Starbucks (SBUX) Operating Margin (2009 - 2026)
Starbucks (SBUX) posted quarterly Operating Margin of 10.52% for Q2 2026, up 62.0% year-over-year from 6.49% in Q2 2025, and up 21.04% quarter-over-quarter from 8.69% in Q1 2026.
Starbucks (SBUX) Operating Margin (2009 - 2026) Analysis & Trends
Starbucks (SBUX) has reported Operating Margin for 18 consecutive years, with 10.52% the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Margin rose 62.0% year-over-year to 10.52%; the TTM figure through Jun 2026 stood at 7.77% (down 304.0% YoY), while the FY2025 annual figure was 7.9%, down 705.0% from the prior year.
- Operating Margin improved to 10.52% in Q2 2026 per SBUX's latest filing, from 8.69% in the prior quarter.
- Across five years, Operating Margin topped out at 18.2% in Q4 2023 and bottomed at 2.91% in Q3 2025.
- Historically, Operating Margin has averaged 12.72% across 5 years, with a median of 14.21% in 2022.
- Annual changes were most pronounced in 2023 — Operating Margin jumped 399 bps — and 2025, when it sank 1150 bps.
- Starbucks' Operating Margin stood at 14.21% in 2022, then increased by 11 bps to 15.76% in 2023, then retreated by 24 bps to 11.94% in 2024, then fell by 25 bps to 8.98% in 2025, then climbed by 17 bps to 10.52% in 2026.
- Business Quant data shows SBUX's Operating Margin at 10.52% in Q2 2026, 8.69% in Q1 2026, and 8.98% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 193.05 Bn | 192.23 Bn | 6.42 Bn | 47.02% |
| 2 | Starbucks | 122.77 Bn | 119.16 Bn | 6.49 Bn | 10.52% |
| 3 | Chipotle Mexican Grill | 42.40 Bn | 41.73 Bn | 2.35 Bn | 15.70% |
| 4 | Yum Brands | 40.42 Bn | 39.75 Bn | 1.47 Bn | 30.20% |
| 5 | Restaurant Brands International | 27.11 Bn | 27.59 Bn | 1.89 Bn | 28.41% |
| 6 | Darden Restaurants | 25.70 Bn | 25.48 Bn | 3.68 Bn | 13.90% |
| 7 | Restaurant Brands International Limited Partnership | 17.24 Bn | 16.18 Bn | 1.89 Bn | 28.41% |
| 8 | Yum China Holdings | 16.42 Bn | 15.74 Bn | 2.22 Bn | 11.09% |
| 9 | Texas Roadhouse | 13.58 Bn | 13.40 Bn | 1.44 Bn | 8.50% |
| 10 | Dominos Pizza | 11.46 Bn | 11.32 Bn | 478.23 Mn | 19.43% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 28, 2026 | 10.52% |
| Mar 29, 2026 | 8.69% |
| Dec 28, 2025 | 8.98% |
| Sep 28, 2025 | 2.91% |
| Jun 29, 2025 | 9.89% |
| Mar 30, 2025 | 6.86% |
| Dec 29, 2024 | 11.94% |
| Sep 29, 2024 | 14.40% |
| Jun 30, 2024 | 16.65% |
| Mar 31, 2024 | 12.83% |
| Dec 31, 2023 | 15.76% |
| Oct 1, 2023 | 18.20% |
| Jul 2, 2023 | 17.28% |
| Apr 2, 2023 | 15.22% |
| Jan 1, 2023 | 14.38% |
| Oct 2, 2022 | 14.21% |
| Jul 3, 2022 | 15.90% |
| Apr 3, 2022 | 12.43% |
| Jan 2, 2022 | 14.63% |
| Oct 3, 2021 | 18.19% |