SBUX Covered Call
Every out-of-the-money SBUX call expiring Oct 23, 2026, priced from the settled chain: what it pays, what it yields, and where the trade stops making money. The richest right now is the $100.00 strike at 2.8% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
SBUX covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $97.34 share price, not by delta — the published chain carries premiums and open interest, not greeks, and inventing a delta here would be inventing data. Premium is the bid/ask midpoint where both sides quote, otherwise the last trade. The chain artifact publishes the six nearest expirations, so this is the longest one listed — 36 days out. Annualising anything shorter than a week says more about compounding arithmetic than about the trade, so those cells stay blank.
| Strike | % OTM | Premium | Yield | Annualised | Break-even | If assigned | OI |
|---|---|---|---|---|---|---|---|
| $100.00 | 2.7% | $2.75 | 2.8% | 28.6% | $94.59 | 5.6% | 48 |
| $102.00 | 4.8% | $1.72 | 1.8% | 17.9% | $95.62 | 6.6% | 0 |
| $107.00 | 9.9% | $0.82 | 0.8% | 8.5% | $96.53 | 10.8% | 407 |
What the $100.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $97.34. Profit caps at $541.00 if SBUX finishes above $100.00; below $94.59 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $73.01 | $-21.59 | $-2,158.50 |
| $79.09 | $-15.50 | $-1,550.13 |
| $85.17 | $-9.42 | $-941.75 |
| $91.26 | $-3.33 | $-333.38 |
| $97.34 | +$2.75 | +$275.00 |
| $103.42 | +$5.41 | +$541.00 |
| $109.51 | +$5.41 | +$541.00 |
| $115.59 | +$5.41 | +$541.00 |
| $121.68 | +$5.41 | +$541.00 |
When a covered call fits SBUX
A covered call sells someone else the right to buy your shares at the strike. It pays you today and caps your upside there, so it suits a holding you are content to own flat and content to sell at the strike — not one you expect to run.
The premium is compensation for implied volatility. Rich implied volatility pays more, and usually pays more because the market expects a move; a high annualised number on a name about to report earnings is a warning as often as an opportunity. Check the SBUX expected move and the open-interest walls before assuming the strike is far enough away.
Full mechanics, assignment and rolling are in the covered call guide; to model a different strike or a multi-leg version, open the profit calculator with SBUX loaded.
Questions
- What does a SBUX covered call pay right now?
- The $100.00 call expiring Oct 23, 2026 (36 days out) collects $2.75 per share, 2.8% of the $97.34 share price, or 28.6% annualised if you repeat it.
- What is the break-even on a SBUX covered call?
- Selling the $100.00 call against stock bought at $97.34 breaks even at $94.59 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if SBUX closes above the strike?
- The shares are called away at $100.00. Total return is 5.6%: the premium plus the move from $97.34 up to the strike. Gains above the strike belong to the buyer.
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Educational, not investment advice. Options involve risk. Open interest is reported with a one-session lag by OCC, so these levels describe positioning as of the last settled session, not live intraday flow.