10-K – 2025-11-14 – sbux-20250928.htm

Note 17:     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, Nestlé 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 are the same as those described in Note 1 , Summary of Significant Accounting Policies and Estimates.
Consolidated revenue mix by product type (in millions):
Fiscal Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023
Beverage (1)
$ 22,539.9   61   % $ 21,883.9   60   % $ 21,684.8   60   %
Food (2)
7,049.9   19   % 6,749.2   19   % 6,585.1   18   %
Other (3)
7,594.6   20   % 7,543.1   21   % 7,705.7   22   %
Total $ 37,184.4   100   % $ 36,176.2   100   % $ 35,975.6   100   %

(1)      “ Beverage” represents sales within our company-operated stores.
(2)      “ Food” represents sales within our company-operated stores.
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(3)      “Other” primarily consists of packaged and single-serve coffees and teas, royalty and licensing revenues, beverage-related ingredients, and serveware, among other items.
Information by geographic area ( in millions ):
Fiscal Year Ended Sep 28, 2025 Sep 29, 2024 Oct 1, 2023
Net revenues (1) :

United States $ 27,124.7   $ 26,707.4   $ 26,398.3  
China 3,160.8   3,008.2   3,081.5  
Other countries 6,898.9   6,460.6   6,495.8  
Total $ 37,184.4   $ 36,176.2   $ 35,975.6  

Sep 28, 2025 Sep 29, 2024
Long-lived assets:
United States $ 15,952.7   $ 15,878.4  
China 4,276.8   4,514.2  
Other countries 4,407.9   4,099.3  
Total $ 24,637.4   $ 24,491.9  

(1) Includes Channel Development segment and other net revenues.
No customer accounts for 10% or more of our revenues . Revenues are shown based on the geographic location of our customers. Revenues from countries other than the U.S. and China consist primarily of revenues from Japan, Canada, and the U.K., which together account for approximately 73 %, 72 %, and 71 % of net revenues from other countries for fiscal years 2025, 2024, and 2023, respectively.
The financial information below is presented for our reportable operating segments and Corporate and Other for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023.

( in millions )
North America International Channel
Development
Corporate and Other

Total

Fiscal 2025
Total net revenues $ 27,373.1   $ 7,819.9   $ 1,871.7   $ 119.7   $ 37,184.4  
Product and distribution costs 7,628.7   2,749.8   1,168.3   111.4   11,658.2  
Store operating expenses
13,973.3   3,085.6   —   —   17,058.9  
Other operating expenses 281.6   242.0   60.2   0.8   584.6  
Depreciation and amortization expenses 1,196.3   363.9   —   124.5   1,684.7  
General and administrative expenses 483.3   344.3   5.8   1,783.8   2,617.2  
Restructuring and impairments 653.2   82.5   1.9   154.4   892.0  
Total operating expenses
24,216.4   6,868.1   1,236.2   2,174.9   34,495.6  
Income from equity method investees —   ( 1.8 ) 249.6   —   247.8  
Operating income/(loss) $ 3,156.7   $ 950.0   $ 885.1   $ ( 2,055.2 ) $ 2,936.6  
Interest income and other, net 113.3  
Interest expense ( 542.6 )
Earnings before income taxes $ 2,507.3  

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( in millions )
North America International Channel
Development
Corporate and Other

Total

Fiscal 2024
Total net revenues $ 27,009.5   $ 7,338.9   $ 1,769.8   $ 58.0   $ 36,176.2  
Product and distribution costs 7,478.0   2,575.2   1,075.4   52.0   11,180.6  
Store operating expenses 12,467.1   2,819.4   —   —   15,286.5  
Other operating expenses 280.9   225.1   58.4   1.2   565.6  
Depreciation and amortization expenses 1,052.4   338.3   —   121.9   1,512.6  
General and administrative expenses 375.8   338.8   7.7   1,801.0   2,523.3  

Total operating expenses
21,654.2   6,296.8   1,141.5   1,976.1   31,068.6  
Income from equity method investees —   3.6   297.6   —   301.2  
Operating income/(loss) $ 5,355.3   $ 1,045.7   $ 925.9   $ ( 1,918.1 ) $ 5,408.8  
Interest income and other, net 122.8  
Interest expense ( 562.0 )
Earnings before income taxes $ 4,969.6  

( in millions )
North America International Channel
Development
Corporate and Other

Total

Fiscal 2023
Total net revenues $ 26,569.6   $ 7,487.6   $ 1,893.8   $ 24.6   $ 35,975.6  
Product and distribution costs 7,530.4   2,608.4   1,250.1   20.2   11,409.1  
Store operating expenses 11,959.2   2,761.1   —   —   14,720.3  
Other operating expenses 263.8   219.0   54.6   2.0   539.4  
Depreciation and amortization expenses 910.1   335.1   0.1   117.3   1,362.6  
General and administrative expenses 389.7   335.8   8.4   1,707.4   2,441.3  
Restructuring and impairments 20.7   —   —   1.1   21.8  
Total operating expenses
21,073.9   6,259.4   1,313.2   1,848.0   30,494.5  
Income from equity method investees —   2.7   295.7   —   298.4  
Other segment items (1)
—   —   91.3   —   91.3  
Operating income/(loss) $ 5,495.7   $ 1,230.9   $ 967.6   $ ( 1,823.4 ) $ 5,870.8  
Interest income and other, net 81.2  
Interest expense ( 550.1 )
Earnings before income taxes $ 5,401.9  

(1) Includes gain from sale of assets.

Note 18:     Restructuring
In the fourth quarter of fiscal 2024 , we announced our “Back to Starbucks” strategy, which was implemented with the goal to bring customers back to our stores and return to growth by revitalizing coffeehouses, enhancing the customer experience, and improving efficiency. As part of this strategy, during the second quarter of fiscal 2025 , we further decided and announced our plan to restructure our support organization in an effort to operate more efficiently, increase accountability, reduce complexity, and drive better integration, which resulted in a reduction in our support partner workforce.

In the fourth quarter of fiscal 2025 , we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy. We assessed our existing store portfolio with respect to both whether coffeehouses had a viable path to offering the physical environment consistent with the brand and a clear path to financial performance, and we closed, or plan to close, coffeehouses that did not meet these criteria.

During the fiscal year ended September 28, 2025 , 627 stores were closed and approximately $ 892.0 million was recorded to restructuring and impairments on our consolidated statement of earnings. This total primarily consists of disposal and
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impairment of company-operated store assets, employee separation benefits, and accelerated amortization of ROU lease assets and other lease exit costs.

The table below presents the restructuring and impairment charges by reportable operating segment and Corporate and Other (in millions):

Fiscal Year Ended September 28, 2025
North America International Channel
Development
Corporate and Other

Total

Disposal and impairment of store assets $ 313.7   $ 39.1   $ —   $ —   $ 352.8  
Employee severance, separation costs, and other
103.8   39.8   1.9   154.4   299.9  
Amortization of ROU lease assets and other lease exit costs
235.7   3.6   —   —   239.3  
Total Restructuring and impairment costs
$ 653.2   $ 82.5 $ 1.9 $ 154.4 $ 892.0

The table below presents the balance of liabilities related to the restructuring plan by major type of cost (in millions):

Fiscal Year Ended September 28, 2025 Employee severance, separation costs, and other
Lease exit and other related costs (1)

Total

Beginning balance
$ —   $ —   $ —  
Restructuring costs incurred
299.9   239.3   539.2  
Cash payments
( 141.0 ) ( 0.4 ) ( 141.4 )
Ending balance
$ 158.9   $ 238.9   $ 397.8  

(1) The total operating lease liability balance for restructuring store closures was $ 272.8 million as of September 28, 2025.
As of September 28, 2025 , the majority of the remaining accrued employee separation costs are reflected in accrued payroll and benefits and the remaining accrued lease-related costs are reflected in the operating lease liability on the consolidated balance sheet.

Inclusive of fiscal year 2025 charges, the Company estimates that it will incur approximately $ 1.0 billion in total pre-tax restructuring charges related to the “Back to Starbucks” restructuring plan announced in the fourth quarter of fiscal 2025, in addition to the $ 137 million incurred resulting from restructuring activities in the second and third quarters of fiscal 2025. Estimated restructuring charges expected to be incurred in fiscal year 2026 are approximately $ 230 million, primarily related to accelerated ROU lease asset amortization and other lease exit costs in our North America and International operating segments. We anticipate completion of the plan and store closures within fiscal year 2026. The majority of the accrued liability balance as of September 28, 2025 related to restructuring charges is expected to be paid out in fiscal year 2026.
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Note 19:     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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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Starbucks Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Starbucks Corporation and subsidiaries (the “Company”) as of September 28, 2025, and September 29, 2024, the related consolidated statements of earnings, comprehensive income, equity, and cash flows, for each of the three years in the period en ded September 28, 2025 , and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 28, 2025, and September 29, 2024 , and the results of its operations and its cash flows for each of the three years in the period ended September 28, 2025 , in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 28, 2025 , based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 14, 2025, expresse d an unqualified opinion on the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the Audit and Compliance Committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Goodwill Impairment Assessments for China Reporting Unit – Refer to Note 1 and Note 8 to the financial statements
Critical Audit Matter Description
The Company ’ s goodwill for its China reporting unit within the international segment is tested annually for impairment during the third quarter of each year, and more frequently if events and circumstances indicate that the assets might be impaired. The Company ’ s evaluation of goodwill for impairment involves comparing the estimated fair value of a reporting unit to its carrying value. The estimated fair value of a reporting unit is determined using both income and market approaches.
The income approach is based on discounted future cash flows and requires management to make assumptions and to apply judgment when estimating future cash flows and asset fair values, including projected revenue growth, forecasted operating expenses, and the selection of an appropriate discount rate. The market approach is based on comparable company valuation multiples and requires an estimate of those multiples derived from comparable publicly traded companies to the reporting unit. Changes in these estimates and assumptions could have a significant impact on either the fair value, the amount of any goodwill impairment charge, if any, or both.
The goodwill balance was $ 3,368.9 million as of September 28, 2025, of which $ 2,842.6 million was allocated to the international segment, inclusive of the China reporting unit. The fair value of the China reporting unit was greater than its carrying value as of the measurement date, and as a result, management did not record an impairment charge related to the reporting unit goodwill.

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We identified the goodwill impairment assessment of the China reporting unit as a critical audit matter because of the significant estimates and assumptions management made to determine the fair value. The audit of these estimates and assumptions required a high degree of auditor judgment when performing audit procedures to evaluate the reasonableness of management ’ s estimates and assumptions related to revenue and expense projections, and the selection of significant valuation assumptions such as comparable company valuation multiples and discount rates. The audit also required an increased extent of effort, including the need to involve our fair value specialists.
How the Critical Matter Was Addressed in the Audit
Our audit procedures related to revenue and expense projections and the selection of significant valuation assumptions, such as comparable company valuation multiples and discount rates, for the China reporting unit included the following:
• We tested the effectiveness of controls over management’s goodwill impairment evaluation, including the determination of the fair value of the China reporting unit, such as controls related to management ’ s forecasts and the selection of the discount rate and valuation multiples used.
• We inquired of senior executives of the Company to corroborate strategic plans for growth.
• We evaluated management ’ s ability to accurately forecast by comparing actual results to management ’ s historical forecasts.
• We performed a sensitivity analysis of the revenue growth rate, forecasted operating expenses, and discount rates, which included their impact on cash flows.
• We evaluated the reasonableness of management ’ s forecasts by comparing the forecasts to (1) historical results, (2) internal communications amongst management and the Board of Directors, (3) inquiry with personnel outside of finance and accounting, and (4) forecasted information included in analyst and industry reports relevant to the China reporting unit.
• With the assistance of our fair value specialists, we evaluated (1) the valuation methodologies used, (2) the comparable company multiples selected by management, and (3) the discount rate used in determining the present value of the expected cash flows.
• We considered the impact of trends in the industry and current macroeconomic factors on management ’ s forecasts.

/s/ DELOITTE & TOUCHE LLP
Seattle, Washington   
November 14, 2025  
We have served as the Company’s auditor since 1987.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.

Item 9A. Controls and Procedures
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed or submitted under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
During the fourth quarter of fiscal 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by this report (September 28, 2025).
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during our most recently completed fiscal quarter that materially affected or are reasonably likely to materially affect internal control over financial reporting.
The certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits  31.1 and 31.2 , respectively, to this 10-K.
Report of Management on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected.
Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control — Integrated Framework , issued by the Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls, and a conclusion on this evaluation. Based on this evaluation, management concluded that our internal control over financial reporting was effective as of September 28, 2025.
Our internal control over financial reporting as of September 28, 2025, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included herein.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Starbucks Corporation
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Starbucks Corporation and subsidiaries (the “Company”) as of September 28, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 28, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended September 28, 2025, of the Company and our report dated November 14, 2025, expre ssed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
Seattle, Washington   
November 14, 2025
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Item 9B. Other Information
Insider Adoption or Termination of Trading Arrangements:
During the fiscal quarter ended September 28, 2025, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
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PART III

Item 10. Directors, Executive Officers, and Corporate Governance
Information regarding our executive officers is set forth in Item 1 of Part I of this Report under the caption “Information about our Executive Officers.”
We adopted a code of ethics that applies to our chief executive officer, chief financial officer, chief accounting officer, controller, and other finance leaders, which is a “code of ethics” as defined by applicable rules of the SEC. This code is publicly available on our website at www.starbucks.com/about-us/corporate-governance. If we make any amendments to this code other than technical, administrative or other non-substantive amendments, or grant any waivers, including implicit waivers, from a provision of this code to our chief executive officer, chief financial officer, chief accounting officer, or controller, we will disclose the nature of the amendment or waiver, its effective date, and to whom it applies on our website at www.starbucks.com/about-us/corporate-governance or in a report on Form 8-K filed electronically with the SEC at www.sec.gov.
The remaining information required by this item is incorporated herein by reference to the sections entitled “Proposal 1 - Election of Directors,” “Stock Ownership - Beneficial Ownership of Common Stock,” “Corporate Governance,” “Corporate Governance - Audit and Compliance Committee” and “Executive Compensation Governance Policies and Practices - Insider trading policy” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on March 25, 2026 (the “Proxy Statement”).
We will provide disclosure of delinquent Section 16(a) reports, if any, in our Proxy Statement in a section entitled “Stock Ownership - Delinquent Section 16(a) Reports,” and such disclosure, if any, is incorporated herein by reference.

Item 11. Executive Compensation
The information required by this item is incorporated by reference to the sections entitled “Executive Compensation,” “Executive Compensation - Executive Compensation Tables,” “Corporate Governance - Compensation of Directors,” and “Corporate Governance - Role of Our Board Committees - Compensation Committee Interlocks and Insider Participation” in the Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
The information required by this item is incorporated by reference to the sections entitled “Stock Ownership - Equity Compensation Plan Information” and “Stock Ownership - Beneficial Ownership of Common Stock” in the Proxy Statement.

Item 13. Certain Relationships and Related Transactions and Director Independence
The information required by this item is incorporated by reference to the section entitled “Corporate Governance - Certain Relationships and Related Person Transactions” and “Corporate Governance - Director Independence” in the Proxy Statement.

Item 14. Principal Accountant Fees and Services
The information required by this item is incorporated by reference to the sections entitled “Proposal 3 - Ratification of Selection of Deloitte & Touche LLP as our Independent Registered Public Accounting Firm - Independent Registered Public Accounting Firm Fees” and “Proposal 3 - Ratification of Selection of Deloitte & Touche LLP as our Independent Registered Public Accounting Firm - Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of the Independent Registered Public Accounting Firm” in the Proxy Statement.

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PART IV

Item 15. Exhibits and Financial Statement Schedules
(a) The following documents are filed as a part of this 10-K:

1.    Financial Statements
The following financial statements are included in Part II, Item 8 of this 10-K:
• Consolidated Statements of Earnings for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023;
• Consolidated Statements of Comprehensive Income for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023;
• Consolidated Balance Sheets as of September 28, 2025, and September 29, 2024;
• Consolidated Statements of Cash Flows for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023;
• Consolidated Statements of Equity for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023;
• Notes to Consolidated Financial Statements; and
• Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34 )

2.    Financial Statement Schedules
Financial statement schedules are omitted because they are not required or are not applicable, or the required information is provided in the consolidated financial statements or notes described in Item 15(a)(1) above.
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3.    Exhibits

   
   
Incorporated by Reference    

Exhibit
Number
Exhibit Description Form File No. Date of Filing Exhibit
Number
Filed
Herewith

2.1
Transaction Agreement, dated as of May 6, 2018, by and between Starbucks Corporation and Nestlé S.A.
8-K 000-20322
5/7/2018 2.1
3.1
Restated Articles of Incorporation of Starbucks Corporation
10-Q 000-20322
4/28/2015 3.1
3.2
Amended and Restated Bylaws of Starbucks Corporation (As amended and restated through June 25, 2025 )
8-K 000-20322
6/30/2025 3.1
4.1
Indenture, dated as of September 15, 2016, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee (as successor in interest to U.S. Bank National Association)
S-3ASR 333-213645

9/15/2016

4.1
4.2
Second Supplemental Indenture, dated as of November 22, 2017, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.750% Senior Notes due 2047)
8-K 000-20322
11/22/2017 4.2

4.3
Form of 3.750% Senior Notes due December 1, 2047 (included as Exhibit B to Exhibit 4.2)
8-K 000-20322
11/22/2017 4.4
4.4
Third Supplemental Indenture, dated as of February 28, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.500% Senior Notes due 2028)
8-K 000-20322
2/28/2018 4.2
4.5
Form of 3.500% Senior Notes due March 1, 2028 (included as Exhibit B to Exhibit 4.4)
8-K 000-20322
2/28/2018 4.4
4.6
Fourth Supplemental Indenture, dated as of August 10, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.800% Senior Notes due 2025, 4.000% Senior Notes due 2028 and 4.500% Senior Notes due 2048)
8-K 000-20322
8/10/2018 4.2
4.7
Form of 4.000% Senior Notes due November 15, 2028 (included as Exhibit B to Exhibit 4.6)
8-K 000-20322
8/10/2018 4.4
4.8
Form of 4.500% Senior Notes due November 15, 2048 (included as Exhibit C to Exhibit 4.6)
8-K 000-20322 8/10/2018 4.2
4. 9
Fifth Supplemental Indenture, dated as of May 13, 2019, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.550% Senior Notes due 2029 and 4.450% Senior Notes due 2049)
8-K 000-20322 5/13/2019 4.2
4.10
Form of 3.550% Senior Notes due August 15, 2029 (included as Exhibit A to Exhibit 4. 9 )
8-K 000-20322 5/13/2019 4.3

90

Table of Contents

   
   
Incorporated by Reference    

Exhibit
Number
Exhibit Description Form File No. Date of Filing Exhibit
Number
Filed
Herewith

4.11
Form of 4.450% Senior Notes due August 15, 2049 (included as Exhibit B to Exhibit 4. 9 )
8-K 000-20322
5/13/2019 4.4
4.12
Sixth Supplemental Indenture, dated as of March 12, 2020, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (2.000% Senior Notes due 2027, 2.250% Senior Notes due 2030 and 3.350% Senior Notes due 2050)
8-K 000-20322 3/12/2020 4.2
4.13
Form of 2.000% Senior Notes due March 12, 2027 (included as Exhibit A to Exhibit 4.1 2 )
8-K 000-20322
3/12/2020 4.3
4.14
Form of 2.250% Senior Notes due March 12, 2030 (included as Exhibit B to Exhibit 4.1 2 )
8-K 000-20322 3/12/2020 4.4
4.15
Form of 3.350% Senior Notes due March 12, 2050 (included as Exhibit C to Exhibit 4.1 2 )
8-K 000-20322
3/12/2020 4.5
4.16
Seventh Supplemental Indenture, dated as of May 7, 2020, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (2.550% Senior Notes due 2030 and 3.500% Senior Notes due 2050)
8-K 000-20322 5/7/2020 4.2
4.17
Form of 2.550% Senior Notes due November 15, 2030 (included as Exhibit B to Exhibit 4.1 6 )
8-K 000-20322
5/7/2020 4.4
4.18
Form of 3.500% Senior Notes due November 15, 2050 (included as Exhibit C to Exhibit 4.1 6 )
8-K 000-20322 5/7/2020 4.5
4.19
Eighth Supplemental Indenture, dated as of February 14, 2022, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee and as successor in interest to U.S. Bank National Association (3.000% Senior Notes due 2032)
8-K 000-20322 2/14/2022 4.2

4.20
Form of 3.000% Senior Notes due February 14, 2032 (included as Exhibit B to Exhibit 4. 19 )
8-K 000-20322 2/14/2022 4.4
4.21
Ninth Supplemental Indenture, dated as of February 16, 2023, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee and as successor in interest to U.S. Bank National Association (4.750% Senior Notes due 2026 and 4.800% Senior Notes due 2033)
8-K 000-20322
2/16/2023 4.2

91

Table of Contents

Incorporated by Reference
Exhibit
Number
Exhibit Description Form File No. Date of Filing Exhibit
Number
Filed
Herewith

4.22
Form of 4.750% Senior Notes due February 15, 2026 (included as Exhibit A to Exhibit 4.2 1 )
8-K 000-20322
2/16/2023 4.3
4.23
Form of 4.800% Senior Notes due February 15, 2033 (included as Exhibit B to Exhibit 4.2 1 )
8-K 000-20322
2/16/2023 4.4
4.24
Tenth Supplemental Indenture, dated as of February 8, 2024, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee and successor in interest to U.S. Bank National Association (4.850% Senior Notes due 2027, 4.900% Senior Notes due 2031 and 5.000% Senior Notes due 2034)
8-K 000-20322
2/8/2024 4.2
4.25
Form of 4.850% Senior Notes due February 8, 2027 (included as Exhibit A to Exhibit 4.2 4 )
8-K 000-20322
2/8/2024 4.3
4.26
Form of 4.900% Senior Notes due February 15, 2031 (included as Exhibit B to Exhibit 4.2 4 )
8-K 000-20322
2/8/2024 4.4
4.27
Form of 5.000% Senior Notes due February 15, 2034 (included as Exhibit C to Exhibit 4.2 4 )
8-K 000-20322
2/8/2024 4.5
4.28
E leventh Supplemental Indenture, dated as of May 8, 2025, by and between Starbucks Corpora tion and U.S. Bank Trust Company, N ational Association, as tru stee and successor in interest to U.S. Bank N ational Association
8-K
000-20322
5/8/2025 4.2
4.29
F orm of 4.500% Senior Notes due May 15, 2 028 (included as Exhibit A to Exhibit 4.2 8 )
8-K
000-20322
5/8/2025 4.3
4.30
F orm of 4.800% Senior Notes due May 15, 2030 (included as Exhibit B to Exhibit 4.2 8 )
8-K
000-20322
5/8/2025 4.4
4.31
F orm of 5.400% Senior Notes due May 15, 2035 (included as Exhibit C to Exhibit 4.2 8 )
8-K
000-20322
5/8/2025 4.5
4.32
Indenture, dated as of August 23, 2007, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee
S-3ASR 333-190955 9/3/2013 4.1

92

Table of Contents

Incorporated by Reference
Exhibit
Number Exhibit Description Form File No. Date of Filing Exhibit
Number Filed
Herewith
4.33
Fourth Supplemental Indenture, dated as of June 10, 2015, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (4.300% Senior Notes due June 2045)
8-K 000-20322
6/10/2015 4.2
4.34
Form of 4.300% Senior Notes due June 15, 2045 (included as Exhibit B to Exhibit 4.3 3 )
8-K 000-20322
6/10/2015 4.4

4.35
Sixth Supplemental Indenture, dated as of May 16, 2016, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (2.450% Senior Notes due June 2026)
8-K 000-20322
5/16/2016 4.4
4.36
Form of 2.450% Senior Notes due June 15, 2026 (included as Exhibit A to Exhibit 4.3 5 )
8-K 000-20322
5/16/2016 4.5
4. 37
Description of Securities
10-K 000-20322
11/15/2019 4.29
10.1*
Starbucks Corporation Employee Stock Purchase Plan — 1995 as amended and restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date
10-Q 000-20322 8/1/2017 10.1
10.2*
Starbucks Corporation Executive Management Bonus Plan, as amended and restated on January 12, 2022
8-K 000-20322
1/14/2022 10.1
10.3*
Starbucks Corporation Management Deferred Compensation Plan, as amended and restated effective January 1, 2011
10-Q 000-20322
2/4/2011 10.2
10.4*
Fifth Amendment to Starbucks Corporation Management Deferred Compensation Plan
10-Q 000-20322
7/28/2020 10.1
10.5*
Starbucks Corporation Deferred Compensation Plan for Non-Employee Directors, as amended and restated effective September 11, 2018
10-K 000-20322 11/16/2018 10.5
10.6*
Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective March 16, 2022
10-Q 000-20322
5/3/2022 10.1

93

Table of Contents

Incorporated by Reference
Exhibit
Number
Exhibit Description Form File No. Date of Filing Exhibit
Number
Filed
Herewith

10.7*
2005 Key Employee Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective November 15, 2005
10-Q
000-20322 2/10/2006 10.2
10.8*
2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective September 11, 2018
10-K 000-20322 11/16/2018 10.9
10.9*
Form of Global Stock Option Grant Agreement for Purchase of Stock under the Key Employee Sub-Plan to the 2005 Long Term Equity Incentive Plan
10-K 000-20322 11/18/2016 10.14
10.10*
Form of Stock Option Grant Agreement for Purchase of Stock under the 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan
10-Q 000-20322 4/26/2016 10.2
10.11
Credit Agreement, dated June 13, 2025, among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, N.A., Citibank, N.A., Morgan Stanley Bank, N.A. and U.S. Bank National Association, as L/C Issuers, and the other Lenders from time to time a party thereto
8-K 000-20322 6/16/2025 10.1

94

Table of Contents

   
   
Incorporated by Reference    

Exhibit
Number
Exhibit Description Form File No. Date of Filing Exhibit
Number
Filed
Herewith

10.12
Form of Commercial Paper Dealer Agreement between Starbucks Corporation, as Issuer, and the Dealer
8-K 000-20322
7/29/2016 10.1
10.13*
Form of Global Key Employee Restricted Stock Unit Grant Agreement - No Retirement Vesting (Effective November 2020)
10-K 000-20322 11/12/2020 10.23
10.14*
Form of Global Key Employee Restricted Stock Unit Grant Agreement - Retirement Vesting (Effective November 2020)
10-K 000-20322 11/12/2020 10.24
10.15*
Form of Global Key Employee Stock Option Grant Agreement for Purchase of Stock under the 2005 Long-Term Equity Incentive Plan
10-K 000-20322 11/17/2017 10.25
10.1 6 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Promotion - Time-Based -No Retirement Vesting) (Effective August 2022)
10-K 000-20322 11/18/2022 10.23
10.1 7 *
Starbucks Corporation Key Employee Restricted Stock Unit Grant Agreement (New Hire - Time-Based - No Retirement Vesting) (Effective August 2022)
10-K 000-20322 11/18/2022 10.24
10. 1 8 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Annual - Time-Based - Retirement Vesting) (Effective August 2022)
10-K 000-20322 11/18/2022 10.25
10 . 19 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Annual - Performance Based - Retirement Vesting) (Effective August 2022)
10-K 000-20322 11/18/2022 10.26
10.2 0 *
Starbucks Corporation Executive Severance and Change in Control Plan effective August 31, 2022 and amended on March 22, 2023
8-K 000-20322 3/28/2023 10.10

95

Table of Contents

   
   
Incorporated by Reference    

Exhibit
Number Exhibit Description Form File No. Date of Filing Exhibit
Number Filed
Herewith
10.2 1 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Performance-Based) (Effective November 2023)
10-K 000-20322 11/17/2023 10.29
10. 2 2 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Time-Based) (Effective November 2023)
10-K
000-20322
11/17/2023
10.30

10. 2 3 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Promotion and New Hire) (Effective November 2023)
10-K
000-20322
11/17/2023
10.31

10. 2 4 *
Offer Letter, dated August 11, 2024, by and between Starbucks Corporation and Brian R. Niccol
8-K
000-20322
8/14/2024
10.1

1 0.2 5 *
Letter Agreement Amending Offer Letter, dated November 19, 2024, by and between Starbucks Corporation and Brian R. Niccol
8-K
000-20322
11/21/2024
10.1

1 0.2 6 *
Offer Letter, dated February 27, 2025, by and between Starbucks Corporation and Cathy Smith
8-K
000-20322
3/4/2025
10.1

10. 2 7 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Performance-Based) (Effective November 2024)
10-K
000-20322
11/20/2024
10.33

10. 2 8 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Time-Based) (Effective November 2024)
10-K
000-20322
11/20/2024
10.34

10. 29 *
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Promotion) (Effective November 2024)
10-K
000-20322
11/20/2024
10.35

1 0.30*
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Performance Based – Retirement Vesting) (Effective November 2025)
— — — — X

1 0.31*
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Performance Based – No Retirement Vesting) (Effective November 2025)
— — — — X

1 0.32*
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Time Based – Retirement Vesting) (Effective November 2025)
— — — — X

1 0.33*
Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Time Based – No Retirement Vesting) (Effective November 2025)
— — — — X

96

Table of Contents

   
   
Incorporated by Reference    

Exhibit
Number
Exhibit Description Form File No. Date of Filing Exhibit
Number
Filed
Herewith

19.1
Starbucks Corporation Insider Trading Policy
— — — — X

21
Subsidiaries of Starbucks Corporation
— — — — X
23
Consent of Independent Registered Public Accounting Firm
— — — — X
31.1
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
— — — — X
31.2
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
— — — — X
32**
Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
— — — —
97
Starbucks Corporation Recovery of Incentive Compensation Policy
10-K
000-20322
11/17/2023
97

101 The following financial statements from the Company’s 10-K for the fiscal year ended September 28, 2025, formatted in iXBRL: (i) Consolidated Statements of Earnings, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, and (vi) Notes to Consolidated Financial Statements — — — — X
104 Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101)

*    Denotes a management contract or compensatory plan or arrangement.
**    Furnished herewith.

Item 16. Form 10-K Summary
None.
97

Table of Contents

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STARBUCKS CORPORATION

By: /s/ Brian R. Niccol

  Brian R. Niccol
chairman and chief executive officer

 

November 14, 2025

98

Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of November 14, 2025.
   
Signature   Title

By: /s/    Brian R. Niccol
  chairman and chief executive officer
(principal executive officer)

Brian R. Niccol

By: /s/    Cathy R. Smith executive vice president, chief financial officer
(principal financial officer and principal accounting officer)
Cathy R. Smith

By: /s/    Richard E. Allison, Jr. director
Richard E. Allison, Jr.

By: /s/    Andrew Campion director
Andrew Campion

By: /s/    Beth Ford   director
Beth Ford

By: /s/    Jørgen Vig Knudstorp   director
Jørgen Vig Knudstorp

By: /s/    Marissa Mayer   director
Marissa Mayer

By: /s/    Neal Mohan
director
Neal Mohan

By: /s/    Dambisa F. Moyo director
Dambisa F. Moyo

By: /s/    Daniel Servitje
director
Daniel Servitje

By: /s/    Mike Sievert
director
Mike Sievert

By: /s/    Wei Zhang director
Wei Zhang

99