Starbucks Delivers Strong Q2 Turnaround with 6.2% Global Comp Sales Growth and Raised Full-Year Guidance
Healthy Same-Store Sales Growth and Margin Expansion Signal Operational Momentum
Starbucks (NASDAQ: SBUX) reported robust second quarter (Q2) 2026 results, showcasing notable growth across key metrics. The coffee giant delivered a 6.2% increase in global comparable store sales, propelled by gains in both transaction volume (+3.8%) and average ticket size (+2.3%). North America was a particular bright spot, posting a 7.1% rise in comparable store sales with improved customer traffic and higher spend per visit.
Internationally, Starbucks grew comparable sales by 2.6%, with marked improvements in transaction growth as new stores and markets continued to scale. China’s recovery was more muted, but transaction volume still inched higher for the region’s nearly 8,000 stores.
Revenues Rise 9% as Non-GAAP EPS Expands 22%
Consolidated net revenues for the quarter reached $9.53 billion, up 9% year-over-year. Both GAAP and non-GAAP earnings showed strong improvement, with GAAP diluted EPS up 32% to $0.45 and non-GAAP EPS up 22% to $0.50. Operating margins improved as well, a testament to both top-line growth and ongoing discipline on costs. The company noted that cost controls and operating leverage more than offset ongoing labor and commodity headwinds.
Segment Performance Highlights Channel Development and International Margin Strength
| Segment | Q2 Net Revenues | Year-Over-Year Change | Q2 Operating Margin |
|---|---|---|---|
| North America | $6,893.8M | +7% | 9.9% |
| International | $2,051.1M | +10% | 19.4% |
| Channel Development | $567.8M | +39% | 40.5% |
Channel Development—which includes sales of Starbucks branded products outside of its stores—delivered a standout quarter, with revenues surging 39% to $567.8 million. International margins were also strong, expanding to 19.4% as recent changes in store operations and cost reductions gained traction.
Store Portfolio and Expansion: New Stores Offset by Targeted Closures
The company opened a net 11 new stores in Q2, bringing its global footprint to 41,129 locations. The U.S. and China now represent 61% of the overall store base. Even as select underperforming stores were closed as part of the “Back to Starbucks” plan, the company remains on track to open 600 to 650 new stores globally for fiscal 2026.
Raised Full-Year 2026 Guidance Reflects Growing Confidence
Building on its Q2 momentum, Starbucks raised its guidance for the remainder of 2026. The company now targets global and U.S. comparable store sales growth of at least 5%, steady consolidated net revenues, and improved non-GAAP operating margins. Adjusted EPS is expected to land between $2.25 and $2.45, reflecting ongoing progress against its operational turnaround.
| Guidance Metric | Fiscal Year 2026 Target |
|---|---|
| Global Comparable Store Sales Growth | 5% or greater |
| U.S. Comparable Store Sales Growth | 5% or greater |
| Non-GAAP Consolidated Operating Margin | Slight improvement year-over-year |
| Non-GAAP EPS | $2.25–$2.45 |
| Net New Stores | 600–650 globally |
Key Takeaways: Turnaround Plan Taking Hold, But Cost Pressures Remain
Starbucks’ latest results highlight the early success of its “Back to Starbucks” operational refresh. Margin recovery, robust same-store sales, and continued portfolio expansion demonstrate that topline growth and cost discipline are gaining traction—though labor and commodity costs remain watchpoints.
Investors and analysts will be watching closely as the company continues to balance growing its customer base, controlling input costs, and managing risks linked to global supply chains and changing consumer sentiment. As Starbucks looks to the second half of 2026 and beyond, consistent execution will be key to sustaining the positive trends reflected in today’s update.
For additional information, investors can review the full Q2 release or listen to Starbucks’ corporate earnings call replay at http://investor.starbucks.com.
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