Starbucks earnings: fourth quarter of fiscal 2026

Starbucks' fourth quarter of fiscal 2026 showed customers spending more in its existing coffeehouses, especially in North America, and profit per share up sharply. Total sales still fell, because the China stores were handed to a joint venture that licenses them. The company also gave its first forecast for fiscal 2027: higher profit per share, but sales a little lower, again because of China. ¹

Against what analysts expected

Analysts expected earnings per share of $0.73 on average, according to Nasdaq's earnings calendar. Starbucks earned $0.80 excluding one-off items, above that, but $0.59 on its main accounting basis, below it. So whether the quarter came in above or below what analysts expected depends on the one-off restructuring charges. ¹²

The strong points

• Sales at coffeehouses open a year or more rose 7.2% worldwide, with North America up 7.9%. ¹
• Earnings per share excluding one-off items rose 54% to $0.80. ¹
• The cash left after running the business and investing in it rose to about $3.7 billion for the year, from about $2.4 billion. ¹

The weak points

• Total sales fell 4% to $9.1 billion, almost entirely because the China stores now count as licensed rather than run by Starbucks. ¹
• Outside North America, sales at existing stores rose only 0.9%, and customer visits fell 2.8%. ¹

What the company expects

• In its first forecast for fiscal 2027, Starbucks expects earnings per share, excluding one-off items, of $3.15 to $3.25, against $2.72 this year. ¹
• Starbucks expects fiscal 2027 sales to fall by about 1%, even with about $700 million from the extra week. ¹

Our verdict on the quarter

A strong report. Customers spent clearly more in existing coffeehouses, adjusted profit per share rose by more than half, and the first forecast for next year points to further profit growth. Weak traffic outside North America and shrinking sales on paper are the soft spots.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Starbucks's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩