Starbucks (SBUX) official guidance

In fiscal 2027, we expect CapEx to be approximately 5% of net revenues, primarily as we continue investing in uplifts and our Back to Starbucks priorities.

Going beyond that, though, into the following year, we still believe we should be in that 5% of revenue range, plus or minus. And we'll continue to use that as our guide.

For tax, we expect our effective tax rate will be roughly in line with or slightly below fiscal 2026.

At a high level for fiscal 2027, we expect North America comps of approximately 4%, consolidated operating margin of 13.5%-14%, and EPS of $3.15-$3.25.

In G&A, we continue to realize savings from actions we took last year and expect consolidated G&A dollars to be flat to slightly down year-over-year.

International is expected to drive much of this growth at approximately 1,100 net new openings, with China contributing about half.

In North America, we expect 90 to 100 net new coffee houses for the year.

As you look out into FY 2028, we want to get back into building new units north of 300 or so in the U.S.

Finally, we expect approximately 1,200 net new coffee houses globally in fiscal 2027.

For international, we expect operating margin to begin the year at around 20% and improve slightly through the year, supported by sales leverage and our capital-efficient licensed model.

At a high level for fiscal 2027, we expect North America comps of approximately 4%, consolidated operating margin of 13.5%-14%, and EPS of $3.15-$3.25.

In addition, we expect Channel Development net revenues to decline by approximately 10%, also heavily influenced by coffee price trends.

We expect full-year North America net revenue growth to slightly exceed comp growth, driven by the impact of the 53rd week.

During the first three quarters of the year, we expect North America net revenue growth will trail the segment's comp growth, reflecting the recent company-operated coffee house closures.

Starting at the top of the P&L, we expect full-year consolidated net revenues to decrease by approximately 1% year-over-year, including approximately $700 million of revenues related to the 53rd week.

We also expect to deploy approximately $1 billion towards share repurchases, reflecting our confidence in the business and our plan.

We expect to complete more than 2,000 uplifts in fiscal 2027.

Non-GAAP consolidated operating margin of 13.5% to 14.0%;

We remain on track with our $2 billion cost savings plan. As a reminder, these are gross savings, which we expect to realize through fiscal 2028 and are balanced across product and distribution costs, OpEx, and G&A.

For tax, we assume our effective tax rate in Q4 returns to a more normal level in the mid-20s.