Starbucks

Revenue is diversified by format and geography and supported by recurring, habit‑based purchases, yet retail comps have been volatile during the turnaround and macro softness. Q1 to Q3 FY25 showed negative global comp trends, with North America under pressure and China stabilizing from a low base.

The programmatic loyalty engine and stable Channel Development royalties add a predictable layer, but near‑term earnings remain sensitive to labor, coffee, and mix. Longer term, we expect steadier mid‑single‑digit revenue growth resuming once U.S. transactions and China normalize.