Starbucks — Apr 28, 2026 release

4 Fiscal Year 2026 Guidance The company updates its fiscal year 2026 guidance (all growth targets are relative to fiscal year 2025 non-GAAP measures unless specified): • Global and U.S. comparable store sales growth of 5.0% or greater; • Consolidated net revenues roughly flat year over year; • Non-GAAP consolidated operating margin to slightly improve year over year; • Non-GAAP earnings per share in the range of $2.25 to $2.45; and • Approximately 600 to 650 net new coffeehouses globally across company-operated and licensed businesses. Please refer to the section entitled "Non-GAAP Disclosure" and the reconciliation of GAAP measures to non-GAAP measures at the end of this release. Certain projected non-GAAP financial measures cannot be reconciled to the most comparable GAAP measure without unreasonable effort. Guidance reflects the retail operations of Starbucks China as a joint venture licensee structure in the second half of the fiscal year 2026. The retail operations of Starbucks China are reported as a company‑operated business for the first half of fiscal year 2026. The company will provide additional information regarding its business outlook during its regularly scheduled quarterly earnings conference call. Conference Call Starbucks will hold a conference call today at 1:15 p.m. Pacific Time, which will be hosted by Brian Niccol, chairman and ceo, and Cathy Smith, cfo. The call will be webcast and can be accessed at http://investor.starbucks.com . A replay of