Q1 26 EPS
$0.56
MISS 4.58%
Est. $0.59
Q1 26 Revenue
$9.92B
BEAT +2.68%
Est. $9.66B
vs S&P Since Q1 26
+5.3%
BEATING MARKET
SBUX +9.1% vs S&P +3.8%
Market Reaction
Did SBUX Beat Earnings? Q1 2026 Results
Starbucks posted a mixed first quarter for fiscal 2026, delivering a revenue beat alongside a modest earnings miss as the company's turnaround under CEO Brian Niccol showed early but costly signs of traction. Non-GAAP EPS came in at $0.56, falling sh… Read more Starbucks posted a mixed first quarter for fiscal 2026, delivering a revenue beat alongside a modest earnings miss as the company's turnaround under CEO Brian Niccol showed early but costly signs of traction. Non-GAAP EPS came in at $0.56, falling short of the $0.59 consensus by 4.58%, while revenue of $9.92 billion exceeded estimates by 2.68% and grew 5.5% year over year. The headline earnings shortfall reflected deliberate margin pressure, with GAAP operating margin contracting 290 basis points to 9.0% as labor investments tied to the "Back to Starbucks" strategy collided with elevated coffee costs and tariff headwinds. The more significant story, however, was the operational inflection: global comparable store sales grew 4%, including the first positive U.S. Comparable transaction growth in eight quarters, a milestone Niccol called ahead of schedule. Wolfe Research recently upgraded the stock to outperform with a $112 price target, reflecting growing confidence in the recovery. Looking ahead, Starbucks guided for non-GAAP EPS of $2.15 to $2.40 in fiscal 2026, with global comparable store sales growth of 3% or greater.
Key Takeaways
- • Global comparable store sales increased 4%, driven by 3% transaction growth and 1% average ticket increase
- • U.S. comparable transaction growth turned positive for the first time in eight quarters
- • China comparable store sales increased 7%, driven by 5% transaction growth
- • Channel Development revenue surged 20% driven by Global Coffee Alliance and ready-to-drink business
- • 'Back to Starbucks' strategy gaining traction ahead of schedule
SBUX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
SBUX Revenue by Segment
With YoY comparisons, source: SEC Filings
SBUX Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our Q1 results demonstrate our 'Back to Starbucks' strategy is working and we believe we're ahead of schedule.”
— Brian Niccol, Q1 2026 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% |