Starbucks

As of Q3 FY25, cash and short‑term investments were about $4.5 billion, against total debt of roughly $17.3 billion, with a laddered maturity profile and investment‑grade ratings affirmed though with a negative outlook following margin compression. Leases are sizable as expected for a retailer.

The company continues to fund dividends and selective buybacks while investing in operations. We view liquidity and access to capital as strong and bankruptcy risk as low, but prefer gradual net leverage reduction as profits recover.