Starbucks reported strong U.S. demand in its fiscal fourth quarter.

But revenue still fell short of forecasts.

Global same-store sales rose 7.2% for the July-September period.

Analysts polled by FactSet had expected a 6% increase.

U.S. same-store sales jumped 7.7%.

Starbucks said growth was broad across age and income levels.

It was also broad at different times of day.

Popular fall drinks drew customers.

Starbucks said matcha has grown into a $1 billion platform.

People mainly enjoy it in the afternoon.

International same-store sales rose less than 1%.

International store traffic fell 2.8%.

Net revenue fell 4% to $9.14 billion.

Analysts had forecast $9.2 billion.

Starbucks said this was due to lower contributions from China.

It finalized a joint venture there in the spring.

Under that venture, Chinese investment firm Boyu Capital operates Starbucks stores in China.

Starbucks keeps a 40% interest.

Starbucks also said it expects net revenue to fall 1% in its 2027 fiscal year.

This is mostly due to its China business.

That is below the 1% increase Wall Street had forecast.

It expects North American same-store sales to grow 4% for the year.

That compares with 6.6% in its 2026 fiscal year.

Adjusted for one-time items including restructuring costs, Starbucks earned 80 cents per share.

Analysts had forecast 72 cents.

Starbucks shares fell almost 2% in after-hours trading Thursday.