Starbucks Posts 7.2% Comparable Sales Growth as Revenue Misses Estimates
Key Facts
Starbucks reported results for its fourth fiscal quarter, which spanned 13 weeks and ended on September 27, 2026, with global comparable sales up 7.2%. Adjusted earnings per share came in at 80 cents, above analysts’ estimate of 72 cents, but quarterly revenue of $9.14 billion fell short of their $9.2 billion forecast, according to the Associated Press and Reuters. Revenue declined 4% year over year despite comparable sales growth. The results cover a 52-week fiscal year that ended on the same date, according to the company’s statement. In extended trading after the results were announced Thursday, the stock fell about 2%, according to the Associated Press.
Global comparable sales growth came from a 5.2% increase in the average ticket and a 1.8% rise in comparable transactions, according to Starbucks. In the U.S., comparable sales increased 7.7%, with the average ticket up 5.2% and transactions up 2.4%. In international markets, comparable sales grew 0.9%, as a 3.7% increase in the average ticket partly offset a 2.8% decline in transactions. The comparison shows that increased customer traffic supported U.S. sales, while international growth came alongside a decline in transactions. Globally, the increase in the average ticket had a greater effect than the rise in transactions.
Comparable stores in North America posted 7.9% growth in the fourth quarter, compared with 0.0% in the same period a year earlier, according to Starbucks data. North American comparable sales had fallen 6% in the fourth quarter of 2024, according to the company’s data for the period. In the fourth quarter of 2025, comparable sales were flat. This comparison puts the latest quarter’s result after a period of stability following the earlier decline. In the U.S. alone, comparable sales grew 7.7%, with increases in both transactions and the average ticket.
By contrast, international segment revenue fell 37% to $1.3 billion in the fourth quarter, with Starbucks attributing the decline mainly to the shift of its China retail operations to a licensed joint venture. The company said the change reduced revenue from company-operated stores while increasing product sales and royalties from licensees. International comparable sales remained positive at 0.9%, despite a 2.8% decline in transactions. The figures reflect the difference between how comparable sales and reported segment revenue are measured as the operating model for the China business changed. A 3.7% increase in the average ticket supported international comparable sales growth.
Chief Executive Brian Niccol said the “Back to Starbucks” plan began as a turnaround plan and is now a growth plan. In September 2026, the company closed about 250 company-operated stores in North America as part of the plan. The closures came as comparable sales in the region posted annual growth of 7.9%, after being flat in the corresponding quarter of 2025. Starbucks also reported that U.S. sales increased across age groups and income levels, and at various times of day. The Associated Press said matcha had become a $1 billion platform, with customers consuming it mainly in the afternoon.
Starbucks expects consolidated revenue to decline about 1% in fiscal 2027, with about $700 million of the decrease linked to the 53rd week. At the same time, the company expects to add about 1,200 net stores globally, across company-operated and licensed locations, led by international markets. Its adjusted earnings-per-share guidance of $3.15 to $3.25 compares with the LSEG analyst estimate of $3.14, according to Reuters. The company plans to resume share repurchases in fiscal 2027. The chief financial officer said the increased dividend and repurchase plans reflect the company’s confidence.
The company declared a cash dividend of $0.63 per share, payable on November 27, 2026, to shareholders of record on November 13. The payment date is part of the new fiscal year’s commitments, which also include a plan to resume share repurchases. In its 2027 outlook, Starbucks combines an expectation of about a 1% decline in consolidated revenue with plans to add stores and adjusted earnings guidance above analysts’ estimate. It also said about $700 million of the expected revenue decline is related to the 53rd week. These expectations will provide the framework for assessing the results of the “Back to Starbucks” plan in the next fiscal year.