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STARBUCKS CORPSBUX

Sector
Consumer
Industry
Retail-Eating & Drinking Places
Exchange
Nasdaq

Stock Price $SBUX

Latest filings

You are here#7 of 30 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1010-Q348-K147

SBUX filed 10 annual reports (10-K), 34 quarterly reports (10-Q) and 147 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’18Jan ’18
  2. FY2019 annual report10-K · Nov ’19Nov ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $37.18B
YoY changeLargest recent move+23.6%in FY21Latest +2.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All SBUX Financial Metrics60 metrics

Income Statement13

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

STARBUCKS CORP Financial Overview 2021–2025

Updated Jul 10, 2026

A nearly halving of profitability tells the story for Starbucks, with operating margins plunging from 15.0%a 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 billionb 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 $1.63c 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 billiond. 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 billione. 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.

03—Filings

Recent SEC Filings

  1. 8-KSTARBUCKS CORP 8-K Report, Exit or Disposal Costs (Sep 24, 2026)Starbucks Corporation (SBUX) announced significant strategic adjustments to its North America store portfolio as part of its ongoing "Back to Starbucks" revitalization strategy. The company's Board of Directors has approved the closure of approximately 1% of its North American coffeehouses, which equates to roughly 180 to 185 locations, that are underperforming. This move aims to improve the overall coffeehouse experience and financial performance across the brand. The closures are expected to be substantially completed by the end of fiscal year 2026, with a significant portion of the associated restructuring charges recognized in the same fiscal year. The company anticipates total restructuring charges of approximately $300 million, comprising $200 million in cash charges (primarily for lease exits and employee separation) and $100 million in non-cash charges (for asset impairment). Furthermore, Starbucks has revised its full-year 2026 net new global coffeehouse openings guidance downwards to approximately 440 from its previous range of 600-650, largely due to these North American closures, though this is partially offset by stronger international growth.
  2. 8-KSTARBUCKS CORP 8-K Report, Financial Results (Jul 29, 2026)Starbucks reported fiscal Q3 2026 (13 weeks ended June 28, 2026) with global comparable store sales up 7.9%, driven by a 4.2% increase in comparable transactions and a 3.5% increase in average ticket. Consolidated net revenues fell 1.4% to $9.32 billion, largely reflecting the April 2026 transfer of Starbucks China retail operations to a licensed joint venture with Boyu Capital (Starbucks retains a 40% stake). The headline GAAP diluted EPS of $0.91 (up 86%) was inflated by a $536.3 million divestiture gain; on a non-GAAP basis, EPS was $0.85 (up 70%) and non-GAAP operating margin expanded 430 bps to 14.4%. North America was the main engine, with comparable store sales up 8.1% and segment operating margin up 30 bps to 13.6%, while International margin rose sharply to 19.1% on the China deconsolidation. Quality of earnings deserves scrutiny. Part of the margin improvement came from IEEPA tariff refunds recorded in product and distribution costs, which management says largely offset tariffs incurred in the first three quarters of fiscal 2026, so this benefit is non-recurring. Restructuring and impairment charges rose to $302.6 million in the quarter from $20.8 million a year earlier, and GAAP operating income grew only 4.8%. Management raised its fiscal 2026 non-GAAP EPS outlook to $2.55 to $2.65, guided Q4 U.S. comparable sales growth of 6.5% or greater, and kept consolidated net revenue guidance at flat to slight growth. Balance sheet deleveraging continued, with long-term debt falling to $11.8 billion from $14.6 billion after about $2.8 billion of repayments and $1.3 billion of tender offers funded partly by China sale proceeds. The quarterly dividend was declared at $0.62 per share, payable August 28, 2026. Investors should weigh the strong comparable sales momentum and the 'Back to Starbucks' execution against the one-time nature of the China gain and tariff refunds, along with the shareholders' deficit of $7.7 billion, which persists despite the improvements.
  3. 8-KSTARBUCKS 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.
  4. 8-KSTARBUCKS 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.
  5. 8-KSTARBUCKS 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.
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04—See also

Related Companies

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