Starbucks shares have climbed 13.7% so far in 2026, narrowing the gap to their mid-2021 peak, though they remain roughly 24% below that record high. This performance places the company among the top performers in the consumer discretionary sector year-to-date, driven by consistent same-store sales growth and improving profit margins. Institutional investors have increased their exposure by an estimated 2 percentage points over the past quarter, signaling renewed confidence in the chain’s ability to reaccelerate revenue growth.

Eighteen months into Brian Niccol’s tenure as CEO, Starbucks is showing tangible signs of operational improvement. Under Niccol, who previously led a major restaurant chain to market-leading digital engagement, the company has launched a revamped loyalty program that now boasts over 33 million active members—up 15% year-over-year—and has increased mobile order penetration to 28% of total transactions. These initiatives have contributed to a 6% rise in comparable-store revenue in the latest fiscal quarter, while adjusted operating margin expanded by 120 basis points.

Management outlined a long-term ambition to open 10,000 additional stores in the U.S. and 15,000–20,000 in China, supporting a target to double international footprint to approximately 40,000 locations over the next decade. The company plans a more disciplined rollout, prioritizing high-potential urban and suburban markets while investing in smaller-format and drive-thru concepts. Capital expenditure guidance for new store openings and remodels is set at $1.8 billion for the current fiscal year, reflecting a balanced approach between growth investment and free cash flow generation.