal year 2026 earnings call. (Operator Instructions) I will now turn the call over to Catherine Park, Vice President of Investor Relations. Ms. Park, you may now begin your conference.
Good afternoon and thank you for joining us today to discuss Starbucks third quarter fiscal year 2026 results. Today's discussion will be led by Brian Niccol, Chairman and Chief Executive Officer; and Cathy Smith, Executive Vice President and Chief Financial Officer.
This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC. Starbucks assumes no obligation to update any of these forward-looking statements or information.
Revenue, operating margin
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