BUSINESS

Starbucks China Revenue Jumps Amid Restructuring Push

Published: Jan. 29, 2026 4:18 p.m. GMT+8

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A Starbucks coffee shop in Shanghai. Photo: Visual China

Starbucks Corp. reported a strong fourth quarter in China as the U.S. coffee chain restructures its operations in the world’s second-largest economy.

During the three-month period, Starbucks generated revenue of $823 million in the Chinese market where it runs 8,011 stores, up 11% year-on-year, according to its earnings report released Wednesday.

The company’s China business saw comparable store sales grow 7% during the period after years of stagnation, driven by a 5% rise in comparable transactions and a 2% jump in average ticket, the report said.

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Starbucks’ China Q4 revenue reached $823 million (up 11% YoY) with 8,011 stores; comparable sales rose 7%.
Starbucks announced a joint venture with Boyu Capital, giving Boyu 60% of China retail business valued at $4 billion; Starbucks retains 40%.
Starbucks’ global Q4 revenue was $9.9 billion (+5.5%), but net income fell 62.4% to $293 million; international operating income grew 19%.

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Who’s Who

Starbucks Corp.: Starbucks Corp. reported strong Q4 revenue of $823 million in China, a 11% year-on-year increase, with 8,011 stores. Comparable store sales in China grew 7%. The company plans a joint venture with Boyu Capital, giving Boyu a 60% stake and selling off its China retail operations. Starbucks' overall Q4 revenue was $9.9 billion.

Boyu Capital: Boyu Capital, a private equity firm, is forming a joint venture (JV) with Starbucks to operate its retail business in China. Boyu Capital will acquire a 60% stake in this JV, valued at $4 billion, once the transaction closes. Starbucks will retain a 40% stake and continue to own and license its brand to the new entity.

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