Starbucks Reports Q4 Full Fiscal Year 2025 Results

Hi, I’m Brian Niccol. 

A year ago, we launched our Back to Starbucks strategy to get back to what makes Starbucks special: exceptional craft, genuine connection, and welcoming coffeehouses. Today, I’m proud to share that our turnaround is taking hold.  

We finished fiscal 2025 strong. In the fourth quarter, we delivered 5% global revenue growth and achieved positive global comparable store sales for the first time in seven quarters.  

In North America, comps improved to flat, and in September, U.S. sales comps turned positive—and stayed positive through October.  

International continued to shine, with strong growth across top markets like Japan, the UK, and Mexico. And in China, sustainable positive comps show our business there is on the way back. 

These results reflect the momentum we’re building as we scale the work behind our plan.  

And they show the early impact of the investments we’ve made to deliver exceptional customer service, improve the look and feel of our community coffeehouses and get back into culture with marketing and menu innovation. 

First, Green Apron Service is now live across all U.S. company-operated coffeehouses, setting a new standard for the customer experience.  

We invested in staffing and hours, expanded rosters, adjusted operating hours and launched Smart Queue.  

As a result, more customers are getting their order on-time, partner turnover is at a record low, partner engagement is strong and customer experience scores continue to improve.  

Second, our coffeehouses are starting to feel more warm, welcoming and connected to their communities.  

We made tough choices to close some stores that didn’t meet our standards, introduced a new prototype with lower build costs and optimized space, and ramped up our Uplift renovation program.  

Nearly 70 uplifts are complete, with more than 1,000 planned by the end of fiscal 2026. 

Third, we overhauled our marketing and introduced disciplined menu innovation.  

Our Protein cold foam and Protein lattes are early proof points, and we’re seeing stronger brand affinity and value perception scores across all generations. 

As I reflect on fiscal 2025, we cleaned up a lot. We rebuilt our core and strengthened our foundation. And we’re starting fiscal 2026 on stronger footing and with a clear focus. 

Deliver consistent, exceptional customer experiences.  

Drive culture leading innovation that wins the morning and earns the afternoon.  

Execute with excellence to create sustainable, long-term growth.  

The holiday season is our first big moment to bring it all together—and I’m confident the holidays at Starbucks will be iconic. 

So, to wrap up, let me put it simply: We set a plan, we’re working the plan, and that plan is working.  

There’s more to do, but we took a major step forward in the quarter and proved “Back to Starbucks” isn’t a slogan. It’s an enduring model for change and long-term growth, centered on customers and fueled by partners.  

Thank you. Thank you to our partners around the world for your commitment, and to our customers and shareholders for your trust.  

I’m confident we’re building the best Starbucks, yet.