Starbucks said consolidated net revenues rose 6% to $9.9 billion in its 13-week fiscal first quarter ended December 28, 2025, and global comparable store sales increased 4%. The company said GAAP earnings per share were $0.26 and non-GAAP earnings per share were $0.56.

1. 01

   Starbucks said consolidated net revenues rose 6% to $9.9 billion in its 13-week fiscal first quarter ended December 28, 2025, and global comparable store sales increased 4%. The company said GAAP earnings per share were $0.26 and non-GAAP earnings per share were $0.56.

2. 02

   The company said its GAAP operating margin contracted 290 basis points year over year to 9.0%, citing labor investments in support of "Back to Starbucks" and inflationary pressures from elevated coffee pricing and tariffs. Its effective tax rate was 61.7%, compared with 23.6% a year earlier.

3. 03

   Starbucks said it reached a joint venture agreement under which Boyu Capital will acquire up to 60% of Starbucks retail operations in China, and Starbucks will retain a 40% interest. The company said it expects the transaction to close in the Spring, subject to regulatory approvals.

4. 04

   Starbucks introduced fiscal 2026 guidance calling for global and U.S. comparable store sales growth of 3% or greater and non-GAAP earnings per share of $2.15 to $2.40. The company said the guidance assumes Starbucks China retail operations remain company-operated in the second half of the fiscal year.

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Original filing

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