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Starbucks launched its Back to Starbucks turnaround strategy under new leadership as comparable store sales declined 4% globally and EPS fell 22% to $0.69, reflecting the depth of operational challenges inherited. Operating margin contracted 380 basis points as the company shifted away from discounting toward brand marketing, while mobile order congestion remained a systemic bottleneck. Guidance remained suspended from the prior year with management providing only qualitative shape commentary suggesting Q2 as the trough with improvement expected in the second half.
Demand | Margin | Innovation & R&D | Cost Pressure | Competitive Dynamics | Product Launch | Revenue Growth | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 2 | 2 | 2 | 1 | 4 | |
| 2025Q1 | 8 | 4 | 5 | 3 | 2 | 1 | 3 | 1 |
| 2025Q2 | 5 | 2 | 2 | 3 | 2 | 2 | 3 | |
| 2025Q3 | 6 | 3 | 2 | 3 | 2 | 3 | 1 | |
| 2025Q4 | 7 | 3 | 1 | 2 | 3 | 1 | 2 | |
| 2026Q1 | 6 | 3 | 2 | 3 | 2 | 3 | 2 | |
| 2026Q2 | 5 | 5 | 3 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 3 | 8 | 5 | 6 | 7 | 6 | 5 |
| Margin | 4 | 2 | 3 | 3 | 3 | 5 | |
| Innovation & R&D | 4 | 5 | 2 | 2 | 1 | 2 | 3 |
| Cost Pressure | 2 | 3 | 3 | 3 | 2 | 3 | 2 |
| Competitive Dynamics | 2 | 2 | 2 | 2 | 3 | 2 | 2 |
| Product Launch | 2 | 1 | 2 | 3 | 1 | 3 | |
| Revenue Growth | 1 | 3 | 1 | 2 | 2 | 1 | |
| Capex Investment | 4 | 1 | 3 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $9.07B | -3.2% | $0.80 | -24.5% | 14.4% | 10.0% | $737M |
| FY2025 Q1Selected | $9.40B | -0.3% | $0.69 | -23.3% | 11.9% | 8.3% | $1.38B |
| FY2025 Q2 | $8.76B | +2.3% | $0.34 | -50.0% | 6.9% | 4.4% | $-297M |
| FY2025 Q3 | $9.46B | +3.8% | $0.49 | -47.3% | 9.9% | 5.9% | $434M |
| FY2025 Q4 | $9.57B | +5.5% | $0.12 | -85.0% | 9.9% | 1.4% | $926M |
| FY2026 Q1 | $9.91B | +5.4% | $0.26 | -62.3% | 9.2% | 3.0% | $1.27B |
| FY2026 Q2 | $9.53B | +8.8% | $0.45 | +32.4% | 8.2% | 5.4% | $92M |
| FY2026 Q3 | $9.32B | -1.4% | $0.91 | +85.7% | 10.5% | 11.2% | $1.35B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q4 2024Earnings call Jan 28, 2025
FY2025 Q1 in brief
Starbucks launched its Back to Starbucks turnaround strategy under new leadership as comparable store sales declined 4% globally and EPS fell 22% to $0.69, reflecting the depth of operational challenges inherited.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Starbucks (SBUX), FY2025 Q1: 4/10. Scores: Starbucks’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: SBUX daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dave Palmer | Evercore ISI | 9 questions · 0% challenging |
| Brian Harbour | Morgan Stanley | 8 questions · 0% challenging |
| David Tarantino | Robert W. Baird | 8 questions · 0% challenging |
| John Ivankoe | JPMorgan | 8 questions · 0% challenging |
| Sara Senatore | Bank of America | 7 questions · 14% challenging |
| Jeff Bernstein | Barclays | 7 questions · 0% challenging |
| Lauren Silberman | Deutsche Bank | 7 questions · 0% challenging |
| Chris O'Cull | Robert W. Baird | 6 questions · 0% challenging |
| Andrew Charles | TD Cowen | 6 questions · 17% challenging |
| Danilo Gargiulo | Bernstein | 6 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robert W. Baird | 2 analysts | 14 questions · 0% challenging |
| Evercore ISI | 1 analyst | 9 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 8 questions · 0% challenging |
| Bank of America | 2 analysts | 8 questions · 13% challenging |
| JPMorgan | 1 analyst | 8 questions · 0% challenging |
| Deutsche Bank | 1 analyst | 7 questions · 0% challenging |
| Barclays | 1 analyst | 7 questions · 0% challenging |
| TD Cowen | 1 analyst | 6 questions · 17% challenging |
What SBUX and other companies said about each other on FY2025 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“tie-ups with partners like Uber and Starbucks”
Marriott cites its Starbucks tie-up as part of a broader travel-adjacent partnership strategy meant to deepen Bonvoy member engagement and capture more customer wallet share.
GAAP revenue YoY -0.29% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SBUX Starbucks | 4 | -0.3% | |
| CAVA CAVA Group, Inc. | · | n/a | |
| CMG Chipotle Mexican Grill | 8 | +13.1% | |
| DPZ Domino's | 6 | +2.9% | |
| DRI Darden Restaurants | 6 | +6.0% | |
| MCD McDonald's Corporation | 6 | -0.3% | |
| YUM Yum! Brands | 8 | +16.0% |