Year Ended | ||||
Consolidated | North America | International | China | Channel Development |
(unaudited, in millions)
Quarter Ended | ||||
Consolidated | North America | International | China | Channel Development |
Revenue for the quarter ended Sep 28, 2025 as reported (GAAP) | $ 9,569.0 $ 6,901.5 $ | 2,070.9 $ 831.6 $ | 542.6 |
Revenue for the quarter ended Sep 27, 2026 as reported (GAAP) | $ 9,141.2 $ 7,328.4 $ | 1,305.8 $ 55.1 $ | 494.4 |
Change (%) | (4.5)% 6.2 % | (36.9)% (93.4)% | (8.9)% |
Constant Currency Impact (%) | 0.6 0.1 | 2.2 (0.3) | 0.1 |
Change in Constant Currency (%) | (3.9)% 6.3 % | (34.7)% (93.7)% | (8.8)% |
Revenue for the year ended Sep 28, 2025 as reported (GAAP) | $ 37,184.4 $ 27,373.1 $ | 7,819.9 $3,104.9 $ | 1,871.7 |
Revenue for the year ended Sep 27, 2026 as reported (GAAP) | $ 37,910.6 $ 28,897.8 $ | 6,744.4 $1,730.8 $ | 2,172.7 |
Change (%) | 2.0 % 5.6 % | (13.8)% (44.3)% | 16.1 % |
Constant Currency Impact (%) | 0.1 (0.1) | 0.7 (1.6) | (0.3) |
Change in Constant Currency (%) | 2.1 % 5.5 % | (13.1)% (45.9)% | 15.8 % |
(unaudited, in millions)
Quarter Ended (1) | |||
Sep 27, 2026 | Sep 28, 2025 | Constant Change in Change Currency Constant Impact Currency | |
Consolidated | |||
Consolidated operating income, as reported (GAAP) | $ 991.8 | $ 278.2 | 256.5% | ||
Restructuring and impairments (2) | 272.8 | 755.0 | |||
Transaction and transition costs (3) | 5.5 | 8.2 | |||
Transformation costs (4) | 6.8 | - | |||
Litigation settlements (5) | - | (145.2) | |||
Non-GAAP operating income | $ 1,276.9 | $ 896.2 | 42.5% | 0.5% | 43.0% |
Consolidated operating margin, as reported (GAAP) | 10.8 % | 2.9 % | 790 bps | ||
Restructuring and impairments (2) | 3.0 | 7.9 | |||
Transaction and transition costs (3) | 0.1 | 0.1 | |||
Transformation costs (4) | 0.1 | - | |||
Litigation settlements (5) | - | (1.5) | |||
Consolidated non-GAAP operating margin | 14.0 % | 9.4 % | 460 bps | (10) bps | 450 bps |
North America | |||||
North America operating margin, as reported (GAAP) | 12.3 % | 4.5 % | 780 bps | ||
Restructuring and impairments (2) | 3.7 | 9.1 | |||
Transformation costs (4) | - | - | |||
Litigation settlements (5) | - % | (2.1)% | |||
North America non-GAAP operating margin | 16.0 % | 11.5 % | 450 bps | (10) bps | 440 bps |
International | |||||
International operating margin, as reported (GAAP) | 19.7 % | 10.8 % | 890 bps | ||
Restructuring and impairments (2) | 0.1 | 3.0 | |||
Transformation costs (4) | 0.2 | - | |||
International non-GAAP operating margin | 20.0 % | 13.8 % | 620 bps | (40) bps | 580 bps |
Channel Development | |||||
Channel Development operating margin, as reported (GAAP) 53.5 % | 48.9 % | 460 bps | |||
Restructuring and impairments (2) 0.0 | 0.1 | ||||
Channel Development non-GAAP operating margin 53.5 % 49.0 % 450 bps - bps 450 bps
(1) Certain numbers may not foot due to rounding convention.
(2) Represents costs associated with our restructuring efforts.
(3) Represents transaction and transition-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.
(4) Represents transformation costs to support the further optimization of our global support organization.
(5) Relates to settlements associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future.
RECONCILIATION OF SELECTED SEGMENT GAAP MEASURES TO NON-GAAP MEASURES(unaudited, in millions)
Year Ended (1) | |||
Sep 27, 2026 | Sep 28, 2025 | Constant Change in Change Currency Constant Impact Currency | |
Consolidated | |||
Consolidated operating income, as reported (GAAP) | $ 3,691.1 | $ 2,936.6 | 25.7% | ||
Restructuring and impairments (2) | 688.6 | 892.0 | |||
Transaction and transition costs (3) | 79.3 | 8.2 | |||
Transformation costs (4) | 53.7 | - | |||
Litigation settlements (5) | - | (145.2) | |||
Non-GAAP operating income | $ 4,512.7 | $ 3,691.6 | 22.2% | 0.1% | 22.3% |
Consolidated operating margin, as reported (GAAP) | 9.7 % | 7.9 % | 180 bps | ||
Restructuring and impairments (2) | 1.8 | 2.4 | |||
Transaction and transition costs (3) | 0.2 | - | |||
Transformation costs (4) | 0.1 | - | |||
Litigation settlements (5) | - | (0.4) | |||
Consolidated non-GAAP operating margin | 11.9 % | 9.9 % | 200 bps | - bps | 200 bps |
North America | |||||
North America operating margin, as reported (GAAP) | 12.0 % | 11.5 % | 50 bps | ||
Restructuring and impairments (2) | 1.7 | 2.4 | |||
Transformation costs (4) | 0.1 | - | |||
Litigation settlements (5) | - % | (0.5)% | |||
North America non-GAAP operating margin | 13.7 % | 13.4 % | 30 bps | - bps | 30 bps |
International | |||||
International operating margin, as reported (GAAP) | 17.7 % | 12.1 % | 560 bps | ||
Restructuring and impairments (2) | 1.4 | 1.1 | |||
Transaction costs (3) | 0.1 | - | |||
Transformation costs (4) | 0.2 | - | |||
International non-GAAP operating margin | 19.4 % | 13.2 % | 620 bps | (10) bps | 610 bps |
Channel Development | |||||
Channel Development operating margin, as reported (GAAP) 46.8 % | 47.3 % | (50) bps | |||
Restructuring and impairments (2) 0.0 | 0.1 | ||||
Channel Development non-GAAP operating margin 46.8 % 47.4 % (60) bps (10) bps (70) bps | |||||
(1) Certain numbers may not foot due to rounding convention.
(2) Represents costs associated with our restructuring efforts.
(3) Represents transaction and transition-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.
(4) Represents transformation costs to support the further optimization of our global support organization.
(5) Relates to settlements associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES(unaudited in millions, except per share data)
Consolidated | Quarter Ended (1) | ||
Sep 27, 2026 | Sep 28, 2025 | Constant Change in Change Currency Constant Impact Currency | |
Diluted net earnings per share, as reported (GAAP) $ 0.59 $ 0.12 391.7% | |||
Restructuring and impairments (2) | 0.24 | 0.66 | ||
Transaction and transition costs (3) | - | 0.01 | ||
Transformation costs (4) | 0.01 | - | ||
Litigation settlements (5) | - | (0.13) | ||
Income tax effect on Non-GAAP adjustments (6) | (0.04) | (0.14) | ||
Non-GAAP diluted net earnings per share | $ 0.80 $ 0.52 | 53.8% | -% | 53.8% |
(1) Certain numbers may not foot due to rounding convention.
(2) Represents costs associated with our restructuring efforts.
(3) Represents transaction and transition-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.
(4) Represents transformation costs to support the further optimization of our global support organization.
(5) Relates to settlements associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future.
(6) Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.
Consolidated | Year Ended (1) | ||
Sep 27, 2026 | Sep 28, 2025 | Constant Change in Change Currency Constant Impact Currency | |
Diluted net earnings per share, as reported (GAAP) $ 2.21 $ 1.63 35.6% | |||
Restructuring and impairments (2) | 0.60 | 0.78 |
Transaction and transition costs (3) | 0.07 | 0.01 |
Transformation costs (4) | 0.05 | - |
Litigation settlements (5) | - | (0.13) |
Net gain resulting from divestiture of certain | ||
operations (6) | (0.47) | - |
Income tax effect on Non-GAAP adjustments (7) | 0.02 | (0.16) |
Income tax impact from changes in indefinite
reinvestment assertions (8) 0.24 -
Non-GAAP diluted net earnings per share $ 2.72 $ 2.13 27.7% (0.5)% 27.2%
(1) Certain numbers may not foot due to rounding convention.
(2) Represents costs associated with our restructuring efforts.
(3) Represents transaction and transition-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.
(4) Represents transformation costs to support the further optimization of our global support organization.
(5) Relates to settlements associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future.
(6) Represents the net gain resulting from the divestiture of Starbucks retail operations in China during the third quarter of fiscal 2026.
(7) Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.
(8) Represents the impact from changes in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale in the first quarter of fiscal 2026.
Consolidated | Quarter Ended (1) | ||
Sep 27, 2026 | Sep 28, 2025 | Change | |
General and administrative expenses, as reported (GAAP) $ 517.3 $ 642.0 (19.4)% | |||
Transaction and transition costs (2) | 5.5 | 8.2 |
Transformation costs (3) | 4.2 | - |
Non-GAAP general and administrative expenses | $ 507.6 | $ 633.8 (19.9)% |
Non-GAAP general and administrative expenses as a % of total net revenues | 5.6 % | 6.6 % (100) bps |
(1) Certain numbers may not foot due to rounding convention.
(2) Represents transaction and transition-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.
(3) Represents transformation costs to support the further optimization of our global support organization.
Consolidated | Year Ended (1) | ||
Sep 27, 2026 | Sep 28, 2025 | Change | |
General and administrative expenses, as reported (GAAP) $ 2,372.9 $ 2,617.2 (9.3)% | |||
Transaction and transition costs (2) | 79.3 | 8.2 |
Transformation costs (3) | 30.3 | - |
Non-GAAP general and administrative expenses | $ 2,263.3 | $ 2,609.0 (13.3)% |
Non-GAAP general and administrative expenses as a % of total net revenues | 6.0 % | 7.0 % (100) bps |
(1) Certain numbers may not foot due to rounding convention.
(2) Represents transaction and transition-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China.
(3) Represents transformation costs to support the further optimization of our global support organization.