Starbucks Global Comparable Sales Rise 7.2% in Fiscal Fourth Quarter; Company Guides Fiscal 2027 Adjusted EPS of $3.15 to $3.25

Starbucks said global comparable coffeehouse sales rose 7.2% in its fiscal fourth quarter, the strongest gain of its fiscal year, and introduced a fiscal 2027 outlook calling for non-GAAP earnings of $3.15 to $3.25 a share, according to the earnings release it filed with an 8-K on Thursday after the market close.

Consolidated net revenue fell 4% to $9.1 billion in the quarter ended Sept. 27, which the company attributed mainly to converting its retail operations in China to a licensed joint venture model. GAAP earnings per share rose 392% to $0.59, and non-GAAP EPS climbed 54% to $0.80.

"Back to Starbucks started as our turnaround plan. Now, it's our growth plan," Chairman and CEO Brian Niccol said in the release.

U.S. traffic and ticket both rise

The comparable-sales gain came from a 5.2% increase in average ticket and a 1.8% rise in comparable transactions. In North America, comparable sales rose 7.9%, with ticket up 5.0% and transactions up 2.7%. U.S. comparable sales increased 7.7%.

North America net revenue rose 6% to $7.3 billion, and operating income jumped to $898.4 million from $308.5 million a year earlier. The segment's operating margin widened to 12.3% from 4.5%, which the company tied to lower restructuring costs and sales leverage. Starbucks said the ticket gain was driven primarily by product mix and food attach, pricing and higher delivery sales.

International comparable sales rose 0.9%, as a 3.7% increase in average ticket was partly offset by a 2.8% decline in transactions. International net revenue fell 37% to $1.3 billion, reflecting the China conversion, while operating income rose to $256.9 million from $223.2 million.

Margins widen

The GAAP operating margin expanded 790 basis points to 10.8%, and the non-GAAP operating margin expanded 460 basis points to 14.0%. The effective tax rate rose to 27.1% from 18.8%.

Starbucks said it closed about 250 company-operated North America coffeehouses in September 2026 that do not deliver the experience and financial performance it expects. It still opened 303 net new coffeehouses in the quarter and ended the period with 41,607 locations, 32% company-operated and 68% licensed.

For the full fiscal year, net revenue rose 2% to $37.9 billion, global comparable sales increased 6.2%, GAAP EPS rose 36% to $2.21 and non-GAAP EPS increased 28% to $2.72. The China divestiture produced a pre-tax gain of $536.3 million.

Fiscal 2027 outlook and buybacks

For fiscal 2027, a 53-week year, Starbucks expects consolidated net revenue to decline about 1%, including roughly $700 million from the extra week, primarily because of the China transition. It projects North America comparable sales growth of about 4.0%, a non-GAAP operating margin of 13.5% to 14.0%, and about 1,200 net new coffeehouses globally, led by International.

"Our recently increased dividend and plans to resume share repurchases in fiscal 2027 underscore our confidence," Chief Financial Officer Cathy Smith said. The board declared a quarterly dividend of $0.63 a share, payable Nov. 27 to shareholders of record on Nov. 13.

By the numbers

• 7.2%: global comparable coffeehouse sales growth in fiscal Q4
• $9.1 billion: quarterly net revenue, down 4%
• $0.80: non-GAAP EPS, up 54%
• 14.0%: non-GAAP operating margin
• $3.15 to $3.25: fiscal 2027 non-GAAP EPS outlook

Sources

1. Starbucks Form 8-K with fiscal fourth-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000829224-26-000154)

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