Starbucks Q1 revenue rises 6% to $9.9 billion; GAAP EPS falls 62% to $0.26
Starbucks reported fiscal first-quarter 2026 results for the quarter ended December 28, 2025. Revenue rose 6% to $9.9 billion and global comparable store sales rose 4%, but GAAP earnings per share fell 62% to $0.26, as GAAP operating margin contracted to 9.0% and the effective tax rate rose to 61.7% after China retail operations were classified as held for sale. The company also introduced fiscal 2026 non-GAAP EPS guidance of $2.15 to $2.40, compared with non-GAAP EPS of $0.56 for the quarter.
Key points
- Global comparable store sales rose 4%, and U.S. comparable transactions grew for the first time in eight quarters.
- GAAP EPS was $0.26 versus $0.69 a year earlier; non-GAAP EPS was $0.56, down 19%.
- GAAP operating margin was 9.0%, down 290 basis points; the effective tax rate was 61.7% versus 23.6%.
- Fiscal 2026 non-GAAP EPS guidance is $2.15 to $2.40; the China joint venture with Boyu Capital is expected to close in the spring, subject to regulatory approvals.
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.