Starbucks said consolidated net revenues for fiscal 2025 increased $37.2 billion, or 3%, and consolidated operating income decreased to $2.9 billion from $5.4 billion in the prior year, with operating margin contracting to 7.9% from 15.0% in the prior year, a decline of 710 basis points.

1. 01

   Starbucks said consolidated net revenues for fiscal 2025 increased $37.2 billion, or 3%, and consolidated operating income decreased to $2.9 billion from $5.4 billion in the prior year, with operating margin contracting to 7.9% from 15.0% in the prior year, a decline of 710 basis points.

2. 02

   Starbucks cited restructuring costs (approximately 240 basis points), deleverage (approximately 210), investments in support of "Back to Starbucks," which were largely in labor hours (approximately 130), and inflation (approximately 80) as factors in operating margin contraction, and said restructuring and impairments were $892 million.

3. 03

   Starbucks said diluted earnings per share for fiscal 2025 declined to $1.63 from $3.31 in the prior year, and the effective tax rate was 25.9% compared to 24.3% in the prior year, attributing the increase to the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in Q3 (approximately 290 basis points).

4. 04

   The company said it completed 584 restructuring closures in North America late in the fourth quarter of fiscal 2025, with North America segment revenue increasing 1%, comparable store sales declining 2%, and operating margin contracting to 11.5%, a decline of 830 basis points.

Key figures

Fiscal year ended September 28, 2025

Revenue

$37.2B

Operating income

$2.9B

Net income

$1.9B

EPS

$1.63

Operating cash flow

$4.7B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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