Starbucks Reports Q3 Fiscal Year 2025 Results
“Back to Starbucks” Plan is Working, Laying Foundation for Innovation in 2026.
SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 29, 2025. GAAP results in fiscal 2025 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.
For the full press release, please visit our Investor Relations site here.
- “We’ve fixed a lot and done the hard work on the hard things to build a strong operating foundation, and based on my experience of turnarounds, we are ahead of schedule,” commented Brian Niccol, chairman and chief executive officer. “In 2026, we’ll unleash a wave of innovation that fuels growth, elevates customer service, and ensures everyone experiences the very best of Starbucks. We’re building back a better Starbucks experience and a better business,” Niccol added.
- “We are making tangible progress in our ‘Back to Starbucks’ strategy. In the quarter, we made a significant non-recurring investment in our Leadership Experience 2025 and also incurred a discrete tax item, which in the aggregate, negatively impacted Q3 EPS by $0.11,” commented Cathy Smith, chief financial officer. “We are focused on growing back better and delivering durable, sustainable long-term growth,” Smith added.
Q3 FY25 Earnings Video Transcript
Brian Niccol, chairman and ceo
I’m Brian Niccol.
In Q3, we made good progress. And we laid the foundation for a wave of innovation in 2026.
Our “Back to Starbucks” plan is working.
It’s grounded in what makes us Starbucks: handcrafted beverages, welcoming coffeehouses, and the human connection that brings it all together.
While our financial results don’t yet reflect all the progress we’ve made, the signs are clear — we’re gaining momentum.
In the U.S., partner engagement is rising, customer connection scores are up, shift completion is at a record high, non-Starbucks Reward customer transactions returned to growth, and more coffeehouses are delivering positive transaction comps.
That momentum is being fueled by the foundational changes we’re making to our business. And as we make investments at the store-level, we’ll look for offsets in other costs.
We’re transforming how we operate — starting with our Green Apron Service model, which is our biggest investment ever in the customer experience.
It’s a new operating foundation that brings speed, craft, and connection to every coffeehouse.
It’s enabled by smarter staffing, advanced order sequencing, and clear service standards.
It’s already driving faster service, stronger sales, and a better customer experience — and next month, it rolls out nationwide.
We’re also uplifting our coffeehouses — bringing back seats, warmth, and texture.
And we’re building the coffeehouse of the future — with a 30% lower cost to build, a better customer experience, and designed to fuel our growth.
With these foundations in place, we’re ready to innovate. In 2026, we’ll launch the following items:
- Protein cold foam — a breakthrough modifier with 15 grams of protein.
- A reimagined artisanal baked case and a bold new 1971 dark roast.
- Tests of new coconut water-based beverages, gluten-free and high-protein food, and customizable energy drinks.
- A new Starbucks app, enhanced Mobile & Order & Pay, and a refreshed Rewards program to deepen loyalty and engagement.
And this momentum is global. International revenue for the quarter topped $2 billion for the first time.
China comparable sales turned positive.
And we’re growing with purpose across Canada, the U.K., Mexico, Türkiye, and beyond.
We’ve fixed a lot, and done the hard work on the hard things, to build a strong operating foundation.
In 2026, we’ll unleash a wave of innovation that fuels growth, elevates customer service, and ensures everyone experiences the very best of Starbucks.
So we aren’t just getting back to Starbucks, we’re building the best Starbucks, yet.
Thank you for being a part of this journey. Take care.
