• 7 min read
• March 28, 2026

Starbucks UK-registered UK and EMEA businesses today filed accounts for the financial year ending 28 September 2025.

FY25 Financial Updates

Starbucks Coffee Company (UK) Ltd (in GBP)

• Total revenue: £556.3m (FY24: £525.6m)
• Gross profit: £144.3m (FY24: £135.0m)
• Operating loss: £29.8m (FY24: £27.5m)
• Loss before tax: £41.3m (FY24: £35.2m)
• Profit/loss for the financial period: £30.1m (FY24: £(36.2)m)
• UK store count: 1,304 (FY24: 1,240)

Starbucks EMEA Ltd (in USD)

• Total revenue: $402.5m (FY24: $388.0m)
• Gross profit: $303.4m (FY24: $305.7m)
• Operating profit: $100.0m (FY24: $104.6m)
• Profit before tax: $85.5m (FY24: $114.6m)
• Profit for the financial period: $59.5m (FY24: $77.1m)
• EMEA store count: 4,982 stores (FY24: 4,862)

UK FY25 Operational Updates

• Revenue increased year on year (c.6% vs FY24), driven by higher customer transaction volumes (c.2% vs FY24) and supported by targeted store expansion in priority locations. This reflects continued progress against the Back to Starbucks strategy.
• The Company recorded an operating loss, reflecting ongoing input-cost inflation (Starbucks cost of goods sold increased 10.1% vs FY24) and higher wage and benefit costs (up 7.8% vs FY24), which included the increase in NIC contributions, alongside one-off costs associated with the store closure programme carried out in September 2025.
• Starbucks continued to invest in growth, including digitalisation and loyalty. Total Starbucks Rewards sales increased by 45% vs FY24, accounting for 42% of total UK sales in FY25, and active membership grew by 41% in FY25.
• The Company delivered on its commitment and opened 92 new stores in the UK during FY25. It plans to open over 75 new stores in FY26 as it continues to invest for long-term growth.
• Over the last five years, Starbucks has added over 500 new stores to its UK portfolio, and plans to open a further 500 new stores over the next five years.

Duncan Moir, President Starbucks Europe, Middle East and Africa, commented:

“We’re operating in a tougher and more competitive market, but we’re seeing encouraging progress as we deliver on our Back to Starbucks plan, focusing on the fundamentals of the coffeehouse experience, improving customer service and product consistency, and building stronger digital and loyalty engagement.

“In the UK, we continued to grow our footprint, opening 92 coffeehouses in FY25. We plan to open 75 new coffeehouses in FY26 and over the next five years, there are plans to open a further 500 across the UK portfolio, reflecting our confidence in the market’s long-term growth. We also grew our footprint across EMEA, opening 299 new coffeehouses, and plan to open more than 200 new stores in FY26 as we invest for long-term, sustainable growth in the region.

“We are taking the right steps to improve efficiency and performance, and to move the business onto a stronger footing, while continuing to invest in the customer experience. Finally, I want to thank our partners (employees) across the region for the pride and connection they bring to customers every day.”

UK Overview

The UK remains the Company’s largest market in EMEA. UK operations are captured in the accounts of Starbucks Coffee Company (UK) Limited.

Across the full UK estate, Starbucks delivered on its commitment, opening 92 new stores in FY25. The Company also completed 21 company-operated store refurbishments, leading to an increase in those stores’ profit contribution. The Company ended the year with a total of 1,304 stores in the UK. Of these, 398 stores are company-operated, and 906 were run by licensees – a 30/70 split approximately, which is flat on last year. Starbucks continues to invest for growth in the UK and is planning to open over 75 new stores in FY26.

In addition to this, in October 2024, Starbucks acquired 23.5 Degrees Limited, its largest local UK licensee. This will see Starbucks add 113 stores to its Company-operated portfolio and, in the process, further strengthen its market presence and expand its footprint across key regions. The integration of these stores will occur in FY26 and, upon completion, is expected to change the company-operated to licensed ratio from 30/70 to approximately 40/60.

UK Market Trends

The UK coffee market remained challenging through FY25, with customers continuing to face cost pressures, and the business managing inflation and input-cost volatility, alongside intensified investment and competition in the branded coffee sector.

Against this backdrop, the Company continued to focus on delivering upon its Back to Starbucks strategy and implementing actions designed to improve the customer experience and drive long-term growth, including store expansion in priority locations, investment in digital and loyalty, and a focus on product innovation.

UK revenue increased year on year to £556.3m (FY24: £525.6m). This reflected a combination of continued store expansion and increased customer transaction volumes versus the prior year. Total transactions increased by 2% vs FY24, while average ticket size increased to £6.45 (up £0.17 vs FY24).

Customer convenience channels continued to grow, with Mobile Order & Pay (“MOP”) orders increasing year on year by 28%. Starbucks Rewards also remained a key driver of engagement. Starbucks Rewards sales were up 45% vs FY24, and accounted for 42% of total UK sales in FY25, up from 31% in FY24. Active rewards membership grew by 41% to 2.4 million. The Company also introduced the Multi-Tier Redemption (“MTR”) system, which enables more flexible redemption and creates stronger incentives for customers.

Despite revenue growth, Starbucks Coffee Company (UK) Limited reported an operating loss of £29.8m (FY24: £27.5m). Profitability was impacted by cost inflation, alongside ongoing investment to support growth and the customer experience. The year on year increase in Starbucks cost of goods sold (“COGS”) totalled 10.1%, driven by higher cost per unit and increased units sold. EMEA green coffee prices are continuing to rise, driven by the highly volatile coffee market, which has increased sharply by over 35% since August 2025.

Wages and benefits costs have increased by 7.8% vs FY24, which included the increase in NIC contributions. The Company also incurred a one-off cost associated with the closure of some underperforming stores, carried out in September 2025.

The Company recorded a profit for the financial period of £30.1m due to a corporation tax credit recognised in FY25, reflecting deferred tax timing differences and a prior-year adjustment. The deferred tax element reflects qualifying capital investment made in the UK business over a number of years.

The Company continued to optimise its menu and respond to evolving customer preferences.  In FY25, sales in the cold beverage category grew 11.8% year on year, and seasonal limited-time offers contributed 10% of UK sales. The Company is also seeing a growing demand for its Matcha range, sales of which grew by 68% in FY25, and continued to grow in Q1 FY26.

UK FY2026 Update

Starbucks UK is focused on continuing to deliver against our Back to Starbucks strategy, working to improve the in-store and digital experience, drive operational efficiency, and deliver sustainable performance over the long term.

We will continue to invest for growth in the UK, opening over 75 new stores in the region. Over the last five years, Starbucks has added over 500 new stores to its UK portfolio, and plans to open a further 500 new stores over the next five years.

In February 2026, the Company announced changes to its licensing model, which will see it adopt a strategic regional approach. This will create clearer regional opportunities for future store development and support the continued growth of both Starbucks UK, and our licensed partners.

EMEA Overview

Starbucks EMEA Ltd is the principal operator of the Starbucks brand across Europe, the Middle East and Africa, working with a largely licensed store model across multiple markets.  At year end, there were 4,982 stores across 42 markets in Europe, the Middle East and Africa (FY24: 4,862).

Starbucks continues to pursue its core strategy of a mostly licensed and franchised operating model in the EMEA region, meaning revenues primarily come from royalty payments.

Revenue increased by 3.8% to $402.5m (FY24: $388.0m), reflecting improved trading conditions and product sales across the region.  Operating profit was $100.0m (FY24: $104.6m), reflecting a slight increase in administrative costs to $154.0m (FY24: $152.3m), driven by restructuring, expansion activity and continued support for EMEA markets, alongside foreign exchange impacts.

EMEA Market Trends

Starbucks continued to expand its presence across the region through new store openings and ongoing support for licensed partners. In FY25, this included 299 store openings across EMEA.

As trading conditions improved across the region and the Middle East, increased sales contributed to overall revenue growth in FY25.  The business also continued to invest in market support capabilities, including marketing, technology and digital, alongside costs associated with restructuring and expansion activity.

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