Starbucks - 10-Q quarterly report FY

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Table of Contents

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 March 29, 2026

☐ 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

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 April 22, 2026
1,139.7 million

Table of Contents

STARBUCKS CORPORATION

FORM 10-Q

For the Quarterly Period Ended March 29, 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	34
Item 3	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4	Controls and Procedures	49

PART II. OTHER INFORMATION

Item 1	Legal Proceedings	50
Item 1A	Risk Factors	50
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3	Defaults Upon Senior Securities	50
Item 4	Mine Safety Disclosures	50
Item 5	Other Information	50
Item 6	Exhibits	51
Signatures		52

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1.Financial Statements

STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(in millions, except per share data, unaudited)


	Quarter Ended				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Net revenues:
Company-operated stores	$	7,816.4	$	7,285.0	$	16,004.4	$	15,070.3
Licensed stores	1,088.4		1,016.0		2,218.8		2,151.7
Other	626.7		460.6		1,223.4		937.4
Total net revenues	9,531.5		8,761.6		19,446.6		18,159.4
Product and distribution costs	3,208.5		2,737.6		6,482.1		5,631.3
Store operating expenses	4,408.6		4,176.0		8,961.0		8,379.1
Other operating expenses	130.5		138.7		261.7		291.3
Depreciation and amortization expenses	363.4		418.9		764.3		826.2
General and administrative expenses	618.1		632.3		1,256.8		1,298.0
Restructuring and impairments	25.1		116.2		113.2		116.2
Total operating expenses	8,754.2		8,219.7		17,839.1		16,542.1
Income from equity investees	50.8		59.1		111.3		105.5

Operating income	828.1		601.0		1,718.8		1,722.8


Interest income and other, net	37.0		28.4		50.1		56.2
Interest expense	(137.0)		(127.3)		(276.0)		(254.5)
Earnings before income taxes	728.1		502.1		1,492.9		1,524.5
Income tax expense	217.3		118.0		688.9		359.4
Net earnings including noncontrolling interests	510.8		384.1		804.0		1,165.1
Net earnings/(loss) attributable to noncontrolling interests	(0.1)		(0.1)		(0.2)		0.1
Net earnings attributable to Starbucks	$	510.9	$	384.2	$	804.2	$	1,165.0
Earnings per share - basic	$	0.45	$	0.34	$	0.71	$	1.03
Earnings per share - diluted	$	0.45	$	0.34	$	0.70	$	1.02
Weighted average shares outstanding:
Basic	1,139.4		1,136.0		1,138.7		1,135.3
Diluted	1,143.2		1,140.0		1,142.6		1,139.2

See Notes to Consolidated Financial Statements.

Table of Contents

STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, unaudited)


	Quarter Ended				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Net earnings including noncontrolling interests	$	510.8	$	384.1	$	804.0	$	1,165.1
Other comprehensive income/(loss):
Unrealized holding gains/(losses) on available-for-sale debt securities	(2.8)		2.2		(2.1)		0.1
Tax (expense)/benefit	0.7		(0.5)		0.5		—
Unrealized gains/(losses) on cash flow hedging instruments	19.0		(6.6)		14.8		63.0
Tax (expense)/benefit	(4.5)		1.7		(4.8)		(16.4)
Unrealized gains/(losses) on net investment hedging instruments	8.4		13.1		63.8		220.6
Tax (expense)/benefit	(2.1)		(3.3)		(16.1)		(55.7)
Translation adjustment and other	(2.8)		90.6		18.5		(220.9)

Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment, and other	(12.2)		(54.5)		(46.0)		(121.4)
Tax expense/(benefit)	4.9		11.9		13.4		30.5
Other comprehensive income/(loss), net of tax	8.6		54.6		42.0		(100.2)
Comprehensive income including noncontrolling interests	519.4		438.7		846.0		1,064.9
Comprehensive income/(loss) attributable to noncontrolling interests	—		(0.1)		—		(0.2)
Comprehensive income attributable to Starbucks	$	519.4	$	438.8	$	846.0	$	1,065.1

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data, unaudited)


	Mar 29, 2026		Sep 28, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,532.0	$	3,219.8
Short-term investments	168.3		247.2
Accounts receivable, net	1,288.9		1,277.5
Inventories	2,157.8		2,185.6
Prepaid expenses and other current assets	368.8		452.2
Assets held for sale	5,043.4		—
Total current assets	10,559.2		7,382.3
Long-term investments	306.3		246.9
Equity investments	483.1		466.2
Property, plant and equipment, net	7,188.7		8,493.5
Operating lease, right-of-use asset	8,189.5		9,315.7
Deferred income taxes, net	1,541.8		1,826.9
Other long-term assets	817.8		752.5
Other intangible assets	176.0		166.8
Goodwill	1,295.1		3,368.9
TOTAL ASSETS	$	30,557.5	$	32,019.7
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Accounts payable	$	1,674.3	$	1,852.8
Accrued liabilities	2,168.0		2,359.7
Accrued payroll and benefits	793.9		1,093.9
Current portion of operating lease liability	1,301.2		1,564.5
Stored value card liability and current portion of deferred revenue	1,828.7		1,840.6

Current portion of long-term debt	1,997.7		1,498.9
Liabilities held for sale	1,685.6		—
Total current liabilities	11,449.4		10,210.4
Long-term debt	13,084.2		14,575.9
Operating lease liability	8,008.3		8,972.2
Deferred revenue	5,678.7		5,772.6
Other long-term liabilities	794.6		577.8
Total liabilities	39,015.2		40,108.9
Shareholders’ deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,139.5 and 1,136.9 shares, respectively	1.1		1.1
Additional paid-in capital	832.1		634.1
Retained deficit	(8,881.0)		(8,272.5)
Accumulated other comprehensive income/(loss)	(417.3)		(459.3)
Total shareholders’ deficit	(8,465.1)		(8,096.6)
Noncontrolling interests	7.4		7.4
Total deficit	(8,457.7)		(8,089.2)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)	$	30,557.5	$	32,019.7

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)


	Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests	$	804.0	$	1,165.1
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	821.1		867.5
Deferred income taxes, net	363.0		(12.4)
Income earned from equity method investees, net	(128.0)		(115.5)
Distributions received from equity method investees	109.7		133.8

Stock-based compensation	219.3		178.3
Non-cash lease costs	675.3		811.6
Loss on disposal, impairment, and accelerated amortization of assets	138.0		82.1
Other	(2.0)		3.4
Cash provided by/(used in) changes in operating assets and liabilities:
Accounts receivable	(83.4)		17.0
Inventories	(90.4)		(281.0)
Income taxes payable	(5.9)		6.4
Accounts payable	(41.4)		339.4
Deferred revenue	103.2		65.4
Operating lease liability	(879.3)		(834.4)
Other operating assets and liabilities	(41.0)		(62.7)
Net cash provided by operating activities	1,962.2		2,364.0
INVESTING ACTIVITIES:
Purchases of investments	(105.6)		(169.4)
Sales of investments	16.4		—
Maturities and calls of investments	106.0		141.0
Additions to property, plant and equipment	(596.4)		(1,282.1)
Acquisitions, net of cash acquired	—		(177.1)

Other	(73.7)		(11.6)
Net cash used in investing activities	(653.3)		(1,499.2)
FINANCING ACTIVITIES:

Net proceeds from issuance of short-term debt	2.5		1.1
Repayments of short-term debt	—		(5.4)

Repayments of long-term debt	(1,000.0)		—
Proceeds from issuance of common stock	36.5		44.4
Cash dividends paid	(1,411.4)		(1,384.9)

Minimum tax withholdings on share-based awards	(60.2)		(76.5)

Net cash used in financing activities	(2,432.6)		(1,421.3)
Effect of exchange rate changes on cash and cash equivalents	5.9		(58.3)
Less: Net change in cash balances classified as assets held for sale	(570.0)		—
Net increase/(decrease) in cash and cash equivalents	(1,687.8)		(614.8)
CASH AND CASH EQUIVALENTS:
Beginning of period	3,219.8		3,286.2
End of period	$	1,532.0	$	2,671.4
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest	$	314.4	$	294.2
Income taxes	$	320.5	$	459.2

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF EQUITY

For the Quarter Ended March 29, 2026 and March 30, 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, December 28, 2025	1,139.1	$	1.1	$	721.5	$	(8,685.4)	$	(425.9)	$	(8,388.7)	$	7.4	$	(8,381.3)

Net earnings	—	—		—		510.9		—		510.9		(0.1)		510.8
Other comprehensive income/(loss)	—	—		—		—		8.5		8.5		0.1		8.6
Stock-based compensation expense	—	—		94.0		—		—		94.0		—		94.0
Exercise of stock options/vesting of RSUs	0.2	—		5.1		—		—		5.1		—		5.1
Sale of common stock	0.2	—		11.5		—		—		11.5		—		11.5

Cash dividends declared, $0.62 per share	—	—		—		(706.5)		—		(706.5)		—		(706.5)


Other		—		—		—		0.1		0.1		—		0.1
Balance, March 29, 2026	1,139.5	$	1.1	$	832.1	$	(8,881.0)	$	(417.3)	$	(8,465.1)	$	7.4	$	(8,457.7)

Balance, December 29, 2024	1,135.8	$	1.1	$	367.2	$	(7,256.4)	$	(583.6)	$	(7,471.7)	$	7.1	$	(7,464.6)

Net earnings	—	—		—		384.2		—		384.2		(0.1)		384.1
Other comprehensive income/(loss)	—	—		—		—		54.6		54.6		—		54.6
Stock-based compensation expense	—	—		78.3		—		—		78.3		—		78.3
Exercise of stock options/vesting of RSUs	0.3	—		11.7		—		—		11.7		—		11.7
Sale of common stock	0.1	—		13.7		—		—		13.7		—		13.7

Cash dividends declared, $0.61 per share	—	—		—		(693.3)		—		(693.3)		—		(693.3)
Other	—	—		—		—		—		—		0.1		0.1
Balance, March 30, 2025	1,136.2	$	1.1	$	470.9	$	(7,565.5)	$	(529.0)	$	(7,622.5)	$	7.1	$	(7,615.4)

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF EQUITY

For the Two Quarters Ended March 29, 2026 and March 30, 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	—	—		—		804.2		—		804.2		(0.2)		804.0
Other comprehensive income/(loss)	—	—		—		—		41.8		41.8		0.2		42.0
Stock-based compensation expense	—	—		221.7		—		—		221.7		—		221.7
Exercise of stock options/vesting of RSUs	2.3	—		(47.0)		—		—		(47.0)		—		(47.0)
Sale of common stock	0.3	—		23.3		—		—		23.3		—		23.3

Cash dividends declared, $1.24 per share	—	—		—		(1,412.7)		—		(1,412.7)		—		(1,412.7)

Other	—	—		—		—		0.2		0.2		—		0.2
Balance, March 29, 2026	1,139.5	$	1.1	$	832.1	$	(8,881.0)	$	(417.3)	$	(8,465.1)	$	7.4	$	(8,457.7)

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	—	—		—		1,165.0				1,165.0		0.1		1,165.1
Other comprehensive income/(loss)	—	—		—		—		(99.9)		(99.9)		(0.3)		(100.2)
Stock-based compensation expense	—	—		180.4		—		—		180.4		—		180.4
Exercise of stock options/vesting of RSUs	2.4	—		(59.0)		—		—		(59.0)		—		(59.0)
Sale of common stock	0.3	—		26.9		—		—		26.9		—		26.9

Cash dividends declared, $1.22 per share	—	—		—		(1,386.7)		—		(1,386.7)		—		(1,386.7)
Other	—	—		—		—		(0.3)		(0.3)		—		(0.3)
Balance, March 30, 2025	1,136.2	$	1.1	$	470.9	$	(7,565.5)	$	(529.0)	$	(7,622.5)	$	7.1	$	(7,615.4)

See Notes to Consolidated Financial Statements.

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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	13
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	21
Note 9	Leases	24
Note 10	Deferred Revenue	25
Note 11	Equity	26
Note 12	Employee Stock Plans	27
Note 13	Income Taxes	28
Note 14	Earnings per Share	28
Note 15	Commitments and Contingencies	28
Note 16	Segment Reporting	28
Note 17	Restructuring	31
Note 18	Subsequent Event	33

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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 March 29, 2026, and for the quarters and two quarters ended March 29, 2026 and March 30, 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 two quarters ended March 29, 2026, and March 30, 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 two quarters ended March 29, 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 2025, we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy. 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.

Refer to Note 17, Restructuring, 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;

•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.

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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”). Under the agreement, Boyu Capital acquired a 60% interest in Starbucks retail operations in China. Starbucks retained a 40% interest in the joint venture and continues to own and license the Starbucks brand and intellectual property to the new entity. 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. Refer to Note 2, Acquisitions and Divestitures, for further discussion.

On March 30, 2026, in the third quarter of fiscal 2026, the previously announced transaction subsequently closed, 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, and recording revenues related to product sales and royalties. The disposal group was deconsolidated from our financial statements and will be reported as part of our licensed portfolio in the third quarter of fiscal 2026. Refer to Note 18, Subsequent Event, 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. While we are still evaluating the specific impacts, we anticipate this guidance will have a significant impact on our annual income tax disclosures.

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 November 3, 2025, we announced that the Company entered into an agreement to form a joint venture with Boyu Capital to operate Starbucks retail in China. We believe this partnership marks a significant milestone in the Company’s ongoing transformation and underscores its commitment to accelerating long-term growth in China. Under the agreement, Boyu Capital acquired a 60% interest in Starbucks retail operations in China. The partial divestiture resulted in the conversion of 7,991 company-operated stores to licensed stores within our International segment. Starbucks retained a 40% interest in the joint venture and will continue to own and license the Starbucks brand and intellectual property to the new entity. Boyu Capital acquired its interest based on a cash-free, debt-free mutually agreed-upon total enterprise value of approximately $4 billion.

In the first quarter of 2026, we determined that the disposal group met the held-for-sale criteria and remained classified as held for sale as of March 29, 2026. Accordingly, we have presented the assets and liabilities of the disposal group as held for sale on the consolidated balance sheets.

As of March 29, 2026, the net carrying amounts of the major classes of assets and liabilities of the disposal group were as follows (in millions):


	Amount
Cash and cash equivalents	$	570.0
Accounts receivable, net	63.7
Inventories	112.9
Prepaid expenses and other current assets	54.5
Property, plant and equipment, net	912.4
Operating lease, right-of-use asset	1,075.6
Deferred income taxes, net	98.0
Other long-term assets	56.3
Goodwill	2,100.0

Assets held for sale	$	5,043.4

Accounts payable	$	129.6
Accrued liabilities	119.7
Accrued payroll and benefits	106.0
Current portion of operating lease liability	226.6
Stored value card liability and current portion of deferred revenue	187.5
Short-term debt	2.5
Operating lease liability	829.3
Deferred revenue	16.4
Other long-term liabilities	68.0
Liabilities held for sale	$	1,685.6

On March 30, 2026, in the third quarter of fiscal 2026, the previously announced transaction subsequently closed for total consideration of $3.1 billion. 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 and royalties. The disposal group was deconsolidated from our financial statements and will be reported as part of our licensed portfolio in the third quarter of fiscal 2026. Refer to Note 18, Subsequent Event, for further discussion.

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.

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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.

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.

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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)
	Mar 29, 2026		Sep 28, 2025
Cash Flow Hedges:
Coffee	$	27.4	$	23.3	$	26.2	9


Foreign currency - other	28.1		19.0		17.6		35
Interest rates	0.4		(1.4)		(3.4)		0
Net Investment Hedges:
Cross-currency swaps	215.9		206.2				96
Foreign currency	16.0		16.0				0
Foreign currency debt	135.2		135.2				0

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)
		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026				Mar 30, 2025
Cash Flow Hedges:
Coffee		$	1.6	$	0.6	$	(17.8)	$	17.4		Product and distribution costs


Cross-currency swaps		—		—		—		0.6			Interest income and other, net
Dairy		—		(0.2)		—		—			Product and distribution costs

Foreign currency - other		17.4		(7.0)		5.7		7.4			Licensed stores revenue
						1.7		2.6			Product and distribution costs

Interest rates		—		—		(1.2)		(1.0)			Interest expense

Net Investment Hedges:
Cross-currency swaps (1)		8.4		13.1		24.1		27.7			Interest expense




		Two Quarters Ended
		Gains/(Losses) Recognized in OCI Before Reclassifications				Gains/(Losses) Reclassified from AOCI to Earnings					Location of gain/(loss)
		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Cash Flow Hedges:
Coffee		$	(12.6)	$	13.4	$	(17.6)	$	45.1		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		27.4		50.0		12.4		16.2			Licensed stores revenue
						3.3		4.3			Product and distribution costs

Interest rates		—		—		(2.4)		(2.0)			Interest expense

Net Investment Hedges:
Cross-currency swaps (1)		63.8		220.6		50.8		55.4			Interest expense

(1) Gains and losses recognized in earnings relate to components excluded from the assessment of effectiveness.

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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				Two Quarters Ended
		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Non-Designated Derivatives:
Dairy	Interest income and other, net	$	—	$	—	$	—	$	0.1
Cross-currency swaps	Interest income and other, net	(2.0)		—		(2.0)		—
Foreign currency - other	Interest income and other, net	3.5		(2.8)		5.4		6.1

Diesel fuel and other commodities	Interest income and other, net	—		(0.2)		—		(0.3)
Fair Value Hedges:
Interest rate swaps	Interest expense	(3.7)		4.6		(4.0)		(8.5)
Long-term debt (hedged item)	Interest expense	2.2		(6.8)		0.7		3.8

Notional amounts of outstanding derivative contracts (in millions):


	Mar 29, 2026		Sep 28, 2025
Coffee	$	193	$	387
Cross-currency swaps(1)	1,697		4,197

Diesel fuel and other commodities	—		2
Foreign currency - other	976		930
Interest rate swaps	350		350

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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	Mar 29, 2026		Sep 28, 2025
Designated Derivative Instruments(2):

Cross-currency swaps	Other long-term assets	379.9		271.9



Foreign currency - other	Prepaid expenses and other current assets	21.7		13.0
	Other long-term assets	13.4		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	2.3		2.7


		Derivative Liabilities
	Balance Sheet Location	Mar 29, 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	0.1		0.2
	Other long-term liabilities	0.1		0.2

Interest rate swaps	Other long-term liabilities	17.1		17.0
Non-designated Derivative Instruments:


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

(1) The reduction in hedged notional in the current period reflects the maturity and early termination of Net Investment Hedges related to the divestiture of Starbucks retail operations in China. The AOCI will be released to earnings in the third quarter of fiscal 2026 consistent with the timing of the transaction closing.

(2) 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
	Mar 29, 2026		Sep 28, 2025		Mar 29, 2026		Sep 28, 2025
Location on the balance sheet
Long-term debt	$	333.4	$	334.1	$	(16.6)	$	(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 Mar 29, 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	$	1,532.0	$	1,532.0	$	—	$	—
Short-term investments:
Available-for-sale debt securities:



Corporate debt securities	54.2		—		41.9		12.3


Mortgage and other asset-backed securities	0.7		—		0.7		—
State and local government obligations	3.8		—		3.8		—
U.S. government treasury securities	32.3		32.3		—		—
Total available-for-sale debt securities	91.0		32.3		46.4		12.3

Marketable equity securities	77.3		77.3		—		—
Total short-term investments	168.3		109.6		46.4		12.3
Prepaid expenses and other current assets:
Derivative assets	24.0		—		24.0		—
Long-term investments:
Available-for-sale debt securities:



Corporate debt securities	154.6		—		126.4		28.2

Mortgage and other asset-backed securities	71.3		—		71.3		—

U.S. government treasury securities	80.4		80.4		—		—
Total available-for-sale debt securities	306.3		80.4		197.7		28.2

Total long-term investments	306.3		80.4		197.7		28.2
Other long-term assets:
Derivative assets	393.3		—		393.3		—
Total assets	2,423.9		1,722.0		661.4		40.5
Liabilities:
Accrued liabilities:
Derivative liabilities	0.6		—		0.6		—
Other long-term liabilities:
Derivative liabilities	17.2		—		17.2		—
Total liabilities	$	17.8	$	—	$	17.8	$	—

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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, structured deposits, and marketable equity securities were not material as of March 29, 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 two quarters ended March 29, 2026, and March 30, 2025.

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Note 5: Inventories (in millions):


	Mar 29, 2026(2)		Sep 28, 2025
Coffee:
Unroasted	$	992.5	$	911.2
Roasted	425.8		342.0
Other merchandise held for sale (1)	307.0		399.7
Packaging and other supplies	432.5		532.7
Total	$	2,157.8	$	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)The fiscal year 2026 balances exclude Starbucks retail operations in China that were classified as held for sale.

As of March 29, 2026, we had committed to purchasing green coffee totaling $467 million under fixed-price contracts and an estimated $497 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


	Mar 29, 2026(1)		Sep 28, 2025
Land	$	54.9	$	54.9
Buildings	665.7		673.7
Leasehold improvements	10,379.9		11,762.4
Store equipment	3,427.3		3,963.6
Roasting equipment	971.3		982.2
Capitalized software	1,025.9		1,177.7
Furniture, fixtures and other	738.7		893.9
Work in progress	309.1		334.3
Property, plant and equipment, gross	17,572.8		19,842.7
Accumulated depreciation	(10,384.1)		(11,349.2)
Property, plant and equipment, net	$	7,188.7	$	8,493.5

(1)The fiscal year 2026 balances exclude Starbucks retail operations in China that were classified as held for sale.

Accrued Liabilities


	Mar 29, 2026(1)		Sep 28, 2025
Accrued occupancy costs	$	58.2	$	89.5
Accrued dividends payable	706.4		704.8
Accrued capital and other operating expenditures	760.0		897.0
Insurance reserves	357.4		282.3
Income taxes payable	70.3		150.3
Accrued business taxes	215.7		235.8
Total accrued liabilities	$	2,168.0	$	2,359.7

(1)The fiscal year 2026 balances exclude Starbucks retail operations in China that were classified as held for sale.

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Store Operating Expenses


	Quarter Ended				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Wages and benefits	$	2,645.3	$	2,406.1	$	5,304.0	$	4,795.2
Occupancy costs	768.1		807.2		1,572.9		1,609.3
Other expenses	995.2		962.7		2,084.1		1,974.6
Total store operating expenses	$	4,408.6	$	4,176.0	$	8,961.0	$	8,379.1

Note 7: Other Intangible Assets and Goodwill

Indefinite-Lived Intangible Assets


(in millions)	Mar 29, 2026		Sep 28, 2025
Trade names, trademarks and patents	$	79.5	$	79.5

Finite-Lived Intangible Assets


	Mar 29, 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)	$	312.3	$	(235.2)	$	77.1	$	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	130.2		(123.9)		6.3		131.2		(122.9)		8.3
Licensing agreements	12.2		(12.2)		—		13.0		(13.0)		—
Other finite-lived intangible assets	18.6		(5.5)		13.1		20.5		(20.5)		—
Total finite-lived intangible assets	$	500.9	$	(404.4)	$	96.5	$	1,246.2	$	(1,158.9)	$	87.3

(1)The decrease in acquired and reacquired rights was a result of Starbucks retail operations in China being classified as held for sale.

Amortization expense for finite-lived intangible assets was $1.2 million and $2.7 million for the quarter and two quarters ended March 29, 2026, respectively, and $5.8 million and $11.4 million for the quarter and two quarters ended March 30, 2025, respectively.

Estimated future amortization expense as of March 29, 2026 (in millions):


Fiscal Year	Total
2026 (excluding the two quarters ended March 29, 2026)	$	6.1
2027	12.0
2028	8.2
2029	4.9
2030	4.7
Thereafter	60.6
Total estimated future amortization expense	$	96.5

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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)	—		(2,100.0)		—		—		(2,100.0)

Other (2)	0.2		26.0		—		—		26.2
Goodwill balance at March 29, 2026	$	490.8	$	768.6	$	34.7	$	1.0	$	1,295.1

(1)The decrease in the International segment was a result of Starbucks retail operations in China being classified as held for sale.

(2)“Other” consists of changes in the goodwill balance resulting from foreign currency translation.

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 March 29, 2026, we were in compliance with all applicable covenants. No amounts were outstanding under our 2025 credit facility as of March 29, 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 March 29, 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 second 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 $31.3 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 $62.6 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 March 29, 2026, and September 28, 2025, we had no borrowings outstanding under these credit facilities.

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Long-term Debt

Components of long-term debt including the associated interest rates and related estimated fair values by calendar maturity (in millions, except interest rates):


	Mar 29, 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		498.1		500.0		494.0		2.450	%	2.511	%
February 2027 notes	1,000.0		1,004.6		1,000.0		1,009.8		4.850	%	4.958	%
March 2027 notes	500.0		489.4		500.0		484.7		2.000	%	2.058	%
March 2028 notes	600.0		589.4		600.0		591.9		3.500	%	3.529	%
May 2028 notes	750.0		749.3		750.0		757.1		4.500	%	4.719	%
November 2028 notes	750.0		741.5		750.0		747.9		4.000	%	3.958	%
August 2029 notes(2)	1,000.0		970.0		1,000.0		978.5		3.550	%	3.840	%
March 2030 notes	750.0		684.0		750.0		687.8		2.250	%	3.084	%
May 2030 notes	500.0		503.0		500.0		510.2		4.800	%	4.932	%
November 2030 notes	1,250.0		1,137.5		1,250.0		1,145.9		2.550	%	2.582	%
February 2031 notes	500.0		503.7		500.0		514.2		4.900	%	5.046	%
February 2032 notes	1,000.0		904.8		1,000.0		918.1		3.000	%	3.155	%
February 2033 notes	500.0		495.7		500.0		505.7		4.800	%	3.798	%
February 2034 notes	500.0		498.3		500.0		509.9		5.000	%	5.127	%
May 2035 notes	500.0		505.3		500.0		516.6		5.400	%	5.510	%
June 2045 notes	350.0		282.0		350.0		292.1		4.300	%	4.348	%
December 2047 notes	500.0		362.0		500.0		378.0		3.750	%	3.765	%
November 2048 notes	1,000.0		815.4		1,000.0		849.6		4.500	%	4.504	%
August 2049 notes	1,000.0		802.4		1,000.0		839.5		4.450	%	4.447	%
March 2050 notes	500.0		333.9		500.0		346.0		3.350	%	3.362	%
November 2050 notes	1,250.0		852.5		1,250.0		889.0		3.500	%	3.528	%
Total	15,200.0		13,722.8		16,200.0		14,968.2
Aggregate debt issuance costs and unamortized premium/(discount), net	(101.5)				(109.3)
Hedge accounting fair value adjustment (2)	(16.6)				(15.9)
Total	$	15,081.9			$	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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The following table summarizes our long-term debt maturities as of March 29, 2026, by fiscal year (in millions):


Fiscal Year	Total

2026 (excluding the two quarters ended March 29, 2026)	$	500.0
2027	1,500.0
2028	1,350.0
2029	1,750.0
2030	1,250.0
Thereafter	8,850.0
Total	$	15,200.0

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Note 9: Leases

The components of lease costs (in millions):


	Quarter Ended				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Operating lease costs (1) (2)	$	406.9	$	458.4	$	898.5	$	917.2
Variable lease costs	315.1		297.5		628.3		590.9
Short-term lease costs	4.6		5.3		9.4		10.8
Total lease costs	$	726.6	$	761.2	$	1,536.2	$	1,518.9

(1)Includes immaterial amounts of sublease income and rent concessions.

(2)The decrease in fiscal 2026 was a result of Starbucks retail operations in China being classified as held for sale during the fiscal quarter, which required us to cease operating lease ROU asset amortization of the related long-lived assets.

The following table includes supplemental information (in millions):


	Two Quarters Ended
	Mar 29, 2026			Mar 30, 2025
Cash paid related to operating lease liabilities	$	1,049.2		$	928.8
Operating lease liabilities arising from obtaining ROU assets (1)	630.0			1,076.6

	Mar 29, 2026			Mar 30, 2025
Weighted-average remaining operating lease term (1)	8.6 years			8.6 years
Weighted-average operating lease discount rate (1)	3.8		%	3.6		%

(1)The fiscal year 2026 amounts exclude Starbucks retail operations in China that were classified as held for sale and the fiscal year 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 or assets held for sale, and the corresponding lease liabilities are included in accrued liabilities or liabilities held for sale on the consolidated balance sheets. These balances were not material as of March 29, 2026, and September 28, 2025. Finance lease costs were also immaterial for the quarter and two quarters ended March 29, 2026, and March 30, 2025.

Minimum future maturities of operating lease liabilities (in millions):


Fiscal Year	Total (1)
2026 (excluding the two quarters ended March 29, 2026)	$	836.2
2027	1,600.2
2028	1,446.8
2029	1,293.0
2030	1,155.2
Thereafter	4,660.7
Total lease payments	10,992.1
Less imputed interest	(1,682.6)
Total	$	9,309.5

(1)Balances exclude Starbucks retail operations in China that were classified as held for sale.

As of March 29, 2026, we have entered into operating leases that have not yet commenced of $678.5 million, primarily related to real estate leases. These leases will commence between fiscal year 2026 and fiscal year 2030 with lease terms ranging from 5 to 20 years. Lease exit costs associated with our restructuring efforts primarily relate to the closure of certain Starbucks company-operated stores. During the quarter and two quarters ended March 29, 2026, total lease exit costs of $3.0 million and $51.9 million, respectively, were recorded in restructuring and impairments on the consolidated statement of earnings. See Note 17, Restructuring, for further discussion.

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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 March 29, 2026, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.6 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 March 29, 2026, and March 30, 2025, we recognized $44.1 million of prepaid royalty revenue related to Nestlé. During each of the two quarters ended March 29, 2026, and March 30, 2025, we recognized $88.2 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 March 29, 2026	Total
Stored value cards and loyalty program at December 28, 2025	$	2,073.3
Revenue deferred - card activations, card reloads and Stars earned	3,577.0
Revenue recognized - card and Stars redemptions and breakage	(3,900.8)
Other (1)	(4.4)
Divestiture (2)	8.5
Stored value cards and loyalty program at March 29, 2026 (3)	$	1,753.6

Quarter Ended March 30, 2025	Total
Stored value cards and loyalty program at December 29, 2024	$	2,213.1
Revenue deferred - card activations, card reloads and Stars earned	3,496.8
Revenue recognized - card and Stars redemptions and breakage	(3,862.9)
Other (1)	6.2
Stored value cards and loyalty program at March 30, 2025 (3)	$	1,853.2

Two Quarters Ended March 29, 2026	Total
Stored value cards and loyalty program at September 28, 2025	$	1,751.7
Revenue deferred - card activations, card reloads and Stars earned	7,931.7
Revenue recognized - card and Stars redemptions and breakage	(7,724.4)
Other(1)	(5.7)
Divestiture (2)	(199.7)
Stored value cards and loyalty program at March 29, 2026 (3)	$	1,753.6

Two Quarters Ended March 30, 2025	Total
Stored value cards and loyalty program at September 29, 2024	$	1,718.7
Revenue deferred - card activations, card reloads and Stars earned	7,911.2
Revenue recognized - card and Stars redemptions and breakage	(7,755.8)
Other(1)	(20.9)
Stored value cards and loyalty program at March 30, 2025 (3)	$	1,853.2

(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.

(2)The decrease was a result of Starbucks retail operations in China being classified as held for sale.

(3)As of March 29, 2026, and March 30, 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
March 29, 2026
Net gains/(losses) in AOCI, beginning of period	$	1.2	$	30.9	$	378.8	$	(836.8)	$	(425.9)
Net gains/(losses) recognized in OCI before reclassifications	(2.1)		14.5		6.3		(2.9)		15.8
Net (gains)/losses reclassified from AOCI to earnings	0.2		10.5		(18.0)		—		(7.3)
Other comprehensive income/(loss) attributable to Starbucks	(1.9)		25.0		(11.7)		(2.9)		8.5

Other comprehensive income/(loss) attributable to NCI	—		—		—		0.1		0.1
Net gains/(losses) in AOCI, end of period	$	(0.7)	$	55.9	$	367.1	$	(839.6)	$	(417.3)

March 30, 2025
Net gains/(losses) in AOCI, beginning of period	$	(3.7)	$	94.2	$	382.1	$	(1,056.2)	$	(583.6)
Net gains/(losses) recognized in OCI before reclassifications	1.7		(4.9)		9.8		90.6		97.2
Net (gains)/losses reclassified from AOCI to earnings	0.2		(22.0)		(20.8)		—		(42.6)
Other comprehensive income/(loss) attributable to Starbucks	1.9		(26.9)		(11.0)		90.6		54.6


Net gains/(losses) in AOCI, end of period	$	(1.8)	$	67.3	$	371.1	$	(965.6)	$	(529.0)



Two Quarters Ended	Available-for-Sale Debt Securities		Cash Flow Hedges		Net Investment Hedges		Translation Adjustment and Other		Total
March 29, 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	(1.6)		10.0		47.7		18.3		74.4
Net (gains)/losses reclassified from AOCI to earnings	0.4		5.0		(38.0)				(32.6)
Other comprehensive income/(loss) attributable to Starbucks	(1.2)		15.0		9.7		18.3		41.8

Other comprehensive income/(loss) attributable to NCI	—		—		—		0.2		0.2
Net gains/(losses) in AOCI, end of period	$	(0.7)	$	55.9	$	367.1	$	(839.6)	$	(417.3)

March 30, 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	0.1		46.6		164.9		(220.6)		(9.0)
Net (gains)/losses reclassified from AOCI to earnings	0.4		(49.8)		(41.5)		—		(90.9)
Other comprehensive income/(loss) attributable to Starbucks	0.5		(3.2)		123.4		(220.6)		(99.9)
Other comprehensive income/(loss) attributable to NCI	—		—		—		(0.3)		(0.3)

Net gains/(losses) in AOCI, end of period	$	(1.8)	$	67.3	$	371.1	$	(965.6)	$	(529.0)

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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
	Mar 29, 2026		Mar 30, 2025
Gains/(losses) on available-for-sale debt securities	$	(0.3)	$	(0.2)	Interest income and other, net
Gains/(losses) on cash flow hedges	(11.6)		27.0		Please refer to Note 3, Derivative Financial Instruments for additional information.
Gains/(losses) on net investment hedges	24.1		27.7		Interest expense


	12.2		54.5		Total before tax
	(4.9)		(11.9)		Tax (expense)/benefit
	$	7.3	$	42.6	Net of tax



Two Quarters Ended
AOCI Components	Amounts Reclassified from AOCI				Affected Line Item in the Statements of Earnings
	Mar 29, 2026		Mar 30, 2025
Gains/(losses) on available-for-sale debt securities	$	(0.5)	$	(0.4)	Interest income and other, net
Gains/(losses) on cash flow hedges	(4.3)		66.4		Please refer to Note 3, Derivative Financial Instruments for additional information.
Gains/(losses) on net investment hedges	50.8		55.4		Interest expense


	46.0		121.4		Total before tax
	(13.4)		(30.5)		Tax (expense)/benefit
	$	32.6	$	90.9	Net of tax

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 March 29, 2026.

During the two quarters ended March 29, 2026, and March 30, 2025, we made no share repurchases. As of March 29, 2026, 29.8 million shares of common stock remained available for repurchase under current authorizations.

During the second quarter of fiscal 2026, our Board of Directors approved a quarterly cash dividend to shareholders of $0.62 per share to be paid on May 29, 2026, to shareholders of record as of the close of business on May 15, 2026.

Note 12: Employee Stock Plans

As of March 29, 2026, there were 67.3 million shares of common stock available for issuance pursuant to future equity-based compensation awards and 8.8 million shares available for issuance under our employee stock purchase plan.

Stock-based compensation expense recognized in the consolidated statements of earnings (in millions):


	Quarter Ended				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Restricted Stock Units (“RSUs”)	$	93.2	$	77.8	$	219.3	$	178.3

Total stock-based compensation expense	$	93.2	$	77.8	$	219.3	$	178.3

RSU transactions from September 28, 2025 through March 29, 2026 (in millions):


	Total
Nonvested, September 28, 2025	9.0
Granted	4.4
Vested	(2.7)
Forfeited/expired	(0.5)
Nonvested, March 29, 2026	10.2
Total unrecognized stock-based compensation expense, net of estimated forfeitures, as of March 29, 2026	$	364.8

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Note 13: Income Taxes

The effective tax rate for the quarter ended March 29, 2026, was 29.8% compared to 23.5% for the same period in fiscal 2025. The increase was primarily due to the impact of reorganizing certain entities in China (approximately 280 basis points), the $8 million discrete increase to the change in indefinite reinvestment assertions as a result of classifying the Starbucks retail operations in China as held for sale in the first quarter of fiscal 2026 (approximately 110 basis points), and the effect of higher pre-tax earnings and the proportionate impacts from certain permanent differences and discrete items.

The effective tax rate for the two quarters ended March 29, 2026, was 46.1% compared to 23.6% 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 1,830 basis points), lapping the discrete impact of a tax status change for a certain foreign entity in the first quarter of fiscal 2025 (approximately 200 basis points), and the impact of reorganizing certain entities in China (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				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Net earnings attributable to Starbucks	$	510.9	$	384.2	$	804.2	$	1,165.0
Weighted average common shares outstanding (for basic calculation)	1,139.4		1,136.0		1,138.7		1,135.3
Dilutive effect of outstanding common stock options and RSUs	3.8		4.0		3.9		3.9
Weighted average common and common equivalent shares outstanding (for diluted calculation)	1,143.2		1,140.0		1,142.6		1,139.2
EPS — basic	$	0.45	$	0.34	$	0.71	$	1.03
EPS — diluted	$	0.45	$	0.34	$	0.70	$	1.02

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.

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.

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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								Two Quarters Ended
	Mar 29, 2026				Mar 30, 2025				Mar 29, 2026				Mar 30, 2025
Beverage (1)	$	5,659.0	59	%	$	5,293.6	60	%	$	11,603.4	60	%	$	10,971.6	60	%
Food (2)	1,830.6		19	%	1,691.9		19	%	3,712.0		19	%	3,482.3		19	%
Other (3)	2,041.9		22	%	1,776.1		21	%	4,131.2		21	%	3,705.5		21	%
Total	$	9,531.5	100	%	$	8,761.6	100	%	$	19,446.6	100	%	$	18,159.4	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				Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025
Net revenues (1):
United States	$	6,930.3	$	6,403.5	$	14,174.3	$	13,384.7
China	809.2		752.1		1,644.9		1,508.8
Other countries	1,792.0		1,606.0		3,627.4		3,265.9
Total	$	9,531.5	$	8,761.6	$	19,446.6	$	18,159.4

					Mar 29, 2026		Sep 28, 2025
Long-lived assets:
United States					$	15,645.7	$	15,952.7
China (2)					170.6		4,276.8
Other countries					4,182.0		4,407.9
Total					$	19,998.3	$	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 classified as held for sale.

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 two quarters ended March 29, 2026, and 74% for the quarter and two quarters ended March 30, 2025, respectively.

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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
March 29, 2026
Total net revenues	$	6,893.8	$	2,051.1	$	567.8	$	18.8	$	9,531.5
Product and distribution costs	2,068.8		749.7		370.5		19.5		3,208.5
Store operating expenses	3,691.9		716.7		—		—		4,408.6
Other operating expenses	56.0		55.6		17.7		1.2		130.5
Depreciation and amortization expenses	299.5		32.6		—		31.3		363.4
General and administrative expenses	92.4		89.0		0.7		436.0		618.1
Restructuring and impairments	5.3		8.8		(0.1)		11.1		25.1
Total operating expenses	6,213.9		1,652.4		388.8		499.1		8,754.2
Income from equity method investees	—		(0.1)		50.9		—		50.8
Operating income/(loss)	$	679.9	$	398.6	$	229.9	$	(480.3)	$	828.1
Interest income and other, net									37.0
Interest expense									(137.0)
Earnings before income taxes									$	728.1


Quarter Ended	North America		International		Channel Development		Corporate and Other		Total
March 30, 2025
Total net revenues	$	6,472.7	$	1,867.1	$	409.0	$	12.8	$	8,761.6
Product and distribution costs	1,807.1		659.8		257.7		13.0		2,737.6
Store operating expenses	3,431.6		744.4		—		—		4,176.0
Other operating expenses	68.6		55.1		15.0		—		138.7
Depreciation and amortization expenses	299.2		89.0		—		30.7		418.9
General and administrative expenses	96.6		84.8		1.2		449.7		632.3
Restructuring and impairments	21.3		16.8		0.9		77.2		116.2
Total operating expenses	5,724.4		1,649.9		274.8		570.6		8,219.7
Income from equity method investees	—		(0.2)		59.3		—		59.1
Operating income/(loss)	$	748.3	$	217.0	$	193.5	$	(557.8)	$	601.0
Interest income and other, net									28.4
Interest expense									(127.3)
Earnings before income taxes									$	502.1

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Two Quarters Ended	North America		International		Channel Development		Corporate and Other		Total
March 29, 2026
Total net revenues	$	14,174.3	$	4,116.0	$	1,090.5	$	65.8	$	19,446.6
Product and distribution costs	4,204.3		1,497.8		723.1		56.9		6,482.1
Store operating expenses	7,477.0		1,484.0		—		—		8,961.0
Other operating expenses	115.8		112.3		31.5		2.1		261.7
Depreciation and amortization expenses	598.3		102.7		—		63.3		764.3
General and administrative expenses	186.7		184.9		1.9		883.3		1,256.8
Restructuring and impairments	45.3		52.4		0.1		15.4		113.2
Total operating expenses	12,627.4		3,434.1		756.6		1,021.0		17,839.1
Income from equity method investees	—		(0.5)		111.8		—		111.3
Operating income/(loss)	$	1,546.9	$	681.4	$	445.7	$	(955.2)	$	1,718.8
Interest income and other, net									50.1
Interest expense									(276.0)
Earnings before income taxes									$	1,492.9


Two Quarters Ended	North America		International		Channel Development		Corporate and Other		Total
March 30, 2025
Total net revenues	$	13,544.6	$	3,738.4	$	845.3	$	31.1	$	18,159.4
Product and distribution costs	3,774.6		1,306.8		517.5		32.4		5,631.3
Store operating expenses	6,890.1		1,489.0		—		—		8,379.1
Other operating expenses	147.0		115.7		28.4		0.2		291.3
Depreciation and amortization expenses	588.1		178.1		—		60.0		826.2
General and administrative expenses	193.9		177.2		3.1		923.8		1,298.0
Restructuring and impairments	21.3		16.8		0.9		77.2		116.2
Total operating expenses	11,615.0		3,283.6		549.9		1,093.6		16,542.1
Income from equity method investees	—		(0.7)		106.2		—		105.5
Operating income/(loss)	$	1,929.6	$	454.1	$	401.6	$	(1,062.5)	$	1,722.8
Interest income and other, net									$	56.2
Interest expense									(254.5)
Earnings before income taxes									$	1,524.5

Note 17: 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 this strategy, during the second quarter of fiscal 2025, we further decided and announced our 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. During the quarter and two quarters ended March 30, 2025, we recognized pre-tax restructuring charges of $116.2 million, primarily associated with partner severance costs. These costs were recorded to restructuring and impairments on our consolidated statement of earnings.

In the fourth quarter of fiscal 2025, we announced a restructuring plan involving the closure of coffeehouses and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy. 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 two quarters ended March 29, 2026, 62 and 227 stores, respectively, were closed, and approximately $25.1 million and $113.2 million, respectively, was recorded to restructuring and impairments on our consolidated statement of earnings. 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.

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. Restructuring charges under this plan were immaterial during the quarter ended March 29, 2026.

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


Quarter Ended March 29, 2026	North America		International		Channel Development		Corporate and Other		Total
Disposal and impairment of store assets	$	14.2	$	0.1	$	—	$	—	$	14.3
Employee severance, separation and other costs	(6.4)		3.2		(0.1)		11.1		7.8
Amortization of ROU lease assets and other lease exit costs	(2.5)		5.5		—		—		3.0
Total Restructuring and impairment costs	$	5.3	$	8.8	$	(0.1)	$	11.1	$	25.1


Two Quarters Ended March 29, 2026	North America		International		Channel Development		Corporate and Other		Total
Disposal and impairment of store assets	$	39.0	$	0.1	$	—	$	—	$	39.1
Employee severance, separation and other costs	1.6		5.1		0.1		15.4		22.2
Amortization of ROU lease assets and other lease exit costs	4.7		47.2		—		—		51.9
Total Restructuring and impairment costs	$	45.3	$	52.4	$	0.1	$	15.4	$	113.2

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


	Employee severance, separation and other costs		Lease exit and other related costs (1)		Total
Beginning balance at September 28, 2025	$	158.9	$	238.9	$	397.8
Restructuring costs incurred	22.2		51.9		74.1
Cash payments	(137.9)		(93.0)		(230.9)
Divestiture (2)	(2.6)		(1.9)		(4.5)
Other (3)	(14.2)		—		(14.2)
Ending balance at March 29, 2026	$	26.4	$	195.9	$	222.3

(1) The operating lease liability balance for total stores under the restructuring plan was $243.2 million as of March 29, 2026.

(2) The decrease was a result of Starbucks retail operations in China being classified as held for sale.

(3) “Other” primarily consists of updates to accrual estimates.

As of March 29, 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.

We anticipate substantial completion of the fiscal 2025 restructuring plan and remaining store closures within fiscal year 2026. The Company estimates that it will incur approximately $150 million related to that plan during the remainder of fiscal 2026, primarily related to other lease exit costs and accelerated ROU lease asset amortization in our North America operating segment. The majority of the accrued liability balance as of March 29, 2026, relates to restructuring charges expected to be paid out by the end of fiscal year 2026.

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Note 18: Subsequent Event

On March 30, 2026, following completion of the second fiscal quarter of 2026, we closed the previously announced divestiture of 60% of our Starbucks retail operations in China to Boyu Capital, our joint venture partner, for total consideration of $3.1 billion. Starbucks retained a 40% interest in the joint venture and continues to own and license the Starbucks brand and intellectual property to the new entity. The partial divestiture resulted in the conversion of 7,991 company-operated stores to licensed stores within our International segment. We currently plan to use the proceeds for debt reduction, strengthening our balance sheet, and allowing us to execute our long-term growth strategy with greater financial flexibility. As of March 29, 2026, all assets and liabilities related to the retail operations in China were classified as held for sale within the Company’s Consolidated Balance Sheets. See Note 2, Acquisitions and Divestitures, for further discussion. While the Company is still evaluating the effects the transaction will have on its fiscal third quarter financial results, we anticipate recognizing a material pre-tax gain on the sale. Following the closing, 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 and royalties. The disposal group was deconsolidated from our financial statements and will be reported as part of our licensed portfolio in the third quarter of fiscal 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, and plans, including our “Back to Starbucks” strategy and our restructuring plan;

• 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, such as tariffs and import/export regulations; economic or trade sanctions; 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, 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;

• the potential impact of activist shareholder actions or tactics;

• failure to comply with applicable laws and complex and changing legal and regulatory requirements, including in privacy and data protection;

• 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 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 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 March 29, 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 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 second quarter of fiscal 2026 showed continued progress and momentum on key “Back to Starbucks” initiatives, as demonstrated through meaningful revenue growth. These investments included the Green Apron Service standard to improve the coffeehouse experience, engaging consumer marketing, disciplined menu innovation, and a redesigned Starbucks Rewards program, all of which deliver greater connection, consistency, and value for customers. During the second quarter of fiscal 2026, consolidated net revenues increased 9% to $9.5 billion compared to $8.8 billion in the second quarter of fiscal 2025, primarily due to a 6.2% increase in global comparable store sales, driven by a 7.1% increase in the U.S. market and a 2.6% increase internationally. Also contributing to the increase was higher revenues from the Global Coffee Alliance and our licensed store business. Specific to the U.S. market, the increase in comparable store sales was driven by a 4.3% increase in comparable transactions and a 2.7% increase in average ticket, primarily driven by higher delivery sales in the current year. Consolidated operating margin expanded 180 basis points from the prior year to 8.7%, primarily driven by sales leverage and lower store operating and depreciation and amortization costs after classifying assets for Starbucks retail operations in China as held for sale, partially offset by labor investments largely in support of “Back to Starbucks.”

In support of our “Back to Starbucks” strategy, as part of the restructuring plan announced in the fourth quarter of fiscal 2025, we continued to close 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. With a healthier base of coffeehouses, we expect meaningful opportunity for disciplined growth. We anticipate that these actions, along with our simplified broader support organization, will allow us to restructure, redeploy, and refocus our resources on priorities that we believe will deliver long-term sustainable business growth.

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.

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As the fiscal year progresses, we will continue to refine and execute our “Back to Starbucks” initiatives to continue topline momentum and build sales leverage while investing in our cafes and customer experience, delivering 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, with the goal of deepening brand loyalty and affinity. As our international business shifts toward a more predominantly licensed model, we will look toward strengthening how we support our licensed business partners. Our approach will strive to bring decision-making closer to customers and local markets, while enabling us to focus on establishing standards and best practices. We expect certain macroeconomic pressures to alleviate in the second half of the fiscal year, 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.

In November, 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.

During the first quarter of fiscal 2026, we classified the assets and liabilities of the disposal group as held for sale on the consolidated balance sheets and the disposal group remained classified as held for sale as of March 29, 2026. The classification required us to cease property, plant, and equipment depreciation and operating lease ROU asset amortization of the related long-lived assets, resulting in reduced depreciation and amortization and store operating expenses, which were reflected through the close of the transaction. We also changed our indefinite reinvestment assertions upon classification as held for sale resulting in an increase in our income tax expense.

On March 30, 2026, in the third quarter of fiscal 2026, the transaction subsequently 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 joint venture oversees 7,991 company-operated coffeehouses, which transitioned to a licensed operating model, with a shared long-term aspiration to grow to as many as 20,000 locations over time.

Further, Starbucks and Boyu Capital transitioned into the operational phase of the joint venture, with a focus on expansion, innovation, and delivering exceptional coffee and welcoming experiences to customers across China. 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. This transition will result in lower revenues and higher operating margin for Starbucks beginning in the third quarter of fiscal 2026, as compared to the historical, company-operated model. The disposal group was deconsolidated from our financial statements and will be reported as part of our licensed portfolio in the third quarter.

We currently plan to use our transaction proceeds for debt reduction, strengthening our balance sheet and allowing us to execute our long-term growth strategy with greater financial flexibility. 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.

Results of Operations (in millions)

Revenues


	Quarter Ended								Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		% Change		Mar 29, 2026		Mar 30, 2025		$ Change		% Change
Company-operated stores	$	7,816.4	$	7,285.0	$	531.4	7.3	%	$	16,004.4	$	15,070.3	$	934.1	6.2	%
Licensed stores	1,088.4		1,016.0		72.4		7.1		2,218.8		2,151.7		67.1		3.1
Other	626.7		460.6		166.1		36.1		1,223.4		937.4		286.0		30.5
Total net revenues	$	9,531.5	$	8,761.6	$	769.9	8.8	%	$	19,446.6	$	18,159.4	$	1,287.2	7.1	%

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Total net revenues for the second quarter of fiscal 2026 increased $770 million, primarily due to higher revenues from company-operated stores ($531 million) and other revenues ($166 million).

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Company-operated stores revenue increased $531 million, primarily driven by a 6.2% increase in comparable store sales ($433 million) attributable to a 3.8% increase in comparable transactions and a 2.3% increase in average ticket. Also contributing to the overall increase in company-operated stores revenue were incremental revenues from 52 net-new company-operated stores over the past 12 months ($50 million).

Licensed stores revenue increased $72 million, primarily driven by higher product sales to, and royalty revenues from, our licensees ($86 million), partially offset by lower equipment sales to licensees ($15 million).

Other revenues increased $166 million, primarily due to an increase in revenue in the Global Coffee Alliance ($149 million).

For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Total net revenues for the first two quarters of fiscal 2026 increased $1.3 billion, primarily due to higher revenues from company-operated stores ($934 million) and other revenues ($286 million).

Company-operated stores revenue increased $934 million, primarily driven by a 5.0% increase in comparable store sales ($726 million) attributable to a 3.3% increase in comparable transactions and a 1.7% increase in average ticket. Also contributing to the overall increase in company-operated stores revenue were incremental revenues from 52 net-new company-operated stores over the past 12 months ($149 million).

Licensed stores revenue increased $67 million, primarily driven by higher product sales to, and royalty revenues from, our licensees in our International segment ($132 million). The increase in licensed stores revenue was partially offset by lower equipment sales to our licensees globally ($36 million) and a decrease in product sales to, and royalty revenues from, our licensees in our North America segment ($29 million).

Other revenues increased $286 million, primarily due to an increase in revenue in the Global Coffee Alliance ($222 million) and increased sales of cocoa butter to third parties ($34 million).

Operating Expenses


	Quarter Ended										Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025
							As a % of Total Net Revenues										As a % of Total Net Revenues
Product and distribution costs	$	3,208.5	$	2,737.6	$	470.9	33.7	%	31.2	%	$	6,482.1	$	5,631.3	$	850.8	33.3	%	31.0	%
Store operating expenses	4,408.6		4,176.0		232.6		46.3		47.7		8,961.0		8,379.1		581.9		46.1		46.1
Other operating expenses	130.5		138.7		(8.2)		1.4		1.6		261.7		291.3		(29.6)		1.3		1.6
Depreciation and amortization expenses	363.4		418.9		(55.5)		3.8		4.8		764.3		826.2		(61.9)		3.9		4.5
General and administrative expenses	618.1		632.3		(14.2)		6.5		7.2		1,256.8		1,298.0		(41.2)		6.5		7.1
Restructuring and impairments	25.1		116.2		(91.1)		0.3		1.3		113.2		116.2		(3.0)		0.6		0.6

Total operating expenses	8,754.2		8,219.7		534.5		91.8		93.8		17,839.1		16,542.1		1,297.0		91.7		91.1
Income from equity investees	50.8		59.1		(8.3)		0.5		0.7		111.3		105.5		5.8		0.6		0.6

Operating income	$	828.1	$	601.0	$	227.1	8.7	%	6.9	%	$	1,718.8	$	1,722.8	$	(4.0)	8.8	%	9.5	%
Store operating expenses as a % of company-operated stores revenue							56.4	%	57.3	%							56.0	%	55.6	%

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Product and distribution costs as a percentage of total net revenues increased 250 basis points for the second quarter of fiscal 2026, largely due to mix shift (90 basis points) and inflationary pressures (approximately 90 basis points), primarily driven by elevated coffee pricing and tariffs.

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Store operating expenses as a percentage of total net revenues decreased 140 basis points for the second quarter of fiscal 2026. Store operating expenses as a percentage of company-operated stores revenue decreased 90 basis points, primarily due to sales leverage (330 basis points), partially offset by labor investments largely in support of “Back to Starbucks” (approximately 230 basis points).

Other operating expenses decreased $8 million, primarily due to savings from simplifying our licensed business support organization ($16 million).

Depreciation and amortization expenses as a percentage of total net revenues decreased 100 basis points, primarily as a result of ceasing depreciation upon classifying our Starbucks retail operations in China as held for sale.

General and administrative expenses decreased $14 million, primarily due to restructuring-related savings ($44 million), partially offset by increases in performance-based compensation ($27 million).

Restructuring and impairments decreased $91 million, largely due to lapping costs associated with the simplification of our support organization in the prior year. See Note 17, Restructuring, to the consolidated financial statements included in Item 1 of Part I of this 10-Q for further discussion.

Income from equity investees decreased $8 million, primarily due to income from our North American Coffee Partnership joint venture.

The combination of these changes resulted in an overall increase in operating margin of 180 basis points for the second quarter of fiscal 2026.

For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Product and distribution costs as a percentage of total net revenues increased 230 basis points for the first two quarters of fiscal 2026, largely due to inflationary pressures (approximately 120 basis points), primarily driven by elevated coffee pricing and tariffs, and mix shift (70 basis points).

Store operating expenses as a percentage of total net revenues was flat for the first two quarters of fiscal 2026. Store operating expenses as a percentage of company-operated stores revenue increased 40 basis points, primarily due to labor investments largely in support of “Back to Starbucks” (approximately 230 basis points), offset by sales leverage (approximately 240 basis points).

Other operating expenses decreased $30 million, primarily due to savings from simplifying our licensed business support organization ($31 million).

Depreciation and amortization expenses as a percentage of total net revenues decreased 60 basis points, primarily as a result of ceasing depreciation upon classifying our Starbucks retail operations in China as held for sale.

General and administrative expenses decreased $41 million, largely due to restructuring-related savings ($111 million), partially offset by increases in performance-based compensation ($27 million) and transaction-related expenses related to the strategic partnership with Boyu Capital to operate Starbucks retail in China ($30 million).

Restructuring and impairments decreased $3 million, largely due to lapping costs associated with the simplification of our support organization in the prior year, partially offset by costs associated with the closure of coffeehouses in the current year. See Note 17, Restructuring, to the consolidated financial statements included in Item 1 of Part I of this 10-Q, for further discussion.

Income from equity investees increased $6 million, primarily due to income from our North American Coffee Partnership joint venture.

The combination of these changes resulted in an overall decrease in operating margin of 70 basis points for the first two quarters of fiscal 2026.

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Other Income and Expenses


	Quarter Ended										Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025
							As a % of Total Net Revenues										As a % of Total Net Revenues
Operating income	$	828.1	$	601.0	$	227.1	8.7	%	6.9	%	$	1,718.8	$	1,722.8	$	(4.0)	8.8	%	9.5	%


Interest income and other, net	37.0		28.4		8.6		0.4		0.3		50.1		56.2		(6.1)		0.3		0.3
Interest expense	(137.0)		(127.3)		(9.7)		(1.4)		(1.5)		(276.0)		(254.5)		(21.5)		(1.4)		(1.4)
Earnings before income taxes	728.1		502.1		226.0		7.6		5.7		1,492.9		1,524.5		(31.6)		7.7		8.4
Income tax expense	217.3		118.0		99.3		2.3	%	1.3	%	688.9		359.4		329.5		3.5	%	2.0	%
Net earnings including noncontrolling interests	510.8		384.1		126.7		5.4		4.4		804.0		1,165.1		(361.1)		4.1		6.4
Net earnings/(loss) attributable to noncontrolling interests	(0.1)		(0.1)		0.0		0.0		0.0		(0.2)		0.1		(0.3)		0.0		0.0
Net earnings attributable to Starbucks	$	510.9	$	384.2	$	126.7	5.4	%	4.4	%	$	804.2	$	1,165.0	$	(360.8)	4.1	%	6.4	%
Effective tax rate including noncontrolling interests							29.8	%	23.5	%							46.1	%	23.6	%

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Interest income and other, net increased $9 million, primarily due to favorable investment performance.

Interest expense increased $10 million, primarily due to higher interest rates on refinanced long-term debt in the current year and reduced savings from cross-currency interest rate hedging.

For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Interest income and other, net decreased $6 million, primarily due to non-core investment impairments.

Interest expense increased $22 million, primarily due to higher interest rates on refinanced long-term debt in the current year and reduced savings from cross-currency interest rate hedging.

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Segment Information

Results of operations by segment (in millions):

North America


	Quarter Ended										Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025
							As a % of North America Total Net Revenues										As a % of North America Total Net Revenues
Net revenues:
Company-operated stores	$	6,284.7	$	5,861.7	$	423.0	91.2	%	90.6	%	$	12,920.2	$	12,229.5	$	690.7	91.2	%	90.3	%
Licensed stores	608.0		610.3		(2.3)		8.8		9.4		1,251.2		1,313.0		(61.8)		8.8		9.7
Other	1.1		0.7		0.4		0.0		0.0		2.9		2.1		0.8		0.0		0.0
Total net revenues	6,893.8		6,472.7		421.1		100.0		100.0		14,174.3		13,544.6		629.7		100.0		100.0
Product and distribution costs	2,068.8		1,807.1		261.7		30.0		27.9		4,204.3		3,774.6		429.7		29.7		27.9
Store operating expenses	3,691.9		3,431.6		260.3		53.6		53.0		7,477.0		6,890.1		586.9		52.8		50.9
Other operating expenses	56.0		68.6		(12.6)		0.8		1.1		115.8		147.0		(31.2)		0.8		1.1
Depreciation and amortization expenses	299.5		299.2		0.3		4.3		4.6		598.3		588.1		10.2		4.2		4.3
General and administrative expenses	92.4		96.6		(4.2)		1.3		1.5		186.7		193.9		(7.2)		1.3		1.4
Restructuring and impairments	5.3		21.3		(16.0)		0.1		0.3		45.3		21.3		24.0		0.3		0.2
Total operating expenses	6,213.9		5,724.4		489.5		90.1		88.4		12,627.4		11,615.0		1,012.4		89.1		85.8

Operating income	$	679.9	$	748.3	$	(68.4)	9.9	%	11.6	%	$	1,546.9	$	1,929.6	$	(382.7)	10.9	%	14.2	%
Store operating expenses as a % of company-operated stores revenue							58.7	%	58.5	%							57.9	%	56.3	%

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Revenues

North America total net revenues for the second quarter of fiscal 2026 increased $421 million, or 7%, primarily driven by an increase in company-operated stores revenue due to a 7.1% increase in comparable store sales ($396 million), driven by a 4.4% increase in comparable transactions and a 2.6% increase in average ticket, primarily due to higher delivery sales.

Operating Margin

North America operating income for the second quarter of fiscal 2026 decreased 9% to $680 million, compared to $748 million in the second quarter of fiscal 2025. Operating margin contracted 170 basis points to 10%, primarily driven by labor investments largely in support of “Back to Starbucks,” (approximately 260 basis points), product mix shift (90 basis points) and inflationary pressures (approximately 90 basis points), primarily driven by tariffs and elevated coffee pricing, partially offset by sales leverage (370 basis points).

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For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Revenues

North America total net revenues for the first two quarters of fiscal 2026 increased $630 million, or 5%, primarily driven by an increase in company-operated stores revenue due to a 5.3% increase in comparable store sales ($618 million), driven by a 3.6% increase in comparable transactions and a 1.6% increase in average ticket, primarily due to higher delivery sales, and an increase in customer beverage modifications.

Operating Margin

North America operating income for the first two quarters of fiscal 2026 decreased 20% to $1.5 billion, compared to $1.9 billion in the first two quarters of fiscal 2025. Operating margin contracted 330 basis points to 11%, primarily driven by labor investments largely in support of “Back to Starbucks” (approximately 260 basis points), inflationary pressures (approximately 120 basis points), primarily driven by tariffs and elevated coffee pricing, and product mix shift (40 basis points), partially offset by sales leverage (180 basis points).

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International


	Quarter Ended										Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025
							As a % of International Total Net Revenues										As a % of International Total Net Revenues
Net revenues:
Company-operated stores	$	1,531.7	$	1,423.3	$	108.4	74.7	%	76.2	%	$	3,084.2	$	2,840.8	$	243.4	74.9	%	76.0	%
Licensed stores	480.4		405.7		74.7		23.4		21.7		967.6		838.7		128.9		23.5		22.4
Other	39.0		38.1		0.9		1.9		2.0		64.2		58.9		5.3		1.6		1.6
Total net revenues	2,051.1		1,867.1		184.0		100.0		100.0		4,116.0		3,738.4		377.6		100.0		100.0
Product and distribution costs	749.7		659.8		89.9		36.6		35.3		1,497.8		1,306.8		191.0		36.4		35.0
Store operating expenses	716.7		744.4		(27.7)		34.9		39.9		1,484.0		1,489.0		(5.0)		36.1		39.8
Other operating expenses	55.6		55.1		0.5		2.7		3.0		112.3		115.7		(3.4)		2.7		3.1
Depreciation and amortization expenses	32.6		89.0		(56.4)		1.6		4.8		102.7		178.1		(75.4)		2.5		4.8
General and administrative expenses	89.0		84.8		4.2		4.3		4.5		184.9		177.2		7.7		4.5		4.7
Restructuring and impairments	8.8		16.8		(8.0)		0.4		0.9		52.4		16.8		35.6		1.3		0.4
Total operating expenses	1,652.4		1,649.9		2.5		80.6		88.4		3,434.1		3,283.6		150.5		83.4		87.8
Income/(loss) from equity investees	(0.1)		(0.2)		0.1		0.0		0.0		(0.5)		(0.7)		0.2		0.0		0.0
Operating income	$	398.6	$	217.0	$	181.6	19.4	%	11.6	%	$	681.4	$	454.1	$	227.3	16.6	%	12.1	%
Store operating expenses as a % of company-operated stores revenue							46.8	%	52.3	%							48.1	%	52.4	%

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Revenues

International total net revenues for the second quarter of fiscal 2026 increased $184 million, or 10%, primarily driven by higher product sales to, and royalty revenues from, our licensees ($74 million), primarily due to the opening of 321 net-new licensed stores over the past 12 months. Additional contributing factors were favorable foreign currency translation impacts ($40 million), an increase in company-operated stores revenue due to a 2.6% increase in comparable store sales ($37 million), driven by a 2.1% increase in comparable transactions and a 0.5% increase in average ticket, and net-new company-operated store growth of 3%, or 261 stores, over the past 12 months ($35 million).

Operating Margin

International operating income for the second quarter of fiscal 2026 increased 84% to $399 million, compared to $217 million in the second quarter of fiscal 2025. Operating margin expanded 780 basis points to 19%, primarily due to lower store operating and depreciation and amortization costs after classifying assets for Starbucks retail operations in China as held for sale (approximately 520 basis points), and sales leverage (430 basis points), partially offset by inflationary pressures (approximately 120 basis points), primarily driven by elevated coffee pricing.

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For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Revenues

International total net revenues for the first two quarters of fiscal 2026 increased $378 million, or 10%, primarily driven by higher product sales to, and royalty revenues from, our licensees ($132 million), primarily due to the opening of 321 net-new licensed stores over the past 12 months. Also contributing was an increase in company-operated stores revenue due to a 3.9% increase in comparable store sales ($108 million), driven by a 2.5% increase in comparable transactions and a 1.4% increase in average ticket, as well as net-new company-operated store growth of 3%, or 261 stores, over the past 12 months ($85 million), and favorable foreign currency translation impacts ($51 million).

Operating Margin

International operating income for the first two quarters of fiscal 2026 increased 50% to $681 million, compared to $454 million in the first two quarters of fiscal 2025. Operating margin expanded 450 basis points to 17%, primarily due to sales leverage (420 basis points) and lower store operating and depreciation and amortization costs after classifying assets for Starbucks retail operations in China as held for sale (approximately 340 basis points), partially offset by inflationary pressures (approximately 160 basis points), primarily driven by elevated coffee pricing, and restructuring costs associated with the closure of coffeehouses (approximately 90 basis points).

Channel Development


	Quarter Ended										Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025		Mar 29, 2026		Mar 30, 2025		$ Change		Mar 29, 2026		Mar 30, 2025
							As a % of Channel Development Total Net Revenues										As a % of Channel Development Total Net Revenues
Net revenues	$	567.8	$	409.0	$	158.8					$	1,090.5	$	845.3	$	245.2
Product and distribution costs	370.5		257.7		112.8		65.3	%	63.0	%	723.1		517.5		205.6		66.3	%	61.2	%
Other operating expenses	17.7		15.0		2.7		3.1		3.7		31.5		28.4		3.1		2.9		3.4

General and administrative expenses	0.7		1.2		(0.5)		0.1		0.3		1.9		3.1		(1.2)		0.2		0.4
Restructuring and impairments	(0.1)		0.9		(1.0)		0.0		0.2		0.1		0.9		(0.8)		0.0		0.1
Total operating expenses	388.8		274.8		114.0		68.5		67.2		756.6		549.9		206.7		69.4		65.1
Income from equity investees	50.9		59.3		(8.4)		9.0		14.5		111.8		106.2		5.6		10.3		12.6

Operating income	$	229.9	$	193.5	$	36.4	40.5	%	47.3	%	$	445.7	$	401.6	$	44.1	40.9	%	47.5	%

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Revenues

Channel Development total net revenues for the second quarter of fiscal 2026 increased $159 million, or 39%, primarily due to an increase in revenue in the Global Coffee Alliance ($149 million).

Operating Margin

Channel Development operating income for the second quarter of fiscal 2026 increased 19% to $230 million, compared to $194 million in the second quarter of fiscal 2025. Operating margin contracted 680 basis points to 41%, primarily driven by lower income from the North American Coffee Partnership joint venture relative to segment revenue growth (approximately 550 basis points) and other product mix shifts (160 basis points).

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For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Revenues

Channel Development total net revenues for the first two quarters of fiscal 2026 increased $245 million, or 29%, primarily due to an increase in revenue in the Global Coffee Alliance ($222 million).

Operating Margin

Channel Development operating income for the first two quarters of fiscal 2026 increased 11% to $446 million, compared to $402 million in the first two quarters of fiscal 2025. Operating margin contracted 660 basis points to 41%, primarily driven by product mix shifts (approximately 470 basis points) and lower North American Coffee Partnership joint venture income growth relative to segment revenue growth (230 basis points).

Corporate and Other


	Quarter Ended								Two Quarters Ended
	Mar 29, 2026		Mar 30, 2025		$ Change		% Change		Mar 29, 2026		Mar 30, 2025		$ Change		% Change
Net revenues:


Other	$	18.8	$	12.8	$	6.0	46.9	%	$	65.8	$	31.1	$	34.7	111.6	%
Total net revenues	18.8		12.8		6.0		46.9		65.8		31.1		34.7		111.6
Product and distribution costs	19.5		13.0		6.5		50.0		56.9		32.4		24.5		75.6

Other operating expenses	1.2		—		1.2		nm		2.1		0.2		1.9		950.0
Depreciation and amortization expenses	31.3		30.7		0.6		2.0		63.3		60.0		3.3		5.5
General and administrative expenses	436.0		449.7		(13.7)		(3.0)		883.3		923.8		(40.5)		(4.4)
Restructuring and impairments	11.1		77.2		(66.1)		(85.6)		15.4		77.2		(61.8)		(80.1)
Total operating expenses	499.1		570.6		(71.5)		(12.5)		1,021.0		1,093.6		(72.6)		(6.6)

Operating loss	$	(480.3)	$	(557.8)	$	77.5	(13.9)	%	$	(955.2)	$	(1,062.5)	$	107.3	(10.1)	%

Corporate and Other primarily consists of our unallocated corporate expenses and sales of cocoa butter to third parties. Unallocated corporate expenses include corporate administrative functions that support the operating segments but are not specifically attributable to or managed by any segment and are not included in the reported financial results of the operating segments.

For the quarter ended March 29, 2026, compared with the quarter ended March 30, 2025

Corporate and Other operating loss decreased 14% to $480 million for the second quarter of fiscal 2026 compared to $558 million for the second quarter of fiscal 2025, primarily due to lower costs associated with restructuring our support organization ($66 million), primarily severance costs, in support of our “Back to Starbucks” strategy.

For the two quarters ended March 29, 2026, compared with the two quarters ended March 30, 2025

Corporate and Other operating loss decreased 10% to $955 million for the first two quarters of fiscal 2026 compared to $1.1 billion for the first two quarters of fiscal 2025, primarily due to restructuring-related savings in the current year ($111 million) and lower costs associated with restructuring our support organization ($62 million), primarily severance costs, in support of our “Back to Starbucks” strategy, partially offset by transaction-related expenses for the strategic partnership with Boyu Capital to operate Starbucks retail in China ($24 million) and increases in performance-based compensation ($20 million).

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Quarterly Store Data

Our store data for the periods presented is as follows:


	Net stores opened/(closed) and transferred during the period (1)
	Quarter Ended		Two Quarters Ended		Stores open as of
	Mar 29, 2026	Mar 30, 2025	Mar 29, 2026	Mar 30, 2025	Mar 29, 2026	Mar 30, 2025
North America
Company-operated stores	44	89	104	170	11,122	11,331
Licensed stores	(19)	1	(30)	33	7,263	7,296
Total North America	25	90	74	203	18,385	18,627
International
Company-operated stores(2)	(10)	91	(61)	317	10,435	10,174
Licensed stores(2)	(4)	32	126	70	12,309	11,988
Total International	(14)	123	65	387	22,744	22,162




Total Company	11	213	139	590	41,129	40,789

(1)Includes 62 and 227 stores closed in the quarter and two quarters ended March 29, 2026, respectively, as part of our “Back to Starbucks” restructuring plan.

(2)Includes the conversion of 113 licensed stores to company-operated stores following the acquisition of 23.5 Degrees Topco Limited during the first quarter of fiscal 2025.

Financial Condition, Liquidity, and Capital Resources

Cash and Investment Overview

Our cash and investments were $2.0 billion as of March 29, 2026, and $3.7 billion as of September 28, 2025. We actively manage our cash and investments in order to internally fund operating needs, make scheduled interest and principal payments on our borrowings, fund acquisitions, and return cash to shareholders through common stock cash dividend payments and share repurchases. Our investment portfolio primarily includes highly liquid available-for-sale securities, including corporate debt securities and U.S. government treasury securities. As of March 29, 2026, approximately $0.8 billion of cash and short-term investments were held in foreign subsidiaries, excluding cash balances for Starbucks retail operations in China that were classified as held for sale.

Borrowing Capacity

Credit Facilities and Commercial Paper

Revolving Credit Facility

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.

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Commercial Paper

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 March 29, 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 second quarter of fiscal 2026.

Credit Facilities in Japan

Additionally, we hold the following Japanese yen-denominated credit facilities that are available for working capital needs and capital expenditures within our Japanese market:

As of March 29, 2026, and September 28, 2025, we had no borrowings outstanding under these credit facilities.

See Note 8, Debt, to the consolidated financial statements included in Item 1 of Part I of this 10-Q for details of the components of our long-term debt.

Our ability to incur new liens and conduct sale and leaseback transactions on certain material properties is subject to compliance with terms of the indentures under which the long-term notes were issued. As of March 29, 2026, we were in compliance with all applicable covenants.

Use of Cash

We expect to use our available cash and investments, including, but not limited to, additional potential future borrowings under the credit facilities, commercial paper program, and the issuance of debt to support and invest in our core businesses, including investing in new ways to serve our customers and supporting our store partners, repaying maturing debts, returning cash to shareholders through common stock cash dividend payments and discretionary share repurchases, and investing in new business opportunities related to our core and developing businesses. Furthermore, we may use our available cash resources to make proportionate capital contributions to our investees. We may also seek strategic acquisitions to leverage existing capabilities and further build our business. Acquisitions may include increasing our ownership interests in our investees. Any decisions to increase such ownership interests will be driven by valuation and fit with our ownership strategy.

We believe that net future cash flows generated from operations and existing cash and investments both domestically and internationally, combined with our ability to leverage our balance sheet through the issuance of debt, will be sufficient to finance capital requirements for our core businesses as well as shareholder distributions for at least the next 12 months. Aside from the proceeds from our divestiture of Starbucks retail operations in China, we are currently not aware of any trends or demands, commitments, events, or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact our capital needs during or beyond the next 12 months. We currently plan to use the proceeds from our divestiture for Starbucks retail operations in China for debt reduction, strengthening our balance sheet and allowing us to execute our long-term growth strategy with greater financial flexibility.

We have borrowed funds and continue to believe we have the ability to do so at reasonable interest rates; however, additional borrowings would result in increased interest expense in the future. In this regard, we may incur additional debt, within targeted levels, as part of our plans to fund our capital programs, including cash returns to shareholders through future dividends and discretionary share repurchases, refinancing debt maturities, as well as investing in new business opportunities. If necessary, we may pursue additional sources of financing, including both short-term and long-term borrowings and debt issuances.

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We regularly review our cash positions and our determination of partial indefinite reinvestment of foreign earnings. In the event we determine that all or another portion of such foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes, which could be material. Any foreign earnings that are not indefinitely reinvested may be repatriated at management’s discretion. In the first quarter of fiscal 2026, we released all of our remaining indefinite reinvestment assertions and recorded a discrete tax expense of $266 million, which was subsequently increased in the second quarter of fiscal 2026 by $8 million. In future periods, any foreign earnings may be repatriated at management’s discretion without any material, incremental tax consequences.

On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ( IEEPA) were unlawful. Starbucks imports were previously subject to such tariffs under IEEPA. Effective April 20, 2026, the U.S. Customs and Border Protection launched a platform for importers of record to begin submitting IEEPA tariff refund requests. As the timing and amount of any recovery are uncertain, we are unable to estimate the financial effects, if any, at this time. We will continue to evaluate new information and will recognize the refund when the right to receive any amounts becomes probable and estimable.

During the two quarters ended March 29, 2026, we made no common stock share repurchases. As of March 29, 2026, 29.8 million shares of common stock remained available for repurchase under current authorizations.

Other than normal operating expenses, cash requirements for the remainder of fiscal 2026 are expected to consist primarily of repayments of long-term debt, as well as capital expenditures for investments in our new and existing stores, our supply chain, and corporate facilities. Total capital expenditures for fiscal 2026 are expected to be moderately lower than fiscal 2025.

In the MD&A included in the 10-K, we disclosed that we had $36.5 billion of current and long-term material cash requirements as of September 28, 2025. There have been no material changes to our material cash requirements during the period covered by this 10-Q outside of the normal course of our business.

Cash Flows

Cash provided by operating activities was $2.0 billion for the first two quarters of fiscal 2026, compared to $2.4 billion for the same period in fiscal 2025. The change was primarily due to a decrease in cash flow of $380.8 million in Accounts Payable, which was primarily driven by payment timing, and a decrease in net earnings of $361.1 million. These impacts were partially offset by a net increase in cash flow of $375.4 million in deferred income taxes primarily related to the change in indefinite reinvestment assertion as a result of classifying our Starbucks retail operations in China as held for sale.

Cash used in investing activities totaled $653.3 million for the first two quarters of fiscal 2026, compared to $1.5 billion for the same period in fiscal 2025. The change was primarily due to a net decrease in capital expenditures of $685.7 million, driven by a reduction in new store investments and retail renovations in North America and global non-retail facilities spend, and lapping the acquisition of 23.5 Degrees Topco Limited in the first quarter of fiscal 2025.

Cash used in financing activities for the first two quarters of fiscal 2026 totaled $2.4 billion, compared to $1.4 billion for the same period in fiscal 2025. The change was primarily due to a $1.0 billion repayment of long-term debt in the current year.

Commodity Prices, Availability and General Risk Conditions

Commodity price risk represents our primary market risk, generated by our purchases of green coffee and dairy products, among other items. We purchase, roast, and sell high-quality arabica coffee and related products, and risk arises from the price volatility of green coffee. In addition to coffee, we also purchase significant amounts of dairy products to support the needs of our company-operated stores. The price and availability of these commodities, including impacts from volatility in green coffee prices and new tariffs, directly impact our results of operations, and we expect commodity prices, particularly coffee, to continue to impact future results of operations. For additional details, see Product Supply in Part 1, Item 1 of the 10-K, as well as Risk Factors in Part I, Item 1A of the 10-K.

Seasonality and Quarterly Results

Our business is subject to moderate seasonal fluctuations, of which our fiscal second quarter typically experiences lower revenues and operating income. Additionally, as our stored value cards (“Starbucks Cards”) are issued to, and loaded by, customers during the holiday season, we tend to have higher cash flows from operations during the first quarter of the fiscal year. However, since revenues from Starbucks Cards are recognized upon redemption and not when cash is loaded onto the Starbucks Cards, the impact of seasonal fluctuations on the consolidated statements of earnings is much less pronounced. As a result of moderate seasonal fluctuations, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.

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Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions, and estimates that affect the amounts reported. Note 1, Summary of Significant Accounting Policies, to the consolidated financial statements included in Item 1 of Part I of this 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the 10-K describe the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates since the 10-K.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 1, Summary of Significant Accounting Policies, to the consolidated financial statements included in Item 1 of Part I of this 10-Q, for a detailed description of recent accounting pronouncements.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in the commodity price risk, foreign currency exchange risk, equity security price risk, or interest rate risk discussed in Item 7A of the 10-K.

Item 4. Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

During the second quarter of fiscal 2026, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by this report (March 29, 2026).

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during our most recently completed fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1.Legal Proceedings

See Note 15, Commitments and Contingencies, to the consolidated financial statements included in Item 1 of Part I of this 10-Q for information regarding certain legal proceedings in which we are involved.

Item 1A.Risk Factors

In addition to the other information set forth in this 10-Q, you should carefully consider the risks and uncertainties discussed in Part I, Item 1A. Risk Factors in our 10-K. There have been no material changes to the risk factors disclosed in our 10-K.

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

Shares under our ongoing share repurchase program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or through privately negotiated transactions. The timing, manner, price, and amount of repurchases will be determined at our discretion and the share repurchase program may be suspended, terminated, or modified at any time for any reason. During the second fiscal quarter ended March 29, 2026, there was no share repurchase activity.

Item 3.Defaults upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not applicable.

Item 5.Other Information

Insider Adoption or Termination of Trading Arrangements:

During the fiscal quarter ended March 29, 2026, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

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Item 6.Exhibits


		Incorporated by Reference
Exhibit No.	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed Herewith
3.1	Restated Articles of Incorporation of Starbucks Corporation	10-Q	000-20322	4/28/2015	3.1
3.2	Amended and Restated Bylaws of Starbucks Corporation (As amended and restated through June 25, 2025)	8-K	000-20322	6/30/2025	3.1
31.1	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	X
31.2	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	X
32*	Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	—
101	The following financial statements from the Company’s 10-Q for the fiscal quarter ended March 29, 2026, formatted in iXBRL: (i) Consolidated Statements of Earnings, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, and (vi) Notes to Consolidated Financial Statements	—	—	—	—	X
104	Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101)	—	—	—	—	X

* Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

April 28, 2026


			STARBUCKS CORPORATION

			By:						/s/ Cathy R. Smith
									Cathy R. Smith
									executive vice president, chief financial officer
									Signing on behalf of the registrant and as principal financial officer

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