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Starbucks Corporation

Q2 FY26Hotels, Restaurants and Leisure

Starbucks Corporation Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹101

Market cap₹1.1L Cr

P/E77.4

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

3 of 4 strong

RevenueSlow growth

MarginMargins slightly up

CapexCapex planned

Order bookOrder book rising

The short version

- Starbucks expects continued global revenue growth, with Q2 consolidated revenue up 8% year-over-year to $9.5 billion. - Starbucks raised fiscal 2026 EPS guidance to $2.25 - $2.45, reflecting confidence from strong Q2 results and 5%+ global comp growth.

From Starbucks Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Slow growth

Starbucks expects continued global revenue growth, with Q2 consolidated revenue up 8% year-over-year to $9.5 billion.
Comparable store sales globally grew 6.2%, driven by strong performance in North America and International segments.
North America segment revenues rose 6% with comparable store sales growth of 7.1%.
International revenues increased nearly 8% with comps up 2.6%, led by positive results in key markets including China, Japan, South Korea, and Mexico.
Starbucks plans to add approximately 600 to 650 net new coffeehouses in fiscal 2026, with international growth accelerating, especially in China.
Delivery, mobile order pickup, and café business are key growth channels supported by optimized labor deployment and technology enhancements.

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Profitability & Margins

Starbucks raised fiscal 2026 EPS guidance to $2.25 - $2.45, reflecting confidence from strong Q2 results and 5%+ global comp growth.
Long-term EPS growth targets for fiscal 2028 remain unchanged, aiming for approximately $4 per share driven by operating margin expansion and top-line growth.
About half of operating margin expansion by 2028 is expected from a $2 billion multiyear cost savings program (balanced across product, distribution, OpEx, and G&A).
Margin gains also expected from top-line strength and easing coffee and tariff-related cost pressures in the back half of fiscal 2026.
Operating margin improved 110 basis points in Q2 fiscal 2026, signaling margin expansion momentum.

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Capital Expenditure Plans

Capex planned

Starbucks is making strategic investments in its "Back to Starbucks" priorities, including store uplifts such as the third place experience in over 300 stores, expanding to 1,000+ stores by year-end, and targeting 8,000+ stores eventually (Page 8).
Continued investments in the Green Apron Service model to enhance customer experience, partner support, and operational improvements, which have been ongoing for nearly a year and will continue (Pages 8, 10, 12).
Focus on technology and equipment innovations to improve labor productivity and throughput in stores, e.g., faster espresso shots (4 shots in under 30 seconds), smarter queue management, and scheduling improvements, aimed at driving more transactions without cutting labor hours (Pages 12, 14).

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Fundraising & Capital Structure

There is no mention on page 14 or surrounding pages about any current or planned fundraising through debt or equity.
The focus in the transcript is on operational improvements, cost savings, and growth strategies rather than new capital raises.
Catherine Smith highlights a $2 billion multiyear cost savings program to drive margin expansion, offsetting investments without discussing new fundraising.

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Order Book & Pipeline

Order book rising

The document does not provide specific details on current, expected orderbook, or pending orders for Starbucks. However, related operational and growth insights include: - Starbucks expects to add approximately 600 to 650 net new coffeehouses in fiscal 2026. - International expansion is accelerating, targeting 450 to 500 net new coffeehouses, with China comprising nearly half. - The U.S. company-operated stores expect 150 to 175 net new openings this year.

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What Starbucks Corporation's management said in earlier quarters

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Texas Roadhouse, Inc. (Q2 FY26)
Texas Roadhouse, Inc. Q2 FY26 quarterly results analysis. First quarter 2026 revenue grew 12.8%, driven by a 6.8% increase in average weekly sales and 5.7% grow
H World Group Limited (Q2 FY26)
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Frequently Asked Questions

What were Starbucks Corporation Q2 FY26 results?

- Starbucks expects continued global revenue growth, with Q2 consolidated revenue up 8% year-over-year to $9.5 billion. - Starbucks raised fiscal 2026 EPS guidance to $2.25 - $2.45, reflecting confidence from strong Q2 results and 5%+ global comp growth.

What is Starbucks Corporation share price analysis?

Starbucks Corporation currently shows a neutral. The stock trades at a P/E of 77.4 with a market cap of $114,825. Investors should review the full earnings analysis for detailed insights.

Is Starbucks Corporation planning capital expenditure?

- Starbucks is making strategic investments in its "Back to Starbucks" priorities, including store uplifts such as the third place experience in over 300 stores, expanding to 1,000+ stores by year-end, and targeting 8,000+ stores eventually (Page 8).

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.