The denial follows a Financial Times report suggesting Starbucks had consulted with advisers to explore a takeover. Such a transaction would have ranked among the largest in restaurant industry history, potentially tasking CEO Brian Niccol with orchestrating a simultaneous revival of two major brands.

Niccol, who previously served as Chipotle’s chief, is currently steering the "Back to Starbucks" strategy, an initiative aimed at reversing declining sales and refining the customer café experience. A company spokesperson emphasized that the leadership team is focused on this internal roadmap, citing strong momentum and confidence in future growth. Starbucks is scheduled to release its fourth-quarter financial results and fiscal 2027 guidance later this month.