### At a GlanceStarbucks delivered strong results for the third quarter of fiscal year 2026, with global same-store sales posting positive growth for the fourth consecutive quarter and margins expanding for the second straight quarter. Management believes the "Return to Starbucks" plan is working and has raised its full-year guidance.

Key DataGlobal same-store sales grew 7.9%, with U.S. growth also at 7.9% (transaction volume +4.2%, average ticket +3.6%). Consolidated operating margin expanded 430 basis points year-over-year to 14.4%, and earnings per share rose 70% year-over-year to $0.85.

Business ProgressThe "Green Apron Service" has become an operational cornerstone, with two-thirds of North American stores achieving a rating of 4 or higher. Brand health indicators (favorability, consideration, purchase intent) all hit five-year highs. On innovation, the Refreshers platform delivered double-digit revenue growth in the U.S., and the summer launch of S'mores coffee became the most successful seasonal LTO in recent years. The store upgrade program has already achieved its full-year target of 1,000 stores ahead of schedule and has been accelerated to 1,500 by year-end. Internationally, Japan performed strongly, and the China business has transitioned to a joint venture model.

Guidance & OutlookManagement raised its full-year guidance: Q4 U.S. same-store sales growth is expected to be 6.5% or better, full-year consolidated operating margin is forecast at greater than 11%, and full-year EPS guidance was raised to $2.55 to $2.65.

Risk/Highlight SignalsManagement expressed optimism about the business momentum, believing growth is sustainable. At the same time, it noted that consumer confidence remains under pressure, and underperformance at some North American stores could lead to closures, as the company is cleaning up past inappropriate development strategies.