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COMPANY FILINGS

Starbucks

SBUX

In fiscal 2025, Starbucks was a specialty-coffee roaster and retailer operating in 89 markets, with company-operated and licensed stores.

Business description: FY2025CIK 0000829224Source: SEC EDGAR
Annual reports
5
Report coverage
2021–2025
Financial statement focus
Balance sheet
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Annual report insights

AI summary

AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.

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Fiscal 2025

Year ended Filed

Read FY2025 annual report (opens in a new tab)

  • Consolidated net revenues rose 3% to US$37.2 billion in fiscal 2025 from US$36.2 billion in fiscal 2024, while operating margin—the share of revenue remaining as operating profit—fell to 7.9% from 15.0%.

    Source: 2025

  • Under its Back to Starbucks restructuring efforts, Starbucks closed 627 stores in fiscal 2025 and recorded approximately US$892.0 million in restructuring and impairment expenses. These included reductions in recorded store-asset values, employee separation benefits and lease exit costs; the recorded total is not a measure of cash paid during the year.

    Source: 2025
View full 10-K summary 2025Hide full 10-K summary 2025

Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.

Positive signals

  • Service rollout

    The Green Apron Service model went live across all U.S. company-operated stores in the fourth quarter of fiscal 2025. Management expects the model to improve customer experience and support future transaction growth; those benefits remain expectations rather than established results.

    Source: 2025

Negative signals

  • Store demand

    North America comparable store sales declined 2% in fiscal 2025 versus fiscal 2024. The number of purchases at comparable stores fell 4%, partly offset by a 2% increase in the average amount spent per purchase. This measure covers stores run by Starbucks that had been open at least 13 months and excludes currency effects.

    Source: 2025
  • Coffee exposure

    Starbucks warns that it cannot fully protect itself against coffee-price increases. Rising costs or supply shortages could hurt profitability and its ability to meet customer demand. This is a conditional risk, not a statement that a coffee shortage occurred in fiscal 2025.

    Source: 2025

Business context

  • China agreement

    After fiscal year-end, Starbucks announced on November 3, 2025 an agreement to form a joint venture with Boyu Capital to operate its China retail business. The filing describes a pending transaction subject to regulatory approvals and customary closing conditions, expected to close by early calendar 2026—not a completed fiscal 2025 ownership change.

    Source: 2025

Business in fiscal 2025

In fiscal 2025, Starbucks was a specialty-coffee roaster and retailer operating in 89 markets, with company-operated and licensed stores.

Source: 2025

5-year changes

FY2021–FY2025

These changes use selected original filing passages and nearby context from the stated five fiscal years. They are not an exhaustive review of all five reports and exclude later-year filings.

  • International margin

    The International segment's operating margin—the share of segment revenue remaining as operating income—fluctuated across the period: 18.0% in fiscal 2021, 12.0% in 2022, 16.4% in 2023, 14.2% in 2024 and 12.1% in 2025. These are reported segment results, not a constant-store or currency-adjusted comparison.

    Source: 2021, 2022, 2023, 2024, 2025
  • Restructuring

    Starbucks announced its U.S. Reinvention Plan in fiscal 2022 to improve efficiency and employee and customer experience; it recorded no restructuring and impairment costs attributable to that plan in fiscal 2024. In fiscal 2025, separate Back to Starbucks restructuring efforts included 627 store closures and approximately $892.0 million in restructuring and impairment charges. Impairments are reductions in recorded asset values; the later charges cover broader restructuring costs, not just those reductions.

    Source: 2022, 2024, 2025
  • Union representation

    In its fiscal 2022 filing, Starbucks reported successful unionization at a number of U.S. company-operated stores. Its fiscal 2025 filing reported union representation rights at around 6% of more than 10,000 U.S. company-operated stores and ongoing bargaining for initial collective bargaining agreements—contracts negotiated between an employer and a union.

    Source: 2022, 2025
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FINANCIAL STATEMENTS

Balance sheet

A snapshot of what Starbucks owns and owes at a point in time.

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Read the company’s balance sheet in the original annual reports below.

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Annual reports & SEC 10-K filings

SEC EDGAR

5 reports in this collection

Original SEC annual reports, with report period and filing date
Report periodFiled with SECFormSource
Sep 28, 20250000829224-25-000114Nov 14, 202510-KOpen 10-Ksec.govRead FY2025 summary
Sep 29, 20240000829224-24-000057Nov 20, 202410-KOpen 10-Ksec.gov
Oct 1, 20230000829224-23-000058Nov 17, 202310-KOpen 10-Ksec.gov
Oct 2, 20220000829224-22-000058Nov 18, 202210-KOpen 10-Ksec.gov
Oct 3, 20210000829224-21-000086Nov 19, 202110-KOpen 10-Ksec.gov

Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.