How are SBUX bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SBUX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 28.37%), the computed maximum profit is $377.50 per contract and the computed maximum loss is -$222.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SBUX bear put spread?

The breakeven for the SBUX bear put spread priced on this page is roughly $104.78 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SBUX market-implied 1-standard-deviation expected move is approximately 8.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SBUX implied volatility affect this bear put spread?

SBUX ATM IV is at 28.37% with IV rank near 12.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

SBUX Bear Put Spread Strategy

SBUX (Starbucks Corporation), in the Consumer Cyclical sector, (Restaurants industry), listed on NASDAQ.

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and foodservice accounts. The company offers its products under the Starbucks, Teavana, Seattle's Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve, and Princi brands. As of October 3, 2021, it operated 16,826 company-operated and licensed stores in North America; and 17,007 company-operated and licensed stores internationally.

SBUX (Starbucks Corporation) trades in the Consumer Cyclical sector, specifically Restaurants, with a market capitalization of approximately $120.75B, a trailing P/E of 80.72, a beta of 1.01 versus the broader market, a 52-week range of 77.99-108.05, average daily share volume of 7.7M, a public-listing history dating back to 1992, approximately 361K full-time employees. These structural characteristics shape how SBUX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.01 places SBUX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 80.72 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. SBUX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on SBUX?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current SBUX snapshot

As of May 15, 2026, spot at $106.53, ATM IV 28.37%, IV rank 12.16%, expected move 8.13%. The bear put spread on SBUX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.

Why this bear put spread structure on SBUX specifically: SBUX IV at 28.37% is on the cheap side of its 1-year range, which favors premium-buying structures like a SBUX bear put spread, with a market-implied 1-standard-deviation move of approximately 8.13% (roughly $8.67 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SBUX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SBUX should anchor to the underlying notional of $106.53 per share and to the trader's directional view on SBUX stock.

SBUX bear put spread setup

The SBUX bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SBUX near $106.53, the first option leg uses a $107.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SBUX chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SBUX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$107.00	$3.43
Sell 1	Put	$101.00	$1.20

SBUX bear put spread risk and reward

Net Premium / Debit: -$222.50
Max Profit (per contract): $377.50
Max Loss (per contract): -$222.50
Breakeven(s): $104.78
Risk / Reward Ratio: 1.697

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

SBUX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on SBUX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$377.50
$23.56	-77.9%	+$377.50
$47.12	-55.8%	+$377.50
$70.67	-33.7%	+$377.50
$94.22	-11.6%	+$377.50
$117.78	+10.6%	-$222.50
$141.33	+32.7%	-$222.50
$164.88	+54.8%	-$222.50
$188.44	+76.9%	-$222.50
$211.99	+99.0%	-$222.50

When traders use bear put spread on SBUX

Bear put spreads on SBUX reduce the cost of a bearish SBUX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

SBUX thesis for this bear put spread

The market-implied 1-standard-deviation range for SBUX extends from approximately $97.86 on the downside to $115.20 on the upside. A SBUX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SBUX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SBUX IV rank near 12.16% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on SBUX at 28.37%. As a Consumer Cyclical name, SBUX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SBUX-specific events.

SBUX bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SBUX positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SBUX alongside the broader basket even when SBUX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SBUX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current SBUX chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on SBUX?: A bear put spread on SBUX is the bear put spread strategy applied to SBUX (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With SBUX stock trading near $106.53, the strikes shown on this page are snapped to the nearest listed SBUX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SBUX bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the SBUX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 28.37%), the computed maximum profit is $377.50 per contract and the computed maximum loss is -$222.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SBUX bear put spread?: The breakeven for the SBUX bear put spread priced on this page is roughly $104.78 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SBUX market-implied 1-standard-deviation expected move is approximately 8.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on SBUX?: Bear put spreads on SBUX reduce the cost of a bearish SBUX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current SBUX implied volatility affect this bear put spread?: SBUX ATM IV is at 28.37% with IV rank near 12.16%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.