SBUX
SP100NasdaqGSStarbucks Corporation
Consumer Cyclical · Restaurants · United States
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee internationally. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee, tea, and other beverages, roasted whole beans and ground coffees, complementary food, packaged coffees, single-serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and foodservice accounts. The company offers its products under the Starbucks Coffee, Teavana, Seattle's Best Coffee, Ethos, and Starbucks Reserve brands. Starbucks Corporation was founded in 1971 and is based in Seattle, Washington.
www.starbucks.com ↗Shares trade at a premium 79.6× trailing earnings, easing to 34.7× on forward estimates. Profitability shows a net margin of 3.9%. Leverage is high at 4.2× net debt/EBITDA. Revenue grew 8.8% year-on-year. It yields 2.4% in dividends. The mean analyst target of USD105.94 sits 1.6% above the current price (Buy, 31 analysts).
business model
Starbucks operates and licenses a global chain of coffee and beverage retail stores, generating revenue mainly from company-operated store sales of beverages, food, and merchandise, plus royalties and product sales from licensed stores. It also monetizes packaged coffee and ready-to-drink products through a channel-development business and a loyalty/mobile-app ecosystem that drives repeat visits.
revenue segments
Revenue is reported across North America (its largest market), International (with China as a key market), and Channel Development (packaged and foodservice products). Company-operated stores generate the bulk of revenue, supplemented by licensed-store royalties and consumer-packaged-goods streams.
key dependencies
Depends on same-store sales and traffic, coffee and dairy commodity costs, labor costs and staffing, real-estate and store-development pace, its rewards program and mobile ordering, and the health of the China market and its licensed-partner relationships.
competitors
Competes with Dunkin', McDonald's (McCafe), Costa Coffee, Luckin Coffee and local chains in China, Panera, independent coffee shops, and convenience-store and quick-service coffee offerings, as well as at-home coffee consumption.
moat
Its moat rests on a globally recognized premium brand, dense store networks with prime locations, a large and sticky loyalty program with a substantial stored-value/mobile ecosystem, and scale in sourcing and supply. Brand and habit formation support pricing power.
risks
Risks include softening traffic and value-conscious consumers, intense competition and price wars in China, labor cost pressures and unionization efforts, commodity inflation, throughput and operational challenges during peak demand, and dependence on discretionary consumer spending.
Financials & metrics
as of 23 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $37.18B | $36.18B | $35.98B | $32.25B | — |
| Cost of revenue | $28.72B | $26.47B | $26.13B | $23.88B | — |
| Gross profit | $8.47B | $9.71B | $9.85B | $8.37B | — |
| Operating expense | $4.89B | $4.60B | $4.34B | $3.94B | — |
| Operating income | $3.58B | $5.11B | $5.50B | $4.43B | — |
| Interest expense | $542.60M | $562.00M | $550.10M | $482.90M | — |
| Pretax income | $2.51B | $4.97B | $5.40B | $4.23B | — |
| Tax provision | $650.60M | $1.21B | $1.28B | $948.50M | — |
| Net income | $1.86B | $3.76B | $4.12B | $3.28B | — |
| EBITDA | $4.82B | $7.12B | $7.40B | $6.24B | — |
| Diluted EPS | $1.63 | $3.31 | $3.58 | $2.83 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $32.02B | $31.34B | $29.45B | $27.98B | — |
| Current assets | $7.38B | $6.85B | $7.30B | $7.02B | — |
| Cash & equivalents | $3.22B | $3.29B | $3.55B | $2.82B | — |
| Inventory | $2.19B | $1.78B | $1.81B | $2.18B | — |
| Total liabilities | $40.11B | $38.78B | $37.43B | $36.68B | — |
| Current liabilities | $10.21B | $9.07B | $9.35B | $9.15B | — |
| Total debt | $26.61B | $25.80B | $24.60B | $23.80B | — |
| Long-term debt | $14.58B | $14.32B | $13.55B | $13.12B | — |
| Shareholders' equity | -$8.10B | -$7.45B | -$7.99B | -$8.71B | — |
| Retained earnings | -$8.27B | -$7.34B | -$7.26B | -$8.45B | — |
| Working capital | -$2.83B | -$2.22B | -$2.04B | -$2.13B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $4.75B | $6.10B | $6.01B | $4.40B | — |
| Investing cash flow | -$2.49B | -$2.70B | -$2.27B | -$2.15B | — |
| Financing cash flow | -$2.30B | -$3.72B | -$2.99B | -$5.64B | — |
| Capital expenditure | -$2.31B | -$2.78B | -$2.33B | -$1.84B | — |
| Free cash flow | $2.44B | $3.32B | $3.68B | $2.56B | — |
| Dividends paid | -$2.77B | -$2.58B | -$2.43B | -$2.26B | — |
| Share buybacks | $0.00 | -$1.27B | -$984.40M | -$4.01B | — |
| End cash position | $3.22B | $3.29B | $3.55B | $2.82B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 23 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
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