STARBUCKS CORP
For the period ended Sep 29, 2024. Filed Nov 20, 2024.
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FY2024 · Filed Nov 20, 2024
SBUX$109.44+3.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements and Supplementary Data
| Fiscal Year Ended | Sep 29,2024 | Oct 1,2023 | Oct 2,2022 |
|---|---|---|---|
| Net revenues: | |||
| Company-operated stores | $29,765.9 | $29,462.3 | $26,576.1 |
| Licensed stores | 4,505.1 | 4,512.7 | 3,655.5 |
| Other | 1,905.2 | 2,000.6 | 2,018.7 |
| Total net revenues | 36,176.2 | 35,975.6 | 32,250.3 |
| Product and distribution costs | 11,180.6 | 11,409.1 | 10,317.4 |
| Store operating expenses | 15,286.5 | 14,720.3 | 13,561.8 |
| Other operating expenses | 565.6 | 539.4 | 461.5 |
| Depreciation and amortization expenses | 1,512.6 | 1,362.6 | 1,447.9 |
| General and administrative expenses | 2,523.3 | 2,441.3 | 2,032.0 |
| Restructuring and impairments | — | 21.8 | 46.0 |
| Total operating expenses | 31,068.6 | 30,494.5 | 27,866.6 |
| Income from equity investees | 301.2 | 298.4 | 234.1 |
| Gain from sale of assets | — | 91.3 | — |
| Operating income | 5,408.8 | 5,870.8 | 4,617.8 |
| Interest income and other, net | 122.8 | 81.2 | 97.0 |
| Interest expense | (562.0) | (550.1) | (482.9) |
| Earnings before income taxes | 4,969.6 | 5,401.9 | 4,231.9 |
| Income tax expense | 1,207.3 | 1,277.2 | 948.5 |
| Net earnings including noncontrolling interests | 3,762.3 | 4,124.7 | 3,283.4 |
| Net earnings attributable to noncontrolling interests | 1.4 | 0.2 | 1.8 |
| Net earnings attributable to Starbucks | $3,760.9 | $4,124.5 | $3,281.6 |
| Earnings per share — basic | $3.32 | $3.60 | $2.85 |
| Earnings per share — diluted | $3.31 | $3.58 | $2.83 |
| Weighted average shares outstanding: | |||
| Basic | 1,133.8 | 1,146.8 | 1,153.3 |
| Diluted | 1,137.3 | 1,151.3 | 1,158.5 |
(in millions)
| Fiscal Year Ended | Sep 29,2024 | Oct 1,2023 | Oct 2,2022 |
|---|---|---|---|
| Net earnings including noncontrolling interests | $3,762.3 | $4,124.7 | $3,283.4 |
| Other comprehensive income/(loss), net of tax: | |||
| Unrealized holding gains/(losses) on available-for-sale debt securities | 12.1 | 3.3 | (22.8) |
| Tax (expense)/benefit | (3.0) | (0.8) | 5.6 |
| Unrealized gains/(losses) on cash flow hedging instruments | 106.0 | (149.4) | 259.5 |
| Tax (expense)/benefit | (16.2) | 17.2 | (52.8) |
| Unrealized gains/(losses) on net investment hedging instruments | 55.7 | 73.2 | 229.0 |
| Tax (expense)/benefit | (14.1) | (18.5) | (57.9) |
| Translation adjustment and other | 225.9 | (109.0) | (794.7) |
| Tax (expense)/benefit | (8.8) | 1.8 | — |
| Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment and other | (19.2) | (158.9) | (210.5) |
| Tax expense/(benefit) | 11.0 | 26.1 | 34.2 |
| Other comprehensive income/(loss) | 349.4 | (315.0) | (610.4) |
| Comprehensive income including noncontrolling interests | 4,111.7 | 3,809.7 | 2,673.0 |
| Comprehensive income/(loss) attributable to noncontrolling interests | 1.8 | (0.5) | 1.8 |
| Comprehensive income attributable to Starbucks | $4,109.9 | $3,810.2 | $2,671.2 |
| Sep 29,2024 | Oct 1,2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $3,286.2 | $3,551.5 |
| Short-term investments | 257.0 | 401.5 |
| Accounts receivable, net | 1,213.8 | 1,184.1 |
| Inventories | 1,777.3 | 1,806.4 |
| Prepaid expenses and other current assets | 313.1 | 359.9 |
| Total current assets | 6,847.4 | 7,303.4 |
| Long-term investments | 276.0 | 247.4 |
| Equity investments | 463.9 | 439.9 |
| Property, plant and equipment, net | 8,665.5 | 7,387.1 |
| Operating lease, right-of-use asset | 9,286.2 | 8,412.6 |
| Deferred income taxes, net | 1,766.7 | 1,769.8 |
| Other long-term assets | 617.0 | 546.5 |
| Other intangible assets | 100.9 | 120.5 |
| Goodwill | 3,315.7 | 3,218.3 |
| TOTAL ASSETS | $31,339.3 | $29,445.5 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | ||
| Current liabilities: | ||
| Accounts payable | $1,595.5 | $1,544.3 |
| Accrued liabilities | 2,194.7 | 2,145.1 |
| Accrued payroll and benefits | 786.6 | 828.3 |
| Current portion of operating lease liability | 1,463.1 | 1,275.3 |
| Stored value card liability and current portion of deferred revenue | 1,781.2 | 1,700.2 |
| Short-term debt | — | 33.5 |
| Current portion of long-term debt | 1,248.9 | 1,818.6 |
| Total current liabilities | 9,070.0 | 9,345.3 |
| Long-term debt | 14,319.5 | 13,547.6 |
| Operating lease liability | 8,771.6 | 7,924.8 |
| Deferred revenue | 5,963.6 | 6,101.8 |
| Other long-term liabilities | 656.2 | 513.8 |
| Total liabilities | 38,780.9 | 37,433.3 |
| Shareholders’ deficit: | ||
| Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,133.5 and 1,142.6 shares, respectively | 1.1 | 1.1 |
| Additional paid-in capital | 322.6 | 38.1 |
| Retained deficit | (7,343.8) | (7,255.8) |
| Accumulated other comprehensive income/(loss) | (428.8) | (778.2) |
| Total shareholders’ deficit | (7,448.9) | (7,994.8) |
| Noncontrolling interests | 7.3 | 7.0 |
| Total deficit | (7,441.6) | (7,987.8) |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | $31,339.3 | $29,445.5 |
(in millions)
| Fiscal Year Ended | Sep 29,2024 | Oct 1,2023 | Oct 2,2022 |
|---|---|---|---|
| OPERATING ACTIVITIES: | |||
| Net earnings including noncontrolling interests | $3,762.3 | $4,124.7 | $3,283.4 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,592.4 | 1,450.3 | 1,529.4 |
| Deferred income taxes, net | (13.8) | (59.4) | (37.8) |
| Income earned from equity method investees | (306.4) | (301.8) | (268.7) |
| Distributions received from equity method investees | 333.3 | 222.8 | 231.2 |
| Gain on sale of assets | — | (91.3) | — |
| Stock-based compensation | 308.3 | 302.7 | 271.5 |
| Non-cash lease costs | 1,314.9 | 1,365.9 | 1,497.7 |
| Loss on retirement and impairment of assets | 121.5 | 101.4 | 91.4 |
| Other | 31.9 | 26.8 | (67.8) |
| Cash provided by/(used in) changes in operating assets and liabilities: | |||
| Accounts receivable | 18.4 | (4.1) | (326.1) |
| Inventories | 42.8 | 366.4 | (641.0) |
| Income taxes payable | (61.9) | 52.5 | (149.6) |
| Accounts payable | 28.0 | 100.1 | 345.5 |
| Deferred revenue | (72.2) | (110.8) | (75.8) |
| Operating lease liability | (1,294.9) | (1,443.8) | (1,625.6) |
| Other operating assets and liabilities | 291.0 | (93.7) | 339.6 |
| Net cash provided by operating activities | 6,095.6 | 6,008.7 | 4,397.3 |
| INVESTING ACTIVITIES: | |||
| Purchases of investments | (627.5) | (610.5) | (377.9) |
| Sales of investments | 10.3 | 2.5 | 72.6 |
| Maturities and calls of investments | 768.2 | 616.9 | 67.3 |
| Additions to property, plant and equipment | (2,777.5) | (2,333.6) | (1,841.3) |
| Proceeds from sale of assets | — | 110.0 | — |
| Net proceeds from the divestiture of certain operations | — | — | 59.3 |
| Other | (72.7) | (56.1) | (126.3) |
| Net cash used in investing activities | (2,699.2) | (2,270.8) | (2,146.3) |
| FINANCING ACTIVITIES: | |||
| Net (payments)/proceeds from issuance of commercial paper | — | (175.0) | 175.0 |
| Net proceeds from issuance of short-term debt | 123.8 | 114.6 | 36.6 |
| Repayments of short-term debt | (157.5) | (78.8) | (36.6) |
| Net proceeds from issuance of long-term debt | 1,995.3 | 1,497.8 | 1,498.1 |
| Repayments of long-term debt | (1,825.1) | (1,000.0) | (1,000.0) |
| Proceeds from issuance of common stock | 108.0 | 167.4 | 101.6 |
| Cash dividends paid | (2,585.0) | (2,431.8) | (2,263.3) |
| Repurchase of common stock | (1,266.7) | (984.4) | (4,013.0) |
| Minimum tax withholdings on share-based awards | (100.4) | (89.3) | (127.2) |
| Other | (10.6) | (11.1) | (9.2) |
| Net cash used in financing activities | (3,718.2) | (2,990.6) | (5,638.0) |
| Effect of exchange rate changes on cash and cash equivalents | 56.5 | (14.2) | (250.3) |
| Net increase/(decrease) in cash and cash equivalents | (265.3) | 733.1 | (3,637.3) |
| CASH AND CASH EQUIVALENTS: | |||
| Beginning of period | 3,551.5 | 2,818.4 | 6,455.7 |
| End of period | $3,286.2 | $3,551.5 | $2,818.4 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Cash paid during the period for: | |||
| Interest, net of capitalized interest | $570.7 | $524.3 | $474.7 |
| Income taxes | $1,373.3 | $1,294.2 | $1,157.6 |
CONSOLIDATED STATEMENTS OF EQUITY
| Common Stock · Additional Paid-in Capital · RetainedEarnings/(Deficit) · AccumulatedOtherComprehensiveIncome/(Loss) · Shareholders’Equity/(Deficit) · NoncontrollingInterests · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount | ||||||||
| Balance, October 3, 2021 | 1,180.0 | $1.2 | $846.1 | $(6,315.7) | $147.2 | $(5,321.2) | $6.7 | $(5,314.5) |
| Net earnings | — | — | — | 3,281.6 | — | 3,281.6 | 1.8 | 3,283.4 |
| Other comprehensive loss | — | — | — | — | (610.4) | (610.4) | — | (610.4) |
| Stock-based compensation expense | — | — | 275.5 | — | — | 275.5 | — | 275.5 |
| Exercise of stock options/vesting of RSUs | 3.6 | (0.1) | (72.4) | — | — | (72.5) | — | (72.5) |
| Sale of common stock | 0.6 | — | 46.9 | — | — | 46.9 | — | 46.9 |
| Repurchase of common stock | (36.3) | — | (890.8) | (3,122.2) | — | (4,013.0) | — | (4,013.0) |
| Cash dividends declared, $2.00 per share | — | — | — | (2,293.5) | — | (2,293.5) | — | (2,293.5) |
| Net distributions to noncontrolling interests | — | — | — | — | — | — | (0.6) | (0.6) |
| Balance, October 2, 2022 | 1,147.9 | $1.1 | $205.3 | $(8,449.8) | $(463.2) | $(8,706.6) | $7.9 | $(8,698.7) |
| Net earnings | — | — | — | 4,124.5 | — | 4,124.5 | 0.2 | 4,124.7 |
| Other comprehensive loss | — | — | — | — | (314.3) | (314.3) | (0.7) | (315.0) |
| Stock-based compensation expense | — | — | 306.4 | — | — | 306.4 | — | 306.4 |
| Exercise of stock options/vesting of RSUs | 4.2 | — | 28.4 | — | — | 28.4 | — | 28.4 |
| Sale of common stock | 0.5 | — | 49.6 | — | — | 49.6 | — | 49.6 |
| Repurchase of common stock | (10.0) | — | (548.6) | (455.9) | — | (1,004.5) | — | (1,004.5) |
| Cash dividends declared, $2.16 per share | — | — | — | (2,474.6) | — | (2,474.6) | — | (2,474.6) |
| Noncontrolling interest resulting from divestiture | — | — | (3.0) | — | (0.7) | (3.7) | (0.4) | (4.1) |
| Balance, October 1, 2023 | 1,142.6 | $1.1 | $38.1 | $(7,255.8) | $(778.2) | $(7,994.8) | $7.0 | $(7,987.8) |
| Net earnings | — | — | — | 3,760.9 | — | 3,760.9 | 1.4 | 3,762.3 |
| Other comprehensive income | — | — | — | — | 349.0 | 349.0 | 0.4 | 349.4 |
| Stock-based compensation expense | — | — | 312.0 | — | — | 312.0 | — | 312.0 |
| Exercise of stock options/vesting of RSUs | 3.1 | — | (47.6) | — | — | (47.6) | — | (47.6) |
| Sale of common stock | 0.6 | — | 55.3 | — | — | 55.3 | — | 55.3 |
| Repurchase of common stock(1) | (12.8) | — | (35.2) | (1,223.9) | — | (1,259.1) | — | (1,259.1) |
| Cash dividends declared, $2.32 per share | — | — | — | (2,625.0) | — | (2,625.0) | — | (2,625.0) |
| Purchase of noncontrolling interests and other | — | — | — | — | 0.4 | 0.4 | (1.5) | (1.1) |
| Balance, September 29, 2024 | 1,133.5 | $1.1 | $322.6 | $(7,343.8) | $(428.8) | $(7,448.9) | $7.3 | $(7,441.6) |
(1) Includes excise tax on share repurchases.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.