Starbucks bought back the traffic: Q1 2026 earnings - 1.28.2026 (030)

The "Third Place" is officially back-or at least, the customers are. For the first time in two years, Starbucks posted positive traffic growth in the U.S., proving that ceramic mugs and better staffing can actually move the needle. But as Susie and Miro unpack in this episode, that popularity came with a massive price tag. While CEO Brian Niccol is celebrating faster service times and a 25% reduction in the menu, the P&L tells a messier story of crushed margins and skyrocketing costs to get people back in the door.We dig into the financial gymnastics behind the headlines, including a convenient "held for sale" accounting quirk in China that artificially boosted operating income and a jaw-dropping 61.7% GAAP tax rate that confused the algorithms. With the stock popping pre-market only to sell off by the close, investors are asking the hard question: did Starbucks fix the business, or did they just pay for a temporary boost? ☕📉