Earnings Preview: What To Expect From Starbucks' Report

With a market cap of $121 billion, Starbucks Corporation (SBUX) is a global coffee roaster, marketer, and retailer known for its specialty beverages, food items, and iconic brands such as Starbucks Coffee, Teavana, and Seattle’s Best Coffee. Operating through its North America, International, and Channel Development segments, the company sells products through retail stores, licensed partners, and consumer packaged goods.

The Las Vegas, Nevada-based company is set to announce its fiscal Q3 2026 results soon. Ahead of this event, analysts forecast SBUX to report an adjusted EPS of $0.65, up 30% from $0.50 in the year-ago quarter. It has surpassed Wall Street's earnings estimates in one of the last four quarters while missing on three other occasions. 

For fiscal 2026, analysts expect Starbucks to post an EPS of $2.40, a growth of 12.7% from $2.13 in fiscal 2025. Moreover, EPS is projected to increase 27.9% year-over-year to $3.07 in fiscal 2027.

SBUX stock has risen 15.1% over the past 52 weeks, lagging behind the S&P 500 Index's ($SPX) 20.8% gain. However, the stock has outpaced the State Street Consumer Discretionary Select Sector SPDR ETF’s (XLY) 7.1% return over the same period. 

Starbucks shares surged 8.5% following its Q2 2026 results on Apr. 28. Global same-store sales increased 6.2% and adjusted EPS came in at $0.50, both surpassing the consensus, prompting Starbucks to raise its fiscal 2026 adjusted EPS guidance to $2.25 - $2.45 and increase its global same-store sales growth forecast to 5% or more from at least 3%. 

Investors were also encouraged by the management's "Back to Starbucks" turnaround strategy, with about 80% of stores meeting the company's 4-4-12 service targets, 5.9% growth in average visits per store, continued positive sales trends through April, and expectations that tariff- and coffee price-related margin pressures will ease in the second half of the fiscal year.

Analysts' consensus view on SBUX stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 35 analysts covering the stock, 14 recommend "Strong Buy," two have a "Moderate Buy," 15 suggest "Hold," one gives a "Moderate Sell," and three "Strong Sells." As of writing, it is trading above the average analyst price target of $106.22.