The underlying business is improving (comps, margins, EPS growth), but the structurally lower revenue from China deconsolidation creates a headwind. Watch for Q3 reported revenue to drop materially and monitor margin progression without China dilution. The stock may trade on China JV details and cost control.
Price Chart
Executive Summary
Starbucks Q2 FY2026 beat consensus on EPS ($0.50 non-GAAP vs $0.44) and revenue ($9.53B vs $9.23B), with global comp sales up 6.2%. However, FY2026 revenue guidance was revised to roughly flat (from prior growth) due to the China JV deconsolidation, and North America operating income declined 9% on labor investments. The raised EPS guidance ($2.25-$2.45) partially offsets the revenue headwind, creating a mixed outlook.
Key Financial Metrics
Key Facts
- Q2 revenue $9.53B (+8.8% YoY), above consensus $9.23B
- Non-GAAP EPS $0.50 (+22% YoY), GAAP EPS $0.45 (+32% YoY)
- Global comparable store sales +6.2% (transaction-led)
- North America comp sales +7.1%, but operating income -9% due to labor investments
- FY2026 guidance raised: comp sales growth ≥5% (from ≥3%), non-GAAP EPS $2.25-$2.45 (from $2.15-$2.40)
- FY2026 revenue guidance cut to roughly flat YoY (from growing at comp rate) reflecting China JV deconsolidation
- Closed China JV with Boyu Capital; retains 40% stake (deconsolidates China retail from Q3)
Financial Impact
Q2 beat: non-GAAP EPS beat consensus by 13.6%, revenue beat by 3.3%. FY guidance: EPS raised but revenue flat, net mixed impact.
Risk Factors
- Revenue decline from China JV deconsolidation starting Q3
- North America margin pressure from labor and commodity inflation
- Tariff and coffee cost volatility
- Execution risk on China joint venture
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000829224-26-000078 |
| Document: sbux-20260428.htm | 0000829224-26-000078 |
| Document: 0000829224-26-000078-index-headers.html | 0000829224-26-000078 |
| Document: 0000829224-26-000078-index.html | 0000829224-26-000078 |
| Document: 0000829224-26-000078.txt | 0000829224-26-000078 |
| 8-K Data (Synthetic) | 0000829224-26-000078 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | ANALYST-UPGRADE | $97.34 $94.14 | ▼ −3.29% | ▼ −5.85% | $95.11 (−2.30%) |
Jun 23, 2026 14w ago | Court Ruling | $101.05 $104.06 | ▲ +2.98% | ▲ +1.97% | $95.11 (−5.88%) |
Jun 14, 2026 15w ago | Institutional Cluster | $101.59 $100.15 | ▼ −1.42% | ▼ −0.03% | $95.11 (−6.38%) |
Jun 12, 2026 15w ago | 8-K | $101.59 $100.15 | ▼ −1.42% | ▼ −0.03% | $95.11 (−6.38%) |
Jun 11, 2026 16w ago | Institutional Cluster | $102.28 $99.82 | ▼ −2.41% | ▼ −2.84% | $95.11 (−7.02%) |
May 26, 2026 18w ago | Court Ruling | $101.35 $96.51 | ▼ −4.77% | ▼ −5.86% | $95.11 (−6.16%) |
May 20, 2026 19w ago | 8-K | $104.11 $99.12 | ▼ −4.79% | ▼ −6.64% | $95.11 (−8.65%) |
May 18, 2026 19w ago | Court Ruling | $106.60 $101.42 | ▼ −4.86% | ▼ −6.48% | $95.11 (−10.78%) |
May 15, 2026 20w ago | 8-K | $106.76 $103.10 | ▲ +3.43% | ▲ +4.39% | $95.11 (+10.91%) |
May 14, 2026 20w ago | ANALYST-UPGRADE | $106.38 $104.11 | ▼ −2.13% | ▼ −1.42% | $95.11 (−10.60%) |
US Market Status
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