Starbucks: Into the F3Q26 Print

Research evidence excerpt

Starbucks: Into the F3Q26 Print

Deutsche Bank

Research

Rating Company Date

Buy Starbucks 9 July 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 7 Jul 2026 (USD) 103.61

SBUX.OQ SBUX US NSM SBUX

Price Target 120.00

Consumer

52-week range 106.82 - 22.62

Restaurants

Into the F3Q26 Print

Valuation & Risks

Lauren Silberman, CFA

SBUX F3Q26 Earnings Preview Research Analyst

SBUX reports F3Q26 earnings on 7/29 AMC. +1-212-250-1285

We expect SBUX to deliver a solid F3Q with US SSS and EPS beats. We believe US

Anish Chejerla

SSS remained strong during the quarter (we now model +6.5%) reflecting benefits Research Associate

from the flywheel effect of better operations, strong cadence of relevant innovation +1-212-250-9293

and more effective marketing. We are encouraged by underlying momentum and

Skyler Limber

expect SBUX to begin to demonstrate improving flowthrough as the company

Research Associate

optimizes investments and the overall cost structure. We continue to like the near-

+1-212-250-9185

term setup on SBUX as a self-help story with building momentum and potential for

beats & raises, as well as the long-term outlook, supported by conviction in SBUX's

Key changes

ability to deliver sustainably, solidly positive SSS (in an attractive beverage

EPS (USD) - ↑ 0.0%

category) and a multi-year period of outsized earnings growth.

37,816 to

Revenue (USDm) ↑ 0.1%

37,836

n North America/US SSS: We are increasing our F3Q North America/US SSS

to 6.5% (from 6%) as we believe momentum continued throughout the Source: Deutsche Bank

quarter, relative to sell-side at 6.2%, with buy-side likely 6-7%. For

reference, Bloomberg Second Measure data suggests F3Q US sales

decelerated ~60bps from F2Q. We expect underlying NA SSS momentum