STARBUCKS CORP
For the period ended Jun 29, 2025. Filed Jul 29, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 29, 2025 · Filed Jul 29, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
Note 9: Leases
The components of lease costs(in millions):
| Quarter Ended | Three Quarters Ended | |||
|---|---|---|---|---|
| Jun 29, 2025 | Jun 30, 2024 | Jun 29, 2025 | Jun 30, 2024 | |
| Operating lease costs(1) | $472.7 | $431.3 | $1,389.9 | $1,272.8 |
| Variable lease costs | 304.8 | 279.3 | 895.7 | 822.9 |
| Short-term lease costs | 5.3 | 6.2 | 16.1 | 21.1 |
| Total lease costs | $782.8 | $716.8 | $2,301.7 | $2,116.8 |
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information(in millions):
| Three Quarters Ended | ||
|---|---|---|
| Jun 29, 2025 | Jun 30, 2024 | |
| Cash paid related to operating lease liabilities | $1,411.9 | $1,223.7 |
| Operating lease liabilities arising from obtaining right-of-use assets(1) | 1,489.0 | 1,548.7 |
| Jun 29, 2025 | Jun 30, 2024 | |
| Weighted-average remaining operating lease term | 8.6 years | 8.6 years |
| Weighted-average operating lease discount rate | 3.6% | 3.3% |
(1)Includes leases obtained in the acquisition of 23.5 Degrees Topco Limited in the first quarter of fiscal 2025.
Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued liabilities and other long-term liabilities on the consolidated balance sheets. These balances were not material as of June 29, 2025 and September 29, 2024. Finance lease costs were also immaterial for the quarters ended June 29, 2025 and June 30, 2024.
Minimum future maturities of operating lease liabilities(in millions):
| Fiscal Year | Total |
|---|---|
| 2025 (excluding the three quarters ended June 29, 2025) | $478.9 |
| 2026 | 1,875.3 |
| 2027 | 1,703.4 |
| 2028 | 1,500.8 |
| 2029 | 1,313.1 |
| Thereafter | 5,551.2 |
| Total lease payments | 12,422.7 |
| Less imputed interest | (1,855.7) |
| Total | $10,567.0 |
As of June 29, 2025, we have entered into operating leases that have not yet commenced of $1.2 billion, primarily related to real estate leases. These leases will commence between fiscal year 2025 and fiscal year 2029 with lease terms ranging from 5 to 20 years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.