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Starbucks (SBUX) earnings and revenue breakdown

Latest: Q4 FY26 · 8-K filed Oct 29, 2026

Q4 FY26 Revenue down 4% year over year to $9.1B · 7¢ of every $1 of revenue kept as net profit · operating margin 10.8%

Starbucks made $9.1B in Q4 FY26 (-4% Y/Y): Company-operated coffeehouses $7.4B, Licensed coffeehouses $1.2B, Other $516M. Operating margin 10.8%, net earnings $677M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Oct 29, 2026 (preliminary, from the earnings release).

Revenue$9.1B
Year over year-4%
Operating margin10.8%
Net earnings$677M
Operating cash flow$1.4B

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Starbucks Q4 FY26 revenue breakdown: Sankey diagram of revenue (Company-operated coffeehouses, Licensed coffeehouses, Other), costs, profit and cash flow
Starbucks Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $9.1B in Q4 FY26, down 4% year over year and down 2% from the previous quarter. Company-operated coffeehouses was the largest line at 81% of revenue. Company-operated coffeehouses lost $0.43B year over year (down 5%), 101% of the total change.

Operating profit was $1.0B, a 10.8% margin (up 7.9 points year over year). Total costs fell 12% while revenue fell 4%. Net earnings were $0.68B, up 408% year over year. The effective tax rate was 27.1%.

Operating cash flow was $1.4B (roughly flat year over year), 204% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.24B. Capital expenditures of $0.38B left free cash flow of $1.0B.

Quarterly history

Starbucks revenue by quarterStarbucks revenue by quarter$8.8BQ2 FY25$9.5BQ3 FY25$9.6BQ4 FY25$9.9BQ1 FY26$9.5BQ2 FY26$9.3BQ3 FY26$9.1BQ4 FY26
Starbucks net earnings by quarterStarbucks net earnings by quarter$384MQ2 FY25$558MQ3 FY25$133MQ4 FY25$293MQ1 FY26$511MQ2 FY26$1.0BQ3 FY26$677MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY268-KOct 29, 2026$9.1B-4%10.8%$677M$1.4B
Q3 FY2610-QJul 29, 2026$9.3B-1%10.5%$1.0B$1.6B
Q2 FY2610-QApr 28, 2026$9.5B+9%8.7%$511M$364M
Q1 FY2610-QJan 28, 2026$9.9B+6%9.0%$293M$1.6B
Q4 FY2510-KNov 14, 2025$9.6B+6%2.9%$133M$1.4B
Q3 FY2510-QJul 29, 2025$9.5B+4%9.9%$558M$1.0B
Q2 FY2510-QApr 29, 2025$8.8B+2%6.9%$384M$292M

Charts

Starbucks: revenue growth, year over year and quarter over quarterStarbucks: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q2 FY25+4%+8%Q3 FY25+6%+1%Q4 FY25+6%+4%Q1 FY26+9%-4%Q2 FY26-1%-2%Q3 FY26-4%-2%Q4 FY26
Latest (Q4 FY26): Y/Y -4%, Q/Q -2%.
Starbucks: where the cash came from (+) and went (−), TTM to Q3 FY26Starbucks: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$5.0BNet borrowing (+) / repaid (−)−$4.1BDividends−$2.8BOther investing$2.5BCapital spending−$1.3BCash drawn (+) / kept (−)$723MTaxes on employees’ shares−$71.5MShares issued$69.3MExchange rates−$11.6MOther financing−$100K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Starbucks: profit against cash, quarter by quarterStarbucks: profit against cash, quarter by quarterNet incomeOperating cash flow$910M$1.5BQ4 FY24$781M$2.1BQ1 FY25$384M$292MQ2 FY25$558M$1.0BQ3 FY25$133M$1.4BQ4 FY25$293M$1.6BQ1 FY26$511M$364MQ2 FY26$1.0B$1.6BQ3 FY26
Latest (Q3 FY26): Net income $1.0B, Operating cash flow $1.6B.
Starbucks: diluted shares by fiscal yearStarbucks: diluted shares by fiscal year1.18BFY201.19BFY211.16BFY221.15BFY231.14BFY241.14BFY25
-3.6% since FY20: buybacks shrank the count.
Starbucks: long-term debt falling due (FY25)Starbucks: long-term debt falling due (FY25)$1.5B2026$1.5B2027$1.4B2028$1.8B2029$1.2B2030$8.8BLater
Cash $3.2B, short-term investments $247M, long-term debt $16.1B at 2025-09-28.
Starbucks in its industry: growth against margin (6 companies, SIC 5810)Starbucks in its industry: growth against margin (6 companies, SIC 5810)revenue growth, year over year →↑ operating marginmedian +15%median 10%BROSWENSHAKCNNEBRCBSBUX (-4%, 11%)
Retail-Eating & Drinking Places; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Starbucks

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended September 28, 2025 (“fiscal 2025”), Starbucks Corporation (together with its subsidiaries) is referred to as “Starbucks,” the “Company,” “we,” “us,” or “our.” Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets. Formed in 1985, Starbucks Corporation’s common stock trades on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “SBUX.” We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores (“stores” or “coffeehouses”).

In its own words, from its 10-K, filed Nov 14, 2025.

Starbucks against its Retail-Eating & Drinking Places peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +15%. Operating margin: 10.8% against the peers' median 6.5%.

CompanyQuarterRevenueY/YOp. margin
SBUX StarbucksQ4 FY26$9.1B-4%10.8%
BROS Dutch BrosQ3 2026$550M+30%9.6%
WEN Wendy'sQ3 2026$547M-0.5%10.2%
SHAK Shake ShackQ3 2026$423M+15%5.1%
SDOT Sadot GroupQ2 2025$114M—1.5%
CNNE Cannae HoldingsQ2 2026$102M-7%-55.6%
BRCB Black Rock Coffee BarQ2 2026$63.0M+25%6.5%

Source: Starbucks 8-K on SEC EDGAR · CIK 829224 · Retail-Eating & Drinking Places

Guidance and outlook

Starbucks: what its forward-looking statements are about (10-Q filed 2026-07-29)Starbucks: what its forward-looking statements are about (10-Q filed 2026-07-29)Other7Demand5Costs5Margins2Financing2People1Capital spending1
23 statements; tone +0.22 (−1 all cautious, +1 all confident); 2 hedged.
Starbucks: outlook statements against the filing beforeStarbucks: outlook statements against the filing beforeNew4Dropped6Confident8Cautious3

13F: who owns SBUX and who is buying

Largest holders of SBUX (13F)Largest holders of SBUX (13F)Capital Research Global Investors$11.2BVanguard Group$9.6BCapital World Investors$9.3BBlackRock$8.5BVanguard Capital Management LLC$7.6BState Street$5.0BInvesco$3.9BVanguard Portfolio Management LLC$3.1BGeode Capital Management, LLC$2.9BFMR LLC$2.7B
Funds' net buying of SBUX by quarter (13F)Funds' net buying of SBUX by quarter (13F)−$561M2024-09−$81.1M2024-12$3.2B2025-03$4.6B2025-06−$2.0B2025-09$3.1B2025-12−$4.0M2026-03$1.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SBUX

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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