Tuesday July 29, 2025, 19:38:48
By Mark Kalinowski
After today’s (Tuesday’s) market close, Starbucks reported adjusted fiscal Q3 (calendar Q2) EPS of $0.50. This was well short of both our $0.75 projection and sell-side consensus (according to Consensus Metrix) of $0.65. In its 10-Q out today, Starbucks notes that “Store operating expenses as a percentage of total net revenues increased 390 basis points for the third quarter of fiscal 2025. Store operating expenses as a percentage of company-operated stores revenue increased 470 basis points, primarily due to additional labor (approximately 160 basis points), deleverage (approximately 150 basis points), and increased marketing (approximately 90 basis points).”
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Tuesday April 29, 2025, 19:32:01
By Mark Kalinowski
After today’s (Tuesday’s) market close, Starbucks reported fiscal Q2 (calendar Q1) adjusted EPS of $0.41, falling well short of our $0.60 estimate and sell-side consensus (according to Consensus Metrix) of $0.49. Management had previously noted that it expected fiscal Q2 EPS to be the quarterly low point of fiscal 2025.
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Tuesday January 28, 2025, 18:56:54
By Mark Kalinowski
After today’s (Tuesday’s) market close, Starbucks reported fiscal Q1 2025 (calendar Q4 2024) EPS of $0.69, coming ahead of our $0.65 forecast and sell-side consensus (according to Consensus Metrix) of $0.65. Starbucks notes that its fiscal Q1 EPS reflect(s) heightened investments as part of [its] ‘Back to Starbucks’ strategy.” Perhaps the better-than-consensus EPS in this context suggests that Street expectations for how the remainder of fiscal 2025 will play out are within the realm of being realistic.
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