Travel remains a bright spot, however, with airports delivering positive transaction and ticket growth in the quarter.

Oct 29, 2025 / receipt, needs a key / Kathy Smith, CFO | earnings call 2025-10-29 | transcript 8436c6b7-bfec-4caf-bf34-acca5ba4c070 | chars 17398-17516 | segment 17

You know, the opportunity to travel not only kind of coast to coast, but then to Asia and Europe and Latin America. It really is so inspiring to see what our brand is able to do for our partners and our customers around the world.

Jan 28, 2025 / receipt, needs a key / Brian, CEO | earnings call 2025-01-28 | transcript 889f8528-5d2f-4a43-aec3-7a1987c13f49 | chars 59483-59713 | segment 60

Our U.S. licensed store business also contributed to the segment's growth from increased travel and further rollout of our Starbucks Connect program.

Jan 30, 2024 / receipt, needs a key / Rachel Ruggeri, CFO | earnings call 2024-01-30 | transcript 3980840d-4a51-4b45-98c3-792d41afcbae | chars 25545-25694 | segment 26

Since stepping into the role, I have now traveled to every region, working directly with partners. I left each interaction impressed by the differentiated global appeal of the Starbucks brand, powered by innovation and anchored in our unique ability to deliver human connection. These experiences give me great confidence in the significant growth and margin opportunities in front of us, positioning us well to strengthen the brand and create outsized long-term shareholder value.

Aug 1, 2023 / receipt, needs a key / Lakshman Narasimhan, CEO | earnings call 2023-08-01 | transcript 03f23128-6154-4655-aaa0-51a999d96fd6 | chars 3399-3880 | segment 3

U.S. licensed stores revenue continued its momentum this quarter, up 21% from the prior year, with strength across the portfolio and bending from increases in post-COVID travel, especially return of business travel, which benefits from Starbucks Connect, our digital offering, now rolled out across all major U.S. airports.

Aug 1, 2023 / receipt, needs a key / Rachel, other | earnings call 2023-08-01 | transcript 03f23128-6154-4655-aaa0-51a999d96fd6 | chars 23454-23777 | segment 23

The program involves spending time in our stores, distribution centers, roasting plants, support centers, and on our own coffee farm in Costa Rica. And I have traveled to meet our partners and business leaders in several international markets across Asia, Latin America, and Europe.

May 2, 2023 / receipt, needs a key / Lakshman Narasimhan, CEO | earnings call 2023-05-02 | transcript dbff2efe-12bc-4122-af25-24eb534d6458 | chars 4132-4414 | segment 4

And that's really driven by the fact that there's still some uncertainty in the overall environment from a recovery standpoint when you look at things like consumer behavior, as well as recovery in key segments like our international travel.

May 2, 2023 / receipt, needs a key / Rachel, other | earnings call 2023-05-02 | transcript dbff2efe-12bc-4122-af25-24eb534d6458 | chars 44959-45200 | segment 45

Performance was particularly strong in retail and travel as pre-COVID behavior normalcy returns, with U.S. licensed store revenue indexing at roughly 140% of pre-pandemic levels.

Feb 2, 2023 / receipt, needs a key / Rachel, CFO | earnings call 2023-02-02 | transcript 6129b1e2-310e-41ec-8350-c19dd907cd3b | chars 26643-26821 | segment 27

Unsurprisingly, our food service business continues to be impacted in the current environment, with softness in workplace coffee consumption as well as business and leisure travel, which was partially offset by overall strength in our at-home coffee and ready-to-drink businesses.

Jan 26, 2021 / receipt, needs a key / Kevin Johnson, CEO | earnings call 2021-01-26 | transcript 67701106-27d1-4832-8d3e-1b81ccbe444e | chars 17524-17804 | segment 17