Starbucks Corporation · SBUX · FY2026 Q2 · Calendar Q2 2026

Starbucks Returns to Simultaneous Revenue and EPS Growth in Q2 FY2026

Starbucks delivered its first simultaneous revenue and earnings growth in over two years. Q2 FY2026 revenue of $9.5 billion (up roughly 9% YoY), EPS of $0.50 (up 22%), and 6% global comparable store sales growth signal that the Back to Starbucks operational turnaround is gaining traction. Green Apron Service, the Grow scorecard, and digital enhancements are translating into transaction growth, improved service speed, and record Rewards membership of 35.6 million. The completed China JV with Boyu Capital ($3.1 billion in cash proceeds, valuation exceeding $13 billion) reshapes the international profile toward an asset-light licensing model. Management raised FY2026 guidance, reflecting confidence that margin expansion and the $2 billion cost-savings program will sustain the momentum.

Reported After market closeNASDAQConsumer Cyclical $118.13B market cap
100quality score

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.…

Earnings scorecard

Reported versus consensus
Reported EPS $0.50 Consensus $0
EPS surprise +17.6% Reported versus consensus
Reported revenue $9.53B Consensus $9.17B
Revenue surprise +4.0% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +8.4% Event window
SPY move -0.0% Same window
Abnormal move +8.5% Stock minus SPY
Volume 3.9× Versus trailing sessions
Subsequent drift -4.5% Up to 20 sessions
SBUXSPY benchmark

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Transcript intelligence

What changed

Q2 marked a meaningful inflection from Q1. Revenue growth accelerated from 5% to roughly 9% YoY, global comps improved from 4% to 6%, and operating margin expanded to 9.4%. EPS grew 22% to $0.50, beating the consensus estimate of $0.43 by 17.6%. The Boyu Capital China JV transaction closed, converting Starbucks China to a JV/licensing model. A new customizable energy refresher platform launched, and a scheduled ordering feature was introduced in the mobile app. International markets, including China, Japan, and South Korea, posted positive comps after nine quarters of decline. Starbucks Rewards reached a record 35.6 million active members, up from 35.5 million in Q1.

Guidance delta

Management raised FY2026 guidance. Global comparable store sales target moved to 5% or higher, up from 3%+. EPS range lifted to $2.25 to $2.45, up from $2.15 to $2.40. The $2 billion multi-year cost-savings program remains on track with focus on product, distribution, OpEx, and G&A.

Key takeaways

  • First simultaneous revenue and earnings growth in over two years: revenue $9.5B (up ~9% YoY) and EPS $0.50 (up 22%).
  • Global comparable store sales rose 6%, with international markets returning to positive comps after nine quarters of decline.
  • Starbucks Rewards hit a record 35.6M active members, fueling higher visit frequency and delivery growth of 30% YTD.
  • China JV with Boyu Capital closed: $3.1B cash proceeds, valuation over $13B, shifting to a JV/licensing model.
  • Guidance raised: global comps target moved to 5%+ and FY2026 EPS range lifted to $2.25 to $2.45.
  • Stock surged 8.5% on the report but drifted down roughly 4.5% in subsequent sessions as investors weighed sustainability.

Management priorities

  • Complete Green Apron Service rollout to over 1,000 stores by year-end, targeting 8,000+ stores eventually.
  • Expand China footprint to over 1,500 county-level cities over the next three years under the JV model.
  • Execute the $2 billion multi-year cost-savings program across product, distribution, OpEx, and G&A.
  • Roll out scheduled order-pickup feature across the U.S. mobile app to improve service times.
  • Launch summer menu with new refresher flavors and merchandise.
  • Introduce new Mastrena machine to accelerate espresso preparation speed.

Related earnings events

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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 · 2026-07-29T00:31:24.874899+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T00:31:24.872097+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.

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 . For educational purposes only; not investment advice.