SBUX · Earnings call · 2026Q3T · Full report

Guidance / Outlook

STARBUCKS CORP · 2026-10-29 · Importance 53 · Surprise 32 · No source text

For fiscal 2027, Starbucks expects consolidated net revenue to decline approximately 1% year over year, including about $700 million associated with the 53rd week; the decline primarily reflects lapping Starbucks China's first-half 2026 company-operated retail operations, alongside modest coffee deflation and fewer North America openings. Management guides to approximately 4% North America comps, consolidated operating margin of 13.5%–14%, and EPS of $3.15–$3.25, including a benefit slightly above $0.10 from the 53rd week. The company expects about 1,200 net new coffeehouses globally, including approximately 1,100 international openings, with China contributing about half, and 90–100 openings in North America. Capital expenditures are expected to be approximately 5% of net revenues, primarily to support coffeehouse uplifts and Back to Starbucks priorities.

Key facts

• Starbucks expects FY2027 consolidated net revenues to decrease approximately 1% year over year, including approximately $700 million related to the 53rd week.
• Starbucks expects FY2027 EPS of $3.15 to $3.25, growing close to 18% year over year at the midpoint.
• Starbucks expects FY2027 consolidated operating margin of 13.5% to 14%, up approximately 190 basis points at the midpoint.
• For FY2027, Starbucks expects North America comps of approximately 4%.
• For FY2027, Starbucks expects consolidated operating margin of 13.5% to 14%.
• For FY2027, Starbucks expects EPS of $3.15 to $3.25.
• Starbucks expects FY2027 North America comps to grow approximately 4%, led by beverage and food innovation, Green Apron Service, delivery, and a small contribution from uplifts and sales transfer from coffeehouse closures.
• Starbucks targeted 13.5% to 15% margins by FY2028 and expects to achieve the low end in FY2027.

Impact estimates