Starbucks may be fueled by its coffee sales — but the company is increasingly betting customers don’t actually need coffee at all.
“We’re seeing people that weren’t energy drinkers in the morning become energy drinkers in the morning with our Refresher platform,” CFO Cathy Smith said during Tuesday’s second-quarter earnings call, pointing to a shift in how customers get their caffeine.
Starbucks launched its new Energy Refreshers platform earlier this month, offering three new varieties of its fruit-flavored drinks, which are made by mixing concentrated juice-based blends with water, coconut milk, or lemonade. The Energy Refreshers line builds on Starbucks’ existing classic Refreshers, launched in 2012, which contain lower caffeine levels.
The new Energy Refreshers have between 100mg of caffeine in a small or “tall” serving and up to 175mg in an extra large or “trenta” serving. All Refreshers can now be made with customizable caffeine levels, including none at all.
“Now that we added the customizable energy, we’re seeing people take away the caffeine in the afternoon,” Smith said, suggesting Starbucks is reshaping not only what people drink, but when and why.
That shift is central to Starbucks’ next phase of growth. The company has built what it calls a “$2 billion platform” around its Refreshers as the broader beverage industry moves in the same direction.
Business Insider previously reported that both fast-food brands and consumer packaged goods companies are racing to add ingredients such as fiber, protein, adaptogens, and nootropics, amid a $200 billion boom in functional drinks.
At the same time, younger consumers are helping power beverage menu innovations across the industry: Gen Z’s preference for unique, non-alcoholic, and highly customizable beverages is pushing chains — including Starbucks and McDonald’s — to compete on drinks that are as much about personalization and experience as they are about caffeine.
The result is a Starbucks menu that’s less about espresso and more about “drink experiences,” CEO Brian Niccol said during Tuesday’s earnings call, whether that’s a morning ritual or an afternoon pick-me-up.
Starbucks plans to keep pushing in that direction, with executives saying they’ll continue to build on its Refresher platform, expand flavor options, and launch blended versions later this year.
The broader “Back to Starbucks” initiative, spearheaded by Niccol, is showing clear momentum as it leans into the new drink category. In its fiscal second quarter, Starbucks reported about $9.5 billion in revenue, with US comparable sales up 7.1% driven largely by higher transaction volumes, and posted its first year-over-year earnings growth in more than 2 years. Its stock was up more than 5% in after-hours trading.
Those results suggest Starbucks’ strategy is working, while its growth is increasingly driven by products that look less like traditional coffee, including its expanded protein drink menu and Energy Refreshers.
Niccol said competitors are already following Starbucks’ lead, adding that it’s “almost a compliment” that the Refresher platform is “being imitated” by other brands.
Taco Bell launched its Rockstar Energy Refrescas nationwide in June 2025, and Panera this year launched its own line of “Energy Refreshers,” several years after its highly caffeinated Charged Lemonade was discontinued following two deaths and multiple lawsuits. McDonald’s has also announced plans to launch an energy line this year as part of its drink menu overhaul.
“My experience has been, when the category starts being talked about, the market leader benefits — and you know, that’s going to be us in this scenario,” Niccol said.
For Starbucks, that imitation signals something bigger: the company isn’t merely competing in coffee anymore — it’s positioning itself at the center of a broader, increasingly customizable caffeine market.
