Starbucks Corporation (SBUX) 10-Year Financial Performance & Capital Metrics

SBUX • • Industrial / General

Consumer CyclicalRestaurantsCoffee & Beverage ChainsSpecialty Coffee Chains

AboutStarbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and foodservice accounts. The company offers its products under the Starbucks, Teavana, Seattle's Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve, and Princi brands. As of October 3, 2021, it operated 16,826 company-operated and licensed stores in North America; and 17,007 company-operated and licensed stores internationally. The company was founded in 1971 and is based in Seattle, Washington.Show more

Revenue $37.18B +2.8%
EBITDA $5.27B -24.8%
Net Income $1.86B -50.6%
EPS (Diluted) 1.63 -50.8%
Gross Margin 24.15% -10.0%
EBITDA Margin 14.16% -26.8%
Operating Margin 9.63% -35.6%
Net Margin 4.99% -52.0%
ROE -
ROIC 17.68% -38.7%
Debt/Equity -
Interest Coverage 6.60 -31.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓16 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Healthy 5Y average net margin of 10.3%
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.85%

5Y9.6%

3Y4.86%

TTM2.79%

Profit (Net Income) CAGR

10Y-3.88%

5Y14.87%

3Y-17.3%

TTM-50.64%

EPS CAGR

10Y-1.1%

5Y15.59%

3Y-16.8%

TTM-50.45%

ROCE

10Y Avg26.38%

5Y Avg23.08%

3Y Avg23.98%

Latest16.25%

Peer Comparison

Specialty Coffee Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SBUXStarbucks Corporation	106.07B	93.28	57.23	2.79%	4.99%		2.3%
THCHTH International Limited	70.42M	2.20	-0.17	-11.72%	-26.37%
REBNReborn Coffee, Inc.	13.83M	1.88	-1.13	7.63%	-191.5%	-278.67%		1.48

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	21.32B	22.39B	24.72B	26.51B	23.52B	29.06B	32.25B	35.98B	36.18B	37.18B
Revenue Growth %	0.11%	0.05%	0.1%	0.07%	-0.11%	0.24%	0.11%	0.12%	0.01%	0.03%
Cost of Goods Sold+	14.57B	15.55B	17.4B	19.02B	18.46B	20.67B	23.88B	26.13B	26.47B	28.2B
COGS % of Revenue	0.68%	0.69%	0.7%	0.72%	0.78%	0.71%	0.74%	0.73%	0.73%	0.76%
Gross Profit+	6.74B	6.83B	7.32B	7.49B	5.06B	8.39B	8.37B	9.85B	9.71B	8.98B
Gross Margin %	0.32%	0.31%	0.3%	0.28%	0.22%	0.29%	0.26%	0.27%	0.27%	0.24%
Gross Profit Growth %	0.13%	0.01%	0.07%	0.02%	-0.32%	0.66%	-0%	0.18%	-0.01%	-0.07%
Operating Expenses+	2.57B	2.7B	3.43B	3.41B	3.5B	3.52B	3.75B	3.98B	4.3B	5.4B
OpEx % of Revenue	0.12%	0.12%	0.14%	0.13%	0.15%	0.12%	0.12%	0.11%	0.12%	0.15%
Selling, General & Admin	1.41B	1.41B	1.71B	1.82B	1.68B	1.93B	2.03B	2.44B	2.52B	2.62B
SG&A % of Revenue	0.07%	0.06%	0.07%	0.07%	0.07%	0.07%	0.06%	0.07%	0.07%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.16B	1.29B	1.73B	1.59B	1.82B	1.59B	1.72B	1.53B	1.78B	2.78B
Operating Income+	4.17B	4.13B	3.88B	4.08B	1.56B	4.87B	4.62B	5.87B	5.41B	3.58B
Operating Margin %	0.2%	0.18%	0.16%	0.15%	0.07%	0.17%	0.14%	0.16%	0.15%	0.1%
Operating Income Growth %	0.16%	-0.01%	-0.06%	0.05%	-0.62%	2.12%	-0.05%	0.27%	-0.08%	-0.34%
EBITDA+	5.2B	5.2B	5.19B	5.53B	3.06B	6.4B	6.15B	7.32B	7B	5.27B
EBITDA Margin %	0.24%	0.23%	0.21%	0.21%	0.13%	0.22%	0.19%	0.2%	0.19%	0.14%
EBITDA Growth %	0.15%	-0%	-0%	0.07%	-0.45%	1.09%	-0.04%	0.19%	-0.04%	-0.25%
D&A (Non-Cash Add-back)	1.03B	1.07B	1.31B	1.45B	1.5B	1.52B	1.53B	1.45B	1.59B	1.68B
EBIT	4.28B	4.41B	5.95B	4.8B	1.6B	5.83B	4.71B	5.95B	5.53B	3.69B
Net Interest Income+	21.3M	89.3M	21.1M	-234.5M	-397.3M	-379.7M	-385.9M	-468.9M	-439.2M	-429.3M
Interest Income	102.6M	181.8M	191.4M	96.5M	39.7M	90.1M	97M	81.2M	122.8M	113.3M
Interest Expense	81.3M	92.5M	170.3M	331M	437M	469.8M	482.9M	550.1M	562M	542.6M
Other Income/Expense	26.7M	182.8M	1.9B	388.3M	-397.3M	484.8M	-385.9M	-468.9M	-439.2M	-429.3M
Pretax Income+	4.2B	4.32B	5.78B	4.47B	1.16B	5.36B	4.23B	5.4B	4.97B	3.15B
Pretax Margin %	0.2%	0.19%	0.23%	0.17%	0.05%	0.18%	0.13%	0.15%	0.14%	0.08%
Income Tax+	1.38B	1.43B	1.26B	871.6M	239.7M	1.16B	948.5M	1.28B	1.21B	1.29B
Effective Tax Rate %	0.67%	0.67%	0.78%	0.81%	0.8%	0.78%	0.78%	0.76%	0.76%	0.59%
Net Income+	2.82B	2.88B	4.52B	3.6B	928.3M	4.2B	3.28B	4.12B	3.76B	1.86B
Net Margin %	0.13%	0.13%	0.18%	0.14%	0.04%	0.14%	0.1%	0.11%	0.1%	0.05%
Net Income Growth %	0.02%	0.02%	0.57%	-0.2%	-0.74%	3.52%	-0.22%	0.26%	-0.09%	-0.51%
Net Income (Continuing)	2.82B	2.88B	4.52B	3.59B	924.7M	4.2B	3.28B	4.12B	3.76B	1.86B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	6.7M	6.9M	6.3M	1.2M	5.7M	6.7M	7.9M	7M	7.3M	7.4M
EPS (Diluted)+	1.90	1.97	3.24	2.92	0.79	3.54	2.83	3.58	3.31	1.63
EPS Growth %	0.04%	0.04%	0.64%	-0.1%	-0.73%	3.48%	-0.2%	0.27%	-0.08%	-0.51%
EPS (Basic)	1.92	2.00	3.27	2.95	0.79	3.57	2.85	3.60	3.31	1.63
Diluted Shares Outstanding	1.49B	1.46B	1.39B	1.23B	1.18B	1.19B	1.16B	1.15B	1.14B	1.14B
Basic Shares Outstanding	1.46B	1.43B	1.38B	1.22B	1.17B	1.18B	1.15B	1.15B	1.14B	1.14B
Dividend Payout Ratio	0.42%	0.5%	0.39%	0.49%	2.07%	0.5%	0.69%	0.59%	0.69%	1.49%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	4.76B	5.28B	12.49B	5.65B	7.81B	9.76B	7.02B	7.3B	6.85B	7.38B
Cash & Short-Term Investments	2.26B	2.69B	8.94B	2.76B	4.63B	6.62B	3.18B	3.95B	3.54B	3.47B
Cash Only	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	257M	247.2M
Accounts Receivable	768.8M	870.4M	693.1M	879.2M	1.4B	1.13B	1.18B	1.18B	1.21B	1.28B
Days Sales Outstanding	13.16	14.19	10.23	12.11	21.66	14.23	13.3	12.01	12.25	12.54
Inventory	1.38B	1.36B	1.4B	1.53B	1.55B	1.6B	2.18B	1.81B	1.78B	2.19B
Days Inventory Outstanding	34.53	32.01	29.37	29.35	30.68	28.32	33.27	25.23	24.51	28.29
Other Current Assets	0	358.1M	1.46B	141.1M	0	0	97.1M	359.9M	313.1M	452.2M
Total Non-Current Assets+	9.57B	9.08B	11.66B	13.57B	21.57B	21.64B	20.96B	22.14B	24.49B	24.64B
Property, Plant & Equipment	4.53B	4.92B	5.93B	6.43B	14.38B	14.61B	14.58B	15.8B	17.95B	17.81B
Fixed Asset Turnover	4.70x	4.55x	4.17x	4.12x	1.64x	1.99x	2.21x	2.28x	2.02x	2.09x
Goodwill	1.72B	1.54B	3.54B	3.49B	3.6B	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
Long-Term Investments	1.5B	1.02B	602.4M	616M	684.8M	550.2M	590.3M	687.3M	739.9M	713.1M
Other Non-Current Assets	417.7M	362.8M	412.2M	479.6M	568.6M	578.5M	554.2M	546.5M	617M	752.5M
Total Assets+	14.33B	14.37B	24.16B	19.22B	29.37B	31.39B	27.98B	29.45B	31.34B	32.02B
Asset Turnover	1.49x	1.56x	1.02x	1.38x	0.80x	0.93x	1.15x	1.22x	1.15x	1.16x
Asset Growth %	0.15%	0%	0.68%	-0.2%	0.53%	0.07%	-0.11%	0.05%	0.06%	0.02%
Total Current Liabilities+	4.55B	4.22B	5.68B	6.17B	7.35B	8.15B	9.15B	9.35B	9.07B	10.21B
Accounts Payable	730.6M	782.5M	1.18B	1.19B	997.9M	1.21B	1.44B	1.54B	1.6B	1.85B
Days Payables Outstanding	18.3	18.36	24.73	22.83	19.73	21.4	22.03	21.57	22	23.98
Short-Term Debt	399.9M	0	349.9M	0	1.69B	998.9M	1.92B	1.85B	1.25B	3.06B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.37B	739.7M	0	1.78B	0	807.4M	1.29B	884.7M	1.27B	2.36B
Current Ratio	1.05x	1.25x	2.20x	0.92x	1.06x	1.20x	0.77x	0.78x	0.75x	0.72x
Quick Ratio	0.74x	0.93x	1.95x	0.67x	0.85x	1.00x	0.53x	0.59x	0.56x	0.51x
Cash Conversion Cycle	29.39	27.84	14.87	18.62	32.6	21.16	24.54	15.67	14.75	16.85
Total Non-Current Liabilities+	3.89B	4.69B	17.3B	19.28B	29.83B	28.56B	27.53B	28.09B	29.71B	29.9B
Long-Term Debt	3.19B	3.93B	9.09B	11.17B	14.66B	13.62B	13.12B	13.55B	14.32B	14.58B
Capital Lease Obligations	0	55M	53.6M	62.7M	7.72B	7.74B	7.52B	7.92B	8.77B	8.97B
Deferred Tax Liabilities	161.2M	203.2M	494.8M	318.5M	281.8M	0	0	14.6M	21.1M	0
Other Non-Current Liabilities	528.5M	497.1M	882.1M	989.3M	562.8M	737.8M	610.5M	499.2M	635.1M	577.8M
Total Liabilities	8.44B	8.91B	22.98B	25.45B	37.17B	36.71B	36.68B	37.43B	38.78B	40.11B
Total Debt+	3.6B	3.93B	9.44B	11.17B	25.26B	23.61B	23.8B	24.6B	25.8B	26.61B
Net Debt	1.47B	1.47B	683.8M	8.48B	20.91B	17.15B	20.99B	21.05B	22.52B	23.39B
Debt / Equity	0.61x	0.72x	8.03x	-	-	-	-	-	-	-
Debt / EBITDA	0.69x	0.76x	1.82x	2.02x	8.24x	3.69x	3.87x	3.36x	3.69x	5.05x
Net Debt / EBITDA	0.28x	0.28x	0.13x	1.53x	6.82x	2.68x	3.41x	2.88x	3.22x	4.44x
Interest Coverage	51.31x	44.70x	22.80x	12.32x	3.57x	10.37x	9.56x	10.67x	9.62x	6.60x
Total Equity+	5.89B	5.46B	1.18B	-6.23B	-7.8B	-5.31B	-8.7B	-7.99B	-7.44B	-8.09B
Equity Growth %	0.01%	-0.07%	-0.78%	-6.3%	-0.25%	0.32%	-0.64%	0.08%	0.07%	-0.09%
Book Value per Share	3.96	3.73	0.84	-5.05	-6.60	-4.48	-7.51	-6.94	-6.54	-7.10
Total Shareholders' Equity	5.88B	5.45B	1.17B	-6.23B	-7.81B	-5.32B	-8.71B	-7.99B	-7.45B	-8.1B
Common Stock	1.5M	1.4M	1.3M	1.2M	1.2M	1.2M	1.1M	1.1M	1.1M	1.1M
Retained Earnings	5.95B	5.56B	1.46B	-5.77B	-7.82B	-6.32B	-8.45B	-7.26B	-7.34B	-8.27B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-108.4M	-155.6M	-330.3M	-503.3M	-364.6M	147.2M	-463.2M	-778.2M	-428.8M	-459.3M
Minority Interest	6.7M	6.9M	6.3M	1.2M	5.7M	6.7M	7.9M	7M	7.3M	7.4M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	4.58B	4.17B	11.94B	5.05B	1.6B	5.99B	4.4B	6.01B	6.1B	4.75B
Operating CF Margin %	0.21%	0.19%	0.48%	0.19%	0.07%	0.21%	0.14%	0.17%	0.17%	0.13%
Operating CF Growth %	0.22%	-0.09%	1.86%	-0.58%	-0.68%	2.75%	-0.27%	0.37%	0.01%	-0.22%
Net Income	2.82B	2.88B	4.52B	3.59B	924.7M	4.2B	3.28B	4.12B	3.76B	1.86B
Depreciation & Amortization	1.03B	1.07B	1.31B	1.45B	1.5B	1.52B	1.53B	1.45B	1.59B	2.61B
Stock-Based Compensation	218.1M	176M	250.3M	308M	248.6M	319.1M	271.5M	302.7M	308.3M	318.3M
Deferred Taxes	265.7M	95.1M	714.9M	-1.5B	-25.8M	-146.2M	-37.8M	-59.4M	-13.8M	-90.6M
Other Non-Cash Items	-110.7M	-138.5M	-1.76B	-458.2M	1.62B	593M	1.48B	1.32B	1.5B	1.55B
Working Capital Changes	353M	89.7M	6.91B	1.65B	-2.68B	-501.2M	-2.13B	-1.13B	-1.05B	-1.49B
Change in Receivables	-55.6M	-96.8M	131M	-197.7M	-2.7M	-43M	-326.1M	-4.1M	18.4M	-89.7M
Change in Inventory	-67.5M	14M	-41.2M	-173M	-10.9M	-49.8M	-641M	366.4M	42.8M	-408.4M
Change in Payables	46.9M	46.4M	391.6M	31.9M	-210.8M	189.9M	345.5M	100.1M	28M	261M
Cash from Investing+	-2.22B	-850M	-2.36B	-1.01B	-1.71B	-319.5M	-2.15B	-2.27B	-2.7B	-2.49B
Capital Expenditures	-1.44B	-1.52B	-1.98B	-1.81B	-1.48B	-1.47B	-1.84B	-2.33B	-2.78B	-2.31B
CapEx % of Revenue	0.07%	0.07%	0.08%	0.07%	0.06%	0.05%	0.06%	0.06%	0.08%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	24.9M	54.3M	5.6M	-56.2M	-44.4M	-81.2M	-126.3M	53.9M	-72.7M	-62.1M
Cash from Financing+	-1.75B	-3B	-3.24B	-10.06B	1.71B	-3.65B	-5.64B	-2.99B	-3.72B	-2.3B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.18B	-1.45B	-1.74B	-1.76B	-1.92B	-2.12B	-2.26B	-2.43B	-2.58B	-2.77B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.4M	-9.7M	-103.9M	-129.1M	-129.6M	-97M	-136.4M	-100.4M	-111M	-96.7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	3.13B	2.65B	9.96B	3.24B	114.2M	4.52B	2.56B	3.68B	3.32B	2.44B
FCF Margin %	0.15%	0.12%	0.4%	0.12%	0%	0.16%	0.08%	0.1%	0.09%	0.07%
FCF Growth %	0.28%	-0.15%	2.75%	-0.67%	-0.96%	38.57%	-0.43%	0.44%	-0.1%	-0.26%
FCF per Share	2.11	1.82	7.14	2.63	0.10	3.81	2.21	3.19	2.92	2.14
FCF Conversion (FCF/Net Income)	1.62x	1.45x	2.64x	1.40x	1.72x	1.43x	1.34x	1.46x	1.62x	2.56x
Interest Paid	74.7M	96.6M	137.1M	299.5M	396.9M	501.1M	474.7M	524.3M	570.7M	0
Taxes Paid	878.7M	1.39B	1.18B	470.1M	1.7B	756.3M	1.16B	1.29B	1.37B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	48.12%	50.84%	136.24%	-	-	-	-	-	-	-
Return on Invested Capital (ROIC)	44.69%	43.4%	66.29%	148.86%	15.25%	29.3%	28.71%	34.74%	28.84%	17.68%
Gross Margin	31.63%	30.53%	29.6%	28.25%	21.51%	28.87%	25.96%	27.37%	26.84%	24.15%
Net Margin	13.22%	12.89%	18.28%	13.58%	3.95%	14.45%	10.18%	11.46%	10.4%	4.99%
Debt / Equity	0.61x	0.72x	8.03x	-	-	-	-	-	-	-
Interest Coverage	51.31x	44.70x	22.80x	12.32x	3.57x	10.37x	9.56x	10.67x	9.62x	6.60x
FCF Conversion	1.62x	1.45x	2.64x	1.40x	1.72x	1.43x	1.34x	1.46x	1.62x	2.56x
Revenue Growth	11.24%	5.02%	10.42%	7.24%	-11.28%	23.57%	10.98%	11.55%	0.56%	2.79%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Beverage Member	12.38B	12.91B	14.46B	15.92B	14.34B	18.32B	19.56B	21.68B	21.88B	22.54B
Beverage Member Growth	-	4.29%	11.99%	10.08%	-9.95%	27.76%	6.76%	10.89%	0.92%	3.00%
Other Products Member	2.57B	2.76B	3.06B	3.67B	5.38B	5.69B	6.89B	7.71B	7.54B	7.59B
Other Products Member Growth	-	7.18%	11.07%	19.82%	46.72%	5.74%	21.10%	11.83%	-2.11%	0.68%
Food Member	3.5B	3.83B	4.4B	4.79B	3.8B	5.05B	5.8B	6.59B	6.75B	7.05B
Food Member Growth	-	9.65%	14.76%	8.98%	-20.73%	33.01%	14.86%	13.45%	2.49%	4.46%
Packaged and Single Serve Coffees and Teas	2.87B	2.88B	2.8B	2.13B	-	-	-	-	-	-
Packaged and Single Serve Coffees and Teas Growth	-	0.61%	-2.99%	-23.97%	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	18.62B	16.88B	20.38B	23.37B	26.4B	26.71B	27.12B
UNITED STATES Growth	-	-	-	-	-9.36%	20.72%	14.66%	12.98%	1.17%	1.56%
International	-	-	-	7.89B	4.06B	5.01B	5.88B	6.5B	6.46B	6.9B
International Growth	-	-	-	-	-48.57%	23.49%	17.34%	10.54%	-0.54%	6.78%
CHINA	-	-	-	-	2.58B	3.67B	3.01B	3.08B	3.01B	3.16B
CHINA Growth	-	-	-	-	-	42.28%	-18.14%	2.43%	-2.38%	5.07%
Americas	14.8B	15.65B	16.73B	-	-	-	-	-	-	-
Americas Growth	-	5.79%	6.90%	-	-	-	-	-	-	-
China / Asia Pacific	2.94B	3.24B	4.47B	-	-	-	-	-	-	-
China / Asia Pacific Growth	-	10.26%	38.07%	-	-	-	-	-	-	-
EMEA	1.12B	1.01B	1.05B	-	-	-	-	-	-	-
EMEA Growth	-	-9.89%	3.38%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Starbucks Corporation (SBUX) has a price-to-earnings (P/E) ratio of 57.2x. This suggests investors expect higher future growth.

Growth & Financials

Starbucks Corporation (SBUX) reported $37.18B in revenue for fiscal year 2025. This represents a 180% increase from $13.28B in 2012.

Starbucks Corporation (SBUX) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Starbucks Corporation (SBUX) is profitable, generating $1.86B in net income for fiscal year 2025 (5.0% net margin).

Dividend & Returns

Yes, Starbucks Corporation (SBUX) pays a dividend with a yield of 2.61%. This makes it attractive for income-focused investors.

Starbucks Corporation (SBUX) generated $2.44B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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