Starbucks Non-GAAP EPS of $0.52 misses by $0.03, revenue of $9.6B beats by $250M

Full Fiscal Year 2025 Highlights

• Global comparable store sales declined 1%, driven by a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket
  • North America and U.S. comparable store sales declined 2%, driven by a 4% decline in comparable transactions, partially offset by a 2% increase in average ticket;
  • International comparable store sales were flat, driven by a 2% increase in comparable transactions, offset by a 2% decline in average ticket; China comparable store sales declined 1%, driven by a 5% decline in average ticket, partially offset by a 4% increase in comparable transactions
• Consolidated net revenues increased 3%, including on a constant currency basis, to $37.2 billion
• GAAP operating margin contracted 710 basis points year-over-year to 7.9%, primarily due to restructuring costs associated with the closure of coffeehouses and simplification of our support organization, deleverage, investments in support of “Back to Starbucks,” which were largely in labor hours, and inflation.
  • Non-GAAP operating margin contracted 510 basis points year-over-year to 9.9%, or contracted 500 basis points on a constant currency basis.
• Effective tax rate of 25.9% compared to 24.3% in the prior year. The increase was primarily due to the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in Q3, partially offset by the discrete impact of a tax status change for a certain foreign entity in Q1.
• GAAP earnings per share of $1.63 declined 51% over prior year
  • Non-GAAP earnings per share of $2.13 declined 36% over prior year, or a 35% decline on a constant currency basis

  • Q1 Revenue consensus of $9.71B
    Q1 EPS consensus of $0.67
    FY Revenue consensus of $ 38.65B
    FY EPS consensus of $ 2.60

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