Detailed financial statements for Starbucks Corporation (SBUX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Starbucks Corporation reported revenue of $37.18B in the most recent fiscal year, growing at a 5-year CAGR of 9.6%. Net income reached $1.86B, with a 14.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 31.7%, operating margin 9.4%, net margin 5.2%. Free cash flow grew at 84.5% CAGR over 5 years.
At the current price of $94.43, SBUX trades at a P/E of 54.43 and an ROE of -24.31%. Market capitalisation stands at $107.7B, placing it among large-cap names.
Balance sheet quality for SBUX: current ratio of 0.7, net debt of $23.14B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.44B represents 132% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.32B | $22.39B | $24.72B | $26.51B | $23.52B | $29.06B | $32.25B | $35.98B | $36.18B | $37.18B |
| Cost of Revenue | $14.57B | $15.55B | $17.40B | $19.02B | $18.46B | $20.67B | $23.88B | $26.13B | $26.47B | $28.20B |
| Gross Profit | $6.74B | $6.83B | $7.32B | $7.49B | $5.06B | $8.39B | $8.37B | $9.85B | $9.71B | $8.98B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.41B | $1.41B | $1.71B | $1.82B | $1.68B | $1.93B | $2.03B | $2.44B | $2.52B | $2.62B |
| Operating Expenses | $2.57B | $2.70B | $3.43B | $3.41B | $3.50B | $3.52B | $3.75B | $3.98B | $4.30B | $5.40B |
| Operating Income | $4.17B | $4.13B | $3.88B | $4.08B | $1.56B | $4.87B | $4.62B | $5.87B | $5.41B | $3.58B |
| EBITDA | $5.31B | $5.48B | $7.26B | $6.25B | $3.10B | $7.35B | $6.24B | $7.40B | $7.12B | $5.38B |
| Interest Expense | $81.3M | $92.5M | $170.3M | $331.0M | $437.0M | $469.8M | $482.9M | $550.1M | $562.0M | $542.6M |
| Pre-tax Income | $4.20B | $4.32B | $5.78B | $4.47B | $1.16B | $5.36B | $4.23B | $5.40B | $4.97B | $3.15B |
| Income Tax | $1.38B | $1.43B | $1.26B | $871.6M | $239.7M | $1.16B | $948.5M | $1.28B | $1.21B | $1.29B |
| Net Income | $2.82B | $2.88B | $4.52B | $3.60B | $928.3M | $4.20B | $3.28B | $4.12B | $3.76B | $1.86B |
| EPS | $1.92 | $2.00 | $3.27 | $2.95 | $0.79 | $3.57 | $2.85 | $3.60 | $3.31 | $1.63 |
| EPS (Diluted) | $1.90 | $1.97 | $3.24 | $2.92 | $0.79 | $3.54 | $2.83 | $3.58 | $3.31 | $1.63 |
| Shares Outstanding (Diluted) | $1.49B | $1.46B | $1.39B | $1.23B | $1.18B | $1.19B | $1.16B | $1.15B | $1.14B | $1.14B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.57B | $9.91B | $9.53B | $9.32B |
| Gross Profit | $2.21B | $1.55B | $1.91B | $6.49B |
| Operating Income | $948.0M | $909.8M | $777.3M | $980.4M |
| EBITDA | $1.41B | $1.36B | $1.18B | $1.92B |
| Net Income | $133.1M | $293.3M | $510.9M | $1.05B |
| EPS | $0.12 | $0.26 | $0.45 | $0.91 |
| EPS (Diluted) | $0.12 | $0.26 | $0.45 | $0.91 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.13B | $2.46B | $8.76B | $2.69B | $4.35B | $6.46B | $2.82B | $3.55B | $3.29B | $3.22B |
| Short-term Investments | $134.4M | $228.6M | $181.5M | $70.5M | $281.2M | $162.2M | $364.5M | $401.5M | $257.0M | $247.2M |
| Receivables | $768.8M | $870.4M | $693.1M | $879.2M | $1.40B | $1.13B | $1.18B | $1.18B | $1.21B | $1.28B |
| Inventory | $1.38B | $1.36B | $1.40B | $1.53B | $1.55B | $1.60B | $2.18B | $1.81B | $1.78B | $2.19B |
| Total Current Assets | $4.76B | $5.28B | $12.49B | $5.65B | $7.81B | $9.76B | $7.02B | $7.30B | $6.85B | $7.38B |
| Property, Plant & Equipment | $4.53B | $4.92B | $5.93B | $6.43B | $14.38B | $14.61B | $14.58B | $15.80B | $17.95B | $17.81B |
| Goodwill | $1.72B | $1.54B | $3.54B | $3.49B | $3.60B | $3.68B | $3.28B | $3.22B | $3.32B | $3.37B |
| Intangible Assets | $516.3M | $441.4M | $1.04B | $781.8M | $552.1M | $349.9M | $155.9M | $120.5M | $100.9M | $166.8M |
| Total Assets | $14.33B | $14.37B | $24.16B | $19.22B | $29.37B | $31.39B | $27.98B | $29.45B | $31.34B | $32.02B |
| Accounts Payable | $730.6M | $782.5M | $1.18B | $1.19B | $997.9M | $1.21B | $1.44B | $1.54B | $1.60B | $1.85B |
| Short-term Debt | $399.9M | 0 | $349.9M | 0 | $1.69B | $998.9M | $1.92B | $1.85B | $1.25B | $1.50B |
| Total Current Liabilities | $4.55B | $4.22B | $5.68B | $6.17B | $7.35B | $8.15B | $9.15B | $9.35B | $9.07B | $10.21B |
| Long-term Debt | $3.19B | $3.93B | $9.09B | $11.17B | $14.66B | $13.62B | $13.12B | $13.55B | $14.32B | $14.58B |
| Total Liabilities | $8.44B | $8.91B | $22.98B | $25.45B | $37.17B | $36.71B | $36.68B | $37.43B | $38.78B | $40.11B |
| Retained Earnings | $5.95B | $5.56B | $1.46B | -$5.77B | -$7.82B | -$6.32B | -$8.45B | -$7.26B | -$7.34B | -$8.27B |
| Total Equity | $5.88B | $5.45B | $1.17B | -$6.23B | -$7.81B | -$5.32B | -$8.71B | -$7.99B | -$7.45B | -$8.10B |
| Total Debt | $3.60B | $3.93B | $9.44B | $11.17B | $25.26B | $23.61B | $23.80B | $24.60B | $25.80B | $26.61B |
| Net Debt | $1.34B | $1.24B | $502.3M | $8.41B | $20.63B | $16.99B | $20.62B | $20.65B | $22.26B | $23.14B |
| Working Capital | $213.6M | $1.06B | $6.81B | -$514.8M | $459.6M | $1.60B | -$2.13B | -$2.04B | -$2.22B | -$2.83B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.22B | $3.41B | $1.53B | $3.45B |
| Total Assets | $32.02B | $32.23B | $30.56B | $28.29B |
| Total Liabilities | $40.11B | $40.61B | $39.02B | $35.96B |
| Total Equity | -$8.10B | -$8.39B | -$8.47B | -$7.67B |
| Total Debt | $26.61B | $33.52B | $24.39B | $22.43B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.82B | $2.88B | $4.52B | $3.59B | $924.7M | $4.20B | $3.28B | $4.12B | $3.76B | $1.86B |
| Depreciation & Amortization | $1.03B | $1.07B | $1.31B | $1.45B | $1.50B | $1.52B | $1.53B | $1.45B | $1.59B | $2.61B |
| Stock-based Compensation | $218.1M | $176.0M | $250.3M | $308.0M | $248.6M | $319.1M | $271.5M | $302.7M | $308.3M | $318.3M |
| Change in Working Capital | $353.0M | $89.7M | $6.91B | $1.65B | -$2.68B | -$501.2M | -$2.13B | -$1.13B | -$1.05B | -$1.49B |
| Operating Cash Flow | $4.58B | $4.17B | $11.94B | $5.05B | $1.60B | $5.99B | $4.40B | $6.01B | $6.10B | $4.75B |
| Capital Expenditure | -$1.44B | -$1.52B | -$1.98B | -$1.81B | -$1.48B | -$1.47B | -$1.84B | -$2.33B | -$2.78B | -$2.31B |
| Acquisitions | $69.6M | $85.4M | -$703.1M | $684.3M | 0 | $1.18B | $59.3M | 0 | 0 | -$177.1M |
| Stock Repurchased | -$2.00B | -$2.04B | -$7.13B | -$10.22B | -$1.70B | 0 | -$4.01B | -$984.4M | -$1.27B | 0 |
| Dividends Paid | -$1.18B | -$1.45B | -$1.74B | -$1.76B | -$1.92B | -$2.12B | -$2.26B | -$2.43B | -$2.58B | -$2.77B |
| Free Cash Flow | $3.13B | $2.65B | $9.96B | $3.24B | $114.2M | $4.52B | $2.56B | $3.68B | $3.32B | $2.44B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.38B | $1.60B | $364.5M | $1.64B |
| Capital Expenditure | -$456.0M | -$323.7M | -$272.7M | -$291.4M |
| Free Cash Flow | $925.8M | $1.27B | $91.8M | $1.35B |
| Dividends Paid | -$693.3M | -$705.1M | -$706.3M | -$706.6M |
| Stock-based Compensation | 0 | $126.1M | $93.2M | $71.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.0% | +10.4% | +7.2% | -11.3% | +23.6% | +11.0% | +11.6% | +0.6% | +2.8% | |
| Net Income Growth (YoY) | +2.4% | +56.6% | -20.3% | -74.2% | +352.4% | -21.9% | +25.7% | -8.8% | -50.6% | |
| EPS Growth (YoY) | +4.2% | +63.5% | -9.8% | -73.2% | +351.9% | -20.2% | +26.3% | -8.1% | -50.8% | |
| Shares Change (YoY) | -1.7% | -4.6% | -11.6% | -4.2% | +0.3% | -2.3% | -0.6% | -1.2% | +0.2% | |
| FCF Growth (YoY) | -15.3% | +275.2% | -67.5% | -96.5% | +3,857.2% | -43.4% | +43.8% | -9.7% | -26.4% | |
| Gross Margin | 31.6% | 30.5% | 29.6% | 28.2% | 21.5% | 28.9% | 26.0% | 27.4% | 26.8% | 24.2% |
| Operating Margin | 19.6% | 18.5% | 15.7% | 15.4% | 6.6% | 16.8% | 14.3% | 16.3% | 15.0% | 9.6% |
| EBITDA Margin | 24.9% | 24.5% | 29.4% | 23.6% | 13.2% | 25.3% | 19.4% | 20.6% | 19.7% | 14.5% |
| Net Margin | 13.2% | 12.9% | 18.3% | 13.6% | 3.9% | 14.5% | 10.2% | 11.5% | 10.4% | 5.0% |
| FCF Margin | 14.7% | 11.9% | 40.3% | 12.2% | 0.5% | 15.6% | 7.9% | 10.2% | 9.2% | 6.6% |
| Effective Tax Rate | 32.9% | 33.2% | 21.8% | 19.5% | 20.6% | 21.6% | 22.4% | 23.6% | 24.3% | 41.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.11 | $1.82 | $7.14 | $2.63 | $0.10 | $3.81 | $2.21 | $3.19 | $2.92 | $2.14 |
| Dividends Per Share | $0.79 | $0.99 | $1.25 | $1.43 | $1.63 | $1.79 | $1.95 | $2.11 | $2.27 | $2.43 |
| Shares Outstanding (Basic) | $1.46B | $1.43B | $1.38B | $1.22B | $1.17B | $1.18B | $1.15B | $1.15B | $1.14B | $1.14B |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -24.31% |
| Return on Invested Capital | 9.05% |
| Return on Assets | 7.01% |
| Gross Margin | 31.75% |
| Operating Margin | 9.43% |
| Net Margin | 5.17% |
Financial Health
| Debt / Equity | -2.92 |
| Current Ratio | 0.76 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.52 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.20 | 26.86 | 17.00 | 29.97 | 108.76 | 30.90 | 29.56 | 25.35 | 29.45 | 52.54 |
| P/B | 13.44 | 14.11 | 65.71 | -17.33 | -12.91 | -24.41 | -11.16 | -13.09 | -14.88 | -12.06 |
| P/S | 3.71 | 3.43 | 3.11 | 4.07 | 4.28 | 4.47 | 3.01 | 2.91 | 3.06 | 2.63 |
| Gross Margin | 31.6% | 30.5% | 29.6% | 28.2% | 21.5% | 28.9% | 26.0% | 27.4% | 26.8% | 24.2% |
| Operating Margin | 19.6% | 18.5% | 15.7% | 15.4% | 6.6% | 16.8% | 14.3% | 16.3% | 15.0% | 9.6% |
| Net Margin | 13.2% | 12.9% | 18.3% | 13.6% | 3.9% | 14.5% | 10.2% | 11.5% | 10.4% | 5.0% |
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Explore sector: Consumer Cyclical · Restaurants
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