SBUX · 10-K · 2026A

STARBUCKS CORP

Filed 2026-11-12 · Consumer · View original filing on EDGAR

Ranked Events

• China Licensed Joint VentureImportance 67 · Surprise 60
  In the third quarter of fiscal 2026, Boyu Capital acquired a 60% stake in Starbucks China retail operations, while Starbucks retained a 40% ownership interest and ownership of the brand and intellectual property.…
• Distribution Channels ExpansionImportance 60 · Surprise 40
  Licensed coffeehouse revenue increased 6.1% to $4.6 billion in fiscal 2026, supported by higher product sales and royalties from International licensees and the newly formed China joint venture. Channel Development…
• Income Tax Rate ChangesImportance 59 · Surprise 82
  The effective tax rate increased to 34.2% in fiscal 2026 from 25.9% in fiscal 2025, while income tax expense rose to $1.315 billion from $651 million. Releasing remaining indefinite reinvestment assertions generated a…
• Debt Refinancing and LiquidityImportance 55 · Surprise 42
  Cash and investments totaled $4.2 billion at September 27, 2026, compared with $3.7 billion a year earlier, including $1.3 billion held in foreign subsidiaries. In May 2026, Starbucks repurchased approximately $1.3…
• Capital Expenditure ProgramImportance 51 · Surprise 56
  Capital expenditures were $1.3 billion in fiscal 2026, down from $2.3 billion in fiscal 2025. The $1.0 billion year-over-year reduction was driven by lower retail coffeehouse investments and renovations in North…
• Operating Cash Flow TrendsImportance 48 · Surprise 14
  Cash provided by operating activities increased to $5.0 billion in fiscal 2026 from $4.7 billion in fiscal 2025, mainly due to higher earnings and favorable working-capital changes in income taxes payable and…
• Operating Margin DriversImportance 46 · Surprise 48
  Consolidated operating income increased to $3.691 billion from $2.937 billion, and operating margin expanded 180 basis points to 9.7% in fiscal 2026. Sales leverage contributed approximately 210 basis points of margin…
• Revenue Performance and MixImportance 45 · Surprise 14
  Consolidated net revenues increased 2.0% to $37.911 billion in fiscal 2026 from $37.184 billion in fiscal 2025. Company-operated coffeehouse revenue rose 0.6% to $30.940 billion, licensed coffeehouse revenue increased…
• Guidance / OutlookImportance 43 · Surprise 42
  Starbucks expects net revenue moderation in fiscal 2027, primarily because of the International segment’s comparison with the divestiture of China retail operations and the effect of recent North America coffeehouse…
• Store Closures and RestructuringImportance 42 · Surprise 42
  The fiscal 2025 restructuring plan’s North America coffeehouse closures were substantially completed in fiscal 2025, and most International closures were completed in the first quarter of fiscal 2026. In the second…
• Capital Return ProgramImportance 41 · Surprise 6
  Starbucks returned $2.8 billion to shareholders through dividends in each of fiscal 2026 and fiscal 2025. The quarterly dividend increased from $0.61 per share in the first three quarters of fiscal 2025 to $0.62 for…
• Trade Policy and TariffsImportance 35 · Surprise 60
  On February 20, 2026, the U.S. Supreme Court ruled unlawful the reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA), which had applied to Starbucks imports. U.S. Customs and Border…
• Strategic InitiativesImportance 35 · Surprise 42
  Starbucks plans to advance its “Back to Starbucks” strategy through service improvements, operating precision, personalized digital experiences, faster drive-thru service, supply-chain strengthening, and technology…
• Restructuring ChargesImportance 34 · Surprise 42
  In the third quarter of fiscal 2026, Starbucks reassessed and impaired assets associated with non-retail facility transformation and reduced operational complexity at Starbucks Reserve and Roastery locations. In the…
• Same-Store Sales GrowthImportance 30 · Surprise 32
  Comparable coffeehouse sales increased 6.2% company-wide in fiscal 2026, reflecting 3.2% higher comparable transactions and a 3.0% increase in average ticket. North America comparable sales rose 6.6%, with transactions…
• Store Count and ExpansionImportance 25 · Surprise 24
  Starbucks plans to apply tighter discipline to global coffeehouse growth, prioritizing new locations that meet return and long-term growth expectations. International is expected to lead global coffeehouse growth,…
• Operating Expense TrendsImportance 25 · Surprise 32
  General and administrative expense declined $244 million to $2.373 billion, driven by $292 million in restructuring-related savings and efficiencies, $83 million from the China model conversion, and $81 million from…
• Goodwill Impairment OutlookImportance 17 · Surprise 24
  Starbucks completed its fiscal 2026 annual goodwill impairment testing in the third fiscal quarter. Its latest quantitative assessment showed reporting-unit fair values exceeded carrying values by approximately $120…

Revenue by Product (in millions)

Revenue by Geography (in millions)