Starbucks Q3 GAAP EPS $0.49 (-47% YoY); North America operating margin collapses to 13.3%

STARBUCKS CORP

2025-Q3 EPS reported $1.51 revenue$27,615,400,000

Consolidated net revenues $9.5B (+4% YoY); GAAP EPS $0.49 (-47%), non-GAAP EPS $0.50 (-46%).
Global comp store sales -2% (transactions -2%, avg ticket +1%); U.S. comp sales -2% with transactions -4%.
North America operating margin 13.3% vs 21.0% a year ago, a 770 bps contraction on deleverage and investments.
China comp store sales +2% (transactions +6%, ticket -4%); International revenue $2.0B (+9%).
Completed $1.75B bond issuance; declared $0.61 dividend payable 8/29; added two board members.

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