Starbucks Corporation

Q3 performance is strong and confirms “Back to Starbucks” execution - Consolidated net revenues: $9.3B (-1% YoY) (mainly impacted by China transition) - Global comps: +7.9% (sequential improvement; led by transaction growth >4%) - Operating margin: 14.4% (+430 bps YoY) and second straight quarter of margin expansion - EPS: $0.85 (+70% YoY) — management highlights “sales growth first, earnings follow” - North America led: Company-operated comps +8.1%; U.S. comps +7.9%; Canada even stronger - Surprising/positive: North America operating margin growth reached a milestone—up YoY for the first time since Q1 FY2024

Guidance raised for FY2026 (clear positive forward signal) - U.S. Q4 comp expectation: +6.5% or better - Implied FY2026 U.S. comps: a little more than 6% - FY2026 global comps: nearing 6% - FY2026 consolidated net revenues: flat to slightly higher YoY (still accounting for the China structure change) - FY2026 consolidated margin guidance: greater than 11% - FY2026 EPS guidance raised: $2.55 to $2.65 (at both ends of the range) - Units/openings unchanged: ~600–650 net new company openings in FY2026, driven largely by international

Operating “building blocks” behind momentum: Green Apron Service + throughput + supply chain + stability - Green Apron Service anniversary: 1 year in August; described as the operational foundation and “game changer” - Consistency/throughput improvements (examples): - North America: 2/3 of company-operated stores at 4+ “shots” - Service times: achieved targets across every access point in Q3, despite transaction growth - Food availability rate: ~99%, ~10 points better vs. a year ago - Leadership stability: North America coffeehouse leaders enrolled 2+ years improved ~7 pts YoY - Opportunity still exists: management believes there is room to add transactions (especially in morning already strong; afternoon is next big growth lever)