Ralph Lauren vs Starbucks

Starbucks Reports Fiscal 2026 Net Revenues of $37.9B Amid China Retail Divestiture

Starbucks Corporation reported full-year fiscal 2026 consolidated net revenues of $37.91 billion, up 2.0% year-over-year from $37.18 billion in fiscal 2025. Operating income rose 25.7% to $3.69 billion, expanding operating margin by 180 basis points to 9.7%, propelled by sales leverage that offset increased retail partner labor investments under the 'Back to Starbucks' strategy. Net earnings attributable to Starbucks rose 36.1% to $2.53 billion, yielding diluted EPS of $2.21, aided by a $536.3 million pre-tax gain on the divestiture of a 60% stake in its retail China operations to Boyu Capital. The transaction converted 7,991 company-operated units into licensed joint-venture stores, structurally shifting revenue generation from direct retail sales to licensing royalties and equity-method earnings.

• Consolidated net revenues reached $37.91B in FY2026, driven by a 6.2% increase in global comparable store sales.
• Operating income increased to $3.69B from $2.94B, expanding operating margin by 180 bps to 9.7%.
• Completed divestiture of a 60% stake in China retail operations to Boyu Capital, booking a $536.3M pre-tax gain and retaining a 40% equity method stake valued at $1.2B.