STARBUCKS CORP
For the period ended Dec 28, 2025. Filed Jan 28, 2026.
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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.
Dec 28, 2025 · Filed Jan 28, 2026
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Deferred Revenue
Note 10: Deferred Revenue
Our deferred revenue primarily consists of the prepaid royalty from Nestlé, for which we have continuing performance obligations to support the Global Coffee Alliance, our unredeemed stored value card liability, and unredeemed loyalty points (“Stars”) associated with our loyalty program.
As of December 28, 2025 and September 28, 2025, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.6 billion, respectively. During each of the quarters ended December 28, 2025 and December 29, 2024, we recognized $44.1 million of prepaid royalty revenue related to Nestlé.
Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions):
| Quarter Ended December 28, 2025 | Total |
|---|---|
| Stored value cards and loyalty program at September 28, 2025 | $1,751.7 |
| Revenue deferred - card activations, card reloads and Stars earned | 4,354.7 |
| Revenue recognized - card and Stars redemptions and breakage | (3,823.6) |
| Other (1) | (1.3) |
| Planned divestiture (2) | (208.2) |
| Stored value cards and loyalty program at December 28, 2025 (3) | $2,073.3 |
| Quarter Ended December 29, 2024 | Total |
| Stored value cards and loyalty program at September 29, 2024 | $1,718.7 |
| Revenue deferred - card activations, card reloads and Stars earned | 4,414.4 |
| Revenue recognized - card and Stars redemptions and breakage | (3,892.9) |
| Other (1) | (27.1) |
| Stored value cards and loyalty program at December 29, 2024 (3) | $2,213.1 |
(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.
(2)The decrease was a result of Starbucks retail operations in China being classified as held for sale.
(3)As of December 28, 2025 and December 29, 2024, approximately $1.9 billion and $2.1 billion, respectively, of these amounts were current.
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