Yes, and more than a can of Coke
The Pink Drink looks like a strawberry milkshake and is often ordered as the caffeine-free option. It isn’t one. Starbucks lists 25 mg in a Tall, 50 mg in a Grande, 75 mg in a Venti and 100 mg in a Trenta. A Grande carries more than a 12 oz can of Coca-Cola (34 mg); a Trenta carries more than an 8 oz cup of drip coffee at USDA’s reference strength (95 mg).
Three versions at the same counter
Starbucks sells the Pink Drink three ways: with no caffeine, with light caffeine (the figures on this page, 50 mg in a Grande), or as an Energy Refresher with 125 mg in a Grande. The two caffeinated versions differ by 75 mg in a Grande, so if caffeine matters, say which one you want when ordering.
The Strawberry Açaí Refresher, the same strawberry and açaí flavour without the coconutmilk, carries the same 50 mg in a Grande. Its Energy version runs from 100 mg in a Tall to 175 mg in a Trenta, which puts a Trenta Energy Refresher above two standard cans of Red Bull.
Children and teens
Nothing about the Pink Drink looks or tastes like coffee, which makes it easy to hand to a child without thinking about caffeine. The FDA notes that medical experts, citing the American Academy of Pediatrics, advise against energy drinks for children and teens, and that the Dietary Guidelines for Americans say drinks containing caffeine should be avoided for children younger than two. It also notes that restaurants are not required to tell you how much caffeine their drinks contain. Starbucks does publish its figures, on each drink’s nutrition page.
For a teenager, the calculator on this site sets the limit at 2.5 mg per kg of body weight at its default sensitivity setting: 125 mg for a 50 kg teen. One Trenta Pink Drink uses most of that, and a Grande Energy version all of it. For a child, the no-caffeine version is the one to order.