Starbucks | Q3 2025: Margins under pressure, expansion continues

Starbucks capped fiscal third quarter 2025 with solid revenue growth despite continued pressure on comparable sales and margins. Consolidated sales increased 4% to $9.5 billion, with the company opening an additional 308 stores and reaching a total of 41,097 locations worldwide.

The second half of Starbucks $SBUX builds on "Back to Starbucks" initiatives that target improving operational performance, customer experience and internal discipline. The company reports three consecutive quarters of improving transaction trends in the U.S., although overall global "comps" were still negative in Q3. Emphasis falls on strengthening operational fundamentals in 2025 and product and service innovation in 2026, when a "wave of innovation" is expected to accelerate growth and improve profitability.

How was the last quarter?

The third fiscal quarter delivered 4% revenue growth to $9.5 billion, but global comparable sales were down 2%. The decline was driven by lower transactions (-2%), partially…