SHARPE
Reported results
- Q4 FY26 consolidated net revenues decreased 4% year-over-year to $9.1 billion.
- Q4 FY26 GAAP operating margin expanded 790 basis points year-over-year to 10.8%.
- Q4 FY26 non-GAAP operating margin expanded 460 basis points year-over-year to 14.0%.
- Q4 FY26 GAAP earnings per share of $0.59 increased 392% over the prior year.
- Q4 FY26 non-GAAP earnings per share of $0.80 expanded 54% over the prior year.
- Full Fiscal Year 2026 consolidated net revenues increased 2% year-over-year to $37.9 billion.
Guidance
- Full-year fiscal 2027 consolidated net revenues to decline by approximately 1% year over year, including approximately $700 million related to the 53rd week.
- Full-year fiscal 2027 North America comparable coffeehouse sales growth of approximately 4.0%.
- Full-year fiscal 2027 non-GAAP consolidated operating margin of 13.5% to 14.0%.
- Full-year fiscal 2027 non-GAAP earnings per share of $3.15 to $3.25, including slightly more than ten cents related to the 53rd week.
- Approximately 1,200 net new coffeehouses globally across company-operated and licensed businesses in fiscal year 2027.
Notes
Results reflect the divestiture/conversion of Starbucks retail operations in China to a licensed joint venture model in the third quarter of fiscal 2026.
Price and volatility reaction
The stock moved -1.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -5.1 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 105.51 | 2026-10-29 |
| Close after release | 103.67 | 2026-10-30 |
| Realised move | -1.7% | close to close |
| 30d ATM IV change | -5.1 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-29 (8-K, Item 2.02). Read the original filing on sec.gov.