Core Insights - Starbucks reported mixed results for Q4, with adjusted EPS of 52 cents, missing estimates of 56 cents [1] - Revenue for the quarter was $9.6 billion, exceeding the estimated $9.35 billion, despite ongoing labor investments [2] - Global comparable store sales turned positive, with Q4 comp sales up 1%, better than the estimated decline of 0.3% [2] - North American comp sales were flat, compared to estimates of a 0.9% increase, with a noted decline in transactions [2] - Positive trends were observed in US comps in September, as the company's "back to Starbucks" plan began to take effect [3] - International comp sales also exceeded expectations, with Q4 sales up 3%, and same-store sales in China increased by 2% [3]

Core Insights - Starbucks' annual delivery sales have surpassed $1 billion in fiscal 2025, marking significant growth in this segment [1] - The company's U.S. same-store sales remained flat in the fiscal fourth quarter, ending a streak of seven consecutive quarters of declines [2] Delivery Growth - Starbucks initiated its delivery service approximately ten years ago, but its rollout has been slower compared to other restaurant chains [3] - Nationwide delivery options became available through Uber Eats in 2020, DoorDash in 2023, and Grubhub in the previous year, with all company-operated U.S. cafes now offering delivery [3] Consumer Behavior - U.S. consumers have been slower to adopt coffee delivery compared to markets like China, with drive-thru and mobile order options providing similar convenience without delivery fees [4] - The average Starbucks delivery order is nearly double the size of an in-store transaction, with over 40% of delivery orders including food [4] Market Trends - Despite a slowdown in broader restaurant spending due to rising consumer costs, food delivery services have maintained stable sales, aided by discounts and promotions from third-party apps [5]

Core Insights - Starbucks Corp. experienced a rise in shares during extended trading after reporting a surprising same-store sales gain for its fourth quarter, marking its first increase in seven quarters [1] Financial Performance - The company reported a same-store sales gain in its fourth quarter, indicating a positive shift in consumer demand [1] Market Reaction - Following the announcement, shares of Starbucks rose, reflecting investor optimism regarding the company's performance [1]

Core Viewpoint - Fiserv's stock plummeted over 40% following a reduction in its earnings outlook and a significant slowdown in its payment business, raising investor concerns amid an ongoing lawsuit regarding alleged inflated growth claims related to its Clover platform [1][3]. Financial Performance - Fiserv's stock fell by 43.9% in a single day, primarily due to a morning selloff after the company revised its full-year outlook downward [3]. - The company reported only 1% organic revenue growth in Q3, a sharp decline from 8% in Q2, and significantly lower than the double-digit growth seen earlier in the year [3]. - Growth in the Merchant Solutions segment, which includes the Clover payments system, decreased to 5%, approximately half of the previous quarter's growth rate [3][4]. - Fiserv now anticipates organic revenue growth of 3.5% to 4% for the full year, down from 10% in the second quarter [4]. Market Impact - The selloff resulted in a market capitalization loss of $30 billion, with the company's value dropping from $68.6 billion to $38.4 billion [5]. Management Commentary - CEO Mike Lyons acknowledged that the company's current performance does not meet expectations from stakeholders [6]. Legal Issues - Fiserv is facing a federal securities class-action lawsuit alleging that it inflated growth figures for its Clover platform by migrating merchants from its older Payeezy system, which misrepresented revenue growth [7]. - The lawsuit claims that former CEO Frank Bisignano misled investors about the sources of Clover's revenue growth, stating that 90% would come from new merchants while the company transitioned around 200,000 Payeezy merchants to Clover [7]. - By early 2025, Clover's gross payment volume growth slowed to 8%, down from 14%-17% the previous year, indicating a significant decline in performance [7]. Leadership Changes - Fiserv announced a leadership and board overhaul, appointing Takis Georgakopulous and Dhivya Suryadevera as co-presidents and Paul Todd as chief financial officer [9].

Core Insights - Starbucks reported fourth-quarter net revenue of 9.6 billion USD, exceeding market expectations of 9.34 billion USD [1] - Same-store sales growth was 1%, while a decline of 0.48% was anticipated [1] - Adjusted earnings per share were 0.52 USD, slightly below the forecast of 0.55 USD [1]

Starbucks posted positive same-store sales growth for the first time in over a year, an early sign the coffee chain’s turnaround efforts are gaining traction https://t.co/SK8WBi9vcg ...

The Seattle company reports flat U.S. same-store sales for its fourth quarter. ...

Financial Performance - Starbucks' Q4 global net revenue increased by 6%[2] - North America comp remained flat at 0%[2] - International comp increased by 22%[2] - Channel Development comp increased by 1%[2] - Starbucks' Q4 global operating margin was 9.4%, a decrease of 500 basis points year-over-year[2] - Starbucks' Q4 diluted net EPS was $2.13, a decrease of 35% year-over-year[2] - Starbucks' FY25 global net revenue is projected to decrease by -2%[2] - North America comp is projected to remain flat at 0%[2] - International comp is projected to decrease by -1%[2] - Channel Development comp is projected to increase by 5%[2] - Starbucks' FY25 global operating margin is projected to be 9.9%, a decrease of 500 basis points year-over-year[2] Strategic Focus - Starbucks is refocusing on its core coffeehouse experience to drive growth[5] - The company aims to deliver durable, sustainable growth and long-term shareholder value[1]

Core Insights - Starbucks reported a return to growth in quarterly same-store sales for the first time in nearly two years, indicating the success of its turnaround strategy [1] - Global same-store sales increased by 1%, driven by international markets, while U.S. same-store sales were flat but turned positive in September [1] - The company’s fiscal fourth-quarter net income was $133.1 million, or 12 cents per share, a significant decrease from $909.3 million, or 80 cents per share, a year earlier [2] Financial Performance - Excluding restructuring costs and other items, adjusted earnings per share were 52 cents, slightly below the expected 56 cents [6] - Net sales rose by 5% to $9.57 billion, surpassing the expected $9.35 billion [6] Strategic Initiatives - The company closed 627 locations and laid off approximately 900 nonretail employees as part of a restructuring plan [3] - Starbucks has been investing in labor by adding assistant store managers to many North American cafes, which impacted operating margins [3] - To enhance U.S. sales, the company focused on improving in-store customer experience and reducing service times to under four minutes per order [4] Market Performance - In China, same-store sales increased by 2%, supported by a 9% rise in traffic, despite competition from local rivals [5] - The company is considering selling a stake in its China business, which is valued at over $10 billion [5]

Financial Performance - Q4 consolidated net revenues increased by 5% to $9.6 billion, with a GAAP EPS of $0.12 and a non-GAAP EPS of $0.52[1][4] - Total net revenues for the quarter ended September 28, 2025, were $9,569.0 million, representing a 5.5% increase compared to $9,074.0 million for the same quarter in 2024[25] - For the year ended September 28, 2025, total net revenues were $37,184.4 million, a 2.8% increase from $36,176.2 million in 2024[26] - The company's operating income for the quarter was $278.2 million, a decrease of 78.7% compared to $1,306.9 million in the same quarter last year[48] - Net earnings attributable to Starbucks for the quarter were $133.1 million, down 85.4% from $909.3 million in the same quarter last year[25] - Net earnings attributable to Starbucks for the year were $1,856.4 million, a decrease of 50.6% from $3,760.9 million in the previous year[26] - Non-GAAP diluted EPS for the year was $2.13, down 35.6% from $3.31 in the previous year[49] Store Operations - The company closed 107 stores in Q4, ending with 40,990 stores, including 627 closures as part of the restructuring plan[4][5] - The total number of company-operated stores in North America decreased by 435 in Q4 FY25, resulting in a total of 11,018 stores[39] - The total number of international company-operated stores increased by 219 in Q4 FY25, reaching 10,496 stores[39] Revenue Segmentation - Company-operated stores generated revenues of $7,862.0 million, a 5.6% increase from $7,442.1 million in the prior year, accounting for 82.2% of total net revenues[25] - North America total net revenues increased by 3.1% to $6,901.5 million in Q4 2025, driven by a 4.3% rise in company-operated store revenues[27] - International total net revenues rose by 9.4% to $2,070.9 million in Q4 2025, with company-operated store revenues up 11.2%[28] - The Channel Development segment saw a 17% increase in net revenues to $542.6 million, primarily due to growth in the Global Coffee Alliance[11] Operating Margins and Expenses - GAAP operating margin contracted by 1,150 basis points year-over-year to 2.9%, primarily due to restructuring costs and inflation[4][7] - Non-GAAP operating margin decreased by 500 basis points year-over-year to 9.4%[4] - Total operating expenses increased by 19.1% to $9,376.0 million, compared to $7,870.5 million in the previous year[25] - Store operating expenses as a percentage of company-operated store revenues increased to 55.5% from 51.4% year-over-year[26] - Total operating expenses in North America surged by 21.2% to $6,593.0 million in Q4 2025, primarily due to higher store operating expenses[27] Strategic Initiatives - The company announced a cash dividend of $0.62 per share, reflecting a commitment to consistent value creation for shareholders[18] - Starbucks opened its first flagship store in Spain at Real Madrid's Santiago Bernabéu Stadium, enhancing community connections[18] - The company is the official coffee partner of the LA28 Olympic and Paralympic Games and Team USA, indicating strategic partnerships for brand visibility[18] - Restructuring and impairments for the year amounted to $892.0 million, reflecting a significant strategic shift[26] Cash Flow and Assets - Net cash provided by operating activities decreased to $4,747.5 million in 2025 from $6,095.6 million in 2024, a decline of 22.2%[34] - Total assets increased to $32,019.7 million in 2025 from $31,339.3 million in 2024, representing a growth of 2.2%[32] Comparable Store Sales - Global comparable store sales grew by 1%, driven by a 1% increase in comparable transactions, while North America and U.S. comparable store sales were flat[4][5] - Comparable store sales remained flat at 0% in Q4 FY25, compared to a decline of 6% in Q4 FY24[37] - In China, net revenues increased by 6% to $831.6 million in Q4 FY25 from $783.7 million in Q4 FY24[38]