Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
U.S. Starbucks Rewards Members (90-day active) 34.2M +1% year-over-year PATH FORWARD: “BACK TO STARBUCKS” We are focused on bringing customers back to our coffeehouses and returning to growth.
Company overview / fiscal 2025 active U.S. Starbucks Rewards membership · Dépôt 26/01/2026
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.
MD&A / first three quarters of fiscal 2026 comparable sales, transactions and ticket · Dépôt 29/07/2026
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.
MD&A / international existing-licensee and China joint-venture revenue · Dépôt 29/07/2026
38 Table of Contents 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.
MD&A / completed China transaction and retained brand licensing · Dépôt 29/07/2026
Also included in this line item is our proportionate share of gross profit resulting from coffee and other product sales to, and royalty and license fee revenues generated from, equity investees.
Note 6 / product sales, royalty and license fee income from equity investees · Dépôt 17/11/2023
Our performance was lower-than-expected as a result of a pronounced customer traffic decline, reflecting our targeted and accelerated investments not improving customer behaviors as intended, as well as the macroeconomic and competitive environment in China that further pressured our results.
MD&A / realized traffic weakness and investment underperformance · Dépôt 20/11/2024
Partially offsetting this increase was a 1% decline in comparable store sales ($408 million), attributable to a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket, primarily due to annualization of prior year pricing.
MD&A / fiscal 2025 transaction decline and prior-year pricing contribution · Dépôt 14/11/2025
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).
MD&A / equipment sales and North American licensee revenue declines · Dépôt 29/07/2026
40 Table of Contents 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 % For the quarter ended June 28, 2026, compared with the quarter ended June 29, 2025 Product and distribution costs as a percentage of total net revenues decreased 100 basis points for the third quarter of fiscal 2026, primarily due to the conversion of Starbucks retail operations in China to our licensed joint venture model in the third quarter of fiscal 2026 (approximately 130 basis points), lower inflation paired with tariff refunds (approximately 80 basis points), partially offset by mix shift (approximately 110 basis points).
MD&A / operating expenses, margins and China conversion effects · Dépôt 29/07/2026
We supply strategic products, including coffee, to our licensees, and we may have limited ability to pass along increased costs.
Risk factors / potential limits on passing increased costs to licensees · Dépôt 14/11/2025
The specialty coffee market is highly competitive across product quality, innovation, service, convenience (e.g., delivery and mobile ordering), and price.
Competition / dimensions of specialty coffee competition · Dépôt 14/11/2025
(in millions) North America International Channel Development Corporate and Other Total Fiscal 2025 Total net revenues $ 27,373.1 $ 7,819.9 $ 1,871.7 $ 119.7 $ 37,184.4 Product and distribution costs 7,628.7 2,749.8 1,168.3 111.4 11,658.2 Store operating expenses 13,973.3 3,085.6 — — 17,058.9 Other operating expenses 281.6 242.0 60.2 0.8 584.6 Depreciation and amortization expenses 1,196.3 363.9 — 124.5 1,684.7 General and administrative expenses 483.3 344.3 5.8 1,783.8 2,617.2 Restructuring and impairments 653.2 82.5 1.9 154.4 892.0 Total operating expenses 24,216.4 6,868.1 1,236.2 2,174.9 34,495.6 Income from equity method investees — (1.8) 249.6 — 247.8 Operating income/(loss) $ 3,156.7 $ 950.0 $ 885.1 $ (2,055.2) $ 2,936.6 Interest income and other, net 113.3 Interest expense (542.6) Earnings before income taxes $ 2,507.3 79 Table of Contents (in millions) North America International Channel Development Corporate and Other Total Fiscal 2024 Total net revenues $ 27,009.5 $ 7,338.9 $ 1,769.8 $ 58.0 $ 36,176.2 Product and distribution costs 7,478.0 2,575.2 1,075.4 52.0 11,180.6 Store operating expenses 12,467.1 2,819.4 — — 15,286.5 Other operating expenses 280.9 225.1 58.4 1.2 565.6 Depreciation and amortization expenses 1,052.4 338.3 — 121.9 1,512.6 General and administrative expenses 375.8 338.8 7.7 1,801.0 2,523.3 Total operating expenses 21,654.2 6,296.8 1,141.5 1,976.1 31,068.6 Income from equity method investees — 3.6 297.6 — 301.2 Operating income/(loss) $ 5,355.3 $ 1,045.7 $ 925.9 $ (1,918.1) $ 5,408.8 Interest income and other, net 122.8 Interest expense (562.0) Earnings before income taxes $ 4,969.6 (in millions) North America International Channel Development Corporate and Other Total Fiscal 2023 Total net revenues $ 26,569.6 $ 7,487.6 $ 1,893.8 $ 24.6 $ 35,975.6 Product and distribution costs 7,530.4 2,608.4 1,250.1 20.2 11,409.1 Store operating expenses 11,959.2 2,761.1 — — 14,720.3 Other operating expenses 263.8 219.0 54.6 2.0 539.4 Depreciation and amortization expenses 910.1 335.1 0.1 117.3 1,362.6 General and administrative expenses 389.7 335.8 8.4 1,707.4 2,441.3 Restructuring and impairments 20.7 — — 1.1 21.8 Total operating expenses 21,073.9 6,259.4 1,313.2 1,848.0 30,494.5 Income from equity method investees — 2.7 295.7 — 298.4 Other segment items(1) — — 91.3 — 91.3 Operating income/(loss) $ 5,495.7 $ 1,230.9 $ 967.6 $ (1,823.4) $ 5,870.8 Interest income and other, net 81.2 Interest expense (550.1) Earnings before income taxes $ 5,401.9 (1) Includes gain from sale of assets.
Note 17 / fiscal 2023–2025 segment revenues, expenses and operating income · Dépôt 14/11/2025
5 Table of Contents 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.
Consolidated cash flows / spending, dividends, financing and debt repayment · Dépôt 29/07/2026
During the three quarters ended June 28, 2026, and June 29, 2025, we made no share repurchases.
Note 11 / absence of repurchases during the first three quarters · Dépôt 29/07/2026
Element Form Objectives and Basis Base Salary Cash • Attract and retain highly qualified executives to drive our success Annual Incentive Bonus Cash • Drive short-term Company performance and promote our financial goals • Actual payout based on financial performance against pre-established goals for adjusted net revenue and adjusted operating income and individual performance Long-term Incentive PRSUs (60%) and time-based RSUs (40%) • Drive long-term Company performance, align interests of executives with those of shareholders, and retain executives through long-term vesting and potential wealth accumulation • PRSUs are earned based on three-year adjusted EPS performance and three-year comparable store sales measured against annual targets that are established at the beginning of each year in the performance period, subject to downward or upward adjustment of up to 25% based on our relative TSR performance measured over a cumulative three-year period.
Executive compensation / annual and long-term incentive design · Dépôt 26/01/2026
Each of our NEOs who was eligible to earn an annual cash incentive award under the Executive Management Bonus Plan earned an award equal to 54.8% of their target bonus opportunity based on our financial and operational results (payout of 39.7% of target) and their individual performance (payout of 100% of target) against their shared goals.
Executive compensation / actual fiscal 2025 bonus payouts · Dépôt 26/01/2026
“Back to Starbucks” PRSU Program In June 2025, the independent members of the Board of Directors and the Compensation Committee approved a “Back to Starbucks” grant of PRSUs with a target value of $6 million for our ceo and our executive vice presidents and a target value of $1 million for our senior vice presidents.
Executive compensation / June 2025 approval of turnaround PRSU grants · Dépôt 26/01/2026
Pursuant to SEC rules, the number of shares and the payout value for the PRSUs reflect payout at target given that the first full year of the performance period had not concluded as of September 28, 2025.
Outstanding equity awards / incomplete turnaround performance period · Dépôt 26/01/2026
As part of this review, the board has determined that the current leadership structure — with a combined board chair and ceo, a lead independent director, and all board committees composed entirely of independent directors — is appropriate for the Company at this time.
Corporate governance / combined chair and CEO with independent oversight · Dépôt 26/01/2026
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 28, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
Independent auditor report / effective internal control over financial reporting · Dépôt 14/11/2025
• Directors are elected annually by majority vote.
Corporate governance / annual director elections by majority vote · Dépôt 26/01/2026
Reconciliation of revenues used in the Annual Incentive Bonus Plan Consolidated Year Ended(6) Sept 28, 2025 Sept 29, 2024 Oct 1, 2023 Net revenues, as reported (GAAP) $37,184.4 $36,176.2 $35,975.6 Impact of foreign currency translation 206.0 343.5 539.0 Impact of approved exceptions(5) 24.1 — — Adjusted net revenues (non-GAAP) $37,414.5 $36,519.7 $36,514.6 Reconciliation of operating income used in the Annual Incentive Bonus Plan Year Ended(6) Consolidated Sept 28, 2025 Sept 29, 2024 Oct 1, 2023 Operating income, as reported (GAAP) $2,936.6 $5,408.8 $5,870.8 Restructuring and impairment costs(1) 892.0 — 21.8 Litigation settlements(2) (145.2) — — Transaction and integration-related costs(3) 8.2 — 0.1 Gain on sale of assets — — (91.3) Non-GAAP operating income $3,691.6 $5,408.8 $5,801.4 Legal accruals and reserves — — 15.0 Impact of foreign currency translation 22.3 68.6 96.2 Impact of approved exceptions(5) 8.8 — — Adjusted non-GAAP operating income $3,722.7 $5,477.4 $5,912.6 A-2 STARBUCKS 2026 PROXY APPENDIX A – NON-GAAP MEASURES Table of Contents Reconciliation of EPS used in the Leadership Stock Plan and in Pay versus Performance Year Ended(6) Consolidated Sept 28, 2025 Sept 29, 2024 Oct 1, 2023 Diluted net EPS, as reported (GAAP) $1.630 $3.310 $3.580 Restructuring and impairment costs(1) 0.780 — 0.020 Litigation settlements(2) (0.130) — — Transaction and integration-related costs(3) 0.010 — — Gain on sale of assets — — (0.080) Income tax effect on non-GAAP adjustments(4) (0.160) — 0.020 Non-GAAP EPS $2.130 $3.310 $3.540 Legal accruals and reserves — — 0.010 Impact of foreign currency translation 0.020 0.040 0.068 Adjusted Non-GAAP EPS $2.150 $3.350 $3.618 (1) Represents costs associated with our restructuring efforts.
Appendix A / compensation performance-measure reconciliations and adjustments · Dépôt 26/01/2026
STARBUCKS SUBSCRIPTION TERMS & CONDITIONS
CONTACT & CUSTOMER SUPPORT
ADDITIONAL TERMS
These Terms apply to your access to, use of, and purchases through the Starbucks Shop website, shop.starbucks.com, in the United States ("Starbucks Shop"), which is operated by Starbucks Corporation or its respective subsidiaries, licensees and affiliated companies (collectively, "Starbucks").
Additional Terms — scope of Starbucks Shop terms · Consulté 19/10/2026
These Terms do not alter in any way the terms or conditions of any other agreement you may have with Starbucks for other products or services, such as Starbucks Rewards and Starbucks Cards.
Additional Terms — other agreements excluded · Consulté 19/10/2026
Prices are subject to change. In the event of a price change, we will notify you in advance and provide an option to cancel before the new rate takes effect.
Starbucks Subscription Terms & Conditions — Pricing & Billing & Shipping · Consulté 19/10/2026
