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Starbucks (SBUX) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jan 28, 2026
Starbucks (SBUX) reported revenue of $9.9B for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and +4% from the quarter before. Operating margin was 9.0%, net earnings $293M (3.0% of revenue).
Starbucks, Q1 FY26: revenue $9.9B (+6% year over year), operating margin 9.0%, net earnings $293M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.9B | +4% | +6% |
| Operating profit | $891M | +220% | -21% |
| Net earnings | $293M | +120% | -62% |
| Operating cash flow | $1.6B | +16% | -23% |
| Free cash flow | $1.3B | +38% | -8% |
What changed
Revenue was $9.9B in Q1 FY26, up 6% year over year and up 4% from the previous quarter. Beverage was the largest line at 60% of revenue. Beverage added $0.27B year over year (up 5%), 51% of the total change.
Operating profit was $0.89B, a 9.0% margin (down 3.0 points year over year). Operating profit fell $0.23B even though revenue rose $0.52B versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $0.29B, down 62% year over year. The effective tax rate was 61.7%.
Operating cash flow was $1.6B (down 23% year over year), 545% of net earnings. Non-cash charges added back $0.43B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items added $0.75B. Capital expenditures of $0.32B left free cash flow of $1.3B.
Questions
What was Starbucks' revenue in the first quarter fiscal 2026?
Starbucks (SBUX) reported revenue of $9.9B for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and +4% from the quarter before.
Was Starbucks profitable in the first quarter fiscal 2026?
Operating profit was $891M (9.0% of revenue) and net earnings $293M.
Source: Starbucks 10-Q on SEC EDGAR.