SBUX · 8-K · 20261029PR000154

China Licensed Model Transition

STARBUCKS CORP · 2026-10-29 · Importance 81 · Surprise 92

In Q3 fiscal 2026, Starbucks converted its China retail operations to a licensed joint venture model with Boyu Capital. The divestiture generated a $536.3 million pre-tax gain and $2,544.2 million in net proceeds; the conversion included 7,991 company-operated coffeehouses becoming licensed. Management expects the transition to weigh on fiscal 2027 consolidated revenue, including as part of the approximately 1% year-over-year decline forecast.

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