STARBUCKS CORP
For the period ended Jun 28, 2026. Filed Jul 29, 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.
Jun 28, 2026 · Filed Jul 29, 2026
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Leases
Note 9: Leases
The components of lease costs(in millions):
| Quarter Ended | Three Quarters Ended | |||
|---|---|---|---|---|
| Jun 28, 2026 | Jun 29, 2025 | Jun 28, 2026 | Jun 29, 2025 | |
| Operating lease costs (1) | $509.4 | $472.7 | $1,407.9 | $1,389.9 |
| Variable lease costs | 270.7 | 304.8 | 899.0 | 895.7 |
| Short-term lease costs | 4.7 | 5.3 | 14.1 | 16.1 |
| Total lease costs | $784.8 | $782.8 | $2,321.0 | $2,301.7 |
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information(in millions):
| Three Quarters Ended | ||
|---|---|---|
| Jun 28, 2026 | Jun 29, 2025 | |
| Cash paid related to operating lease liabilities | $1,494.8 | $1,411.9 |
| Operating lease liabilities arising from obtaining ROU assets (1) | 882.8 | 1,489.0 |
| Jun 28, 2026 | Jun 29, 2025 | |
| Weighted-average remaining operating lease term (1) | 8.5 years | 8.6 years |
| Weighted-average operating lease discount rate (1) | 3.9% | 3.6% |
(1)The fiscal 2026 amounts exclude Starbucks retail operations in China that were divested during the third quarter of fiscal 2026, and the fiscal 2025 amounts include leases obtained in the acquisition of 23.5 Degrees Topco Limited.
Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued liabilities on the consolidated balance sheets. These balances were not material as of June 28, 2026, and September 28, 2025. Finance lease costs were also immaterial for the quarter and three quarters ended June 28, 2026, and June 29, 2025.
Minimum future maturities of operating lease liabilities(in millions):
| Fiscal Year | Total (1) |
|---|---|
| 2026 (excluding the three quarters ended June 28, 2026) | $418.1 |
| 2027 | 1,635.1 |
| 2028 | 1,482.5 |
| 2029 | 1,326.0 |
| 2030 | 1,189.3 |
| Thereafter | 4,782.6 |
| Total lease payments | 10,833.6 |
| Less imputed interest | (1,678.1) |
| Total | $9,155.5 |
As of June 28, 2026, we have entered into operating leases that have not yet commenced of $583.4 million, primarily related to real estate leases. These leases will commence between fiscal year 2026 and fiscal year 2030 with lease terms ranging from 10 to 20 years.
During the quarter and three quarters ended June 28, 2026, total lease costs of $112.9 million and $164.8 million, respectively, were recorded in restructuring and impairments on the consolidated statement of earnings. Lease costs associated with our restructuring efforts primarily relate to the impairment of ROU assets and the closure of certain Starbucks company-operated stores. See Note 17, Restructuring and Impairments, for further discussion.
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