Starbucks Corp

• The company opened 175 net new stores in Q3, ending the period with 41,304 stores: 33% company-operated and 67% licensed ◦ At the end of Q3, stores in the U.S. comprised 41% of the company’s global portfolio, ending the period with 16,933 stores

• GAAP operating margin expanded 60 basis points year-over-year to 10.5%, primarily driven by sales leverage and lower inflation paired with tariff refunds, partially offset by higher restructuring costs and labor investments largely in support of “Back to Starbucks”

◦ Non-GAAP operating margin expanded 430 basis points year-over-year to 14.4% , including on a constant currency basis

• The company used a portion of the China sale proceeds to complete a series of tender offers to purchase approximately $1.3 billion aggregate principal amount of certain series of the company's outstanding notes

• Effective tax rate of 26.4% compared to 31.8% in the prior year, with the decrease primarily due to lapping the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in the third quarter of fiscal 2025, partially offset by impacts resulting from the divestiture of Starbucks retail operations in China in the third quarter of fiscal 2026 ◦ Non-GAAP effective tax rate decreased 960 basis points to 21.8%

“Our third quarter results reflect the growing durability of our performance across both the top and bottom line, giving us confidence in the trajectory of our business,” commented Cathy Smith, chief financial officer. “We are focused on what we can control amid a dynamic operating environment — executing our Back to Starbucks plan with discipline to drive connection, community and long-term value for our customers, partners, and shareholders.”

Q3 North America Segment Results

Operating Margin 52.1% 45.1% 700 bps Net revenues for the Channel Development segment increased 22% over Q3 FY25 to $587.9 million in Q3 FY26, primarily due to an increase in revenue in the Global Coffee Alliance.

Operating income increased to $306.2 million in Q3 FY26 compared to $218.4 million in Q3 FY25. Operating margin of 52.1% expanded from 45.1% in the prior year, primarily driven by tariff impacts including refunds. This was partially offset by product mix shifts and lower income from the North American Coffee Partnership joint venture relative to segment revenue growth.

2. Effective April 20, 2026, the U.S. Customs and Border Protection launched a platform for importers of record to begin submitting International Emergency Economic Powers Act (IEEPA) tariff refund requests. Starbucks submitted refund requests in the third quarter of fiscal 2026 for qualifying reciprocal tariffs paid and has received substantially all of the refunds requested, which were recorded in product and distribution costs within the consolidated statements of earnings. The refunds received during the third quarter of fiscal 2026 largely offset related tariffs incurred in the first three quarters of fiscal 2026.

3. In May, the company celebrated nearly 20,000 partners (employees) who graduated through the Starbucks College Achievement Plan to date, offering eligible partners 100 percent upfront tuition coverage for a first-time bachelor's degree through Arizona State University's online degree program.

4. In July, the company published its Global Impact Report, highlighting progress across coffee, partner opportunity, community impact, and environmental initiatives, while advancing several long-term goals and investments that help support the future of coffee, strengthen communities and create lasting positive impact.

• Fourth quarter U.S. comparable store sales growth of 6.5% or greater, leading to:

◦ Full fiscal year 2026 U.S. comparable store sales growth of slightly greater than 6.0%; and ◦ Full fiscal year 2026 global comparable store sales growth nearing 6.0%.

• Approximately 600 to 650 net new coffeehouses globally across company-operated and licensed businesses.

Please refer to the section entitled "Non-GAAP Disclosure" and the reconciliation of GAAP measures to non-GAAP measures at the end of this release. Certain projected non-GAAP financial measures cannot be reconciled to the most comparable GAAP measure without unreasonable effort.