该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Starbucks' third quarter of fiscal 2026 was defined by the completion of its China joint venture, fundamentally reshaping its international segment. Global comparable store sales grew 7.9%, led by an 8.1% increase in the US driven by higher transactions and ticket. Net income surged 87% to $1.05 billion, largely fueled by a $536 million one-time gain from the China divestiture, while operating margin expanded 60 basis points to 10.5% on cost leverage and tariff refunds. However, international revenue plummeted 34% due to the shift to a licensed model, and restructuring charges of $303 million weighed on profitability.
营收
93.23亿美元
同比 -1.41%
每股收益（稀释）
0.91美元
同比 +85.71%
营业利润
9.8亿美元
同比 +4.79%
SEC XBRL 原值
Starbucks (SBUX) Q3 FY2026 营收 93.23亿美元，同比下降 1.4%。 营业利润率 10.5%，较去年同期的 9.9% 扩大 0.6 个百分点。 SBUX 的财年 Q3 FY2026 对应日历 Q2 2026。
近 4 个季度：2 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月本次财报 | 0.85 | 0.67 | 超预期 +26.1% |
| 2026年3月 | 0.50 | 0.44 | 超预期 +14.2% |
| 2025年12月 | 0.56 | 0.60 | 不及预期 -6.3% |
| 2025年9月 | 0.52 | 0.57 | 不及预期 -9.5% |
2026年6月 调整后（非 GAAP） EPS 0.85美元，分析师一致预期 0.67美元，超预期 +26.1%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 0.91美元。
4 个报告分部 · SEC XBRL
各分部收入合计 93.23亿美元，即利润表上的合并营收 93.23亿美元。 利润一列同样与合并数一致。
上方利润的口径为经营利润，取自 SBUX 本次报告的原始披露。该口径由各公司自行选择，因此不同公司之间的利润率不可直接比较。
由 AI 基于本次报告的 10-Q Item 2 整理
The China retail joint venture with Boyu Capital closed, deconsolidating operations and generating a $536.3 million net gain. The International segment transitioned to a predominantly licensed model, drastically reducing company-operated store revenue.
来源: 10-Q Item 2 MD&A
Global comparable store sales rose 7.9%, with the US up 8.1%, driven by a 4.2% increase in transactions and 3.5% higher average ticket, aided by delivery, food attach, and beverage modifications.
来源: 10-Q Item 2 MD&A
Consolidated operating margin expanded 60 basis points to 10.5%, benefiting from sales leverage and lower inflation with tariff refunds, partially offset by Back to Starbucks labor investments and restructuring costs.
来源: 10-Q Item 2 MD&A
Restructuring and impairments totaled $302.6 million in the quarter, primarily from the impairment of Reserve and Roastery locations and severance, reflecting ongoing support organization transformation.
来源: 10-Q Item 2 MD&A
Management expects easing of certain macroeconomic pressures, including tariff and elevated coffee costs, into Q4 and continues to focus on cost structure and long-term profitable growth.
来源: 10-Q Item 2 MD&A
由 AI 基于本次 SEC 报告整理 · 高 0 中 5 低 0
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.
来源: 10-Q Income Statement (XBRL)
Stockholders' equity was negative $7.67 billion as of Q3 FY2026, indicating cumulative losses and potential constraints on capital return and financial flexibility.
来源: 10-Q Balance Sheet (XBRL)
North America accounted for 79.3% of total revenue, making the company highly sensitive to any weakness in US or Canadian consumer spending or operational challenges.
来源: 10-Q Segment Data (XBRL)
Year-to-date restructuring charges reached $415.8 million, and further actions are planned, which could continue to pressure operating margins and distract from core operations.
来源: 10-Q Income Statement (XBRL)
Product and distribution costs as a percent of revenue increased 130 basis points YTD, and management notes elevated coffee pricing and tariffs, which could erode profitability if not mitigated.
来源: 10-Q Income Statement (XBRL)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 93.23 亿美元 | 94.56 亿美元 | -1.41% |
营业利润 亿美元 | 9.80 亿美元 | 9.36 亿美元 | +4.79% |
净利润 亿美元 | 10.45 亿美元 | 5.58 亿美元 | +87.23% |
每股收益（基本） 美元 | 0.92 美元 | 0.49 美元 | +87.76% |
每股收益（稀释） 美元 | 0.91 美元 | 0.49 美元 | +85.71% |
答案基于本次 SEC 报告与本页数据