Starbucks (SBUX) earnings Q2 2023 earnings

Starbucks Coffee logo is seen on cups in the cafe in Krakow, Poland on February 16, 2023. 

Nurphoto | Nurphoto | Getty Images

Starbucks is expected to report its fiscal-second quarter results after the bell Tuesday.

Here’s what Wall Street is expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 65 cents expected
  • Revenue: $8.4 billion expected

The quarterly report is Laxman Narasimhan’s first as Starbucks chief executive after he took the reins from Howard Schultz in late March, days before the company’s annual shareholder meeting. Schultz isn’t expected to make an appearance on the company’s conference call, but his presence looms large over the quarter, given he was CEO for most of it.

Investors will focus on how Starbucks is faring in its two-largest markets: the United States and China. In the U.S., the coffee chain hasn’t yet seen notable shifts in consumer spending, bucking a broader trend across the restaurant industry. Analysts expect that trend to continue in the company’s fiscal second quarter.

In China, same-store sales are improving after the country’s government rolled back its zero Covid policy in December. Other consumer companies, including Charmin owner Procter & Gamble and Burger King parent Restaurant Brands International, have already reported rebounding sales during the first three months of the year in China. Still, their recoveries in China are in their early stages.

For fiscal 2023, Starbucks is projecting revenue growth of 10% to 12% and adjusted earnings per share growth on the low end of 15% to 20%.

Shares of Starbucks have risen 14.6% this year, giving the company a market value of $131 billion.

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