Starbucks enters its fiscal first quarter with global same-store sales growth of 5.2% driven by a 3.8% increase in average ticket and a 1.4% rise in customer traffic. While total net revenues climbed by 7.5% year-over-year to $9.8 billion, EPS declined 6% to $0.75, weighed down by higher commodity and labor costs that increased operating expenses by 180 basis points to 28.4% of revenues. Management has reiterated its full-year target for mid-single-digit revenue growth but cautioned that margin expansion may remain pressured until supply-chain efficiencies and pricing adjustments fully offset cost headwinds.

Consensus among 24 analysts projects Q1 revenue of $9.85 billion and adjusted EPS of $0.78, reflecting average same-store sales growth expectations of 5.5% globally. U.S. store-level EBITDA margin is anticipated at 20.7%, up from 20.4% a year earlier, as streamline menu initiatives and optimized staffing models are expected to yield 50 basis points of margin improvement. Investors will also watch management’s update on digital engagement, where mobile order and pay penetration has grown to 29% of total transactions, up from 25% in the prior year quarter.

On January 22, a major broker upgraded Starbucks to Outperform, citing confidence in the company’s 2026 Investor Day, scheduled for January 29, where CEO Brian Niccol and CFO Cathy Smith will unveil long-term growth targets including a plan to open 1,700 net new stores in 2026 and achieve 15% operating margin by fiscal 2028. Starbucks’ market capitalization stands at $109 billion with an average daily trading volume of 14.1 million shares, underscoring strong institutional interest heading into the event.