# Starbucks Corporation (SBUX) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SBUX/thesis · /stocks/SBUX/memo

## Financial Snapshot

---
ticker: SBUX
step: 04
generated: 2026-05-12
source: quick-research
---

### Starbucks Corporation (SBUX) — Financial Snapshot

(Starbucks' fiscal year ends in late September; FY2025 ended ~Sept 28, 2025.)

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|--------|--------|--------|--------|------------|
| Revenue | $35.98B | $36.18B | $36.7B | +1.4% |
| Global Comp Sales | +8% | -1% | -1% (improving Q4) | inflection |
| Operating Margin | 16.3% | 15.0% | ~12% | compressed (turnaround investment) |
| Adjusted EPS | $3.79 | $3.31 | ~$2.30 | down (investment year) |

#### Q1 + Q2 FY2026 Results

| Metric | Q1 FY26 | Q2 FY26 |
|--------|---------|---------|
| Revenue Growth | — | +6% |
| Global Comp Sales | — | +6.2% |
| US Same-Store Sales | — | +7.1% |
| US Transaction Growth | — | +4.3% (2nd straight quarter of traffic growth) |
| North America Q4 FY25 Revenue | $6.9B | — |
| North America Q4 FY25 Growth | +3% | — |

#### FY2026 Guidance (Raised Q2)

| Metric | 2026 Guide |
|--------|-----------|
| Global Same-Store Sales | +5%+ (raised from +3%) |
| US Same-Store Sales | +5%+ |
| Adjusted EPS | $2.25–2.45 (raised from $2.15–2.40) |
| China JV Close | Q2 FY26 (Boyu Capital 60%, SBUX 40%) |

#### Cash Flow & Capital Allocation (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5.5B |
| Capital Expenditures | ~$2.7B (new stores + remodels) |
| Free Cash Flow | ~$2.8B |
| Share Repurchases | ~$0.5B (reduced during turnaround) |
| Dividends Paid | ~$2.7B |
| Quarterly Dividend | $0.61 |
| Annual Dividend | $2.44 |
| Dividend Yield | ~2.6% |
| Cash & Marketable Securities | ~$3.5B |
| Total Debt | ~$16B |
| Net Debt / EBITDA | ~2.0x |

#### Key Ratios (approximate)
- P/E: ~43x (FY26E adjusted EPS midpoint $2.35) | EV/EBITDA: ~21x | FCF Yield: ~2.5%
- Revenue Growth (FY25): +1.4% (transition year)
- Operating Margin: ~12% (compressed; recovering)
- Dividend Yield: ~2.6%
- ROE: ~30%+ (high asset turnover)

#### Growth Profile
FY25 was the **investment year for the turnaround**:
- Revenue +1.4% to $36.7B
- Operating margin compressed to ~12% (from ~15% in FY24, ~16% in FY23) on increased staffing + technology + remodels + marketing
- Q4 FY25 global comp turned positive for first time in 7 quarters (+1%)
- Niccol's "Back to Starbucks" strategy paid for in FY25 + early FY26

The 2026 setup is materially better:
- Q2 FY26 +6.2% global comp + 7.1% US comp + 4.3% US transaction growth
- China JV closing in Q2 FY26 — refocuses management on US + reduces consolidated exposure to Luckin/Cotti pricing wars
- Margin recovery starting in H2 FY26 as investments roll off + comp leverage builds
- Raised FY26 EPS guide $2.25–2.45 (vs. $2.15–2.40 prior)

#### Forward Estimates
FY2026 Guide (raised in Q2):
- Global Same-Store Sales: +5%+
- US Same-Store Sales: +5%+
- Adjusted EPS: $2.25–2.45

Bull case: Niccol turnaround sustains; FY27 comp +5%+; margin recovers to ~14-15%; FY28 EPS reaches $3.50+; multiple expands to 28x P/E; stock could reach $100+. Bear case: Niccol turnaround stalls; comp decelerates back to flat; China JV economics worse than expected; margin recovery limited to 13%; multiple compresses to 30x; stock stays $80-90. Consensus targets ~$110–130 vs. trading ~$95–105 (~10–30% implied upside).

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SBUX/fundamental

## Navigation

- Overview: /stocks/SBUX
- Financials (this page): /stocks/SBUX/financials
- Thesis: /stocks/SBUX/thesis
- Investment Memo: /stocks/SBUX/memo
- Coverage universe: /stocks