Marina Lubimova
The company also forecasts 90–100 net new stores in North America and capital expenditure equivalent to 5% of net revenue.
FY2027 Expansion Targets
| Metric | FY2027 Guidance |
| China share of international openings | ~50% |
| North America net new stores | 90–100 |
| Capital expenditure | 5% of net revenue |
| Total international openings | Not disclosed |
| Total global net openings | Not disclosed |
FY2026 vs. FY2027
| Metric | FY2026 | FY2027 Guidance |
| Global net new stores | ~440 revised target | Not disclosed |
| China share of international openings | ~50% original target | ~50% |
| North America | ~250 additional closures announced | 90–100 net new stores |
| Capex/revenue | No comparable figure verified | 5% |
Starbucks reduced its FY2026 global net store growth forecast from 600–650 to approximately 440 following North American store closures.
China Expansion Strategy
Starbucks completed its joint venture with Boyu Capital in April 2026.
- Boyu Capital: 60% ownership.
- Starbucks: 40% ownership.
- Operating structure: Starbucks retains brand ownership and licenses its intellectual property to the joint venture.
- Long-term China target: 15,000–20,000 stores, versus approximately 8,000 at the beginning of 2026.
The joint venture supports expansion with lower direct capital requirements for Starbucks.
Capital Expenditure
Starbucks targets capital spending equal to 5% of annual net revenue.
| Illustrative Net Revenue | Capex at 5% |
| $30 billion | $1.50 billion |
| $35 billion | $1.75 billion |
| $40 billion | $2.00 billion |
Illustrative calculations, not Starbucks revenue forecasts.
Financial Outlook
Starbucks' previously outlined FY2028 targets include:
- More than 2,000 net new global stores.
- Non-GAAP operating margin of 13.5%–15%.
- Adjusted EPS of $3.35–$4.00.
Bottom line: Starbucks plans to concentrate international expansion in China, return to positive net store growth in North America, and limit FY2027 capital expenditure to 5% of revenue.
Marina Lubimova
