Fiscal year ends SepLast earnings: Apr 28, 2026Est. next earnings: Jul 28, 2026
Latest Score
9.0/ 10
+3.0vs prior
4-Period Change
+5.0
vs Q2 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
1%
All quarters
9.0out of 10Positive
Sentiment · FY2026 Q2
Q1 '25Q2 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base7Base 7GAAP revenue YoY +8.79% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Starbucks is a consumer retail company not in the Sector Rules Table.+EPS+1EPS +1GAAP EPS YoY 32.35% vs revenue YoY 8.79%, spread +23.56 percentage points. Operating income cross-check: operating income YoY 29.33%, operating income spread +20.54 percentage points — both outside +5 percentage points, same direction. GAAP-derived adjustment confirmed. Elevated Q2 tax rate (27.1%, China sale provision) depressed GAAP EPS; non-GAAP EPS $0.50 up 22%, non-GAAP spread +13.21 percentage points — also confirms +1.+Guidance+2Guidance +2FY2026 EPS guidance raised from $2.15-$2.40 (mid $2.275, introduced Q1) to $2.25-$2.45 (mid $2.35). Change: ($2.35 - $2.275) / $2.275 = +3.30% → raised ≥3%. Global comp guidance also raised from 3%+ to 5%+.=Final9Hard cap9Hard cap 9Calculated total was 10; capped at 9. See the Hard caps section on the About page for the full rules.
How this score was built
Base7Base 7GAAP revenue YoY +8.79% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Starbucks is a consumer retail company not in the Sector Rules Table.+
Macro Signals
↑Consumer Spending↓Trade & Tariffs↓Inflation
The Starbucks turnaround inflected decisively with US comp accelerating to +7.1% on transaction strength, delivering the first top and bottom line growth in over two years as EPS grew 22% to $0.50. Management raised FY2026 guidance with EPS lifted to $2.25-$2.45 and global comp guidance raised from 3%+ to 5%+, reflecting broad-based momentum. Starbucks Rewards reached a record 35.6 million members and the Green Apron service model drove measurable operational improvement, though input cost headwinds from tariffs and coffee prices persisted.
Key Themes7
positive📊 company
U.S. Comp Acceleration To +7.1% On Transaction Strength
U.S. comparable store sales accelerated to 7.1% led by transactions up more than 4%, the strongest transaction growth in 3 years. Growth was broad-based across all dayparts and income demographics.
Revenue GrowthDemand
positive📊 company
First Top And Bottom Line Growth In Over Two Years
Consolidated revenue was $9.5 billion up 9% year-over-year with EPS of $0.50 up approximately 22%, marking the first quarter of both revenue and earnings growth since Q1 fiscal 2024.
EPS +1GAAP EPS YoY 32.35% vs revenue YoY 8.79%, spread +23.56 percentage points. Operating income cross-check: operating income YoY 29.33%, operating income spread +20.54 percentage points — both outside +5 percentage points, same direction. GAAP-derived adjustment confirmed. Elevated Q2 tax rate (27.1%, China sale provision) depressed GAAP EPS; non-GAAP EPS $0.50 up 22%, non-GAAP spread +13.21 percentage points — also confirms +1.
+
Guidance+2Guidance +2FY2026 EPS guidance raised from $2.15-$2.40 (mid $2.275, introduced Q1) to $2.25-$2.45 (mid $2.35). Change: ($2.35 - $2.275) / $2.275 = +3.30% → raised ≥3%. Global comp guidance also raised from 3%+ to 5%+.
=
Final9
Hard cap9Hard cap 9Calculated total was 10; capped at 9. See the Hard caps section on the About page for the full rules.
Green Apron Service Driving Operational Improvement
Share of U.S. coffeehouses delivering 4 or more Grow shots increased over 30 percentage points since launch. Customer experience scores continue to rise with 80% of stores hitting service time targets.
Innovation & R&DDemand
positive📊 company
Starbucks Rewards Record 35.6 Million Members
90-day active Starbucks Rewards membership reached a record 35.6 million, up 4% year-over-year. New 60-star redemption option accounts for approximately 1/3 of all redemptions with early frequency gains.
Subscriber GrowthDemand
positive📊 company
Fiscal 2026 Guidance Raised On Turnaround Momentum
Global comp guidance raised to 5% or better and EPS guidance raised to $2.25 to $2.45. Positive comp trends have continued through April with confidence to take up fiscal 2026 guidance.
Guidance ReliabilityRevenue Growth
negative🌍 macro
Input Cost Headwinds From Tariffs And Coffee Prices
Product and distribution costs increased roughly 190 basis points as a percentage of revenues driven by innovation-led product mix and inflation from tariffs and elevated coffee prices at almost $1 a pound higher year-over-year.
Cost PressureTrade Tariffs
positive📊 company
International Markets Broad-Based Recovery
International revenues grew nearly 10% year-over-year with comp sales up 2.6%. All 10 largest international markets including China delivered positive comps for the first time in 9 quarters.
Geographic ExpansionDemand
I know a lot of people are focused on the specialty beverage market. There's forces colliding.