Starbucks Corporation · SBUX · FY2025 Q2 · Calendar Q2 2025

Starbucks shifts turnaround investment toward labor, service, and digital execution

The quarter supports a cautious turnaround thesis: management sees early operational progress and is concentrating investment on service, labor, digital ordering, and menu execution, but evidence of durable demand recovery and margin improvement remains incomplete.

Reported Before market openNASDAQConsumer Cyclical $103.45B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.51
EPS surprise — Reported versus consensus
Reported revenue — Consensus $8.89B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.1% Event window
SPY move +0.6% Same window
Abnormal move +0.5% Stock minus SPY
Volume 1.3× Versus trailing sessions
Subsequent drift +1.4% Up to 20 sessions
SBUXSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter framing, Starbucks is placing greater emphasis on labor-led service improvements and digital execution, while pausing some equipment investment and reviewing store economics. The strategy remains focused on menu simplification, product innovation, international recovery, and cost discipline.

Guidance delta

No guidance change was provided in the supplied analysis.

Key takeaways

  • Management emphasized early recovery signals while acknowledging a disappointing quarter.
  • The turnaround is prioritizing labor and the in-store service model over equipment expansion.
  • Digital ordering improvements and menu innovation are central execution priorities.
  • International performance and cost discipline remain important offsets to near-term margin pressure.

Management priorities

  • Scale the green-apron service model.
  • Expand order-sequencing and other digital tools.
  • Simplify the menu while introducing coffee-forward products.
  • Review the store portfolio and maintain cost and return discipline.

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Earnings History

Estimate Beat Miss Match
SBUX EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $0.93 Q1 '24 actual $0.90, miss Q2 '24 estimate $0.79 Q2 '24 actual $0.68, miss Q3 '24 estimate $0.93 Q3 '24 actual $0.93, match Q4 '24 estimate $1.03 Q4 '24 actual $0.80, miss Q3 '25 estimate $0.65 Q3 '25 actual $0.50, miss Q4 '25 estimate $0.56 Q4 '25 actual $0.52, miss Q1 '26 estimate $0.59 Q1 '26 actual $0.56, miss Q2 '26 estimate $0.43 Q2 '26 actual $0.50, beat Q3 '26 estimate $0.65 Q4 '26 estimate $0.71 Q1 '27 estimate $0.76 Q2 '27 estimate $0.63

Analyst Consensus ?

ConsensusHold57 ratings
Bullish2849.1%
Neutral2645.6%
Bearish35.3%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$90.75Current
$70Low
$108.1Average
$165High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 12, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
DA Davidson Neutral NeutralMaintainOct 9, 2026
UBS Neutral NeutralMaintainOct 8, 2026
JP Morgan Overweight OverweightMaintainSep 29, 2026
BTIG Buy BuyMaintainJul 31, 2026
Wells Fargo Overweight OverweightMaintainJul 30, 2026
Show 53 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $90.75. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
NeedhamAnalyst unavailable$120$108.02 +32.2%Aug 18, 2026
Melius ResearchAnalyst unavailable$110$105.16 +21.2%Aug 3, 2026
D.A. DavidsonMatt Curtis$110$107.62 +21.2%Jul 30, 2026
Deutsche BankLauren Silberman$126$105.75 +38.8%Jul 30, 2026
Robert W. BairdAnalyst unavailable$124$104.14 +36.6%Jul 30, 2026
See 128 more

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Company context

Snapshot as of publication

Starbucks Corporation, along with its various subsidiaries, operates worldwide as a key player in roasting, marketing, and selling specialty coffee. Its business is structured into three main operating divisions: North America, International markets, and Channel Development. The company's retail outlets offer a broad assortment of coffee and tea beverages, roasted whole bean and ground coffees, single-serve options, and ready-to-drink products. Customers can also find a variety of food items, including pastries, breakfast sandwiches, and lunch selections.…

Historical context

All SBUX earnings

Consumer Cyclical peers this season

Latest reports in the same sector

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-15T00:03:42.498162+00:00
  3. Polygon adjusted daily market bars · 2026-10-12T03:20:41.712006+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T03:20:41.709229+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-12. For educational purposes only; not investment advice.