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- **Revenue Turnaround**: Q4 FY2025 marked first positive global comps in 7 quarters (+1%), driven by U.S. transaction recovery and Green Apron Service.
- **Green Apron Success**: 80% of U.S. stores achieved 4-minute service times, with Mobile Order accuracy >95% and delivery sales +30% YoY.
- **China Growth**: Starbucks China comps +2% YoY, with tea latte innovation and delivery transactions up 9%.
- **Cost Management**: G&A expenses down 2% YoY, with restructuring reducing North America store count by 1%.
- **Holiday Momentum**: Q1 2026 expected to benefit from holiday lineup and continued Green Apron rollout, with comps building through the year.

**【CEO Summary Section】**
- **Global Revenue Growth**: 5% year-over-year (YoY) in Q4 FY2025, driven by 1% global comparable store sales (comps) growth, the first positive quarter in 7 quarters.
- **Back to Starbucks Strategy**: F Apronocused on improving customer experience through Green Service, which includes better staffing, service sequencing, and menu innovation. U.S. company-operated comps turned positive in September and remained positive through October.
- **Green Apron Service Impact**: 80% of U.S. stores achieved average service times of 4 minutes or less, with Mobile Order and Pay accuracy rates above 95%. Delivery sales grew nearly 30% YoY.
- **International Momentum**: China delivered 2% comp growth, Japan returned to positive comps, and China's delivery business grew 9% in transactions.
- **Holiday Season Outlook**: Strong holiday lineup with Peppermint Mocha, Eggnog Latte, and new merchandise expected to drive Q1 momentum.

**【CFO Financial Commentary】**
- **Revenue and Earnings**: Q4 revenue of $9.6 billion (+5% YoY), EPS of $0.52 (-34% YoY) due to investments in Green Apron Service and restructuring. Non-GAAP EPS reflects $420 million GAAP net income.
- **Cost Management**: G&A expenses decreased 2% YoY to 6.6% of revenue. Restructuring actions included 107 net store closures globally, with accretive margin impact.
- **China Performance**: Starbucks China comps +2% YoY, driven by tea latte innovation and delivery growth. China's unit economics remain attractive for future expansion.
- **Tariffs and Coffee Prices**: Headwinds from elevated coffee prices and tariffs expected to persist, but partial offset by menu innovation and cost savings.

**【Q&A Highlights】**
- **Protein Platform Reception**: Protein Cold Foam and Lattes saw strong customer awareness and transaction growth, with non-Rewards customers returning to stores.
- **Green Apron Service Scaling**: 8 months into rollout, 650 pilot stores outperformed others, with sequential improvement in service and comps.
- **Store Closures Impact**: 107 net closures in Q4 reduced baseline North America revenue but transferred sales to nearby stores, with margin accretion expected.
- **License Business Strategy**: Streamlined support for licensees to improve operational excellence and profitability, with focus on tailoring execution for different channels.
- **Competition Response**: Emphasized Starbucks' scale across all channels (drive-thru, mobile, cafe) and unique value proposition of craft and connection.

Starbucks Corporation (SBUX) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SBUX

SBUX fundamentals

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