Starbucks Corporation

SBUX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Valuation
Market cap	$94,789	$110,476	$104,541	$96,680	$129,416	$100,801	$103,734	$66,685	$63,013	$63,517	$66,685	$56,557	$57,981	$37,570	$27,639	$18,981	$15,395	$10,885	$19,735	$26,079	$19,556	$18,049	$11,254	$7,935	$5,622	$7,411	$4,531	$3,342	$3,302	$2,557	$1,340	$668	$748	$396	$272
Enterprise value	$117,941	$132,743	$125,194	$117,310	$146,410	$121,434	$112,145	$67,193	$64,261	$64,863	$67,423	$56,763	$56,049	$36,088	$26,141	$18,088	$15,290	$11,844	$20,574	$26,328	$19,529	$17,400	$10,909	$7,613	$5,475	$7,346	$4,484	$3,274	$3,398	$2,598	$1,400	$740	$819	$380	$279
P/E (TTM) at period end	51.06×	29.37×	25.35×	29.46×	30.82×	108.59×	28.82×	14.76×	21.84×	22.54×	24.18×	27.35×	6985.70×	27.15×	22.19×	20.07×	39.39×	34.50×	29.34×	46.22×	39.56×	46.41×	41.94×	36.89×	31.03×	78.37×	44.55×	48.86×	59.81×	61.32×	51.33×	65.50×	88.03×	96.65×	113.29×
P/S (TTM) at period end	2.55×	3.05×	2.91×	3.00×	4.45×	4.29×	3.91×	2.70×	2.81×	2.98×	3.48×	3.44×	3.89×	2.82×	2.36×	1.77×	1.58×	1.05×	2.10×	3.35×	3.07×	3.41×	2.76×	2.41×	2.12×	3.42×	2.70×	2.55×	3.38×	3.66×	2.88×	2.34×	4.58×	4.26×	4.71×
P/B at period end	–	–	–	–	–	–	–	57.02×	11.56×	10.79×	11.46×	10.73×	12.94×	7.35×	6.30×	5.17×	5.05×	4.37×	8.64×	11.70×	9.35×	7.26×	5.40×	4.60×	4.09×	6.45×	4.71×	4.21×	6.21×	5.66×	4.29×	6.08×	8.49×	5.26×	12.30×
EV / EBITDA (TTM)	25.05×	18.96×	17.10×	19.08×	22.89×	39.62×	20.29×	12.95×	12.35×	12.47×	14.87×	14.82×	169.74×	14.00×	11.47×	9.23×	13.59×	10.69×	13.32×	20.12×	16.87×	18.67×	15.95×	14.10×	11.95×	19.60×	16.77×	16.36×	23.40×	27.09×	21.57×	20.73×	41.34×	38.01×	47.29×
EV / Sales (TTM)	3.17×	3.67×	3.48×	3.64×	5.04×	5.16×	4.23×	2.72×	2.87×	3.04×	3.52×	3.45×	3.76×	2.71×	2.23×	1.69×	1.56×	1.14×	2.19×	3.38×	3.07×	3.29×	2.68×	2.31×	2.07×	3.39×	2.67×	2.50×	3.48×	3.72×	3.01×	2.60×	5.01×	4.08×	4.84×
Returns
Return on equity	–	–	–	–	–	–	–	386.3%	52.9%	47.9%	47.4%	39.2%	0.2%	27.1%	28.4%	25.7%	12.8%	12.7%	29.4%	25.3%	23.6%	15.6%	12.9%	12.5%	13.2%	8.2%	10.6%	8.6%	10.4%	9.2%	8.4%	9.3%	9.6%	5.4%	10.9%
Return on invested capital	14.2%	27.2%	34.3%	29.2%	32.3%	9.5%	145.9%	163.2%	39.9%	38.0%	38.4%	35.9%	–	30.0%	31.4%	30.5%	13.1%	9.9%	20.5%	21.9%	22.1%	17.3%	13.8%	12.3%	13.2%	12.0%	10.3%	9.6%	8.3%	7.0%	6.5%	7.3%	5.0%	6.7%	8.5%
Dividend yield	2.9%	2.3%	2.3%	2.3%	1.6%	1.9%	1.7%	2.6%	2.3%	1.9%	1.4%	1.4%	1.1%	1.4%	1.4%	0.9%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.72×	0.75×	0.78×	0.77×	1.20×	1.06×	0.92×	2.20×	1.25×	1.05×	1.09×	1.37×	1.02×	1.90×	1.83×	1.55×	1.29×	0.80×	0.79×	0.79×	0.99×	1.75×	1.52×	1.58×	1.33×	1.47×	1.54×	1.88×	2.28×	3.36×	2.90×	2.09×	2.71×	4.22×	1.39×
Debt / equity	(1.99×)	(2.09×)	(1.92×)	(1.71×)	(2.75×)	(2.04×)	(1.79×)	8.07×	0.72×	0.61×	0.40×	0.39×	0.29×	0.11×	0.13×	0.15×	0.18×	0.22×	0.55×	0.32×	0.13×	0.00×	0.00×	0.00×	0.05×	0.06×	0.07×	0.04×	0.31×	0.37×	0.26×	0.73×	0.98×	0.06×	0.37×
Effective tax rate	25.9%	24.3%	23.6%	22.4%	21.6%	20.6%	19.5%	21.8%	33.2%	32.9%	29.3%	34.6%	103.8%	32.8%	31.1%	34.0%	30.1%	31.3%	36.3%	35.8%	37.9%	37.3%	38.5%	37.0%	37.3%	41.1%	38.0%	41.2%	39.5%	38.8%	39.4%	42.4%	38.8%	37.9%	17.2%
Share count
Diluted shares outstanding	1,140	1,137	1,151	1,158	1,186	1,182	1,233	1,395	1,462	1,487	1,513	1,526	1,524	1,546	1,539	1,528	1,492	1,483	1,540	1,585	1,616	1,642	1,607	1,589	1,578	1,537	1,462	1,479	1,265	1,241	1,135	927	875	838	809

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Revenue and gross profit
Revenue	$38,338	$37,184	$36,176	$35,976	$32,250	$29,061	$23,518	$26,509	$24,720	$22,387	$21,316	$19,163	$16,448	$14,892	$13,300	$11,700	$10,707	$9,775	$10,383	$9,412	$7,787	$6,369	$5,294	$4,076	$3,289	$2,649	$2,169	$1,680	$1,309	$975	$698	$465	$285	$164	$93	$58
Cost of revenue	–	($28,203)	($26,467)	($26,129)	($23,879)	($20,670)	($18,459)	($8,527)	($7,931)	($7,066)	($8,509)	($7,788)	($6,859)	($6,382)	($5,813)	($4,916)	($4,416)	($4,325)	($4,645)	($3,999)	($6,127)	($4,968)	($4,153)	($1,686)	($2,598)	($2,082)	($1,684)	($1,323)	($1,031)	($773)	($565)	($372)	($127)	($131)	($75)	($47)
Gross profit	–	$8,982	$9,709	$9,846	$8,371	$8,391	$5,059	$17,982	$16,789	$15,321	$12,807	$11,375	$9,589	$8,510	$7,486	$6,785	$6,291	$5,450	$5,738	$5,412	$1,660	$1,401	$1,141	$2,390	$691	$567	$485	$357	$278	$202	$133	$94	$158	$32	$18	$11
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,498)	($2,617)	($2,523)	($2,441)	($2,032)	($1,933)	($1,680)	($1,824)	($1,708)	($1,408)	($1,409)	($1,197)	($991)	($938)	($801)	($749)	($705)	($453)	($456)	($489)	($473)	($357)	($304)	($1,765)	($202)	($151)	($110)	($90)	($78)	($57)	($37)	($29)	($122)	($12)	($8)	($5)
Total operating expenses	($12,020)	($6,045)	($4,300)	($3,975)	($3,753)	($3,519)	($3,497)	($13,904)	($12,906)	($11,186)	($8,635)	($7,774)	($6,508)	($8,835)	($5,489)	($5,056)	($4,872)	($4,888)	($5,234)	($4,358)	($766)	($621)	($534)	($1,965)	($372)	($286)	($252)	($197)	($158)	($116)	($77)	($53)	($134)	($19)	($12)	($8)
Total costs and expenses	($35,361)	($34,248)	($30,767)	($30,105)	($27,632)	($24,188)	($21,956)	($22,431)	($20,836)	($18,252)	($17,144)	($15,562)	($13,367)	($15,218)	($11,302)	($9,972)	($9,288)	($9,213)	($9,879)	($8,358)	($6,893)	($5,589)	($4,688)	($3,651)	($2,970)	($2,368)	($1,937)	($1,520)	($1,190)	($889)	($641)	($425)	($262)	($150)	($87)	($55)
Operating income	$2,978	$2,937	$5,409	$5,871	$4,618	$4,872	$1,562	$4,078	$3,883	$4,135	$4,172	$3,601	$3,081	($325)	$1,997	$1,728	$1,419	$562	$504	$1,054	$894	$781	$607	$425	$319	$281	$233	$160	$119	$86	$56	$40	$23	$13	$6	$3
Earnings
EBITDA	$4,644	$4,708	$7,001	$7,321	$6,147	$6,396	$3,065	$5,527	$5,189	$5,202	$5,202	$4,535	$3,830	$330	$2,578	$2,278	$1,960	$1,125	$1,108	$1,545	$1,309	$1,158	$932	$684	$540	$458	$375	$267	$200	$145	$96	$65	$36	$20	$10	$6
Interest income	$119	$113	$123	$81	$97	$90	$40	$96	$191	$182	$103	$43	$143	$124	$94	$116	$50	$37	$9	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($556)	($543)	($562)	($550)	($483)	($470)	($437)	($331)	($170)	($92)	($81)	($70)	($64)	($28)	($33)	($33)	($33)	($39)	($53)	($38)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,076	$2,507	$4,970	$5,402	$4,232	$5,357	$1,164	$4,466	$5,780	$4,318	$4,199	$3,903	$3,160	($230)	$2,059	$1,811	$1,437	$560	$460	$1,056	$906	$796	$621	$436	$341	$289	$161	$164	$116	$91	$68	$43	$18	$14	$7	$3
Income tax expense	($1,094)	($651)	($1,207)	($1,277)	($948)	($1,157)	($240)	($872)	($1,262)	($1,433)	($1,380)	($1,144)	($1,092)	$239	($674)	($563)	($489)	($168)	($144)	($384)	($325)	($302)	($232)	($168)	($126)	($108)	($66)	($62)	($48)	($36)	($26)	($17)	($8)	($5)	($2)	($0)
Net income	$1,983	$1,856	$3,761	$4,124	$3,282	$4,199	$928	$3,599	$4,518	$2,885	$2,818	$2,757	$2,068	$8	$1,384	$1,246	$946	$391	$316	$673	$564	$494	$389	$268	$215	$181	$95	$102	$68	$55	$42	$26	$10	$8	$4	$2
Per share
Diluted EPS (GAAP)	$1.74	$1.63	$3.31	$3.58	$2.83	$3.54	$0.79	$2.92	$3.24	$1.97	$1.90	$1.82	$1.35	$0.01	$0.895	$0.81	$0.62	$0.26	$0.215	$0.435	$0.36	$0.31	$0.12	$0.17	$0.065	$0.0575	$0.03	$0.0338	$0.0463	$0.0053	$0.0044	$0.0014	$0.0008	$0.0006	$0.0002	$0.0002
Basic EPS (GAAP)	$1.75	$1.63	$3.32	$3.60	$2.85	$3.57	$0.79	$2.95	$3.27	$1.99	$1.91	$1.84	$1.37	$0.01	$0.915	$0.83	$0.635	$0.265	$0.215	$0.45	$0.37	$0.32	$0.12	$0.17	$0.14	$0.12	$0.0628	$0.0696	$0.0463	$0.0056	$0.0044	$0.0014	$0.0008	$0.0006	$0.0002	$0.0002
Basic shares outstanding	1,139	1,136	1,134	1,147	1,153	1,178	1,173	1,221	1,383	1,450	1,472	1,496	1,506	1,498	1,509	1,497	1,489	1,477	1,463	1,500	1,532	1,561	1,587	1,563	1,538	1,519	1,479	1,462	1,479	1,265	1,241	1,135	927	875	838	809
Margins
Gross margin	–	24.2%	26.8%	27.4%	26.0%	28.9%	21.5%	67.8%	67.9%	68.4%	60.1%	59.4%	58.3%	57.1%	56.3%	58.0%	58.8%	55.8%	55.3%	57.5%	21.3%	22.0%	21.6%	58.6%	21.0%	21.4%	22.4%	21.3%	21.2%	20.7%	19.1%	20.1%	55.3%	19.8%	19.4%	18.7%
Operating margin	7.8%	7.9%	15.0%	16.3%	14.3%	16.8%	6.6%	15.4%	15.7%	18.5%	19.6%	18.8%	18.7%	(2.2%)	15.0%	14.8%	13.3%	5.7%	4.9%	11.2%	11.5%	12.3%	11.5%	10.4%	9.7%	10.6%	10.7%	9.5%	9.1%	8.8%	8.1%	8.6%	8.1%	8.0%	6.9%	5.2%
Net margin	5.2%	5.0%	10.4%	11.5%	10.2%	14.5%	3.9%	13.6%	18.3%	12.9%	13.2%	14.4%	12.6%	0.1%	10.4%	10.6%	8.8%	4.0%	3.0%	7.1%	7.2%	7.8%	7.3%	6.6%	6.5%	6.8%	4.4%	6.1%	5.2%	5.7%	6.0%	5.6%	3.6%	5.2%	4.4%	4.2%

Analyst consensus

Buy59 analysts

Bearish · 3 · Hold · 28 · Bullish · 28

Earnings history

	EPS	Estimate
Q4 2024	$0.80	$1.03	Miss
Q1 2025	$0.69	$0.68	Beat
Q2 2025	$0.41	$0.49	Miss
Q3 2025	$0.50	$0.65	Miss
Q4 2025	$0.52	$0.56	Miss
Q1 2026	$0.56	$0.59	Miss
Q2 2026	$0.50	$0.43	Beat
Q3 2026	$0.85	$0.66	Beat

Peers

Company overview

IPO dateJun 26, 1992

CEOBrian R. Niccol

Employees381,000

SectorConsumer Cyclical

IndustryRestaurants

CountryUS

ExchangeNASDAQ Global Select

Websitewww.starbucks.com

Starbucks Corporation, along with its various subsidiaries, operates worldwide as a key player in roasting, marketing, and selling specialty coffee. Its business is structured into three main operating divisions: North America, International markets, and Channel Development. The company's retail outlets offer a broad assortment of coffee and tea beverages, roasted whole bean and ground coffees, single-serve options, and ready-to-drink products. Customers can also find a variety of food items, including pastries, breakfast sandwiches, and lunch selections. Furthermore, Starbucks extends its brand reach by licensing its trademarks to independently operated stores, grocery retailers, and foodservice accounts. Products are sold under well-known labels such as Starbucks, Teavana, Seattle's Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve, and Princi. As of October 3, 2021, Starbucks had a significant global presence, operating 16,826 company-owned and licensed stores across North America, in addition to 17,007 similar locations internationally. The company, established in 1971, is headquartered in Seattle, Washington.

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