Ticker Sage

Company file · SBUX

Starbucks

Starbucks' revenue edged up in fiscal 2025, while net earnings roughly halved

Revenue rose 2.8% to $37.2B. Net earnings fell 50.6% to $1.9B, including restructuring and impairment charges.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 14, 2025) · Latest quarter: 10-Q for the quarter ended Jun 28, 2026 (filed Jul 29, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Sep 28, 2025, Starbucks (Nasdaq: SBUX) took in $37.2B of total net revenues (up 2.8% on fiscal 2024); net earnings to Starbucks was $1.9B (down 50.6%). The most recent quarter, ended Jun 28, 2026, brought revenue of $9.3B, down 1.4% year over year, with net income of $1.0B. North America was the biggest single line by segment: 74% of fiscal 2025 total net revenues. Sources: 10-K for fiscal 2025 (filed Nov 14, 2025) and 10-Q for the quarter ended Jun 28, 2026 (filed Jul 29, 2026).

Revenue$37.2BFY2025 · +2.8% vs FY2024
Net earnings to Starbucks$1.9BFY2025 · −50.6% vs FY2024
Operating cash flow$4.7BFY2025 · −22.1% vs FY2024
Total debt$13.3Bat Jun 28, 2026 · −17.4% vs FY2025 end
Diluted shares1.14BFY2025 avg · +0.2% vs FY2024
Total net revenues and net earnings to Starbucks, three fiscal yearsBy fiscal year, $bn
Total net revenuesNet earnings to Starbucks
Total net revenues and net earnings to Starbucks by fiscal yearTotal net revenues FY2023: $36.0B36.0Net earnings to Starbucks FY2023: $4.1B4.1FY2023Total net revenues FY2024: $36.2B36.2Net earnings to Starbucks FY2024: $3.8B3.8FY2024Total net revenues FY2025: $37.2B37.2Net earnings to Starbucks FY2025: $1.9B1.9FY2025

Source: 10-K FY2025, filed Nov 14, 2025

Quarterly total net revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total net revenues, fiscal 2026 vs 2025FY2025 Q1: $9.4B9.4FY2026 Q1: $9.9B9.9Q1FY2025 Q2: $8.8B8.8FY2026 Q2: $9.5B9.5Q2FY2025 Q3: $9.5B9.5FY2026 Q3: $9.3B9.3Q3

Source: 10-Q filed Jan 28, 2026 · 10-Q filed Apr 28, 2026 · 10-Q filed Jul 29, 2026

How it makes money

FY2025 total by categoryNorth America: $27.4B (74%)International: $7.8B (21%)Channel Development: $1.9B (5%)$37.1BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • North America$27.4B74%+1.3%
  • International$7.8B21%+6.6%
  • Channel Development$1.9B5%+5.8%

Source: 10-K FY2025, XBRL breakdown

North America was 74% of fiscal 2025 segment revenue, International 21% and Channel Development 5%.

By segment: three-year mixShare of the total each fiscal year
North AmericaInternationalChannel Development

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue
$9.3B Q3 FY2026
$9.5B Q3 FY2025
1.4% decrease
Net income
$1.0B Q3 FY2026
$558M Q3 FY2025
87.2% increase

Source: Starbucks 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026

By segment

North America
$7.4B Q3 FY2026
$6.9B Q3 FY2025
6.8% increase
International
$1.3B Q3 FY2026
$2.0B Q3 FY2025
34.2% decrease
Channel Development
$588M Q3 FY2026
$484M Q3 FY2025
21.5% increase

Source: Starbucks 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026

  • Total debt $13.3B at Jun 28, 2026, vs $16.1B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $3.6B vs $3.4B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 2.8% in fiscal 2025 to $37.2B, and International revenue grew 6.6%. 10-K, FY2025
  • North America revenue in the quarter ended Jun 28, 2026 rose 6.8% on a year earlier, and net earnings rose 87.2% to $1.0B. 10-Q, quarter ended Jun 28, 2026
  • Channel Development revenue grew 5.8% in fiscal 2025. 10-K, FY2025

The bear case

  • Net earnings fell 50.6% in fiscal 2025 to $1.9B, including restructuring and impairment charges described in the 10-K. 10-K, FY2025
  • Operating cash flow fell 22.1% in fiscal 2025 to $4.7B. 10-K, FY2025
  • Revenue in the quarter ended Jun 28, 2026 was $9.3B, down 1.4% on a year earlier, and International revenue fell 34.2%; the 10-Q explains the change. 10-Q, quarter ended Jun 28, 2026
  • The 10-K lists store traffic, its turnaround plan, labor and union relations, coffee costs and competition in China among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Starbucks is the world's largest coffeehouse chain, with company-run and licensed stores around the world, and sells packaged coffee through grocery and other stores.

North America and International earn money mainly from company-operated stores, plus royalties and product sales to licensed stores. Channel Development sells packaged coffee and ready-to-drink beverages, largely through partnerships with Nestlé and PepsiCo.

Its fiscal year ends on the Sunday closest to September 30. Fiscal 2025 ended Sep 28, 2025.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Starbucks's latest 10-K. Read the original for the full list.

  1. Store trafficFewer visits or smaller orders at US stores hurt results quickly.
  2. TurnaroundIts plan to change store operations and menus may not work as intended.
  3. LaborWages, staffing and union organizing affect store costs.
  4. Coffee costsCoffee bean prices and tariffs can raise costs.
  5. InternationalResults in China and other markets face strong local competition.
  6. BrandIts reputation matters to customers and can be damaged quickly.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total net revenues$36.0B$36.2B$37.2B
Net earnings to Starbucks$4.1B$3.8B$1.9B
Operating cash flow$6.0B$6.1B$4.7B
Cash & equivalents (year end)–––
Total debt (year end)$15.4B$15.6B$16.1B
Diluted shares1.15B1.14B1.14B
  • Total net revenues: Sales at company-operated stores, plus royalties and supplies from licensed stores and packaged coffee sold through others.
  • Net earnings to Starbucks: Net earnings attributable to Starbucks, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current and long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue excludes Corporate and Other, so the three segments don't add up exactly to the total.
  • Fiscal 2026 ended in late September 2026; its 10-K is due in November, so the latest full year shown is fiscal 2025.
  • Cash includes restricted cash, the only cash total tagged in recent filings.

Recent filings

FormFiledPeriod
10-QJul 29, 2026Jun 28, 2026
10-QApr 28, 2026Mar 29, 2026
10-QJan 28, 2026Dec 28, 2025
DEF 14AJan 26, 2026Mar 25, 2026
10-KNov 14, 2025Sep 28, 2025

Latest filings

  1. Oct 227:03 PM ET

    Form 4

    Starbucks ceo Brady Brewer reports selling 588 shares under a 10b5-1 plan

    The filing reports 588 shares in an open-market or private sale (code S) at $100.00, about $58,800 in total.

  2. Oct 76:29 PM ET

    Form 4

    Starbucks ceo Brady Brewer reports selling 1,641 shares under a 10b5-1 plan

    The filing reports 1,641 shares in an open-market or private sale (code S) at $94.76, about $155,501 in total.

All Starbucks filings notes →

Common questions about Starbucks

How does Starbucks make money?

In fiscal 2025, total net revenues totaled $37.2B. North America was 74% of fiscal 2025 segment revenue, International 21% and Channel Development 5%. Source: 10-K for fiscal 2025, filed Nov 14, 2025.

What was Starbucks's revenue in fiscal 2025?

Total net revenues came to $37.2B in the year ended Sep 28, 2025. Going back two years, it was $36.0B in fiscal 2023 and $36.2B in fiscal 2024, so the latest year was up 2.8%. Source: 10-K for fiscal 2025, filed Nov 14, 2025.

Is Starbucks profitable?

Yes, by US accounting rules (GAAP): net earnings to Starbucks was $1.9B in fiscal 2025, down 50.6% from $3.8B a year earlier. For the quarter ended Jun 28, 2026, net income was $1.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 14, 2025.

What did Starbucks report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 28, 2026 shows revenue of $9.3B, against $9.5B in the same quarter a year before (down 1.4%), and net income of $1.0B, against $558M (up 87.2%). Source: 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026.

What are the main risks Starbucks lists?

Item 1A of the fiscal 2025 10-K (filed Nov 14, 2025) sets out the risks. Grouped, they fall into 6 areas: Store traffic; turnaround; labor; coffee costs; international; brand. To start with the first: Fewer visits or smaller orders at US stores hurt results quickly. Source: 10-K, Item 1A Risk Factors.

Where do these Starbucks numbers come from?

Two filings Starbucks made with the SEC: its fiscal 2025 10-K, filed Nov 14, 2025, and its 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in SBUX
The editor holds no position in Starbucks (SBUX). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell SBUX from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold SBUX, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
StarbucksSBUXFY2025$37.2B+2.8%$1.9B
McDonald'sMCDFY2025$26.9B+3.7%$8.6B
PepsiCoPEPFY2025$93.9B+2.3%$8.2B
Coca-ColaKOFY2025$47.9B+1.9%$13.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.