Starbucks Corporation · SBUX · FY2026 Q1 · Calendar Q1 2026

Starbucks Q1 FY2026: Growth Holds, Margins Under Pressure

Starbucks' Q1 FY2026 results support a cautiously constructive operating thesis: transaction-led comparable-sales growth and Back to Starbucks initiatives are gaining traction, but the case depends on margin recovery and execution of the cost-saving and expansion plans.

Reported Before market openNASDAQConsumer Cyclical $108.61B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.56 Consensus $0.59
EPS surprise -4.4% Reported versus consensus
Reported revenue $9.92B Consensus $9.65B
Revenue surprise +2.7% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.6% Event window
SPY move -0.0% Same window
Abnormal move -0.6% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift +3.1% Up to 20 sessions
SBUXSPY benchmark

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Transcript intelligence

What changed

The quarter added evidence of transaction growth and international progress, alongside continued margin pressure. Management maintained FY2026 targets and highlighted a new CTO, a China joint venture, and the AI-powered Green Dot Assist tool.

Guidance delta

Guidance was maintained: management targets 3%+ comparable-sales growth, 600–650 thousand net new stores in FY2026, and EPS of $2.15–$2.40.

Key takeaways

  • Revenue grew 5% year over year to $9.9 billion and comparable store sales rose 4%.
  • Green Apron service and Rewards are supporting transaction growth.
  • Margin contracted under investment, inflation, and tariff pressure; a $2 billion cost-reduction program is underway.
  • Management highlighted technology leadership, menu simplification, health-and-wellness platforms, and a China joint venture.

Management priorities

  • Continue Green Apron service standards and AI tools.
  • Expand Starbucks Rewards and digital menu capabilities.
  • Advance menu, health-and-wellness, and afternoon beverage platforms.
  • Open approximately 600–650 thousand net new stores worldwide in FY2026.
  • Develop the China joint venture, subject to regulatory approvals.

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Earnings History

Estimate Beat Miss Match
SBUX REVENUE earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $9B Q1 '24 actual $9B, miss Q2 '24 estimate $9B Q2 '24 actual $9B, miss Q3 '24 estimate $9B Q3 '24 actual $9B, miss Q4 '24 estimate $9B Q4 '24 actual $9B, miss Q3 '25 estimate $9B Q3 '25 actual $9B, beat Q4 '25 estimate $9B Q4 '25 actual $10B, beat Q1 '26 estimate $10B Q1 '26 actual $10B, beat Q2 '26 estimate $9B Q2 '26 actual $10B, beat Q3 '26 estimate $9B Q4 '26 estimate $9B Q1 '27 estimate $10B Q2 '27 estimate $9B

Analyst Consensus ?

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

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$94.71Current
$70Low
$108.1Average
$165High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
BTIG Buy BuyMaintainJul 31, 2026
Wells Fargo Overweight OverweightMaintainJul 30, 2026
UBS Neutral NeutralMaintainJul 30, 2026
TD Cowen Buy BuyMaintainJul 30, 2026
RBC Capital Sector Perform Sector PerformMaintainJul 30, 2026
Show 53 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $94.71. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
NeedhamAnalyst unavailable$120$108.02 +26.7%Aug 18, 2026
Melius ResearchAnalyst unavailable$110$105.16 +16.1%Aug 3, 2026
D.A. DavidsonMatt Curtis$110$107.62 +16.1%Jul 30, 2026
Deutsche BankLauren Silberman$126$105.75 +33.0%Jul 30, 2026
Robert W. BairdAnalyst unavailable$124$104.14 +30.9%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

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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 · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-29T12:20:59.275961+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T12:20:59.273209+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 2026-09-29. For educational purposes only; not investment advice.