Financial Analysis

Commitments and Contingencies Legal Proceedings Starbucks is involved in various legal proceedings arising in the ordinary course of business, including litigation matters associated with labor union organizing efforts and certain employment litigation cases that have been certified as class or collective actions, but is not currently a party to any legal proceeding that management believes could have a material adverse effect on our consolidated financial position, results of operations, or cash flows. While we are closely monitoring the operational and financial impacts of labor union organizing efforts on our business, as of the date of this filing, we believe the risk of a material contingent loss associated with these litigation matters is remote.

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Debt Revolving Credit Facility During the third quarter of fiscal 2025, we replaced our $3.0 billion unsecured five-year revolving credit facility (the 2021 credit facility) with a new $3.0 billion unsecured five-year revolving credit facility (the 2025 credit facility). Our 2025 credit facility, of which $150.0 million may be used for issuances of letters of credit, is currently set to mature on June 13, 2030. The 2025 credit facility is available for working capital, capital expenditures, and other general corporate purposes, including acquisitions and share repurchases. We have the option, subject to negotiation and agreement with the related banks, to increase the maximum commitment amount by an additional $1.0 billion. Borrowings under the 2025 credit facility will bear interest at a fluctuating rate based on the Term Secured Overnight Financing Rate (Term SOFR), and, for U.S. dollar-denominated loans under certain circumstances, a Base Rate (as defined in the 2025 credit facility), in each case plus an applicable rate. The applicable rate is based on the Companys long-term credit ratings assigned by Moodys and Standard & Poors rating agencies. The 2025 credit facility contains alternative interest rate provisions specifying rate calculations to be used at such time Term SOFR ceases to be available as a benchmark due to reference rate reform. The Base Rate of interest is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) Bank of Americas prime rate, (iii) Ter …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Employee Stock and Benefit Plans We maintain several equity incentive plans under which we may grant non-qualified stock options, incentive stock options, restricted stock, restricted stock units (RSUs), or stock appreciation rights to employees, non-employee directors, and consultants. We issue new shares of common stock upon exercise of stock options and the vesting of RSUs. We also have an employee stock purchase plan (ESPP). As of September 28, 2025, there were 74.5 million shares of common stock available for issuance pursuant to future equity-based compensation awards and 9.1 million shares available for issuance under our ESPP. Stock-based compensation expense recognized in the consolidated statement of earnings (in millions) : Fiscal Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 RSUs $ 318.3 $ 308.3 $ 302.6 Options 0.1 Total stock-based compensation expense recognized in the consolidated statements of earnings $ 318.3 $ 308.3 $ 302.7 Total related tax benefit $ 47.9 $ 57.0 $ 50.9 Total capitalized stock-based compensation included in net property, plant and equipment on the consolidated balance sheets $ 3.6 $ 3.6 $ 3.7 RSUs We have both time-vested and performance-based RSUs. Time-vested RSUs are awarded to eligible employees and entitle the grantee to receive shares of common stock at the end of a vesting period, subject to the employees continuing employment. The time-vested RSUs generally vest in either two or four equal annual installments beginning a year from …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (in millions): Fair Value Measurements at Reporting Date Using Balance at September 28, 2025 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 3,219.8 $ 3,219.8 $ $ Short-term investments: Available-for-sale debt securities: Corporate debt securities 67.8 55.9 11.9 Mortgage and other asset-backed securities 0.4 0.4 State and local government obligations 1.1 1.1 U.S. government treasury securities 82.6 82.6 Total available-for-sale debt securities 151.9 82.6 57.4 11.9 Marketable equity securities 95.3 95.3 Total short-term investments 247.2 177.9 57.4 11.9 Prepaid expenses and other current assets: Derivative assets 15.9 15.9 Long-term investments: Available-for-sale debt securities: Corporate debt securities 132.2 105.5 26.7 Mortgage and other asset-backed securities 75.7 75.7 State and local government obligations 2.7 2.7 U.S. government treasury securities 36.3 36.3 Total Available-for-sale debt securities 246.9 36.3 183.9 26.7 Total long-term investments 246.9 36.3 183.9 26.7 Other long-term assets: Derivative assets 278.6 278.6 Total assets $ 4,008.4 $ 3,434.0 $ 535.8 $ 38.6 Liabilities: Accrued liabilities: Derivative liabilities $ 7.1 $ $ 7.1 $ Other long-term liabilities: Derivative liabilities 20.9 20.9 Total liabilities $ 28.0 $ $ 28.0 $ Fair …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Other Intangible Assets and Goodwill Indefinite-Lived Intangible Assets (in millions) Sep 28, 2025 Sep 29, 2024 Trade names, trademarks, and patents $ 79.5 $ 79.5 Finite-Lived Intangible Assets Sep 28, 2025 Sep 29, 2024 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired and reacquired rights $ 1,053.9 $ (974.9) $ 79.0 $ 995.5 $ (995.5) $ Acquired trade secrets and processes 27.6 (27.6) 27.6 (27.6) Trade names, trademarks, and patents 131.2 (122.9) 8.3 130.4 (110.0) 20.4 Licensing agreements 13.0 (13.0) 13.4 (12.4) 1.0 Other finite-lived intangible assets 20.5 (20.5) 20.9 (20.9) Total finite-lived intangible assets $ 1,246.2 $ (1,158.9) $ 87.3 $ 1,187.8 $ (1,166.4) $ 21.4 Amortization expense for finite-lived intangible assets was $17.6 million, $20.4 million, and $21.5 million during fiscal 2025, 2024, and 2023, respectively. Estimated future amortization expense as of September 28, 2025 ( in millions ): Fiscal Year 2026 $ 6.1 2027 5.9 2028 5.3 2029 4.9 2030 4.7 Thereafter 60.4 Total estimated future amortization expense $ 87.3 Goodwill Changes in the carrying amount of goodwill by reportable operating segment (in millions) : North America International Channel Development Corporate and Other Total Goodwill balance at October 1, 2023 $ 491.5 $ 2,691.1 $ 34.7 $ 1.0 $ 3,218.3 Other (1) 97.4 97.4 Goodwill balance at September 29, 2024 $ 491.5 $ 2,788.5 $ 34.7 $ 1.0 $ 3,315.7 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Components of earnings before income taxes (in millions): Fiscal Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 United States $ 1,850.1 $ 4,087.6 $ 4,488.6 Foreign 657.2 882.0 913.3 Total earnings before income taxes $ 2,507.3 $ 4,969.6 $ 5,401.9 Provision/(benefit) for income taxes (in millions): Fiscal Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 Current taxes: U.S. federal $ 179.4 $ 681.2 $ 678.2 U.S. state and local 120.4 210.9 235.9 Foreign 362.5 328.8 422.4 Total current taxes 662.3 1,220.9 1,336.5 Deferred taxes: U.S. federal 30.2 10.7 117.0 U.S. state and local (11.3) (0.7) (0.8) Foreign (30.6) (23.6) (175.5) Total deferred taxes (11.7) (13.6) (59.3) Total income tax expense $ 650.6 $ 1,207.3 $ 1,277.2 Reconciliation of the statutory U.S. federal income tax rate with our effective income tax rate: Fiscal Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 Statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 3.4 3.3 3.4 Foreign rate differential 0.3 0.3 0.4 Residual tax on foreign earnings 3.6 0.4 Foreign derived intangible income (1.6) (0.8) (0.8) Tax status change of foreign entity (1.4) Other, net 0.6 0.1 (0.4) Effective tax rate 25.9 % 24.3 % 23.6 % During fiscal 2025, we revised our indefinite reinvestment assertions from prior years' cumulative earnings from certain foreign subsidiaries, and in the fourth quarter of fiscal 2025, we repatriated approximately $900 million of cash from foreign subsidiaries, upon which ap …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The components of lease costs (in millions) : Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 Operating lease costs (1) $ 2,097.0 $ 1,723.5 $ 1,601.0 Variable lease costs 1,245.7 1,130.7 1,050.3 Short-term lease costs 21.0 26.8 28.0 Total lease costs $ 3,363.7 $ 2,881.0 $ 2,679.3 (1) Includes immaterial amounts of sublease income and rent concessions. The following table includes supplemental information (in millions) : Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 Cash paid related to operating lease liabilities $ 1,901.4 $ 1,672.5 $ 1,657.2 Operating lease liabilities arising from obtaining ROU assets (1) 1,980.8 2,263.9 1,893.4 Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 Weighted-average remaining operating lease term 8.6 years 8.6 years 8.5 years Weighted-average operating lease discount rate 3.7 % 3.4 % 3.1 % (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 she et. These balances were not material as of September 28, 2025, and September 29, 2024. Finance lease costs were also immaterial for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023. Minimum future maturities of operating lease liabilities (in millions) : Fiscal Year Total 2026 $ 1,940.6 2027 1,757.3 2028 1,548 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In the fourth quarter of fiscal 2025, we adopted the Financial Accounting Standards Board (FASB) issued guidance expanding segment disclosure requirements. The amendments require enhanced disclosure for certain segment items and disclosure on how our Chief Operating Decision Maker (CODM) uses reported measures to assess segment performance. The amendments do not change how segments are determined, aggregated, or how thresholds are applied to determine reportable segments. The adoption of this guidance did not have a significant impact on our consolidated financial statement disclosures. Refer to Note 1 7 , Segment Reporting, for our segment disclosures including enhancements as a result of the amendments. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued guidance expanding disclosure requirements related to income taxes. The amendments require enhanced jurisdictional disclosures for the income tax rate reconciliation and related to cash income taxes paid. Additionally, certain disclosures related to unrecognized tax benefits and indefinite reinvestment assertions were removed. The amendments are effective for our fiscal year ending September 27, 2026. While we are still evaluating the specific impacts, we anticipate this guidance will have a significant impact on our annual income tax disclosures. In November 2024, the FASB issued guidance expanding disclosure requirem …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Deferred Revenue During fiscal 2018, we licensed the rights to sell and market our products in authorized channels through the Global Coffee Alliance and received an up-front prepaid royalty from Nestle. The up-front payment of approximately $7 billion was recorded as deferred revenue as we have continuing performance obligations to support the Global Coffee Alliance, including providing Nestle access to certain intellectual properties and products for future resale. The up-front payment is being recognized as other revenue on a straight-line basis over the estimated economic life of the arrangement of 40 years for the ongoing access to the licenses within the contractual territories. Our obligations to maintain the Starbucks brand and other intellectual properties are generally constant throughout the term of the arrangement. Therefore, a ratable recognition pattern is reflective of how we will satisfy our performance obligations. As of September 28, 2025, the current and long-term deferred revenue related to the Nestle up-front payment was $177.0 million and $5.6 billion, respectively. As of September 29, 2024, the current and long-term deferred revenue related to the Nestle up-front payment was $177.0 million and $5.8 billion, respectively. During each of the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023, we recognized $176.5 million of prepaid royalty revenue related to Nestle. Changes in our deferred revenue balance related to our stored …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. North America and International operations sell coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-operated stores and licensed stores. Our North America segment is our most mature business and has achieved significant scale. Channel Development revenues include packaged coffee, tea, foodservice products, and ready-to-drink beverage sales to customers outside of our company-operated and licensed stores. Most of our Channel Development revenues are from product sales to, and royalty revenues from, Nestle through the Global Coffee Alliance. Our CODM, who is our chief executive officer , evaluates the performance of our operating segments based primarily on net revenues and operating income, which represents earnings before other income and expenses and income taxes. Financial information and forecasts are reviewed by our CODM at the segment level, and are used to evaluate performance, monitor actual results versus forecasts, and allocate resources for the consolidated entity. Our CODM does not use total assets by segment as a basis for decision making. The accounting policies of the operating segments …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies and Estimates Description of Business We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through our company-operated stores. We also sell a variety of coffee and tea products and license our trademarks through other channels, such as licensed stores as well as grocery and foodservice through our Global Coffee Alliance with Nestle S.A. (Nestle). In addition to our flagship Starbucks Coffee brand, we sell goods and services under the following brands: Teavana, Ethos, and Starbucks Reserve. In this Annual Report on Form 10-K (10-K or Report) for the fiscal year ended September 28, 2025 (fiscal 2025), Starbucks Corporation (together with its subsidiaries) is referred to as Starbucks, the Company, we, us, or our. Segment information is prepared on the same basis that our ceo, who is our Chief Operating Decision Maker, manages the segments, evaluates financial results, and makes key operating decisions. We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. Unallocated corporate expenses are reported within Corporate and Other. Additional details on the nature of our business and our reportable operating segments are included in No …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Event O n November 3, 2025, we announced the Company has entered an agreement to form a joint venture with Boyu Capital, a leading alternative investment firm, to operate Starbucks retail in China. We believe this partnership marks a significant milestone in Starbucks ongoing transformation and underscores its commitment to accelerating long-term growth in China. Under the agreement, Boyu Capital will acquire up to a 60% interest in Starbucks retail operations in China. Starbucks will retain a 40% interest in the joint venture and will continue to own and license the Starbucks brand and intellectual property to the new entity. Boyu Capital will acquire its interest based on a cash-free, debt-free mutually agreed-upon total enterprise value of approximately $4 billion , to be further adjusted for other contractually agreed-upon items. The transaction is subject to required regulatory a pprovals as we ll as customary closing conditions, and is expected to close by early calendar year 2026.

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Commitments and Contingencies Legal Proceedings Starbucks is involved in various legal proceedings arising in the ordinary course of business, including litigation matters associated with labor union organizing efforts and certain employment litigation cases that have been certified as class or collective actions, routine liability claims arising from alleged customer injuries, shareholder-related actions, and consumer fraud claims, but is not currently a party to any legal proceeding that management believes could have a material adverse effect on our consolidated financial position, results of operations, or cash flows. While we are closely monitoring the operational and financial impacts of labor union organizing efforts on our business, as of the date of this filing, we believe the risk of a material contingent loss associated with these litigation matters is remote. Refer to the Risk Factors in Part I, Item 1A of our most recently filed 10-K for further discussion of potential risks to our brand and related impacts on our financial results.

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Debt Revolving Credit Facility Our $3.0 billion unsecured five-year revolving credit facility (the 2025 credit facility), of which $150.0 million may be used for issuances of letters of credit, is currently set to mature on June 13, 2030. The 2025 credit facility is available for working capital, capital expenditures, and other general corporate purposes, including acquisitions and share repurchases. We have the option, subject to negotiation and agreement with the related banks, to increase the maximum commitment amount by an additional $1.0 billion. Borrowings under the 2025 credit facility will bear interest at a fluctuating rate based on the Term Secured Overnight Financing Rate (Term SOFR), and, for U.S. dollar-denominated loans under certain circumstances, a Base Rate (as defined in the 2025 credit facility), in each case plus an applicable rate. The applicable rate is based on the Companys long-term credit ratings assigned by Moodys and Standard & Poors rating agencies. The 2025 credit facility contains alternative interest rate provisions specifying rate calculations to be used at such time Term SOFR ceases to be available as a benchmark due to reference rate reform. The Base Rate of interest is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) Bank of Americas prime rate, (iii) Term SOFR plus 1.00%, and (iv) 1.00%. Upon the occurrence of any event of default under the 2025 credit facility, interest on the outstanding amount of the indebtedness under the …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Employee Stock Plans As of June 28, 2026 , there were 69.6 million shares of common stock available for issuance pursuant to future equity-based compensation awards and 8.7 million s h ares available for issuance under our employee stock purchase plan. Stock-based compensation expense recognized in the consolidated statements of earnings (in millions) : Quarter Ended Three Quarters Ended Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025 Restricted Stock Units (RSUs) $ 71.1 $ 66.0 $ 290.4 $ 244.3 Total stock-based compensation expense $ 71.1 $ 66.0 $ 290.4 $ 244.3 RSU transactions from September 28, 2025 through June 28, 2026 ( in millions ): Total Nonvested, September 28, 2025 9.0 Granted 4.6 Vested (2.9) Forfeited/expired (1.8) Nonvested, June 28, 2026 8.9 Total unrecognized stock-based compensation expense, net of estimated forfeitures, as of June 28, 2026 $ 322.4 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis (in millions) : Fair Value Measurements at Reporting Date Using Balance at Jun 28, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 3,449.8 $ 3,449.8 $ $ Short-term investments: Available-for-sale debt securities: Corporate debt securities 50.6 38.0 12.6 Mortgage and other asset-backed securities 0.3 0.3 State and local government obligations 2.8 2.8 U.S. government treasury securities 23.1 23.1 Total available-for-sale debt securities 76.8 23.1 41.1 12.6 Marketable equity securities 83.7 83.7 Total short-term investments 160.5 106.8 41.1 12.6 Prepaid expenses and other current assets: Derivative assets 30.1 30.1 Long-term investments: Available-for-sale debt securities: Corporate debt securities 153.2 124.2 29.0 Mortgage and other asset-backed securities 69.2 69.2 U.S. government treasury securities 90.8 90.8 Total available-for-sale debt securities 313.2 90.8 193.4 29.0 Total long-term investments 313.2 90.8 193.4 29.0 Other long-term assets: Derivative assets 422.4 422.4 Total assets 4,376.0 3,647.4 687.0 41.6 Liabilities: Accrued liabilities: Derivative liabilities 0.8 0.8 Other long-term liabilities: Derivative liabilities 19.3 19.3 Total liabilities $ 20.1 $ $ 20.1 $ Fair Value Measurements at Reporting Date Using Balance at Sep 28, 2025 Qu …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Other Intangible Assets and Goodwill Indefinite-Lived Intangible Assets (in millions) Jun 28, 2026 Sep 28, 2025 Trade names, trademarks and patents $ 79.5 $ 79.5 Finite-Lived Intangible Assets Jun 28, 2026 Sep 28, 2025 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired and reacquired rights (1) $ 308.5 $ (233.0) $ 75.5 $ 1,053.9 $ (974.9) $ 79.0 Acquired trade secrets and processes 27.6 (27.6) 27.6 (27.6) Trade names, trademarks and patents 146.5 (129.2) 17.3 131.2 (122.9) 8.3 Licensing agreements 12.0 (12.0) 13.0 (13.0) Other finite-lived intangible assets 2.3 (2.3) 20.5 (20.5) Total finite-lived intangible assets $ 496.9 $ (404.1) $ 92.8 $ 1,246.2 $ (1,158.9) $ 87.3 (1) The decrease in acquired and reacquired rights was a result of divesting Starbucks retail operations in China in the third quarter of fiscal 2026. Amortization expense for finite-lived intangible assets was $2.9 million and $5.6 million for the quarter and three quarters ended June 28, 2026, respectively, and $4.4 million and $15.8 million for the quarter and three quarters ended June 29, 2025, respectively. Estimated future amortization expense as of June 28, 2026 ( in millions ): Fiscal Year Total 2026 (excluding the three quarters ended June 28, 2026) $ 3.0 2027 12.0 2028 8.2 2029 4.8 2030 4.7 Thereafter 60.1 Total estimated future amortization expense $ 92.8 Goodwill Changes in the carrying amount of …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The effective tax rate for the quarter ended June 28, 2026, was 26.4% compared to 31.8% for the same period in fiscal 2025. The decrease was primarily due to lapping the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in the third quarter of fiscal 2025 (approximately 850 basis points), partially offset by impacts resulting from the divestiture of Starbucks retail operations in China in the third quarter of fiscal 2026 (370 basis points). The effective tax rate for the three quarters ended June 28, 2026, was 36.5% compared to 26.5% for the same period in fiscal 2025. The increase was primarily due to the $273 million discrete impact of changes in indefinite reinvestment assertions as a result of classifying Starbucks retail operations in China as held for sale in the first quarter of fiscal 2026 (approximately 640 basis points), impacts resulting from the divestiture of Starbucks retail operations in China in the third quarter of fiscal 2026 (approximately 240 basis points) and lapping the discrete impact of a tax status change for a certain foreign entity in the first quarter of fiscal 2025 (approximately 130 basis points).

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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 lia …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In the fourth quarter of fiscal 2025, we adopted the Financial Accounting Standards Board (FASB) issued guidance expanding segment disclosure requirements. The amendments require enhanced disclosure for certain segment items and disclosure on how our CODM uses reported measures to assess segment performance. The amendments do not change how segments are determined, aggregated, or how thresholds are applied to determine reportable segments. The adoption of this guidance did not have a significant impact on our consolidated financial statement disclosures. Refer to Note 16 , Segment Reporting, for our segment disclosures including enhancements as a result of the amendments. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued guidance expanding disclosure requirements related to income taxes. The amendments require enhanced jurisdictional disclosures for the income tax rate reconciliation and related to cash income taxes paid. Additionally, certain disclosures related to unrecognized tax benefits and indefinite reinvestment assertions were removed. The amendments are effective for our fiscal year ending September 27, 2026. We have substantially completed our evaluation of these amendments and expect the adoption to result in expanded income tax disclosures, including an enhanced rate reconciliation and cash income taxes paid disclosures. We do not expect the adoption to hav …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Deferred Revenue Our deferred revenue primarily consists of the prepaid royalty from Nestle, 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 Nestle 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 Nestle 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 Nestle. 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 Nestle. 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 re …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. North America and International operations sell coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-operated stores and licensed stores. Our North America segment is our most mature business and has achieved significant scale. Certain markets within our International operations are in various stages of development and may require more extensive support, relative to their current levels of revenue and operating income, than our North America operations. Channel Development revenues include packaged coffee, tea, foodservice products, and ready-to-drink beverage sales to customers outside of our company-operated and licensed stores. Most of our Channel Development revenues are from product sales to, and royalty revenues from, Nestle through the Global Coffee Alliance. Our CODM evaluates the performance of our operating segments based primarily on net revenues and operating income, which represents earnings before other income and expenses and income taxes. Financial information and forecasts are reviewed by our CODM at the segment level, and are used to evaluate performance, monitor actual results versus …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Financial Statement Preparation The unaudited consolidated financial statements as of June 28, 2026, and for the quarters and three quarters ended June 28, 2026 and June 29, 2025, have been prepared by Starbucks Corporation under the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, the financial information for the quarters and three quarters ended June 28, 2026, and June 29, 2025, reflects all adjustments and accruals, which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods. In this Quarterly Report on Form 10-Q (10-Q), Starbucks Corporation (together with its subsidiaries) is referred to as Starbucks, the Company, we, us, or our. Segment information is prepared on the same basis that our chief executive officer, who is our Chief Operating Decision Maker (CODM), manages the segments, evaluates financial results, and makes key operating decisions. The financial information as of September 28, 2025, is derived from our audited consolidated financial statements and notes for the fiscal year ended September 28, 2025 (fiscal 2025) included in Item 8 in the fiscal 2025 Annual Report on Form 10-K filed with the SEC on November 14, 2025 (10-K). The information included in this 10-Q should be read in conjunction with the footnotes and managements discussion and analysis of the consolid …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Equity Changes in AOCI by component, net of tax (in millions) : Quarter Ended Available-for-Sale Debt Securities Cash Flow Hedges Net Investment Hedges Translation Adjustment and Other Total June 28, 2026 Net gains/(losses) in AOCI, beginning of period $ (0.7) $ 55.9 $ 367.1 $ (839.6) $ (417.3) Net gains/(losses) recognized in OCI before reclassifications (0.3) 1.3 30.8 (3.5) 28.3 Net (gains)/losses reclassified from AOCI to earnings 0.3 (6.2) 64.0 282.8 340.9 Other comprehensive income/(loss) attributable to Starbucks (4.9) 94.8 279.3 369.2 Other comprehensive income/(loss) attributable to NCI 0.2 0.2 Net gains/(losses) in AOCI, end of period $ (0.7) $ 51.0 $ 461.9 $ (560.1) $ (47.9) June 29, 2025 Net gains/(losses) in AOCI, beginning of period $ (1.8) $ 67.3 $ 371.1 $ (965.6) $ (529.0) Net gains/(losses) recognized in OCI before reclassifications 1.4 (68.0) (58.0) 157.6 33.0 Net (gains)/losses reclassified from AOCI to earnings 0.2 (19.3) (20.2) (39.3) Other comprehensive income/(loss) attributable to Starbucks 1.6 (87.3) (78.2) 157.6 (6.3) Other comprehensive income/(loss) attributable to NCI 0.1 0.1 Net gains/(losses) in AOCI, end of period $ (0.2) $ (20.0) $ 292.9 $ (807.9) $ (535.2) Three Quarters Ended Available-for-Sale Debt Securities Cash Flow Hedges Net Investment Hedges Translation Adjustment and Other Total June 28, 2026 Net gains/(losses) in AOCI, beginning of period $ 0.5 $ 40.9 $ 357.4 $ (858.1) $ (459.3) Net gains/(losses) recognized in OCI before reclassific …

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