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NASDAQ: SBUX Nasdaq Restaurants Next results ~January 27, 2027

C Fundamentals grade

Starbucks is a US-listed company in the restaurants industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$47

Cash-flow model

Base case. Range ~$33–$65 across our lower- and higher-growth cases (-1.2%–8.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 55% below it.

Price used: $104.31, November 3, 2026

Starbucks valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Starbucks files

Where Starbucks stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $38.3bn, up 4.5% on a year earlier, slower than 5.8% a quarter earlier. Free-cash-flow margin rose to 9.5% from 6.1% a year earlier. Operating margin narrowed to 7.8% from 10.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $40.98 a share, against a share price of $99.58. At that price, our model says the market is pricing in about 18.0% a year of cash-flow growth for five years, faster than the 5.7% a year revenue growth it has delivered.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Starbucks's trailing-twelve-month revenue grew 4.5% year on year, with a free-cash-flow margin of 9.5%. Where it lags: change in growth rate of -1.4pp ranks 38 of 44 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$47 per share in the base case (~$33–$65 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 61.6% while net income fell 24.7%: a 86pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Starbucks's latest figures clears our strength thresholds.

Things to watch

  • Priced above our value. The share price of $104.40 is 55% above our value per share of $47.
  • Margins narrowing. Operating margin is down 3.0 points on a year ago.
  • High earnings multiple. The shares trade at 60 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: change in growth rate. Change in growth rate of -1.4pp ranks 38 of 44 restaurants companies we cover (median +0.3pp).

Latest results: FY2026 Q3

Filed July 29, 2026
Earnings per share
$0.80 against an average estimate of $0.71: beat by 13.4%
Revenue
$9.32bn, down 1.4% on a year earlier
Share reaction
+0.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
fourth quarter U.S. comparable store sales growth growth 6.5% (Fourth quarter); full fiscal year U.S. comparable store sales growth growth 6% (Full fiscal year 2026)
Next report
January 27, 2027; average EPS estimate $0.76

Starbucks' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week+1.2%
  • 1 month+10.1%
  • This year+26.2%
  • 1 year+32.1%
  • 5 years+4.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$38.3B
Operating margin
7.8%
Net margin
5.2%
EPS (TTM, diluted)
$1.74

Growth

Revenue growth
+4.5%
Change in growth rate
−1.4 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$3.6B
FCF margin
9.5%
Stock pay % of revenue
1.0%

Earnings

Last results
October 29, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Dividend

    Starbucks raises quarterly dividend to $0.63 per share

    Starbucks said its board approved a rise in the quarterly cash dividend from $0.62 to $0.63 per share. The new rate is payable on November 27, 2026, to shareholders of record on November 13, 2026. This marks the sixteenth consecutive annual increase in the payout.

    Company releaseRead source ↗
  3. Announcement
  4. Restructuring
  5. Announcement
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Starbucks valuation models and calculator

What the price is pricing in

The share price implies about 16.5% a year of cash-flow growth for five years.That is faster than the 5.7% a year revenue growth Starbucks has delivered.

  • Priced in16.5%
  • Last 12 months4.5%
  • 3 years a year3.1%
  • 5 years a year5.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($104.36, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$47
Price used
$104.36close November 3, 2026
Implied change
▼ 55%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Starbucks's free cash flow after stock-based pay with after-tax interest added back ($3.5B, FY2026 Q3 TTM), growing 2.6% and 4.1% in the next two years (forecasts, guidance and its record), then back to 3.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$33–~$65 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Starbucks's free cash flow after stock-based pay ( $3.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Starbucks as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$47 ~$33–$65 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$62 ~$54–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$52 ~$47–$62 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Starbucks with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +56%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $35$51$71$98$134$180
8.5% $25$36$51$70$96$128
10% $19$27$39$54$73$98

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$43.64$44.07$47.72$75.61$73.63$100.30$76.51$84.64$92.58$81.31$104.40
Market value$64.9bn$64.4bn$66.5bn$93.2bn$87.0bn$118.9bn$88.6bn$97.4bn$105.3bn$92.7bn$119.3bn
+ Net debt (− = net cash)$1.5bn$1.5bn$792m$8.6bn$12.0bn$8.3bn$12.2bn$12.0bn$12.4bn$13.0bn$9.9bn
Enterprise value$66.4bn$65.9bn$67.3bn$101.8bn$99.0bn$127.2bn$100.9bn$109.4bn$117.7bn$105.7bn$129.2bn
Multiples
Price / sales 3.0x2.9x2.7x3.5x3.7x4.1x2.7x2.7x2.9x2.5x3.1x
Price / earnings 23.0x22.3x14.7x25.9x93.7x28.3x27.0x23.6x28.0x49.9x60.2x
Price / free cash flow 19.9x23.6x6.7x28.8xn/m26.3x34.7x26.5x31.7x38.0x32.7x
EV / EBITDA 12.8x12.7x13.0x18.4x32.3x19.9x16.4x14.9x16.8x22.4x28.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

79 /100

Strong moat

How hard Starbucks's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 13.3% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 59.4%, moving by 5.9 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 15.2%; its worst year was 7.8%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 10.0% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.6% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, after the close. Analysts expect revenue of $9.6bn and EPS of $0.76 (range $0.66 to $0.81) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.13 +15% $38.5bn +2%
Next $3.72 +19% $40.4bn +5%

Next year's EPS estimate has moved +1.5% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.5% on 90 days ago. In the last 30 days, 4 analysts raised Starbucks's forecast and 2 cut it.

Consensus EPS forecast Starbucks, last 90 days
$3.00 $3.20 $3.40 $3.60 $3.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.02 Current fiscal year, 60 days ago: $3.12 Current fiscal year, 30 days ago: $3.11 Current fiscal year, 7 days ago: $3.13 Current fiscal year, Now: $3.13 $3.13 Next fiscal year, 90 days ago: $3.66 Next fiscal year, 60 days ago: $3.72 Next fiscal year, 30 days ago: $3.71 Next fiscal year, 7 days ago: $3.73 Next fiscal year, Now: $3.72 $3.72

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.02$3.66
60 days ago $3.12$3.72
30 days ago $3.11$3.71
7 days ago $3.13$3.73
Now $3.13$3.72

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.71 $0.80 +13.4%
Jun 2026 $0.65 $0.85 +30.8%
Mar 2026 $0.44 $0.50 +14.5%
Dec 2025 $0.59 $0.56 −4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Non-GAAP earnings per share Fiscal Year 2026 $2.55 to $2.65 Non-GAAP Raised
    “Non-GAAP earnings per share in the range of $2.55 to $2.65; and” source
  • Diluted net earnings per share (GAAP) Sep 27, 2026 (Projected) $2.14 to $2.24 GAAP Raised
    “Diluted net earnings per share (GAAP) $ 2.14 - 2.24” source
  • Non-GAAP consolidated operating margin Fiscal Year 2026 — Non-GAAP Raised
    “Non-GAAP consolidated operating margin greater than 11.0%;” source
  • Full fiscal year U.S. comparable store sales growth Full fiscal year 2026 — Raised
    “Full fiscal year 2026 U.S. comparable store sales growth of slightly greater than 6.0%; and” source
  • Full fiscal year global comparable store sales growth Full fiscal year 2026 about 6% growth Raised
    “Full fiscal year 2026 global comparable store sales growth nearing 6.0%.” source
  • Net new coffeehouses globally Fiscal Year 2026 600 to 650 Raised
    “Approximately 600 to 650 net new coffeehouses globally across company-operated and licensed businesses.” source
Show 1 more item
  • Fourth quarter U.S. comparable store sales growth Fourth quarter — Raised
    “Fourth quarter U.S. comparable store sales growth of 6.5% or greater, leading to:” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Starbucks's revenue by +2.6% next year and +4.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.1%, weight 70%) and the company's own record (+3.8%, weight 30%) . How the weights are set.

Analyst recommendations

35 analysts, Oct 2026
Buy1440%
Hold1851%
Sell39%

Monthly trend

  1. Oct 2026121835
  2. Sep 20263121936
  3. Aug 20264121736
  4. Jul 20264121636

Counts of recommendations published by analysts covering Starbucks, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.3%
of tradable shares
Days to cover
4.65
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.1%
of shares
Employees
381,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +32.4%

$78.86 on October 31, 2025 to $104.40

ThenNowEffect
Revenue (last 12 months) $36.7bn $38.3bn +4.5%
Net margin 7.2% 5.2% −27.9%
P/E multiple 34.1x 60.2x +76.3%
Share count 1139m 1142m −0.3%

Biggest factor: p/e multiple.

Last 3 years +9.7%

$95.19 on November 3, 2023 to $104.40

ThenNowEffect
Revenue (last 12 months) $35.0bn $38.3bn +9.5%
Net margin 10.8% 5.2% −52.1%
P/E multiple 29.0x 60.2x +107.5%
Share count 1152m 1142m +0.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SBUX+11%−13%−1%−3%−5%+26%
Industry peers (median)+16%−17%+16%+0%−10%+2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SBUX50%42%58%50%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SBUX−16%−40%−21%−26%−31%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 44% from July 26, 2021 to May 11, 2022. Getting back needed a 78% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$77.62 – $108.49
From 52-week high
−3.8%
vs 50-day average
+5.2%
vs 200-day average
+5.2%
Volatility (1 year)
27%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.2%
After a week
6 up, 5 down
typical move ±4.6%
After a month
9 up, 2 down
typical move ±7.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.5% −2.1% — —
July 29, 2026 +2.7% +0.1% +2.8% +4.6%
April 28, 2026 +7.8% −0.5% +7.2% +3.5%
January 28, 2026 −1.9% −0.2% +1.3% +3.1%
October 29, 2025 −2.7% −1.1% −3.0% +2.7%
July 29, 2025 −1.0% −0.4% −3.7% −5.8%
April 29, 2025 −4.6% +0.7% −1.3% +0.9%
January 28, 2025 +8.6% +0.4% +10.6% +15.1%
October 30, 2024 +0.3% −2.3% −1.3% +5.9%
October 22, 2024 +1.2% −1.0% +1.0% +2.5%
July 30, 2024 +3.7% +1.1% +0.2% +27.5%
April 30, 2024 −15.7% −1.9% −17.9% −10.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Starbucks’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.40× the last 60 days’ realised volatility , richer than 85% of the 229 stocks we screen today.
  • Why: implied is 1.40x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

SBUX Starbucks Grade C $104.54

Own 100 shares, sell the $105 call expiring November 27, 2026 (25 days) for $2.59 a share — $259 per contract.

Previous session · Bid $2.59, ask $3.30, quoted Mon 2 Nov, 17:35 New York time with SBUX at $104.54. Option prices move with the shares: check the live chain at your broker before trading.

  • If SBUX ends below $105: you keep your shares and the $259 — 2.5% extra on the position, 36.2% a year at that pace.
  • If it ends above $105: your shares are sold at $105, a total return of 2.9% including the premium — at or above our value of ~$47.
$306 $0 −$2.0k Break-even $101.95 Price $104.54 ← Our value ~$47
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$259
Annualised
36.2%
Break-even
$101.95
Max gain
$305.5
Chance of selling
~51%

Collar

Own the shares, buy the $104 put and sell the $105 call, both expiring November 27, 2026 (25 days).

  • Net cost of $0.91 a share ($91.00 per contract of 100 shares).
  • Worst case at expiry: -1.4%, if the shares fall below $104 (-0.5% from today).
  • Best case at expiry: +-0.4%, if the shares rise above $105 (+0.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $47.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Starbucks in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Starbucks
$35B $36B $37B $38B $39B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $36B Revenue (TTM), FY24 Q1: $36.7B Revenue (TTM), FY24 Q2: $36.5B Revenue (TTM), FY24 Q3: $36.5B Revenue (TTM), FY24 Q4: $36.2B Revenue (TTM), FY25 Q1: $36.1B Revenue (TTM), FY25 Q2: $36.3B Revenue (TTM), FY25 Q3: $36.7B Revenue (TTM), FY25 Q4: $37.2B Revenue (TTM), FY26 Q1: $37.7B Revenue (TTM), FY26 Q2: $38.5B Revenue (TTM), FY26 Q3: $38.3B $38.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $36B
FY24 Q1 $36.7B
FY24 Q2 $36.5B
FY24 Q3 $36.5B
FY24 Q4 $36.2B
FY25 Q1 $36.1B
FY25 Q2 $36.3B
FY25 Q3 $36.7B
FY25 Q4 $37.2B
FY26 Q1 $37.7B
FY26 Q2 $38.5B
FY26 Q3 $38.3B
Revenue growth, TTM YoY Starbucks
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.6% Revenue growth, TTM YoY, FY24 Q1: 11.5% Revenue growth, TTM YoY, FY24 Q2: 7.4% Revenue growth, TTM YoY, FY24 Q3: 4.2% Revenue growth, TTM YoY, FY24 Q4: 0.6% Revenue growth, TTM YoY, FY25 Q1: -1.5% Revenue growth, TTM YoY, FY25 Q2: -0.5% Revenue growth, TTM YoY, FY25 Q3: 0.6% Revenue growth, TTM YoY, FY25 Q4: 2.8% Revenue growth, TTM YoY, FY26 Q1: 4.3% Revenue growth, TTM YoY, FY26 Q2: 5.8% Revenue growth, TTM YoY, FY26 Q3: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.6%
FY24 Q1 11.5%
FY24 Q2 7.4%
FY24 Q3 4.2%
FY24 Q4 0.6%
FY25 Q1 -1.5%
FY25 Q2 -0.5%
FY25 Q3 0.6%
FY25 Q4 2.8%
FY26 Q1 4.3%
FY26 Q2 5.8%
FY26 Q3 4.5%
Operating margin (TTM) Starbucks
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.3% Operating margin (TTM), FY24 Q1: 16.6% Operating margin (TTM), FY24 Q2: 16.1% Operating margin (TTM), FY24 Q3: 15.9% Operating margin (TTM), FY24 Q4: 15.0% Operating margin (TTM), FY25 Q1: 14.0% Operating margin (TTM), FY25 Q2: 12.5% Operating margin (TTM), FY25 Q3: 10.8% Operating margin (TTM), FY25 Q4: 7.9% Operating margin (TTM), FY26 Q1: 7.2% Operating margin (TTM), FY26 Q2: 7.6% Operating margin (TTM), FY26 Q3: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.3%
FY24 Q1 16.6%
FY24 Q2 16.1%
FY24 Q3 15.9%
FY24 Q4 15.0%
FY25 Q1 14.0%
FY25 Q2 12.5%
FY25 Q3 10.8%
FY25 Q4 7.9%
FY26 Q1 7.2%
FY26 Q2 7.6%
FY26 Q3 7.8%
FCF margin (TTM) Starbucks
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.2% FCF margin (TTM), FY24 Q1: 12.0% FCF margin (TTM), FY24 Q2: 23.7% FCF margin (TTM), FY24 Q3: 10.5% FCF margin (TTM), FY24 Q4: 9.2% FCF margin (TTM), FY25 Q1: 8.0% FCF margin (TTM), FY25 Q2: 7.6% FCF margin (TTM), FY25 Q3: 6.1% FCF margin (TTM), FY25 Q4: 6.6% FCF margin (TTM), FY26 Q1: 6.2% FCF margin (TTM), FY26 Q2: 7.1% FCF margin (TTM), FY26 Q3: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.2%
FY24 Q1 12.0%
FY24 Q2 23.7%
FY24 Q3 10.5%
FY24 Q4 9.2%
FY25 Q1 8.0%
FY25 Q2 7.6%
FY25 Q3 6.1%
FY25 Q4 6.6%
FY26 Q1 6.2%
FY26 Q2 7.1%
FY26 Q3 9.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Starbucks took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $37.2B
  2. Selling, general and admin $2.6B · 7.0%
  3. Other operating costs $31.6B · 85.1%
  4. Operating income $2.9B · 7.9%
  5. Income tax $651M · 1.7%
  6. Interest and other $430M · 1.2%
  7. Net income $1.9B · 5.0%

Shares of revenue. Source: Starbucks's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Oct 2010 2011 Oct 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Oct 2016 2017 Oct 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 9.8 10.7 11.7 13.3 14.9 16.4 19.2 21.3 22.4 24.7 26.5 23.5 29.1 32.3 36.0 36.2 37.2 38.3
Gross profit 5.4 6.3 6.8 7.5 8.5 9.6 11.4 12.8 15.3 16.8 18.0 — — — — — — —
EBITDA 1.1 2.0 2.3 2.6 0.3 3.8 4.5 5.2 5.2 5.2 5.5 3.1 6.4 6.1 7.3 7.0 4.7 4.6
Operating income 0.6 1.4 1.7 2.0 −0.3 3.1 3.6 4.2 4.1 3.9 4.1 1.6 4.9 4.6 5.9 5.4 2.9 3.0
Net income 0.4 0.9 1.2 1.4 0.0 2.1 2.8 2.8 2.9 4.5 3.6 0.9 4.2 3.3 4.1 3.8 1.9 2.0
Diluted EPS $0.26 $0.62 $0.81 $0.90 $0.01 $1.35 $1.82 $1.90 $1.97 $3.24 $2.92 $0.79 $3.54 $2.83 $3.58 $3.31 $1.63 $1.74
Growth (year on year)
Revenue −5.9% +9.5% +9.3% +13.5% +12.0% +10.6% +16.5% +11.2% +5.0% +10.4% +7.2% −11.3% +23.6% +11.0% +11.6% +0.6% +2.8% +4.5%
EBITDA +1.5% +74.2% +16.2% +13.1% −87.2% +>999% +18.4% +14.7% −0.0% −0.2% +6.5% −44.5% +108.7% −3.9% +19.1% −4.4% −32.8% −18.7%
Operating income +11.5% +152.6% +21.8% +15.6% −116.3% — +16.9% +15.9% −0.9% −6.1% +5.0% −61.7% +212.0% −5.2% +27.1% −7.9% −45.7% −24.9%
Net income +23.9% +142.0% +31.7% +11.1% −99.4% — +33.3% +2.2% +2.4% +56.6% −20.3% −74.2% +352.4% −21.9% +25.7% −8.8% −50.6% −24.7%
Diluted EPS +20.9% +138.5% +30.6% +10.5% −98.9% — +34.8% +4.4% +3.7% +64.5% −9.9% −72.9% +348.1% −20.1% +26.5% −7.5% −50.8% −24.9%
Margins
Gross margin 55.8% 58.8% 58.0% 56.2% 57.1% 58.3% 59.4% 60.1% 68.4% 67.9% 67.8% — — — — — — —
EBITDA margin 11.5% 18.3% 19.5% 19.4% 2.2% 23.3% 23.7% 24.4% 23.2% 21.0% 20.9% 13.0% 22.0% 19.1% 20.4% 19.4% 12.7% 12.0%
Operating margin 5.7% 13.3% 14.8% 15.0% −2.2% 18.7% 18.8% 19.6% 18.5% 15.7% 15.4% 6.6% 16.8% 14.3% 16.3% 15.0% 7.9% 7.8%
Net margin 4.0% 8.8% 10.6% 10.4% 0.1% 12.6% 14.4% 13.2% 12.9% 18.3% 13.6% 3.9% 14.5% 10.2% 11.5% 10.4% 5.0% 5.2%
Free-cash-flow margin 9.7% 11.8% 9.2% 6.7% 11.8% −3.4% 12.8% 15.3% 12.2% 40.3% 12.2% 0.5% 15.6% 7.9% 10.2% 9.2% 6.6% 9.5%
Cash flow
Cash from operations 1.4 1.7 1.6 1.8 2.9 0.6 3.7 4.7 4.3 11.9 5.0 1.6 6.0 4.4 6.0 6.1 4.7 5.0
Capital spending 0.4 0.4 0.5 0.9 1.2 1.2 1.3 1.4 1.5 2.0 1.8 1.5 1.5 1.8 2.3 2.8 2.3 1.3
Free cash flow 0.9 1.3 1.1 0.9 1.8 −0.6 2.4 3.3 2.7 10.0 3.2 0.1 4.5 2.6 3.7 3.3 2.4 3.6
Stock-based pay 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.4
Free cash flow after stock pay 0.9 1.1 0.9 0.7 1.6 −0.7 2.2 3.0 2.6 9.7 2.9 −0.1 4.2 2.3 3.4 3.0 2.1 3.3
Balance sheet
Cash 0.6 1.2 1.1 1.2 2.6 1.7 1.5 2.1 2.5 8.8 2.7 4.4 6.5 2.8 3.6 3.3 3.2 3.4
Total debt 0.5 0.5 0.5 0.5 1.3 2.1 2.4 3.6 4.0 9.5 11.2 16.3 14.7 15.0 15.5 15.7 16.2 13.4
Net debt (negative = net cash) −0.1 −0.6 −0.6 −0.6 −1.3 0.3 0.8 1.5 1.5 0.8 8.6 12.0 8.3 12.2 12.0 12.4 13.0 9.9
Diluted shares 1,492m 1,528m 1,539m 1,546m 1,525m 1,526m 1,513m 1,487m 1,462m 1,395m 1,233m 1,182m 1,186m 1,159m 1,151m 1,137m 1,140m 1,142m
Returned to shareholders
Dividends 0.0 0.2 0.4 0.5 0.6 0.8 0.9 1.2 1.5 1.7 1.8 1.9 2.1 2.3 2.4 2.6 2.8 2.8
Buybacks 0.0 0.3 0.6 0.5 0.6 0.8 1.4 2.0 2.0 7.1 10.2 1.7 0.0 4.0 1.0 1.3 0.0 —
Total returned 0.0 0.5 0.9 1.1 1.2 1.5 2.4 3.2 3.5 8.9 12.0 3.6 2.1 6.3 3.4 3.9 2.8 2.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 28, 2026
What it owns · $28.3bn
Short-term assets $7.5bnLonger-term assets $20.8bn
What it owes, and who funded it · $36.0bn
Short-term liabilities $9.9bnLonger-term liabilities $26.0bnShareholders' equity $-7.7bn
  • Short-term assets cover short-term liabilities $7.5bn of assets due within a year against $9.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.5bn short-term assets against $26.0bn of longer-dated liabilities.
  • More cash than debt $3.4bn of cash against $13.3bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $5.0bn of operating cash flow against $13.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.0bn against $556m of interest.

From Starbucks's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$2.8B
Returned to shareholders
113%
of free cash flow
Buybacks, last 3 fiscal years
$2.3B
Diluted share count
+0.3%
year over year
Total shareholder yield
2.4%
dividends 2.4% + buybacks 0.0% of market value
Dividend payout ratio
142%
of net income paid out
Days sales outstanding
12 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated SBUX MCD ARMK DRI CMG YUMC Median
Revenue, last 12 months $38.3bn $27.7bn $19.8bn $13.4bn $12.7bn $12.4bn $1.4bn
Revenue growth, last 12 months 4.5% 6.3% 11.0% 8.1% 7.9% 8.8% 4.6%
Revenue growth, 3-year average 3.1% 4.6% 13.3% 7.5% 10.1% 6.3% 5.1%
Revenue growth, latest quarter −1.4% 3.7% 9.3% 5.1% 9.6% 12.6% 4.5%
Gross margin 72.3% — 4.7% 20.3% — — 68.6%
Operating margin 7.8% 46.2% 4.4% 11.7% 14.1% 11.1% 4.9%
Operating margin, 3-year average 11.5% 45.8% 4.3% 11.6% 15.8% 10.5% 6.9%
Net margin 5.2% 31.7% 1.9% 8.8% 10.8% 7.8% 2.5%
Cash from operations / revenue 13.0% 40.9% 4.6% 13.4% 18.5% 12.7% 11.9%
Free-cash-flow margin 9.5% 28.0% 2.2% 7.9% 11.9% 7.6% 3.4%
Free-cash-flow margin, 3-year average 8.7% 27.3% 1.9% 8.6% 12.2% 6.9% 2.8%
Stock pay / revenue 1.0% 0.6% 0.3% 0.6% 0.9% 0.3% 0.8%
Change in share count 0.3% −0.7% −0.1% −2.1% −4.6% −5.5% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 4.5% 4.7% 24 of 44
Change in growth rate Growth -1.4pp +0.3pp 38 of 44
Operating margin Profitability 7.8% 5.2% 18 of 42
Net margin Profitability 5.2% 2.6% 17 of 44
Free-cash-flow margin Cash generation 9.5% 3.6% 14 of 44
Stock pay as % of revenue Cash generation 1.0% 0.8% 25 of 40
Long-term debt as % of assets Balance sheet 41.6% 29.0% 24 of 36
Change in share count Balance sheet 0.3% 0.3% 23 of 42
Days sales outstanding Balance sheet 12 days 6 days 17 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 28, 2025
Products and services
Line of business Revenue YoY
Company Operated Stores $30.7B ▲ 3.3%
Beverage $22.5B ▲ 3.0%
Other Products $7.6B ▲ 0.7%
Food $7B ▲ 4.5%
Licensed Stores $4.4B ▼ 3.4%
Other $2.1B ▲ 9.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $27.1B 72.9% ▲ 1.6%
Outside the US $6.9B 18.6% ▲ 6.8%
China $3.2B 8.5% ▲ 5.1%

From Starbucks's 10-K filed November 14, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$100B
Institutions reporting
2,382
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
182 / 132

Top buyers and sellers, Q2 2026: 1,052 institutions bought and 1,123 sold ; the biggest buyer was Capital Research Global Investors (+7.3M shares) and the biggest seller Capital World Investors (−11.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital Research Global Investors $11.2B 109.6M 11.2% ▲ 7.1%
Capital World Investors $9.3B 91.5M 9.4% ▼ 11.5%
Blackrock, Inc. $8.5B 83.2M 8.5% ▲ 4.6%
Vanguard Capital Management LLC $7.6B 74.4M 7.6% ▲ 0.5%
State Street Corp $5B 49.3M 5.0% ▲ 3.2%
Invesco Ltd. $3.9B 38.5M 3.9% ▲ 0.9%
Vanguard Portfolio Management LLC $3.1B 30.1M 3.1% ▲ 2.2%
Geode Capital Management, LLC $2.9B 28.6M 2.9% ▲ 2.0%
FMR LLC $2.7B 26.3M 2.7% ▲ 2.1%
Morgan Stanley $2B 19.9M 2.0% ▼ 19.8%
Capital International Investors $1.6B 15.8M 1.6% ▲ 12.7%
Bank Of America Corp $1.6B 15.5M 1.6% ▼ 1.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Starbucks's complete shareholder register. Values are as reported by the filers ; 12 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $994,500 1 trade by 1 insider, last 12 months Insider sales History → $2.2M 14 trades by 2 insiders · 100% under pre-set plans
Net ▼ $1.2M net selling
Insider Date Trade Shares Price Value
Brewer Brady ceo, International October 20, 2026 Sell pre-set plan 588 $100.00 $58,800
Brewer Brady ceo, International October 5, 2026 Sell pre-set plan 1,641 $94.76 $155,501
Brewer Brady ceo, International September 4, 2026 Sell pre-set plan 2,229 $105.60 $235,382
Brewer Brady ceo, International August 5, 2026 Sell pre-set plan 2,229 $105.99 $236,252
Brewer Brady ceo, International July 6, 2026 Sell pre-set plan 2,229 $104.00 $231,816
Brewer Brady ceo, International June 11, 2026 Sell pre-set plan 588 $100.00 $58,800
Brewer Brady ceo, International June 5, 2026 Sell pre-set plan 1,641 $94.33 $154,796
Brewer Brady ceo, International May 5, 2026 Sell pre-set plan 2,229 $104.81 $233,621
Kelly Sara evp, chief partner officer April 29, 2026 Sell pre-set plan 2,000 $105.00 $210,000
Brewer Brady ceo, International April 17, 2026 Sell pre-set plan 588 $100.00 $58,800
Brewer Brady ceo, International April 6, 2026 Sell pre-set plan 1,641 $90.00 $147,690
Brewer Brady ceo, International March 9, 2026 Sell pre-set plan 588 $100.00 $58,800

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 178 trades and filings

In the last 12 months, 3 members of Congress disclosed 0 purchases and 4 sales of Starbucks shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded September 2, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • April 28, 2026
  • January 28, 2026
  • October 29, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Starbucks was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Starbucks in brief

What does Starbucks do?
Starbucks is a US-listed company in the restaurants industry. Its financial year ends in September.
What is Starbucks's stock ticker?
Starbucks trades under the ticker SBUX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Starbucks's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Starbucks reported revenue of $38.3B, 4.5% higher than a year earlier, according to its SEC filings.
What is Starbucks's free cash flow?
Starbucks's free-cash-flow margin is 9.5% of revenue over the trailing twelve months, ranking 14 of the 44 restaurants companies we cover.
What is Starbucks's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Starbucks's free cash flow after stock-based pay gives ~$47 per share in the base case, and ~$33–$65 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Starbucks's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital Research Global Investors, Capital World Investors and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Starbucks buying back stock, and does it pay a dividend?
Starbucks spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.3% over the year.
What is Starbucks's market cap?
On November 2, 2026, Starbucks's market capitalisation was about $119B, with a price-to-earnings ratio of 60.2 and net debt of $9.9B. Market figures come from third-party market data and may be delayed.
Does Starbucks pay a dividend?
Yes: Starbucks paid $2.8B in dividends over the trailing twelve months, a dividend yield of 2.35% and a payout ratio of 141.8%.
Who are Starbucks's competitors?
In our Restaurants peer group, the companies closest to Starbucks are McDonald's, Aramark, Darden Restaurants, Chipotle Mexican Grill and Yum China Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Starbucks's.
Are insiders buying or selling Starbucks stock?
Over the last 12 months, Starbucks's directors and officers reported 1 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Starbucks's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Starbucks announces its own schedule.