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Starbucks (SBUX) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Jul 29, 2025
Starbucks (SBUX) reported revenue of $9.5B for the third quarter fiscal 2025 (Q3 FY25), +4% from a year earlier and +8% from the quarter before. Operating margin was 9.9%, net earnings $558M (5.9% of revenue).
Starbucks, Q3 FY25: revenue $9.5B (+4% year over year), operating margin 9.9%, net earnings $558M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.5B | +8% | +4% |
| Operating profit | $936M | +56% | -38% |
| Net earnings | $558M | +45% | -47% |
| Operating cash flow | $1.0B | +243% | -40% |
| Free cash flow | $434M | — | -54% |
What changed
Revenue was $9.5B in Q3 FY25, up 4% year over year and up 8% from the previous quarter. Beverage was the largest line at 61% of revenue. Beverage added $0.22B year over year (up 4%), 65% of the total change.
Operating profit was $0.94B, a 9.9% margin (down 6.8 points year over year). Operating profit fell $0.58B even though revenue rose $0.34B versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 4%. The fastest-growing cost line was General & admin (+18%). Net earnings were $0.56B, down 47% year over year. The effective tax rate was 31.8%.
Operating cash flow was $1.0B (down 40% year over year), 179% of net earnings. Non-cash charges added back $0.45B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.07B. Capital expenditures of $0.57B left free cash flow of $0.43B.
Questions
What was Starbucks' revenue in the third quarter fiscal 2025?
Starbucks (SBUX) reported revenue of $9.5B for the third quarter fiscal 2025 (Q3 FY25), +4% from a year earlier and +8% from the quarter before.
Was Starbucks profitable in the third quarter fiscal 2025?
Operating profit was $936M (9.9% of revenue) and net earnings $558M.
Source: Starbucks 10-Q on SEC EDGAR.