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Starbucks (SBUX) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Apr 28, 2026
Starbucks (SBUX) reported revenue of $9.5B for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and -4% from the quarter before. Operating margin was 8.7%, net earnings $511M (5.4% of revenue).
Starbucks, Q2 FY26: revenue $9.5B (+9% year over year), operating margin 8.7%, net earnings $511M, operating cash flow $364M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.5B | -4% | +9% |
| Operating profit | $828M | -7% | +38% |
| Net earnings | $511M | +74% | +33% |
| Operating cash flow | $364M | -77% | +25% |
| Free cash flow | $91.8M | -93% | — |
What changed
Revenue was $9.5B in Q2 FY26, up 9% year over year and down 4% from the previous quarter. Beverage (1) was the largest line at 59% of revenue. Beverage (1) added $0.37B year over year (up 7%), 47% of the total change.
Operating profit was $0.83B, a 8.7% margin (up 1.8 points year over year). Of the extra revenue versus Q2 FY25, 29% reached operating profit, above the 7% margin then. Total costs grew 7% against revenue growth of 9%. Net earnings were $0.51B, up 33% year over year. The effective tax rate was 29.8%.
Operating cash flow was $0.36B (up 25% year over year), 71% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $0.63B. Capital expenditures of $0.27B left free cash flow of $0.09B.
Questions
What was Starbucks' revenue in the second quarter fiscal 2026?
Starbucks (SBUX) reported revenue of $9.5B for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and -4% from the quarter before.
Was Starbucks profitable in the second quarter fiscal 2026?
Operating profit was $828M (8.7% of revenue) and net earnings $511M.
Source: Starbucks 10-Q on SEC EDGAR.