Starbucks je od začátku roku zatím v plusu o 24 % a míří k prvnímu překonání Nasdaq-100 od roku 2022. Firma zároveň zvýšila celoroční výhled upraveného EPS na 2,25 až 2,45 USD.
Starbucks (SBUX -0.32%) is energizing investors' portfolios. Shares have climbed 24% so far in 2026, as of July 21. Should this positive trend hold up throughout the rest of the year, the business will put together its first gain since 2021. That's welcome news for investors who have gotten used to ongoing declines.
It's also noteworthy that this coffee stock is on track to beat the Nasdaq-100 index for the first time since 2022. Outperforming a well-known technology benchmark would certainly be a winning outcome.
Does Starbucks have more room to run?
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Traffic trends are encouraging It wasn't that long ago when Starbucks was really struggling. Customers grew displeased with a worsening store experience, complex menus, and ongoing price increases, which all contributed to weaker traffic. The intensely competitive nature of the retail coffee market didn't make things easier.
The company reported declining year-over-year same-store sales in both fiscal 2024 and fiscal 2025. Since this metric is critical for any retailer or restaurant, as it indicates the productivity of each location, it's no wonder the stock was under pressure.
The situation has improved. Traffic trends have been encouraging. In April, Starbucks reported its financial results for Q2 2026, ended March 29. And the management team revealed that global comparable transactions were up for a second straight quarter.
"Our US company-operated business grew transactions across all day parts," CEO Brian Niccol said on the Q2 2026 earnings call.
Starbucks is working to right the ship. The company's key priorities have been to re-establish cafes as a welcoming "Third Place," while boosting store operations with better staffing and equipment. Starbucks also innovated with new menu offerings to capture more sales during the afternoon.
The Starbucks rewards program has been updated, too. It now features membership tiers based on different spending levels, aiding in personalization and providing more benefits to the most loyal customers. This setup supports engagement and frequency. There are now a record 35.6 million members in the United States.
Starbucks set out to reduce its annual expenses by $2 billion, and there appears to be progress in this regard. The business raised its full-year profit guidance, now forecasting adjusted earnings per share of $2.25 to $2.45. At the midpoint, that implies a 10% year-over-year jump.
The turnaround isn't over, though. Getting back to healthy growth is the main goal. At Starbucks' investor day meeting in January this year, management laid out a target to achieve a 5% year-over-year revenue gain by fiscal 2028. The top line is expected to be flat in fiscal 2026, so there is still work to do.
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Should you buy the coffee chain's shares today? Starbucks is a high-quality business. It has a wide economic moat that's supported by an incredible brand and tremendous scale. These two traits, which have driven success in the past, give Starbucks a durable advantage in the crowded industry.
Another bullish argument focuses on the company's profit outlook. Starbucks' adjusted EPS will grow at a compound annual rate of 19.8% between fiscal 2025 and fiscal 2028, according to consensus analyst estimates. That's an encouraging outlook.
But investors should remember that this bottom-line forecast isn't on solid ground. Starbucks is still in the middle of a turnaround that can present new challenges. Plus, the macroeconomic environment could weaken, pressuring demand for the premium food and beverage that Starbucks offers.
In addition, the valuation is expensive. The consumer discretionary stock trades at a forward price-to-earnings ratio of 35.6. There is no margin of safety, adding greater downside risk to the equation. So this isn't a stock I'm thinking of buying.
Income investors, however, will have a different perspective. Starbucks' current dividend yield of 2.37% is more than double what the S&P 500 index offers. That payout has increased by 210% in the past decade. And Starbucks has paid a dividend for an impressive 66 straight quarters. T
Starbucks zvýšil celoroční výhled non-GAAP EPS na 2,25–2,45 USD po návratu k růstu zisku na akcii ve 2. čtvrtletí fiskálního roku 2026. Zároveň zvýšil výhled globálních i amerických srovnatelných tržeb na 5 % nebo více z dřívějšího výhledu alespoň 3 %. Srovnatelné tržby v USA vzrostly o 7,1 % díky více než 4% růstu transakcí.
Key Takeaways SBUX's U.S. comps rose 7.1%, with transactions up more than 4% in the fiscal second quarter.Starbucks raised non-GAAP EPS guidance to $2.25-$2.45 as operating momentum strengthened.SBUX expects sales leverage and its $2B savings plan to support further margin recovery. Starbucks Corporation (SBUX - Free Report) is showing tangible signs that its "Back to Starbucks" turnaround is translating into financial improvement. In the second quarter of fiscal 2026, the company returned to year-over-year EPS growth for the first time in more than two years, while consolidated operating margin expanded for the first time since the first quarter of fiscal 2024. Starbucks also raised its full-year outlook, now expecting global and U.S. comparable sales growth of 5% or better, up from its prior outlook of at least 3%. The company also lifted its non-GAAP EPS guidance to $2.25-$2.45 from $2.15-$2.40, pointing to greater confidence in the recovery.
The improved outlook is being supported by stronger customer demand and transaction-led comp growth. U.S. comparable sales increased 7.1%, fueled by transaction growth of more than 4%, while U.S. company-operated morning transactions were roughly back to fiscal 2022 levels. The comp recovery was supported by Green Apron Service, improved staffing, service-time execution, delivery expansion and menu innovation. Starbucks Rewards membership also reached a record 35.6 million active members, strengthening the company’s digital engagement base.
Higher transaction volumes are becoming increasingly important because they can support operating leverage as sales recover. Starbucks expects sales leverage to build over the next two quarters, while its $2 billion cost-savings program remains on track through fiscal 2028. The company also expects coffee and tariff pressures to begin easing in the back half of fiscal 2026. These factors could help offset ongoing Back to Starbucks investments and support better margin flow-through.
International profitability and the China joint venture add another layer to the earnings recovery setup. Starbucks expects the China JV structure to be margin accretive, with the transaction expected to be relatively EPS neutral in fiscal 2026. The company also expects the transition to support a more capital-efficient model in China while allowing it to continue participating in the market’s long-term growth opportunity.
Starbucks’ ability to deliver sustainable earnings growth will likely depend on whether it can convert improving traffic into consistent operating leverage and margin expansion. Customer demand is recovering, guidance has moved higher and several operating initiatives are beginning to support stronger traffic, sales leverage and margin recovery. Together, these factors likely suggest that the Back to Starbucks turnaround is gaining financial traction.
SBUX’s Price Performance, Valuation & EstimatesShares of Starbucks have gained 16.1% in the past year against the industry’s of 5.3% fall. In the same time frame, other industry players like Dutch Bros Inc. (BROS - Free Report) have gained 5.9%, while McDonald's Corporation (MCD - Free Report) has declined 7.3%.
SBUX’s One-Year Price Performance
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From a valuation standpoint, SBUX trades at a forward price-to-sales (P/S) multiple of 3.01, below the industry’s average of 3.30. Conversely, industry players, such as Dutch Bros and McDonald's, have P/S multiples of 4.95 and 6.51, respectively.
SBUX’s P/S Ratio (Forward 12-Month) vs. Industry
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The Zacks Consensus Estimate for SBUX’s fiscal 2026 earnings per share has increased in the past 30 days.
EPS Trend of SBUX Stock
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The company is likely to report strong earnings, with projections indicating an 13.2% rise in fiscal 2026. Conversely, industry players like McDonald's are likely to witness an increase of 5.4%, year over year, in 2026 earnings. Meanwhile, Dutch Bros’ 2026 earnings are likely to witness a rise of 22.4% year over year.
SBUX stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Starbucks ve 2. čtvrtletí zvýšil tržby z Channel Development o 39 % meziročně díky vyšším prodejům v rámci Global Coffee Alliance. Firma zároveň uvedla nové ready-to-drink kávové a proteinové nápoje.
Key Takeaways Starbucks' Channel Development revenues grew 39% YoY in Q2, led by higher Global Coffee Alliance sales.SBUX's multi-serve Refreshers concentrate posted strong early demand and repeat purchases.Starbucks expanded its packaged portfolio with new ready-to-drink coffee and protein beverages. Starbucks Corporation (SBUX - Free Report) exited the second quarter of fiscal 2026 with stronger momentum in Channel Development, highlighting a revenue opportunity beyond its company-operated store base. In the fiscal second quarter, Channel Development net revenues increased 39% year over year, supported by higher revenues from the Global Coffee Alliance. The growth adds another source of revenue momentum as Starbucks builds across company-operated stores, licensed stores and consumer-packaged platforms.
The expansion is notable because it gives Starbucks an additional revenue path beyond company-operated stores, which remain central to the broader turnaround. Channel Development extends Starbucks’ presence across packaged coffee, ready-to-drink products and consumer-packaged platforms.
Product activity supported the segment’s momentum in the fiscal second quarter. Starbucks cited strong early performance for its multi-serve Refreshers concentrate in North America, calling it the company’s largest CPG launch in more than a decade. SBUX also noted strong customer reception and repeat purchase behavior for the product, reinforcing the relevance of its packaged-beverage innovation.
The ready-to-drink portfolio adds another growth layer. Starbucks launched coffee and protein ready-to-drink beverages at the end of the fiscal second quarter, complementing its growing protein platform in coffeehouses. Alongside the Global Coffee Alliance and Refreshers concentrate, these launches broaden the company’s packaged-beverage portfolio.
Overall, company-operated stores remain central to Starbucks’ broader recovery, but Channel Development is becoming a more visible incremental revenue opportunity. Continued momentum in the Global Coffee Alliance, early traction in CPG Refreshers and new ready-to-drink coffee and protein launches could make the segment a more meaningful contributor to Starbucks’ broader revenue growth over time.
SBUX’s Price Performance, Valuation & EstimatesShares of Starbucks have gained 19.2% in the past year against the industry’s 3.5% fall. In the same time frame, other industry players like McDonald's Corporation (MCD - Free Report) have lost 6.8%, while Dutch Bros Inc. (BROS - Free Report) has gained 4.1%.
SBUX’s One-Year Price Performance
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From a valuation standpoint, SBUX trades at a forward price-to-sales (P/S) multiple of 3.08, below the industry’s average of 3.37. McDonald's and Dutch Bros have P/S ratios of 6.62 and 4.98, respectively.
SBUX’s P/S Ratio (Forward 12-Month) vs. Industry
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The Zacks Consensus Estimate for SBUX’s fiscal 2026 earnings per share (EPS) has remained unchanged at $2.40 in the past 30 days.
EPS Trend of SBUX Stock
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The Zacks Consensus Estimate for SBUX's fiscal 2026 EPS suggests a 12.7% year-over-year improvement. Conversely, industry players like McDonald's and Dutch Bros are likely to witness growth of 5.8% and 22.4%, respectively, year over year in 2026 earnings.
SBUX’s Zacks RankSBUX stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Starbucks (SBUX +2.02%) has decided it can build better software than Microsoft (MSFT +1.55%) and IBM (IBM +1.65%). If nothing else, it wants to save costs with a homemade version of some high-priced enterprise software platforms.
That is either visionary cost-cutting or a case study in corporate hubris waiting to happen.
According to an internal Starbucks presentation reviewed by Bloomberg News, the coffee chain is developing AI-powered tools to replace a Microsoft inventory-tracking system and an IBM maintenance management platform. Starbucks spends about $400 million a year on software, and Chief Technology Officer Anand Varadarajan told employees there are "clear opportunities to reduce the spend."
The market took notice. Microsoft fell 2.4% and IBM dropped 5.2% as the Bloomberg article was published on Thursday morning. Starbucks rose more than 3% on the potentially cost-saving news. Toast (TOST +2.93%) shares enjoyed a short-lived 2.3% spike at the same time.
Image source: Getty Images.
The "we'll just build it ourselves" phase Every company goes through this. The software bills pile up, someone in the C-suite discovers that AI can write code now, and suddenly the business plan includes "proprietary platform development."
But easier to build does not mean easier to maintain. Enterprise-scale systems require ongoing security updates, integration work, and dedicated engineering headcount. Starbucks recently gave up on an AI-powered inventory tracking system and reverted to manual asset counts. That's a stark reminder that internal development comes with its own failures and costs.
To be fair, Starbucks has the scale and resources to pull this off. The grand cost-cutting plan aims to slash annual costs by more than $2 billion, and software is just a small part of this effort.
The long-term question is whether companies that pursue in-house AI builds will eventually seek out modern, vertically integrated platforms once the maintenance burden rears its ugly head.
That's where Toast comes in.
Toast is playing a different game Toast operates a cloud-based platform for restaurants that combines point-of-sale hardware, payment processing, and operational software. Wherever data or software is involved in running a single restaurant or a whole chain, Toast has integrated that issue into its comprehensive system.
The company ended Q1 2026 with 171,000 live locations, up 22% year over year, and has been expanding aggressively into enterprise accounts. Recent wins include Hungry Howie's (500 units), Papa Murphy's, and Preferred Hotels.
"We continue to see strong growth, and with the pipeline in front of us, I am confident enterprise will be a meaningful growth driver for years to come," CEO Aman Narang said in May's Q1 earnings call. "For 14 years, we have evolved from a point-of-sale solution into a comprehensive system of record, helping customers manage operations, employees, guests, and suppliers."
Image source: The Motley Fool.
Why the Starbucks situation matters for Toast investors Toast is not going to win the Starbucks account tomorrow, and probably not ever. Starbucks has a firmly established mobile app, a massive loyalty program, and the kind of global complexity that would make any outside vendor nervous. Maybe it takes a giant like IBM or Microsoft to handle the chain's inventory management.
But the Starbucks news highlights two dynamics that seem to favor specialists like Toast over the long term:
Legacy software vendors are vulnerable. Oracle (ORCL 4.30%) Simphony, the point-of-sale (POS) system Starbucks has been trying to replace for years, represents the kind of modular enterprise software that can be replaced. Large enterprises are willing to spend to solve operational pain points. The $400 million Starbucks spends annually on software represents the scale of tech operations budgets that could eventually flow to modern third-party platforms. Right now, that experiment is AI-assisted in-house development. In a few years, when the maintenance bills arrive and the original developers have moved on, some of those companies should start shopping for integrated platforms built by specialists. You know, with built-in support and maintenance contracts.
That is where Toast wants to be. The company has been embedding AI throughout its operations in recent years. As a result, Toast's engineering velocity (aka software development efficiency) is up 60%, and AI now handles 40% of customer support interactions. Toast IQ, the company's analytics and agent platform, has 40,000 weekly active locations. Pilot users of its AI marketing agent reported an 8% average increase in sales.
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The investment case The stock trades at about 45 times trailing earnings, which is not exactly cheap. But Toast has been profitable since 2024, has grown revenue at least 24% every year for the past six years, and just posted 21% GAAP operating margins.
The Starbucks news is not necessarily a reason to buy Toast today. But investors should watch the enterprise software market and consider which companies are positioned to benefit when the in-house AI experiments run their course.
Toast has a seat at that table. Whether it gets served remains to be seen.
Starbucks vyvíjí vlastní systémy, které mají nahradit software od Microsoftu, IBM a Oracle. Firma tím chce snížit náklady na software, které podle interních údajů činí zhruba 400 milionů USD ročně.
Starbucks is developing in-house systems that could replace software it buys from Big Tech companies, Bloomberg News reported Thursday (July 9).
The coffee chain is working on alternatives to a system from Microsoft that monitors inventory as well as a maintenance management tool from IBM, the report said, citing an internal presentation.
Starbucks has also been working for several years on creating a point-of-sale system that would replace Oracle Simphony, according to the report.
Starbucks declined to comment when reached by PYMNTS beyond sharing a company blog post about its approach to AI.
The moves are part of a larger shift happening in the business world.
“For two decades, buying enterprise software meant accepting a vendor’s feature set, paying per seat and hiring specialists to manage the platform,” PYMNTS reported Wednesday (July 8). “For small businesses, that model often meant paying for capabilities they never used. AI coding tools are changing that calculation.”
Five startups and small companies with staff ranging from 20 to 70 people switched from working with Salesforce and HubSpot in the last six months, turning instead to in-house applications built using AI tools from Anthropic, Lovable and Replit. These businesses reduced software costs by 40% to 80%.
Research and advisory firm Gartner found that up to $234 billion of enterprise application software spending will be exposed to agentic arbitrage by the end of 2030, or roughly 20% of all enterprise software-as-a-service spending.
“Agentic AI changes the economics of software,” George Brocklehurst, managing vice president at Gartner, said in a July 1 news release.
Retool, a low-code platform for building custom internal tools, found that 35% of enterprises have already swapped out at least one SaaS tool with a custom-built alternative, with 78% saying they intend to develop more this year.
Starbucks spends roughly $400 million per year just on software, Chief Technology Officer Anand Varadarajan told employees in an internal forum earlier this year, according to the Bloomberg report.
“There’s clear opportunities to reduce the spend in software,” Varadarajan said, per the report.
While in-house software can be cheaper for companies like Starbucks, which hopes to lower costs by $2 billion for its turnaround plan, building can lead businesses to pay more for maintenance and labor, the report said.
Starbucks ve 2. čtvrtletí fiskálního roku 2026 poprvé po více než dvou letech vykázal meziroční růst tržeb i zisku a zvýšil výhled pro fiskální rok 2026. Akcie jsou letos výše o 23,1 % a blízko 52týdenního maxima.
Key Takeaways Starbucks returned to year-over-year revenue and earnings growth while raising its fiscal 2026 outlook.SBUX is benefiting from stronger customer traffic, rewards growth and continued menu innovation.International momentum, including China, and higher earnings estimates support Starbucks' turnaround. Starbucks Corporation’s (SBUX - Free Report) shares have rallied 23.1% year to date, significantly outperforming the industry’s 1.9% growth. The strong momentum has pushed the stock close to its 52-week high of $108.88. Yesterday, Starbucks closed at $103.61, just 4.8% below that peak, reflecting growing investor confidence in its turnaround strategy.
Starbucks' recent rally reflects growing confidence in its turnaround strategy. The company posted its first year-over-year revenue and earnings growth in more than two years, raised the fiscal 2026 outlook and benefited from strong comparable sales, improving customer traffic, successful menu innovation and a stronger Starbucks Rewards program, reinforcing investor optimism.
Even among the top industry players, SBUX stands tall, outperforming McDonald's Corporation (MCD - Free Report) , Chipotle Mexican Grill, Inc. (CMG - Free Report) and Yum! Brands, Inc. (YUM - Free Report) .
Price Performance
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Turnaround Strategy Is Delivering ResultsOne of the biggest catalysts behind Starbucks stock rally has been its return to revenue and earnings growth. During the second quarter of fiscal 2026, Starbucks reported year-over-year growth in both metrics for the first time in more than two years. Global comparable-store sales rose 6%, driven by more than 7% comparable sales growth in North America and strong transaction gains across all dayparts. Importantly, management noted that customer traffic reached its strongest level in three years, indicating that the company's operational improvements are encouraging consumers to visit more frequently.
The turnaround has been supported by the rollout of the Green Apron Service model, which focuses on better staffing, faster service and improved customer experience. Starbucks reported rising customer satisfaction scores while maintaining service speed despite handling higher transaction volumes. The company is also introducing scheduled mobile order pickup, which should improve convenience and throughput. These initiatives are helping restore Starbucks' premium customer experience while increasing store productivity.
Innovation and Loyalty Are Driving DemandStarbucks continues to strengthen customer engagement through product innovation and an upgraded loyalty ecosystem. New beverage launches, including premium Matcha drinks, energy refreshers and seasonal offerings, have generated strong demand and expanded afternoon sales opportunities. The company also highlighted rapid growth in its Cold Foam platform and refreshers business, which continues to attract younger consumers.
At the same time, Starbucks Rewards has become a key growth engine. Active U.S. Rewards membership reached a record 35.6 million, while the redesigned program has increased customer engagement and visit frequency. Management noted that the new 60-star redemption option has quickly become the most popular reward, supporting repeat visits and reinforcing customer loyalty. These initiatives, combined with targeted marketing, have helped improve brand affinity to its highest level in five years.
International Momentum Adds Another Growth AvenueThe recovery is no longer limited to North America. Starbucks reported positive comparable sales across all 10 of its largest international markets for the first time in nine quarters. China recorded another quarter of transaction-led growth, while Japan and South Korea delivered particularly strong performances.
The recently completed partnership with Boyu Capital also positions Starbucks China for long-term expansion while reducing capital intensity. Management expects the new licensing structure to improve profitability and support faster expansion across more than 1,500 Chinese county-level cities over the next three years. The company also reaffirmed plans to open 600-650 net new stores globally in fiscal 2026, providing another growth catalyst.
What Could Slow the Rally?Despite the encouraging progress, several risks could temper Starbucks stock’s momentum.
Management acknowledged that the macroeconomic environment remains uncertain. Although customer demand has remained resilient, executives cautioned that higher fuel prices and broader economic pressures could eventually weigh on consumer spending. Starbucks incorporated this uncertainty into its updated fiscal 2026 guidance, suggesting management remains cautious despite recent strength.
Margin pressures have not disappeared. Product and distribution costs remain elevated due to coffee inflation, tariffs and innovation-related expenses. While Starbucks expects these headwinds to ease in the second half of fiscal 2026, any rebound in commodity prices or prolonged tariff impacts could pressure profitability.
Sustaining the rally will require continued flawless execution of the "Back to Starbucks" strategy. The company is making significant investments in labor, technology and store upgrades, and investors will expect these investments to continue generating stronger traffic, higher comparable sales and expanding margins. Any slowdown in execution or a weakening of consumer demand could reduce enthusiasm for the turnaround.
SBUX’s Estimate Revision TrendThe Zacks Consensus Estimate for SBUX's fiscal 2026 and 2027 EPS moved up in the last 60 days, indicating positive sentiment among analysts for its earnings.
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Taking a Look at Starbucks’ ValuationSBUX stock is trading below the industry. With a forward 12-month price/sales ratio of 2.98X, below its industry average. Meanwhile, other industry players like McDonald's, Chipotle Mexican Grill and Yum! Brands are trading at 6.85X, 3.23X and 4.96X, respectively.
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End NotesStarbucks is making meaningful progress in its turnaround, supported by improving operations, stronger customer engagement, successful product innovation and growing momentum across international markets. These factors, along with improving earnings expectations and a reasonable valuation, support a Hold stance for existing investors. However, with the stock trading close to its 52-week high after a strong rally, much of the near-term optimism appears to be reflected in the share price.
In addition, macroeconomic uncertainty, lingering cost pressures and the need for continued flawless execution of the "Back to Starbucks" strategy could limit further upside. As a result, existing investors may consider holding the stock to benefit from the ongoing turnaround, while new investors may be better served waiting for a more attractive entry point.
Starbucks currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Starbucks Rewards dosáhl rekordu 35,6 milionu aktivních členů a podpořil růst návštěvnosti i tržeb v obchodech. Firma zároveň zvýšila výhled pro fiskální rok 2026, nově čeká globální růst srovnatelných tržeb alespoň o 5 % a zisk na akcii mezi 2,25 a 2,45 USD.
Key Takeaways Starbucks Rewards reached a record 35.6 million active members as customer visits increased.SBUX posted 6.2% global comparable sales growth, driven by higher transactions and faster service.Loyalty enhancements, menu innovation and raised 2026 guidance support Starbucks' growth outlook. Starbucks Corporation (SBUX - Free Report) appears to be regaining momentum, with its revamped Starbucks Rewards program emerging as a key driver of higher customer engagement and store traffic. During the second quarter of fiscal 2026, the coffee giant reported its first year-over-year growth in both revenues and earnings in more than two years, signaling that the "Back to Starbucks" turnaround strategy is gaining traction.
The company's redesigned loyalty program helped lift 90-day active Starbucks Rewards membership to a record 35.6 million, up 4% year over year. More importantly, management highlighted that both Rewards members and non-members increased their visits during the quarter. The newly introduced 60-star redemption option quickly became the most popular reward, accounting for roughly one-third of all redemptions, while early data showed more customers visiting Starbucks four or more times each week.
The loyalty strategy is working alongside operational improvements. Starbucks posted 6.2% global comparable sales growth, including 7.1% comparable sales growth in the United States, driven by transaction growth of more than 4%. Faster service through its Green Apron Service model, expanded delivery, menu innovation and improved in-store experiences have complemented the Rewards program by encouraging repeat visits.
Management noted that the revamped Rewards platform is designed to emphasize personalization and customer recognition rather than heavy discounting. Instead of disrupting customer behavior, the changes produced higher membership and engagement, even during a period when Rewards participation typically declines seasonally.
Starbucks raised its fiscal 2026 guidance, now expecting global comparable sales growth of at least 5% and earnings per share between $2.25 and $2.45. While inflation, coffee costs and broader macroeconomic uncertainty remain as risks, the company's strengthening loyalty ecosystem and improving customer experience position it to sustain higher store traffic and support long-term growth.
Can Rivals Match Starbucks' Loyalty-Driven Traffic Growth?Starbucks' renewed focus on loyalty and customer engagement is intensifying competition with Dutch Bros (BROS - Free Report) and Restaurant Brands International's (QSR - Free Report) Tim Hortons. Dutch Bros continues to expand rapidly through new store openings and its Dutch Rewards program, which encourages repeat visits with personalized offers and app-based ordering. Its younger customer base and strong beverage innovation have helped drive transaction growth, making Dutch Bros a formidable challenger in the specialty coffee market.
Meanwhile, Restaurant Brands International's Tim Hortons is leveraging its extensive footprint and Tims Rewards loyalty platform to increase customer frequency across Canada and select international markets. The brand continues to invest in digital ordering, personalized promotions and value offerings to strengthen customer retention.
While both competitors are enhancing their loyalty ecosystems, Starbucks currently holds an advantage with its record 35.6 million active Rewards members, stronger personalization features and improved in-store experience. Continued execution of its loyalty strategy and operational improvements could help Starbucks maintain higher customer traffic despite intensifying competition.
SBUX’s Price Performance, Valuation & EstimatesShares of Starbucks have gained 11.4% in the past year against the industry’s 5.1% decline.
SBUX’s One-Year Price Performance
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From a valuation standpoint, SBUX trades at a forward price-to-sales (P/S) multiple of 3.00, below the industry’s average of 3.41.
SBUX’s P/S Ratio (Forward 12-Month) vs. Industry
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The Zacks Consensus Estimate for SBUX’s fiscal 2026 earnings per share (EPS) implies a year-over-year increase of 12.7%. EPS estimates for fiscal 2026 have increased in the past 60 days.
EPS Trend of SBUX Stock
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SBUX’s Zacks RankSBUX stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Starbucks ve 2. čtvrtletí fiskálního roku 2026 zvýšil konsolidovanou provozní marži na 9,4 %, ale v Severní Americe klesla na 10,2 % kvůli nákladům, clu a drahé kávě. Firma čeká, že ve 2. polovině fiskálního roku 2026 tlak na marže poleví.
Key Takeaways SBUX's North America operating margin fell about 170 bps YoY to 10.2% in Q2 FY26.Product, distribution and legal accrual pressures weighed on SBUX's North America margins in Q2.SBUX expects stronger sales leverage and easing coffee and tariff pressure in 2H FY26. Starbucks Corporation (SBUX - Free Report) is entering the back half of fiscal 2026 with improving sales momentum, but North America margin pressure remains an important test for the turnaround. In the fiscal second quarter, consolidated operating margin expanded 110 basis points year over year to 9.4%, marking Starbucks’ fiscal first quarter of consolidated margin expansion since the first quarter of fiscal 2024. However, margin performance in North America remained under pressure, with segment operating margin contracting approximately 170 basis points year over year to 10.2%.
The margin contraction reflected several cost and accrual-related pressures. Starbucks’ North America margins were affected by roughly 190 basis points of product and distribution cost increases as a percentage of revenues, as well as greater-than-anticipated legal accruals. About half of the product and distribution increase was tied to innovation-led product mix, while the remaining pressure was largely related to tariffs and elevated coffee prices.
The second-half setup is more balanced. Starbucks expects coffee and tariff pressures to begin easing in the back half of fiscal 2026, helped by recent trends in coffee prices. The benefit may not appear immediately because Starbucks’ coffee costs typically lag market movements due to purchasing and hedging practices. Still, a moderation in these pressures could help reduce one of the more visible drags on North America’s profitability.
For the back half of fiscal 2026, the margin recovery case depends on Starbucks converting stronger U.S. traffic into better profit flow-through. The company expects stronger sales leverage over the next two quarters, supported by continued progress on cost-savings initiatives. If those benefits materialize alongside easing coffee and tariff pressure, Starbucks could have a clearer path to offsetting North America margin headwinds.
How Starbucks’ Margin Setup Compares With PeersDutch Bros Inc. (BROS - Free Report) is navigating a similar input-cost backdrop, with higher coffee costs and food rollout expenses driving a 120-basis-point increase in beverage, food and packaging costs as a percentage of company-operated shop revenues in the first quarter of 2026. The impact was partly mitigated by operating leverage, as labor costs improved 120 basis points and adjusted SG&A improved 100 basis points as a percentage of revenues. For 2026, BROS expects adjusted EBITDA margin pressure from higher coffee and occupancy costs, partially offset by SG&A leverage.
McDonald’s Corporation (MCD - Free Report) provides a scale-driven comparison. The company reported an adjusted operating margin of 46% and more than $3.6 billion in restaurant margins in the first quarter, although U.S. company-operated margins remained under pressure. To manage cost volatility, MCD is relying on supply-chain scale, supplier partnerships and hedging strategies while also reviewing the optimal mix of company-operated and franchised restaurants.
Against this backdrop, Starbucks’ margin challenge is more closely tied to North America turnaround investments and input-cost pressure. BROS is relying on labor efficiency and SG&A leverage to cushion coffee and occupancy headwinds, while MCD benefits from scale, franchising and supply-chain discipline. For Starbucks, Green Apron Service investments, innovation-related costs and operating discipline remain important variables in determining whether Back to Starbucks can translate into stronger operating leverage.
SBUX’s Price Performance, Valuation & EstimatesShares of Starbucks have gained 8.5% in the past year against the industry’s 8.2% decline.
SBUX’s One-Year Price Performance
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From a valuation standpoint, SBUX trades at a forward price-to-sales (P/S) multiple of 2.93, below the industry’s average of 3.32.
SBUX’s P/S Ratio (Forward 12-Month) vs. Industry
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The Zacks Consensus Estimate for SBUX’s fiscal 2026 earnings per share (EPS) implies a year-over-year increase of 12.7%. The EPS estimates for fiscal 2026 have increased in the past 60 days.
EPS Trend of SBUX Stock
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SBUX’s Zacks RankSBUX stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Starbucks uvedl, že doručování v jeho americkém vlastněném byznysu letos vzrostlo o více než 30 % a ve 2. čtvrtletí fiskálního roku 2026 přispělo k růstu srovnatelných tržeb i transakcí. V USA tržby na srovnatelné bázi stouply o 7,1 %.
Key Takeaways SBUX said delivery has grown more than 30% YTD across its U.S. company-operated business.SBUX reported 7.1% U.S. comparable sales growth in Q2 FY26, driven by transaction growth of more than 4%.SBUX is expanding delivery alongside cafes, drive-thrus and mobile pickup to broaden customer access. Starbucks Corporation (SBUX - Free Report) is seeing delivery become a more visible comp-growth lever as the company broadens customer access across its U.S. store base. During the second quarter of fiscal 2026, delivery contributed to both comp ticket and transaction growth, underscoring its role as a measurable access-point gain within the Back to Starbucks recovery.
The momentum follows Starbucks’ expansion of delivery access across its U.S. company-operated portfolio last fiscal year. The company stated that delivery has proven to be a largely incremental revenue stream, growing more than 30% year to date (YTD) across its U.S. company-operated business. The delivery growth strengthens Starbucks’ access-point strategy, adding an incremental demand channel alongside cafés, drive-thrus and mobile pickup.
The broader U.S. comp recovery provides a stronger base for delivery to scale. In the fiscal second quarter, U.S. comparable sales rose 7.1%, led by transaction growth of more than 4%. Starbucks also reported transaction growth across all dayparts in its U.S. company-operated business, with mornings roughly back to fiscal 2022 levels. This improving traffic backdrop gives the company a stronger foundation to expand delivery as part of its broader access-point strategy.
The opportunity is tied to execution. As Starbucks improves staffing, scheduling and order sequencing, it is trying to support higher volumes across cafés, drive-thrus, mobile order pickup and delivery while keeping service times on target. Customer service times remained on target despite higher transaction volumes, while upcoming scheduled ordering is expected to bring more predictability to mobile order flow.
Delivery’s role in Starbucks’ U.S. growth story will likely depend on whether it can keep the channel incremental while preserving service execution. If the company sustains delivery momentum while maintaining operating discipline, the channel could become a more durable U.S. comp lever within the broader Back to Starbucks strategy.
How Starbucks Stacks Up to CompetitorsDutch Bros Inc. (BROS - Free Report) provides a relevant benchmark because it is also expanding beverage occasions through digital access, rewards engagement and menu innovation. Order ahead reached approximately 15% of the total transaction mix in the first quarter of 2026, while Dutch Rewards accounted for 74% of transactions. BROS is also using food attachment and energy innovation, including Myst Energy Refreshers, to support frequency and transaction growth.
McDonald’s Corporation (MCD - Free Report) offers a broader scale comparison, as it is using value, marketing and beverage innovation to drive traffic across dayparts. In the first quarter, U.S. comparable sales rose 3.9%, supported by value platforms, meal deals and menu activity. MCD also expanded its McCafe beverage platform with refreshers and crafted sodas, with additional flavors and Red Bull-infused energy drinks planned during the year.
Against this backdrop, Starbucks’ positioning depends on whether delivery can remain incremental while service execution holds. BROS is leaning on order ahead, rewards, food and customized energy to build frequency, while MCD is using value, scale and beverage innovation to reinforce traffic. Starbucks’ differentiation lies in using delivery as a measurable access-point lever, with the channel already contributing to ticket and transaction growth and growing more than 30% year to date across U.S. company-operated stores.
SBUX’s Price Performance, Valuation & EstimatesShares of Starbucks have gained 10.4% in the past year against the industry’s 8.9% decline.
SBUX’s One-Year Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, SBUX trades at a forward price-to-sales (P/S) multiple of 2.90, below the industry’s average of 3.24.
SBUX’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SBUX’s fiscal 2026 earnings per share (EPS) implies a year-over-year increase of 12.7%. The EPS estimates for fiscal 2026 have increased in the past 60 days.
EPS Trend of SBUX Stock
Image Source: Zacks Investment Research
SBUX’s Zacks RankSBUX stock currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Starbucks (SBUX +1.80%) may be on the verge of a major expansion, one that investors should note.
The global coffee giant currently operates more than 40,000 stores in 88 markets on six different continents (it has yet to establish an outpost in Antarctica).
More than 22,000 of those stores are outside the U.S. and Canada, a number that could increase substantially in the coming years, according to the company's CEO.
At the Evercore Consumer and Retail Conference in New York this week, Starbucks CEO Brian Niccol said the company can grow aggressively outside the U.S., claiming it could double its store count in other countries. He said that in China alone, the company will go from 8,000 stores today to 20,000 stores "in short order."
Niccol also said Starbucks is looking to open an additional 10,000 stores in the U.S., particularly in underpenetrated areas in the middle of the country, as today the company has a coastal bias.
Image source: Getty Images.
The company began as a single store in Seattle in 1971, selling whole bean coffee, tea, and spices.
The turnaround seems to be working Starbucks' share price is up 20% so far in 2026, after several difficult years when it moved sideways to slightly down, due to flagging sales and a loss of customers who were tired of the coffee chain's long waits and inconsistent product quality, among other problems.
Niccol, a former CEO at Chipotle, was hired in 2024 to turn the business around, and he seems to be having some success this year.
Among other changes in his "Back to Starbucks" strategy, Niccol cut almost 2,000 corporate workers from its payroll and closed hundreds of underperforming locations. He also had the company invest in stores to increase the timeliness and quality of orders.
In the second quarter (ended March 29), the company increased revenue 9% year over year to $9.5 billion and boosted earnings 14.5% to $0.50 a share. Both figures beat Wall Street's expectations, sending the stock higher. The quarter was the second consecutive period that the company saw traffic growth at its locations. Management also increased full-year guidance for 2026.
The stock is up about 5% since the second quarter results were announced.
Today's Change
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Current Price
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Niccol's turnaround is just a few quarters old, of course, but it looks like the strategy is gaining traction, and the market recognizes it. If his plan to double the international store count comes to fruition, investors might be very happy they invested $1,000 in the stock today.
