Starbucks Shares Jump as Transactions Grow for First Time in Two Years

Starbucks Corporation saw its stock surge more than 6% in premarket trading on Wednesday, January 28, 2026, following the release of its fiscal first-quarter 2026 results. While the coffee giant missed earnings expectations with adjusted EPS of $0.56 versus the consensus estimate of $0.59, the company delivered a significant milestone: transaction growth for the first time in two years.

Revenue beat expectations at $9.92 billion compared to $9.67 billion expected, driven by strong comparable store sales performance across all key markets. The results suggest that CEO Brian Niccol’s “Back to Starbucks” turnaround strategy is gaining traction, though margin pressures from labor investments and commodity costs remain a concern.

Transaction Growth Marks Key Turning Point in Q1 Results

Starbucks reported global comparable store sales growth of 4%, exceeding analyst estimates of 2.3%, marking the company’s second consecutive quarter of positive same-store sales after seven quarters of declines. This growth was driven by a 3% increase in transactions, the first transaction growth in eight quarters, and a 1% increase in average ticket.

U.S. same-store sales also rose 4%, fueled by strong demand for holiday offerings including the viral “Bearista” cup and classic menu items like the peppermint mocha. CEO Brian Niccol noted that the November holiday menu launch was the best-ever day for the company’s North American business.

International markets showed equally impressive performance, with comparable store sales increasing 5%. China, Starbucks’ second-largest market, delivered 7% same-store sales growth, driven by a 5% increase in transactions and a 2% increase in average ticket. The company opened 128 net new locations during the quarter, ending the period with 41,118 stores globally.

Despite the strong top-line performance, GAAP net income fell to $293.3 million, or $0.26 per share, down from $780.8 million, or $0.69 per share, a year earlier, impacted by restructuring costs and elevated coffee prices.

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Guidance and Investor Day Keep Focus on Recovery Path

At the premarket timestamp of 8:53 AM EST on January 28, 2026, SBUX shares were trading at $102.62, up $6.90 or 7.20% from the previous close of $95.72. The stock had closed at $96.33 on January 27, with a 52-week range of $75.50 to $117.46 and a market capitalization of $108.843 billion.

The company’s beta of 0.96 suggests relatively stable volatility compared to the broader market, while its trailing P/E ratio of 58.72 reflects investor expectations for future growth under Niccol’s leadership.

For fiscal 2026, Starbucks introduced guidance projecting adjusted earnings per share in the range of $2.15 to $2.40, slightly below Wall Street’s consensus estimate of $2.35 per share. The company expects global and U.S. same-store sales growth of at least 3%, with consolidated net revenues growing at a similar rate.

Management anticipates non-GAAP operating margin to slightly improve year-over-year despite ongoing pressures from labor investments, elevated coffee pricing, and tariffs. The company plans to open 600 to 650 net new company-owned and licensed cafes globally in fiscal 2026.

Investors are expected to receive additional details about Niccol’s long-term strategy and financial targets at an investor day scheduled for Thursday, January 29, 2026, in New York City.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.