Q3 25 EPS
$0.50
MISS 22.56%
Est. $0.65
Q3 25 Revenue
$9.46B
BEAT +1.58%
Est. $9.31B
vs S&P Since Q3 25
-2.3%
TRAILING MARKET
SBUX +11.2% vs S&P +13.6%
Market Reaction
Did SBUX Beat Earnings? Q3 2025 Results
Starbucks delivered a split verdict in its fiscal third quarter of 2025, posting revenue that edged past Wall Street's expectations while earnings fell well short, underscoring how much heavy lifting the company's turnaround still requires. Revenue r… Read more Starbucks delivered a split verdict in its fiscal third quarter of 2025, posting revenue that edged past Wall Street's expectations while earnings fell well short, underscoring how much heavy lifting the company's turnaround still requires. Revenue rose 3.8% year-over-year to $9.46 billion, clearing the $9.31 billion consensus by 1.58%, but non-GAAP EPS of $0.50 missed the $0.65 estimate by 22.56%, tumbling 46% from the prior-year period. The sharpest culprit was a combination of one-time investments, including a three-day Leadership Experience conference for more than 14,000 coffeehouse managers, and a discrete tax item that together shaved roughly $0.11 from earnings, pushing the effective tax rate to 31.8% from 24.8% a year ago. Global comparable store sales declined 2%, with North America comps falling the same amount, though China offered a relative bright spot with a 2% comp gain. CEO Brian Niccol declared the turnaround is "ahead of schedule" and promised a wave of product innovation in fiscal 2026, a pledge that analysts are watching closely given the ongoing tension between ambitious reinvention and the need for faster, more consistent service.
Key Takeaways
- • Net new company-operated store growth of 5% in North America and 7% internationally over the past 12 months
- • Global comparable store sales declined 2%, driven by 2% decline in comparable transactions partially offset by 1% increase in average ticket
- • China comparable store sales increased 2% driven by 6% increase in comparable transactions
- • Channel Development revenue increased 10% driven by Global Coffee Alliance growth
- • Operating margin contracted 680 bps due to deleverage, labor investments, Leadership Experience 2025, and inflation
- • Effective tax rate increased to 31.8% from 24.8% driven by discrete impact of changes in indefinite reinvestment assertions (~850 bps impact)
- • Three consecutive quarters of improving U.S. transaction comp
SBUX YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
SBUX Revenue by Segment
With YoY comparisons, source: SEC Filings
SBUX Revenue by Geography
With YoY comparisons, source: SEC Filings
“We've fixed a lot and done the hard work on the hard things to build a strong operating foundation, and based on my experience of turnarounds, we are ahead of schedule.”
— Brian Niccol, Q3 2025 Earnings Press Release
SBUX Earnings Trends
SBUX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SBUX EPS Trend
Earnings per share: estimate vs actual
SBUX Revenue Trend
Quarterly revenue: estimate vs actual
SBUX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $0.50 | — | $9.53B | +3.31% |
| Q1 26 MISS | $0.59 | $0.56 | -4.58% | $9.92B | +2.68% |
| Q4 25 MISS FY | $0.58 | $0.52 | -10.34% | $9.57B | +2.28% |
| FY Full Year | $2.16 | $2.13 | -1.24% | $37.18B | +0.58% |
| Q3 25 MISS | $0.65 | $0.50 | -22.56% | $9.46B | +1.58% |
| Q2 25 MISS | $0.48 | $0.41 | -15.24% | $8.76B | -0.82% |