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

Earnings History

Estimate Beat Miss Match
SBUX EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 3 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 $0.69 Q1 '27 estimate $0.76

Analyst Consensus ?

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

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$98.74Current
$70Low
$108.1Average
$165High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 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
Morgan Stanley Overweight OverweightMaintainJul 30, 2026
Evercore ISI Group Outperform OutperformMaintainJul 30, 2026
DA Davidson Neutral NeutralMaintainJul 30, 2026
Citigroup Neutral NeutralMaintainJul 30, 2026
BNP Paribas Underperform UnderperformMaintainJul 30, 2026
Stifel Buy BuyMaintainMay 6, 2026
Guggenheim Neutral NeutralMaintainApr 29, 2026
Baird Outperform OutperformMaintainApr 29, 2026
JP Morgan Overweight OverweightMaintainApr 24, 2026
Jefferies Hold UnderperformUpgradeApr 13, 2026
Freedom Broker Hold HoldMaintainMar 11, 2026
Wolfe Research Outperform OutperformMaintainJan 30, 2026
Piper Sandler Overweight OverweightMaintainJan 30, 2026
Barclays Overweight OverweightMaintainJan 30, 2026
Mizuho Neutral NeutralMaintainJan 26, 2026
William Blair Outperform Market PerformUpgradeJan 23, 2026
B of A Securities Buy BuyMaintainJan 21, 2026
BWG Global Positive MixedUpgradeJan 15, 2026
BMO Capital Outperform OutperformMaintainJul 30, 2025
Bernstein Outperform OutperformMaintainJul 2, 2025
TD Securities Hold HoldMaintainJun 24, 2025
Goldman Sachs Neutral NeutralMaintainJun 12, 2025
Wedbush Neutral NeutralMaintainJan 29, 2025
Deutsche Bank Buy BuyMaintainJan 29, 2025
Redburn Atlantic Sell NeutralDowngradeNov 13, 2024
Oppenheimer Perform PerformMaintainAug 26, 2024
DZ Bank Sell HoldDowngradeAug 21, 2024
HSBC Hold HoldMaintainMay 3, 2024
Stephens & Co. Equal Weight Equal WeightMaintainJan 31, 2024
Gordon Haskett Hold BuyDowngradeJan 16, 2024
Credit Suisse Outperform OutperformMaintainMay 3, 2023
OTR Global Positive MixedUpgradeApr 10, 2023
Cowen & Co. Outperform OutperformMaintainFeb 3, 2023
MKM Partners Buy BuyMaintainMar 17, 2022
Argus Research Hold BuyDowngradeNov 4, 2021
Atlantic Equities Neutral OverweightDowngradeSep 30, 2021
Telsey Advisory Group Market Perform Market PerformMaintainMar 17, 2021
Keybanc Sector Weight OverweightDowngradeJun 11, 2020
Citi Buy BuyMaintainNov 20, 2019
Bank of America Buy BuyMaintainOct 31, 2019
Stifel Nicolaus Hold HoldMaintainJul 26, 2019
Piper Jaffray Neutral NeutralMaintainJun 10, 2019
Argus Buy HoldUpgradeNov 12, 2018
PiperJaffray Neutral OverweightDowngradeAug 22, 2018
BTIG Research Neutral BuyDowngradeJun 20, 2018
Nomura Buy BuyMaintainNov 3, 2017
CLSA Buy BuyMaintainSep 28, 2016
Janney Montgomery Scott Neutral BuyDowngradeJan 5, 2015
Janney Capital Neutral BuyDowngradeJan 5, 2015
Belus Capital Buy HoldUpgradeJul 21, 2014
Williams Capital Outperform Market PerformUpgradeAug 1, 2013
McAdams Wright Ragen Hold HoldMaintainJan 25, 2013
Bank oferica Neutral NeutralMaintainApr 13, 2012
Show less

Named analyst price targets

Upside is calculated against the persisted current price $98.74. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
NeedhamAnalyst unavailable$120$108.02 +21.5%Aug 18, 2026
Melius ResearchAnalyst unavailable$110$105.16 +11.4%Aug 3, 2026
D.A. DavidsonMatt Curtis$110$107.62 +11.4%Jul 30, 2026
Deutsche BankLauren Silberman$126$105.75 +27.6%Jul 30, 2026
Robert W. BairdAnalyst unavailable$124$104.14 +25.6%Jul 30, 2026
UBSAnalyst unavailable$112$104.14 +13.4%Jul 30, 2026
Wells FargoAnalyst unavailable$125$104.14 +26.6%Jul 30, 2026
BMO CapitalAndrew Strelzik$130$104.14 +31.7%Jul 30, 2026
Wells FargoAnalyst unavailable$120$105.11 +21.5%Jul 16, 2026
Morgan StanleyBrian Harbour$111$106.17 +12.4%Jul 15, 2026
Stifel NicolausChris O'Cull$117$104.94 +18.5%May 6, 2026
D.A. DavidsonAnalyst unavailable$102$105.56 +3.3%Apr 29, 2026
Piper SandlerBrian Mullan$110$105.89 +11.4%Apr 29, 2026
Evercore ISIAnalyst unavailable$115$104.04 +16.5%Apr 29, 2026
Morgan StanleyBrian Harbour$110$103.58 +11.4%Apr 29, 2026
RBC CapitalAnalyst unavailable$110$97.28 +11.4%Apr 29, 2026
GuggenheimAnalyst unavailable$97$97.28 -1.8%Apr 29, 2026
Robert W. BairdDavid Tarantino$117$97.28 +18.5%Apr 29, 2026
Wells FargoAnalyst unavailable$115$97.28 +16.5%Apr 29, 2026
Stifel NicolausChris O'Cull$115$98.95 +16.5%Apr 21, 2026
RBC CapitalLogan Reich$105$97.57 +6.3%Mar 17, 2026
GuggenheimGregory Francfort$95$97.15 -3.8%Mar 4, 2026
BMO CapitalAnalyst unavailable$120$92.37 +21.5%Jan 30, 2026
BarclaysAnalyst unavailable$116$93.88 +17.5%Jan 30, 2026
Deutsche BankLauren Silberman$113$94.09 +14.4%Jan 29, 2026
Wells FargoZachary Fadem$110$97.98 +11.4%Jan 28, 2026
New StreetGregory Francfort$90$96.33 -8.9%Jan 27, 2026
GuggenheimGregory Francfort$90$96.5 -8.9%Jan 26, 2026
Mizuho SecuritiesNick Setyan$95$97.62 -3.8%Jan 26, 2026
Gordon Haskett Capital CorporationAnalyst unavailable$95$95.83 -3.8%Jan 23, 2026
SusquehannaAnalyst unavailable$114$93.66 +15.5%Jan 21, 2026
Mizuho SecuritiesAnalyst unavailable$86$88.18 -12.9%Jan 9, 2026
BarclaysAnalyst unavailable$110$89.46 +11.4%Jan 7, 2026
RBC CapitalAnalyst unavailable$100$85.2 +1.3%Oct 30, 2025
BernsteinDanilo Gargiulo$100$84.17 +1.3%Oct 30, 2025
Mizuho SecuritiesNick Setyan$84$87.22 -14.9%Oct 27, 2025
BarclaysAnalyst unavailable$95$85.9 -3.8%Oct 22, 2025
UBSDennis Geiger$94$84.53 -4.8%Oct 21, 2025
Morgan StanleyAnalyst unavailable$105$85.36 +6.3%Oct 20, 2025
Wells FargoAnalyst unavailable$100$82.86 +1.3%Oct 16, 2025
BTIGAnalyst unavailable$105$83.83 +6.3%Sep 25, 2025
Loop Capital MarketsAnthony Chukumba$165$93.37 +67.1%Aug 12, 2025
Piper SandlerAnalyst unavailable$105$92.76 +6.3%Jul 30, 2025
Morgan StanleyAnalyst unavailable$103$92.76 +4.3%Jul 30, 2025
Evercore ISIDavid Palmer$105$91.5 +6.3%Jun 24, 2025
TD SecuritiesAndrew Charles$90$83.7 -8.9%May 29, 2025
GuggenheimGregory Francfort$83$84.85 -15.9%Apr 29, 2025
BarclaysAnalyst unavailable$106$81.75 +7.4%Apr 22, 2025
Stifel NicolausChris O'Cull$103$83.71 +4.3%Apr 15, 2025
RBC CapitalLogan Reich$115$99.23 +16.5%Nov 15, 2024
CFRAArun Sundaram$103$97.7 +4.3%Oct 31, 2024
CFRAArun Sundaram$104$97.65 +5.3%Oct 23, 2024
Stifel NicolausChris O'Cull$105$96.82 +6.3%Oct 23, 2024
UBSDennis Geiger$95$96.82 -3.8%Oct 23, 2024
GuggenheimGregory Francfort$93$96.82 -5.8%Oct 23, 2024
Goldman SachsChristine Cho$105$96.82 +6.3%Oct 23, 2024
CitigroupJon Tower$96$96.82 -2.8%Oct 23, 2024
Deutsche BankLauren Silberman$120$96.82 +21.5%Oct 23, 2024
Bank of America SecuritiesSara Senatore$117$96.23 +18.5%Oct 22, 2024
BTIGPeter Saleh$115$95.81 +16.5%Oct 17, 2024
CitigroupJon Tower$99$96.09 +0.3%Oct 7, 2024
Piper SandlerCharles Neivert$132.5$48.63 +34.2%Sep 26, 2024
BernsteinDanilo Gargiulo$115$97.36 +16.5%Sep 26, 2024
JefferiesAndy Barish$76$95.48 -23.0%Sep 24, 2024
Robert W. BairdGhansham Panjabi$70$92.56 -29.1%Aug 14, 2024
CitigroupJon Tower$98$95.9 -0.7%Aug 14, 2024
Evercore ISIDavid Palmer$120$95.9 +21.5%Aug 14, 2024
Stifel NicolausChris O'Cull$110$95.9 +11.4%Aug 14, 2024
Piper SandlerBrian Mullan$103$95.9 +4.3%Aug 13, 2024
Robert W. BairdDavid Tarantino$110$95.9 +11.4%Aug 13, 2024
WedbushNick Setyan$80$79.15 -19.0%Jul 31, 2024
BMO CapitalAndrew Strelzik$100$76.55 +1.3%Jul 22, 2024
Goldman SachsChristine Cho$110$79.38 +11.4%Jun 13, 2024
Piper SandlerBrian Mullan$85$73.11 -13.9%May 6, 2024
HSBCMeredith Prichard Jensen$84$74.93 -14.9%May 3, 2024
UBSDennis Geiger$85$88.49 -13.9%May 1, 2024
BTIGPeter Saleh$100$88.49 +1.3%May 1, 2024
GuggenheimGregory Francfort$91$86.21 -7.8%Apr 18, 2024
Morgan StanleyBrian Harbour$115$85.9 +16.5%Apr 12, 2024
Stifel NicolausChris O'Cull$90$85.95 -8.9%Apr 11, 2024
Wells FargoBonnie Herzog$105$91.39 +6.3%Apr 1, 2024
Robert W. BairdDavid Tarantino$100$91.01 +1.3%Mar 18, 2024
GuggenheimGregory Francfort$100$92.75 +1.3%Feb 1, 2024
WedbushNick Setyan$75$93.54 -24.0%Jan 31, 2024
Morgan StanleyBrian Harbour$120$92.7 +21.5%Jan 16, 2024
Deutsche BankBrian Mullan$118$91.35 +19.5%Nov 2, 2023
Morgan StanleyBrian Harbour$102$91.35 +3.3%Nov 1, 2023
WedbushNick Setyan$105$103.77 +6.3%Aug 2, 2023
StephensJoshua Lang$110$100.46 +11.4%Aug 1, 2023
CitigroupAnalyst unavailable$112$104.65 +13.4%Feb 6, 2023
WedbushNick Setyan$110$104.3 +11.4%Feb 3, 2023
BarclaysAnalyst unavailable$123$109.15 +24.6%Feb 3, 2023
Cowen & Co.Analyst unavailable$116$109.15 +17.5%Feb 3, 2023
Cowen & Co.Analyst unavailable$112$100.83 +13.4%Jan 4, 2023
Loop Capital MarketsJoe Gomes$100$103.74 +1.3%Dec 9, 2022
Deutsche BankAnalyst unavailable$106$105.05 +7.4%Dec 5, 2022
Deutsche BankBrian Mullan$100$91.86 +1.3%Nov 4, 2022
Morgan StanleyJohn Glass$96$92.11 -2.8%Sep 15, 2022
Deutsche BankAnalyst unavailable$101$92.7 +2.3%Sep 15, 2022
WedbushNick Setyan$86$86.31 -12.9%Aug 3, 2022
Deutsche BankBrian Mullan$93$83.71 -5.8%Aug 3, 2022
Deutsche BankBrian Mullan$91$83.59 -7.8%Jul 25, 2022
WedbushNick Setyan$81$79.86 -18.0%May 4, 2022
Morgan StanleyAnalyst unavailable$87$78.66 -11.9%May 4, 2022
RBC CapitalAnalyst unavailable$85$78.77 -13.9%May 4, 2022
BarclaysAnalyst unavailable$94$74.33 -4.8%May 4, 2022
Piper SandlerAnalyst unavailable$80$74.33 -19.0%May 4, 2022
Cowen & Co.Analyst unavailable$94$74.33 -4.8%May 4, 2022
Stifel NicolausChris O`Cull$84$74.33 -14.9%May 3, 2022
UBSDennis Geiger$86$76.58 -12.9%Apr 29, 2022
BTIGPeter Saleh$110$77.76 +11.4%Apr 25, 2022
BarclaysJeffrey Bernstein$108$77.92 +9.4%Apr 25, 2022
MKM PartnersBrett Levy$105$77.92 +6.3%Apr 25, 2022
CitigroupJon Tower$91$79.5 -7.8%Apr 17, 2022
WedbushNick Setyan$91$81.52 -7.8%Apr 9, 2022
BMO CapitalAndrew Strelzik$115$81.52 +16.5%Apr 9, 2022
JefferiesAndy Barish$130$87.45 +31.7%Mar 27, 2022
Credit SuisseLauren Silberman$122$89.6 +23.6%Mar 20, 2022
J.P. MorganJohn Ivankoe$101$87.41 +2.3%Mar 16, 2022
Robert W. BairdDavid Tarantino$95$87.41 -3.8%Mar 16, 2022
StephensJames Rutherford$125$87.41 +26.6%Mar 16, 2022
Deutsche BankBrian Mullan$116$95.46 +17.5%Feb 3, 2022
BarclaysJeff Bernstein$125$97.24 +26.6%Feb 2, 2022
Goldman SachsJared Garber$106$97.24 +7.4%Feb 2, 2022
UBSDennis Geiger$105$97.24 +6.3%Feb 2, 2022
CitigroupWendy Nicholson$120$97.24 +21.5%Feb 2, 2022
Piper SandlerNicole Miller Regan$100$97.24 +1.3%Feb 2, 2022
RBC CapitalChristopher Carril$108$97.24 +9.4%Feb 2, 2022
Stifel NicolausChris O`Cull$112$97.24 +13.4%Feb 2, 2022
Bank of America SecuritiesSara Senatore$135$97.24 +36.7%Jan 18, 2022
Tigress FinancialIvan Feinseth$136$114.99 +37.7%Dec 28, 2021
Wells FargoJon Tower$122$112.14 +23.6%Oct 28, 2021
Atlantic EquitiesEdward Lewis$105$109.28 +6.3%Sep 30, 2021
Show less

Track every rating change on SBUX the moment it posts. Free to start.

Start free

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

Follow SBUX with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

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

Consumer Cyclical

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.

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 . For educational purposes only; not investment advice.