Starbucks (NASDAQ: SBUX) filed an 8-K on 29 July 2026 to release its fiscal third-quarter results (the 13 weeks ended 28 June 2026). The standout: global comparable-store sales rose 7.9% — the fourth straight quarter of growth — and the company raised its full-year profit guidance, even though headline revenue slipped 1% because its China business is now run as a joint venture.

The numbers

• Comparable-store sales: +7.9% globally, led by a 4.2% rise in transactions (more customers, not just higher prices). US comps +7.9%; International +5.7%.
• Revenue: $9.3 billion, down about 1% — but only because Starbucks converted its China retail stores into a licensed joint venture, moving that revenue off its own books. Analysts had penciled in ~$9.44B.
• EPS: GAAP $0.91 (up 86%) — but this includes a one-time ~$0.47 gain from the China deal. The cleaner non-GAAP EPS was $0.85, up 70%, versus an estimate near $0.66 — a clear beat.
• Margins: non-GAAP operating margin expanded a big 430 basis points to 14.4%, helped by sales leverage, lower inflation and tariff refunds.
• Guidance raised: full-year FY2026 non-GAAP EPS is now guided to $2.55–$2.65, up from the prior $2.25–$2.45.
• Shareholder return: quarterly dividend of $0.62 declared — the 65th consecutive quarter of payouts.

What was filed, and what "8-K item 2.02" means

An 8-K is the form US companies use to disclose a material event outside their normal quarterly cycle, and item 2.02 ("Results of Operations and Financial Condition") is specifically how they publish earnings. The detailed figures live in an attached press-release exhibit. Starbucks reports on a fiscal year that ends in late September, so this "Q3" covers roughly April–June.

Why it matters

This is a turnaround-progress report. Under the "Back to Starbucks" plan, the key question has been whether the company could get customers walking back through the door — and comparable sales up 7.9% driven by transactions (not just price hikes) is the clearest evidence yet that traffic is recovering. Rising margins and raised guidance say management is finding profit as well as sales.

The tricky part is reading the revenue line. A 1% decline looks weak until you realise it is an accounting effect: China's stores are now a joint venture, so their sales no longer flow through Starbucks' top line (instead Starbucks books royalties and its 40% share of profits). That is also why GAAP EPS jumped 86% — a one-off gain from selling most of the China business — which is exactly why the company points investors to the non-GAAP $0.85 figure for a like-for-like comparison.

Beginner takeaway

Starbucks is selling more coffee to more people again, and it lifted its profit outlook — genuinely encouraging signs. Just don't be fooled by the "revenue down 1%" and "EPS up 86%" headlines: both are distorted by the China restructuring, so the numbers to watch are comparable sales (+7.9%) and non-GAAP EPS ($0.85).

FAQ

What are "comparable-store sales"? Sales at stores open at least 13 months, which strips out the effect of simply opening new locations. It shows whether the existing business is actually getting healthier.

Why did revenue fall if sales are booming? Because Starbucks handed its China retail stores to a joint venture. Those stores' sales left Starbucks' reported revenue, even though the underlying business kept growing.

Why are GAAP and non-GAAP EPS so different this quarter? GAAP $0.91 includes a one-time ~$0.47 gain from the China transaction. Non-GAAP $0.85 removes that (and restructuring costs) to show ongoing performance — usually the better number for comparing quarter to quarter.

Does raised guidance guarantee a higher share price? No. Guidance shapes expectations, but prices depend on many things and can move either way. We don't predict prices here.

As of 30 July 2026. Source: official SEC filing — read it directly here. We summarise filings for education and may make errors, so always verify against the official document. Educational content only — not investment advice, not a buy/sell recommendation.