SBUX · 10-K · 2026A · Full report

Distribution Channels Expansion

STARBUCKS CORP · 2026-11-12 · Importance 60 · Surprise 40

Licensed coffeehouse revenue increased 6.1% to $4.6 billion in fiscal 2026, supported by higher product sales and royalties from International licensees and the newly formed China joint venture. Channel Development revenue grew 16% to $2.2 billion, primarily because Global Coffee Alliance revenue increased $266 million, largely due to elevated coffee prices. Starbucks describes its international business as shifting toward a predominantly licensed model and expects that model to support global coffeehouse growth.