Starbucks
SBUX Nasdaq Restaurants Financials FY2016–FY2025
Starbucks' revenue rose 2.8% to $37.2 billion in fiscal 2025. Its operating margin was 7.9%, down from 14.9% a year earlier. Free cash flow was $2.4 billion, down 26.4%. It paid out $2.8 billion in dividends and buybacks, 113% of free cash flow. The diluted share count rose 0.2%.
What Starbucks does
Starbucks roasts coffee and sells coffee, tea, other drinks and food in its coffee shops in 89 markets around the world. It also sells packaged coffee, single-serve pods and bottled drinks through grocery stores and other outlets. Customers can pay with Starbucks Cards and the Starbucks app, which ties into its Starbucks Rewards loyalty program and lets people order ahead.
It reports three segments. North America, covering the United States and Canada, brought in 74% of revenue in the year to September 2025; International, led by China and Japan, 21%; and Channel Development, the packaged coffee and drinks sold in stores other than its own, 5%. Much of that last business runs through a deal with Nestlé, and its bottled drinks through partners such as PepsiCo. Company-run shops produced 83% of revenue. In licensed shops, run by other companies, Starbucks earns a royalty on sales and sells them coffee and supplies. Drinks make up most of what its own shops sell. It says it competes with other coffee shops, fast-food chains and makers of bottled coffee drinks.
Starbucks had 40,990 stores at the end of fiscal 2025, about half of them company-run, and employed about 381,000 people. Under its "Back to Starbucks" plan it closed 627 company-run shops in the last quarter of fiscal 2025. In November 2025 it agreed to sell up to 60% of its shop business in China to the investment firm Boyu Capital.
- Legal name
- Starbucks Corporation
- Fiscal year ends
- September 28, 2025
- Latest annual report
- 10-K · Nov 14, 2025
- Accession · CIK
- 0000829224-25-000114
0000829224
Revenue and margins
Starbucks had $37.2B of revenue in fiscal 2025, up 2.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −1.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.4B in fiscal 2025, 6.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Starbucks returned $2.8B to shareholders in fiscal 2025, 113% of free cash flow. The diluted share count rose 0.2%.
Value Starbucks yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$12.6B and divides by 1,139.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 57.9x · peers 17.9x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Starbucks can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.6B | $3.2B | $4.0B | $3.5B | $3.5B |
| Debt incl. finance leases | $14.6B | $15.0B | $15.4B | $15.6B | $16.1B |
| Net debt / EBITDA | 1.3x | 1.9x | 1.6x | 1.7x | 2.7x |
| Interest coverage | 10.4x | 9.6x | 10.7x | 9.6x | 5.4x |
| Current ratio | 1.2x | 0.8x | 0.8x | 0.8x | 0.7x |
| Quick ratio | 1.0x | 0.5x | 0.6x | 0.6x | 0.5x |
| Total assets | $31.4B | $28.0B | $29.4B | $31.3B | $32.0B |
| Total liabilities | $36.7B | $36.7B | $37.4B | $38.8B | $40.1B |
| Shareholders' equity | −$5.3B | −$8.7B | −$8.0B | −$7.4B | −$8.1B |
| Net debt (− = net cash) | $8.0B | $11.9B | $11.4B | $12.0B | $12.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.8M
2 insiders
Of sales under plans
100%
$1.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | Brady Brewerceo, International | Sold plan | 588 | $100.00 | $0.1M | Form 4 |
| Oct 5, 2026 | Brady Brewerceo, International | Sold plan | 1,641 | $94.76 | $0.2M | Form 4 |
| Sep 4, 2026 | Brady Brewerceo, International | Sold plan | 2,229 | $105.60 | $0.2M | Form 4 |
| Aug 5, 2026 | Brady Brewerceo, International | Sold plan | 2,229 | $105.99 | $0.2M | Form 4 |
| Jul 6, 2026 | Brady Brewerceo, International | Sold plan | 2,229 | $104.00 | $0.2M | Form 4 |
| Jun 11, 2026 | Brady Brewerceo, International | Sold plan | 588 | $100.00 | $0.1M | Form 4 |
| Jun 5, 2026 | Brady Brewerceo, International | Sold plan | 1,641 | $94.33 | $0.2M | Form 4 |
| May 5, 2026 | Brady Brewerceo, International | Sold plan | 2,229 | $104.81 | $0.2M | Form 4 |
| Apr 29, 2026 | Sara Kellyevp, chief partner officer | Sold plan | 2,000 | $105.00 | $0.2M | Form 4 |
| Apr 17, 2026 | Brady Brewerceo, International | Sold plan | 588 | $100.00 | $0.1M | Form 4 |
| Apr 6, 2026 | Brady Brewerceo, International | Sold plan | 1,641 | $90.00 | $0.1M | Form 4 |
| Mar 9, 2026 | Brady Brewerceo, International | Sold plan | 588 | $100.00 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 8 | 5 / 8 | 4 / 8 |
| Accruals ratio | −6.6% | −7.7% | −9.1% |
| Altman Z'' | −0.14 | −0.27 | −1.02 |
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Starbucks SBUX | $115.3B | 2.8% | 7.9% | 6.6% | 47.8% | 57.9x | 4 | |
| Coca-Cola KO | $400.0B | 1.9% | 28.7% | 11.1% | 18.3% | 29.2x | 7 | Compare → |
| PepsiCo PEP | $185.6B | 2.3% | 12.2% | 8.2% | 16.4% | 17.1x | 6 | Compare → |
| Nike NKE | $55.4B | 0.2% | — | 4.7% | 26.1% | 17.9x | 7 | Compare → |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $21.3B | $22.4B | $24.7B | $26.5B | $23.5B | $29.1B | $32.3B | $36.0B | $36.2B | $37.2B |
| Gross profit | $12.8B | $15.3B | $16.8B | $18.0B | — | — | — | — | — | — |
| Operating income | $4.2B | $4.1B | $3.9B | $4.1B | $1.6B | $4.9B | $4.6B | $5.9B | $5.4B | $2.9B |
| Interest expense | $81.3M | $92.5M | $170M | $331M | $437M | $470M | $483M | $550M | $562M | $543M |
| Pretax income | $4.2B | $4.3B | $5.8B | $4.5B | $1.2B | $5.4B | $4.2B | $5.4B | $5.0B | $2.5B |
| Income tax | $1.4B | $1.4B | $1.3B | $872M | $240M | $1.2B | $949M | $1.3B | $1.2B | $651M |
| Net income | $2.8B | $2.9B | $4.5B | $3.6B | $928M | $4.2B | $3.3B | $4.1B | $3.8B | $1.9B |
| Diluted EPS | $1.90 | $1.97 | $3.24 | $2.92 | $0.79 | $3.54 | $2.83 | $3.58 | $3.31 | $1.63 |
| Diluted shares | 1.49B | 1.46B | 1.39B | 1.23B | 1.18B | 1.19B | 1.16B | 1.15B | 1.14B | 1.14B |
| Cash flow | ||||||||||
| Cash from operations | $4.7B | $4.3B | $11.9B | $5.0B | $1.6B | $6.0B | $4.4B | $6.0B | $6.1B | $4.7B |
| Capital expenditure | $1.4B | $1.5B | $2.0B | $1.8B | $1.5B | $1.5B | $1.8B | $2.3B | $2.8B | $2.3B |
| Free cash flow | $3.3B | $2.7B | $10.0B | $3.2B | $114M | $4.5B | $2.6B | $3.7B | $3.3B | $2.4B |
| Depreciation and amortization | $1.0B | $1.1B | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | $1.6B | $1.8B |
| Stock-based compensation | $218M | $176M | $250M | $308M | $249M | $319M | $272M | $303M | $308M | $318M |
| Acquisitions | $0.0M | $0.0M | $1.3B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $177M |
| Share buybacks | $2.0B | $2.0B | $7.1B | $10.2B | $1.7B | $0.0M | $4.0B | $984M | $1.3B | $0.0M |
| Dividends paid | $1.2B | $1.5B | $1.7B | $1.8B | $1.9B | $2.1B | $2.3B | $2.4B | $2.6B | $2.8B |
| Dividends and buybacks | $3.2B | $3.5B | $8.9B | $12.0B | $3.6B | $2.1B | $6.3B | $3.4B | $3.9B | $2.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.3B | $2.7B | $8.9B | $2.8B | $4.6B | $6.6B | $3.2B | $4.0B | $3.5B | $3.5B |
| Total debt | $3.6B | $3.9B | $9.4B | $11.2B | $16.3B | $14.6B | $15.0B | $15.4B | $15.6B | $16.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $4.8B | $5.3B | $12.5B | $5.7B | $7.8B | $9.8B | $7.0B | $7.3B | $6.8B | $7.4B |
| Current liabilities | $4.5B | $4.2B | $5.7B | $6.2B | $7.3B | $8.2B | $9.2B | $9.3B | $9.1B | $10.2B |
| Inventory | $1.4B | $1.4B | $1.4B | $1.5B | $1.6B | $1.6B | $2.2B | $1.8B | $1.8B | $2.2B |
| Property and equipment, net | $4.5B | $4.9B | $5.9B | $6.4B | $6.2B | $6.4B | $6.6B | $7.4B | $8.7B | $8.5B |
| Total assets | $14.3B | $14.4B | $24.2B | $19.2B | $29.4B | $31.4B | $28.0B | $29.4B | $31.3B | $32.0B |
| Total liabilities | $8.4B | $8.9B | $23.0B | $25.5B | $37.2B | $36.7B | $36.7B | $37.4B | $38.8B | $40.1B |
| Shareholders' equity | $5.9B | $5.5B | $1.2B | −$6.2B | −$7.8B | −$5.3B | −$8.7B | −$8.0B | −$7.4B | −$8.1B |
| Margins | ||||||||||
| Gross margin | 60.1% | 68.4% | 67.9% | 67.8% | — | — | — | — | — | — |
| Operating margin | 19.6% | 18.5% | 15.7% | 15.4% | 6.6% | 16.8% | 14.3% | 16.3% | 15.0% | 7.9% |
| EBITDA margin | 24.4% | 23.2% | 21.0% | 20.9% | 13.0% | 22.0% | 19.1% | 20.4% | 19.4% | 12.7% |
| Net margin | 13.2% | 12.9% | 18.3% | 13.6% | 4.0% | 14.5% | 10.2% | 11.5% | 10.4% | 5.0% |
| FCF margin | 15.3% | 12.2% | 40.3% | 12.2% | 0.5% | 15.6% | 7.9% | 10.2% | 9.2% | 6.6% |
| Returns | ||||||||||
| Return on capital | 40.7% | 39.7% | 72.5% | — | 40.7% | 115.8% | — | 135.4% | 101.8% | 47.8% |
| Return on capital employed | 45.0% | 41.5% | 27.1% | 25.9% | 8.9% | 21.5% | 22.0% | 30.2% | 25.5% | 13.3% |
| Return on equity | 48.2% | 50.9% | 136.5% | — | — | — | — | — | — | — |
| Return on assets | 21.1% | 20.1% | 23.5% | 16.6% | 3.8% | 13.8% | 11.1% | 14.4% | 12.4% | 5.9% |
| Growth | ||||||||||
| Revenue growth | 11.2% | 5.0% | 10.4% | 7.2% | −11.3% | 23.6% | 11.0% | 11.6% | 0.6% | 2.8% |
| Net income growth | 2.2% | 2.4% | 56.6% | −20.3% | −74.2% | 352.4% | −21.9% | 25.7% | −8.8% | −50.6% |
| EPS growth | 4.4% | 3.7% | 64.5% | −9.9% | −73.0% | 348.1% | −20.1% | 26.5% | −7.5% | −50.8% |
| FCF growth | 33.2% | −16.1% | 264.6% | −67.5% | −96.5% | 3,857.2% | −43.4% | 43.8% | −9.7% | −26.4% |
| Share count change | −1.8% | −1.7% | −4.6% | −11.6% | −4.2% | 0.3% | −2.3% | −0.6% | −1.2% | 0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.3x | 0.2x | 0.1x | 1.5x | 3.8x | 1.3x | 1.9x | 1.6x | 1.7x | 2.7x |
| Debt / equity | 0.6x | 0.7x | — | — | — | — | — | — | — | — |
| Interest coverage | 51.3x | 44.7x | 22.8x | 12.3x | 3.6x | 10.4x | 9.6x | 10.7x | 9.6x | 5.4x |
| Current ratio | 1.1x | 1.3x | 2.2x | 0.9x | 1.1x | 1.2x | 0.8x | 0.8x | 0.8x | 0.7x |
| Quick ratio | 0.7x | 0.9x | 2.0x | 0.7x | 0.9x | 1.0x | 0.5x | 0.6x | 0.6x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.8% | 6.8% | 8.0% | 6.8% | 6.3% | 5.1% | 5.7% | 6.5% | 7.7% | 6.2% |
| Stock comp / revenue | 1.0% | 0.8% | 1.0% | 1.2% | 1.1% | 1.1% | 0.8% | 0.8% | 0.9% | 0.9% |
| Payouts / FCF | 97.4% | 127.8% | 89.1% | 369.8% | 3,172.0% | 46.9% | 245.6% | 93.0% | 116.1% | 113.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 7.0 | 4.0 | 6.0 | 6.0 | 5.0 | 7.0 | 5.0 | 4.0 |
| Altman Z'' | 4.2 | 4.3 | 3.2 | 0.0 | −0.6 | 0.6 | −0.6 | −0.1 | −0.3 | −1.0 |
| Accruals ratio | −14.1% | −9.5% | −38.5% | −6.7% | −2.8% | −5.9% | −3.8% | −6.6% | −7.7% | −9.1% |
Source: SEC EDGAR XBRL filings (CIK 0000829224). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.