Sluggish Starbucks card reloads challenge turnaround plan in 2025

Starbucks card reloads remain below 2024 despite turnaround

Starbucks’ (SBUX) US card reloads fell 3.5% YoY the four weeks ended March 1, according to Earnest credit card data. Sales grew from November 2024 to January 2025, but declined in February, about six months after Brian Niccol became CEO. The November boost coincided with new strategies including free non-dairy milk and a refreshed holiday drink menu.

Online sales, including food delivery orders and orders placed via app but not paid for through a store card, continued to fall. This suggests that more casual customers without Starbucks cards in the U.S. continue to underperform.

Starbucks wallet share down 2 points since 2024

Starbucks’ turnaround plan has not yet stemmed wallet share losses in the US. The brand has struggled to maintain wallet share among its own customers. In February 2025, Starbucks customers spent 68.1% of their coffee QSR budget there, down from 70.1% in 2024. Starbucks regained some lost wallet share in November 2024, peaking at 70.8%, but it has declined again in 2025.

This decline comes as Dutch Bros. (BROS) and 7 Brew Coffee continue gaining market share. Over the past year, Dutch Bros. and 7 Brew grew their share among Starbucks customers by 1.2% and 1.5%, respectively.