As of Q1'26 (2025-12-28), Starbucks ( SBUX ) reported a gross margin of 66.98%, an operating margin of 8.98%, and a net profit margin of 2.96%. These figures indicate a notable decline in profitability compared to previous quarters, particularly in operating and net profit margins. From Q2'23 to Q1'26, the gross margin remained relatively stable, fluctuating between 67.9% and 69.9%, but showed a slight downward trend toward the end of the period. Operating margin and net profit margin, however, experienced significant volatility and a marked decline after peaking in Q4'23 (16.93% and 13.0%, respectively). Both margins dropped sharply throughout 2025, reaching their lowest points in Q4'25, before a modest recovery in Q1'26. This trend suggests increasing cost pressures and challenges to profitability over the observed period.