Starbucks
SBUX · NasdaqRetail-Eating & Drinking Places · Fiscal year ends Sep 28
Starbucks reported revenue of $37.2B in the fiscal year ended Sep 2025, up 2.8% from the year before. Operating income was $2.9B, an operating margin of 7.9%, and net income was $1.9B. Operating cash flow of $4.7B less capital expenditure of $2.3B left free cash flow of $2.4B. Net debt was $12.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $29.1B | $32.3B | $36B | $36.2B | $37.2B |
| Operating income | $4.9B | $4.6B | $5.9B | $5.4B | $2.9B |
| Interest expense | $470M | $483M | $550M | $562M | $543M |
| Pre-tax income | $5.4B | $4.2B | $5.4B | $5B | $2.5B |
| Income tax | $1.2B | $949M | $1.3B | $1.2B | $651M |
| Net income | $4.2B | $3.3B | $4.1B | $3.8B | $1.9B |
| Diluted EPS | 3.54 | 2.83 | 3.58 | 3.31 | 1.63 |
| Diluted shares | 1,186M | 1,159M | 1,151M | 1,137M | 1,140M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.5B | $2.8B | $3.6B | $3.3B | $3.2B |
| Receivables | $940M | $1.2B | $1.2B | $1.2B | $1.3B |
| Inventory | $1.6B | $2.2B | $1.8B | $1.8B | $2.2B |
| Current assets | $9.8B | $7B | $7.3B | $6.8B | $7.4B |
| Net PP&E | $6.4B | $6.6B | $7.4B | $8.7B | $8.5B |
| Goodwill | $3.7B | $3.3B | $3.2B | $3.3B | $3.4B |
| Total assets | $31.4B | $28B | $29.4B | $31.3B | $32B |
| Payables | $1.2B | $1.4B | $1.5B | $1.6B | $1.9B |
| Deferred revenue | $1.6B | $1.6B | $1.7B | $1.8B | $1.8B |
| Current liabilities | $8.2B | $9.2B | $9.3B | $9.1B | $10.2B |
| Short-term debt | $999M | $1.7B | $1.8B | $1.2B | $1.5B |
| Long-term debt | $13.6B | $13.1B | $13.5B | $14.3B | $14.6B |
| Total liabilities | $36.7B | $36.7B | $37.4B | $38.8B | $40.1B |
| Shareholders' equity | −$5.3B | −$8.7B | −$8B | −$7.4B | −$8.1B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6B | $4.4B | $6B | $6.1B | $4.7B |
| Capital expenditure | $1.5B | $1.8B | $2.3B | $2.8B | $2.3B |
| Free cash flow | $4.5B | $2.6B | $3.7B | $3.3B | $2.4B |
| Depreciation & amortisation | $1.5B | $1.5B | $1.5B | $1.6B | $1.8B |
| Stock-based compensation | $319M | $272M | $303M | $308M | $318M |
| Acquisitions | – | – | $0 | $0 | $177M |
| Share buybacks | $0 | $4B | $984M | $1.3B | $0 |
| Dividends paid | $2.1B | $2.3B | $2.4B | $2.6B | $2.8B |
| Dividend per share | 2.29 | 2.00 | 2.16 | 2.32 | 2.45 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.0% | 11.6% | 0.6% | 2.8% |
| Operating income growth (YoY) | – | −5.2% | 27.1% | −7.9% | −45.7% |
| EPS growth (YoY) | – | −20.1% | 26.5% | −7.5% | −50.8% |
| Operating margin | 16.8% | 14.3% | 16.3% | 15.0% | 7.9% |
| Net margin | 14.5% | 10.2% | 11.5% | 10.4% | 5.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.0% | 24.5% | 29.2% | 24.3% | 13.5% |
| Free cash flow margin | 15.6% | 7.9% | 10.2% | 9.2% | 6.6% |
| Cash conversion (CFO ÷ net income) | 1.43x | 1.34x | 1.46x | 1.62x | 2.56x |
| Receivable days | 12 | 13 | 12 | 12 | 13 |
| Interest cover | 10.4x | 9.56x | 10.7x | 9.62x | 5.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.2B | $12.1B | $11.8B | $12.3B | $12.9B |
| Current ratio | 1.20x | 0.77x | 0.78x | 0.75x | 0.72x |
Recent filings
More in Retail-Eating & Drinking Places
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.