STARBUCKS (SBUX) Company Report

Over 1,000 unionized baristas at approximately 65 stores in 45 cities began an open-ended strike on Red Cup Day to protest stalled labor talks.
The Starbucks Workers United union demands fair wages, better scheduling, and an end to alleged union-busting, which Starbucks denies.
Despite the action, Starbucks expects most of its 10,000 company-owned U.S. stores to operate normally.
The dispute stems from unresolved contract negotiations since the union’s 2021 organizing efforts and leadership changes, with Brian Niccol serving as CEO since August 2024.

Nov 13, 2025, 11:18 AM

Bloomberg

Starbucks Baristas Authorize Strike on Red Cup Day

SBUX

Legal Proceedings

92% of participating baristas authorized an open-ended strike starting November 13, impacting approximately 550–650 company-operated stores in over 25 U.S. cities to press for better pay, staffing, scheduling, and to address alleged unfair labor practices.
The union has filed more than 1,000 charges with the National Labor Relations Board over anti-union tactics, resulting in over 100 complaints against Starbucks.
Starbucks reports its baristas earn an average base wage of $19 per hour, rising to over $30 per hour when including benefits such as health insurance, parental leave, and tuition assistance.
CEO Brian Niccol is leading a $1 billion 'Back to Starbucks' turnaround plan—initiated in September 2024—that includes store closures and layoffs to counteract declining sales and foot traffic.

Nov 6, 2025, 3:23 AM

Bloomberg

Starbucks pilots autonomous inventory robots with NomadGo AI

SBUX

Product Launch

New Projects/Investments

NomadGo Inventory AI will integrate with Richtech Robotics’ two-armed mobile robot, Dex, to fully automate the inventory process from counting through restocking.
The system uses millimeter-level precision 3D digital twins for shelf and product counts via smartphone or tablet, enabling accurate, on-device inventory management.
This partnership aims to establish an autonomous closed-loop system that handles automatic replenishment, delivery validation, and restocking without manual intervention.
NomadGo’s solution is already in use in over 11,000 Starbucks stores, enhancing supply chain visibility and product availability.

Nov 4, 2025, 4:00 PM

Press Release

Starbucks plans $4B joint venture with Boyu Capital in China

SBUX

M&A

New Projects/Investments

Starbucks will form a joint venture in China with Boyu Capital, selling a 60% stake for approximately $4 billion while retaining 40% interest and licensing its brand and intellectual property.
The partnership aims to expand Starbucks’ network of over 8,000 stores in China by entering new cities and enhancing customer experience through innovation and digital platforms.
The deal values Starbucks’ China business at over $13 billion, reflecting sale proceeds, retained interest, and the net present value of ongoing licensing fees.
Completion is targeted by Q2 of fiscal 2026 as Starbucks seeks to counteract pandemic-driven sales declines and intensified competition from local brands like Luckin Coffee.

Nov 3, 2025, 11:11 PM

Bloomberg

Starbucks announces joint venture with Boyu Capital in China

SBUX

New Projects/Investments

M&A

Under the agreement, Boyu Capital will acquire a 60% interest in Starbucks’ China retail operations for a cash-free, debt-free enterprise value of $4 billion, while Starbucks retains 40% ownership and continues to license its brand.
Starbucks expects the total value of its China retail business to exceed $13 billion, comprised of sale proceeds, the value of its retained interest, and the net present value of licensing economics over the next decade.
The joint venture will operate Starbucks’ existing 8,000 coffeehouses in China, with a shared goal to expand the network to 20,000 locations over time.
Closing is anticipated in Q2 FY2026, subject to customary regulatory approvals.

Nov 3, 2025, 10:00 PM

8-K

Starbucks posts first global same-store sales growth in seven quarters

SBUX

Earnings

Layoffs

Revenue Acceleration/Inflection

Global comps up 1% in the quarter ended Sept. 28 (North America flat; International +3% led by China)
Revenue grew ~5–5.5% to $9.6 billion, but net income plunged ~85% to ~$133 million and adjusted EPS of $0.52 missed estimates, reflecting ~$1 billion of restructuring costs
Closed 627 stores, cut corporate headcount by ~900, and saw margin compression amid labor and other turnaround investments; full guidance deferred until January
Turnaround initiatives include extra staffing, new menu items, updated barista training, and tech upgrades, though management warns of a multi-year effort

Oct 30, 2025, 2:27 AM

Bloomberg

Starbucks reports Q4 2025 earnings results

SBUX

Earnings

Consolidated revenue of $9.6 billion, up 5% year over year; global comparable store sales grew 1%, with North America flat and international up 3%.
Earnings per share of $0.52 reflect ongoing investments in the Back to Starbucks strategy.
U.S. delivery business grew nearly 30% in Q4 and surpassed $1 billion in fiscal year sales.
Launched Green Apron Service across U.S. company-operated coffee houses; over 80% achieved café service times of four minutes or less, driving the first positive transaction comps in seven quarters.
International segment delivered record Q4 revenue of $2.1 billion, full-year revenues of $7.8 billion, and opened 316 net new stores in the quarter.

Oct 29, 2025, 8:15 PM

Transcript

Starbucks reports Q4 2025 results

SBUX

Earnings

Revenue Acceleration/Inflection

Q4 consolidated revenue: $9.6 billion, +5% y/y; EPS: $0.52, -34% y/y due to inflation and strategic investments
Global comparable store sales grew 1% in Q4 (first positive in seven quarters); North America comps flat, International comps +3%
Full rollout of Green Apron Service in U.S. drove café service times ≤4 minutes in >80% of locations; U.S. delivery sales +30% y/y, exceeding $1 billion for FY 2025
Optimized portfolio with 107 net store closures in Q4 and ~70 store uplifts completed, targeting >1,000 by end of FY 2026

Oct 29, 2025, 8:15 PM

Transcript

Starbucks reports Q4 2025 results

SBUX

Earnings

Dividends

Revenue Acceleration/Inflection

Starbucks delivered 5% global revenue growth and 1% global comparable store sales growth, marking the first positive quarterly comps in seven quarters; North America comps were flat and International comps rose 3%, led by Japan, China, the U.K., and Mexico.
Earnings per share in Q4 were $0.52, reflecting ongoing investments in the Back to Starbucks turnaround strategy.
The “Back to Starbucks” plan—including scaling Green Apron Service, increasing staffing, and simplifying KPIs—drove sequential improvement in U.S. transaction comps, which turned positive in September and held through October.
Starbucks announced an increase to its quarterly dividend, extending its streak to 15 consecutive years of dividend raises, underscoring confidence in long-term free cash flow generation.

Oct 29, 2025, 8:15 PM

Transcript

Starbucks reports Q4 2025 results

SBUX

Earnings

Revenue Acceleration/Inflection

Q4 global net revenue was $9.6 B, up 5% YoY.
Global comparable sales grew 1% (+3% International; 0% North America), marking the first comp growth in seven quarters.
Q4 operating margin contracted by 500 bps to 9.4%, and diluted EPS declined 34% YoY to $0.52.
Global store count reached 40,990, up 2% YoY, while FY25 net revenue was $37.2 B (+3% YoY) and EPS was $2.13 (–35% YoY).

Oct 29, 2025, 8:15 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for STARBUCKS.

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