SBUX · Earnings call · 2026Q3T · Full report

International Market Commentary

STARBUCKS CORP · 2026-10-29 · Importance 25 · Surprise 32

Starbucks reported positive system-wide comps across its diversified international portfolio, led by the U.K., the Philippines, and Mexico. International company-operated comps, now largely comprised of Japan and the U.K., grew 0.9%; management described exceptional U.K. performance and tougher comparisons in Japan. China exceeded its fiscal 2026 goals, and Starbucks surpassed 6,000 coffeehouses in Asia Pacific while growing to more than 1,900 in Latin America and the Caribbean. Management characterized the increasingly licensed model, combining Starbucks’ brand with local operators’ market expertise, as supporting unit growth.

Key facts

• Starbucks expects International net new coffeehouse openings to accelerate by nearly 50% in FY2027 compared with FY2026, or about three new coffeehouses a day.
• Starbucks expects approximately 1,100 International net new openings in FY2027, with China contributing about half.
• Starbucks sees potential to grow its international footprint from more than 23,000 coffeehouses today to nearly 40,000 over the long term.
• Starbucks sees potential to double its presence in China and India.
• Starbucks has had seven consecutive quarters of international comparable sales growth.
• Excluding China, Starbucks' international revenue was up 5%.