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Starbucks Corporation (SBUX) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript

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Starbucks Corporation (SBUX) Bernstein 42nd Annual Strategic Decisions Conference May 28, 2026 11:00 AM EDT

Company Participants

Brian Niccol – Chairman & CEO
Catherine Smith – Executive VP, CFO & Principal Accounting Officer

Conference Call Participants

Danilo Gargiulo – Bernstein Institutional Services LLC, Research Division

Presentation

Danilo Gargiulo
Bernstein Institutional Services LLC, Research Division

Good morning, everybody. My name is Danilo Gargiulo. I’m the senior analyst at Bernstein covering restaurants and food distributors. And I would like to thank you, everybody, for being here today. [Operator Instructions] We are very thrilled to have Starbucks here on stage today and even more delighted to share the stage with Brian again, first time back as the CEO of Starbucks, Chairman and CEO of Starbucks; and then Cathy, the CFO of Starbucks. This is your first time as a CEO of Starbucks here at SDC.

Question-and-Answer Session

Danilo Gargiulo
Bernstein Institutional Services LLC, Research Division

So before we go deeper, what are the top 3 takeaways that you would like investors to remember by the end of today?

Brian Niccol
Chairman & CEO

Well, great to be here. And look, I would say you guys heard our most recent earnings call. And to me, kind of the thing that I’m most excited about is the foundation operationally is a lot stronger, and we’re now building from a position of strength operationally. So the labor we put in is now performing against the Green Apron Service model. We’ve got clear metrics for how we’re holding ourselves accountable for performance around the growth scorecard. And then we’re seeing now the repetitions around those key components of Green Apron Service and those key metrics play out in great customer service experiences.

So that’s a critical piece. Obviously, I think our menu and marketing innovation has really struck a



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