Starbucks (SBUX) Q1 FY2026 earnings: revenue $9.9 billion, up 5.5% on the year

Starbucks Corp. (SBUX) reported revenue of $9.9 billion for Q1 FY2026, the quarter ended 28 December 2025, up 5.5% on the same quarter a year earlier. Net income was $293 million, down 62.4% on the year, and diluted earnings per share $0.26. The figures are the company's own, from the 10-Q it filed with the SEC on 28 January 2026.

Revenue

$9.9 billion

+5.5% on the year · +3.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

9.0%

11.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$293 million

-62.4% on the year · +120.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.26

-62.3% on the year · +116.7% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 new.

Global comparable sales rose 4%: Global comparable store sales rose 4%, with comparable transactions up 3% and average ticket up 1%. North America and U.S. comparable sales each rose 4%.
Revenue rose 6% to $9.9 billion: Consolidated net revenues rose 6% to $9.9 billion, or 5% on a constant currency basis.
North America margin fell 480 basis points: North America operating income fell 27% to $867.0 million, with operating margin down to 11.9% from 16.7%, driven by labor investments for Back to Starbucks and inflation.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	9,915	9,569	9,398	+3.6%	+5.5%
Operating income	891	278	1,122	+220.1%	-20.6%
Operating margin	9.0%	2.9%	11.9%
Interest expense	139	146	127	-4.7%	+9.3%
Pre-tax income	765	164	1,022	+366.3%	-25.2%
Income tax	472	30.8	241	+1,431.2%	+95.4%
Effective tax rate	61.7%	18.8%	23.6%
Net income	293	133	781	+120.4%	-62.4%
Net margin	3.0%	1.4%	8.3%
Diluted EPS	$0.26	$0.12	$0.69	+116.7%	-62.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,598	1,382	2,072	+15.6%	-22.9%
Capital expenditure	324	456	693	-29.0%	-53.3%
Free cash flow	1,274	926	1,379	+37.6%	-7.6%
Free cash flow margin	12.8%	9.7%	14.7%
Cash from investing	-323	-390	-855
Cash from financing	-743	-1,933	-755
Depreciation and amortisation	432	456	432	-5.3%	-0.1%
Share-based compensation	126	73.9	101	+70.6%	+25.3%
Buybacks	n/a	0.0	0.0
Dividends paid	705	693	692	+1.7%	+1.9%
Dividend per share	$0.62	$0.62	$0.61	0.0%	+1.6%
Diluted shares, weighted	1,142m	1,141m	1,138m	+0.1%	+0.3%
Shares outstanding at period end	1,139m	1,137m	1,136m	+0.2%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	-8,389	-8,097	-7,472
Non-controlling interest	7.4	7.4	7.1	0.0%	+4.2%
Debt	16,080	16,075	15,561	+0.0%	+3.3%
Operating lease liabilities	8,048	8,972	8,857	-10.3%	-9.1%
Other liabilities	16,482	15,062	14,940	+9.4%	+10.3%
Total liabilities and equity	32,228	32,020	31,893	+0.7%	+1.1%
Fixed assets	7,400	8,494	8,684	-12.9%	-14.8%
Goodwill	1,311	3,369	3,288	-61.1%	-60.1%
Intangible assets	167	167	170	+0.2%	-1.9%
Investments	473	494	513	-4.2%	-7.8%
Cash and equivalents	3,413	3,220	3,671	+6.0%	-7.0%
Receivables	1,219	1,278	1,242	-4.6%	-1.8%
Inventory	2,114	2,186	1,732	-3.3%	+22.1%
Other assets	16,130	12,814	12,594	+25.9%	+28.1%
Total assets	32,228	32,020	31,893	+0.7%	+1.1%

Questions

What was Starbucks' revenue in Q1 FY2026?

Starbucks (SBUX) reported revenue of $9.9 billion for Q1 FY2026, the quarter ended 28 December 2025, up 5.5% on the same quarter a year earlier.

How much did Starbucks earn in Q1 FY2026?

Net income for Q1 FY2026 was $293 million, down 62.4% on the year, and diluted earnings per share $0.26.

When did Starbucks report Q1 FY2026 results?

Starbucks filed its 10-Q for the quarter ended 28 December 2025 with the SEC on 28 January 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,147	8,050	7,636	8,150	8,414	8,714	8,720	9,168	9,374	9,425	8,563	9,114	9,074	9,398	8,762	9,456	9,569	9,915	9,532	9,323
Operating income	1,482	1,178	949	1,296	1,196	1,253	1,328	1,584	1,706	1,485	1,099	1,518	1,307	1,122	601	936	278	891	828	980
Operating margin	18%	15%	12%	16%	14%	14%	15%	17%	18%	16%	13%	17%	14%	12%	7%	10%	3%	9%	9%	11%
Interest expense	121	115	119	123	125	130	136	141	143	140	141	141	140	127	127	142	146	139	137	135
Pre-tax income	2,247	1,062	876	1,192	1,101	1,135	1,210	1,464	1,593	1,379	992	1,404	1,194	1,022	502	819	164	765	728	1,419
Tax rate	21%	23%	23%	23%	20%	25%	25%	22%	23%	26%	22%	25%	24%	24%	24%	32%	19%	62%	30%	26%
Net income	1,764	816	674	913	878	855	908	1,142	1,219	1,024	772	1,055	909	781	384	558	133	293	511	1,045
Net margin	22%	10%	9%	11%	10%	10%	10%	12%	13%	11%	9%	12%	10%	8%	4%	6%	1%	3%	5%	11%
Diluted EPS	$1.48	$0.69	$0.58	$0.79	$0.76	$0.74	$0.79	$0.99	$1.06	$0.90	$0.68	$0.93	$0.80	$0.69	$0.34	$0.49	$0.12	$0.26	$0.45	$0.91
Operating cash flow	1,521	1,871	162	1,265	1,100	1,593	768	1,703	1,945	2,384	506	1,670	1,536	2,072	292	1,002	1,382	1,598	364	1,642
Capital expenditure	484	417	455	424	546	517	485	632	700	596	659	724	798	693	589	567	456	324	273	291
Free cash flow	1,036	1,454	-293	841	554	1,076	282	1,071	1,246	1,788	-153	946	737	1,379	-297	434	926	1,274	91.8	1,350
Buybacks	0.0	-3,521	7,518	15.5	0.0	191	288	220	285	1,267	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	531	576	563	562	562	608	609	607	607	648	645	646	646	692	693	693	693	705	706	707
Shares outstanding	1,180m	1,150m	1,147m	1,147m	1,148m	1,149m	1,146m	1,145m	1,143m	1,132m	1,133m	1,133m	1,134m	1,136m	1,136m	1,137m	1,137m	1,139m	1,140m	1,140m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 28 December 2025, filed 28 January 2026: the filing.