In fiscal Q1 2026, Starbucks reported its first year-over-year increase in U.S. customer transactions in over two years, driven by a 4% rise in same-store sales. U.S. comps grew 4%, fueled by a 3% increase in transaction count and a 1% rise in average ticket. This uptick was attributed to successful deployment of the “Back to Starbucks” turnaround plan, which included expanded staffing, AI-powered order sequencing and enhanced in-store experiences such as free refill stations and reintroduced condiment bars.

Globally, comparable store sales increased 4%, with international markets contributing a 5% rise and China leading with a 7% gain. Consolidated net revenues grew 6% year-over-year to $9.9 billion, surpassing consensus estimates for the period. The company opened a net 128 new stores, ending the quarter with 41,118 locations worldwide, and saw licensed store revenues benefit from new market partnerships and product innovations.

Starbucks’ GAAP operating margin contracted by 290 basis points to 9.0% due to elevated labor investments supporting service enhancements and inflation-driven increases in coffee bean and tariff costs. On a non-GAAP basis, operating margin narrowed 180 basis points to 10.1%. The effective tax rate was 61.7%, reflecting the classification of Chinese retail operations as held for sale. Management reaffirmed full-year targets, forecasting at least 3% growth in global and U.S. comp sales, slight non-GAAP operating margin expansion and non-GAAP EPS between $2.15 and $2.40, supported by plans to open 600–650 net new coffeehouses in fiscal 2026.