SBUX net income +87% on $536M China JV gain; operating income +5% as U.S. comps turn positive

Filed July 29, 2026 · Period ending June 28, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

• high

  Net income rose 87% to $1.0B, but operating income grew only 5% to $980M — the $442M net below-the-line swing came from non-operating/other +$556M, income tax -$114M, and noncontrolling interest +$600K, not from operations.

  MD&A: Earnings Quality verify on EDGAR →
• high

  China JV conversion closed Q3 FY26: Boyu Capital acquired 60%, Starbucks retained 40% equity-method stake; generated $536M pre-tax gain and $2.5B net proceeds, of which $1.3B repaid debt. 7,991 company-operated stores now licensed.

  Notes: China Divestiture verify on EDGAR →
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  U.S. comparable store sales reversed from -2% (Q3 FY25) to +7.9% (Q3 FY26), driven by +4.2% transactions and +3.6% ticket; delivery, food attach, and beverage modifications drove ticket growth.

  MD&A: U.S. Comps verify on EDGAR →