Starbucks Ticket Size Rises 5.2% in Quarter

Morgan Stanley lifts its Starbucks price target to $116, citing higher average spending per U.S. visit.

Updated on Nov. 3, 2026 in Coffee

Starbucks Ticket Size Rises 5.2% in Quarter

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Starbucks reported that the average amount U.S. customers paid per visit rose 5.2%, while visits grew 2.4%. Morgan Stanley raised its 12-18 month price target on the stock to $116 from $115.

Why it matters

The increase in spending per visit, rather than traffic alone, points to pricing and purchase behavior driving the company's results. Analysts see the fourth-quarter figures as a clearer read on underlying margin improvement.

Starbucks shares closed at $103.67 on October 30 and are up about 23% year to date. Adjusted earnings per share came in at $0.80 against an expectation of $0.72.

The players

Starbucks

Starbucks is a Seattle-based global coffeehouse chain whose quarterly results are closely watched by investors.

Morgan Stanley

Morgan Stanley is a major Wall Street investment bank whose equity research division issues price targets on publicly traded companies.

The details

About half of the 5.2% ticket increase came from higher prices and delivery fees, with the rest from customers buying more items per visit. Starbucks also sold most of its China business to a local partner earlier this year.

October 29: Starbucks earnings call, where CEO Brian Niccol said the company is ahead of schedule.
October 30: Starbucks shares closed at $103.67.
Earlier in 2026: Starbucks sold most of its China business to a local partner.
First quarter of fiscal 2027: Morgan Stanley expects about 5% comparable sales growth.

Turnaround Trajectory

The margin expansion extends the operational turnaround Brian Niccol began after taking over as CEO, which centered on efficiency and simplifying operations. Whether higher per-visit spending can offset the company's guided 1% revenue decline in fiscal 2027 will test how durable that turnaround is.

U.S. customers paid about 5.2% more per Starbucks visit in the quarter, with roughly half of that increase tied to higher prices and delivery fees. Shoppers buying coffee at Starbucks should expect those higher per-visit costs to persist as the company keeps its pricing strategy.

The takeaway

Rising spend per visit can grow revenue even as traffic stays modest, but it depends on customers continuing to accept higher prices. Watching whether comparable sales hold near the expected 5% in early fiscal 2027 will show if the pricing gains are holding.