Starbucks Reports Q4 and Full Fiscal Year 2025 Results
SEATTLE--( BUSINESS WIRE)--Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter and 52-week fiscal year ended September 28, 2025. GAAP results in fiscal 2025 and fiscal 2024 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.
Q4 Fiscal Year 2025 Highlights
Full Fiscal Year 2025 Highlights
“We’re a year into our ‘Back to Starbucks’ strategy, and it’s clear that our turnaround is taking hold,” commented Brian Niccol, chairman and chief executive officer. “Our return to global comp growth and the momentum we’re building give me confidence we’re on the right path to deliver the very best of Starbucks for our customers, partners and shareholders.”
“Q4 was a milestone quarter in getting ‘Back to Starbucks’, having delivered global comp growth for the first time in seven quarters,” commented Cathy Smith, chief financial officer. “We know this continues to be a multi-year turnaround. We remain focused on driving our topline while managing the costs that are within our control to deliver durable, sustainable growth and long-term shareholder value.”
Q4 North America Segment Results
Quarter Ended
Change (%)
($ in millions)
Sep 28, 2025
Sep 29, 2024
Change in Comparable Store Sales (1)
0%
(6)%
Change in Transactions
(1)%
(10)%
Change in Ticket
1%
4%
Store Count (2)
18,311
18,424
(1)%
Net revenues
$6,901.5
$6,691.9
3%
Operating Income
$308.5
$1,253.5
(75)%
Operating Margin
4.5%
18.7%
(1,420) bps
(1)
Includes only Starbucks ® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while permanent store closures are removed in the month following closure.
(2)
Includes 584 stores closed in Q4 FY25 as part of our “Back to Starbucks” restructuring plan.
Net revenues for the North America segment increased 3% over Q4 FY24 to $6.9 billion in Q4 FY25, primarily driven by net new company-operated store growth of 4% over the past 12 months, prior to the restructuring closures late in the quarter. This increase was partially offset by a decline in our licensed store business.
Operating income decreased to $308.5 million in Q4 FY25 compared to $1.3 billion in Q4 FY24. Operating margin of 4.5% contracted from 18.7% in the prior year, primarily due to restructuring costs associated with the closure of coffeehouses and simplification of our support organization, deleverage, investments in support of “Back to Starbucks”, which were largely in labor hours, and inflation.
Q4 International Segment Results
Quarter Ended
Change (%)
($ in millions)
Sep 28, 2025
Sep 29, 2024
Change in Comparable Store Sales (1)
3%
(9)%
Change in Transactions
6%
(4)%
Change in Ticket
(3)%
(5)%
Store Count (2)
22,679
21,775
4%
Net revenues
$2,070.9
$1,893.2
9%
Operating Income
$223.2
$282.9
(21)%
Operating Margin
10.8%
14.9%
(410) bps
(1)
Includes only Starbucks ® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while permanent store closures are removed in the month following closure.
(2)
Includes 43 stores closed in Q4 FY25 as part of our “Back to Starbucks” restructuring plan.
Net revenues for the International segment increased 9% over Q4 FY24 to $2.1 billion in Q4 FY25, primarily due to net new company-operated store growth of 5% over the past 12 months, and a 3% increase in comparable store sales, driven by a 6% increase in comparable transactions, partially offset by a 3% decline in average ticket. Also contributing was incremental net revenue from the acquisition of a U.K. licensed business partner and an increase in our licensed store business revenue.
Operating income decreased to $223.2 million in Q4 FY25 compared to $282.9 million in Q4 FY24. Operating margin of 10.8% contracted from 14.9% in the prior year, primarily driven by costs associated with the closure of coffeehouses and simplification of our support organization and increased promotional activity.
Q4 Channel Development Segment Results
Quarter Ended
Change (%)
($ in millions)
Sep 28, 2025
Sep 29, 2024
Net revenues
$542.6
$465.4
17%
Operating Income
$265.2
$264.7
—%
Operating Margin
48.9%
56.9%
(800) bps
Net revenues for the Channel Development segment increased 17% over Q4 FY24 to $542.6 million in Q4 FY25, primarily due to an increase in revenue in the Global Coffee Alliance.
Operating income increased to $265.2 million in Q4 FY25 compared to $264.7 million in Q4 FY24. Operating margin of 48.9% contracted from 56.9% in the prior year, primarily driven by a decline in our North American Coffee Partnership joint venture income and mix shift, partially offset by favorable global product costs.
Company Update
Conference Call
Starbucks will hold a conference call today at 1:15 p.m. Pacific Time to discuss its results. It will be hosted by Brian Niccol, chairman and ceo, and Cathy Smith, cfo. The call will be webcast and can be accessed on the company's Investor Relations website at http://investor.starbucks.com. A replay of the webcast will be available until end of day Friday, December 12, 2025.
The company uses its website as a tool to disclose important information about the company and comply with its disclosure obligations under Regulation Fair Disclosure.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 40,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at about.starbucks.com or www.starbucks.com.
Forward-Looking Statements
Certain statements contained herein and in our investor conference call related to these results and progress towards our “Back to Starbucks” plan are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and in other filings with the SEC, as well as, among others:
In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and economic environment. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this release. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
Key Metrics
We believe the company's financial results and long-term growth model will continue to be driven by new store openings, comparable store sales growth and operating margin management. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies.
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited, in millions, except per share data)
Quarter Ended
Quarter Ended
Sep 28,
2025
Sep 29,
2024
%
Change
Sep 28,
2025
Sep 29,
2024
As a % of total net revenues
Net revenues:
Company-operated stores
$
7,862.0
$
7,442.1
5.6
%
82.2
%
82.0
%
Licensed stores
1,093.0
1,129.5
(3.2
)
11.4
12.4
Other
614.0
502.4
22.2
6.4
5.5
Total net revenues
9,569.0
9,074.0
5.5
100.0
100.0
Product and distribution costs
3,071.4
2,810.3
9.3
32.1
31.0
Store operating expenses
4,335.0
3,881.7
11.7
45.3
42.8
Other operating expenses
141.8
138.7
2.2
1.5
1.5
Depreciation and amortization expenses
430.8
395.0
9.1
4.5
4.4
General and administrative expenses
642.0
644.8
(0.4
)
6.7
7.1
Restructuring and impairments
755.0
—
nm
7.9
—
Total operating expenses
9,376.0
7,870.5
19.1
98.0
86.7
Income from equity investees
85.2
103.4
(17.6
)
0.9
1.1
Operating income
278.2
1,306.9
(78.7
)
2.9
14.4
Interest income and other, net
31.5
26.8
17.5
0.3
0.3
Interest expense
(145.8
)
(140.0
)
4.1
(1.5
)
(1.5
)
Earnings before income taxes
163.9
1,193.7
(86.3
)
1.7
13.2
Income tax expense
30.8
284.1
(89.2
)
0.3
3.1
Net earnings including noncontrolling interests
133.1
909.6
(85.4
)
1.4
10.0
Net earnings attributable to noncontrolling interests
0.0
0.3
nm
0.0
0.0
Net earnings attributable to Starbucks
$
133.1
$
909.3
(85.4
)
1.4
%
10.0
%
Net earnings per common share - diluted
$
0.12
$
0.80
(85.0
)%
Weighted avg. shares outstanding - diluted
1,140.9
1,137.3
Cash dividends declared per share
$
0.62
$
0.61
Supplemental Ratios:
Store operating expenses as a % of company-operated store revenues
55.1
%
52.2
%
Effective tax rate including noncontrolling interests
18.8
%
23.8
%
Year Ended
Year Ended
Sep 28,
2025
Sep 29,
2024
%
Change
Sep 28,
2025
Sep 29,
2024
As a % of total net revenues
Net revenues:
Company-operated stores
$
30,744.8
$
29,765.9
3.3
%
82.7
%
82.3
%
Licensed stores
4,350.4
4,505.1
(3.4
)
11.7
12.5
Other
2,089.2
1,905.2
9.7
5.6
5.3
Total net revenues
37,184.4
36,176.2
2.8
100.0
100.0
Product and distribution costs
11,658.2
11,180.6
4.3
31.4
30.9
Store operating expenses
17,058.9
15,286.5
11.6
45.9
42.3
Other operating expenses
584.6
565.6
3.4
1.6
1.6
Depreciation and amortization expenses
1,684.7
1,512.6
11.4
4.5
4.2
General and administrative expenses
2,617.2
2,523.3
3.7
7.0
7.0
Restructuring and impairments
892.0
—
nm
2.4
—
Total operating expenses
34,495.6
31,068.6
11.0
92.8
85.9
Income from equity investees
247.8
301.2
(17.7
)
0.7
0.8
Operating income
2,936.6
5,408.8
(45.7
)
7.9
15.0
Interest income and other, net
113.3
122.8
(7.7
)
0.3
0.3
Interest expense
(542.6
)
(562.0
)
(3.5
)
(1.5
)
(1.6
)
Earnings before income taxes
2,507.3
4,969.6
(49.5
)
6.7
13.7
Income tax expense
650.6
1,207.3
(46.1
)
1.7
3.3
Net earnings including noncontrolling interests
1,856.7
3,762.3
(50.6
)
5.0
10.4
Net earnings attributable to noncontrolling interests
0.3
1.4
(78.6
)
0.0
0.0
Net earnings attributable to Starbucks
$
1,856.4
$
3,760.9
(50.6
)
5.0
%
10.4
%
Net earnings per common share - diluted
$
1.63
$
3.31
(50.8
)%
Weighted avg. shares outstanding - diluted
1,139.8
1,137.3
Cash dividends declared per share
$
2.45
$
2.32
Supplemental Ratios:
Store operating expenses as a % of company-operated store revenues
55.5
%
51.4
%
Effective tax rate including noncontrolling interests
25.9
%
24.3
%
Segment Results (in millions)
North America
Sep 28,
2025
Sep 29,
2024
%
Change
Sep 28,
2025
Sep 29,
2024
Quarter Ended
As a % of North America
total net revenues
Net revenues:
Company-operated stores
$
6,277.8
$
6,018.0
4.3
%
91.0
%
89.9
%
Licensed stores
622.0
673.4
(7.6
)
9.0
10.1
Other
1.7
0.5
240.0
0.0
0.0
Total net revenues
6,901.5
6,691.9
3.1
100.0
100.0
Product and distribution costs
1,944.4
1,854.5
4.8
28.2
27.7
Store operating expenses
3,530.8
3,150.8
12.1
51.2
47.1
Other operating expenses
65.0
67.0
(3.0
)
0.9
1.0
Depreciation and amortization expenses
304.7
278.2
9.5
4.4
4.2
General and administrative expenses
119.4
87.9
35.8
1.7
1.3
Restructuring and impairments
628.7
—
nm
9.1
—
Total operating expenses
6,593.0
5,438.4
21.2
95.5
81.3
Operating income
$
308.5
$
1,253.5
(75.4
)%
4.5
%
18.7
%
Supplemental Ratio:
Store operating expenses as a % of company-operated store revenues
56.2
%
52.4
%
Year Ended
Net revenues:
Company-operated stores
$
24,793.0
$
24,258.7
2.2
%
90.6
%
89.8
%
Licensed stores
2,575.6
2,747.4
(6.3
)
9.4
10.2
Other
4.5
3.4
32.4
0.0
0.0
Total net revenues
27,373.1
27,009.5
1.3
100.0
100.0
Product and distribution costs
7,628.7
7,478.0
2.0
27.9
27.7
Store operating expenses
13,973.3
12,467.1
12.1
51.0
46.2
Other operating expenses
281.6
280.9
0.2
1.0
1.0
Depreciation and amortization expenses
1,196.3
1,052.4
13.7
4.4
3.9
General and administrative expenses
483.3
375.8
28.6
1.8
1.4
Restructuring and impairments
653.2
—
nm
2.4
—
Total operating expenses
24,216.4
21,654.2
11.8
88.5
80.2
Operating income
$
3,156.7
$
5,355.3
(41.1
)%
11.5
%
19.8
%
Supplemental Ratio:
Store operating expenses as a % of company-operated store revenues
56.4
%
51.4
%
International
Sep 28,
2025
Sep 29,
2024
%
Change
Sep 28,
2025
Sep 29,
2024
Quarter Ended
As a % of International
total net revenues
Net revenues:
Company-operated stores
$
1,584.2
$
1,424.1
11.2
%
76.5
%
75.2
%
Licensed stores
471.0
456.1
3.3
22.7
24.1
Other
15.7
13.0
20.8
0.8
0.7
Total net revenues
2,070.9
1,893.2
9.4
100.0
100.0
Product and distribution costs
741.4
651.6
13.8
35.8
34.4
Store operating expenses
804.2
730.9
10.0
38.8
38.6
Other operating expenses
60.2
56.3
6.9
2.9
3.0
Depreciation and amortization expenses
94.4
87.3
8.1
4.6
4.6
General and administrative expenses
85.2
84.9
0.4
4.1
4.5
Restructuring and impairments
62.6
—
nm
3.0
—
Total operating expenses
1,848.0
1,611.0
14.7
89.2
85.1
Income/(loss) from equity investees
0.3
0.7
(57.1
)
0.0
0.0
Operating income
$
223.2
$
282.9
(21.1
)%
10.8
%
14.9
%
Supplemental Ratio:
Store operating expenses as a % of company-operated store revenues
50.8
%
51.3
%
Year Ended
Net revenues:
Company-operated stores
$
5,951.8
$
5,507.2
8.1
%
76.1
%
75.0
%
Licensed stores
1,774.8
1,757.7
1.0
22.7
24.0
Other
93.3
74.0
26.1
1.2
1.0
Total net revenues
7,819.9
7,338.9
6.6
100.0
100.0
Product and distribution costs
2,749.8
2,575.2
6.8
35.2
35.1
Store operating expenses
3,085.6
2,819.4
9.4
39.5
38.4
Other operating expenses
242.0
225.1
7.5
3.1
3.1
Depreciation and amortization expenses
363.9
338.3
7.6
4.7
4.6
General and administrative expenses
344.3
338.8
1.6
4.4
4.6
Restructuring and impairments
82.5
—
nm
1.1
—
Total operating expenses
6,868.1
6,296.8
9.1
87.8
85.8
Income/(loss) from equity investees
(1.8
)
3.6
nm
0.0
0.0
Operating income
$
950.0
$
1,045.7
(9.2
)%
12.1
%
14.2
%
Supplemental Ratio:
Store operating expenses as a % of company-operated store revenues
51.8
%
51.2
%
Channel Development
Sep 28,
2025
Sep 29,
2024
%
Change
Sep 28,
2025
Sep 29,
2024
Quarter Ended
As a % of
Channel Development
total net revenues
Net revenues
$
542.6
$
465.4
16.6
%
Product and distribution costs
343.9
286.1
20.2
63.4
%
61.5
%
Other operating expenses
16.6
15.3
8.5
3.1
3.3
General and administrative expenses
1.0
2.0
(50.0
)
0.2
0.4
Restructuring and impairments
0.8
—
nm
0.1
—
Total operating expenses
362.3
303.4
19.4
66.8
65.2
Income from equity investees
84.9
102.7
(17.3
)
15.6
22.1
Operating income
$
265.2
$
264.7
0.2
%
48.9
%
56.9
%
Year Ended
Net revenues
$
1,871.7
$
1,769.8
5.8
%
Product and distribution costs
1,168.3
1,075.4
8.6
62.4
%
60.8
%
Other operating expenses
60.2
58.4
3.1
3.2
3.3
General and administrative expenses
5.8
7.7
(24.7
)
0.3
0.4
Restructuring
1.9
—
nm
0.1
—
Total operating expenses
1,236.2
1,141.5
8.3
66.0
64.5
Income from equity investees
249.6
297.6
(16.1
)
13.3
16.8
Operating income
$
885.1
$
925.9
(4.4
)%
47.3
%
52.3
%
Corporate and Other
Sep 28,
2025
Sep 29,
2024
%
Change
Quarter Ended
Net revenues
$
54.0
$
23.5
129.8
%
Product and distribution costs
41.7
18.1
130.4
Other operating expenses
—
0.1
nm
Depreciation and amortization expenses
31.7
29.5
7.5
General and administrative expenses
436.4
470.0
(7.1
)
Restructuring and impairments
62.9
—
nm
Total operating expenses
572.7
517.7
10.6
Operating loss
$
(518.7
)
$
(494.2
)
5.0
%
Year Ended
Net revenues
$
119.7
$
58.0
106.4
%
Product and distribution costs
111.4
52.0
114.2
Other operating expenses
0.8
1.2
(33.3
)
Depreciation and amortization expenses
124.5
121.9
2.1
General and administrative expenses
1,783.8
1,801.0
(1.0
)
Restructuring and impairments
154.4
—
nm
Total operating expenses
2,174.9
1,976.1
10.1
Operating loss
$
(2,055.2
)
$
(1,918.1
)
7.1
%
STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except per share data)
Sep 28,
2025
Sep 29,
2024
ASSETS
Current assets:
Cash and cash equivalents
$
3,219.8
$
3,286.2
Short-term investments
247.2
257.0
Accounts receivable, net
1,277.5
1,213.8
Inventories
2,185.6
1,777.3
Prepaid expenses and other current assets
452.2
313.1
Total current assets
7,382.3
6,847.4
Long-term investments
246.9
276.0
Equity investments
466.2
463.9
Property, plant and equipment, net
8,493.5
8,665.5
Operating lease, right-of-use asset
9,315.7
9,286.2
Deferred income taxes, net
1,826.9
1,766.7
Other long-term assets
752.5
617.0
Other intangible assets
166.8
100.9
Goodwill
3,368.9
3,315.7
TOTAL ASSETS
$
32,019.7
$
31,339.3
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Accounts payable
$
1,852.8
$
1,595.5
Accrued liabilities
2,359.7
2,194.7
Accrued payroll and benefits
1,093.9
786.6
Current portion of operating lease liability
1,564.5
1,463.1
Stored value card liability and current portion of deferred revenue
1,840.6
1,781.2
Current portion of long-term debt
1,498.9
1,248.9
Total current liabilities
10,210.4
9,070.0
Long-term debt
14,575.9
14,319.5
Operating lease liability
8,972.2
8,771.6
Deferred revenue
5,772.6
5,963.6
Other long-term liabilities
577.8
656.2
Total liabilities
40,108.9
38,780.9
Shareholders’ deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,136.9 and 1,133.5 shares, respectively
1.1
1.1
Additional paid-in capital
634.1
322.6
Retained deficit
(8,272.5
)
(7,343.8
)
Accumulated other comprehensive income/(loss)
(459.3
)
(428.8
)
Total shareholders’ deficit
(8,096.6
)
(7,448.9
)
Noncontrolling interests
7.4
7.3
Total deficit
(8,089.2
)
(7,441.6
)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
$
32,019.7
$
31,339.3
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Year Ended
Sep 28,
2025
Sep 29,
2024
Oct 1,
2023
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests
$
1,856.7
$
3,762.3
$
4,124.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
1,771.5
1,592.4
1,450.3
Deferred income taxes, net
(90.6
)
(13.8
)
(59.4
)
Income earned from equity method investees, net
(274.2
)
(306.4
)
(301.8
)
Distributions received from equity method investees
294.4
333.3
222.8
Gain on sale of assets
—
—
(91.3
)
Stock-based compensation
318.3
308.3
302.7
Non-cash lease costs
1,513.8
1,314.9
1,365.9
Loss on disposal, impairment and accelerated amortization of assets
834.7
121.5
101.4
Other
17.3
31.9
26.8
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable
(89.7
)
18.4
(4.1
)
Inventories
(408.4
)
42.8
366.4
Income taxes payable
103.8
(61.9
)
52.5
Accounts payable
261.0
28.0
100.1
Deferred revenue
(120.7
)
(72.2
)
(110.8
)
Operating lease liability
(1,576.7
)
(1,294.9
)
(1,443.8
)
Other operating assets and liabilities
336.3
291.0
(93.7
)
Net cash provided by operating activities
4,747.5
6,095.6
6,008.7
INVESTING ACTIVITIES:
Purchases of investments
(333.6
)
(627.5
)
(610.5
)
Sales of investments
1.1
10.3
2.5
Maturities and calls of investments
391.8
768.2
616.9
Additions to property, plant and equipment
(2,305.5
)
(2,777.5
)
(2,333.6
)
Acquisitions, net of cash acquired
(177.1
)
—
—
Proceeds from sale of assets
—
—
110.0
Other
(62.1
)
(72.7
)
(56.1
)
Net cash used in investing activities
(2,485.4
)
(2,699.2
)
(2,270.8
)
FINANCING ACTIVITIES:
Net (payments)/proceeds from issuance of commercial paper
—
—
(175.0
)
Net proceeds from issuance of short-term debt
2.4
123.8
114.6
Repayments of short-term debt
(7.8
)
(157.5
)
(78.8
)
Net proceeds from issuance of long-term debt
1,748.5
1,995.3
1,497.8
Repayments of long-term debt
(1,250.0
)
(1,825.1
)
(1,000.0
)
Proceeds from issuance of common stock
77.0
108.0
167.4
Cash dividends paid
(2,771.4
)
(2,585.0
)
(2,431.8
)
Repurchase of common stock
—
(1,266.7
)
(984.4
)
Minimum tax withholdings on share-based awards
(87.4
)
(100.4
)
(89.3
)
Other
(9.3
)
(10.6
)
(11.1
)
Net cash used in financing activities
(2,298.0
)
(3,718.2
)
(2,990.6
)
Effect of exchange rate changes on cash and cash equivalents
(30.5
)
56.5
(14.2
)
Net increase/(decrease) in cash and cash equivalents
(66.4
)
(265.3
)
733.1
CASH AND CASH EQUIVALENTS:
Beginning of period
3,286.2
3,551.5
2,818.4
End of period
$
3,219.8
$
3,286.2
$
3,551.5
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest
588.3
570.7
524.3
Income taxes
715.6
1,373.3
1,294.2
Supplemental Information
The following supplemental information is provided for historical and comparative purposes.
U.S. Supplemental Data
Quarter Ended
Change (%)
($ in millions)
Sep 28, 2025
Sep 29, 2024
Net revenues
$6,429.0
$6,245.1
3%
Change in Comparable Store Sales (1)
0%
(6)%
Change in Transactions
(1)%
(10)%
Change in Ticket
1%
4%
Store Count (2)
16,864
16,941
—%
(1)
Includes only Starbucks ® company-operated stores open 13 months or longer. Comparable store sales exclude Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while permanent store closures are removed in the month following closure.
(2)
Includes 520 stores closed in Q4 FY25 as part of our “Back to Starbucks” restructuring plan.
China Supplemental Data
Quarter Ended
Change (%)
($ in millions)
Sep 28, 2025
Sep 29, 2024
Net revenues
$831.6
$783.7
6%
Change in Comparable Store Sales (1)
2%
(14)%
Change in Transactions
9%
(6)%
Change in Ticket
(7)%
(8)%
Store Count (2)
8,011
7,596
5%
(1)
Includes only Starbucks ® company-operated stores open 13 months or longer. Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores. Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while permanent store closures are removed in the month following closure.
(2)
Includes 40 stores closed in Q4 FY25 as part of our “Back to Starbucks” restructuring plan.
Store Data
Net stores opened/(closed) and transferred during the period (1)
Quarter Ended
Year Ended
Stores open as of
Sep 28,
2025
Sep 29,
2024
Sep 28,
2025
Sep 29,
2024
Sep 28,
2025
Sep 29,
2024
North America:
Company-operated stores
(435
)
221
(143
)
533
11,018
11,161
Licensed stores
12
5
30
81
7,293
7,263
Total North America
(423
)
226
(113
)
614
18,311
18,424
International:
Company-operated stores
219
331
639
893
10,496
9,857
Licensed stores
97
165
265
654
12,183
11,918
Total International
316
496
904
1,547
22,679
21,775
Total Company
(107
)
722
791
2,161
40,990
40,199
(1)
Includes 627 stores closed in Q4 FY25 as part of our “Back to Starbucks” restructuring plan.
Non-GAAP Disclosure
In addition to the generally accepted accounting principles in the United States (GAAP) results provided in this release, the company provides certain non-GAAP financial measures in this release that are not in accordance with, or alternatives for, GAAP. When provided to investors, our non-GAAP financial measures of non-GAAP general and administrative expenses (G&A), non-GAAP operating income, non-GAAP operating income growth (loss), non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP earnings per share exclude the below-listed items and their related tax impacts, as management believes this exclusion contributes to a more meaningful evaluation of the company’s future operating performance and comparisons to the company's past operating performance. The GAAP measures most directly comparable to non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth (loss), non-GAAP operating margin, non-GAAP effective tax rate and non-GAAP earnings per share are G&A, operating income, operating income growth (loss), operating margin, effective tax rate and diluted net earnings per share, respectively.
Non-GAAP Exclusion
Rationale
Restructuring and impairment costs
Management excludes restructuring and impairment costs relating to the write-down of certain company-operated store assets and employee severance costs for the reasons discussed above. These expenses are anticipated to be completed within a finite period of time.
Litigation settlements
Management excludes settlements that are associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future for the reasons discussed above. The amounts represent a cash settlement received by the Company.
Transaction costs
Management excludes transaction costs for the reasons discussed above. These expenses are anticipated to be completed within a finite period of time.
The Company also presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present the constant currency information, including with respect to consolidated net revenues, operating income, operating margin, and earnings per share, current period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods, excluding related hedging activities. We believe the presentation of results on a constant currency basis in addition to GAAP results helps users better understand our performance, because it excludes the effects of foreign currency volatility that are not indicative of our underlying operating results.
Non-GAAP G&A, non-GAAP operating income, non-GAAP operating income growth (loss), non-GAAP operating margin, non-GAAP effective tax rate, non-GAAP earnings per share, and constant currency may have limitations as analytical tools. These measures should not be considered in isolation or as a substitute for analysis of the company’s results as reported under GAAP. Other companies may calculate these non-GAAP financial measures differently than the company does, limiting the usefulness of those measures for comparative purposes.
STARBUCKS CORPORATION
NET REVENUE CONSTANT CURRENCY RECONCILIATION
(unaudited, in millions)
Quarter Ended
Consolidated
Revenue for the quarter ended Sep 29, 2024 as reported (GAAP)
$ 9,074.0
Revenue for the quarter ended Sep 28, 2025 as reported (GAAP)
$ 9,569.0
Change (%)
5.5 %
Constant Currency Impact (%)
(0.2) %
Change in Constant Currency (%)
5.3 %
STARBUCKS CORPORATION
NET REVENUE CONSTANT CURRENCY RECONCILIATION
(unaudited, in millions)
Year Ended
Consolidated
Revenue for the year ended Sep 29, 2024 as reported (GAAP)
$
36,176.2
Revenue for the year ended Sep 28, 2025 as reported (GAAP)
$
37,184.4
Change (%)
2.8
%
Constant Currency Impact (%)
0.1
%
Change in Constant Currency (%)
2.9
%
STARBUCKS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in millions, except per share data)
Quarter Ended (1)
Consolidated
Sep 28,
2025
Sep 29,
2024
Change
Constant
Currency
Impact
Change in
Constant
Currency
Operating income, as reported (GAAP)
$
278.2
$
1,306.9
(78.7
)%
Restructuring and impairments (2)
755.0
—
Litigation settlements (3)
(145.2
)
—
Transaction costs (4)
8.2
—
Non-GAAP operating income
$
896.2
$
1,306.9
(31.4
)%
0.2
%
(31.2
)%
Operating margin, as reported (GAAP)
2.9
%
14.4
%
(1,150) bps
Restructuring and impairments (2)
7.9
%
—
%
Litigation settlements (3)
(1.5
)%
—
%
Transaction costs (4)
0.1
%
—
%
Non-GAAP operating margin
9.4
%
14.4
%
(500) bps
— bps
(500) bps
contracted
Diluted net earnings per share, as reported (GAAP)
$
0.12
$
0.80
(85.0
)%
Restructuring and impairments (2)
0.66
—
Litigation settlements (3)
(0.13
)
—
Transaction costs (4)
0.01
—
Income tax effect on Non-GAAP adjustments (5)
(0.14
)
—
Non-GAAP diluted net earnings per share
$
0.52
$
0.80
(35.0
)%
1.2
%
(33.8
)%
(1)
Certain numbers may not foot due to rounding convention.
Represents costs associated with our restructuring efforts.
Related to settlements associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future.
Represents costs associated with a potential strategic partnership.
(5)
Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.
Year Ended (1)
Consolidated
Sep 28,
2025
Sep 29,
2024
Change
Constant
Currency
Impact
Change in
Constant
Currency
Operating income, as reported (GAAP)
$
2,936.6
$
5,408.8
(45.7
)%
Restructuring and impairment costs (2)
892.0
—
Litigation settlements (3)
(145.2
)
—
Transaction costs (4)
8.2
—
Non-GAAP operating income
$
3,691.6
$
5,408.8
(31.7
)%
0.6
%
(31.1
)%
Operating margin, as reported (GAAP)
7.9
%
15.0
%
(710) bps
Restructuring and impairment costs (2)
2.4
%
—
%
Litigation settlements (3)
(0.4
)%
—
%
Transaction costs (4)
—
%
—
%
Non-GAAP operating margin
9.9
%
15.0
%
(510) bps
10 bps
(500) bps
Diluted net earnings per share, as reported (GAAP)
$
1.63
$
3.31
(50.8
)%
Restructuring and impairment costs (2)
0.78
—
Litigation settlements (3)
(0.13
)
—
Transaction costs (4)
0.01
—
Income tax effect on Non-GAAP adjustments (5)
(0.16
)
—
Non-GAAP EPS
$
2.13
$
3.31
(35.6
)%
0.9
%
(34.7
)%
(1)
Certain numbers may not foot due to rounding convention.
(2)
Represents costs associated with our restructuring efforts.
Related to settlements associated with litigation events that are not expected to recur at a similar frequency and magnitude in the future.
Represents costs associated with a potential strategic partnership.
Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.
Q4 QTD FY25 NON-GAAP DISCLOSURE DETAILS
(in millions and before income taxes)
Q4 QTD FY25
North America
International
Channel
Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring and
Impairment costs
Litigation
Settlements
Restructuring and
impairment costs
Restructuring and
impairment costs
Restructuring and
impairment costs
Transaction costs
Total Non-GAAP
Adjustment
Restructuring and impairments
$
628.7
$
—
$
62.6
$
0.8
$
62.9
$
—
$
755.0
Store operating expenses
—
(145.2
)
—
—
—
—
(145.2
)
General and administrative expenses
—
—
—
—
—
8.2
8.2
Total impact to operating income
$
(628.7
)
$
145.2
$
(62.6
)
$
(0.8
)
$
(62.9
)
$
(8.2
)
$
(618.0
)
Q4 YTD FY25 NON-GAAP DISCLOSURE DETAILS
(in millions and before income taxes)
Q4 YTD FY25
North America
International
Channel
Development
Corporate and Other
Consolidated
Statement of Earnings Line Item
Restructuring and
Impairment costs
Litigation
Settlements
Restructuring and
impairment costs
Restructuring and
impairment costs
Restructuring and
impairment costs
Transaction costs
Total Non-GAAP
Adjustment
Restructuring and impairments
$
653.2
$
—
$
82.5
$
1.9
$
154.4
$
—
$
892.0
Store operating expenses
—
(145.2
)
—
—
—
—
(145.2
)
General and administrative expenses
—
—
—
—
—
8.2
8.2
Total impact to operating income
$
(653.2
)
$
145.2
$
(82.5
)
$
(1.9
)
$
(154.4
)
$
(8.2
)
$
(755.0
)