Starbucks is the world's largest specialty coffee retailer, operating roughly 41,000 stores across 89 countries. The core product is handcrafted beverages — primarily espresso-based drinks, cold brew, and tea — sold directly to consumers in company-operated coffeehouses, which account for roughly 83% of total revenue. Starbucks operates three segments: North America (~74% of revenue), International (~21%), and Channel Development (~5%). The North America segment includes ~10,000 company-operated U.S. stores and ~6,800 licensed U.S. stores. The International segment includes company-operated stores in China (~8,000 stores), Japan, and the U.K., plus licensed stores across Korea, Latin America, and Southeast Asia. Channel Development sells packaged and ready-to-drink products through grocery and wholesale, primarily via a licensing alliance with Nestlé. Licensed stores generate lower revenue per store but higher operating margins for Starbucks since licensees fund build-out and operations. The Starbucks Rewards program, with ~34M active U.S. members, drives visit frequency and provides float through prepaid card balances. Mobile Order and Pay accounts for over 30% of U.S. transactions, and delivery surpassed $1B in U.S. sales in FY25. Starbucks is currently executing a "Back to Starbucks" turnaround under CEO Brian Niccol, focused on restoring service speed, reducing menu complexity, rebuilding the in-store experience, cutting discounting, and improving unit economics. Starbucks is also exploring a strategic partnership for its China business while retaining an equity stake and royalties.