Starbucks CEO Hails Baristas' Stock Market Curiosity as Sign of Deeper Engagement Amid Union Tensions

When Brian Niccol visits a Starbucks store, the conversation often steers away from latte art and toward Wall Street. The CEO of the world's largest coffee chain says he is regularly asked by baristas for his take on the company's stock performance—a trend he welcomes as evidence of a deeply invested workforce.

"It tells me they're engaged, that they have real skin in the game," Niccol told investors at the recent Starbucks 2026 Investor Day. "That kind of curiosity doesn't come from just watching numbers; it comes from caring about the brand and the community we serve."

Niccol framed these exchanges as part of a broader culture of ownership that Starbucks has cultivated for decades, notably through its "Bean Stock" program, which allows employees to share in the company's financial success. While the stock has seen modest declines over the past five years, Niccol emphasized that employee interest goes beyond pure financial gain—it's about pride in being part of an organization that aims to make a difference locally and globally.

Since taking the helm from Chipotle in late 2024, Niccol has pushed a series of workplace initiatives designed to reinvigorate Starbucks' internal culture. These include a revised dress code, in-store customer engagement rules, and a controversial return-to-office mandate for corporate staff. The company has long distinguished itself with progressive hourly-worker benefits, including health coverage for part-timers and tuition reimbursement, a model Niccol also championed during his tenure at Chipotle.

Yet these efforts unfold against a backdrop of sustained labor unrest. The Starbucks Workers United union's "Red Cup Rebellion," which began last November, continues at a handful of locations as contract negotiations stall over demands for better pay and staffing. While the company notes that fewer than 20 stores remain on strike, the dispute highlights the tension between Niccol's vision of a proud, partner-driven culture and the union's call for systemic changes.

In his remarks, Niccol reiterated his ambition to make Starbucks "a different kind of company"—one where hourly work is seen as a career, not just a job. "We want this to be a place you're proud to tell your friends and family about," he said.

What People Are Saying

Marcus Chen, retail analyst at Brandon Capital: "Niccol is trying to rebuild the Starbucks employer brand from the inside out. If baristas are asking about the stock, that signals alignment—but it doesn’t automatically translate to fair wages or union harmony."

Priya Mehta, former Starbucks shift supervisor in Chicago: "As a partner, I did feel invested. But ‘Bean Stock’ doesn’t pay rent today. There’s a gap between feeling proud and feeling fairly compensated."

David Foster, small-business owner in Seattle: "This is corporate spin at its finest. Baristas aren’t checking the NASDAQ for fun—they’re worried about their jobs. Niccol is reframing anxiety as engagement."

Eliza Rodriguez, business ethics professor at UC Berkeley: "Starbucks has historically led on benefits for hourly workers. The challenge now is whether those gestures feel meaningful amid inflation and unionization efforts."

This story was originally reported by Fortune.com.