Hotels, Restaurants & Leisure
Starbucks' Q3 FY2026 results were dominated by the China joint venture closure, delivering a one-time gain and a shift to a higher-margin licensed model, while North America comparable sales grew 8.1%.
Key risk: Revenue Decline and International Volatility
Consolidated revenue fell 1.4% YoY, with International segment revenue dropping 34% due to the China deconsolidation. The shift to a licensed model introduces earnings volatility and reliance on joint venture performance.
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