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Table of Conten t s

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 28, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            .
Commission File Number: 000-20322
Starbucks Corporation
(Exact Name of Registrant as Specified in its Charter)

Washington 91-1325671
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)

2401 Utah Avenue South , Seattle , Washington 98134
(Address of principal executive offices, zip code)
( 206 ) 447-1575
(Registrant’s Telephone Number, including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol Name of each exchange on which registered
Common Stock, $0.001 par value per share
SBUX Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    x     No    ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    x     No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes     ☐  No  x  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Shares Outstanding as of July 23, 2026
1,140.0 million

Table of Conten t s

STARBUCKS CORPORATION
FORM 10-Q
For the Quarterly Period Ended June 28, 2026
Table of Contents
 
   
PART I. FINANCIAL INFORMATION

Item 1 Financial Statements (Unaudited)
3

Consolidated Statements of Earnings
3

Consolidated Statements of Comprehensive Income
4

Consolidated Balance Sheets
5

Consolidated Statements of Cash Flows
6

Consolidated Statements of Equity
7

Index for Notes to Consolidated Financial Statements
9

Notes to Consolidated Financial Statements
10

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
36

Item 3 Quantitative and Qualitative Disclosures About Market Risk
54

Item 4 Controls and Procedures
54

PART II. OTHER INFORMATION

Item 1 Legal Proceedings
55

Item 1A Risk Factors
55

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
55

Item 3 Defaults Upon Senior Securities
55

Item 4 Mine Safety Disclosures
55

Item 5 Other Information
55

Item 6 Exhibits
56

Signatures
57

 

Table of Conten t s

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share data, unaudited)

  Quarter Ended Three Quarters Ended
Jun 28,
2026 Jun 29,
2025 Jun 28,
2026 Jun 29,
2025
Net revenues:
Company-operated stores $ 7,506.1   $ 7,812.5   $ 23,510.6   $ 22,882.9  
Licensed stores 1,200.8   1,105.6   3,419.6   3,257.3  
Other 615.8   537.9   1,839.1   1,475.2  
Total net revenues 9,322.7   9,456.0   28,769.3   27,615.4  
Product and distribution costs 2,828.6   2,955.5   9,310.7   8,586.8  
Store operating expenses 4,197.4   4,344.8   13,158.3   12,723.9  
Other operating expenses 131.9   151.6   393.6   442.8  
Depreciation and amortization expenses 361.6   427.6   1,125.8   1,254.0  
General and administrative expenses 598.8   677.2   1,855.7   1,975.2  
Restructuring and impairments
302.6   20.8   415.8   137.0  
Total operating expenses 8,420.9   8,577.5   26,259.9   25,119.7  
Income from equity investees 78.6   57.1   189.9   162.7  

Operating income 980.4   935.6   2,699.3   2,658.4  

Net gain resulting from divestiture of certain operations 536.3   —   536.3   —  
Interest income and other, net 37.2   25.6   87.3   81.8  
Interest expense ( 134.6 ) ( 142.3 ) ( 410.6 ) ( 396.8 )
Earnings before income taxes 1,419.3   818.9   2,912.3   2,343.4  
Income tax expense 374.4   260.4   1,063.3   619.9  
Net earnings including noncontrolling interests 1,044.9   558.5   1,849.0   1,723.5  
Net earnings/(loss) attributable to noncontrolling interests
( 0.4 ) 0.2   ( 0.6 ) 0.3  
Net earnings attributable to Starbucks $ 1,045.3   $ 558.3   $ 1,849.6   $ 1,723.2  
Earnings per share - basic $ 0.92   $ 0.49   $ 1.62   $ 1.52  
Earnings per share - diluted $ 0.91   $ 0.49   $ 1.62   $ 1.51  
Weighted average shares outstanding:
Basic 1,139.6   1,136.4   1,139.0   1,135.7  
Diluted 1,143.8   1,139.8   1,143.0   1,139.4  

See Notes to Consolidated Financial Statements.
3

Table of Conten t s

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, unaudited)

Quarter Ended Three Quarters Ended
Jun 28,
2026 Jun 29,
2025 Jun 28,
2026 Jun 29,
2025
Net earnings including noncontrolling interests $ 1,044.9   $ 558.5   $ 1,849.0   $ 1,723.5  
Other comprehensive income/(loss):

Unrealized holding gains/(losses) on available-for-sale debt securities ( 0.4 ) 1.9   ( 2.5 ) 2.0  
Tax (expense)/benefit 0.1   ( 0.5 ) 0.6   ( 0.5 )
Unrealized gains/(losses) on cash flow hedging instruments 3.1   ( 83.8 ) 17.9   ( 20.8 )
Tax (expense)/benefit ( 1.8 ) 15.8   ( 6.6 ) ( 0.6 )
Unrealized gains/(losses) on net investment hedging instruments 41.2   ( 77.4 ) 105.0   143.2  
Tax (expense)/benefit ( 10.4 ) 19.4   ( 26.5 ) ( 36.3 )
Translation adjustment and other ( 3.3 ) 157.7   15.2   ( 63.2 )

Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment, and other 361.0   ( 50.3 ) 315.0   ( 171.7 )
Tax expense/(benefit) ( 20.1 ) 11.0   ( 6.7 ) 41.5  
Other comprehensive income/(loss), net of tax
369.4   ( 6.2 ) 411.4   ( 106.4 )
Comprehensive income including noncontrolling interests 1,414.3   552.3   2,260.4   1,617.1  
Comprehensive income/(loss) attributable to noncontrolling interests
( 0.2 ) 0.3   ( 0.2 ) 0.1  
Comprehensive income attributable to Starbucks $ 1,414.5   $ 552.0   $ 2,260.6   $ 1,617.0  

See Notes to Consolidated Financial Statements.
4

Table of Conten t s

STARBUCKS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data, unaudited)

Jun 28,
2026 Sep 28,
2025
ASSETS
Current assets:
Cash and cash equivalents $ 3,449.8   $ 3,219.8  
Short-term investments 160.5   247.2  
Accounts receivable, net 1,304.2   1,277.5  
Inventories 2,208.9   2,185.6  
Prepaid expenses and other current assets 410.8   452.2  

Total current assets 7,534.2   7,382.3  
Long-term investments 313.2   246.9  
Equity investments 1,700.0   466.2  
Property, plant and equipment, net 6,991.8   8,493.5  
Operating lease, right-of-use asset 7,980.8   9,315.7  
Deferred income taxes, net 1,506.4   1,826.9  
Other long-term assets 857.2   752.5  
Other intangible assets 172.3   166.8  
Goodwill 1,238.8   3,368.9  
TOTAL ASSETS $ 28,294.7   $ 32,019.7  
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)

Current liabilities:
Accounts payable $ 1,777.2   $ 1,852.8  
Accrued liabilities 2,688.6   2,359.7  
Accrued payroll and benefits 863.3   1,093.9  
Current portion of operating lease liability 1,271.3   1,564.5  
Stored value card liability and current portion of deferred revenue 1,818.1   1,840.6  

Current portion of long-term debt 1,498.4   1,498.9  

Total current liabilities 9,916.9   10,210.4  
Long-term debt 11,780.2   14,575.9  
Operating lease liability 7,884.2   8,972.2  
Deferred revenue 5,632.5   5,772.6  
Other long-term liabilities 748.0   577.8  
Total liabilities 35,961.8   40,108.9  
Shareholders’ deficit:

Common stock ($ 0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,139.8 and 1,136.9 shares, respectively
1.1   1.1  
Additional paid-in capital 915.0   634.1  
Retained deficit ( 8,542.5 ) ( 8,272.5 )
Accumulated other comprehensive income/(loss) ( 47.9 ) ( 459.3 )
Total shareholders’ deficit ( 7,674.3 ) ( 8,096.6 )
Noncontrolling interests 7.2   7.4  
Total deficit ( 7,667.1 ) ( 8,089.2 )
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
$ 28,294.7   $ 32,019.7  

See Notes to Consolidated Financial Statements.
5

Table of Conten t s

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
  Three Quarters Ended
Jun 28,
2026 Jun 29,
2025
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests $ 1,849.0   $ 1,723.5  
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 1,210.8   1,315.5  
Deferred income taxes, net 252.1   48.1  
Income earned from equity method investees, net ( 187.8 ) ( 184.4 )
Distributions received from equity method investees 152.9   186.5  
Net gain resulting from divestiture of certain operations ( 536.3 ) —  
Stock-based compensation 290.4   244.3  

Non-cash lease costs 1,008.1   1,104.9  
Loss on disposal, impairment, and accelerated amortization of assets 398.2   143.0  
Other 6.3   11.4  
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable ( 134.2 ) ( 46.4 )
Inventories ( 144.8 ) ( 477.6 )
Income taxes payable 362.7   50.7  
Accounts payable 144.4   291.1  
Deferred revenue 51.2   ( 5.0 )
Operating lease liability ( 1,281.9 ) ( 1,144.0 )
Other operating assets and liabilities 163.0   104.1  
Net cash provided by (used in) operating activities 3,604.1   3,365.7  
INVESTING ACTIVITIES:
Purchases of investments ( 133.6 ) ( 298.2 )
Sales of investments 22.3   1.1  
Maturities and calls of investments 141.7   276.9  
Additions to property, plant and equipment ( 887.8 ) ( 1,849.5 )
Acquisitions, net of cash acquired —   ( 177.1 )
Net proceeds from the divestiture of certain operations 2,544.2   —  
Other ( 116.4 ) ( 48.1 )
Net cash provided by (used in) investing activities 1,570.4   ( 2,094.9 )
FINANCING ACTIVITIES:

Net proceeds from issuance of short-term debt 2.5   2.4  
Repayments of short-term debt —   ( 7.8 )
Net proceeds from issuance of long-term debt —   1,748.5  
Repayments of long-term debt ( 2,815.9 ) —  
Proceeds from issuance of common stock 51.9   59.6  
Cash dividends paid ( 2,118.0 ) ( 2,078.1 )

Minimum tax withholdings on share-based awards ( 64.7 ) ( 80.6 )
Other —   ( 9.2 )
Net cash provided by (used in) financing activities ( 4,944.2 ) ( 365.2 )
Effect of exchange rate changes on cash and cash equivalents ( 0.3 ) ( 19.2 )

Net increase/(decrease) in cash and cash equivalents 230.0   886.4  
CASH AND CASH EQUIVALENTS:
Beginning of period 3,219.8   3,286.2  
End of period $ 3,449.8   $ 4,172.6  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest $ 457.4   $ 392.5  
Income taxes $ 413.6   $ 568.1  

See Notes to Consolidated Financial Statements.
6

Table of Conten t s

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Quarter Ended June 28, 2026, and June 29, 2025
(in millions, except per share data, unaudited)
Common Stock Additional Paid-in Capital Retained
Earnings/(Deficit) Accumulated
Other
Comprehensive
Income/(Loss) Shareholders’
Equity/(Deficit) Noncontrolling
Interests Total
  Shares Amount
Balance, March 29, 2026
1,139.5 $ 1.1   $ 832.1   $ ( 8,881.0 ) $ ( 417.3 ) $ ( 8,465.1 ) $ 7.4   $ ( 8,457.7 )

Net earnings — —   —   1,045.3   —   1,045.3   ( 0.4 ) 1,044.9  
Other comprehensive income/(loss) — —   —   —   369.2   369.2   0.2   369.4  
Stock-based compensation expense — —   72.1   —   —   72.1   —   72.1  
Exercise of stock options/vesting of RSUs 0.2 —   ( 0.7 ) —   —   ( 0.7 ) —   ( 0.7 )
Sale of common stock 0.1 —   11.5   —   —   11.5   —   11.5  

Cash dividends declared, $ 0.62 per share
— —   —   ( 706.8 ) —   ( 706.8 ) —   ( 706.8 )

Other
— —   —   —   0.2   0.2   —   0.2  
Balance, June 28, 2026
1,139.8 $ 1.1   $ 915.0   $ ( 8,542.5 ) $ ( 47.9 ) $ ( 7,674.3 ) $ 7.2   $ ( 7,667.1 )

Balance, March 30, 2025
1,136.2 $ 1.1   $ 470.9   $ ( 7,565.5 ) $ ( 529.0 ) $ ( 7,622.5 ) $ 7.1   $ ( 7,615.4 )

Net earnings — —   —   558.3   —   558.3   0.2   558.5  
Other comprehensive income/(loss) — —   —   —   ( 6.3 ) ( 6.3 ) 0.1   ( 6.2 )
Stock-based compensation expense — —   66.7   —   —   66.7   —   66.7  
Exercise of stock options/vesting of RSUs 0.2 —   ( 2.1 ) —   —   ( 2.1 ) —   ( 2.1 )
Sale of common stock 0.1 —   13.2   —   —   13.2   —   13.2  

Cash dividends declared, $ 0.61 per share
— —   —   ( 693.4 ) —   ( 693.4 ) —   ( 693.4 )
Other — —   —   —   0.1   0.1   —   0.1  
Balance, June 29, 2025
1,136.5 $ 1.1   $ 548.7   $ ( 7,700.6 ) $ ( 535.2 ) $ ( 7,686.0 ) $ 7.4   $ ( 7,678.6 )

See Notes to Consolidated Financial Statements.

7

Table of Conten t s

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Quarters Ended June 28, 2026, and June 29, 2025
(in millions, except per share data, unaudited)
Common Stock Additional Paid-in Capital Retained
Earnings/(Deficit) Accumulated
Other
Comprehensive
Income/(Loss) Shareholders’
Equity/(Deficit) Noncontrolling
Interests Total
  Shares Amount
Balance, September 28, 2025
1,136.9 $ 1.1   $ 634.1   $ ( 8,272.5 ) $ ( 459.3 ) $ ( 8,096.6 ) $ 7.4   $ ( 8,089.2 )

Net earnings — —   —   1,849.6   —   1,849.6   ( 0.6 ) 1,849.0  
Other comprehensive income/(loss) — —   —   —   411.0   411.0   0.4   411.4  
Stock-based compensation expense — —   293.8   —   —   293.8   —   293.8  
Exercise of stock options/vesting of RSUs 2.5 —   ( 47.7 ) —   —   ( 47.7 ) —   ( 47.7 )
Sale of common stock 0.4 —   34.8   —   —   34.8   —   34.8  

Cash dividends declared, $ 1.86 per share
— —   —   ( 2,119.6 ) —   ( 2,119.6 ) —   ( 2,119.6 )

Other — —   —   —   0.4   0.4   —   0.4  
Balance, June 28, 2026
1,139.8 $ 1.1   $ 915.0   $ ( 8,542.5 ) $ ( 47.9 ) $ ( 7,674.3 ) $ 7.2   $ ( 7,667.1 )

Balance, September 29, 2024
1,133.5 $ 1.1   $ 322.6   $ ( 7,343.8 ) $ ( 428.8 ) $ ( 7,448.9 ) $ 7.3   $ ( 7,441.6 )

Net earnings — —   —   1,723.2   —   1,723.2   0.3   1,723.5  
Other comprehensive income/(loss) — — —   —   ( 106.2 ) ( 106.2 ) ( 0.2 ) ( 106.4 )
Stock-based compensation expense — —   247.1   —   —   247.1   —   247.1  
Exercise of stock options/vesting of RSUs 2.6 —   ( 61.1 ) —   —   ( 61.1 ) —   ( 61.1 )
Sale of common stock 0.4 —   40.1   —   —   40.1   —   40.1  

Cash dividends declared, $ 1.83 per share
— —   —   ( 2,080.1 ) —   ( 2,080.1 ) —   ( 2,080.1 )
Other — —   —   0.1   ( 0.2 ) ( 0.1 ) —   ( 0.1 )
Balance, June 29, 2025
1,136.5 $ 1.1   $ 548.7   $ ( 7,700.6 ) $ ( 535.2 ) $ ( 7,686.0 ) $ 7.4   $ ( 7,678.6 )

See Notes to Consolidated Financial Statements.

8

Table of Conten t s

STARBUCKS CORPORATION
INDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Summary of Significant Accounting Policies and Estimates
10

Note 2 Acquisitions and Divestitures
12

Note 3 Derivative Financial Instruments
12

Note 4 Fair Value Measurements
17

Note 5 Inventories
19

Note 6 Supplemental Balance Sheet and Statement of Earnings Information
19

Note 7 Other Intangible Assets and Goodwill
20

Note 8 Debt
22

Note 9 Leases
25

Note 10 Deferred Revenue
26

Note 11 Equity
27

Note 12 Employee Stock Plans
28

Note 13 Income Taxes
29

Note 14 Earnings per Share
29

Note 15 Commitments and Contingencies
29

Note 16 Segment Reporting
30

Note 17 Restructuring and Impairments
32

9

Table of Conten t s

STARBUCKS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1: 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 management’s discussion and analysis of the consolidated financial statements in the 10-K.
The results of operations for the quarter and three quarters ended June 28, 2026, are not necessarily indicative of the results of operations that may be achieved for the entire fiscal year ending September 27, 2026 (“fiscal 2026”).
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 the Company’s “Back to Starbucks” strategy, the following restructuring plans were approved.
Fiscal 2025 Restructuring Plans
In the second quarter of fiscal 2025 , we announced a fiscal 2025 restructuring 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 an additional fiscal 2025 restructuring plan involving the closure of coffeehouses and the further transformation of our support organization. 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.
Fiscal 2026 Restructuring Plans
In the second quarter of fiscal 2026, management approved a fiscal 2026 restructuring plan to relocate certain functions of our support organization to an additional office in Nashville, Tennessee, with the intention to establish a more strategic presence in the Southeast region of the United States.
In the third quarter of fiscal 2026, we announced an additional fiscal 2026 restructuring plan focused on further transformation of our global support organization and non-retail facilities, as well as reducing the future operational complexity of our Starbucks Reserve and Roastery locations resulting in a reassessment and impairment of the associated asset group.
Refer to Note 17 , Restructuring and Impairments, for further discussion.
Assets Held for Sale
We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met:
• we have approved and committed to a plan to sell the assets or disposal group;
• the asset or disposal group is available for immediate sale in its present condition;
• an active program to locate a buyer and other actions required to complete the sale have been initiated;
• the sale of the asset or disposal group is probable and expected to be completed within one year;
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• the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and
• it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
We initially measure a long-lived asset or disposal group classified as held for sale at the lower of its carrying value or fair value less any costs to sell, and we recognize any resulting loss in the period in which the held-for-sale criteria are met. Gains are not recognized until the date of sale. We cease depreciation and amortization of a long-lived asset, or assets within a disposal group, upon their designation as held for sale and subsequently assess fair value less any costs to sell at each reporting period until the asset or disposal group is no longer classified as held for sale.
In the first quarter of fiscal 2026, the company announced an agreement to form a joint venture with Boyu Capital to operate Starbucks retail in China (the “disposal group”). During the first and second quarters of fiscal 2026, we classified the assets and liabilities of the disposal group as held for sale on the consolidated balance sheets, which required us to cease property, plant, and equipment depreciation and operating lease right-of-use (“ROU”) asset amortization of the related long-lived assets, resulting in reduced depreciation and amortization and store operating expenses. We also changed our indefinite reinvestment assertions upon classification as held for sale, resulting in an increase in our income tax expense. No impairment was recorded upon the classification of the disposal group as held for sale.
On March 30, 2026, in the third quarter of fiscal 2026, the previously announced transaction closed, and as such, the disposal group was no longer classified as held for sale on the consolidated balance sheets. Refer to Note 2 , Acquisitions and Divestitures, for further discussion.
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 have a material impact on our consolidated financial statements.
In November 2024, the FASB issued guidance expanding disclosure requirements related to certain income statement expenses. The amendments require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments are effective for our fiscal year ending October 1, 2028, and may be applied retrospectively. While we are still evaluating the specific impacts and adoption method, we anticipate this guidance will have a significant impact on our consolidated financial statement disclosures.
In July 2025, the FASB issued guidance providing a practical expedient for measuring expected credit losses on current accounts receivable and current contract assets arising from revenue transactions. The amendment is effective for our fiscal year ending October 3, 2027. While we are still evaluating the specific impacts, we anticipate the impact to be limited to the simplification of the estimation process, with no material impact on the allowance for credit losses.
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Note 2: Acquisitions and Divestitures
Fiscal 2026
On March 30, 2026, we completed the divestiture of Starbucks retail operations in China (“the disposal group”), which marked a significant milestone in the Company’s long-term strategy to unlock sustainable, disciplined growth in China.
Under the agreement, Boyu Capital acquired a 60 % interest in Starbucks retail operations in China based on a cash-free, debt-free mutually agreed-upon total enterprise value of approximately $ 4 billion. The transaction was partially financed with debt issued by the newly formed joint venture and w e received total consideration with respect to the transaction of $ 3.1 billion, inclusive of our share of the debt proceeds. Starbucks retained a 40 % interest of approximately $ 1.2 billion, accounted for under the equity method of accounting. Our carrying value of the retained investment includes the impact of debt raised by the joint venture in conjunction with the transaction. The Company derecognized net assets with a carrying value of $ 3.4 billion, and reclassified approximately $ 282.8 million of cumulative translation adjustment (“CTA”) losses and net investment hedge losses of $ 99.7 million from accumulated other comprehensive income into earnings. As a result, we recognized a pre-tax gain of $ 536.3 million, which was included in net gain resulting from divestiture of certain operations on our consolidated statements of earnings.
Total incremental income tax expense associated with the divestiture gain is approximately $ 198.6 million, of which approximately $ 147.8 million was recognized in the third quarter of fiscal 2026, with the remainder expected to be recognized in the fourth quarter of fiscal 2026. The income tax expense is a component of the estimated annual effective tax rate and, accordingly, is recognized in proportion to year-to-date ordinary pre-tax income. We also recognized transaction costs of approximately $ 44.1 million and $ 73.8 million for the quarter and three quarters ended June 28, 2026, respectively.
Upon completion of the divestiture, the disposal group was deconsolidated from our financial statements and 7,991 company-operated stores previously included in the disposal group were converted to licensed stores within our International segment. We will continue to own and license the Starbucks brand and intellectual property to the joint venture.
We transitioned from recording revenues and expenses of the disposal group to recording our share of income from the joint venture, recognized as income from equity investees under the equity method of accounting, and recording revenues related to product sales to, and royalty revenues from, the joint venture. For the third quarter of fiscal 2026, revenues generated from the joint venture were $ 52.5 million and related product and distribution costs were $ 18.5 million. Accounts receivable from the joint venture as of June 28, 2026, was $ 30.7 million, on our consolidated balance sheets, primarily related to product sales to, and royalty revenues from, the joint venture. As of June 28, 2026, the carrying value of this investment was $ 1.2 billion.
Fiscal 2025
On October 14, 2024, we acquired a 100 % ownership interest in 23.5 Degrees Topco Limited, a U.K. licensed business partner, to expand our portfolio of company-operated stores and enhance the coffeehouse experience for customers. The acquisition converted 113 licensed stores to company-operated stores within our International operating segment.
The assets acquired and liabilities assumed are included in our International operating segment. Assets acquired primarily include operating lease ROU assets, intangible assets, goodwill, and property, plant and equipment. The intangible assets acquired as part of this transaction include reacquired licensee agreement rights, which will be amortized over the estimated useful life. In addition, we assumed various liabilities, primarily consisting of operating lease liabilities. The transaction was not material to our consolidated financial statements.

Note 3: Derivative Financial Instruments
Interest Rates
From time to time, we enter into designated cash flow hedges to manage the variability in cash flows due to changes in benchmark interest rates. We enter into interest rate swap agreements, including forward-starting interest rate swaps and treasury locks, settled in cash based upon the difference between an agreed-upon benchmark rate and the prevailing benchmark rate at settlement. These agreements are generally settled around the time of the pricing of the related debt. Each derivative agreement’s gain or loss is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified to interest expense over the life of the related debt.
To hedge the exposure to changes in the fair value of our fixed-rate debt, we enter into interest rate swap agreements, which are designated as fair value hedges. The changes in fair values of these derivative instruments and the offsetting changes in fair values of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. Refer to  Note 8 , Debt, for additional information on our long-term debt.
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Foreign Currency
To reduce cash flow volatility from foreign currency fluctuations, we enter into forward and swap contracts to hedge portions of cash flows of anticipated royalty revenue, inventory purchases, and intercompany borrowing and lending activities. The resulting gains and losses from these derivatives are recorded in AOCI and subsequently reclassified to revenue, product and distribution costs, or interest income and other, net, respectively, when the hedged exposures affect net earnings.
From time to time, we may enter into financial instruments, including, but not limited to, forward and swap contracts or foreign currency-denominated debt, to hedge the currency exposure of our net investments in certain international operations. The resulting gains and losses from these derivatives are recorded in AOCI and are subsequently reclassified to net earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses from these derivatives, representing hedged components excluded from the assessment of effectiveness, are amortized over the life of the hedging instrument using a systematic and rational method and recognized in interest expense.
Foreign currency forward and swap contracts not designated as hedging instruments are used to mitigate the foreign exchange risk of certain other balance sheet items. Gains and losses from these derivatives are largely offset by the financial impact of translating foreign currency-denominated payables and receivables, and these gains and losses are recorded in interest income and other, net.
Commodities
Depending on market conditions, we may enter into coffee forward contracts, futures contracts, and collars to hedge anticipated cash flows under our price-to-be-fixed green coffee contracts, which are described further in Note 5, Inventories, or our longer-dated forecasted coffee demand where underlying fixed price and price-to-be-fixed contracts are not yet available. The resulting gains and losses are recorded in AOCI and are subsequently reclassified to product and distribution costs when the hedged exposure affects net earnings.
Depending on market conditions, we may also enter into dairy forward contracts and futures contracts to hedge a portion of anticipated cash flows under our dairy purchase contracts and our forecasted dairy demand. The resulting gains or losses are recorded in AOCI and are subsequently reclassified to product and distribution costs when the hedged exposure affects net earnings.
Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items. For de-designated cash flow hedges in which the underlying transactions are no longer probable of occurring or where price variability in the underlying cash flow ceases to exist, the related accumulated derivative gains or losses are recognized in interest income and other, net on our consolidated statements of earnings. These derivatives may be accounted for prospectively as non-designated derivatives until maturity, re-designated to new hedging relationships, or terminated early. We continue to believe transactions related to our designated cash flow hedges are probable to occur.
To mitigate the price uncertainty of a portion of our future purchases, including diesel fuel and other commodities, we enter into swap contracts, futures, and collars that are not designated as hedging instruments. The resulting gains and losses are recorded in interest income and other, net to help offset price fluctuations on our beverage, food, packaging, and transportation costs, which are included in product and distribution costs on our consolidated statements of earnings.
Gains and losses on derivative contracts and foreign currency-denominated debt designated as hedging instruments included in AOCI and expected to be reclassified into earnings within 12 months, net of tax ( in millions ):
Net Gains/(Losses)
Included in AOCI
Net Gains/(Losses) Expected to be Reclassified from AOCI into Earnings within 12 Months Outstanding Contract/Debt Remaining Maturity
(Months)
Jun 28, 2026 Sep 28, 2025
Cash Flow Hedges:
Coffee $ 16.1   $ 23.3   $ 10.7   6

Foreign currency - other 33.0   19.0   21.1   34
Interest rates 1.9   ( 1.4 ) ( 3.2 ) 0
Net Investment Hedges:
Cross-currency swaps 309.5   206.2   93
Foreign currency 17.2   16.0   0
Foreign currency debt 135.2   135.2   0

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Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in other comprehensive income (“OCI”) and reclassifications from AOCI to earnings ( in millions ):
Quarter Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications Gains/(Losses) Reclassified from
AOCI to Earnings
Location of gain/(loss)
Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Cash Flow Hedges:
Coffee $ ( 10.3 ) $ ( 49.6 ) $ 3.0   $ 17.0   Product and distribution costs

Cross-currency swaps —   —   —   —   Interest income and other, net
Dairy —   —   —   —   Product and distribution costs

Foreign currency - other 13.4   ( 32.9 ) 6.2   4.0   Licensed stores revenue
0.7   3.5   Product and distribution costs

Interest rates —   ( 1.3 ) ( 2.1 ) ( 1.0 ) Interest expense

Net Investment Hedges:
Cross-currency swaps (1)
41.2   ( 77.4 ) 14.0   27.0   Interest expense
( 98.1 ) —   Net gain on divestiture of certain operations (2)

Foreign currency —   —   ( 1.6 ) —   Net gain on divestiture of certain operations (2)

Three Quarters Ended
Gains/(Losses) Recognized in
OCI Before Reclassifications Gains/(Losses) Reclassified from
AOCI to Earnings Location of gain/(loss)
Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Cash Flow Hedges:
Coffee $ ( 22.9 ) $ ( 36.2 ) $ ( 14.6 ) $ 62.1   Product and distribution costs

Cross-currency swaps —   0.9   —   1.4   Interest income and other, net
Dairy —   ( 1.3 ) —   1.4   Product and distribution costs

Foreign currency - other 40.8   17.1   18.6   20.2   Licensed stores revenue
4.0   7.8   Product and distribution costs

Interest rates —   ( 1.3 ) ( 4.5 ) ( 3.0 ) Interest expense

Net Investment Hedges:
Cross-currency swaps (1)
105.0   143.2   64.8   82.4   Interest expense
( 98.1 ) —   Net gain on divestiture of certain operations (2)

Foreign currency —   —   ( 1.6 ) —   Net gain on divestiture of certain operations (2)

(1) Gains and losses recognized in earnings relate to components excluded from the assessment of effectiveness.
(2) Net investment hedge losses accumulated in AOCI were reclassified to earnings due to the divestiture of Starbucks retail operations in China in the third quarter of fiscal 2026.

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Pre-tax gains and losses on non-designated derivatives and designated fair value hedging instruments and the related fair value hedged item recognized in earnings ( in millions ):
Gains/(Losses) Recognized in Earnings
Location of gain/(loss) recognized in earnings Quarter Ended Three Quarters Ended
  Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Non-Designated Derivatives:
Dairy Interest income and other, net $ —   $ —   $ —   $ 0.1  
Cross-currency swaps
Interest income and other, net
—   —   ( 2.0 ) —  
Foreign currency - other Interest income and other, net ( 0.7 ) ( 7.8 ) 4.7   ( 1.7 )

Diesel fuel and other commodities Interest income and other, net —   —   —   ( 0.3 )
Interest Rates Interest expense ( 2.0 ) —   ( 2.0 ) —  
Fair Value Hedges:
Interest rate swaps
Interest expense ( 2.0 ) 1.9   ( 6.0 ) ( 6.6 )
Long-term debt (hedged item) Interest expense 0.4   ( 4.1 ) 1.1   ( 0.3 )

Notional amounts of outstanding derivative contracts (in millions) :
Jun 28, 2026 Sep 28, 2025
Coffee $ 291   $ 387  
Cross-currency swaps (1)
1,697   4,197  

Diesel fuel and other commodities —   2  
Foreign currency - other 1,086   930  
Interest rate swaps 350   350  

(1) The reduction in hedged notional reflects the maturity and early termination of net investment hedges in the second quarter of fiscal 2026 related to the divestiture of Starbucks retail operations in China. The net investment hedge losses accumulated in AOCI were reclassified from AOCI to earnings in the third quarter of fiscal 2026 consistent with the timing of the transaction closing.

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Fair value of outstanding derivative contracts ( in millions ) including the location of the asset and/or liability on the consolidated balance sheets:
Derivative Assets
Balance Sheet Location Jun 28, 2026 Sep 28, 2025
Designated Derivative Instruments (1) :

Cross-currency swaps Other long-term assets $ 407.0   $ 271.9  

Foreign currency - other Prepaid expenses and other current assets 27.5   13.0  
Other long-term assets 15.4   6.7  

Non-designated Derivative Instruments:

Diesel fuel and other commodities Prepaid expenses and other current assets —   0.1  
Foreign currency Prepaid expenses and other current assets 2.6   2.7  

Derivative Liabilities
Balance Sheet Location Jun 28, 2026 Sep 28, 2025
Designated Derivative Instruments:
Cross-currency swaps Accrued liabilities $ —   $ 5.8  
Other long-term liabilities —   3.5  

Foreign currency - other Accrued liabilities 0.3   0.2  
Other long-term liabilities 0.3   0.2  

Interest rate swaps Other long-term liabilities 19.0   17.0  
Non-designated Derivative Instruments:

Foreign currency Accrued liabilities 0.5   1.1  
Other long-term liabilities —   0.2  

(1) We also hold cash and cash equivalents from various settled-to-market exchange traded futures related to coffee hedging.
The following amounts were recorded on the consolidated balance sheets related to fixed-to-floating interest rate swaps designated in fair value hedging relationships ( in millions ):
Carrying amount of hedged item Cumulative amount of fair value hedging adjustment included in the carrying amount
Jun 28, 2026 Sep 28, 2025 Jun 28, 2026 Sep 28, 2025
Location on the balance sheet
Long-term debt $ 333.0   $ 334.1   $ ( 17.0 ) $ ( 15.9 )

Additional disclosures related to cash flow gains and losses included in AOCI, as well as subsequent reclassifications to earnings, are included in Note 11 , Equity.
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Note 4: 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   $ —  

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    Fair Value Measurements at Reporting Date Using
  Balance at
Sep 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   $ —  

There were no material transfers between levels, and there was no significant activity within Level 3 instruments during the periods presented. The fair values of any financial instruments presented above exclude the impact of netting assets and liabilities when a legally enforceable master netting agreement exists.
Gross unrealized holding gains and losses on available-for-sale debt securities and marketable equity securities were not material as of June 28, 2026, and September 28, 2025.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, ROU assets, goodwill and other intangible assets, equity and other investments, and other assets. These assets are measured at fair value if determined to be impaired.
The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 8 , Debt. There were no material fair value adjustments during the three quarters ended June 28, 2026, and June 29, 2025.
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Note 5: Inventories (in millions) :
Jun 28, 2026 (2)
Sep 28, 2025
Coffee:
Unroasted $ 954.1   $ 911.2  
Roasted 351.4   342.0  
Other merchandise held for sale (1)
350.6   399.7  
Packaging and other supplies 552.8   532.7  
Total $ 2,208.9   $ 2,185.6  

(1) “Other merchandise held for sale” includes, among other items, food, serveware, and tea. Inventory levels vary due to seasonality, commodity market supply, and price fluctuations.
(2) Balances exclude Starbucks retail operations in China that were divested during the third quarter of fiscal 2026.
As of June 28, 2026, we had committed to purchasing green coffee totaling $ 383 million under fixed-price contracts and an estimated $ 440 million under price-to-be-fixed contracts. A portion of our price-to-be-fixed contracts are effectively fixed through the use of futures. See Note 3 , Derivative Financial Instruments, for further discussion. Price-to-be-fixed contracts are purchase commitments whereby the quality, quantity, delivery period, and other negotiated terms are agreed upon, but the date, and therefore the price, at which the base “C” coffee commodity price component will be fixed has not yet been established. For most contracts, either Starbucks or the seller has the option to “fix” the base “C” coffee commodity price prior to the delivery date. For other contracts, Starbucks and the seller may agree upon pricing parameters determined by the base “C” coffee commodity price. Until prices are fixed, we estimate the total cost of these purchase commitments. We believe, based on established relationships with our suppliers and continuous monitoring, the risk of non-delivery on these purchase commitments is remote.

Note 6: Supplemental Balance Sheet and Statement of Earnings Information (in millions) :
Property, Plant and Equipment, net
Jun 28, 2026 (1)
Sep 28, 2025
Land $ 59.6   $ 54.9  
Buildings 666.5   673.7  
Leasehold improvements 10,420.5   11,762.4  
Store equipment 3,435.7   3,963.6  
Roasting equipment 971.3   982.2  
Capitalized software 1,038.7   1,177.7  
Furniture, fixtures and other 730.6   893.9  
Work in progress 326.1   334.3  
Property, plant and equipment, gross 17,649.0   19,842.7  
Accumulated depreciation ( 10,657.2 ) ( 11,349.2 )
Property, plant and equipment, net $ 6,991.8   $ 8,493.5  

(1) Balances exclude Starbucks retail operations in China that were divested in the third quarter of fiscal 2026.
Accrued Liabilities
Jun 28, 2026 (1)
Sep 28, 2025
Accrued occupancy costs $ 72.2   $ 89.5  
Accrued dividends payable 706.6   704.8  
Accrued capital and other operating expenditures 773.2   897.0  
Insurance reserves
455.0   282.3  
Income taxes payable 417.6   150.3  
Accrued business taxes 264.0   235.8  
Total accrued liabilities $ 2,688.6   $ 2,359.7  

(1) Balances exclude Starbucks retail operations in China that were divested in the third quarter of fiscal 2026.
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Store Operating Expenses

Quarter Ended Three Quarters Ended
Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Wages and benefits $ 2,457.8   $ 2,477.7   $ 7,761.8   $ 7,272.9  
Occupancy costs 719.5   828.6   2,292.5   2,437.9  
Other expenses 1,020.1   1,038.5   3,104.0   3,013.1  
Total store operating expenses $ 4,197.4   $ 4,344.8   $ 13,158.3   $ 12,723.9  

Note 7: 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  

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Table of Conten t s

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 September 28, 2025
$ 490.6   $ 2,842.6   $ 34.7   $ 1.0   $ 3,368.9  
Divestiture (1)
—   ( 2,146.3 ) —   ( 1.0 ) ( 2,147.3 )

Other (2)
( 0.5 ) 17.7   —   —   17.2  
Goodwill balance at June 28, 2026
$ 490.1   $ 714.0   $ 34.7   $ —   $ 1,238.8  

(1) The decrease in the International segment was a result of divesting Starbucks retail operations in China in the third quarter of fiscal 2026.
(2) “Other” consists primarily of changes in the goodwill balance resulting from foreign currency translation.
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Table of Conten t s

Note 8: 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 Company’s long-term credit ratings assigned by Moody’s and Standard & Poor’s 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 America’s 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 2025 credit facility will bear interest at a rate per annum equal to 2 % in excess of the interest then borne by such borrowings.
The 2025 credit facility contains provisions requiring us to maintain compliance with certain covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. As of June 28, 2026, we were in compliance with all applicable covenants. No amounts were outstanding under our 2025 credit facility as of June 28, 2026, or September 28, 2025.
Short-term Debt
Under our commercial paper program, we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $ 3.0 billion, with individual maturities that may vary but not exceed 397 days from the date of issue. Amounts outstanding under the commercial paper program are required to be backstopped by available commitments under our 2025 credit facility. The proceeds from borrowings under our commercial paper program may be used for working capital needs, capital expenditures, and other corporate purposes, including, but not limited to, business expansion, payment of cash dividends on our common stock, and share repurchases. We had no borrowings outstanding under our commercial paper program as of June 28, 2026, and September 28, 2025. Our total available contractual borrowing capacity for general corporate purposes was $ 3.0 billion as of the end of our third quarter of fiscal 2026.
Additionally, we hold the following Japanese yen-denominated credit facilities that are available for working capital needs and capital expenditures within our Japanese market:
• A ¥ 5.0 billion, or $ 30.9 million, credit facility is currently set to mature on December 30, 2026 . Borrowings under this credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on Tokyo Interbank Offered Rate (“TIBOR”) plus an applicable margin of 0.400 %.
• A ¥ 10.0 billion, or $ 61.8 million, credit facility is currently set to mature on March 27, 2027 . Borrowings under this credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.300 %.
As of June 28, 2026, and September 28, 2025, we had no borrowings outstanding under these credit facilities.
Long-term Debt
In May 2026, the Company completed cash tender offers for certain series of its senior notes and repurchased approximately $ 1.3  billion aggregate principal amount of such notes using cash proceeds from the divestiture of Starbucks retail operations in China. The notes repurchased consisted of:
• $ 273.5 million of the $ 750.0 million, 4.500 % Senior Notes (the “May 2028 notes”)
• $ 321.8 million of the $ 500.0 million, 4.800 % Senior Notes (the “May 2030 notes”)
• $ 110.4 million of the $ 500.0 million, 5.000 % Senior Notes (the “February 2034 notes”)
• $ 410.2 million of the $ 500.0 million, 5.400 % Senior Notes (the “May 2035 notes”)
• $ 200.0 million of the $ 1.0 billion, 4.500 % Senior Notes (the “November 2048 notes”)
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Table of Conten t s

In connection with the redemptions, the Company recognized an immaterial gain on partial extinguishment of debt for the quarter ended June 28, 2026, which is included in Interest income and other, net in the consolidated statement of earnings. In determining the value of the gain, the Company expensed the proportional amount of the related unamortized discount, premium, and debt issuance costs attributable to the repurchased notes.
Components of long-term debt including the associated interest rates and related estimated fair values by calendar maturity ( in millions, except interest rates) :
Jun 28, 2026 Sep 28, 2025 Stated Interest Rate Effective Interest Rate (1)

Issuance Amount Estimated Fair Value Amount Estimated Fair Value

February 2026 notes $ —   $ —   $ 1,000.0   $ 1,001.7   4.750   % 4.788   %
June 2026 notes —   —   500.0   494.0   2.450   % 2.511   %
February 2027 notes 1,000.0   1,003.1   1,000.0   1,009.8   4.850   % 4.958   %
March 2027 notes 500.0   492.5   500.0   484.7   2.000   % 2.058   %
March 2028 notes 600.0   591.4   600.0   591.9   3.500   % 3.529   %
May 2028 notes 476.5   477.6   750.0   757.1   4.500   % 4.719   %
November 2028 notes 750.0   742.7   750.0   747.9   4.000   % 3.958   %
August 2029 notes (2)
1,000.0   974.2   1,000.0   978.5   3.550   % 3.840   %
March 2030 notes 750.0   690.5   750.0   687.8   2.250   % 3.084   %
May 2030 notes 178.2   179.5   500.0   510.2   4.800   % 4.932   %
November 2030 notes 1,250.0   1,147.2   1,250.0   1,145.9   2.550   % 2.582   %
February 2031 notes 500.0   505.7   500.0   514.2   4.900   % 5.046   %
February 2032 notes 1,000.0   916.0   1,000.0   918.1   3.000   % 3.155   %
February 2033 notes 500.0   499.6   500.0   505.7   4.800   % 3.798   %
February 2034 notes 389.6   392.9   500.0   509.9   5.000   % 5.127   %
May 2035 notes 89.8   92.6   500.0   516.6   5.400   % 5.510   %
June 2045 notes 350.0   291.1   350.0   292.1   4.300   % 4.348   %
December 2047 notes 500.0   375.4   500.0   378.0   3.750   % 3.765   %
November 2048 notes 800.0   670.1   1,000.0   849.6   4.500   % 4.504   %
August 2049 notes 1,000.0   835.6   1,000.0   839.5   4.450   % 4.447   %
March 2050 notes 500.0   346.0   500.0   346.0   3.350   % 3.362   %
November 2050 notes 1,250.0   880.5   1,250.0   889.0   3.500   % 3.528   %
Total 13,384.1   12,104.2   16,200.0   14,968.2  
Aggregate debt issuance costs and unamortized premium/(discount), net ( 88.5 ) ( 109.3 )
Hedge accounting fair value adjustment (2)
( 17.0 ) ( 15.9 )
Total $ 13,278.6   $ 16,074.8  

(1) Includes the effects of the amortization of any premium or discount and any gain or loss upon settlement of related treasury locks or forward-starting interest rate swaps utilized to hedge interest rate risk prior to the debt issuance.
(2) Amount includes the change in fair value due to changes in benchmark interest rates related to hedging $ 350.0 million of our August 2029 notes. Refer to Note 3 , Derivative Financial Instruments, for additional information on our interest rate swap agreements designated as fair value hedges.
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Table of Conten t s

The following table summarizes our long-term debt maturities as of June 28, 2026, by fiscal year ( in millions ):
Fiscal Year Total

2026 (excluding the three quarters ended June 28, 2026)
$ —  
2027 1,500.0  
2028 1,076.5  
2029 1,750.0  
2030 928.2  

Thereafter 8,129.4  
Total $ 13,384.1  

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Table of Conten t s

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  

(1) Balances exclude Starbucks retail operations in China that were divested in the third quarter of fiscal 2026.
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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Table of Conten t s

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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Note 11:     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 reclassifications ( 1.9 ) 11.3   78.5   14.8   102.7  
Net (gains)/losses reclassified from AOCI to earnings 0.7   ( 1.2 ) 26.0   282.8   308.3  
Other comprehensive income/(loss) attributable to Starbucks ( 1.2 ) 10.1   104.5   297.6   411.0  

Other comprehensive income/(loss) attributable to NCI —   —   —   0.4   0.4  
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 $ ( 2.3 ) $ 70.5   $ 247.7   $ ( 744.7 ) $ ( 428.8 )
Net gains/(losses) recognized in OCI before reclassifications 1.5   ( 21.4 ) 106.9   ( 63.0 ) 24.0  
Net (gains)/losses reclassified from AOCI to earnings 0.6   ( 69.1 ) ( 61.7 ) —   ( 130.2 )
Other comprehensive income/(loss) attributable to Starbucks 2.1   ( 90.5 ) 45.2   ( 63.0 ) ( 106.2 )
Other comprehensive income/(loss) attributable to NCI —   —   —   ( 0.2 ) ( 0.2 )

Net gains/(losses) in AOCI, end of period $ ( 0.2 ) $ ( 20.0 ) $ 292.9   $ ( 807.9 ) $ ( 535.2 )

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Table of Conten t s

Impact of reclassifications from AOCI on the consolidated statements of earnings (in millions) :
Quarter Ended
AOCI
Components Amounts Reclassified from AOCI Affected Line Item in
the Statements of Earnings
Jun 28, 2026 Jun 29, 2025
Gains/(losses) on available-for-sale debt securities $ ( 0.3 ) $ ( 0.2 ) Interest income and other, net
Gains/(losses) on cash flow hedges 7.8   23.5   Please refer to Note 3 , Derivative Financial Instruments for additional information.

Gains/(losses) on net investment hedges ( 85.7 ) 27.0   Interest expense
Translation adjustment (1)

Divestiture of retail operations in China ( 282.8 ) —   Net gain resulting from divestiture of certain operations
( 361.0 ) 50.3   Total before tax
20.1   ( 11.0 ) Tax (expense)/benefit

$ ( 340.9 ) $ 39.3   Net of tax

Three Quarters Ended
AOCI
Components Amounts Reclassified from AOCI Affected Line Item in
the Statements of Earnings
Jun 28, 2026 Jun 29, 2025
Gains/(losses) on available-for-sale debt securities $ ( 0.8 ) $ ( 0.6 ) Interest income and other, net
Gains/(losses) on cash flow hedges 3.5   89.9   Please refer to Note 3 , Derivative Financial Instruments for additional information.

Gains/(losses) on net investment hedges ( 34.9 ) 82.4   Interest expense
Translation adjustment (1)

Divestiture of retail operations in China ( 282.8 ) —   Net gain resulting from divestiture of certain operations
( 315.0 ) 171.7   Total before tax
6.7   ( 41.5 ) Tax (expense)/benefit
$ ( 308.3 ) $ 130.2   Net of tax

(1) Reclassification of CTA from AOCI to earnings upon sale or liquidation of foreign businesses.
In addition to 2.4 billion shares of authorized common stock with $ 0.001 par value per share, we have 7.5 million shares of authorized preferred stock, none of which was outstanding as of June 28, 2026.
During the three quarters ended June 28, 2026, and June 29, 2025, we made no share repurchases. As of June 28, 2026, 29.8 million shares of common stock remained available for repurchase under current authorizations.
During the third quarter of fiscal 2026, our Board of Directors approved a quarterly cash dividend to shareholders of $ 0.62 per share to be paid on August 28, 2026, to shareholders of record as of the close of business on August 14, 2026.

Note 12: 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  

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Table of Conten t s

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  

Note 13: 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).

Note 14: Earnings per Share
Calculation of net earnings per common share (“EPS”) — basic and diluted ( in millions, except EPS ):
  Quarter Ended Three Quarters Ended
Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Net earnings attributable to Starbucks $ 1,045.3   $ 558.3   $ 1,849.6   $ 1,723.2  
Weighted average common shares outstanding (for basic calculation) 1,139.6   1,136.4   1,139.0   1,135.7  
Dilutive effect of outstanding common stock options and RSUs 4.2   3.4   4.0   3.7  
Weighted average common and common equivalent shares outstanding (for diluted calculation) 1,143.8   1,139.8   1,143.0   1,139.4  
EPS — basic $ 0.92   $ 0.49   $ 1.62   $ 1.52  
EPS — diluted $ 0.91   $ 0.49   $ 1.62   $ 1.51  

Potential dilutive shares consist of the incremental common shares issuable upon the exercise of outstanding stock options (both vested and non-vested) and unvested RSUs, calculated using the treasury stock method. The calculation of dilutive shares outstanding excludes anti-dilutive stock options or unvested RSUs, which were immaterial in the periods presented.

Note 15: 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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Table of Conten t s

Note 16: 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, Nestlé 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 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 in Part II, Item 8 of our most recently filed 10-K.
Consolidated revenue mix by product type ( in millions ):
Quarter Ended Three Quarters Ended
Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Beverage (1)
$ 5,444.0   58   % $ 5,752.0   61   % $ 17,047.5   59   % $ 16,723.8   61   %
Food (2)
1,863.3   20   % 1,787.5   19   % 5,575.6   19   % 5,269.9   19   %
Other (3)
2,015.4   22   % 1,916.5   20   % 6,146.3   22   % 5,621.7   20   %
Total $ 9,322.7   100   % $ 9,456.0   100   % $ 28,769.3   100   % $ 27,615.4   100   %

(1) “Beverage” represents sales within our company-operated stores.
(2) “Food” represents sales within our company-operated stores.
(3) “Other” primarily consists of packaged and single-serve coffees and teas, royalty and licensing revenues, beverage-related ingredients, serveware, and ready to drink beverages, among other items.

Information by geographic area ( in millions ):
Quarter Ended
Three Quarters Ended
Jun 28, 2026 Jun 29, 2025 Jun 28, 2026 Jun 29, 2025
Net revenues (1) :

United States $ 7,381.5   $ 6,860.1   $ 21,555.8   $ 20,244.9  
China
68.7   807.2   1,713.5   2,316.1  
Other countries 1,872.5   1,788.7   5,500.0   5,054.4  
Total $ 9,322.7   $ 9,456.0   $ 28,769.3   $ 27,615.4  

Jun 28, 2026 Sep 28, 2025
Long-lived assets:
United States $ 15,348.1   $ 15,952.7  
China (2)
172.6   4,276.8  
Other countries 5,239.8   4,407.9  
Total $ 20,760.5   $ 24,637.4  

(1) Includes Channel Development segment and other net revenues.
(2) The fiscal year 2026 balance excludes Starbucks retail operations in China that were divested during the third quarter of fiscal 2026.

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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 72 % of net revenues from other countries for the quarter and three quarters ended June 28, 2026, and 73 % for the quarter and three quarters ended June 29, 2025, respectively.
The financial information below is presented for our reportable operating segments and Corporate and Other (in millions) :

Quarter Ended
North America International Channel
Development
Corporate and Other

Total

 June 28, 2026

Total net revenues $ 7,395.1   $ 1,322.6   $ 587.9   $ 17.1   $ 9,322.7  
Product and distribution costs 1,971.9   513.4   320.9   22.4   2,828.6  
Store operating expenses
3,789.3   408.1   —   —   4,197.4  
Other operating expenses 56.5   57.8   16.0   1.6   131.9  
Depreciation and amortization expenses 298.3   33.1   —   30.2   361.6  
General and administrative expenses 95.9   39.1   0.8   463.0   598.8  
Restructuring and impairments 174.3   41.1   ( 0.2 ) 87.4   302.6  
Total operating expenses
6,386.2   1,092.6   337.5   604.6   8,420.9  
Income from equity method investees —   22.8   55.8   —   78.6  
Operating income/(loss) $ 1,008.9   $ 252.8   $ 306.2   $ ( 587.5 ) $ 980.4  
Net gain resulting from divestiture of certain operations 536.3  
Interest income and other, net 37.2  
Interest expense ( 134.6 )
Earnings before income taxes $ 1,419.3  

Quarter Ended
North America International Channel
Development
Corporate and Other

Total

 June 29, 2025

Total net revenues $ 6,927.0   $ 2,010.7   $ 483.8   $ 34.5   $ 9,456.0  
Product and distribution costs 1,909.6   701.7   306.8   37.4   2,955.5  
Store operating expenses 3,552.4   792.4   —   —   4,344.8  
Other operating expenses 69.7   66.2   15.1   0.6   151.6  
Depreciation and amortization expenses 303.5   91.4   —   32.7   427.6  
General and administrative expenses 170.0   81.9   1.7   423.6   677.2  
Restructuring and impairments
3.1   3.1   0.2   14.4   20.8  
Total operating expenses
6,008.3   1,736.7   323.8   508.7   8,577.5  
Income from equity method investees —   ( 1.3 ) 58.4   —   57.1  
Operating income/(loss) $ 918.7   $ 272.7   $ 218.4   $ ( 474.2 ) $ 935.6  
Interest income and other, net 25.6  
Interest expense ( 142.3 )
Earnings before income taxes $ 818.9  

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Three Quarters Ended
North America International Channel
Development
Corporate and Other

Total

 June 28, 2026

Total net revenues $ 21,569.4   $ 5,438.6   $ 1,678.4   $ 82.9   $ 28,769.3  
Product and distribution costs 6,176.2   2,011.3   1,043.9   79.3   9,310.7  
Store operating expenses
11,266.3   1,892.0   —   —   13,158.3  
Other operating expenses 172.4   170.0   47.5   3.7   393.6  
Depreciation and amortization expenses 896.6   135.8   —   93.4   1,125.8  
General and administrative expenses 282.5   224.1   2.8   1,346.3   1,855.7  
Restructuring and impairments 219.6   93.4   —   102.8   415.8  
Total operating expenses
19,013.6   4,526.6   1,094.2   1,625.5   26,259.9  
Income from equity method investees —   22.2   167.7   —   189.9  
Operating income/(loss) $ 2,555.8   $ 934.2   $ 751.9   $ ( 1,542.6 ) $ 2,699.3  
Net gain resulting from divestiture of certain operations 536.3  
Interest income and other, net 87.3  
Interest expense ( 410.6 )
Earnings before income taxes $ 2,912.3  

Three Quarters Ended
North America International Channel
Development
Corporate and Other

Total

 June 29, 2025

Total net revenues $ 20,471.7   $ 5,749.1   $ 1,329.0   $ 65.6   $ 27,615.4  
Product and distribution costs 5,684.3   2,008.4   824.4   69.7   8,586.8  
Store operating expenses 10,442.5   2,281.4   —   —   12,723.9  
Other operating expenses 216.6   181.8   43.7   0.7   442.8  
Depreciation and amortization expenses 891.6   269.5   —   92.9   1,254.0  
General and administrative expenses 363.9   259.1   4.8   1,347.4   1,975.2  
Restructuring and impairments
24.5   19.9   1.1   91.5   137.0  
Total operating expenses
17,623.4   5,020.1   874.0   1,602.2   25,119.7  
Income from equity method investees —   ( 2.1 ) 164.8   —   162.7  
Operating income/(loss) $ 2,848.3   $ 726.9   $ 619.8   $ ( 1,536.6 ) $ 2,658.4  
Interest income and other, net $ 81.8  
Interest expense ( 396.8 )
Earnings before income taxes $ 2,343.4  

Note 17: Restructuring and Impairments
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 the Company’s “Back to Starbucks” strategy, the following restructuring plans were approved.
Fiscal 2025 Restructuring Plans
In the second quarter of fiscal 2025 , we announced a fiscal 2025 restructuring 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 an additional fiscal 2025 restructuring plan involving the closure of coffeehouses and the further transformation of our support organization. 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.
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During the quarter and three quarters ended June 28, 2026, 20 and 247 stores, respectively, were closed, and approximately $ 10.0 million and $ 115.9 million, respectively, was recorded to restructuring and impairments on our consolidated statement of earnings related to our fiscal 2025 restructuring plans. This total consists of accelerated amortization of ROU lease assets and other lease exit costs, disposal and impairment of company-operated store assets, and employee severance, separation and other costs.
During the quarter and three quarters ended June 29, 2025, we recognized pre-tax restructuring charges of $ 20.8 million and $ 137.0 million, respectively, primarily associated with partner severance costs. These costs were recorded to restructuring and impairments on our consolidated statement of earnings.
Fiscal 2026 Restructuring Plans
In the second quarter of fiscal 2026, management approved a fiscal 2026 restructuring plan to relocate certain functions of our support organization to an additional office in Nashville, Tennessee, with the intention to establish a more strategic presence in the Southeast region of the United States.
In the third quarter of fiscal 2026, we announced an additional fiscal 2026 restructuring plan focused on further transformation of our global support organization and non-retail facilities, as well as reducing the future operational complexity of our Starbucks Reserve and Roastery locations resulting in a reassessment and impairment of the associated asset group.
During the quarter and three quarters ended June 28, 2026, we recognized pre-tax restructuring charges of $ 292.6 million and $ 299.9 million, respectively, to restructuring and impairments on our consolidated statement of earnings related to our fiscal 2026 restructuring plans. This total consists of disposal and impairment of company-operated store assets primarily associated with the impairment of Starbucks Reserve and Roastery store locations, and employee severance, separation and other costs.

The tables below present the restructuring and impairment charges by fiscal year restructuring plans, reportable operating segment, and Corporate and Other ( in millions ):

Quarter Ended June 28, 2026
North America International Channel
Development
Corporate and Other

Total

Fiscal 2025 Restructuring plans:
Disposal and impairment of store assets $ 4.9   $ ( 0.6 ) $ —   $ —   $ 4.3  
Employee severance, separation and other costs 3.3   1.0   ( 0.2 ) 1.5   5.6  
Amortization of ROU lease assets and other lease exit costs ( 1.8 ) 1.9   —   —   0.1  
Total costs 6.4   2.3   ( 0.2 ) 1.5 10.0
Fiscal 2026 Restructuring plans:
Disposal and impairment of store and non-retail facility assets 154.7   14.3   —   48.4   217.4  
Employee severance, separation and other costs 10.7   24.5   —   37.4   72.6  
Amortization of ROU lease assets and other lease exit costs 2.5   —   —   0.1   2.6  
Total costs 167.9   38.8   — 85.9 292.6
Total Restructuring and impairment costs $ 174.3   $ 41.1   $ ( 0.2 ) $ 87.4   $ 302.6  

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Three Quarters Ended June 28, 2026
North America International Channel
Development
Corporate and Other

Total

Fiscal 2025 Restructuring plans:
Disposal and impairment of store assets $ 43.9   $ ( 0.5 ) $ —   $ —   $ 43.4  
Employee severance, separation and other costs 4.9   6.0   —   9.6   20.5  
Amortization of ROU lease assets and other lease exit costs 2.9   49.1   —   —   52.0  
Total costs 51.7 54.6 — 9.6 115.9
Fiscal 2026 Restructuring plans:
Disposal and impairment of store and non-retail facility assets 154.7   14.3   —   48.4   217.4  
Employee severance, separation and other costs 10.7   24.5   —   44.7   79.9  
Amortization of ROU lease assets and other lease exit costs 2.5   —   —   0.1   2.6  
Total costs 167.9 38.8 — 93.2 299.9
Total Restructuring and impairment costs $ 219.6 $ 93.4 $ — $ 102.8 $ 415.8

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

Employee severance, separation and other costs
Lease exit and other related costs (1)

Total

Fiscal 2025 Restructuring plans:
Beginning balance at September 28, 2025
$ 158.9   $ 238.9   $ 397.8  
Restructuring costs incurred
20.5   52.0   72.5  
Cash payments
( 145.1 ) ( 133.5 ) ( 278.6 )
Divestiture (2)
( 2.6 ) ( 1.9 ) ( 4.5 )
Other (3)
( 14.2 ) ( 11.0 ) ( 25.2 )
Ending balance at June 28, 2026
17.5 144.5 162.0
Fiscal 2026 Restructuring plans:
Beginning balance at September 28, 2025
—   —   —  
Restructuring costs incurred 79.9   2.6   82.5  
Cash payments ( 13.6 ) ( 0.4 ) ( 14.0 )

Other (3)
—   4.3   4.3  
Ending balance at June 28, 2026
66.3   6.5   72.8  
Total ending balance at June 28, 2026
$ 83.8 $ 151.0 $ 234.8

(1) The operating lease liability balances for total stores under the fiscal 2025 and fiscal 2026 restructuring plans were $ 183.1 million and $ 6.9 million, respectively, as of June 28, 2026.
(2) The decrease was a result of divesting Starbucks retail operations in China during the third quarter of fiscal 2026 .
(3) “Other” primarily consists of updates to accrual estimates and adjustments for non-cash charges.
As of June 28, 2026 , 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.

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We anticipate completion of both the fiscal 2025 and fiscal 2026 restructuring plans and remaining store closures by the first half of fiscal 2027. The Company estimates that it will incur approximatel y $ 120 million and $ 110 million relating to the fiscal 2025 and fiscal 2026 restructuring plans, respectively, during the remainder of fiscal 2026 and first half of fiscal 2027, primarily related to accelerated ROU lease asset amortization in our North America operating segment, impairment charges, and partner severance costs in our International operating segment. The majority of the accrued liability balance as of June 28, 2026, relates to restructuring charges expected to be paid out by the end of fiscal year 2026.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Interim Report on Form 10-Q includes certain“forward-looking”statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the potential future results of Starbucks Corporation (together with its subsidiaries) that are based on our current expectations, estimates, forecasts, and projections about, among other things, our business, our results of operations, the industry in which we operate, our economic and market outlook, and the beliefs and assumptions of our management. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believes,” “continues,” “expects,” “anticipates,” “forecasts,” “estimates,” “intends,” “plans,” “seeks,” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” “would,” “may,” “aims,” “intends,” or “projects,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management ’ s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed 10-K and 10-Q and in other reports we file with the U.S. Securities and Exchange Commission (“SEC”), as well as, among others:

• our ability to preserve, grow, and leverage our brands;
• the impact of our brand marketing, promotional, advertising, and pricing strategies, platforms, reformulations, innovations, or customer experience initiatives or investments;
• the costs and risks associated with, and the successful and timely execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments, transformation efforts, and plans, including our “ Back to Starbucks ” strategy and our restructuring plans;
• the costs and risks associated with, and the successful execution and effects of, strategic changes to our ownership and operating structure, including as a result of acquisitions, divestitures, other strategic transactions or entry into joint ventures, including our joint venture with respect to Starbucks retail operations in China;
• our ability to align our investment efforts with our strategic goals;
• evolving consumer preferences, demand, consumption, or spending behavior, reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes;
• the ability of our business partners, suppliers, and third-party providers to fulfill their responsibilities and commitments and our reliance on certain key business partners and suppliers;
• the potential negative effects of food or beverage safety incidents or product recalls, including any perceived association of our products or brands with such incidents;
• our ability to open new stores and efficiently maintain the attractiveness of our existing stores and manage related costs;
• our heavy reliance on the financial performance of our North America operating segment and our dependence on the performance and growth of certain international markets;
• our ability to operate and successfully expand our footprint in international markets, which is influenced by factors distinct from our North America operating segment;
• inherent risks of operating a global business, including changing conditions in our markets; local factors affecting store openings; protectionist trade or foreign investment policies, including trade restrictions, tariffs, quotas, import/export regulations, customs restrictions, sanctions, countersanctions, and retaliatory measures; compliance with local laws and other regulations; and local labor policies and conditions, including labor strikes and work stoppages;
• higher costs, lower quality, or unavailability of coffee, dairy, cocoa, energy, water, raw materials, packaging, or product ingredients and related volatility;
• the ability of our supply chain to meet current or future business needs and our ability to scale and improve our forecasting, planning, production, and logistics management;
• the potential impact on our supply chain and operations of adverse weather conditions, natural disasters, or significant increases in logistics costs;
• a worsening in the terms and conditions upon which we engage with our manufacturers and source suppliers;
• the impact of unfavorable macroeconomic conditions and other factors, including economic slowdowns or recessions, rising real estate costs, supply chain disruptions, climate change and extreme weather events, inflation and interest rate fluctuations, government shutdowns, labor unrest, geopolitical instability, disruptions in credit markets and foreign current exchange rate volatility;
• failure to meet market expectations for our financial performance or any announced guidance and the impact thereof;
• failure to attract or retain key executive or partner talent;
• changes in the availability and cost of labor, including any union organizing efforts and our responses to such efforts;
• the impact of, and our ability to respond to, substantial competition from new entrants, consolidations by competitors, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods); marketing; category expansion; product introductions; or entry or expansion in our geographic markets;
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• evolving corporate governance and public disclosure regulations and expectations, including with respect to sustainability matters;
• the potential impact of activist shareholder actions or tactics;
• failure to comply with applicable laws and complex and changing legal and regulatory requirements, including those governing privacy, data protection, artificial intelligence, and other emerging technologies;
• the impact or likelihood of significant legal disputes and proceedings or government investigations;
• the unauthorized access, use, theft, or destruction of our data, or of our proprietary or confidential information, including as a result of increasingly sophisticated threats enabled or accelerated by artificial intelligence, and the impact thereof;
• potential negative effects of, and our ability to respond to, a material failure, inadequacy, or interruption of our information technology systems or digital platforms, or those of our third-party business partners or service providers, or failure to comply with data protection laws; and
• our ability to adequately protect our intellectual property or adequately ensure that we are not infringing the intellectual property of others.

In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and economic environment, and new risks periodically emerge. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
This information should be read in conjunction with the unaudited consolidated financial statements and the notes included in Item 1 of Part I of this 10-Q, as well as the audited consolidated financial statements and notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), contained in the 10-K.
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Introduction and Overview
Starbucks is the premier roaster, marketer, and retailer of specialty coffee globally, with a presence in 90 markets worldwide. As of June 28, 2026, Starbucks had more than 41,000 company-operated and licensed stores, an increase of 1% from the prior year. Additionally, we sell a variety of consumer-packaged goods, primarily through the Global Coffee Alliance established with Nestlé and other partnerships and joint ventures.
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.
We believe our financial results and long-term growth model will continue to be driven by new store openings, comparable store sales, and operating margin management, underpinned by disciplined capital allocation. The comparable store sales metric includes company-operated stores open 13 months or longer, and excludes the effects of foreign currency exchange rates. Stores that are temporarily closed for fewer than three weeks or operating at reduced hours remain in comparable store sales while permanent store closures are removed in the month following closure. We analyze comparable store sales on a constant currency basis as this helps identify underlying business trends without distortion from the effects of currency movements. Throughout this MD&A, we commonly discuss the following key operating metrics, which we believe are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies:
• New store openings and store count
• Comparable store sales
• Operating margin
Our fiscal year ends on the Sunday closest to September 30. Fiscal 2026 and 2025 include 52 weeks. All references to store counts, including data for new store openings, are reported net of store closures, unless otherwise noted.
Starbucks results for the third quarter of fiscal 2026 showed continued progress and momentum on key “Back to Starbucks” initiatives, as demonstrated through continued global comparable store sales growth, consolidated operating margin expansion, and improved customer engagement. These initiatives included the Green Apron Service standard to improve operational consistency and the coffeehouse experience, engaging consumer marketing, disciplined menu innovation, a redesigned Starbucks Rewards program, and coffeehouse uplifts, all of which are intended to deliver greater connection, consistency, and value for customers. During the third quarter of fiscal 2026, consolidated net revenues decreased 1% to $9.3 billion compared to $9.5 billion in the third quarter of fiscal 2025, primarily due to the conversion of Starbucks retail operations in China to our licensed joint venture model in the third quarter of fiscal 2026. The decline in consolidated revenues was offset by a 7.9% increase in global comparable store sales, driven by a 7.9% increase in the U.S. market. Also contributing to the offset was higher revenues from our international licensed store business. Specific to the U.S. market, the increase in comparable store sales was driven by a 4.2% increase in comparable transactions and a 3.6% increase in average ticket, primarily driven by higher delivery sales and strength in customer food attach and beverage modifications. Consolidated operating margin expanded 60 basis points from the prior year to 10.5%, primarily driven by sales leverage and lower inflation paired with tariff refunds, offset by higher restructuring costs and labor investments largely in support of “Back to Starbucks.”
Divestiture of Starbucks Retail Operations in China
In the first quarter of fiscal 2026, we announced that the Company entered into an agreement to form a joint venture with Boyu Capital to operate Starbucks retail in China (the “disposal group”), marking a significant milestone in the Company’s long-term strategy to unlock sustainable, disciplined growth in one of the Company’s critical growth markets.
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In the third quarter of fiscal 2026, the transaction closed, and under the terms of the agreement, funds managed by Boyu Capital acquired a 60% stake in Starbucks China retail operations, while Starbucks retained a 40% ownership interest and continues to own and license the brand and intellectual property to the joint venture. The disposal group was deconsolidated from our financial statements and we transitioned from recording revenues and expenses of the disposal group to recording our share of income from the joint venture, recognized as income from equity investees under the equity method of accounting. We expect that the conversion to our licensed joint venture model will continue to drive lower revenues and higher operating margin for Starbucks, as compared to the historical, company-operated model.
We used a portion of our transaction proceeds for debt reduction, strengthening our balance sheet and allowing us to execute our long-term growth strategy with greater financial flexibility. The joint venture is expected to reinvigorate sustainable growth in China through a focus on expansion, innovation and elevated customer experiences, with a shared long-term aspiration to grow to as many as 20,000 locations in China over time. By bringing together the trusted Starbucks brand, and Boyu Capital’s deep local expertise, we believe we will be able to serve more customers, enter more cities, strengthen profitability, and better compete in China’s dynamic and evolving market.
Restructuring
In support of our “Back to Starbucks” strategy, as part of the restructuring plan announced in the fourth quarter of fiscal 2025, we closed stores that did not demonstrate a viable path to profitability or meet our standards of delivering a warm, welcoming space for our customers and partners. Those store closures in North America were substantially completed in fiscal 2025, and the majority of those International store closures were completed in the first quarter of fiscal 2026.
In the second quarter of fiscal 2026, management approved a restructuring plan to relocate certain functions of our support organization to an additional office in Nashville, Tennessee, further supporting the Company’s “Back to Starbucks” strategy and the intention to establish a more strategic presence in the Southeast region of the United States. Our new office in Nashville reflects three key advantages: proximity to key suppliers, access to a deep and growing talent pool in the region, notably in technology, and alignment with where we expect future coffeehouse growth.
In the third quarter of fiscal 2026, we announced an additional fiscal 2026 restructuring plan focused on further transformation of our global support organization and non-retail facilities, as well as reducing the future operational complexity of our Starbucks Reserve and Roastery locations resulting in a reassessment and impairment of the associated asset group. Under the plan, the Company expects to capture cost savings through a more streamlined support structure, and a simplified operating model for Starbucks Reserve and Roastery locations.
Strategic Initiatives
As the fiscal year progresses, we will continue to refine and execute our “Back to Starbucks” initiatives to drive topline momentum and build sales leverage while investing in our cafes and customer experience, with a focus on delivering exceptional service with speed, providing seamless digital experiences, strengthening our supply chain, and enabling technological efficiencies. We will continue to amplify our brand, engaging with our customers authentically and distinctly as Starbucks, through broad-based marketing, menu innovation, and Starbucks Rewards engagement, with the goal of deepening customer connection, brand loyalty and affinity.
As our international business shifts toward a more predominantly licensed model, we will continue evolving how we support our licensed business partners. We expect our international business to be a meaningful contributor to coffeehouse growth over time, supported by our licensed business model and significant opportunities for development in markets globally. We will apply continued discipline to how we grow our global footprint, with a focus on ensuring new coffeehouses meet our expectations for returns and long-term growth.
We expect certain macroeconomic pressures to continue easing into the fourth quarter, including impacts on product and distribution costs from tariffs and elevated coffee pricing. While we believe we are making the right strategic investments to improve our operating foundations, our focus going forward will be on driving consistency at scale while balancing and maintaining a healthier cost structure. We will continue to test, learn, and refine our approach to deliver the best of Starbucks to drive durable, profitable, long-term growth.
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Results of Operations (in millions)
Revenues

  Quarter Ended Three Quarters Ended
Jun 28,
2026 Jun 29,
2025 $
Change %
Change
Jun 28,
2026 Jun 29,
2025 $
Change
%
Change

Company-operated stores $ 7,506.1  $ 7,812.5  $ (306.4) (3.9) % $ 23,510.6  $ 22,882.9  $ 627.7  2.7  %
Licensed stores 1,200.8  1,105.6  95.2  8.6  3,419.6  3,257.3  162.3  5.0 
Other 615.8  537.9  77.9  14.5  1,839.1  1,475.2  363.9  24.7 
Total net revenues $ 9,322.7   $ 9,456.0   $ (133.3) (1.4) % $ 28,769.3   $ 27,615.4   $ 1,153.9   4.2   %

For the quarter ended June 28, 2026, compared with the quarter ended June 29, 2025
Total net revenues for the third quarter of fiscal 2026 decreased $133 million, primarily due to lower revenues from company-operated stores ($306 million) partially offset by higher licensed stores ($95 million) and other revenues ($78 million).
Company-operated stores revenue decreased $306 million, primarily driven by the conversion of Starbucks retail operations in China to our licensed joint venture model in the third quarter of fiscal 2026 ($776 million) and unfavorable foreign currency impacts ($52 million). This was partially offset by a 7.9% increase in comparable store sales ($524 million) attributable to a 4.2% increase in comparable transactions and a 3.5% increase in average ticket.
Licensed stores revenue increased $95 million, primarily driven by higher product sales to, and royalty revenues from, our existing licensees ($58 million) and our newly-formed China joint venture ($53 million) following the conversion of Starbucks retail operations in China to our licensed joint venture model, partially offset by lower equipment sales to licensees ($16 million).
Other revenues increased $78 million, primarily due to an increase in revenue in the Global Coffee Alliance ($89 million).
For the three quarters ended June 28, 2026, compared with the three quarters ended June 29, 2025
Total net revenues for the first three quarters of fiscal 2026 increased $1.2 billion, primarily due to higher revenues from company-operated stores ($628 million), other revenues ($364 million), and licensed stores ($162 million).
Company-operated stores revenue increased $628 million, primarily driven by a 5.9% increase in comparable store sales ($1.2 billion) attributable to a 3.6% increase in comparable transactions and a 2.3% increase in average ticket. This was partially offset by the conversion of Starbucks retail operations in China to our licensed joint venture model in the third quarter of fiscal 2026 ($729 million).
Licensed stores revenue increased $162 million, primarily driven by higher product sales to, and royalty revenues from, our existing licensees in our International segment ($182 million) and our newly-formed China joint venture ($53 million) following the conversion of Starbucks retail operations in China to our licensed joint venture model. This was partially offset by lower equipment sales to our licensees globally ($52 million) and a decrease in product sales to, and royalty revenues from, our licensees in our North America segment ($21 million).
Other revenues increased $364 million, primarily due to an increase in revenue in the Global Coffee Alliance ($311 million).
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Operating Expenses

  Quarter Ended Three Quarters Ended
Jun 28,
2026 Jun 29,
2025 $
Change
Jun 28,
2026 Jun 29,
2025 Jun 28,
2026 Jun 29,
2025 $
Change Jun 28,
2026 Jun 29,
2025
As a % of
Total Net Revenues As a % of
Total Net Revenues
Product and distribution costs $ 2,828.6  $ 2,955.5  $ (126.9) 30.3  % 31.3  % $ 9,310.7  $ 8,586.8  $ 723.9  32.4  % 31.1  %
Store operating expenses 4,197.4  4,344.8  (147.4) 45.0  45.9  13,158.3  12,723.9  434.4  45.7  46.1 
Other operating expenses 131.9  151.6  (19.7) 1.4  1.6  393.6  442.8  (49.2) 1.4  1.6 
Depreciation and amortization expenses 361.6  427.6  (66.0) 3.9  4.5  1,125.8  1,254.0  (128.2) 3.9  4.5 
General and administrative expenses 598.8  677.2  (78.4) 6.4  7.2  1,855.7  1,975.2  (119.5) 6.5  7.2 
Restructuring and impairments 302.6  20.8  281.8  3.2  0.2  415.8  137.0  278.8  1.4  0.5 

Total operating expenses 8,420.9  8,577.5  (156.6) 90.3  90.7  26,259.9  25,119.7  1,140.2  91.3  91.0 
Income from equity investees 78.6  57.1  21.5  0.8  0.6  189.9  162.7  27.2  0.7  0.6 

Operating income $ 980.4   $ 935.6   $ 44.8   10.5   % 9.9   % $ 2,699.3   $ 2,658.4   $ 40.9   9.4   % 9.6   %
Store operating expenses as a % of company-operated stores revenue
55.9  % 55.6  % 56.0  % 55.6  %