STARBUCKS CORP
For the period ended Jun 28, 2026. Filed Jul 29, 2026.
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Jun 28, 2026 · Filed Jul 29, 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 June 28, 2026, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.5 billion, respectively. As of 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 June 28, 2026, and June 29, 2025, we recognized $44.1 million of prepaid royalty revenue related to Nestlé. During each of the three quarters ended June 28, 2026, and June 29, 2025, we recognized $132.3 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 June 28, 2026 | Total |
|---|---|
| Stored value cards and loyalty program at March 29, 2026 (2) | $1,753.6 |
| Revenue deferred - card activations, card reloads and Stars earned | 3,672.2 |
| Revenue recognized - card and Stars redemptions and breakage | (3,678.9) |
| Other (1) | (2.8) |
| Stored value cards and loyalty program at June 28, 2026 (3) | $1,744.1 |
| Quarter Ended June 29, 2025 | Total |
| Stored value cards and loyalty program at March 30, 2025 | $1,853.2 |
| Revenue deferred - card activations, card reloads and Stars earned | 3,764.0 |
| Revenue recognized - card and Stars redemptions and breakage | (3,788.2) |
| Other (1) | 15.3 |
| Stored value cards and loyalty program at June 29, 2025 (3) | $1,844.3 |
| Three Quarters Ended June 28, 2026 | Total |
| Stored value cards and loyalty program at September 28, 2025 | $1,751.7 |
| Revenue deferred - card activations, card reloads and Stars earned | 11,603.9 |
| Revenue recognized - card and Stars redemptions and breakage | (11,403.3) |
| Other(1) | (8.5) |
| Divestiture (2) | (199.7) |
| Stored value cards and loyalty program at June 28, 2026 (3) | $1,744.1 |
| Three Quarters Ended June 29, 2025 | Total |
| Stored value cards and loyalty program at September 29, 2024 | $1,718.7 |
| Revenue deferred - card activations, card reloads and Stars earned | 11,675.2 |
| Revenue recognized - card and Stars redemptions and breakage | (11,544.0) |
| Other(1) | (5.6) |
| Stored value cards and loyalty program at June 29, 2025 (3) | $1,844.3 |
(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.
(2)The balance excludes Starbucks retail operations in China that were classified as held for sale in the first quarter of fiscal 2026 and divested in the third quarter of fiscal 2026.
(3)As of June 28, 2026 and June 29, 2025, approximately $1.6 billion and $1.7 billion, respectively, of these amounts were current.
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