---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43055087.md"
description: "SBUX 3Q26 First Take: In the fourth quarter of its transformation, the company finally translated top-line momentum into earnings power. Comps, margins, and EPS all beat, and full-year guidance was raised.1) Overall: reported revenue edged down, but underlying ops accelerated. In 3Q26, SBUX posted revenue of $9.32bn (-1.4% YoY; cons. $9.12bn), with the decline entirely from China deconsolidation as revenue recognition shifted from company-operated to royalties and product sales only. Excluding this reporting change, operations clearly accelerated: global comps jumped 7.9%, well above the 5.4%–5.7% range, with traffic +4.2% and ticket +3.5%.Non-GAAP EPS was $0.85, up 70% YoY.2) North America: ticket took the baton from traffic. North America revenue reached $7.40bn (+7% YoY), lifting mix to 79% of total.Comps rose 8.1%, with traffic +4.4% (roughly flat), while the real acceleration came from ticket, up from +2.6% to +3.5%, driven by delivery, food attach, and beverage mix upgrades; list pricing contributed little. Operational tailwinds from store relocations and longer hours appear to have plateaued.The store base continued to contract, ending at 18,371 with net closures of 14.3) Intl: revenue halved but comps beat. Intl revenue was $1.32bn (-34% YoY), fully due to China deconsolidation (company-operated -50%, licensed +21%).Comps rose 5.7% (vs. 4.1% est.), mainly because China’s lower-price market, which had dragged ticket, was excluded from the comps base.4) Profitability continued to repair: on one hand, Smart Queue and new equipment reduced order backlogs and improved peak throughput. On the other, China formally shifted to an asset-light JV model, taking the G&A ratio down from 7.2% to 6.4%.Non-GAAP OPM reached 14.4%, up 430bps YoY (vs. 12% est.). Guidance: 4Q US comps set at 6.5%+. Full-year US comps 'slightly above 6.0%' and global 'near 6.0%' (prior: 5%+).The company also introduced a Non-GAAP OPM target 'above 11.0%'. For more details, stay tuned for Dolphin Research’s detailed take and call Trans. $Starbucks(SBUX.US)"
datetime: "2026-07-30T00:08:14.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43055087.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43055087.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43055087.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# SBUX 3Q26 First Take: In the fourth quarter of its…


### Related Stocks

- [SBUX.US](https://longbridge.com/en/quote/SBUX.US.md)