Can Starbucks Turn Delivery Momentum Into Durable U.S. Comp Growth?

Starbucks Corporation SBUX is seeing delivery become a more visible comp-growth lever as the company broadens customer access across its U.S. store base. During the second quarter of fiscal 2026, delivery contributed to both comp ticket and transaction growth, underscoring its role as a measurable access-point gain within the Back to Starbucks recovery.The momentum follows Starbucks’ expansion of delivery access across its U.S. company-operated portfolio last fiscal year. The company stated that delivery has proven to be a largely incremental revenue stream, growing more than 30% year to date (YTD) across its U.S. company-operated business. The delivery growth strengthens Starbucks’ access-point strategy, adding an incremental demand channel alongside cafés, drive-thrus and mobile pickup.The broader U.S. comp recovery provides a stronger base for delivery to scale. In the fiscal second quarter, U.S. comparable sales rose 7.1%, led by transaction growth of more than 4%. Starbucks also reported transaction growth across all dayparts in its U.S. company-operated business, with mornings roughly back to fiscal 2022 levels. This improving traffic backdrop gives the company a stronger foundation to expand delivery as part of its broader access-point strategy.The opportunity is tied to execution. As Starbucks improves staffing, scheduling and order sequencing, it is trying to support higher volumes across cafés, drive-thrus, mobile order pickup and delivery while keeping service times on target. Customer service times remained on target despite higher transaction volumes, while upcoming scheduled ordering is expected to bring more predictability to mobile order flow.Delivery’s role in Starbucks’ U.S. growth story will likely depend on whether it can keep the channel incremental while preserving service execution. If the company sustains delivery momentum while maintaining operating discipline, the channel could become a more durable U.S. comp lever within the broader Back to Starbucks strategy.How Starbucks Stacks Up to CompetitorsDutch Bros Inc. BROS provides a relevant benchmark because it is also expanding beverage occasions through digital access, rewards engagement and menu innovation. Order ahead reached approximately 15% of the total transaction mix in the first quarter of 2026, while Dutch Rewards accounted for 74% of transactions. BROS is also using food attachment and energy innovation, including Myst Energy Refreshers, to support frequency and transaction growth.McDonald’s Corporation MCD offers a broader scale comparison, as it is using value, marketing and beverage innovation to drive traffic across dayparts. In the first quarter, U.S. comparable sales rose 3.9%, supported by value platforms, meal deals and menu activity. MCD also expanded its McCafe beverage platform with refreshers and crafted sodas, with additional flavors and Red Bull-infused energy drinks planned during the year.Against this backdrop, Starbucks’ positioning depends on whether delivery can remain incremental while service execution holds. BROS is leaning on order ahead, rewards, food and customized energy to build frequency, while MCD is using value, scale and beverage innovation to reinforce traffic. Starbucks’ differentiation lies in using delivery as a measurable access-point lever, with the channel already contributing to ticket and transaction growth and growing more than 30% year to date across U.S. company-operated stores.SBUX’s Price Performance, Valuation & EstimatesShares of Starbucks have gained 10.4% in the past year against the industry’s 8.9% decline.SBUX’s One-Year Price PerformanceImage Source: Zacks Investment ResearchFrom a valuation standpoint, SBUX trades at a forward price-to-sales (P/S) multiple of 2.90, below the industry’s average of 3.24.SBUX’s P/S Ratio (Forward 12-Month) vs. IndustryImage Source: Zacks Investment ResearchThe Zacks Consensus Estimate for SBUX’s fiscal 2026 earnings per share (EPS) implies a year-over-year increase of 12.7%. The EPS estimates for fiscal 2026 have increased in the past 60 days.EPS Trend of SBUX StockImage Source: Zacks Investment ResearchSBUX’s Zacks RankSBUX stock currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks