In the most recent quarter Q1'26, Starbucks' Gross Margin stood at 67.0%, Operating Margin at 8.4%, and Net Profit Margin at 3.0%, reflecting a slight decline in gross profitability but a modest recovery in operating and net margins from the prior quarter's lows. Over the period from Q2'23 to Q1'26, Gross Margin exhibited relative stability, fluctuating between 67.9% and 69.9% with a gradual downward tilt in the latest quarters, indicating sustained but pressured cost efficiencies. In contrast, Operating Margin and Net Profit Margin displayed greater volatility, peaking at 16.9% and 13.0% respectively in Q4'23 before a sharp decline to troughs of 2.0% and 1.4% in Q4'25, followed by partial rebounds; this suggests ongoing challenges in controlling operating expenses and achieving net profitability amid broader market dynamics.