STARBUCKS CORPSBUX
STARBUCKS CORP Financial Overview 2021–2025
Updated Jul 10, 2026A nearly halving of profitability tells the story for Starbucks, with operating margins plunging from 15.0% to 7.9% in FY2025. The coffee chain is intentionally absorbing severe near-term margin compression to fund its aggressive "Back to Starbucks" operational reset.
Despite the bottom-line collapse, the company's absolute top line has maintained an upward trajectory, as total net revenues grew from $29.1 billion in FY2021 to $37.2 billion in FY2025. Underlying organic demand, however, is fracturing. North America comparable store sales declined by 2% in FY2025, pressured directly by a 4% drop in customer transactions. To address this sustained traffic slump, Starbucks incurred $892 million in restructuring and impairment charges to close underperforming locations and overhaul its corporate support structure.
These sweeping operational changes sent diluted earnings per share tumbling to $1.63 in FY2025, less than half of the $3.31 generated the prior year. The company simultaneously altered its global risk profile by offloading a 60% stake in its China retail operations to a joint venture partner. Because earnings cratered during this strategic transition, investors are paying heavily for a future turnaround rather than trailing execution. At the close of FY2025, shares traded at $83.39, leaving the $94.8 billion enterprise valued at a steep 51.2x earnings multiple.
Recent Developments (Q1 and Q2 2026)
Starbucks closed the first half of fiscal 2026 with accelerating momentum, as Q2 2026 revenues jumped 8.8% year-over-year to $9.5 billion. Global comparable store sales grew 6.2% over the first half of fiscal 2026, driven by a 7.1% increase in the U.S. In Q2 2026, operating income surged 37.8% to $828.1 million, expanding the operating margin to 8.7%.
However, net earnings remain heavily depressed by discrete tax expenses tied to the formal closure of the China divestiture, which yielded $3.1 billion. Further clouding near-term profitability, the board approved an additional $400 million restructuring plan in May 2026 targeting support operations and Reserve locations. Bulls emphasize the strong rebound in domestic comparable sales and core operating leverage. Conversely, bears warn that persistent non-cash impairments and tax penalties continually suppress actual net income. Trading at 59.7x earnings as of the Q2 2026 report date, shares appear richly valued given the sustained bottom-line volatility.
What to watch: progress on the new $400 million cost-cutting initiatives; U.S. comparable sales trends heading into the second half of the year.
Rev
$37.18B
FY2025
NI
$1.86B
FY2025
EPS
$1.63
FY2025
OCF
$4.75B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All SBUX Financial Metrics(60)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
STARBUCKS CORP 8-K Report, Executive Changes (Jun 12, 2026)
Starbucks Corporation (SBUX) has announced a key executive transition, appointing Val Bauduin as the Company’s principal accounting officer, effective June 11, 2026. Mr. Bauduin will continue in his current role as senior vice president, Corporate Finance and Development, and will report to Cathy Smith, the chief financial officer. This change signifies a transfer of principal accounting officer responsibilities from Ms. Smith to Mr. Bauduin, streamlining financial oversight within the executive team. This appointment brings a seasoned financial executive to a critical oversight role. Mr. Bauduin's experience includes prior leadership positions at Marriott International, where he served as controller and chief accounting officer, and a recent tenure as interim chief financial officer at Starbucks. His background suggests a strong grasp of financial reporting and controls, which is crucial for maintaining investor confidence. Importantly, this transition does not involve any immediate changes to Mr. Bauduin's compensation, indicating a smooth integration of these new responsibilities within his existing remuneration structure.
STARBUCKS CORP 8-K Report, Corporate Update (May 20, 2026)
Starbucks Corporation (SBUX) has announced the completion of its cash tender offers for certain series of its notes, settling these on May 20, 2026. The company successfully repurchased a significant aggregate principal amount of notes across several maturities, thereby reducing its outstanding debt obligations. This action reflects a strategic move to manage its capital structure and potentially optimize its cost of debt. Investors should note the specific amounts of principal retired and the total purchase price paid, including accrued interest, for each series of notes accepted in the tender offers. The company has also indicated that certain series of notes were not purchased and their outstanding principal amounts remain unchanged. This filing provides transparency on the executed debt management strategy and its immediate impact on the company's balance sheet.
STARBUCKS CORP 8-K Report, Exit or Disposal Costs (May 15, 2026)
Starbucks Corporation (SBUX) has announced a significant restructuring plan under its "Back to Starbucks" strategy, aimed at revitalizing its business and driving long-term growth. This plan involves capturing approximately $400 million in cost savings, with a substantial portion of these charges expected to be incurred in fiscal year 2026. The initiative focuses on streamlining both domestic and international support organizations and non-retail facilities, as well as reducing operational complexity for its Starbucks Reserve and Roastery locations. This strategic move is designed to enhance customer experience and partner value, aligning with the company's shift towards a more licensed international business model.
STARBUCKS CORP 8-K Report, Financial Results (Apr 28, 2026)
Starbucks Corporation (SBUX) has filed an 8-K report on April 28, 2026, to announce its financial results for the quarter ended March 29, 2026. The report primarily references an attached earnings release (Exhibit 99.1) which contains the detailed financial performance for the period. Investors should refer to this press release for specific figures related to revenue, earnings per share, same-store sales, and other key operating metrics. This filing serves as an official notification of the company's most recent financial outcomes.
STARBUCKS CORP 8-K Report, Regulation FD Disclosure (Apr 2, 2026)
Starbucks Corporation (SBUX) has officially announced the completion of its joint venture transaction with Boyu Capital, as reported in their Form 8-K filing dated April 2, 2026. This strategic move involves funds managed by Boyu Capital acquiring a 60% stake in Starbucks' retail operations within China. Starbucks will retain a 40% ownership interest and will continue to operate as the global brand owner and licensor. This transaction, initially disclosed on November 3, 2025, signifies a significant shift in the operational structure of Starbucks' China business, aiming to leverage local expertise and capital for growth in this crucial market.
View all 8-K filings →