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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended September 2928, ~~2024~~2025

☐ 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 of Incorporation)			(IRS Employer ID)

2401 Utah Avenue South, Seattle, Washington 98134

(206) 447-1575

(Address of principal executive office, zip code, telephone number)

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

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

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 x 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x

The aggregate market value of common stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter, based upon the closing sale price of the registrant’s common stock on March 3130, ~~2024~~2025 as reported on the Nasdaq Global Select Market was $~~103~~111.40 billion. As of November 137, ~~2024~~2025, there were 1,~~133~~137.81 million shares of the registrant’s Common Stock outstanding.

Table of Contents

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive Proxy Statement for the registrant’s Annual Meeting of Shareholders to be held on March 1225, ~~2025~~2026, have been incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be part of this report.

Table of Contents

STARBUCKS CORPORATION

Form 10-K

For the Fiscal Year Ended September 2928, ~~2024~~2025

TABLE OF CONTENTS

PART I
Item 1	Business	3
Item 1A	Risk Factors	11
Item 1B	Unresolved Staff Comments	2821
Item 1C	Cybersecurity	2822
Item 2	Properties	3023
Item 3	Legal Proceedings	3023
Item 4	Mine Safety Disclosures	3023
PART II
Item 5	Market for the Registrant’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities	3124
Item 6	Reserved	3326
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3427
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	4942
Item 8	Financial Statements and Supplementary Data	5043
	Index for Notes to Consolidated Financial Statements	5548
	Report of Independent Registered Public Accounting Firm	8983
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	9185
Item 9A	Controls and Procedures	9185
Item 9B	Other Information	9387
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	9387
PART III
Item 10	Directors, Executive Officers, and Corporate Governance	9488
Item 11	Executive Compensation	9488
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	9488
Item 13	Certain Relationships and Related Transactions and Director Independence	9488
Item 14	Principal Accountant Fees and Services	9488
PART IV
Item 15	Exhibits and Financial Statement Schedules	9589
Item 16	Form 10-K Summary	~~102~~97
SIGNATURES		~~103~~98

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K includes “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Starbucks Corporation (together with its subsidiaries) that are based on our current expectations, estimates, forecasts, and projections about 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,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks,” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” “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 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, including the risk of negative responses by consumers (such as boycotts or negative publicity campaigns), governmental actors (such as retaliatory legislative treatment), or other third parties who object to certain actions taken or not taken by the Company, whose responses could adversely affect our brand value;

• the impact of our ~~marketing~~brand, ~~strategies~~marketing, promotional, ~~and~~ advertising ~~plans,~~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”(and restructuring) plan;

• ~~changes~~the incosts ~~consumer~~and ~~preferences,~~risks ~~demand,~~associated ~~consumption~~with, orand ~~spending~~the ~~behavior,~~successful ~~including~~execution ~~due~~and toeffects ~~shifts~~of, instrategic ~~demographic~~changes orto ~~health~~our ownership and ~~wellness~~operating ~~trends~~structure, ~~reduction~~including inas ~~discretionary~~a ~~spending~~result ~~and~~of ~~price~~acquisitions, ~~increases~~divestitures, ~~and~~other ~~our~~strategic ~~ability~~transactions ~~to anticipate~~ or ~~react~~entry tointo ~~these~~joint ~~changes~~ventures;

• ~~the~~our ability ofto align our ~~business~~investment ~~partners,~~efforts ~~suppliers,~~with ~~and~~our ~~third-party~~strategic ~~providers to fulfill their responsibilities and commitments~~goals;

• ~~the~~evolving ~~potential~~consumer ~~negative~~preferences, ~~effects~~demand, ofconsumption, ~~reported~~or ~~incidents~~spending ~~involving~~behavior, ~~food-~~reduction orin ~~beverage-borne~~discretionary ~~illnesses,~~spending ~~tampering,~~and ~~adulteration,~~price ~~contamination~~increases, and our ability to anticipate or ~~mislabeling;~~react to these changes;

• ~~our~~the ability toof ~~open~~our ~~new~~business ~~stores~~partners, suppliers, and ~~efficiently~~third-party ~~maintain~~providers ~~the~~to ~~attractiveness~~fulfill oftheir responsibilities and commitments and our ~~existing~~reliance ~~stores~~on certain key business partners and suppliers;

• ~~our~~the ~~dependence~~potential onnegative ~~the~~effects ~~financial~~of ~~performance~~food ofor ~~our~~beverage-safety ~~North~~incidents ~~America~~or ~~operating~~product ~~segment~~recalls, and ~~our~~any ~~increasing~~perceived ~~dependence~~association onwith ~~certain~~such ~~international markets~~incidents;

• our ~~anticipated~~ability ~~operating~~to ~~expenses,~~open ~~including~~new stores and efficiently maintain the attractiveness of our ~~anticipated~~existing ~~total~~stores ~~capital~~and ~~expenditures~~manage related costs;

• ~~inherent~~our ~~risks~~heavy ofreliance ~~operating~~on athe ~~global~~financial ~~business,~~performance ~~including~~of ~~changing conditions in~~ our ~~markets,~~North ~~local~~America ~~factors~~operating ~~affecting~~segment ~~store openings, protectionist trade or foreign investment policies, economic or trade sanctions, compliance with local laws~~ and ~~other~~our ~~regulations,~~dependence ~~and~~on ~~local~~the ~~labor~~performance ~~policies~~ and ~~conditions,~~growth ~~including~~of ~~labor~~certain ~~strikes~~international ~~and work stoppages~~markets;

• ~~higher~~our ~~costs,~~ability ~~lower~~to ~~quality,~~operate orand ~~unavailability~~successfully ofexpand ~~coffee,~~our ~~dairy,~~footprint ~~cocoa,~~in ~~energy,~~international ~~water~~markets, ~~raw~~which ~~materials,~~is orinfluenced ~~product~~by ~~ingredients~~factors distinct from our North America operating segment;

• ~~the~~inherent ~~potential~~risks ~~impact~~of onoperating a global business, including changing conditions in our ~~supply~~markets, ~~chain~~local offactors ~~adverse~~affecting ~~weather~~store ~~conditions~~openings, ~~natural~~protectionist ~~disasters~~trade or foreign investment policies, such as tariffs and import/export regulations, economic or ~~significant~~trade ~~increases~~sanctions, incompliance ~~logistics~~with ~~costs~~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;

• ~~a worsening in~~ the ~~terms~~potential ~~and~~impact ~~conditions~~on ~~upon~~our ~~which~~supply wechain ~~engage~~and ~~with~~operations ~~our~~of ~~manufacturers~~adverse ~~and~~weather ~~source suppliers~~conditions, ~~whether~~natural ~~resulting~~disasters, ~~from broader local~~ or ~~global~~significant ~~conditions~~increases orin ~~dynamics~~logistics ~~specific to our relationships with such parties~~costs;

• ~~the~~a ~~impact~~worsening ofin ~~unfavorable~~the ~~global~~terms orand ~~regional economic~~ conditions ~~and~~upon ~~related~~which ~~economic~~we ~~slowdowns~~engage orwith ~~recessions,~~our ~~low~~manufacturers ~~consumer~~and ~~confidence,~~source high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, international trade disputes, government restrictions, geopolitical instability, higher inflation, or deflationsuppliers;

• ~~failure~~the toimpact ~~meet~~of ~~our~~unfavorable ~~announced~~macro-economic ~~guidance~~conditions and other factors, including economic slowdowns or ~~market~~recessions, ~~expectations~~rising real estate costs, supply chain disruptions, climate change and ~~the~~extreme ~~impact~~weather ~~thereof~~events, inflection and interest rate fluctuations, government shutdowns, labor unrest, geopolitical instability, disruptions in credit markets and foreign current exchange rate volatility;

• failure to ~~attract~~meet ormarket ~~retain~~expectations ~~key~~for ~~executive~~our financial performance or ~~partner~~any ~~talent~~announced orguidance ~~successfully~~and ~~transition~~the ~~executives~~impact thereof;

• ~~the~~failure ~~impacts~~to ofattract ~~partner~~or ~~investments~~retain ~~and~~key ~~changes~~executive inor ~~the~~partner ~~availability and cost of labor, including any union organizing efforts and our responses to such efforts~~talent;

• changes in the ~~impact~~availability ofand ~~foreign~~cost ~~currency~~of ~~translation~~labor, ~~particularly~~including aany ~~stronger~~union ~~U.S.~~organizing ~~dollar~~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;

• potential impacts of climate change;

• 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;

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• failure to comply with applicable laws and changing legal and regulatory requirements;

• 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. 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. 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.

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PART I

Item 1. Business

General

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended September 2928, ~~2024~~2025 (“fiscal ~~2024~~2025”), Starbucks Corporation (together with its subsidiaries) is referred to as “Starbucks,” the “Company,” “we,” “us,” or “our.”

Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 8789 markets. Formed in 1985, Starbucks Corporation’s common stock trades on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “SBUX.” We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores (“stores” or “coffeehouses”). We also sell a variety of coffee and tea products and license our trademarks through other channels, such as licensed stores as well as grocery and foodservice through our Global Coffee Alliance with Nestlé S.A. (“Nestlé”). In addition to our flagship Starbucks Coffee® brand, we sell goods and services under the following brands: Teavana®, Ethos®, and Starbucks Reserve®.

Our primary objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world. We believe the continuous investments in our brand and operations will deliver long-term targeted revenue and income growth. This includes expansion of our global store base, adding stores in both existing, developed markets such as the U.S. and in higher growth markets, as well as optimizing the mix of company-operated and licensed stores around the world. In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process, and technology innovation, including in our industry-leading digital platform. We strive to regularly offer consumers new, innovative coffee and other products in a variety of forms, across new categories, ~~diverse channels,~~ and ~~alternative~~diverse ~~store formats~~channels.

~~Starbucks~~In ~~has~~the ~~always~~fourth ~~been~~quarter ~~a different kind~~ of ~~company~~fiscal ~~– one deep with purpose~~2024, ~~where~~ we ~~work~~announced ~~together~~our “Back to ~~create~~Starbucks” ~~a positive impact in the world. With coffee at our core~~strategy, wewhich ~~pursue~~was ~~ambitious~~implemented ~~goals~~with ~~for~~the ~~our~~goal ~~partners~~to ~~(employees),~~bring ~~our~~new ~~communities,~~ and ~~our~~existing ~~planet,~~customers ~~which we believe also contributes~~ to ~~the~~our ~~long-term~~stores ~~sustainability~~and ~~of creating a thriving~~ business, ~~powered by thriving people for a thriving planet~~ and ~~communities.~~return ~~Our work~~ to ~~uplift~~growth. ~~one~~The ~~another~~strategy ~~extends~~includes ~~well~~supporting ~~beyond~~ our green apron partners, toenhancing the ~~communities~~customer ~~where~~experience, wereestablishing doourselves ~~business~~as ~~around~~ the ~~world.~~community Wecoffeehouse, ~~are~~and ~~committed~~strengthening tothe ~~responsible~~brand ~~and~~through ~~ethical~~product ~~sourcing~~development, ~~led~~marketing, byin-store ~~Coffee~~ and ~~Farmer~~digital ~~Equity Practices (“C~~experience.~~A.F.E.~~ ~~Practices”),~~This ~~the~~strategic ~~Company’s~~reset ~~third-party~~provides ~~verification~~us ~~program~~with ~~and~~ the ~~cornerstone~~opportunity ~~of our approach~~ to ~~ethical~~assess ~~sourcing~~the ofbusiness ~~coffee~~and ~~with~~refocus ~~over 98% of~~ our ~~coffee~~efforts, ~~having~~including ~~been~~capital ~~historically~~allocation ~~verified~~priorities, ~~through~~efficiency ~~C.A.F.E.~~efforts, ~~Practices~~and asstore ~~ethically~~growth ~~sourced~~initiatives.

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, the coffeehouses that did not meet these criteria. Refer to Note 18, Restructuring, included in Item 8 of Part II of this 10-K, for further discussion.

Human Capital Management

We invest in the well-being – the mental, physical, and financial health – of every partner through our practices, policies, and benefits. This work is grounded in the belief that we are at our best when we create inclusive, supportive, and welcoming environments, where we uplift one another with dignity, respect, and kindness. ~~And we are hard at work uplifting our communities and building environments in our stores that are welcoming and safe.~~ We believe the strength of our workforce is one of the significant contributors to our success as a global brand that leads with purpose. Therefore, one of our core strategies is to invest in, and support, our partners to differentiate our brand, products, and services in the competitive specialty coffee market, including the following areas of focus:

Oversight and Management

We ~~recognize the diversity of customers, partners, and communities and~~ believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures that is reflective of our customers, partners, and communities. Working under these principles, our Partner Resources Organization is tasked with managing employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management, and professional development. Our Board of Directors (the “Board”) and Board committees provide oversight on certain human capital matters~~, including our Inclusion and Diversity initiatives~~. As noted in its charter, our Compensation and Management Development Committee is responsible for periodically reviewing Starbucks partner resource programs and initiatives, including healthcare and other benefits, as well as our management development and succession planning practices and strategies. Our Audit and Compliance Committee works closely with the Risk ~~Management~~Steering Committee, led by Starbucks chief financial officer (“cfo”) and chief legal officer, to monitor and mitigate current and emerging labor and human capital management risks. ~~Our~~The ~~Environmental~~Board, ~~Partner,~~through ~~and~~its ~~Community~~committees, ~~Impact Committee~~ annually reviews and assesses the effectiveness of the Company’s ~~environmental and social~~

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environmental and social strategies, policies, practices, goals, programs, disclosure, and risks, including review of the Company’s annual global ~~climate and social~~ impact report.

These reports and recommendations to the Board and its committees are part of the broader framework that guides how Starbucks should attract, retain, and develop a skilled workforce that aligns with our values and strategies.

We regularly conduct anonymous surveys to seek feedback from our partners on a variety of topics, including confidence in company leadership, competitiveness of our compensation and benefits package, career growth opportunities, and recommendations on how we can remain an employer of choice. The results are shared with our partners and reviewed by senior leadership, who analyze areas of progress or deterioration and prioritize actions and activities in response to this feedback to drive meaningful improvements in partner engagement. Our management and cross-functional teams also work closely to evaluate human capital management issues such as partner retention, workplace safety, harassment, and bullying, as well as to implement measures to mitigate these issues.

~~Diversity,~~Belonging ~~Equity,~~at ~~Inclusion,~~Starbucks ~~and Belonging~~

AsAt ~~we create the future of~~ Starbucks, we are ~~continuing~~committed to ~~work~~creating toenvironments ~~improve~~where ~~the~~everyone ~~partner~~is ~~experience~~welcome ~~so our partners can thrive at work, individually,~~ and ~~together~~belongs. ~~Core~~In to2023, ~~this~~led isby ~~taking steps to ensure that~~ Starbucks ~~is an inclusive~~partners, ~~diverse,~~we ~~equitable,~~reaffirmed ~~and~~this ~~accessible~~commitment ~~company—a~~by ~~place~~cementing ~~where~~“Belonging” ~~all~~as ~~are~~one ~~welcome~~of ~~and where~~ our ~~partners~~company ~~know they belong~~values.

~~Under~~We ~~the~~are ~~leadership~~dedicated ofto ~~our~~being ~~senior~~an ~~vice~~inclusive, ~~president~~accessible ~~of Talent~~ and ~~Inclusion~~diverse ~~and our executive leadership team~~company, wewith ~~remain~~a ~~committed~~deep commitment to ~~accountability~~opportunity atfor every ~~level~~one of ~~the Company. We prioritize transparency with~~ our partners, ~~Inclusion~~by ~~and~~making ~~Diversity~~Starbucks ~~Executive~~the ~~Council,~~best ~~Partner~~job ~~Networks,~~in ~~Inclusion~~retail and ~~Diversity~~a ~~Business~~great ~~Council,~~place ~~community~~to ~~leaders,~~build ~~customers,~~a ~~and stakeholders~~career.

At Starbucks, weprograms and benefits are ~~committed~~open to ~~creating~~every ~~environments~~partner ~~where~~and ~~everyone~~designed isto ~~welcome~~strengthen a culture of inclusion that values diverse perspectives and ~~belongs~~experiences – from strong partner networks to a focus on hiring internally for 90% of retail leadership roles. InOur ~~2024~~hiring and recruiting practices are competitive, wefair ~~reaffirmed~~and ~~this~~inclusive. ~~commitment~~They byhelp ~~cementing~~us ~~“Belonging”~~hire asthe ~~one~~strongest candidate for every job, every time. We offer industry-leading benefits, competitive pay, and opportunities for learning and development. When our partners feel good about their future – at Starbucks or beyond – they take care of our ~~company~~customers. ~~values~~Investing in them and prioritizing their experience creates value for everyone.

These values have long been part of our culture, and we are working to build a more inclusive, equitable, accessible, and diverse company, to make substantial progress in the representation of our partners and to expand opportunities for our partners. To further this:

•we worked to reach a broader pool of candidates, prioritizing inclusivity in our recruitment, in partner engagement, and by continuing to foster inclusive leadership;

•we established and expanded our mentorship program to make valuable guidance and networking opportunities available to all partners; and

•we remained focused on addressing barriers impeding equal pay for equal work. 

At the end of fiscal 2024, our U.S. partner base is made up 70.9% female and 28.4% male. Additionally, in the U.S. diverse partners represent more than 51.9% of our retail team and more than 37.9% of our corporate roles. 

We are expanding workforce diversity to bring new perspectives and experiences that improve our business and workplace. To do this, we reach a broader pool of candidates and talent by prioritizing inclusivity in our recruitment practices, in partner engagement, and by continuing to foster inclusive leadership.

Total Rewards

We have demonstrated a history of investing in our workforce by offering competitive salaries and wages by continuously assessing the current business environment and labor market. We have consistently made enhancements in wages in order to attract talent to support our growth strategy and to elevate the customer experience. To foster a stronger sense of ownership and align the interests of partners with shareholders, restricted stock units are provided to eligible non-executive partners under our broad-based stock incentive programs. Furthermore, we offer ~~comprehensive,~~competitive ~~locally~~pay ~~relevant~~ and ~~innovative~~a ~~benefits~~collection toof ~~all~~benefits ~~eligible~~that ~~partners.~~are ~~The~~best ~~following~~in ~~list~~class. ~~summarizes~~Partners ~~key benefits provided~~ in the U.S., which is our largest and most mature market, can:

•~~Comprehensive~~Grow ~~health~~their ~~insurance~~careers ~~coverage~~with isus. ~~offered~~We toestablished ~~partners~~a ~~working~~goal anto ~~average~~fill 90% of 20retail ~~hours~~leadership orroles ~~more~~internally, ~~each~~creating ~~week~~a way for our hourly partners to build a career at Starbucks.

•~~100%~~Get ~~upfront~~a ~~tuition~~college ~~coverage~~degree, ~~through~~on us. Through the Starbucks College Achievement Plan ~~for~~(SCAP), ~~partners~~Starbucks tocovers ~~earn~~100% of tuition for a first-time online bachelor’s degree ~~online~~from at Arizona State University isfor ~~offered to~~ partners working an average of 20 hours or more each week.

•~~Our~~Grow ~~Future Roast 401(k) savings plan helps partners save for~~ their ~~financial goal through convenient payroll deductions~~savings. ~~Partners~~In ~~can~~fiscal ~~contribute~~2025, ~~pre-tax~~more orthan ~~Roth after-tax dollars~~230,000 ~~and~~partners ~~Starbucks~~received ~~matches~~a 5%Bean ofStock ~~eligible~~grant ~~contributions~~giving ~~with~~them ~~immediate~~an ~~vesting~~ownership stake in ~~those matching contributions~~Starbucks.

•Obtain comprehensive healthcare coverage. We offer industry-leading health and wellbeing benefits for partners working an average of 20 hours or more each week.

•Extend parental leave. Starbucks covers up to 18 weeks of fully paid leave for birth parents, and up to 12 weeks of fully paid leave for non-birth parents for partners working an average of 20 hours or more each week.

Outside of the U.S., we have provided other innovative benefits to help address market-specific needs, such as providing interest-free loans to our U.K. partners to help cover rental deposits, mental health services in Canada, and, in China, an extra 14th Month Pay initiative, giving retail partners an additional month’s salary as a bonus on top of the 13th month pay that is customary in China, as well as a monthly housing subsidy for full-time Starbucks baristas and shift supervisors, and comprehensive health insurance coverage for parents of partners.

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•100% paid parental leave is available to new parents that welcome a child through birth, adoption, or foster placement and work an average of 20 hours or more each week.

•A Partner and Family Sick Time program is provided and allows partners to accrue paid sick time based on hours worked and use that time for themselves or family members in need of care.

•We view mental health as a fundamental part of our humanity and provide a comprehensive suite of related programs and benefits. These include a free subscription to Headspace, an online application that enables guided meditation, and 20 free mental health therapy or coaching sessions annually with Lyra.

Role-based Support

To help our partners succeed in their roles, we emphasize ~~continuous~~ongoing training and development opportunities. These include, but are not limited to, role-based training for our retail hourly partners, safety and security protocols, updates on new products and service offerings, and deployment of technologies. ~~Training~~We ~~provided~~periodically ~~through~~address ~~our~~a ~~Pour~~wide ~~Over~~variety ~~sessions,~~of ~~which~~topics ~~are~~such aas ~~series~~achievable ofgoal ~~inspiring~~setting, ~~talks~~giving ~~with~~and ~~thought~~receiving ~~leaders~~constructive tofeedback, ~~help~~and ~~partners~~effective ~~understand~~engagement ~~how~~with tocommunities ~~bring~~and customers through the ~~Starbucks~~rollout ~~Experience~~of tothe ~~life,~~Green ~~include~~Apron aService ~~wide~~Model, ~~variety~~a ofnew ~~topics~~foundational ~~such~~operating asmodel ~~achievable~~that ~~goal~~establishes ~~setting~~repeatable, ~~giving~~consistent, and ~~receiving~~scalable ~~constructive feedback~~standards, ~~and~~across ~~effective~~U.S ~~engagement~~company-operated ~~with~~coffeehouses. ~~customers~~It ~~and~~is ~~communities.~~designed Toto ~~help~~create ~~further~~deeper ~~promote~~connections anbetween ~~inclusive~~partners ~~culture~~ and tocustomers ~~better~~by ~~serve~~enabling ~~our~~partners ~~customers,~~to wedeliver ~~encourage~~consistent, ~~U.S.~~high-~~based~~quality ~~partners~~experiences towith ~~enroll~~warmth inand ~~the~~care. ToThe Bemodel ~~Welcoming~~includes ~~courses~~new weroutines ~~created~~and intools ~~partnership~~that ~~with~~give ~~Arizona~~partners ~~State~~more ~~University~~time to ~~address~~focus ~~different~~on ~~forms~~craft ofand ~~bias~~connection, supported by technology that improves order flow and ~~discrimination~~speed of service.

Pay Equity

To be an employer of choice and maintain the strength of our workforce, we consistently assess the current business environment and labor market to refine our compensation and benefits programs and other resources available to our partners.

Starbucks is committed to ~~pay~~fair ~~equity. We’ve achieved and maintained racial and gender~~ pay ~~equity~~principles ~~for~~to ensure partners ~~in the U.S. who~~ are ~~performing~~paid ~~similar~~appropriately ~~work,~~ and ~~we’re~~equitably ~~working toward achieving gender pay equity~~ for ~~Starbucks~~their ~~partners~~roles ~~who~~and ~~are~~the ~~performing similar~~ work inthey ~~all~~do, regardless of ~~our~~race, ~~company-operated~~gender, ~~markets~~or ~~globally~~other protected categories. Further, we have formulated pay-equity principles, which provide equal footing, transparency, and accountability as best practices that help address known, systemic barriers to global pay equity.

As of September 2928, ~~2024~~2025, Starbucks employed approximately ~~361~~381,000 people worldwide. In the U.S., Starbucks employed approximately ~~211~~223,000 people, with approximately ~~201~~214,000 in company-operated stores and the remainder in corporate support, store development, roasting, manufacturing, warehousing, and distribution operations. Approximately ~~150~~158,000 employees were employed outside of the U.S., with approximately ~~144~~153,000 in company-operated stores and the remainder in regional support operations. ~~Approximately~~Partners 5in approximately 6% of Starbucks ~~partners in~~ U.S. company-operated stores are represented by unions. We believe our efforts in managing our workforce have been effective, evidenced by low turnover, a strong culture, and active employee participation.

Information about our Executive Officers

Name

Age

Position

Brian Niccol

5051

chairman and chief executive officer

Rachel Ruggeri

executive vice president, chief financial officer

Cathy R. Smith

executive vice president, chief financial officer

Brady Brewer

chief executive officer, Starbucks International

Mike Grams

executive vice president, chief operating officer

Sara Kelly

executive vice president, chief partner officer

Brady Brewer

chief executive officer, Starbucks International

Brad Lerman

executive vice president, chief legal officer

Sara Kelly

executive vice president, chief partner officer

Pilar Ramos

executive vice president, chief legal officer

Brian Niccol joined Starbucks as ~~its~~ chairman and chief executive officer in September 2024. Mr. Niccol spent more than 25 years in leadership, marketing, and operations roles for some of the world’s most respected restaurant brands. Mr. Niccol joined Starbucks after leading Chipotle Mexican Grill, Inc. through a period of growth and transformation, having served as a director and as its ~~chief~~Chief ~~executive~~Executive ~~officer~~Officer from 2018 to 2024 and as its ~~chairman~~Chairman, from 2020 to 2024. Before joining Chipotle, he served as ~~chief~~Chief ~~executive~~Executive ~~officer~~Officer of Taco Bell, a division of Yum! Brands, Inc., from 2015 to 2018, after having served as its President (2013 to 2014) and ~~chief~~Chief ~~marketing~~Marketing and ~~innovation~~Innovation ~~officer~~Officer (2011 to 2012). Mr. Niccol also served in leadership roles at Pizza Hut, another division of Yum! Brands from 2005 to 2011. Mr. Niccol currently serves on the Board of Directors of Walmart Inc., a NYSE-listed omni-channel retailer.

Cathy R. Smith joined Starbucks in March 2025 as executive vice president, chief financial officer, after having served as Executive Vice President, Chief Financial Officer and Treasurer of Nordstrom, Inc., a department store chain, since 2023. From 2020 to 2023, Ms. Smith served as Chief Financial and Administrative Officer for Bright Health Group, Inc., a health insurance company. From 2015 to 2020, Ms. Smith served as the Chief Financial Officer for Target Corporation, a retail company. Previously, Ms. Smith served as Chief Financial Officer for Express Scripts Holding Company, a pharmacy benefit manager company, from 2014 to 2015, for Walmart International, a retail company, from 2010 to 2014, and for GameStop Corporation, an electronics retail company, from 2009 to 2010. Ms. Smith currently serves on the board of directors for PPG Industries, Inc., a manufacturer and distributor of paintings and coatings, and Baxter International, Inc., a healthcare company. Previously, Ms. Smith served as a director for Dick’s Sporting Goods, Inc. Ms. Smith holds an undergraduate degree from the University of California, Santa Barbara and an MBA from the University of Southern California.

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~~Rachel~~Mike ~~Ruggeri~~Grams joined Starbucks in ~~2001~~February 2025 as ~~a member of the accounting team and was named~~ executive vice president, ~~and~~North America chief ~~financial~~coffeehouse officer ~~in 2021. In August 2024~~, ~~she~~and has served as ~~interim chief~~ executive ~~officer~~vice ~~during~~president, ~~Starbucks recent~~ chief ~~executive~~operating officer ~~transition.~~since InJune ~~her role as chief financial officer, Ms~~2025. ~~Ruggeri~~Prior isto ~~responsible~~joining ~~for the global finance function for~~ Starbucks, ~~which~~Mr. ~~includes~~Grams ~~developing~~spent ~~and~~nearly ~~executing~~thirty ~~the~~years ~~financial~~at ~~strategies~~Taco ~~that~~Bell ~~enable the long-term growth of the Company~~Corp. ~~Prior~~where tohe ~~her~~held ~~promotion~~various inleadership ~~2021~~positions, ~~she served as senior vice president of Americas with responsibility for the retail portfolio across the segment,~~ including ~~company-operated~~President and ~~licensed~~Chief ~~stores~~Operating Officer from 2020 to ~~2021.~~December ~~From 2016 to 2020~~2024, ~~she~~Global ~~held~~Chief ~~various~~Operating ~~leadership~~Officer ~~roles in finance both internal~~ and ~~external~~General ~~to Starbucks~~Manager, ~~including~~North ~~Chief~~America ~~Financial Officer of Continental Mills~~ from ~~2018~~2017 to 2020 and ~~prior~~Chief toOperating ~~that~~Officer ~~she was senior vice president of Finance at Starbucks in support of the Americas~~ and ~~Global~~Chief ~~Retail~~Development ~~from~~Officer ~~2016 to 2018. She also served as vice president of Finance~~ from ~~2010~~2015 to ~~2016 supporting Corporate Financial Planning & Analysis and the U~~2019.S. ~~Retail business. Ms. Ruggeri currently serves on the Board of Directors of Stryker Corporation, a NYSE-listed medical technologies company.~~

Brady Brewer joined Starbucks in 2001 and has served as chief executive officer, Starbucks International since April 2024, where he is responsible for the teams across Asia Pacific, Europe, Middle East, Africa, Japan, Latin America, and the Caribbean, as well as Global ~~Channel~~Coffee ~~Development~~Operations and the Company’s international licensed partners. From February 2020 through March 2024, he served as Starbucks executive vice president and chief marketing officer, leading the Starbucks brand, marketing, food and beverage portfolio, digital customer experience innovation, R&D/Engineering, creative and brand management, consumer insights, data analytics, and sustainability. His prior roles at Starbucks include senior vice president of Digital Customer Experience for Starbucks (2019 through February 2020), where he focused on delivering new innovations that made the Starbucks Experience continually more effortless and delightful for customers; chief operating officer for Starbucks Japan (2016 to 2019), where he led store operations as well as brand and marketing strategy; and senior vice president, Marketing and Product for the Company’s China and Asia Pacific region (2014 to 2016). Mr. Brewer currently serves on the Board of Directors of The Gap, Inc., a NYSE-listed clothing and accessories retailer.

Sara Kelly joined Starbucks in 2001 and has served as executive vice president and chief partner officer since 2022, where she is responsible for helping partners realize their career potential and building global partner capability to enable growth and deliver on the Company’s strategic plan. Prior to her current role, Ms. Kelly was senior vice president, Talent & Partner Experience from 2021 to 2022, where she was responsible for advancing Starbucks talent and organizational leadership agenda and was focused on amplifying the strategic work being led by the talent acquisition, talent management, partner experience, learning and development, and organization and leadership effectiveness teams. From 2014 to 2021, Ms. Kelly served as vice president, Partner Resources, supporting partners in our global markets.

~~Brad~~Pilar ~~Lerman~~Ramos joined Starbucks in ~~April~~November ~~2023~~2025 as executive vice president and ~~general counsel and has served as executive vice president and~~ chief legal officer ~~since April 2024~~. In this role, heshe leads the Company’s ~~Legal~~Law ~~and~~& Corporate Affairs organization. Prior to Starbucks, MrMs. ~~Lerman~~Ramos served as ~~senior~~Executive ~~vice~~Vice ~~president~~President, ~~general~~General ~~counsel~~Counsel and ~~corporate~~Corporate ~~secretary~~Secretary offor ~~Medtronic~~TelevisaUnivision ~~plc from 2014 to 2022; and executive vice president~~Inc., ~~general counsel and corporate secretary for~~ the ~~Federal~~leading ~~National~~Spanish-language ~~Mortgage~~media ~~Association~~company, ~~(Fannie Mae)~~ from ~~2012~~August 2021 to ~~2014~~October 2025. MrMs. ~~Lerman~~Ramos ~~has~~previously ~~also~~ served asin ~~chief~~various ~~litigation~~roles ~~counsel~~ for ~~Pfizer~~Mastercard ~~and~~Inc., ~~has worked in private practice as~~ a ~~partner~~global atpayment ~~Winston~~card &services ~~Strawn~~company, ~~LLP~~from in2003 ~~Chicago.~~to He2021, ~~also~~including ~~served~~Executive asVice anPresident, ~~Assistant~~General ~~United States Attorney in the Northern District of Illinois. Mr. Lerman currently serves on the Board of Directors of McKesson Corporation~~Counsel, aNorth ~~NYSE-listed health care~~America, ~~pharmaceutical,~~from ~~and~~2015 ~~medical~~to ~~supply company~~2021.

Segment Financial Information

Segment information is prepared on the same basis that our ceo, who is our Chief Operating Decision Maker, manages the segments, evaluates financial results, and makes key operating decisions.

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. Unallocated corporate expenses are reported within Corporate and Other. Revenues from our reportable operating segments as a percentage of total net revenues for fiscal ~~2024~~2025 were as follows: North America (7574%), International (2021%), and Channel Development (5%).

Our North America and International segments include both company-operated 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.

Our Channel Development segment includes roasted whole bean and ground coffees, Starbucks-branded single-serve products, a variety of ready-to-drink beverages, such as Frappuccino® and Starbucks Doubleshot®, foodservice products, and other branded products sold worldwide outside of our company-operated and licensed stores. A large portion of our Channel Development business operates under a licensed model of the Global Coffee Alliance with Nestlé, while our global ready-to-drink businesses operate under collaborative relationships with PepsiCo, Inc., ~~Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods amba,~~ Nestlé, and others.

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Revenue Components

We generate the majority of our revenues through company-operated stores and licensed stores.

Company-operated and Licensed Store Summary as of September 28, 2025:

	North America	As a % of TotalNorth America Stores		International	As a % of TotalInternational Stores		Total	As a % ofTotal Stores
Company-operated stores	11,~~161~~018	6160	%	910,~~857~~496	4546	%	21,~~018~~514	52	%
Licensed stores	7,~~263~~293	3940	%	1112,~~918~~183	5554	%	19,~~181~~476	48	%
Total	18,~~424~~311	100	%	2122,~~775~~679	100	%	40,~~199~~990	100	%

The mix of company-operated versus licensed stores in a given market generally varies based on several factors, including our ability to access desirable local retail space, the complexity, profitability, and expected ultimate size of the market for Starbucks, and our ability to leverage the support infrastructure within a geographic region.

Company-operated Stores

Revenue from company-operated stores accounted for 8283% of total net revenues during fiscal ~~2024~~2025. Our retail objective is to be the leading retailer and brand of coffee and tea in each of our target markets by selling the finest quality coffee, tea, and related products, as well as complementary food offerings, and by providing each customer with a unique Starbucks Experience. The Starbucks Experience is built upon superior customer service through the Green Apron Service Model, convenience, and a seamless digital experience as well as ~~safe,~~warm ~~clean,~~ and ~~well-maintained~~welcoming stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty.

Our strategy for expanding our global retail business is to increase our category share in a disciplined manner, by selectively opening additional stores in new and existing markets, as well as increasing sales in existing stores, to support our long-term strategic objective to maintain Starbucks standing as one of the most recognized and respected brands in the world. Store growth in specific existing markets will vary due to many factors, including expected financial returns, the maturity of the market, economic conditions, consumer behavior, and the local business environment.

Company-operated store data for the fiscal year-ended September 28, 2025:

Stores Open as of

Oct 1, 2023

Opened

Closed

Transfers

Net

Sep 29, 2024

Opened

Closed (1)

Transfers (2)

Net

Sep 28, 2025

North America:

U.S.

910,~~645~~158

~~611~~509

(96620)

~~(2)~~—

~~513~~(111)

10,~~158~~047

Canada

~~977~~997

3745

(1775)

—

20(30)

~~997~~967

Siren Retail

—

—(2)

—

—(2)

Total North America

1011,~~628~~161

~~648~~554

(~~113~~697)

~~(2)~~—

~~533~~(143)

11,~~161~~018

International:

China

67,~~804~~594

~~855~~569

(65154)

—

~~790~~415

78,~~594~~009

Japan

1,~~733~~809

9087

(1412)

—(1)

7674

1,~~809~~883

U.K.

~~355~~378

3244

(911)

—113

23146

~~378~~524

All Other

6771

—(3)

—

7175

Siren Retail

—

Total International

89,~~964~~857

~~981~~707

(88180)

—112

~~893~~639

910,~~857~~496

Total company-operated

1921,~~592~~018

1,~~629~~261

(~~201~~877)

~~(2)~~112

~~1,426~~496

21,~~018~~514

~~Starbucks~~(1)Includes ~~company-operated~~627 stores ~~are~~closed ~~typically located~~ in ~~high-traffic, high-visibility locations. Our ability to vary~~ the ~~size~~fourth ~~and~~quarter ~~format~~ of ~~our~~fiscal ~~stores~~2025 ~~allows~~as uspart ~~to locate them in or near a variety~~ of ~~settings, including downtown and suburban retail centers, office buildings, university campuses, and rural and off-highway locations. We are continuing the expansion of~~ our ~~stores,~~“Back ~~particularly drive-thru formats that provide a higher degree of access and convenience, as well as other store formats that cater~~ to aStarbucks” ~~variety~~restructuring ~~of customer needs~~plan.

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

Starbucks company-operated stores are typically located in high-traffic, high-visibility locations. Our ability to vary the size and format of our stores allows us to locate them in or near a variety of settings, including downtown and suburban retail centers, office buildings, university campuses, and rural and off-highway locations. We will continue to expand our coffeehouse portfolio to meet customers where they are with formats that provide a warm and welcoming environment, enable multiple opportunities to connect and gather, and provide attractive returns on invested capital.

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Retail sales mix by product type for company-operated stores:

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Oct 21,~~2022~~2023
Beverages	7473	%	74	%	74	%
Food	23	%	2223	%	22	%
Other(1)	34	%	43	%	4	%
Total	100	%	100	%	100	%

(1)“Other” primarily consists of serveware, packaged and single-serve coffees and teas, and ready-to-drink beverages, among other items.

Stored Value Cards and Loyalty Program

Our branded stored value card program (the “Starbucks Card”) is designed to provide customers with a convenient payment method, support gifting, and increase the frequency of store visits by cardholders, in part through the related Starbucks® Rewards loyalty program where available, as discussed below. Starbucks Cards are issued to customers when they initially load them with an account balance. They can be obtained in our company-operated and most licensed stores in North America, China, Japan, and many of our other markets in our International segment. Starbucks Cards can also be obtained online, via the Starbucks® Mobile App, and through other U.S. and international retailers. Customers may access their card balances by utilizing their Starbucks Card or the Starbucks Mobile App in participating stores. In nearly all markets, including the U.S. and Canada, customers who register their Starbucks Cards are automatically enrolled in the Starbucks Rewards program. Registered members can receive various benefits depending on factors such as the number of reward points (“Stars”) earned. In addition to using their Starbucks Cards, Starbucks Rewards members can earn Stars by paying with cash, credit or debit cards, or selected mobile wallets at all company-operated stores and a majority of licensed stores in North America. Using the Mobile Order and Pay functionality of the Starbucks Mobile App, customers can also place orders in advance for pick-up at certain participating locations in several markets. Refer to Note 1, Summary of Significant Accounting Policies and Estimates, included in Item 8 of Part II of this 10-K, for further discussion of our Starbucks Cards and loyalty program.

Licensed Stores

Revenues from our licensed stores accounted for 12% of total net revenues in fiscal ~~2024~~2025. Licensed stores generally have a lower gross margin and a higher operating margin than company-operated stores. Under the licensed model, Starbucks receives a margin on branded products and supplies sold to the licensed store operator along with a royalty on retail sales. Licensees are responsible for operating costs and capital investments, which more than offset the lower revenues we receive under the licensed store model.

In our licensed store operations, we seek to leverage the expertise of our local partners and share our operating and store development experience. Licensees provide improved, and at times the only, access to desirable retail space. Most licensees are prominent retailers with in-depth market knowledge and access. As part of these arrangements, we sell coffee, tea, food, and related products to licensees for resale to customers and receive royalties and license fees from the licensees. We also sell certain equipment, such as coffee brewers and espresso machines, to our licensees for use in their operations. Licensee employees working in licensed retail locations are required to follow our detailed store operating procedures and attend training classes similar to those given to employees in company-operated stores. In a limited number of international markets, we also use traditional franchising and include these stores in the results of operations from our other licensed stores.

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Licensed store data for the fiscal year-ended September 28, 2025:

Stores Open as of

Oct 1, 2023

Opened

Closed

Transfers

Net

Sep 29, 2024

Opened

Closed

Transfers (1)

Net

Sep 28, 2025

North America:

U.S.

6,~~701~~777

~~232~~238

(~~158~~202)

2—

7636

6,~~777~~813

Canada

~~481~~486

2614

(2120)

—

5(6)

~~486~~480

Total North America

7,~~182~~263

~~258~~252

(~~179~~222)

2—

8130

7,~~263~~293

International:

Korea

1,~~870~~980

~~144~~134

(3437)

—

~~110~~97

12,~~980~~077

Latin America

1,~~649~~705

~~139~~115

(837)

—

56108

1,~~705~~813

U.K.

~~911~~976

8756

(2219)

—(113)

65(76)

~~976~~900

Turkey

~~676~~722

4645

—(5)

—

4640

~~722~~762

Taiwan

~~563~~571

2433

(1612)

—

821

~~571~~592

Indonesia

~~581~~603

308

(814)

—

22(6)

~~603~~597

Thailand

~~474~~513

4039

(12)

—

3937

~~513~~550

Philippines

~~447~~479

3343

(12)

—

3241

~~479~~520

All Other

4,~~093~~369

~~426~~276

(~~150~~274)

—1

~~276~~3

4,~~369~~372

Total International

11,~~264~~918

~~969~~749

(~~315~~372)

—(112)

~~654~~265

1112,~~918~~183

Total licensed

1819,~~446~~181

1,~~227~~001

(~~494~~594)

2(112)

~~735~~295

19,~~181~~476

(1)Includes 113 licensed stores converted to company-operated stores in the first quarter of fiscal 2025 following the acquisition of 23.5 Degrees Topco Limited.

Other Revenues

Other revenues primarily are recorded in our Channel Development segment and include sales of packaged coffee, tea, and ready-to-drink beverages to customers outside of our company-operated and licensed stores, as well as royalties received from Nestlé under the Global Coffee Alliance and other collaborative partnerships.

Product Supply

Starbucks is committed to selling the finest whole bean coffees and coffee beverages. To help ensure compliance with our rigorous coffee standards, we generally control substantially all coffee purchasing, roasting, and packaging, and the global distribution of coffee used in our operations. Nestlé controls distribution of Starbucks packaged coffee products outside of Starbucks stores through the Global Coffee Alliance, and in some cases, also roasts and packages these products. We purchase green coffee beans from multiple coffee-producing regions around the world and custom roast them to our exacting standards for our many blends and single-origin coffees.

The price of coffee is subject to volatility and has steadily increased over the past five years with significant ~~volatility~~increases over the last two years. Although most coffee trades in the commodity market, high-altitude arabica coffee of the quality sought by Starbucks tends to trade on a negotiated basis at a premium above the “C” coffee commodity price. Both the premium and the commodity price depend upon the supply and demand at the time of purchase. Supply and price can be affected by multiple factors in the producing countries, including weather and extreme weather events, water supply quality and availability throughout the coffee production chain, natural disasters, crop disease and pests, general increases in farm inputs and costs of production, inventory levels, and political and economic conditions. Climate change may further exacerbate many of these factors. Price is also impacted by geopolitical conditions, including new and existing tariffs on coffee imports and other trade controls, and by trading activities in the arabica coffee futures market, including hedge funds and commodity index funds. In addition, green coffee prices have been affected in the past, and may be affected in the future, by the actions of certain organizations and associations that have historically attempted to influence prices of green coffee through agreements establishing export quotas or by restricting coffee supplies.

We buy coffee using fixed-price and price-to-be-fixed purchase commitments, depending on market conditions, to secure an adequate supply of quality green coffee. We also utilize forward contracts, futures contracts, and collars to hedge “C” price exposure under our price-to-be-fixed green coffee contracts and our long-term forecasted coffee demand where underlying fixed-price and price-to-be-fixed contracts are not yet available. Total purchase commitments, together with existing inventory, are expected to provide an adequate supply of green coffee through fiscal ~~2025~~2026.

We depend upon our relationships with coffee producers, outside trading companies, and exporters for our supply of green coffee. We believe, based on the established relationship and historical performance of our suppliers, that the risk of non-delivery on such purchase commitments is remote.

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To help ensure the future supply of high-quality green coffee and to reinforce our leadership role in the coffee industry, Starbucks operates ten farmer support centers, including our China Farmer Support Center located in the Yunnan Province of this high-growth market. Farmer support centers are staffed with agronomists and sustainability experts who work with coffee farming communities to promote best practices in coffee production designed to improve both coffee quality and yields as well as agronomy support to address climate change and other impacts.

In addition to coffee, we also purchase significant amounts of dairy, particularly fluid milk, and to a lesser degree, plant-based dairy-free alternative products, such as oat milk and almond milk, to support the needs of our company-operated stores. We believe, based on the established relationship and historical performance of our dairy and plant-based dairy-free suppliers, that the risk of non-delivery of sufficient fluid milk and plant-based dairy-free alternatives to support our stores generally is remote.

Products other than whole bean coffees and coffee beverages sold in Starbucks stores include tea and a number of ready-to-drink beverages that are purchased from several specialty suppliers, usually under long-term supply contracts. Food products, such as pastries, breakfast sandwiches, and lunch items, are purchased from national, regional, and local sources. We also purchase a broad range of paper and plastic products, such as cups and cutlery, from several companies to support the needs of our retail stores as well as our manufacturing and distribution operations. We ~~are also expanding our use of reusable packaging to reduce landfill waste. We~~ believe, based on the established relationship and historical performance of our suppliers and manufacturers, that the risk of non-delivery of sufficient amounts of these items generally is remote.

Competition

Our primary competitors for coffee beverage sales are specialty coffee retailers and shops. We believe that our customers choose among specialty coffee retailers and shops primarily on the basis of product quality, brand reputation, service, and convenience, as well as price. We continue to experience direct competition from large competitors in the quick-service restaurant sector and the ready-to-drink coffee beverage market, in addition to both well-established and start-up companies in many international markets. We also compete with restaurants and other specialty retailers for prime retail locations and qualified personnel to operate both new and existing stores.

Our coffee and tea products sold through our Channel Development segment compete directly against specialty coffees and teas sold through grocery stores, warehouse clubs, specialty retailers, convenience stores, and foodservice accounts and also compete indirectly against all other coffees and teas on the market.

Trademarks, Copyrights, Patents, and Domain Names

Starbucks owns and has applied to register numerous trademarks and service marks in the U.S. and in other countries throughout the world. Some of our trademarks, including Starbucks, the Starbucks logo, Starbucks Reserve, and Frappuccino, are of material importance. The duration of trademark registrations varies from country to country. However, trademarks are generally valid and may be renewed indefinitely as long as they are in use and/or their registrations are properly maintained.

We own numerous copyrights for items such as product packaging, promotional materials, in-store graphics, and training materials. We also hold patents on certain products, systems, and designs, which have an average remaining duration of approximately ~~thirteen~~fifteen years. In addition, Starbucks has registered and maintains numerous Internet domain names, including “Starbucks.com,” “Starbucks.net,” and “Starbucksreserve.com.”

Seasonality and Quarterly Results

Our business is subject to moderate seasonal fluctuations, of which our second fiscal quarter typically experiences lower revenues and operating income. Additionally, as 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.

Government Regulation

As a company with global operations, we are subject to the laws and regulations of the United States and the multiple foreign jurisdictions in which we operate as well as the rules, reporting obligations, and interpretations of all such requirements and obligations by various governing bodies, which may differ among jurisdictions. In addition, changes to such laws, regulations, rules, reporting obligations, and related compliance obligations could result in significant costs but are not expected to have a material effect on our capital expenditures, results of operations, and competitive position as compared to prior periods.

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Available Information

Starbucks Annual Report on Form 10-K reports, along with all other reports and amendments filed with or furnished to the ~~Securities and Exchange Commission (the “~~SEC”), are publicly available free of charge on the Investor Relations section of our website at investor.starbucks.com as soon as reasonably practicable after these materials are filed with or furnished to the SEC. In addition, the SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. Our corporate governance policies, code of ethics, and Board committee charters and policies are also posted on the Investor Relations section of our website. We also use the Investor Relations section of our website and our social media channels as tools to disclose important information about the Company and comply with our disclosure obligations under Regulation Fair Disclosure. We encourage investors and others to review the information we make public on the Investor Relations section of our website and our social media channels, as such information could be deemed material information. The information on our website (or any webpages referenced in this Report) or our social media channels is not part of this or any other report Starbucks files with, or furnishes to, the SEC, and all website addresses in this report are intended to be inactive textual references only.

Item 1A. Risk Factors

You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the Management’s Discussion and Analysis of Financial Conditions and Results of Operations section, the Quantitative and Qualitative Disclosures About Market Risk section, the Controls and Procedures section, and the consolidated financial statements and related notes. The risks described below are not the only risks facing the Company. The following risks, some of which have occurred and any of which may occur in the future, could materially and adversely affect our current and future business and financial performance. Risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and operating results.

Summary of Risks Associated with Our Business

Our business is subject to various risks and uncertainties that you should consider before investing in the Company. These risks are described in more detail in this Item 1A. These risks include, but are not limited to, the following:

Risks Related to Brand Relevance and Brand Execution

•Our success depends substantially on the value of our ~~brands~~brand, and failure to preserve ~~their~~its value could have a negative impact on our financial results.

~~•We~~The ~~may~~Starbucks ~~not~~brand is recognized throughout most of the world, and we have received high ratings in global brand value studies. To be successful in ~~our~~the ~~marketing strategies~~future, ~~promotional~~we ~~and~~believe ~~advertising~~we ~~plans~~must preserve, grow, and ~~pricing~~leverage ~~strategies~~the value of our brands across all sales channels.

~~Risks~~Various ~~Related~~factors, events, or conditions may result in a diminution or erosion of trust in our brand value. Adverse developments pertaining to ~~Our~~the ~~Business~~matters discussed elsewhere in this risk factors section may negatively impact the value of our brands. Such developments may include difficulties executing strategic initiatives, adapting to shifting consumer preferences, or managing global operations, and challenges stemming from macroeconomic volatility, supply chain pressures and disruptions, or an evolving competitive, regulatory, social, and geopolitical landscape. The impact of such developments on the value of our brands may be exacerbated if they receive considerable publicity or if they result in litigation. The value of our brands may be affected by actual or perceived developments, whether isolated or recurring, whether the result of actions by us or our business partners or the result of external developments, and whether such developments are in our control. Negative commentary about Starbucks, even if inaccurate or malicious, has in the past, and could in the future, damage the value of our brand, and adverse impacts may be compounded by social media, video-sharing, and messaging platforms that could dramatically increase the speed with which negative publicity may be disseminated, often before we have a meaningful opportunity to investigate, respond to, and address an issue. In addition, we cannot ensure that our store partners, licensees, or other business partners will not act or refrain from acting in a manner that adversely affects the value and relevance of our brand. Because brand value is based in part on consumer perceptions on a variety of subjective qualities, it may be difficult to address developments negatively impacting the value of our brands in a timely and effective manner to mitigate harm.

~~•We~~The diminution of, or erosion of trust in, our brand value may ~~not~~have benegative ~~successful~~consequences for the Company. Consumer demand for our products and our brand value could diminish significantly if we or our employees, licensees, or other business partners fail to preserve the quality of our products, or act, or are perceived to act, in ~~implementing~~an ~~important~~unethical, ~~strategic~~illegal, ~~initiatives~~or otherwise inappropriate manner. To the extent third parties object to actions or ~~effectively~~positions ~~managing~~taken ~~growth~~or perceived to have been taken by us, ~~which~~it may generate negative sentiment around our business. Developments affecting the value of our brands have anin ~~adverse~~the ~~impact~~past, and may in the future, trigger boycotts of our stores, products, and brand. Each of these consequences, individually and collectively, could have potentially material impacts on our brand value, business performance, and financial results.

~~•Our~~We ~~investments~~may tonot ~~transform~~be ~~and~~successful ~~enhance~~in ~~the~~our ~~customer~~brand, ~~experience~~marketing, ~~including~~promotional, ~~through technology~~advertising, ~~may~~and ~~not~~pricing ~~generate the expected results~~strategies.

~~•Evolving~~Our ~~consumer~~continued ~~preferences~~success ~~and~~depends ~~tastes,~~on asour ~~well~~ability asto ~~adverse~~adapt ~~public~~brand, ormarketing, ~~medical~~promotional, ~~opinions~~advertising, ~~about~~and ~~the~~pricing ~~health~~strategies ~~effects~~to ofshifting ~~consuming~~economic ~~our products~~conditions, ~~may~~competitive ~~adversely~~pressures, ~~affect~~and ~~our~~evolving ~~business~~customer preferences. We operate in a complex and costly

•If our business partners and third-party providers do not satisfactorily fulfill their responsibilities and commitments, it could damage our brand, and our financial results could suffer.

•Reported incidents involving food- or beverage-borne illnesses, tampering, adulteration, contamination, or mislabeling, whether or not accurate, could harm our business.

•If we are unable to meet our projections for new store openings or efficiently maintain the attractiveness of our existing stores, our operating results could suffer.

Risks Related to Operating a Global Business

•We are highly dependent on the financial performance of our North America operating segment.

•We are increasingly dependent on the success of certain international markets in order to achieve our growth targets.

•We face risks as a global business that could adversely affect our financial performance.

•Our reliance on key business partners may adversely affect our business and operations.

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~~Risks~~marketing ~~Related~~environment. Decisions to ~~Supply~~collaborate ~~Chain~~or refrain from collaborating with certain parties may impact our brand image and, consequently, our financial performance. Our programs may not always reach consumers as intended, particularly given the wide range of generational, geographical, cultural, and socioeconomic characteristics and channels of communication used by our customers, and effective resource allocation across channels, including digital, is critical. Additionally, factors such as operating costs, competitor strategies, and inflation may affect our pricing decisions, which could impact demand. For example, there is no guarantee future cost increases will be absorbed by customers. If our marketing or pricing strategies underperform relative to competitors, our sales and market share could decline. Likewise, if we do not continuously strengthen our capabilities in marketing, data analytics (including artificial intelligence and machine learning) and innovation to understand and maintain or grow consumer interest, brand loyalty, and market share while strategically expanding into other profitable categories of the commercial beverage industry, our business could be negatively affected.

•Increases in the cost of high-quality arabica coffee beans or other commodities or decreases in the availability of high-quality arabica coffee beans or other commodities could have an adverse impact on our business operations and financial results.

•Our supply chain may be unable to fully support current and future business needs.

•Interruption of our supply chain and our reliance on suppliers could affect our ability to produce or deliver our products and could negatively impact our business and profitability.

Risks Related to Macroeconomic Conditions

•Our financial condition and results of operations are subject to, and may be adversely affected by, a number of macroeconomic and other factors, many of which are largely outside our control.

•Economic conditions in the U.S. and international markets have adversely affected, and could continue to adversely affect, our business and financial results.

•Failure to meet our announced guidance or market expectations for our financial performance will likely adversely affect the market price and increase the volatility of our stock, and fluctuations in the stock market as a whole may also impact the market price and volatility of our stock.

Risks Related to Human Capital

•The loss of key personnel, difficulties with recruiting and retaining qualified personnel, or ineffectively managing changes in our workforce could adversely impact our business and financial results.

•Changes in the availability and cost of labor could adversely affect our business.

Risks Related to Competition

•We face intense competition in each of our channels and markets, which could lead to reduced profitability.

Risks Related to Environmental, Social, and Governance Matters

•Climate change may have an adverse impact on our business.

•Our business is subject to evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social, and governance matters, that could expose us to numerous risks.

•Certain activist shareholder actions have caused, and could continue to cause, us to incur expense, hinder execution of our business strategy, and adversely impact our stock price.

Risks Related to Regulation and Litigation

•Failure to comply with applicable laws and changing legal and regulatory requirements could harm our business and financial results.

•We have been, and could continue to be, party to litigation or other legal proceedings that could adversely affect our business, results, operations, and reputation.

Risks Related to Cybersecurity and Data Privacy

•Failure to maintain satisfactory compliance with certain privacy and data protection laws and regulations may result in substantial negative financial consequences, reputational harm, and civil or criminal penalties.

•The unauthorized access, use, theft, or destruction of customer or employee data (personal, financial, or other), or of Starbucks proprietary or confidential information that is stored in our information systems or by third parties on our behalf, could impact our reputation and brand and expose us to potential liability and loss of revenues.

•We rely heavily on information technology in our operations and growth initiatives, and any material failure, inadequacy, interruption, or security failure of that technology could harm our ability to effectively operate and grow our business and could adversely affect our financial results.

Risks Related to Intellectual Property

•Failure to adequately protect our intellectual property or ensure that we are not infringing on the intellectual property of others could harm the value of our brand and our business.

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Risks Related to Brand Relevance and Brand Execution

Our success depends substantially on the value of our brands, and failure to preserve their value could have a negative impact on our financial results.

We believe we have built an excellent reputation globally for the quality of our products, for delivery of a consistently positive consumer experience, and for our global environmental and social impact programs. The Starbucks brand is recognized throughout most of the world, and we have received high ratings in global brand value studies. To be successful in the future, particularly outside of the U.S. where the Starbucks brand and our other brands are less well-known, we believe we must preserve, grow, and leverage the value of our brands across all sales channels. Brand value is based in part on consumer perceptions on a variety of subjective qualities.

Erosion of trust in our brand value can be caused by isolated or recurring incidents originating both from us or our business partners, or from external events. Such incidents can potentially trigger boycotts of our stores or result in civil or criminal liability, which can have a negative impact on our financial results. Incidents that can erode trust in our brand value include actual or perceived breaches of privacy or violations of domestic or international privacy laws, contaminated food, product recalls, store employees or other food handlers infected with communicable diseases, safety-related incidents, or other potential incidents discussed in this risk factors section. The impact of such incidents may be exacerbated if they receive considerable publicity, including rapidly through social or digital media (including for malicious reasons), or if they result in litigation. Negative postings or comments on social media or networking websites about Starbucks, even if inaccurate or malicious, have in the past, and could in the future, generate negative publicity about Starbucks across media channels that could damage the value of our brand. It may be difficult to address such negative publicity, including as a result of fictitious media content (such as content produced by generative artificial intelligence or bad actors) across media channels. Additionally, consumer demand for our products and our brand value could diminish significantly if we, our employees, licensees, or other business partners fail to preserve the quality of our products, act or are perceived to act in an unethical, illegal, racially-biased, unequal, inequitable, or socially irresponsible manner, including with respect to the sourcing, content, or sale of our products, service and treatment of customers at Starbucks stores, treatment of employees, including our responses to unionization efforts, or the use of customer data for general or direct marketing or other purposes. Allegations, even if untrue, that we are not respecting internationally recognized human rights, are failing to comply with applicable workplace and labor laws, or are aligned with positions on social or geopolitical issues could also negatively impact our brand value. Additionally, if we fail to comply with laws and regulations, take controversial positions or actions, fail to deliver a consistently positive consumer experience in each of our markets, including by failing to invest in the right balance of wages and benefits to attract and retain employees who represent the brand well, or fail to foster an inclusive and diverse environment, our brand value may be diminished. In addition, we cannot ensure that our store partners, licensees, or other business partners will not take actions that adversely affect the value and relevance of our brand.

Furthermore, if we are not effective in making sufficient progress toward our environmental and social program goals, consumer trust in our brand may suffer, and this perception could result in negative publicity or litigation. The ongoing relevance of our brand may depend on making sufficient progress toward our environmental and social program goals, each of which requires company-wide coordination and alignment. Increased public focus, including by governmental and nongovernmental organizations, on environmental sustainability matters, including climate change, diminishing energy and water resources, packaging and waste, deforestation, biodiversity loss, greenhouse gas emissions, and land use, may result in increased pressure to set goals and take actions to meet them, which could expose us to market, operational, and execution costs or risks. Statements regarding our environmental and social program goals reflect our current plans and aspirations; our environmental and social program-related policies, practices, and goals are voluntary, challenging, and subject to change at our discretion. Some third parties may object to the scope or nature of our environmental and social program initiatives or goals, or any revisions to these initiatives or goals, which could give rise to negative responses by governmental actors (such as retaliatory legislative treatment), consumers (such as boycotts or negative publicity campaigns), or other third parties that could adversely affect our brand value.

We may not be successful in our marketing strategies, promotional and advertising plans, and pricing strategies.

Our continued success depends in part on our ability to adjust our marketing strategies, promotional and advertising plans, and pricing strategies to respond quickly and effectively to shifting economic and competitive conditions as well as evolving customer preferences. We operate in a complex and costly marketing, promotional, and advertising environment. Competition to attract and retain high-quality marketing partners and endorsers has increased. Our decisions to collaborate or to cease collaborating with certain endorsers or marketing partners in light of actions taken or statements made by them could seriously harm our brand image with consumers and, as a result, could have an adverse effect on our sales and financial condition. Our marketing, promotional, and advertising programs may not be successful in reaching consumers in the way we intend. Our success depends in part on whether the allocation of our advertising, promotional, and marketing resources across different channels, including digital, allows us to effectively and efficiently reach consumers in ways that are meaningful to them. Additionally, many factors, including operating costs, constraints, or changes, and our current and future competitors’ pricing

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and marketing strategies, could significantly affect our pricing strategies (including price reductions, promotions, discounts, coupons, or free goods), which may prevent us from competing effectively in certain geographies. For example, historically, in order to partially offset inflation and other increases in the costs of core operating resources, we have gradually increased menu prices. There can be no assurance that future cost increases, including as a result of inflation, can be offset by increased menu prices or that our current or future menu prices will be fully absorbed by our customers without any resulting change to their demand for our products. If the advertising, promotional, and marketing programs or our pricing strategies are not successful or are not as successful as those of our competitors, our sales and market share could decrease.

Finally, consumers are focusing more on sustainability and the environmental impacts of Starbucks operations, as well as the alignment of Starbucks actions with its stated mission, values, and promises. An inability to meet consumer expectations with respect to these issues could adversely affect our financial results.

Risks Related to Our Business

We may not be successful in implementing important strategic initiatives or(including our restructuring plan), effectively managing growth, or executing strategic transactions, any of which may have an adverse impact on our business and financial results.

We may not be able to implement important strategic initiatives in accordance with our expectations or that generate expected returns, which may result in an adverse impact on our business and financial results. ~~These~~In ~~strategic~~conjunction ~~initiatives,~~with ~~which include~~ our broader Back to Starbucks plan, these strategic initiatives are designed to create growth, improve our results of operations, and drive long-term shareholder value. Such initiatives include improving our service model, and ~~include:~~further transforming our non-retail support organization; enhancing partner investment to improve customer experience; closing, renovating, and redesigning coffeehouses; strengthening our leadership in coffee; expanding digital engagement through mobile, loyalty, delivery, and international platforms; simplifying store operations; and responsibly growing our global footprint. We have in the past and may in the future undertake restructuring initiatives, which have resulted, and may continue to result, in the incurrence of significant additional costs, and our ability to achieve the anticipated cost savings and other benefits from these actions is subject to many estimates and assumptions, which are subject to uncertainties. Such initiatives may be disruptive both internally and to our customers and may be viewed negatively by our stakeholders.

~~•being~~We anundertake ~~employer~~these initiatives in the context of ~~choice~~ongoing efforts to adapt to shifting consumer behaviors amid economic volatility, optimize our mix of licensed and ~~investing~~company-operated stores, expand relevant product offerings across dayparts, and drive growth in ~~partners~~cold beverages and Channel Development partnerships, while also advancing appropriate sustainability efforts, managing climate-related risks, and reducing operating costs. Risks to ~~deliver~~successful aand ~~superior~~timely ~~customer~~implementation ~~experience~~of these initiatives include delays or cancellations of store openings due to labor or material shortages, permit procurement issues, or lack of suitable real estate; supply chain scalability and sustainability challenges; underperformance or delays in product innovation; remodel disruptions or cost overruns; coordination and execution challenges; failure to realize cost savings; increased taxation; regulatory constraints, including public health mandates; credit rating deterioration; and geopolitical instability. If these initiatives fail to deliver expected results or we do not fully realize their intended benefits, our financial performance may suffer. Additionally, prioritizing these efforts over other organizational needs or misallocating resources could materially impact our business and operating results.

~~•building~~Managing growth—particularly in international markets—requires balancing local autonomy with consistency in our ~~leadership~~goals, ~~position~~policies, ~~around~~and ~~coffee;~~standards. Ineffectively balancing these imperatives could materially harm our business results and financial performance.

~~•driving~~Furthermore, ~~convenience~~we may be unsuccessful in implementing strategic initiatives through large acquisitions, ~~brand~~integrations, ~~engagement~~divestitures, partnerships, joint ventures, or other strategic transactions. If we are unable to complete such transactions or successfully integrate and ~~digital~~develop ~~relationships~~acquired ~~through~~businesses, ~~our~~including ~~mobile~~the effective management of integration activities, ~~loyalty~~we could fail to achieve the expected increases in revenues and operating results or the anticipated synergies and cost savings. In the past we have been, ~~delivery~~and in the future we may be, unable to realize the expected benefits of strategic transactions, or it may also take longer than expected to realize the expected benefits. This has in the past required, and ~~digital~~may ~~capabilities~~in ~~both~~the ~~domestically~~future require, us to assess potential impairment of assets, including goodwill and ~~internationally;~~intangibles. Any resulting impairment charges could materially affect our financial results.

•simplifying store administrative tasks to allow store partners to better engage with customers;

•increasing the scale of the Starbucks store footprint with disciplined global expansion and continuing to introduce flexible and unique store formats in certain markets;

•adjusting rapidly to changing customer preferences and behaviors as a result of changing economic conditions and increased global interest rates and inflation;

•moving to a more licensed store model in certain markets and a more company-operated model in other markets;

•creating new occasions in stores across all dayparts with new product offerings, including our growing lunch food and beverage product lineup;

•continuing the global growth of our Channel Development business through our supply, distribution, and licensing agreements with Nestlé and other Channel Development business partners;

•delivering continued growth in our cold beverage business;

•working to address the potential effects of climate change and the sustainability of our business; and

•reducing our operating costs, particularly general and administrative expenses.

In addition to other factors listed in this risk factors section, factors that may adversely affect the successful implementation of these initiatives, which could have a material adverse impact on our business and financial results, include the following:

•delays or cancellations of store openings for reasons beyond our control, such as potential shortages of materials and labor, delays in permits, or a lack of desirable real estate locations available for lease at reasonable rates, any of which could keep us from meeting annual store opening targets in the U.S. and internationally;

•not successfully scaling our supply chain infrastructure as we continue to expand;

•not successfully adapting to customer or market factors affecting our supply chain as we work to address sustainability goals and mitigate the impacts of climate change;

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•inability to timely innovate with new product offerings, or the potential that such offerings may not be well-received by consumers;

•delays or cancellations of remodels based on changes in macroeconomic conditions, changes in expected project benefits, or other factors;

•construction cost increases associated with new store openings and remodeling of existing stores;

•the challenges of company-wide coordination and alignment;

•inability to identify or act on opportunities to deliver anticipated cost savings;

•imposition of additional taxes by jurisdictions, such as on certain types of beverages or based on number of employees;

•governmental regulations or other health guidelines concerning operations of stores, including due to public health emergencies;

•deterioration in our credit ratings, which could limit the availability of additional financing and increase the cost of obtaining financing to fund our initiatives; and

•geopolitical instability and international conflicts.

Effectively managing growth can be challenging, particularly as we continue to expand in international markets where we must balance the need for flexibility and a degree of autonomy for local management against the need for consistency with our goals, policies, and standards. If we are not successful in implementing our strategic initiatives, or, in the event we undertake large acquisitions, integrations, and divestitures, we may be required to evaluate whether certain assets, including goodwill and other intangibles, have become impaired. In the event we record an impairment charge, it could have a material impact on our financial results.

Our investments to transform and enhance the customer experience, including through technology, may not generate the expected results.

Our long-term business objectives depend on the successful execution of our strategies. We continue to build upon our investments in development, technology, digital engagement, and delivery in order to transform and enhance the customer experience. As part of these investments, we continue to focus on improving our service model and strengthening relationships with customers, in part through digital channels and loyalty initiatives, mobile order and payment systems, and enhancement of our technologies. We also continue to expand and refine our mobile ordering process. If these customer experience initiatives are not successfully executed or do not generate expected results, or if we do not fully realize the intended benefits of these significant investments, our financial results may suffer. It is also possible that the greater allocation of time and resources to these customer experience initiatives versus other organizational priorities could negatively impact other areas of our business, or that we will fail to achieve optimal allocation of resources, which could materially harm our business and results of operations.

Evolving consumer preferences and tastes, as well as adverse public or medical opinions about the health effects of consuming our products, may adversely affect our business.

Our ~~continued~~ success depends on ~~our~~attracting ~~ability to attract~~ and ~~retain~~retaining customers. ~~Our~~Financial ~~financial~~performance ~~results~~may ~~could~~ be adversely affected by areduced ~~shift in consumer spending away from outside-the-home food and beverages (such as a reduction in~~ discretionary spending);, lack of ~~customer~~ acceptance of new products ~~(including due to price increases necessary to cover the costs of new products or higher input costs)~~, brands ~~(such as the global expansion of the Starbucks brand)~~, ~~and~~or platforms ~~(such as features of our mobile technology~~, ~~changes in our loyalty rewards programs, and our delivery services initiatives);~~ or ~~customers~~declining ~~reducing their~~ demand for ~~our~~existing ~~current~~ offerings ~~as new products are introduced~~. InWe ~~addition,~~have ~~some~~previously ~~of our products contain caffeine~~been, ~~dairy products, sugar,~~ and ~~other~~may ~~compounds~~in ~~and allergens,~~ the ~~health~~future ~~effects of which are the subject of public and regulatory scrutiny~~be, ~~including~~unable ~~the suggestion of linkages~~ to aaccurately ~~variety~~predict ~~of adverse health effects. Particularly in the U.S., there is increasing~~ consumer awareness of health risks, including obesity, as well as increased consumer litigation based on alleged adverse health impacts of consumption of various food and beverage products. An unfavorable report on the health effects of caffeine or other compounds present in our products, whether or not accurate, imposition of additional taxes on certain types of food and beverage components, or negative publicity or litigation arising from certain health risks could significantly reduce the demand for our ~~beverages and food~~ products ~~and materially harm our business and results of operations~~. ~~Changes~~This inhas diet (whether due to changes in consumer behavior and eating habits, use of weight-loss drugs, or other factors) could also influence the demand for our offerings and materially harm our business and results of operations. Our financial results have been, and could continue to

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beresulted, ~~adversely~~and ~~affected~~may ~~by changes~~ in ~~macroeconomic~~the ~~conditions~~future result, ~~including~~in ~~those~~insufficient ~~discussed~~or inexcess ~~more~~inventory, ~~detail~~increased ~~elsewhere~~inventory inmarkdowns, ~~this~~and ~~risk~~higher ~~factors section~~costs. ~~Such~~Any ~~changes~~of ~~have~~these ~~impacted,~~outcomes ~~and~~ could ~~continue~~adversely toaffect ~~impact,~~our ~~customer~~results ~~routines,~~of ~~employer~~operations ~~“work-from-home” policies,~~ and ~~consumer~~financial ~~behavior, including consumers’ ability or willingness to spend discretionary income on our products~~condition.

Additionally, health concerns related to ingredients such as caffeine, dairy, sugar, or allergens—whether accurate or not—along with increased litigation, regulation and regulatory scrutiny, or taxes on certain food components, ingredients, or additives, could reduce demand and harm our results. Shifts in consumer behavior, including dietary changes or use of weight-loss drugs, may also impact sales.

If our business partners and third-party providers do not satisfactorily fulfill their responsibilities and commitments, it could damage our brand, and our financial results could suffer.

Our global business strategy, including our plans for new stores, branded products, and other initiatives, relies significantly on a variety of business partners, including licensees, joint venture partners, third-party manufacturers, distributors, and retailers, particularly for our entire global Channel Development business. ~~Licensees,~~These ~~retailers,~~partners ~~and foodservice operators~~ are often authorized to use our logos and ~~provide~~deliver branded ~~food, beverage, and other~~ products directly to customers. WeTo ~~believe~~maintain ~~our~~consistent ~~customers~~customer ~~expect the same quality of service regardless of whether they visit a licensed or company-operated store~~experience, so we provide training and ~~support~~oversight to, ~~and monitor the operations of,~~ certain ~~of these licensees and other business~~ partners.; ~~However~~however, ~~the product quality and service they deliver may still be diminished by any number of~~ factors beyond our control,—such ~~including~~as financial ~~constraints~~instability, orlabor ~~solvency issues~~shortages, ~~adherence~~or tononcompliance with sanitation protocols—may ~~and~~affect ~~guidance,~~the ~~labor~~quality ~~shortages,~~of ~~and~~their ~~other~~service ~~factors~~and products. We do not have direct control over ~~our~~these ~~business~~ partners and may ~~not~~lack ~~have~~ visibility into their ~~practices~~operations.

We ~~also~~ source ~~our food, beverage, and other~~ products from a ~~wide~~broad ~~variety~~network of domestic and international business partners, and in ~~certain~~some cases, ~~such~~licensees source products ~~are produced or sourced by our licensees directly~~independently. We do not monitor the quality of non-Starbucks products served by ~~foodservice operators who are~~ authorized ~~to use our logos and provide branded products as part of their~~ foodservice ~~businesses~~operators. Failures by ~~our licensees or~~ business ~~providers~~partners to comply with ~~the~~applicable laws or ~~regulations of their markets, or to otherwise~~ meet ~~the~~brand standards ~~consumers associate with our brand,~~ may negatively impact our business. Additionally, inconsistent use or inadequate protection of our brand and ~~other~~ intellectual property ~~assets, as well as the failure to protect our intellectual property,~~ could erode consumer trust and ~~diminish~~materially ~~our~~affect ~~brand value, which could result in a material negative impact on~~ our financial results.

Reported incidents involving food- or beverage-borne illnesses, tampering, adulteration, contamination, or mislabeling, whether or not accurate, could harm our business.

~~Instances~~We ormay ~~reports,~~experience ~~whether~~food ~~true~~ or ~~not, of unclean water supply or food~~beverage-safety ~~issues,~~incidents such as ~~food- or beverage-borne illnesses, tampering, adulteration,~~ contamination, ~~and/or~~ mislabeling, ~~either~~or adulteration during ~~growing,~~any ~~manufacturing,~~stage ~~packaging,~~of ~~transporting,~~production ~~storing,~~ or preparation,. ~~have~~We inrely ~~the~~on ~~past~~third-party ~~severely~~suppliers ~~injured~~for ~~the~~many ~~reputations~~ of ~~companies~~our iningredients ~~the food~~ and ~~beverage~~finished ~~processing,~~products. ~~grocery,~~A ~~and~~failure ~~quick-service~~to ~~restaurant~~meet ~~sectors.~~quality ~~Any~~standards—even ~~report~~if ~~linking~~due us to ~~such~~factors ~~instances,~~beyond ~~even~~our ~~when~~control—could ~~false,~~result ~~unfounded,~~in orpublic ~~inaccurate~~exposure, ~~could~~regulatory ~~materially~~scrutiny ~~harm~~or ~~our~~action, ~~sales~~litigation ~~and~~(including ~~could lead to~~ product liability claims, ~~litigation~~and ~~(including~~ class actions), or temporary store closures, orwhich ~~other~~could ~~adverse~~materially ~~consequences.~~harm ~~Validated~~our ~~food-safety issues can also result in regulatory action and may lead to a recall of impacted products~~business. ~~Clean~~Additionally, clean water is ~~critical~~essential tofor ~~the~~beverage preparation ~~of coffee~~, ~~tea,~~ and ~~other~~access ~~beverages,~~may ~~as well as ice for our cold beverages, and our ability to ensure adequate supplies of clean water and ice to our stores can~~ be limited, ~~particularly~~ in ~~some~~certain international ~~locations~~markets. WeAs ~~continue~~we toexpand ~~incorporate more products in~~ our ~~food~~offerings ~~and~~requiring ~~beverage lineup that require time and~~ temperature control, ~~including freezing or refrigeration, which increases~~ the risk of food-safety ~~related~~ incidents increases if ~~correct~~proper ~~temperatures~~conditions are not maintained ~~during~~due ~~manufacturing,~~to ~~storage,~~mechanical ~~distribution~~failure toor ~~stores,~~human error. Such incidents may harm our brand and atreputation ~~stores,~~and ~~due~~could tonegatively ~~mechanical~~impact ~~malfunction~~our orbusiness ~~human~~and ~~error.~~financial performance.

WeReports—whether ~~also~~accurate ~~face~~or ~~risk~~not—of byfood- ~~relying~~or ~~on third~~beverage-~~party~~safety ~~food~~issues ~~suppliers~~such toas ~~manufacture~~contamination, ~~finished products~~mislabeling, ~~and~~or toadulteration ~~provide~~during ~~and~~any ~~transport~~stage ~~ingredients~~of ~~and~~production ~~finished~~or ~~products~~preparation tohave historically harmed the reputations of companies in our ~~stores~~industry. ~~The~~Any ~~product~~perceived ~~quality~~association ~~and~~with ~~service~~such ~~they~~incidents, ~~deliver~~even ~~may~~if beunfounded, ~~diminished~~could byharm ~~any~~our ~~number~~reputation ofand ~~factors~~materially ~~beyond~~impact our ~~control.~~business ~~Potential~~and ~~food~~financial performance. Food-safety incidents involving competitors or shared suppliers, ~~whether~~even atif ~~our~~unrelated ~~stores~~to Starbucks, ~~with~~could generate negative publicity and impact our ~~products~~sales regionally or globally. In addition, real or ~~involving~~perceived ~~our~~concerns ~~business~~about ~~partners~~food safety issues, such as phthalates, per- and polyfluoroalkyl substances (PFAS), microplastics or heavy metals in the U.S. food supply chain, could impact consumers’ confidence in our offerings. Confirmed food-safety issues may also result in product recalls. A widespread product recall could lead to ~~wide~~significant ~~public~~financial ~~exposure~~losses from recall costs, ~~regulatory~~inventory ~~action~~destruction, lost sales, and ~~potential~~reputational ~~litigation~~damage. Declines in customer traffic due to safety concerns, ~~which~~negative publicity, or store closures could ~~materially~~adversely ~~harm~~affect our ~~business~~operations.

A widespread Starbucks product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time, and could also subject us to product liability claims and negative publicity, all of which could materially harm our business. A decrease in customer traffic because of food-safety concerns or negative publicity, product recalls, viral-contaminated food or beverage claims, or other food or beverage-safety claims or litigation, or as a result of a temporary closure of any of our stores, could materially harm our business and results of operations. Additionally, instances of food or beverage-safety issues, even those solely involving the restaurants or stores of competitors or of suppliers or distributors (regardless of whether we use or have used those suppliers or distributors), could adversely affect our sales on a regional or global basis by resulting in negative publicity about us, even if no Starbucks suppliers or products are impacted, or the foodservice industry in general.

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If we are unable to meet our projections for new store openings or efficiently maintain the attractiveness of our existing stores, our operating results could suffer.

Our growth depends in part on our ability to open new stores and operate them profitably onwithin ~~the~~projected ~~forecasted timeline~~timelines. InStore ~~recent~~development ~~years, the~~ costs ofhave ~~opening~~risen ~~new stores increased~~ due ~~in part~~ to construction labor inflation and increased ~~costs~~material ~~of materials~~ and equipment. ~~In addition, we incur substantial startup~~ expenses. ~~each~~Each ~~time we open a~~ new store, ~~and~~involves itsubstantial ~~takes~~startup ~~time~~costs ~~to ramp up the sales~~ and ~~profitability of~~ a ~~new store, during which~~ ramp-up period ~~costs~~during which profitability may be ~~higher~~delayed as we train ~~new~~ partners and build up a customer base. If we ~~are~~fail ~~unable~~ to ~~build~~attract ~~the~~sufficient ~~customer~~customers ~~base that we expect~~ or ~~fail~~offset ~~to overcome the~~ higher startup ~~expenses associated with new stores~~costs, ~~our~~ new stores may ~~not~~underperform berelative ~~as profitable as our existing stores. Our ability~~ to open and profitably operate new stores is also subject to various risks, such as the identification and availability of desirable locations; the negotiation of acceptable lease terms; the need to obtain all required governmental permits (including zoning approvals) and comply with other regulatory requirements, including health and safety; the availability of capable contractors and subcontractors; increases in the cost and decreases in the availability of labor and building material; changes in weather, natural disasters, pandemics, or other acts of God that could delay construction and adversely affect guest traffic; our ability to hire and train qualified management and store partners; and general economic and business conditions. At each potential location, we compete with other foodservice and retail businesses for desirable development sites, construction contractors, management personnel, partners, and other resources. It is also possible that our new stores may negatively impact the profitability of existing ~~stores nearby~~ones. If we are unable to successfully manage these risks, we could face increased costs and lower-than-anticipated sales and earnings in future periods, which could have a material negative effect on our operating results.

InStore ~~addition,~~development weis ~~continue~~subject to ~~improve~~risks ~~our~~including ~~existing~~site ~~stores~~selection, ~~through~~lease ~~remodels~~negotiations, ~~upgrades,~~permitting and ~~regular~~regulatory ~~upkeep.~~compliance, Ifcontractor ~~the~~availability, ~~costs~~labor ~~associated~~and ~~with~~material ~~remodels~~costs, ~~upgrades,~~and orexternal ~~regular~~disruptions ~~upkeep~~such ~~are~~as ~~higher~~weather ~~than anticipated~~events, ~~stores~~natural ~~are closed for remodeling for longer periods than planned~~disasters, or ~~remodeled~~pandemics. ~~stores~~We doalso ~~not~~face ~~perform~~competition asfor ~~expected~~prime locations, wecontractors, ~~may~~and ~~not~~qualified ~~realize~~personnel. ~~our projected return on investment~~Additionally, ~~which~~new ~~could~~stores ~~have~~may ~~a material negative effect on our operating results.~~

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cannibalize sales from nearby existing locations. Failure to manage these risks could result in increased costs and lower-than-expected sales and earnings, materially affecting our operating results.

We also invest in remodeling and maintaining existing stores. If costs exceed projections, closures last longer than planned, or remodeled stores underperform, we may not achieve expected returns, which could negatively impact our financial results.

Risks Related to Operating a Global Business

We are highly dependent on the financial performance of our North America operating segment.

Our financial performance is ~~highly~~heavily ~~dependent~~reliant on our North America operating segment, which ~~comprised~~accounted for approximately 7574% of ~~consolidated~~ total net revenues in fiscal year ~~2024~~2025. IfA ~~the~~slowdown ~~North America operating segment revenue trends slow~~ or decline, ~~especially~~in this segment—particularly in ~~our~~the U.S.—has ~~market,~~in ~~our~~the ~~other~~past, ~~segments~~and ~~may~~could bein ~~unable~~the tofuture, ~~make~~materially upimpact ~~any~~our ~~significant~~overall ~~shortfall~~business, ~~and~~as ~~our~~other ~~business~~segments ~~and~~may ~~financial~~not ~~results~~offset ~~could~~the ~~be adversely affected~~shortfall. ~~Since~~Given ~~the~~its ~~North~~maturity ~~America segment is relatively mature~~ and ~~produces~~role as the ~~large~~primary ~~majority~~source of ~~our~~ operating cash ~~flows~~flow, ~~such~~reduced aperformance ~~slowdown~~in orNorth ~~decline~~America could ~~result~~limit inour ~~reduced~~ability ~~cash~~to ~~flows~~fund ~~for~~international ~~funding the~~ expansion, ofstrategic ~~our international businesses and other~~ initiatives, and ~~for~~shareholder ~~returning cash to our shareholders~~returns.

We are ~~increasingly~~ dependent on the ~~success~~performance of ~~certain~~licensed and company-owned international markets ~~in order~~ to achieve our growth targets.

~~Our~~The ~~future~~International ~~growth~~segment ~~increasingly~~is ~~depends~~a oncritical ~~the~~profit ~~growth~~center. ~~and~~Achievement ~~sustained profitability~~ of ~~certain~~our ~~international~~growth ~~markets.~~targets ~~Some~~is orpartially ~~all~~dependent ofon ~~our~~sustained ~~international~~performance ~~market~~and ~~business~~growth ~~units (“MBUs”)~~internationally, ~~which~~particularly wein ~~generally define by~~ the markets inoperated ~~which~~by ~~they~~our ~~operate,~~larger ~~may~~regional ~~not~~licensees beand ~~successful~~ in ~~their~~key ~~operations~~company-owned ormarkets inoutside ~~achieving~~North ~~expected growth, which ultimately requires achieving consistent, stable net revenues and earnings~~America. ~~The~~If ~~performance of these international operations may be adversely affected by economic downturns in~~ one or more of ~~the~~these international markets infail ~~which~~to ~~our~~achieve ~~large~~stable ~~MBUs~~revenues ~~operate.~~and Aearnings—due ~~decline~~to ineconomic ~~performance~~downturns ~~of one~~ or ~~more~~other of factors—our ~~significant~~consolidated ~~international~~results ~~MBUs~~ could ~~have~~be amaterially ~~material adverse impact on our consolidated results~~impacted.

~~The~~In ~~International~~addition ~~segment~~to isthe anrisks ~~important~~that ~~profit~~apply ~~center~~to ~~driving~~ our ~~global~~business ~~returns~~generally, ~~along~~wherever ~~with~~conducted, our ~~North~~International ~~America~~business ~~segment.~~may Inalso ~~particular,~~be ~~our~~subject ~~China~~to ~~MBU,~~certain asadditional risks and risks that take on a different magnitude or character in the context of our ~~second-largest~~international ~~market~~business. ~~overall~~Success ~~and~~in ~~100%~~international ~~company-operated~~markets can depend on factors distinct from those in the U.S., ~~contributes~~including ~~meaningfully~~regional totaste ~~both~~preferences, ~~consolidated~~varying consumer acceptance of our products, and differing regulatory regimes across markets. International ~~net~~operations ~~revenues~~may also face higher occupancy and operating ~~income.~~costs ~~Due~~due to ~~the~~elevated ~~significance~~rents ofand ~~our~~regulatory ~~China~~compliance. ~~MBU~~Finally, ~~for~~because ~~our~~many ~~profit~~markets ~~and~~are ~~growth~~in earlier development stages, weoperating ~~are~~expenses ~~exposed~~as a percentage of revenue tend to ~~risks~~be higher than in ~~China,~~more ~~including~~established ~~the~~markets. Each of these factors present risks ~~mentioned~~to ~~elsewhere~~our business performance and ~~the~~financial ~~following:~~results.

•a highly competitive retail environment and the entry of new competitors to the specialty coffee market in China;

•changes in economic conditions in China and potential negative effects to the growth of its middle class, wages, labor, inflation, discretionary spending, and real estate and supply chain costs;

•the effects of U.S.-China relations, including escalating U.S.-China tension and increased anti-Americanism, potential tariff increases, retaliations, restrictive regulations, or boycotts, and increasing political sensitivities in China;

•ongoing government regulatory reform, including relating to public health, food safety, tariffs and taxes, sustainability, and responses to climate change, which result in regulatory uncertainty as well as potential significant increases in compliance costs;

•data privacy and cybersecurity risks unique to the conduct of business in China; and

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•food safety related matters, including compliance with food safety regulations and ability to ensure product quality and safety.

Additionally, some factors that will be critical to the success of our international operations overall are different than those affecting our U.S. stores and licensees. Tastes naturally vary by region, and consumers in some international MBUs may not embrace our products to the same extent as consumers in the U.S. or other international markets. Occupancy costs and store operating expenses can be higher internationally than in the U.S. due to higher rents for prime store locations or costs of compliance with market-specific regulatory requirements. Because many of our international operations are in an early phase of development, operating expenses as a percentage of related revenues are often higher compared to more developed operations.

We face risks as a global business that could adversely affect our financial performance.

WeOperating ~~operate~~ in 8789 global markets, ~~globally.~~we Weface ~~encounter~~diverse ~~differing~~ cultural, regulatory, geopolitical, and economic environments. ~~within~~Our ~~and~~success ~~among the markets in which we operate, and our ability to achieve our business objectives~~ depends on ~~our~~navigating ~~ability to successfully navigate~~ these ~~differing~~differences ~~environments.~~effectively ~~Our~~and ~~ability~~leveraging tooperational ~~meet~~strengths ~~customer~~across ~~expectations~~markets. isHowever, ~~complicated~~planned byinitiatives ~~the~~may ~~risks~~not ~~inherent~~resonate inuniformly ~~our~~with ~~global~~customers ~~operating environment,~~ and ~~our~~could ~~global~~lead ~~success is partially dependent on our ability~~ to ~~leverage~~unexpected ~~operating~~shifts ~~successes~~in ~~across~~perception ~~multiple~~or ~~markets~~market share. ~~Planned~~Our ~~initiatives~~international ~~may~~operations ~~not~~are ~~have~~also ~~appeal~~subject ~~across~~to ~~multiple~~additional ~~markets~~inherent ~~with~~risks ~~our~~of ~~customers~~conducting ~~and~~business ~~could~~abroad, ~~drive~~such ~~unanticipated~~as: ~~changes in customer perceptions and market share.~~

~~Our~~•Uncertainty ~~international~~in ~~operations~~economic, ~~are~~legal, ~~also~~regulatory, ~~subject~~social, toand ~~additional~~political ~~inherent~~conditions, ~~risks~~including ofrising ~~conducting~~anti-American ~~business~~sentiment ~~abroad,~~in ~~such~~certain ~~as:~~ markets;

•~~changes~~Governmental ortrade ~~uncertainties~~and ininvestment ~~economic~~restrictions, ~~legal,~~such ~~regulatory,~~as ~~social~~tariffs, ~~and~~export ~~political~~duties, ~~conditions~~ownership ~~in our markets~~limits, asand ~~well~~favoritism astoward ~~negative~~local ~~effects on U.S. businesses due to increasing anti-American sentiment in certain markets~~competitors;

•~~restrictive~~Economic ~~actions of foreign~~ or ~~U.S. governmental authorities affecting~~ trade ~~and~~sanctions ~~foreign~~limiting ~~investment,~~product ~~especially~~sourcing ~~during~~or ~~periods~~business of heightened tension between the U.S. and such foreign governmental authorities, including protective measures such as export and customs duties and tariffs, government intervention favoring local competitors, and restrictions on the level of foreign ownershipoperations;

•~~delays~~Delays in store openings ~~for~~due ~~reasons~~to ~~beyond~~external ~~our control~~factors, competition ~~with locally relevant competitors~~, or alimited ~~lack~~access ofto ~~desirable~~affordable real estate ~~locations available for lease at reasonable rates~~, ~~any~~potentially ofimpacting ~~which~~financial ~~could keep us from meeting annual store opening targets and, in turn, negatively impact net revenues, operating income, and earnings per share.~~performance;

•~~difficulty~~Operational ~~in staffing, developing,~~ and ~~managing foreign operations and~~ supply chain ~~logistics~~challenges abroad, including ~~ensuring the consistency of product quality and service~~staffing, ~~due to governmental actions affecting supply chain~~ logistics, ~~distance,~~product ~~language~~consistency, and cultural ~~differences,~~or aslanguage ~~well as challenges in recruiting and retaining high-quality employees in local markets~~barriers;

•~~economic~~Slower-than-expected orgrowth ~~trade sanctions affecting our ability to source products or conduct business~~ in ~~one~~disposable orincome ~~more of the markets~~ in ~~which~~developing ~~we operate~~economies;

•inComplex ~~developing~~and ~~economies,~~varying ~~the~~interpretations ~~growth rate in the portion~~ of ~~the~~laws ~~population~~and ~~achieving~~regulations, ~~sufficient~~including ~~levels~~those ofrelated ~~disposable~~to ~~income~~taxes, ~~may~~labor, ~~not~~privacy, ~~meet~~and ~~our~~responsible ~~projections~~business matters;

•~~interpretation~~Local ~~and~~employment ~~application of~~ laws ~~and~~increasing ~~regulations,~~the ~~including~~cost ~~those~~and ~~relating~~complexity toof ~~taxes,~~hiring ~~tariffs, labor, merchandise, anti-bribery, privacy,~~ and ~~environmental, social, and governance issues~~termination;

•~~local~~Labor ~~laws,~~disruptions ~~policies,~~due ~~and conditions that make it more expensive and complex~~ to ~~negotiate~~geopolitical ~~with,~~instability ~~retain,~~ or ~~terminate~~social ~~employees~~unrest;

•~~labor~~Health ~~strikes~~and orsafety ~~work~~regulations ~~stoppages resulting from geopolitical instability or social unrest~~ affecting ~~one~~store ~~or more of the markets in which we operate~~operations;

•~~local~~Challenges ~~regulations,~~in ~~health~~enforcing ~~guidelines,~~intellectual property and ~~safety~~contract ~~protocols affecting our operations~~rights;

•~~the~~Foreign ~~enforceability~~currency offluctuations ~~intellectual~~and ~~property~~restrictions ~~and~~on ~~contract~~currency ~~rights~~use or fund repatriation; and

•~~foreign~~Licensing ~~currency~~and ~~exchange~~import ~~rate fluctuations or~~ requirements tothat ~~transact~~may inhinder ~~specific~~business ~~currencies;~~ operations.

~~•limitations~~Moreover, onmany of the ~~repatriation~~foregoing ofrisks ~~funds~~are ~~and~~particularly ~~foreign~~acute ~~currency~~in ~~exchange~~developing ~~restrictions~~markets, ~~due~~which are important to ~~current~~our orlong-term ~~new~~growth Uprospects.S. ~~and~~An inability to effectively manage the risks associated with our international ~~regulations;~~operations could adversely affect our business performance and financial results.

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•import or other business licensing requirements.

Moreover, many of the foregoing risks are particularly acute in developing markets, which are important to our long-term growth prospects. An inability to effectively manage the risks associated with our international operations could adversely affect our business and financial results.

Our reliance on key business partners may adversely affect our business and operations.

~~The~~Our growth ofdepends ~~our business relies~~ on the ability of ~~our~~ licensee partners to execute our strategies and implement our growth platforms and product innovations. ~~Further,~~Success ~~the~~also ~~degree~~relies toon ~~which we are able to enter into~~negotiating, ~~maintain~~maintaining, ~~develop, negotiate,~~ and ~~enforce~~enforcing ~~appropriate terms and conditions of~~ commercial ~~and other~~ agreements, asand ~~well~~on aspartner ~~the~~ performance ~~of our business partners~~ under ~~such~~those agreements~~, are critical to our business~~. ~~Our~~International ~~international~~ licensees may face ~~capital~~legal ~~constraints~~ or ~~other~~financial ~~factors, including legal~~ constraints, that ~~may~~ limit ~~the speed at which they are able to expand and develop in a certain market~~expansion. Our Channel Development business is heavily reliant on Nestlé, which ~~has~~holds ~~the~~ global ~~right~~rights to ~~sell~~distribute ~~and~~certain ~~distribute~~Starbucks ~~our~~branded packaged goods. ~~and~~If ~~foodservice~~Nestlé ~~products~~fails to ~~retailers~~meet ~~and~~its ~~operators,~~obligations ~~with~~or ~~few~~support ~~exceptions.~~our Ifbrand, ~~Nestlé~~it ~~fails~~could tomaterially ~~perform~~impact ~~its~~Channel ~~distribution~~Development and ~~marketing~~our ~~commitments~~overall ~~under~~financial results. Additionally, our ~~agreements~~retail ~~and/or~~licensed ~~fails~~operations toare ~~support,~~concentrated ~~protect~~among a few large licensees, and ~~grow~~their ~~our~~inability ~~brand~~to inaccess ~~Channel~~capital ~~Development~~or grow effectively, ~~our~~including ~~Channel~~their ~~Development~~inability ~~business~~to ~~could~~meet bestore development and renovation targets, could adversely ~~impacted~~affect ~~for~~performance ain ~~period~~key ofmarkets. ~~time,~~A ~~present~~failure ~~long-term~~by ~~challenges~~any toof our ~~brand,~~large ~~limit~~regional ~~our~~licensees ~~ability~~or Channel Development business partners to grow ~~our~~the ~~Channel~~relevant ~~Development~~Starbucks business, ~~and~~or ~~have~~otherwise aperform ~~material~~its ~~adverse~~obligations ~~impact~~under onagreements ~~our~~with ~~business~~us, ~~and~~could ~~financial~~adversely ~~results~~affect our performance. ~~Our~~We ~~retail~~may ~~licensed~~not ~~operations~~have ~~are~~the ~~concentrated~~ability into aoffset ~~relatively~~such ~~small~~poor ~~number~~performance ofor ~~large~~non-performance ~~licensees.~~in Ifthe ~~they~~markets ~~are~~or ~~not~~verticals ~~able~~into towhich ~~access~~these ~~sufficient~~parties ~~capital~~extend orStarbucks ~~are~~brand. Likewise, ~~otherwise~~if ~~unable~~we orare ~~unwilling~~unable to ~~successfully~~maintain ~~operate~~ and grow ~~their~~our ~~businesses,~~relationships itwith ~~could~~these ~~have~~licensees aand ~~material~~business ~~adverse~~partners, ~~effect~~it oncould adversely affect our ~~results~~business inperformance ~~the~~and ~~applicable~~financial ~~markets~~results.

Risks Related to Supply Chain

Increases in the cost of high-quality arabica coffee beans or other commodities or decreases in the availability of high-quality arabica coffee beans or other commodities could have an adverse impact on our business operations and financial results.

The availability and ~~prices~~price of coffee beans and other commodities are ~~subject~~highly ~~to significant volatility~~volatile. We purchase, roast, and sell high-quality ~~whole bean~~ arabica coffee, ~~beans~~which ~~and~~typically ~~related~~trades ~~coffee products. The high-quality arabica coffee of the quality we seek tends to trade on a negotiated basis~~ at a premium above the “C” commodity price. This premium ~~depends~~varies ~~upon,~~based ~~among~~on ~~other factors, the~~ supply and demand ~~at the time of purchase,~~ and ~~the amount of the premium~~ can ~~vary~~ significantly. ~~Increases in the “C” coffee commodity price increase the price of high-quality arabica coffee and~~ impact our ability to ~~enter~~secure ~~into~~ fixed-price ~~purchase commitments~~contracts. We ~~frequently~~often enter supply ~~contracts~~agreements ~~whereby~~with ~~the~~defined quality, quantity, ~~delivery period,~~ and ~~other~~delivery ~~negotiated~~ terms ~~are agreed upon~~, but ~~the~~with ~~date,~~pricing ~~and~~tied ~~therefore~~to ~~price,~~future ~~at which the base~~ “C” ~~coffee~~market ~~commodity price component will be fixed has not yet been established~~rates.

~~The~~Coffee supply and ~~price~~pricing ofare ~~coffee~~influenced ~~we purchase can also be affected~~ by ~~multiple~~ factors in ~~the~~ producing countries, ~~such~~including as weather, ~~water supply quality~~ and ~~availability~~extreme ~~throughout~~weather ~~the~~events, ~~coffee~~water ~~production chain~~availability, natural disasters, crop disease ~~and pests~~, ~~general increases in farm~~ input costs ~~and costs of production~~, inventory levels, political and economic conditions, and ~~the~~ actions ofby ~~certain~~ organizations ~~and~~seeking ~~associations that have historically attempted~~ to influence ~~prices~~global ~~of green coffee through agreements establishing export quotas or by restricting coffee supplies~~prices. Climate change may ~~further~~intensify ~~exacerbate many of~~ these ~~factors.~~risks—for ~~For~~ example, ~~extreme~~droughts ~~weather conditions such as drought~~ or ~~frost~~frosts in Brazil have ~~impacted coffee prices~~ in the past, ~~and~~driven inprice ~~the~~increases. ~~likely~~Speculative ~~event~~trading ~~that~~also ~~such~~contributes ~~weather conditions were~~ to ~~reoccur,~~volatility. ~~become~~Tariffs ~~more~~have ~~frequent~~also affected, and~~/or~~ ~~increase~~ in ~~severity in~~ the future, ~~they~~ may ~~have~~affect, ~~similar~~our orcosts ~~worse~~to ~~consequences~~procure on coffee ~~price volatility~~. ~~Speculative~~Given ~~trading in~~ coffee’s ~~commodities~~central ~~can~~role ~~also~~in ~~influence coffee prices. Because of the significance of coffee beans to~~ our operations, ~~combined~~and ~~with~~ our limited ability to ~~only~~fully ~~partially~~hedge ~~mitigate~~against ~~future~~ price ~~risk through purchasing practices and hedging activities~~increases, ~~increases~~rising incosts ~~the~~or ~~cost~~supply ofshortages ~~high-quality arabica coffee beans~~ could ~~have~~materially ~~a material adverse~~ impact on our profitability. Inand ~~addition,~~ability ifto wemeet ~~are~~customer ~~not~~demand. ~~able~~We tosupply ~~purchase~~strategic ~~sufficient~~products, ~~quantities~~including ~~of green~~ coffee, ~~due~~ to ~~any~~our ~~of the above factors or due to a worldwide or regional shortage~~licensees, and we may ~~not~~have belimited ~~able~~ability to ~~fulfill~~pass ~~the~~along ~~demand~~increased ~~for our coffee, which could have a material adverse impact on our business operations and financial performance~~costs.

We also ~~purchase~~rely on significant ~~amounts~~quantities of dairy products, ~~particularly fluid milk,~~ and ~~to a lesser degree,~~ plant-based ~~dairy-free alternative products~~alternatives, such as oat ~~milk~~ and almond milk, toas ~~support~~well ~~the~~as ~~needs of our company-operated retail stores. Additionally,~~ other commodities, including tea ~~and those related to food and beverage inputs~~, ~~such as~~ cocoa, produce, ~~baking ingredients,~~ meats, eggs, ~~and~~ energy, ~~as well as non-food~~ and ~~beverage inputs, such as the components that comprise our~~ packaging materials~~, are important to our operations, as is the processing of these inputs~~. ~~Increases~~Price inincreases ~~the cost of dairy products and other commodities,~~ or ~~lack~~supply ~~of availability,~~ disruptions—whether due to ~~supply~~ shortages, processing delays, ~~or interruptions in processing~~tariffs, or ~~otherwise,~~other ~~especially in international markets,~~ factors—could ~~have~~materially aaffect ~~material adverse impact on~~ our profitability~~. Similarly~~, ~~increases~~particularly in ~~the~~international cost of, or lack of availability of, whether due to supply shortages, or delays or interruptions in the processing of, plant-based alternatives could have a material adverse impact on our profitabilitymarkets.

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Our supply chain may be unable to fully support current and future business needs.

Even inwithout ~~the absence of~~ acute disruptions ~~or interruptions~~, our supply chain may benot ~~unable to~~ fully meet current or future business needs. ~~There~~We ~~can~~cannot beguarantee ~~no assurance~~ that ~~our~~ suppliers will besupport ~~able to accommodate~~ our ~~anticipated~~ growth or continue toproviding ~~supply~~products at current ~~quantities~~volumes ator ~~preferential~~favorable prices orand atother ~~all~~terms. AnDelays ~~inability~~or ofcost ~~our~~inefficiencies ~~suppliers to provide products~~ in asupply ~~timely or cost-effective manner~~ could impair ~~our~~ growth and ~~have~~adversely anaffect ~~adverse effect on~~ our business, financial condition, ~~results of operations,~~ and ~~prospects~~results. IfInaccurate ~~we are unable to accurately forecast~~ sales ~~levels~~forecasting ~~in each market~~ or ~~store~~insufficient ~~and~~inventory ~~obtain~~may ~~sufficient~~lead ~~ingredients or produce a sufficient supply~~ to ~~meet demand, we may incur higher~~ expedited shipping costs, ~~and may temporarily run out of stock of certain products~~stockouts, ~~which~~and ~~could~~diminished ~~negatively~~customer ~~impact the enthusiasm of our customers~~ and ~~store~~partner ~~partners~~satisfaction. ~~We have been~~Conversely, ~~and~~overestimating ~~may in the future be, unable to fully address consumers’~~ demand—especially for ~~our~~new products,—can ~~particularly~~result in ~~the case of new offerings for which demand is higher than projected. Conversely, if demand does not meet our expectations, we have incurred, and could continue to incur, increased~~ inventory write-offs. ~~Finally,~~Failure ~~if we are unable~~ to scale and improve ~~our~~ forecasting, planning, production, and logistics ~~management, we~~ could frustrate ~~our~~ customers, ~~lose~~reduce sales, orand ~~diminish~~harm our brand reputation.

We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and other foreign governments.

Changes in the import and export policies, including trade restrictions such as new, increased, threatened, or retaliatory tariffs or quotas, embargoes, sanctions and countersanctions, safeguards, or customs restrictions by the U.S. and foreign governments, have in the past required, and could in the future require, us to change the way we conduct business and such changes have in the past adversely affected, and could in the future adversely affect, our financial condition, results of operations, reputation, and our relationships with customers, suppliers, and employees in the short- or long-term. It may be time-consuming and expensive for us to alter our business operations to adapt to or comply with any such changes. Likewise, changes in laws and

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policies governing foreign trade, manufacturing, development, and investment in the territories or countries where we currently sell our products or conduct our business could adversely affect our business.

Interruption of our supply chain and our reliance on suppliers could affect our ability to produce or deliver our products and could negatively impact our business and profitability.

Any material ~~interruption~~disruption into our supply chain (—such as ~~material disruption of roasted coffee supply), whether due to~~ the ~~casualty~~ loss of ~~any~~a ~~of our~~ roasting ~~plants~~plant, ~~interruptions~~logistics ~~in service by our third-party logistic service providers or common carriers that ship goods within our distribution channels~~interruptions, trade restrictions ~~(such as increased tariffs or quotas~~, ~~embargoes, or customs restrictions),~~ pandemics, ~~social or~~ labor ~~unrest, labor~~ shortages, natural disasters, or ~~political~~geopolitical ~~disputes and military~~ conflicts ~~that cause a material disruption in our supply chain~~ —could ~~have~~materially ~~a negative material~~ impact on our business and ~~our~~ profitability. ~~Additionally,~~We ~~our~~rely ~~food,~~on ~~beverage, and other products are sourced from~~ a ~~wide~~broad ~~variety~~network of domestic and international ~~business partners in our supply chain operations and, in certain cases, are produced or sourced by our licensees directly. We rely on these~~ suppliers to provide high-quality products ~~and~~in tocompliance ~~comply~~ with applicable laws., ~~Our ability to find qualified suppliers who meet our standards~~ and ~~supply products~~ in acertain ~~timely~~cases, ~~and~~products ~~efficient~~are ~~manner~~sourced isby aour ~~significant~~licensees ~~challenge~~directly. asAs we ~~increase~~update our fresh and prepared food offerings, ~~especially~~sourcing ~~with respect to goods sourced~~ from ~~outside the U.S. and from countries or~~ regions with ~~diminished~~limited infrastructure, ~~developing~~ or ~~failing economies, or which are experiencing~~ political instability, ~~labor~~may ~~discord,~~present ~~disruption~~additional ~~or shortages, or social unrest~~challenges. For certain products, we ~~may~~depend ~~rely~~ on ~~one~~a orlimited ~~very~~number ~~few~~of suppliers., Aand ~~supplier’s~~their failure to meet our standards, ~~provide~~deliver ~~products~~on ~~in a timely and efficient manner~~time, or comply with ~~applicable~~regulations—factors ~~laws~~often is beyond our control~~. These issues~~ —could ~~have~~materially aharm ~~material negative impact on~~ our ~~business~~operations and ~~profitability.~~financial results.

Risks Related to Macroeconomic Conditions

Our financial condition and results of operations ~~are~~have ~~subject to~~been, and may continue to be, adversely affected by, a number of macroeconomic and other factors, many of which are largely outside our control.

~~Our~~As ~~operating~~a ~~results~~retailer ~~have~~reliant ~~been~~on discretionary spending, ~~and~~our ~~will~~financial ~~continue~~results are sensitive to bemacroeconomic conditions. A prolonged downturn or slow recovery may reduce consumer spending, ~~subject~~leading to alower ~~number~~demand ofor ~~macroeconomic~~shifts to lower-priced products. Factors such as job loss, inflation, interest rate changes, taxation, credit access, public health crises, trade disputes, and ~~other~~geopolitical ~~factors~~instability can all impact consumer behavior, ~~many~~including ofspending ~~which~~and ~~are~~routines, ~~largely~~potentially ~~outside~~affecting demand for our ~~control~~products. ~~Any~~Reduced ~~one~~customer traffic or ~~more~~transaction ofvalue ~~the~~without ~~factors~~corresponding ~~listed~~cost ~~below~~reductions orcould ~~described~~pressure ~~elsewhere~~margins. inIf ~~this~~economic ~~risk~~uncertainty ~~factors~~persists, ~~section~~consumers ~~could~~may ~~have~~adopt alasting ~~material~~changes ~~adverse~~in ~~impact~~spending onhabits, potentially affecting our ~~business~~sales, ~~financial condition~~profitability, orand ~~results~~growth ~~of operations:~~ plans.

~~•increases~~Our inoperating ~~real~~results ~~estate~~have ~~costs~~been, inand ~~certain~~will ~~domestic~~continue to be, subject to a number of other macroeconomic and ~~international~~other ~~markets;~~factors, many of which are largely outside our control. Any one or more of the factors listed below could have a material adverse impact on our business, financial condition, or results of operations:

•~~disruptions~~Rising toreal ~~our~~estate ~~supply~~costs ~~chain;~~in certain domestic and international markets;

•~~changes~~Supply in climate, including changes to the frequency or severity of extreme weather events, that impact the price and availability or cost of goods and services, energy, and other materials throughout our supply chain; disruptions;

•~~changes~~Climate inchange ~~governmental~~and ~~rules~~extreme ~~and~~weather ~~approaches~~affecting toinput ~~taxation;~~costs and availability;

•~~adverse~~Changes ~~outcomes~~in oftax ~~litigation;~~laws and government regulations, such as the One Big Beautiful Bill Act, enacted in the U.S. in July 2025;

•~~inflationary~~Adverse ~~pressures~~litigation ~~and changes in prevailing interest rates~~outcomes;

•~~severe~~Inflation ~~weather~~and orinterest ~~other~~rate ~~natural or man-made disasters affecting a large market or several closely located markets that may temporarily or for extended periods of time affect our retail business in such markets~~fluctuations;

•~~government~~Natural ~~shutdowns~~ or ~~the~~man-made ~~risk~~disasters ofdisrupting ~~government~~major ~~shutdowns, as well as the impact or expected impact of elections, both in the U.S. and in other~~ markets ~~around the world~~;

•~~especially~~Government inshutdowns ~~our largest markets, including the U.S.~~ and ~~China,~~election-related ~~labor~~impacts ~~discord or disruption~~globally, ~~geopolitical events, war, terrorism (~~including ~~incidents~~regime ~~targeting~~change ~~us),~~and political ~~instability,~~and ~~acts~~civil ~~of public violence, boycotts, increasing anti-~~unrest;

20•Terminations of, or changes in, existing trade agreements among the countries in which we operate;

•Tariffs imposed on commodities or goods, including recent tariffs imposed or threatened to be imposed by the U.S. on other countries, and any retaliation measures taken by such countries;

•Labor unrest, geopolitical instability, terrorism, anti-American sentiment, or public health crises—especially in key markets; and

•Foreign currency exchange rate volatility.

A disruption in the credit markets or a downgrade of our current credit rating could increase our future borrowing costs and impair our ability to access capital and credit markets on terms commercially acceptable to us, which could adversely affect our liquidity and capital resources or significantly increase our cost of capital. Furthermore, unfavorable economic conditions could also adversely affect our suppliers and licensees, who in turn could experience cash flow problems, more costly or unavailable financing, credit defaults, and other financial hardships. This could lead to supplier or licensee insolvency, increase our bad debt expense, or cause us to increase the levels of unsecured credit that we provide to suppliers and licensees. Additionally, the insolvency of any of our licensees could result in disrupted operations or our exit from a particular market and negatively impact our reputation.

Failure to meet market expectations for our financial performance or any announced guidance will likely adversely affect the market price and increase the volatility of our stock, and fluctuations in the stock market as a whole may also impact the market price and volatility of our stock.

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~~American~~We ~~sentiment~~have in ~~certain~~the ~~markets~~past failed, and may in the future fail, to meet announced guidance or ~~hostilities~~market expectations, ~~social~~which ~~unrest~~has adversely affected, and could in the future adversely affect, the market price of our stock. Any guidance we provide is based on certain assumptions, which may or ~~health~~may ~~pandemics~~not ~~that~~prove ~~lead~~to be correct. Failure to ~~avoidance~~meet announced guidance or market expectations going forward, particularly with respect to our operational and financial results, shareholder returns, and expectations regarding the success of ~~public~~our ~~places~~Back to Starbucks plan and related guidance, whether due to our assumptions not being met or ~~restrictions~~the onimpact ~~public~~of ~~gatherings~~various ~~such~~risks asand uncertainties, will likely result in either or both a decline in or increased volatility in the market price of our ~~stores;~~stock. In addition, price and volume fluctuations in the stock market as a whole may affect the market price of our stock in ways that may be unrelated to our financial performance.

•fluctuations in foreign currency exchange rates.

Unfavorable economic conditions could also adversely affect our suppliers and licensees, who in turn could experience cash flow problems, more costly or unavailable financing, credit defaults, and other financial hardships. This could lead to supplier or licensee insolvency, increase our bad debt expense, or cause us to increase the levels of unsecured credit that we provide to suppliers and licensees. Further, the insolvency of any of our licensees could result in disrupted operations or our exit from a particular market, and negatively impact our reputation.

Economic conditions in the U.S. and international markets have adversely affected, and could continue to adversely affect, our business and financial results.

As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in or uncertainty about macroeconomic conditions. A continued economic downturn or recession, or slowing or stalled recovery therefrom, may have a material adverse effect on our business, financial condition, or results of operations. Our customers may have less money for discretionary purchases and may stop or reduce their purchases of our products or switch to our or our competitors’ lower-priced products as a result of various factors, including job loss, inflation, changes in prevailing interest rates, higher taxes, reduced access to credit, changes in federal economic policy, a global health pandemic, international trade disputes, or geopolitical instability. For example, reductions and continuing volatility in China may be caused by, among other things: changes in consumer spending behaviors, including those caused by a decrease in consumer confidence in general macroeconomic conditions, a decrease in consumer discretionary spending, increasing competition in the market, lower-priced competitor product offerings, negative economic impacts related to the rising geopolitical tensions between China and Taiwan, economic policies or sanctions, heightened data and cybersecurity risks associated with conduct of business in China, and food-safety related matters. We may also experience a reduction or increased volatility in demand for our products in connection with a global health pandemic. Decreases in customer traffic and/or average value per transaction without a corresponding decrease in costs would put downward pressure on margins and could have a material negative impact on our financial results. There is also a risk that if negative economic conditions or uncertainty persist for a long period of time or worsen, consumers may make long-lasting changes to their discretionary purchasing behavior, including less frequent discretionary purchases on a more permanent basis or enduring changes in behavior that precipitate a more general downturn in the restaurant industry. These and other macroeconomic factors could have an adverse effect on our sales, profitability, or development plans, which could harm our results of operations and financial condition.

Failure to meet our announced guidance or market expectations for our financial performance will likely adversely affect the market price and increase the volatility of our stock, and fluctuations in the stock market as a whole may also impact the market price and volatility of our stock.

We have in the past failed, and may in the future fail, to meet our announced guidance or market expectations, which has adversely affected, and could in the future adversely affect, the market price of our stock. Our guidance is based on certain assumptions, which may or may not prove to be correct. Failure to meet our announced guidance or market expectations going forward, particularly with respect to our operational and financial results, shareholder returns, and expectations regarding the success of our Back to Starbucks plan and related guidance, whether due to our assumptions not being met or the impact of various risks and uncertainties, will likely result in a decline and/or increased volatility in the market price of our stock. In addition, price and volume fluctuations in the stock market as a whole may affect the market price of our stock in ways that may be unrelated to our financial performance.

Risks Related to Human Capital

The loss of key personnel, difficulties with recruiting and retaining qualified personnel, or ineffectively managing changes in our workforce could adversely impact our business and financial results.

Much of our future success depends on the continued availability and service of key personnel and employees. The loss of any of our executive officers, including our chief executive officer or other key senior management personnel, could harm our business. Our success also depends substantially on the contributions and abilities of our retail store employees ~~upon whom~~ we rely on to give customers a superior in-store experience and elevate our brand. Accordingly, our performance depends on our ability to recruit and retain high-quality management personnel and other employees to work in and manage our stores, both domestically and internationally. Our ability to do so has been and may continue to be impacted by challenges in the labor market (which has experienced, and may continue to experience, wage inflation and labor shortages), our position with respect to unions and the unionization of partners, increased employee turnover, changes in availability of our workforce, and ashifts ~~shift~~in ~~toward~~ remote or hybrid work arrangements. Our ability to attract and retain corporate, retail, and other personnel is also acutely impacted in certain international and domestic markets where the competition for a relatively small number of qualified employees is intense or in markets where large high-tech companies are able to offer more competitive salaries and benefits. These factors and others have also made, and may continue to make, it more difficult to maintain an effective system of operational internal controls for a dispersed workforce, and to train partners to deliver a consistently high-quality product and customer experience.

21Additionally, there is intense competition for qualified technology systems developers, who are necessary to develop and implement new technologies for our growth initiatives, including increasing our digital relationships with customers. If we are unable to recruit, retain, and motivate employees sufficiently to maintain our current business and support our projected growth, our business and financial performance may be adversely affected.

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employees is intense or in markets where large high-tech companies are able to offer more competitive salaries and benefits. These factors and others have also made, and may continue to make, it more difficult to maintain an effective system of operational internal controls for a dispersed workforce, and to train partners to deliver a consistently high-quality product and customer experience. Additionally, there is intense competition for qualified technology systems developers, who are necessary to develop and implement new technologies for our growth initiatives, including increasing our digital relationships with customers. If we are unable to recruit, retain, and motivate employees sufficiently to maintain our current business and support our projected growth, our business and financial performance may be adversely affected.

Changes in the availability and cost of labor could adversely affect our business.

Our business could be adversely impacted by increases in labor costs, including wages and benefits, which, in a retail business such as ours, are two of our most significant costs, both domestically and internationally. Such increases could be triggered by state and federal legislation and regulatory actions regarding wages, scheduling, and benefits; increases in healthcare and workers’ compensation insurance costs; and increases in wages and costs of other benefits necessary to attract and retain high-quality employees with the right skill sets. For example, at the federal level, effective July 1, 2024, the United States Department of Labor increased the minimum salary threshold requirements for employees who are exempt from the Fair Labor Standards Act overtime requirements, and at the state level, Assembly Bill 1228 increased minimum wage and established working hour and working condition standards for certain partners in California. These changes, along with others that may occur in the future, could have a significant impact on the classification of employees as being exempt from overtime and add to our labor costs. The growth of our business can make it increasingly difficult to locate and hire sufficient numbers of employees, to maintain an effective system of operational internal controls for a globally dispersed enterprise, and to train employees worldwide to deliver a consistently high-quality product and customer experience; the failure to do so could materially harm our business and results of operations. Furthermore, we have experienced, and could continue to experience, a shortage of labor for store positions, and the increased availability of alternative telecommuting employment options by other employers could decrease the pool of available qualified talent for other key functions. In addition, our wages and benefits programs may be insufficient to attract and retain the best talent.

Starting in September 2021, Starbucks partners at a number of company-operated stores sought union representation through elections conducted by the National Labor Relations Board. Unions have secured representation rights at ~~hundreds~~around 6% of our more than 10,000 U.S. company-operated stores, with potentially more to follow, and Starbucks ishas been engaged in collective bargaining for initial collective bargaining agreements for these stores. If we encounter difficulties negotiating collective bargaining agreements, are unsuccessful in those efforts, or obtain contracts with unfavorable terms, then we could incur additional costs, change our employee culture, decrease our flexibility, and increase our operational complexity. These risks could also present the potential to disrupt our current operational model by affecting our ability to fully implement operational changes to enhance our efficiency and adapt to changing business needs.

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The law places limitations on unilateral actions taken with respect to employees who are represented by unions because, in certain circumstances, the law requires the employer to notify and to bargain with the union prior to making certain operational or other changes that may affect employee wages, hours, or other terms and conditions of employment. Moreover, where a petition for representation has been filed by a union, the employer is also constrained from making changes in wages, hours, and working conditions. These limitations could also negatively affect our costs, change our employee culture, decrease our flexibility, and increase our operational complexity. They also present the potential to disrupt our current operational model by affecting our ability to fully implement operational changes to enhance our efficiency and adapt to changing business needs.

Moreover, we have experienced ~~job~~work ~~actions~~stoppages and other disruptions caused by union activities or organizing efforts in some company-operated stores. Such ~~job~~work ~~actions~~stoppages and ~~work~~other ~~stoppages~~disruptions have the potential to negatively impact our operations, third-party providers upon whom we rely to deliver product, our sales and customer flow in impacted locations, our costs, and can also have a negative impact on our reputation and brand.

Additionally, while we respect the rights of partners to organize, our position with respect to unions and the unionization of partners could negatively impact how our brand is perceived and could have material adverse effects on our business, including on our financial results. These positions could also expose us to legal risk, causing us to incur costs to defend legal and regulatory actions, potential penalties and restrictions, and reputational harm.

Risks Related to Competition

We face intense competition in each of our channels and markets, which could lead to reduced profitability.

The specialty coffee market is ~~intensely~~highly competitive, ~~including~~across ~~with respect to~~ product quality, innovation, service, convenience (~~such~~e.g., as delivery ~~service~~ and mobile ordering), and price,. ~~and~~We we face ~~significant and~~ increasing competition in all ~~of these areas in each of our~~ channels and markets. ~~Accordingly,~~and we do not ~~have~~hold leadership positions in ~~all~~every ~~channels and markets~~segment. In the U.S., ~~the~~large ~~ongoing~~quick-service ~~focus~~competitors byoffering ~~large~~coffee, ~~competitors~~tea, inand ~~the~~other ~~quick-service~~competitive ~~restaurant~~products ~~sector~~may onreduce ~~selling~~customer ~~high-quality~~traffic and transaction value. Globally, competition from established brands, new entrants, and smaller specialty ~~coffee~~operators ~~beverages~~may ~~could~~hinder ~~lead~~growth toand ~~decreases~~impact insales. ~~customer~~Furthermore, ~~traffic~~our competitors may attempt to ~~Starbucks®~~gain ~~stores~~market ~~and/or~~share ~~average~~by ~~value~~offering ~~per~~products ~~transaction,~~at ~~adversely~~prices ~~affecting~~at ~~our~~or ~~sales~~below ~~and~~those ~~results~~typically ofoffered ~~operations.~~by ~~Similarly~~our company, ~~continued~~which ~~competition~~may ~~from~~require ~~well-established~~us ~~competitors,~~to increase spending on advertising and promotions and/or reduce prices.

22In packaged coffee, tea, and ready-to-drink segments, competition from well-funded players may affect Channel Development profitability.

~~Table~~Our ofability ~~Contents~~to compete depends on product improvement and innovation, pricing, customer experience, and strategic investments in store development, technology, and digital engagement. If we are unable to respond to consumer demand for healthy beverages and foods, or our competitors respond more effectively, this could have a negative effect on our business. However, our competitive strategies may not always succeed and could have unintended consequences. Declines in consumer demand—due to shifting preferences, economic pressures, or changes in routines—could also negatively affect our business.

~~competition~~Risks ~~from~~Related large new entrants or well-funded smaller companies, in our domestic and international markets could hinder growth and adversely affect our sales and results of operations in those markets. Many small competitors also continue to ~~open~~Responsible ~~coffee~~Business specialty stores in many of our markets across the world, which in the aggregate may also lead to significant decreases of customer traffic to our stores in those markets. Increased competition globally in packaged coffee and tea and single-serve and ready-to-drink coffee beverage markets, including from new and large entrants to this market, could adversely affect the profitability of the Channel Development segment. In addition, not all of our competitors may seek to establish environmental or sustainability goals at a comparable level to ours, which could result in lower supply chain or operating costs for our competitors. We may incur increased costs associated with reducing carbon dioxide and other greenhouse gas emissions, reducing the use of plastic, or imposing performance obligations on our suppliers that could increase financial obligations for us and our business partners and could affect our profitability. Additionally, if we are unable to respond to consumer demand for healthy beverages and foods, or our competitors respond more effectively, this could have a negative effect on our business. We believe our ability to compete successfully in the current market environment depends on our ability to improve existing products; successfully develop and introduce new products; price our products appropriately; deliver a satisfactory customer experience; manage our investments in store development, technology, digital engagement, and delivery; and respond effectively to our competitors’ actions or offerings or to unforeseen disruptive actions. There can be no assurance these strategies will be effective, and some strategies may be effective at improving certain metrics while adversely affecting others, which could have the overall effect of harming our business. Furthermore, declines in general consumer demand for specialty coffee products for any reason, including due to consumer preference for other products, flattening demand for our products, changed customer daily routines or traffic to stores, or changed customer spending behaviors due to challenging economic conditions, could have a negative effect on our business. Matters

Risks Related to Environmental, Social, and Governance Matters

Climate change may have an adverse impact on our business.

We recognize that ~~there are inherent~~ climate-related risks ~~wherever~~are ~~business~~inherent isto ~~conducted.~~global ~~For~~business ~~example,~~operations. asClimate wechange ~~noted~~can ~~above,~~affect the supply and ~~price~~pricing of coffee ~~we purchase can also be affected by multiple factors in the producing countries, such as weather~~ and ~~water supply quality and availability. These factors may be caused by or exacerbated by climate change. Climate change may also result in decreased availability, less favorable pricing, or~~ other ~~adverse consequences for~~ non-coffee inputs indue ~~our products. In addition~~ to ~~impacts~~weather involatility, ~~producing~~water ~~countries~~scarcity, ~~climate~~and ~~change~~other ~~may~~environmental ~~affect~~factors ~~the availability of water~~ in ~~the~~producing ~~markets~~regions. inIt ~~which~~may wealso ~~operate~~impact ~~and~~water ~~expect~~availability toacross ~~operate and elsewhere in~~ our supply chain, ~~which~~and ~~could have adverse impacts on our business~~markets. WeOperating ~~operate~~ in 8789 global markets, ~~globally.~~our ~~Our~~ properties and operations ~~may~~are beincreasingly vulnerable to ~~the various adverse effects of climate change, which are predicted to increase the frequency and severity of~~ extreme weather events ~~and other natural cycles~~ —such as wildfires and droughts.—which ~~Such~~may ~~events have the potential to~~ disrupt ~~our~~ operations, ~~cause~~close ~~store closures~~stores, ~~disrupt~~affect ~~the business of our third-party suppliers, and impact our~~ customers and ~~partners~~suppliers, ~~all of which may cause us to suffer losses~~ and ~~incur~~increase ~~additional~~ costs, topotentially ~~maintain~~resulting orin ~~resume~~financial ~~operations~~losses.

Our business is subject to evolving corporate governance and public disclosure regulations and expectations, including with respect to ~~environmental,~~responsible ~~social,~~business ~~and governance~~ matters, that could expose us to numerous risks.

We are subject to ~~changing~~evolving ~~rules~~ and ~~regulations~~increasingly ~~promulgated~~complex bylaws ~~a number of regulators~~ and ~~organizations,~~regulations ~~including~~from ~~the~~various ~~SEC,~~authorities ~~the European Union, the Nasdaq Stock Market,~~ and ~~the~~regulatory ~~Financial Accounting Standards Board~~bodies. These rules—often ~~and regulations continue to evolve in scope and complexity, and many new requirements have been created in response to laws enacted by Congress and state legislatures, which in certain cases may be~~ inconsistent ~~with~~across ~~one~~jurisdictions—can ~~another,~~increase ~~making~~ compliance ~~more~~uncertainty ~~difficult~~ and ~~uncertain~~administrative costs. ~~In addition~~Additionally, ~~regulators,~~growing ~~customers,~~stakeholder ~~investors,~~focus ~~employees, and other stakeholders are focusing~~ on ~~environmental,~~responsible ~~social,~~business ~~and~~matters ~~governance~~has ~~(commonly~~led ~~referred~~ to asheightened ~~“ESG”) matters and related disclosures and operational regulations. These changing rules, regulations, and stakeholder~~ expectations ~~have resulted in,~~ and ~~are~~regulatory ~~likely to continue to result in~~requirements, ~~increased general and administrative expenses and increased management time and attention spent complying with or meeting~~ such ~~regulations~~as ~~and~~extended ~~expectations.~~producer ~~For~~responsibility ~~example,~~obligations ~~developing~~that ~~and~~relate ~~acting on initiatives within the scope of ESG, and collecting, measuring, and reporting ESG-related information and metrics can be costly, difficult, and time consuming and is subject~~ to ~~evolving~~our ~~reporting~~product ~~standards~~packaging, ~~including~~ the ~~SEC~~EU’s ~~climate-related reporting requirements and similar proposals by other international regulatory bodies. For example, the European Union’s~~ Corporate Sustainability Reporting Directive ~~(“CSRD”)~~, ~~with~~or ~~different~~the ~~implementation~~state ~~dates~~of ~~depending~~California’s onnew ~~company~~climate ~~size~~change ~~and geographic location, has established extensive ESG-related~~ disclosure requirements ~~based on the European Sustainability Reporting Standards, including certain assurance obligations~~. The ~~standards~~evolving ~~used~~obligations tomay ~~identify~~increase ~~and~~compliance ~~collect the information and data required pursuant to the CSRD are still developing and uncertain, and this lack of certainty could result in increased~~ costs ~~related to complying with our reporting obligations under the CSRD~~ and ~~could increase~~ the risk of ~~failing to comply with the CSRD~~noncompliance.

We may also communicate certain initiatives and goals related to environmental matters, diversity, responsible sourcing, social investments, and other ESG-related matters in our SEC filings or in other public disclosures. These initiatives and goals within the scope of ESG could be difficult and expensive to implement, the technologies needed to implement them may not be cost 18

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~~effective~~Implementing ~~and~~responsible ~~may~~business ~~not~~initiatives ~~advance~~and atreporting aprogress ~~sufficient~~can ~~pace~~be costly, complex, and wesubject ~~could~~to beevolving ~~criticized for the accuracy~~standards, ~~adequacy~~assumptions, orand ~~completeness~~internal ~~of the disclosure~~controls. ~~Further,~~Public ~~statements~~disclosures ~~about~~may ~~our~~be ~~ESG-related~~criticized ~~initiatives~~for ~~and~~accuracy ~~goals~~or completeness, and ~~progress~~previously ~~toward~~reported ~~those~~data ~~goals,~~ may berequire ~~based~~future onadjustments. ~~standards~~Failure ~~for~~to ~~measuring~~meet ~~progress~~targets ~~that~~or ~~are~~goals ~~still~~adopted ~~developing,~~in ~~internal~~connection ~~controls~~with ~~and~~our ~~processes~~responsible ~~that~~business ~~continue~~initiatives toor ~~evolve,~~otherwise ~~and~~respond ~~assumptions~~to ~~that~~stakeholder ~~are~~expectations ~~subject~~on tothese ~~change~~topics incould ~~the~~harm ~~future.~~our ~~Previously~~reputation, ~~reported~~reduce ~~data~~customer ~~may~~loyalty, inand ~~the~~adversely ~~future~~affect beour ~~adjusted~~financial toperformance. ~~reflect~~Inadequate ~~improvements~~progress inon ~~the~~responsible ~~availability~~business ~~and~~initiatives ~~quality~~may ofalso ~~third-party~~erode ~~data~~trust, ~~changing~~trigger ~~assumptions~~negative publicity, ~~changes~~litigation, inor ~~the~~boycotts, ~~nature~~ and ~~scope~~expose ofus ~~our~~to ~~operations,~~civil ~~and~~or ~~other~~criminal ~~changes in circumstances~~liability. IfObjections ~~our~~from ~~ESG-related~~third ~~data,~~parties ~~processes,~~or ~~and~~governments ~~reporting~~to ~~are~~these ~~incomplete~~initiatives ormay ~~inaccurate,~~result ~~our~~in ~~reputation~~reputational harm, ~~business~~administrative, ~~financial performance~~legislative, ~~and~~or ~~growth~~public ~~could~~backlash, beor ~~adversely~~other ~~affected.~~adverse Ifaction, weand ~~are~~could ~~unable~~negatively toimpact ~~meet~~ our ~~ESG-related~~financial ~~goals,~~results ~~commitments, initiatives,~~ or ~~evolving~~business ~~stakeholder~~performance. orSuch ~~industry~~consequences ~~expectations~~could ~~and~~also ~~standards,~~result iffrom weactual ~~change~~ or ~~are~~ perceived changes to ~~have~~the ~~changed~~scope ~~our~~or ~~goals,~~extent ~~commitments,~~of orour responsible business initiatives, or ifany wediscontinuation ~~are~~thereof. ~~perceived~~Objections tomay ~~have~~come ~~not~~both ~~responded~~from ~~appropriately~~those towho ~~stakeholder~~believe ~~interests~~these ininitiatives ~~ESG~~are ~~issues,~~overly ~~customers~~ambitious or inappropriate, and ~~consumers~~from ~~may~~those ~~choose~~who tobelieve ~~stop~~they ~~purchasing~~are ~~our~~not ~~products~~ambitious orenough. ~~purchase~~As ~~products~~focus ~~from~~on ~~another~~these ~~company~~issues orfrom aconsumers, ~~competitor~~government actors, and ~~our~~other ~~reputation,~~stakeholders ~~business~~intensifies, orthe ~~financial~~risks ~~condition~~described ~~may~~in bethis ~~adversely~~section ~~affected.~~may increase.

In addition, we could be criticized by shareholders, stakeholders, regulators, or other interested parties for the scope or nature of our ESG initiatives or goals or for any revisions to these goals. We have been and could continue to be subject to negative responses by governmental actors (such as anti-ESG legislation or retaliatory legislative treatment) or consumers (such as boycotts or negative publicity campaigns) targeting Starbucks, which could adversely affect our reputation, business, financial performance, and growth.

Certain activist shareholder actions have caused, and could continue to cause, us to incur expense, hinder execution of our business strategy, and adversely impact our stock price.

We ~~actively~~regularly engage ~~in discussions~~ with ~~our~~ shareholders ~~regarding~~to ~~further~~strengthen ~~strengthening~~the ~~our~~ Company and ~~creating~~enhance long-term ~~shareholder~~ value. ~~This~~However, ~~ongoing dialogue can include certain divisive~~ activist ~~tactics,~~campaigns ~~which~~ can ~~take many forms. Some shareholder activism, including potential proxy contests, has resulted in, and could in the future~~ result in, ~~substantial~~significant costs, ~~such~~including as legal ~~fees and~~ expenses, and ~~the~~ diversion of management’s and ~~our~~ Board’s attention ~~and resources from our businesses and strategic plans~~. ~~Additionally,~~Public ~~public shareholder~~ activism ~~could~~may ~~give~~also ~~rise~~create touncertainty ~~perceived~~about ~~uncertainties as to~~ our ~~future~~strategic direction, ~~adversely~~strain ~~affect our~~ relationships with ~~our customers~~stakeholders, ~~partners,~~hinder ~~licensees,~~talent ~~or business partners~~recruitment, ~~make it more difficult to attract~~ and ~~retain qualified personnel, and~~ cause ~~our~~ stock price tovolatility ~~fluctuate~~unrelated ~~based~~to onbusiness ~~temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying~~ fundamentals ~~and prospects of our business~~. ~~Activists~~Shareholders orwith ~~other~~substantial ~~shareholders~~holdings ~~holding~~may ~~a large portion of our outstanding shares will also have the ability to exert a substantial~~ influence onkey ~~actions requiring a shareholder vote~~decisions, including ~~the~~director ~~election of directors~~elections, ~~the approval of~~ mergers, ~~acquisitions,~~ and ~~other significant business transactions, shareholder proposals, and~~ amendments to ~~our~~ governing documents. These risks could ~~adversely~~materially affect our business and operating results.

Risks Related to Regulation and Litigation

Failure to comply with applicable laws and changing legal and regulatory requirements could harm our business and financial results.

Our policies and procedures are designed to ~~comply~~ensure compliance with all applicable laws, ~~accounting~~regulations, and reporting requirements, ~~tax rules, and other regulations and requirements,~~ including those imposed by the SEC, Nasdaq, and foreign ~~countries,~~jurisdictions. asThis ~~well~~includes ~~as applicable~~ trade, labor, healthcare, food and beverage, sanitation, safety, environmental, labeling, anti-bribery and corruption, and merchandise laws. ~~Such~~These ~~laws~~legal ~~and~~frameworks ~~regulations~~ are complex and often subject to ~~differing~~varying interpretations, which ~~can~~may ~~lead~~result toin ~~unintentional~~inadvertent ~~or unknown instances of~~ non-compliance. ~~For~~Regulatory ~~example,~~shifts—such as changes in ~~the~~ enforcement priorities—can ofincrease ~~regulators~~compliance ~~may~~costs ~~also shift the impact of applicable regulations on the business~~ and ~~the~~expand ~~costs~~reporting ~~necessary~~obligations. toFailure ~~ensure compliance therewith, including through an expansion in the nature, scope, or complexity of matters on which we are required~~ to ~~report.~~comply ~~Changes~~with insuch ~~applicable environmental~~ laws and regulations, ~~including~~could ~~expanded~~result orin ~~additional regulations and associated costs to limit carbon dioxide and other greenhouse gas emissions, to discourage~~ the ~~use~~imposition of ~~plastic,~~civil or tocriminal limit or impose additional costs on commercial water use, may result in increased compliance costs, capital expenditures, incremental investments, and other financial obligations for us and our business partners, which could affect our profitabilityliability. ~~Other examples of emerging and potentially relevant requirements are import tariffs and restrictions grounded in, among other things, alleged human rights abuses.~~

InEnvironmental ~~addition,~~regulations ~~our~~are ~~business is subject to complex and rapidly~~ evolving, ~~U.S.~~with ~~and~~new ~~international~~or ~~laws~~expanded ~~and~~rules ~~regulations~~targeting ~~regarding~~carbon ~~data~~emissions, ~~privacy~~plastic ~~and data protection~~use, and ~~companies~~commercial ~~are~~water ~~under~~consumption. ~~increased~~These ~~regulatory~~changes ~~scrutiny~~may ~~relating~~lead to ~~these~~higher ~~matters.~~compliance ~~The~~costs, ~~Federal~~capital ~~Trade~~expenditures, ~~Commission~~ and ~~many~~other ~~state~~financial ~~attorneys~~obligations ~~general~~for ~~are~~us ~~also interpreting federal~~ and ~~state~~our ~~consumer~~partners, ~~protection~~potentially ~~laws~~affecting toprofitability. ~~impose~~Additional ~~standards~~emerging ~~for the online collection~~regulations, ~~use,~~such ~~dissemination,~~as ~~and~~import ~~security~~tariffs oftied ~~data.~~to ~~The~~alleged ~~interpretation~~human ~~and~~rights ~~application~~violations, ofmay ~~existing~~also ~~laws~~impact ~~and~~operations. ~~regulations~~Certain ~~regarding~~jurisdictions ~~data~~have ~~privacy~~enacted ~~and~~or ~~data~~proposed ~~protection~~taxes ~~are~~or inother ~~flux,~~restrictions ~~and~~on ~~authorities around~~ the ~~world~~manufacture, ~~are~~distribution, ~~considering~~or asale ~~number~~ of ~~additional~~certain ~~legislative~~of ~~and~~our ~~regulatory~~products, ~~proposals~~particularly inbeverages ~~this~~containing ~~area~~caloric sweeteners. ~~Current~~These ~~and~~taxes ~~future data privacy~~ and ~~data~~other ~~protection~~measures ~~laws~~vary ~~and~~in ~~regulations~~structure ~~(including the General Data Protection Regulation~~ and ~~the~~may ~~California~~apply ~~Consumer~~broadly ~~Privacy~~or ~~Act~~selectively. Additionally, ~~discussed~~environmentally infocused ~~more~~taxes ~~detail~~or inother ~~this risk factors section~~measures, ~~and~~such ~~other~~as ~~applicable~~plastic ~~international~~packaging ~~and~~levies ~~U.S. privacy laws),~~ or ~~new~~extended ~~interpretations~~producer ofresponsibility ~~existing~~ laws ~~and regulations~~, ~~may~~are ~~limit~~gaining ~~our~~traction. ~~ability~~These tomeasures ~~collect~~can ~~and~~adversely ~~use~~affect ~~data, require us to otherwise modify~~ our ~~data~~financial ~~processing~~performance ~~practices~~by ~~and~~raising ~~policies~~product costs, orreducing ~~result in the possibility of fines~~consumption, ~~litigation,~~ or ~~orders,~~generating ~~which~~negative ~~may have an adverse effect on our business and~~ publicity.

24Separately, the OECD’s Pillar Two initiative establishes a 15% global minimum tax for multinational entities. As of September 28, 2025, several countries where we operate have enacted legislation implementing the OECD’s Pillar Two initiative. While not expected to materially impact our consolidated financial results, we continue to monitor developments.

~~Table~~Overall, the regulatory environment is growing more complex due to evolving laws, market expansion, and jurisdictional conflicts. Due to evolving technologies, such as artificial intelligence technologies, the legal and regulatory landscape is uncertain and evolving, and may impose compliance obligations that could increase our costs or limit how we may use these technologies. Moreover, the costs of ~~Contents~~monitoring and responding to such regulations could have an adverse effect on our operations or financial condition. Non-compliance—whether by us or our partners—can result in litigation, liability, fines, reputational harm, and financial restatements, all of which may adversely affect our business and results of operations.

results of operations. The burdens imposed by these and other laws and regulations that may be enacted, or new interpretations of existing and future laws and regulations, may also require us to incur substantial costs in reaching compliance in a manner adverse to our business.

Certain jurisdictions in which our products are sold have imposed, or are considering imposing, new or increased taxes on the manufacture, distribution, or sale of some of our products, particularly our beverages, as a result of ingredients contained in our products. These taxes vary in scope and form: some apply to all beverages, including non-caloric beverages, while others apply only to beverages with a caloric sweetener (e.g., sugar). Similarly, some measures apply a single tax rate per ounce/liter on beverages containing over a certain amount of added sugar (or other sweetener), some apply a progressive tax rate depending upon the amount of added sugar (or other sweetener) in the beverage, and others apply a flat tax rate on beverages containing any amount of added sugar (or other sweetener). For example, in the Netherlands, a consumption tax is applicable on cold non-alcoholic beverages (non-milk based) at a flat tax rate of 26.13 Euro per 100 Liters. In addition to the taxes on the beverages (or components thereof), we also notice a regional increase in the adoption of environmentally focused taxes, including, for example, plastic packaging tax to encourage companies to increase usage of sustainable packaging options.

These tax measures, whatever their scope or form, have adversely impacted, and could continue to impact our business and financial performance by increasing the cost of certain of our products, reducing overall consumption of our products, or leading to negative publicity.

Finally, the Organization for Economic Cooperation and Development has released guidance establishing a 15% global minimum tax applied on a country-by-country basis for multinational entities under Pillar Two of its Base Erosion and Profit Shifting initiative. As of September 29, 2024, certain countries in which we operate have enacted legislation to adopt Pillar Two effective for fiscal years beginning on or after December 31, 2023, and other countries in which we operate are expected to introduce similar legislation to implement Pillar Two. This global minimum tax will not be effective for the Company until fiscal 2025, and it is not expected to result in a material impact to our consolidated financial statements. We will continue to monitor regulatory developments with respect to this initiative for potential impacts.

The complexity of the regulatory environment in which we operate and the related costs of compliance are both increasing due to additional or changing legal and regulatory requirements, our ongoing expansion into new markets and new channels, and the fact that foreign laws occasionally conflict with domestic laws. In addition to potential damage to our reputation and brand, failure by us or our business partners to comply with the various applicable laws and regulations, as well as changes in laws and regulations or the manner in which they are interpreted or applied, may result in litigation, civil and criminal liability, damages, fines and penalties, increased cost of regulatory compliance, and restatements of our financial statements, all of which could have an adverse impact on our business and financial results.

We have been, and could continue to be, party to litigation or other legal proceedings that could adversely affect our business, results, operations, and reputation.

We have been, and in the future may be, subject to litigation and other legal proceedings that may adversely affect our business. These legal proceedings may involve claims brought by store partners, customers, government agencies, suppliers, shareholders, or others through private actions, administrative proceedings, regulatory actions, or other litigation, including litigation on a class or collective basis on behalf of what can be a large group of potential claimants. These legal proceedings have involved, and in the future may involve, allegations of illegal, unfair, or inconsistent employment practices, including those governing wage and hour, employment of minors, discrimination, harassment, wrongful termination, and vacation and family leave laws; food-safety issues including food-borne illness, food contamination, and adverse health effects from consumption of our food products; data security or privacy breaches; customer discrimination; personal injury in our stores; marketing and advertising claims, including claims that our environmental and social program claims are misleading or inaccurate; infringement of patent, copyright, or other intellectual property rights; violation of the federal securities laws; workers’ compensation; or other concerns. We are party to a number of pending lawsuits and governmental audits alleging violations of federal and state employment laws, including wage and hour claims, and we could be involved in similar or even more significant litigation and legal proceedings in the future. Even if the allegations against us in current or future legal matters are unfounded or we ultimately are held not liable, the costs to defend ourselves may be significant, and the litigation may subject us to substantial settlements, fines, penalties, or judgments against us and may divert management’s attention away from operating our business, all of which could negatively impact our financial condition and results of operations. Litigation also may generate negative publicity, regardless of whether the allegations are valid or we ultimately are not liable, which could damage our reputation and adversely impact our sales as well as our relationships with our store partners and customers. See Note 16, Commitments and Contingencies, to the consolidated financial statements included in Item 8 of Part II of this 10-K for information regarding certain legal proceedings in which we are involved.19

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~~Risks~~We ~~Related~~are, and may continue to ~~Cybersecurity~~be, subject to litigation and ~~Data~~legal ~~Privacy~~ proceedings that could adversely affect our business. These may involve claims from employees, customers, regulators, suppliers, shareholders, or others, including class or collective actions. Allegations have included claims related to employment practices, food safety and product defects, data privacy, discrimination, personal injury, advertising, intellectual property disputes, securities violations, and other matters. A judgment significantly in excess of any applicable insurance coverage or third-party indemnity could materially adversely affect our financial condition or results of operations. Even unfounded claims can result in substantial legal costs, management distraction, and potential settlements or penalties. Litigation may also generate negative publicity, harming our reputation, customer relationships, and financial performance. See Note 16, Commitments and Contingencies, to the consolidated financial statements included in Item 8 of Part II of this 10-K for information regarding certain legal proceedings in which we are involved.

Risks Related to Cybersecurity, Data Privacy, and Information Technology

The unauthorized access, use, theft, or destruction of customer or employee data (personal, financial, or other), or of Starbucks proprietary or confidential information, that is stored in our information systems or by third parties could impact our reputation and brand and expose us to potential liability and loss of revenues.

Our information technology systems and those of our third-party service providers, business partners, and licensees—including those supporting point-of-sale, mobile platforms, payment systems, delivery, rewards, and administrative functions—store personal, financial, and confidential data from customers, employees, business partners, and licensees, as well as proprietary business information. Although we have put in place policies, procedures, and technological safeguards designed to protect the security of this information, we cannot guarantee that this information will not be improperly disclosed or accessed. Like other prominent retail companies, we have experienced cyber-attacks (e.g., phishing) and other attempts to breach or gain unauthorized access to our systems, as have our third-party service providers, business partners, and licensees. We expect such threats to continue and evolve, especially with the rapid evolution and increased adoption of artificial intelligence.

Unauthorized access, theft, or destruction of data or any breach, ransomware attack or other incident affecting our systems—whether through external attacks or internal methods—could result in reputational harm, loss of customers, business disruption, regulatory investigations, litigation (including class actions), and significant financial costs. It may take considerable time for us to investigate and evaluate the full impact of incidents, particularly for sophisticated attacks. Responding to cybersecurity incidents may require substantial investments in technology, personnel, legal compliance, and customer support, including notification and credit monitoring. These costs could materially impact our financial results and divert resources from strategic initiatives. Media reports of actual or perceived vulnerabilities—whether involving us or our third-party service providers, business partners, or licensees—can damage our brand and business, regardless of an incident’s scope or validity.

Failure to maintain satisfactory compliance with certain privacy and data protection laws and regulations may result in substantial negative financial consequences, reputational harm, and civil or criminal penalties.

~~Complex~~We are subject to a complex and rapidly evolving landscape of local, ~~state,~~ national, ~~foreign,~~ and international laws and regulations ~~apply~~governing to the collection, use, retention, protection, disclosure, transfer, and other processing of personal data. These ~~privacy~~laws and ~~data~~regulations ~~protection~~are ~~laws~~frequently ~~and~~amended, ~~regulations~~reinterpreted, ~~are~~and ~~quickly~~increasingly ~~evolving~~enforced, ~~with~~often ~~new~~resulting orin ~~modified~~heightened ~~laws~~compliance ~~and~~obligations, ~~regulations~~litigation ~~proposed~~risk, and ~~implemented~~operational ~~frequently~~costs. ~~and~~Regulatory ~~existing~~scrutiny ~~laws~~is ~~and~~intensifying, ~~regulations~~with ~~subject~~agencies tosuch ~~new~~as orthe ~~different~~Federal ~~interpretations~~Trade Commission and ~~increased~~state ~~enforcement~~attorneys ~~and~~general ~~litigation~~applying consumer protection laws to online data practices. InThe ~~addition~~legal landscape remains fluid, ~~our~~with ~~legal~~privacy and ~~regulatory~~data ~~obligations~~protection ~~are~~laws ~~subject~~potentially tolimiting ~~unexpected~~data use, requiring changes to processing practices, ~~including~~exposing ~~the~~us ~~potential~~to ~~for~~fines, ~~regulatory~~litigation, or other ~~governmental~~penalties, ~~entities~~or impacting our ability to ~~enact~~develop new orservices. ~~additional~~Regulatory ~~laws~~changes may include new legislation, invalidation of existing rules, or ~~regulations~~increased penalties, all of which can impact our ability to ~~issue~~develop ~~rulings~~and ~~that~~offer ~~invalidate~~new ~~prior~~products ~~laws~~and orservices. ~~regulations~~For example, orthe toEU’s ~~increase~~GDPR and the U.K. equivalent impose strict data protection requirements and significant penalties ~~significantly~~for noncompliance. ~~Complying~~China’s ~~with~~Personal ~~these~~Information ~~laws~~Protection Law (PIPL) and ~~regulations~~Data ~~can~~Security beLaw ~~costly~~similarly regulate personal and ~~can~~non-personal ~~impede~~data ~~the~~processing ~~development~~activities and ~~offering~~establish ofdata ~~new~~subject ~~products~~rights and ~~services~~obligations for personal information processors, with civil and criminal liabilities for violations. Other jurisdictions served by Starbucks and its licensees are enacting or proposing comparable laws, including restrictions on cross-border data transfers and enhanced data safeguards, which may increase compliance costs and affect business operations.

~~For~~In ~~example, Europe’s General Data Protection Regulation (“GDPR”) and~~ the U.KS. ~~General Data Protection Regulation (which implements the GDPR into U.K. law)~~, ~~impose stringent data protection requirements and provide for significant penalties for noncompliance. In China,~~ the ~~Personal~~California ~~Information~~Consumer ~~Protection~~Privacy ~~Law~~Act (~~“PIPL”~~CCPA) ~~has~~and ~~established personal~~numerous ~~information~~other ~~processing~~state ~~rules,~~privacy ~~data~~laws ~~subject~~impose ~~rights,~~disclosure ~~and~~ obligations ~~for~~and ~~personal~~grant ~~information~~consumers ~~processors,~~rights ~~among~~over ~~other~~their ~~things.~~personal ~~In addition to the PIPL, China’s Data Security Law regulates~~ data. ~~processing~~Some ~~activities~~such ~~associated~~laws ~~with~~include ~~personal~~private ~~and~~rights ~~non-personal~~of ~~data~~action. ~~Noncompliance~~These ~~with~~state ~~these~~ laws ~~may~~require ~~result~~ongoing investment in ~~significant~~compliance ~~civil and criminal penalties~~infrastructure. ~~Other~~Privacy ~~newly enacted~~ and ~~proposed privacy and~~ data protection laws, insuch ~~other~~as ~~jurisdictions~~those ~~served~~referenced byabove, ~~Starbucks~~may ~~and~~also ~~its~~affect ~~licensees~~emerging ~~may~~business ~~impose~~models, ~~similar~~such ~~requirements~~as Starbucks Digital Solutions, ~~including~~which ~~restrictions~~rely on ~~cross-border~~Starbucks ~~data~~acting ~~transfers~~as ~~and~~a ~~stringent~~data ~~safeguards~~controller onin ~~personal~~licensed ~~and~~markets. ~~non-personal~~In ~~data.~~such ~~Such~~cases, ~~laws~~Starbucks may ~~impact~~bear ~~our~~primary ~~business~~responsibility ~~operations~~for ~~and~~compliance ~~increase~~with ~~the~~applicable ~~cost~~privacy ~~and expense of compliance~~regulations.

In the United States, the California Consumer Privacy Act (“CCPA”) requires, among other things, covered companies to provide new disclosures to California consumers and allows such consumers to exercise certain rights in connection with their personal information, such as the right to opt-out of certain sales of personal information. The CCPA also provides for civil penalties for violations as well as a private right of action for data breaches that may increase data breach litigation. Further, the California Privacy Rights Act, which became effective in January 2023, significantly modified the CCPA to include additional compliance obligations. Since the CCPA was first passed, 19 other states have enacted similar data privacy legislation, eight of which are in effect as of the end of 2024. In addition, a number of other states have passed or are considering additional privacy laws, including laws on health data and biometric data that are in effect, or are expected to take effect in the near future. These state privacy laws will require us to incur additional costs and expenses in our efforts to comply. 20

Privacy and data protection laws, such as those referenced above, may impact Starbucks operations and new business models, such as Starbucks Digital Solutions, which rely on Starbucks functioning as controller of customer personal information in licensed markets. As such, Starbucks may be primarily responsible for compliance with privacy and data protection laws in the markets served by participating licensees.

Our failure to comply with applicable laws and regulations or other obligations to which we may be subject relating to personal data, or to protect personal data from unauthorized access, use, or other processing, could result in enforcement actions and regulatory investigations against us, claims for damages by customers and other affected individuals or parties, or fines and damage to our brand reputation, any of which could have a material adverse effect on our operations, financial performance, and business. The amount and scope of insurance we maintain may not cover all types of claims that may arise.

The unauthorized access, use, theft, or destruction of customer or employee data (personal, financial, or other), or of Starbucks proprietary or confidential information that is stored in our information systems or by third parties on our behalf, could impact our reputation and brand and expose us to potential liability and loss of revenues.

Many of our information technology systems (whether cloud-based or hosted in proprietary servers), including those used for our point-of-sale, web and mobile platforms, online and mobile payment systems, delivery services, rewards programs, and administrative functions, contain personal, financial, or other information that is entrusted to us by our customers, business partners, and employees. Many of our information technology systems also contain Starbucks proprietary and other confidential information related to our business, such as business plans and product development initiatives and designs, and confidential information about third parties, such as licensees and business partners. Similar to many other retail companies and because of the prominence of our brand, we have in the past experienced, and we expect to continue to experience, cyber-attacks, including phishing, and other attempts to breach, or gain unauthorized access to, our systems and databases. To date, these attacks have not had a material impact on our operations, but we cannot provide assurance that they will not have an impact in the future. Our third-party providers’ and business partners’ information technology systems and databases are likewise subject to such risks. The number and frequency of these attempts varies from year to year and increases as the scale and scope of our technology footprint and digital operations increases. In addition, to conduct our business, we provide customer and employee data, as well as Starbucks proprietary information and other confidential information important to our business, to third parties, including licensees and business partners. Individuals performing work for Starbucks and such third parties also may access

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~~some~~The ofincreasing ~~this~~adoption ~~data, including on personally-owned digital devices. To the extent we, a third party, or such an individual were to experience a breach~~ of ~~our~~artificial orintelligence ~~their~~technologies ~~information~~has ~~technology~~led ~~systems that results in the unauthorized access, theft, use, destruction or other compromises of customers’ or employees’~~ data orprotection ~~confidential~~authorities ~~information~~around of the ~~Company~~world ~~stored in or transmitted through such systems, including through cyber-attacks or other external or internal methods, it could result in a material loss of revenues from the potential adverse impact~~ to ~~our~~consider ~~reputation~~ and ~~brand,~~adopt ~~a decrease in our ability to retain customers or attract~~ new ~~ones, the imposition of potentially significant costs (including loss of data or payment for recovery of data)~~ and ~~liabilities,~~evolving ~~loss~~interpretations of ~~business,~~privacy ~~loss of business partners~~ and ~~licensees,~~data ~~and~~protection ~~the disruption to our supply chain~~laws, ~~business,~~with ~~and~~specific ~~plans.~~obligations ~~Unauthorized~~regarding ~~access,~~processing ~~theft, use, destruction, or other compromises are becoming increasingly sophisticated and may occur through a variety~~ of ~~methods,~~personal ~~including attacks using malicious code~~data, ~~vulnerabilities in software, hardware, or other infrastructure (~~including ~~systems~~required ~~used by our supply chain)~~notices, ~~system misconfigurations~~consents, ~~phishing, deepfakes, ransomware, malware, or social engineering. The rapid evolution~~ and ~~increased adoption of artificial intelligence technologies may intensify our cybersecurity risks~~opt-outs. ~~Our logging capabilities, or the logging capabilities of third parties, are not always complete or sufficiently granular, affecting our ability to fully understand the scope of security breaches.~~

~~Such~~Claims ~~security~~we ~~breaches~~have ~~also~~failed ~~could~~to ~~result~~comply inwith ~~a violation of~~ applicable ~~U.S. and international~~ privacy, ~~cyber,~~ and ~~other~~data protection laws or ~~trigger~~to ~~data~~adequately ~~breach~~safeguard ~~notification~~personal ~~laws~~data, ~~including~~even ~~new~~if ~~disclosure~~unfounded, ~~rules~~may ~~promulgated~~result byin ~~the~~regulatory ~~SEC~~investigations, ~~and~~enforcement ~~subject~~actions, uslitigation to(including ~~private~~class ~~consumer~~actions), ~~business~~reputational ~~partner or licensee~~harm, ~~or securities litigation~~ and ~~governmental~~financial ~~investigations and proceedings~~penalties, any of which could ~~result~~materially inaffect our ~~exposure~~operations toand ~~material~~financial ~~civil or criminal liability~~performance. These risks also exist in acquired businesses, joint ventures, or companies we invest in or partner with that use separate information systems or that have not yet been fully integrated into our information systems.

Significant capital investments and other expenditures could also be required to investigate security incidents, remedy cybersecurity problems, recuperate lost data, prevent future compromises, and adapt systems and practices to react to the changing threat environment. These include costs associated with notifying affected individuals and other agencies, additional security technologies, trainings, personnel, experts, and credit monitoring services for those whose data has been breached. These costs, which could be material, could adversely impact our results of operations in the period in which they are incurred, including by interfering with the pursuit of other important business strategies and initiatives, and may not meaningfully limit the success of future attempts to breach our information technology systems.

Media or other reports of existing or perceived security vulnerabilities in our systems, or those of our third-party business partners or service providers, can also adversely impact our brand and reputation and materially impact our business. Additionally, the techniques and sophistication used to conduct cyber-attacks and compromise information technology systems, as well as the sources and targets of these attacks, change frequently and are often not recognized until such attacks are launched or have been in place for a period of time. The rapid evolution and increased adoption of artificial intelligence technologies by attackers amplifies these concerns. We continue to make significant investments in technology, third-party services, and personnel to develop and implement systems and processes that are designed to anticipate cyber-attacks and to prevent or minimize breaches of our information technology systems or data loss, but these security measures cannot provide assurance that we will be successful in preventing such breaches or data loss.

We rely heavily on information technology in our operations and growth initiatives, and any material failure, inadequacy, interruption, or security failure of that technology could harm our ability to effectively operate and grow our business and could adversely affect our financial results.

We rely ~~heavily~~extensively on interconnected information technology systems ~~across~~to support our operations ~~for numerous purposes~~, including ~~for administrative functions,~~ point-of-sale, ~~processing~~mobile ~~and~~ordering, ~~payment in our stores and online~~payments, ~~management of our~~ supply chain, ~~Starbucks Cards~~management, ~~online~~loyalty ~~business~~programs, ~~delivery~~and ~~services,~~administrative ~~mobile~~functions. ~~technology~~We ~~(including~~also ~~mobile~~depend ~~payments~~on ~~and~~third-party ~~ordering~~providers ~~apps),~~for ~~reloads~~key systems and ~~loyalty functionality~~services, ~~and~~which ~~various~~may ~~other~~lack ~~processes~~full ~~and~~redundancy ~~transactions~~within ~~(including~~or ~~providing~~across ~~Starbucks~~markets. ~~Digital~~Our ~~Solutions~~growth toinitiatives—particularly ~~participating~~those ~~licensees),~~involving ~~and~~digital ~~many~~engagement ofand ~~these~~convenience-led ~~systems~~formats—depend ~~are~~heavily ~~interdependent~~ on ~~one~~the ~~another~~reliability ~~for~~and ~~their~~performance ~~functionality. Many~~ of ~~our~~these ~~non-store~~systems. ~~employees~~Any ~~continue~~failure, toinadequacy, ~~work~~inefficiency, ~~on a remote~~ or ~~hybrid~~interruption ~~basis,~~could ~~which~~disrupt ~~has~~operations ~~resulted~~and inadversely ~~increased~~affect ~~demand~~financial ~~on our information technology infrastructure~~results. ~~Additionally,~~Our ~~the~~contractual ~~success~~and ofoperational ~~several~~safeguards ofmay ~~our~~not ~~initiatives~~be toeffective ~~drive~~in ~~growth,~~preventing ~~including~~the ~~our~~failure ~~ability~~of tothese ~~increase~~systems ~~digital~~or ~~relationships~~services ~~with our customers~~ to ~~drive~~operate ~~incremental~~effectively ~~traffic~~ and ~~spend,~~be ~~is highly dependent on our technology systems~~available. ~~Furthermore,~~Failures—whether wedue ~~continue~~ to ~~expand~~outages, ~~convenience~~cyber-~~led formats~~attacks, ~~which~~software ~~depend heavily on our mobile ordering capabilities. Any failure~~flaws, ~~inadequacy~~misconfigurations, or ~~interruption~~other ~~of these systems~~ disruptions—could ~~harm~~materially ~~our~~impact ~~ability~~product toavailability, ~~effectively~~operational ~~operate~~efficiency, and ~~grow our business and could adversely affect our~~ financial ~~results~~performance. InIf ~~addition,~~our ~~the~~incident ~~technologies~~response and ~~artificial~~recovery ~~intelligence~~plans ~~tools we~~ are ~~incorporating~~ineffective ~~into~~or ~~certain~~delayed, ~~aspects~~remediation ofefforts ~~our operations~~ may ~~not~~incur ~~generate~~significant, ~~the~~unplanned ~~intended efficiencies and may impact our business results~~costs.

WeEmerging ~~also~~technologies, ~~rely~~including onartificial ~~third-party~~intelligence ~~providers~~ and ~~platforms~~machine ~~for some of these information technology systems and support. Our systems hardware~~learning, ~~software,~~may ~~and services provided by third-party service providers are~~ not ~~fully~~deliver ~~redundant~~expected ~~within~~efficiencies ~~a market or across our markets. Our contractual~~ and ~~operational~~could ~~safeguards~~introduce ~~may~~new ~~not~~risks, besuch ~~effective~~as inthose ~~preventing~~related ~~the failure of these systems or platforms~~ to ~~operate effectively and be available. Such failures may be caused by various factors~~cybersecurity, ~~including~~data ~~power outages~~privacy, ~~climate change-related impacts~~inaccuracies, ~~catastrophic events~~hallucinations, ~~physical~~bias ~~theft,~~or ~~computer~~discrimination and ~~network~~intellectual ~~failures,~~property ~~inadequate or ineffective redundancy~~infringement, ~~problems~~which ~~with~~may ~~transitioning~~become tomore ~~upgraded~~pronounced oras ~~replacement~~the ~~systems~~Company’s orreliance ~~platforms,~~on ~~flaws~~such intechnologies ~~third-party software or~~ increases.

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services, errors or improper use by our employees or third-party service providers, or a breach in the security of these systems or platforms, including through cyber-attacks such as those that result in the blockage of our or our third-party business partners’ or service providers’ systems and platforms and those discussed in more detail in this risk factors section. If our incident response, disaster recovery, and business continuity plans do not resolve these issues in an effective and timely manner, they could result in an interruption in our operations and could cause material negative impacts to our product availability and sales, the efficiency of our operations, and our financial results. In addition, remediation of any problems with our systems and related customer support could result in significant, unplanned expenses.

Given the increasing complexity and sophistication of techniques used by bad actors to obtain unauthorized access to or disable information technology systems, and the fact that cyber-attacks are being made by groups and individuals with a wide range of expertise and motives, it is increasingly difficult to anticipate and defend against cyber-attacks, and a cyberattack could occur and persist for an extended period of time before being detected. Moreover, the extent of a particular cyber incident and the steps that we may need to take to investigate the incident may not be immediately clear, and it may take a significant amount of time before such investigation can be finalized and completed and reliable information about the incident is known. During the pendency of any such investigation, we may not know the extent of the harm or how best to remediate it, and we may be required to disclose incidents before their full extent is known.

Risks Related to Intellectual Property

Failure to adequately protect our intellectual property or ensure that we are not infringing on the intellectual property of others could harm the value of our brand and our business.

Our brand names, trademarks, and ~~related~~other intellectual property ~~rights~~ are critical assets, ~~and~~that ~~our~~support ~~success depends on our continued ability to use our existing trademarks and service marks in order to increase~~ brand awareness and ~~further~~product ~~develop~~development ~~our~~across ~~branded products in both~~ domestic and international markets. We ~~rely~~protect onthese assets through a combination of trademarks, copyrights, service marks, trade secrets, patents, and other intellectual property rights. toWhile ~~protect~~we have registered certain trademarks in the U.S. and abroad, not all of our ~~brand~~trademarks are registered in every market where we operate or may operate in the future, and ~~branded~~some ~~products.~~may never be registered.

WeSecuring ~~have registered certain trademarks~~ and ~~have~~enforcing ~~other~~intellectual ~~trademark~~property ~~registrations~~rights—especially ~~pending~~ in ~~the~~rapidly ~~U.S.~~evolving ~~and~~areas—can certain foreign jurisdictions. The trademarks that we currently use have not been registered in all of the markets outside of the U.S. in which we do business or may do business in the future and may never be ~~registered in all of these markets. It may be~~ costly and time -consuming. ~~to protect our intellectual property~~Additionally, ~~particularly~~the inlaws ~~rapidly evolving areas,~~ and ~~the~~enforcement ~~steps~~mechanisms we ~~have~~rely ~~taken~~on to protect our intellectual property infrom ~~the~~unauthorized ~~U.S.~~use ~~and foreign countries~~ may ~~not~~ be ~~adequate~~inadequate. InOur ~~addition,~~competitive ~~the~~position ~~steps we have taken~~ may ~~not~~be ~~adequately~~adversely ~~ensure~~affected ~~that we do not infringe the intellectual property of others, and third parties may claim infringement~~ by us in the future. Any claim of infringement, whether or not it has merit, could, particularly in rapidly evolving areas, be time-consuming or result in costly litigation and could have an adverse impact on our ~~business.~~possible Ininability ~~addition, we cannot ensure that licensees and other third parties who hold licenses~~ to ~~our~~effectively ~~intellectual~~protect ~~property will not take actions that adversely affect the value of~~ our intellectual property.

We also seek to maintain certain intellectual property as trade secrets. The secrecy of such trade secrets and other sensitive information could be compromised, which could cause us to lose the competitive advantage resulting from these trade secrets.

Additionally, we also face the risk of infringing third-party intellectual property rights. Any infringement claims, even unmerited claims, can be time consuming and disruptive to our ability to generate revenues or enter into new market opportunities. Further, such claims may lead to expensive and disruptive litigation or significantly increased costs as a result of our attempt to license the intellectual property rights to avoid infringement of third-party rights. Additionally, licensees and other third parties who hold licenses to our intellectual property may take actions that diminish the value of our intellectual property, further exposing us to reputational and financial risk.

Item 1B. Unresolved Staff Comments

None.

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Item 1C. Cybersecurity

Risk Management and Strategy

Starbucks has implemented a cybersecurity program that leverages industry-standard cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework, to assess, identify, and manage cybersecurity risk. Our cybersecurity program is integrated with the Enterprise Risk Management (“ERM”) framework and governance processes utilized by management and our Board to oversee our various top enterprise risks. Our internal audit function periodically evaluates our cybersecurity program and selected aspects of it.

We have implemented various processes and tools to identify cybersecurity threats, detect potential attacks, and protect our data and information technology. We periodically evaluate evolving cybersecurity risks and legal and compliance requirements, and we make ongoing strategic investments to address those evolving risks and requirements. We also participate in multiple cybersecurity forums that share threat intelligence and best practices.

Starbucks assesses, measures, and reports on cybersecurity risk at operational, program or management, and strategic or executive oversight levels. We maintain and periodically update written cybersecurity policies, standards, and controls, which are reviewed by a cross-functional management-level committee and designed to align with business objectives, regulatory requirements, and industry best practices. We train our employees through annual cybersecurity awareness training, which includes information about how to report cybersecurity concerns and incidents, as well as phishing simulations, and periodic communications about timely cybersecurity topics and threats. We also implement a variety of tools to monitor our systems and network activity, and we conduct various simulated attacks and penetration tests to assess the effectiveness of these tools.

28We maintain an incident response plan that guides us in identifying, evaluating, responding to, and recovering from cybersecurity incidents. The plan provides for the creation of a cross-functional, tailored incident response team, led by dedicated incident responders, that may include both Company personnel and third-party service providers, as appropriate. The incident response plan includes incident classification and escalation protocols, including a process for informing senior management and the Board, as appropriate, as well as processes to assess and comply with applicable legal obligations. We periodically test the effectiveness of the plan, and review and update it, as appropriate.

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We maintain an incident response plan that guides us in identifying, evaluating, responding to, and recovering from cybersecurity incidents. The plan provides for the creation of a cross-functional, tailored incident response team, led by dedicated incident responders, that may include both Company personnel and third-party service providers, as appropriate. The incident response plan includes incident classification and escalation protocols, as well as processes to assess and comply with applicable legal obligations. We periodically test the effectiveness of the plan, and review and update it as appropriate.

We also maintain insurance coverage that, subject to its terms and conditions, is intended to help us mitigate certain costs associated with cybersecurity incidents.

We engage third-party security experts, as appropriate, to support our processes for assessing, identifying, and managing cybersecurity risks, including, for example, periodic evaluations of our cybersecurity program from a design and effectiveness perspective, penetration testing, vulnerability scanning, employee awareness training, phishing simulations, and incident monitoring and response.

To address cybersecurity risk arising from our relationships with our third-party business partners and service providers, we maintain a third-party risk management program, which takes a risk-based approach and includes elements such as conducting cybersecurity assessments, including cybersecurity-related obligations in agreements, and utilizing external monitoring sources.

In addition, we maintain a global privacy program to identify, assess, and manage privacy risks related to how we are collecting, using, sharing, storing, and otherwise processing personal data.

As of the date of this filing, we have not identified any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, there can be no assurance that we, or our third-party business partners or service providers, will not experience a cybersecurity threat or incident in the future that could materially adversely affect our business strategy, results of operations, or financial condition. For further discussion of the risks related to cybersecurity, see the risk factors discussed under “Risks Related to Cybersecurity, ~~and~~ Data Privacy, and Information Technology” in our Risk Factors in Item 1A of this Form 10-K.

Governance

Our cybersecurity program is led by our senior vice president, chief information security officer (“ciso”), who is responsible for identifying, assessing, and managing our collective information security and technology risks. Our ciso has more than 20 years of experience in the information security and technology fields., ~~The~~including ~~ciso~~various ~~reports~~leadership toroles ~~our~~in ~~executive~~several ~~vice~~large ~~president,~~companies ~~chief~~across ~~technology~~multiple ~~officer,~~industries. ~~who~~Those ~~has~~roles ~~spent~~have ~~more~~included ~~than~~leading ~~25 years of service in~~ various ~~leadership~~cybersecurity ~~roles~~capabilities inand managing information ~~technology~~security, ~~across~~business ~~multiple~~intelligence, ~~Fortune~~and ~~500~~data ~~companies~~analytics teams.

The ciso is informed about the prevention, detection, mitigation, and remediation of cybersecurity incidents through management of, and participation in, the cybersecurity program described above, including through reports prepared by our internal cybersecurity team and the operation of our incident response plan. The ciso meets regularly with leaders of our various information technology management teams and with the Risk Management Committee (a cross-functional management-level ~~committee, which is co-managed by our cfo and chief legal officer), to review and discuss our cybersecurity and other information technology risks and opportunities.~~

Our Board has ultimate cybersecurity and data privacy risk oversight responsibility for the Company and administers this responsibility both directly and with assistance from the Audit and Compliance Committee (“Audit Committee”) and the Environmental, Partner, and Community Impact Committee (the “Impact Committee”). The Audit Committee oversees our cybersecurity and technology risks, and the Impact Committee oversees our data privacy risks, all of which are integrated into our overall ERM program. The Audit Committee actively reviews and discusses our cybersecurity and technology risk management programs and regularly reports out to the full Board on our relevant strengths and opportunities. The Impact Committee reviews our data privacy risk management programs and reports out to the full Board on our relevant strengths and opportunities.22

The Audit Committee receives quarterly updates from the ciso or other members of the ciso’s team with responsibility for oversight of our key cybersecurity program components. These updates include, as appropriate, ongoing changes in our external and internal cybersecurity threat landscape, new technology trends and regulatory developments, evolving internal policies and practices used to manage and mitigate cybersecurity and technology-related risks, cybersecurity incidents and our response to them, and trends in various metrics that are used to help assess our overall cybersecurity program effectiveness. The Impact Committee receives annual updates from our vice president, data privacy, on our data privacy practices, emerging risks, and evolving global privacy laws and regulations.

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committee, which is co-managed by our cfo and chief legal officer and meets at least quarterly), to review and discuss our cybersecurity and other information technology risks and opportunities.

Our Board has ultimate cybersecurity and data privacy risk oversight responsibility for the Company and administers this responsibility both directly and with assistance from the Audit and Compliance Committee (“Audit Committee”). The Audit Committee oversees our cybersecurity and technology risks, along with our data privacy risks, all of which are integrated into our overall ERM program. The Audit Committee actively reviews and discusses our cybersecurity and technology risk management programs and regularly reports out to the full Board on our relevant strengths and opportunities. The Audit Committee also reviews our data privacy risk management programs and reports out to the full Board on our relevant strengths and opportunities.

Item 2.Properties

The material properties used by Starbucks in connection with its roasting, manufacturing, warehousing, distribution, and corporate administrative operations, serving all segments, are as follows:

Location	Approximate Size in Square Feet	Purpose
York, PA	1,957,000	Roasting, warehousing and distribution
Seattle, WA	1,294,000	Corporate administrative
Minden, NV (Carson Valley)	1,080,000	Roasting, warehousing and distribution
Auburn, WA	750,000	Warehousing and distribution
Lebanon, TN	680,000	Warehousing and distribution
Kunshan, China	630,000	Roasting, warehousing and distribution
Kent, WA	510,000	Roasting and distribution
Shanghai, China	~~225~~221,000	Corporate administrative

We own most of our roasting facilities and lease the majority of our warehousing and distribution locations. As of September 2928, ~~2024~~2025, Starbucks had 21,~~018~~514 company-operated stores, almost all of which are leased. We also lease space in various locations worldwide for regional, district, and other administrative offices, training facilities, and storage. In addition to the locations listed above, we hold inventory at various locations managed by third-party warehouses. We believe our existing facilities, both owned and leased, are in good condition and suitable for the conduct of our business.

Item 3.Legal Proceedings

See Note 16, Commitments and Contingencies, to the consolidated financial statements included in Item 8 of Part II of this 10-K for information regarding certain legal proceedings in which we are involved.

Item 4.Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for the Registrant’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities

SHAREHOLDER INFORMATION

As of November 7, 2025, we had approximately 16,000 shareholders of record. This does not include persons whose stock is in nominee or “street name” accounts through brokers.

MARKET INFORMATION AND DIVIDEND POLICY

Starbucks common stock is traded on Nasdaq, under the symbol “SBUX.”

As of November 13, 2024, we had approximately 17,000 shareholders of record. This does not include persons whose stock is in nominee or “street name” accounts through brokers.

Future decisions to pay comparable cash dividends to those paid in the past continue to be at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors that the Board considers relevant.

ISSUER PURCHASES OF EQUITY SECURITIES

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 Securities Exchange Act of 1934, as amended (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 fiscal fourth quarter ended September 2928, ~~2024~~2025, there was no share repurchase activity.

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Performance Comparison Graph

The following graph shall not be deemed “filed” for purposes of section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of Starbucks Corporation under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

The following graph depicts the total return to shareholders from September 2927, ~~2019~~2020, through September 2928, ~~2024~~2025, relative to the performance of the Standard & Poor’s 500 Index, the Nasdaq Composite Index and the Standard & Poor’s 500 Consumer Discretionary Sector, a peer group that includes Starbucks. All indices shown in the graph have been reset to a base of 100 as of September 2927, ~~2019~~2020, and assume an investment of $100 on that date and the reinvestment of dividends paid since that date. The stock price performance shown in the graph is not necessarily indicative of future stock price performance.

Sep 29, 2019

Sep 27, 2020

Oct 3, 2021

Oct 2, 2022

Oct 1, 2023

Sep 29, 2024

Sep 27, 2020

Oct 3, 2021

Oct 2, 2022

Oct 1, 2023

Sep 29, 2024

Sep 28, 2025

Starbucks Corporation

100.00

97136.3625

~~132~~103.6593

~~101~~114.1996

~~111~~125.9374

~~122~~110.4147

S&P 500

100.00

~~115~~130.1501

~~149~~109.7089

~~126~~133.5465

~~153~~182.8923

~~209~~214.8430

Nasdaq Composite

100.00

~~140~~130.9626

~~183~~96.6106

~~135~~121.4214

~~170~~167.7695

~~236~~210.7464

S&P Consumer Discretionary

100.00

~~128~~119.8915

~~153~~94.5725

~~121~~107.4823

~~138~~137.2232

~~177~~165.0021

3225

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Item 6. [Reserved]

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Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion of our financial condition and results of operations in conjunction with the financial statements and the notes thereto included elsewhere in this 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified above, under Risk Factors in Part I, Item 1A of this 10-K, and elsewhere herein. Therefore, our actual results could differ materially from those discussed in the forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. Please also see the cautionary language at the beginning of Part I of this 10-K regarding forward-looking statements.

General

Our fiscal year ends on the Sunday closest to September 30. All references to store counts, including data for new store openings, are reported net of related store closures, unless otherwise noted. Fiscal years ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 included 52 weeks.

The discussion of our financial condition and results of operations for the fiscal year ended October 21, ~~2022~~2023, included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) can be found in the Annual Report on Form 10-K for the fiscal year ended ~~October~~September 129, ~~2023~~2024.

Overview

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. Comparable store sales includes company-operated stores open 13 months or longer, and exclude the effects of foreign currency exchange rates. Stores that are temporarily closed remain in comparable store sales while permanent store closures are removed in the month following closure. We believe these key operating metrics 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. Throughout this MD&A, we commonly discuss the following key operating metrics:

•New store openings and store count

•Comparable store sales

•Operating margin

Starbucks results for fiscal ~~2024~~2025 ~~reflect~~showed continued progress on key “Back to Starbucks” initiatives, specifically investments in coffeehouse partners, as we work to rebuild a ~~challenging~~stronger ~~operating~~Starbucks. ~~environment~~These investments include the Green Apron Service model, ~~notably~~additional ~~driven~~investments byin ~~reduced~~staffing ~~customer~~and ~~traffic~~hours ~~compared~~at the right times to ~~fiscal~~deliver ~~2023~~enhanced customer service, ~~that~~and ~~pressured~~the Leadership Experience 2025, a conference designed to empower and motivate our ~~financial~~retail ~~results~~leaders to accelerate our “Back to Starbucks” strategy. Consolidated net revenues increased 13% to $3637.2 billion in fiscal ~~2024~~2025 compared to $36.02 billion in fiscal ~~2023~~2024, primarily driven by incremental revenues from net new company-operated stores over the past 12 months, an increase in revenue in the Global Coffee Alliance, and incremental revenue from the acquisition of 23.5 Degrees Topco Limited, a U.K. licensed business partner, partially offset by a decrease in comparable store sales and ~~the~~a ~~impact~~decline ofin ~~unfavorable~~our ~~foreign~~licensed ~~currency~~store ~~translation~~business.

For both the North America segment and U.S. market, revenue increased 21% in fiscal ~~2024~~2025 compared to fiscal ~~2023~~2024, primarily driven by net new company-operated store growth of 4%, or 441 stores, over the past 12 months, ~~and~~prior ~~higher~~to ~~product~~the ~~and~~584 ~~equipment~~North ~~sales~~America ~~to,~~restructuring ~~and~~closures ~~royalty~~late ~~revenues~~in ~~from,~~the ~~our~~fourth ~~licensees~~quarter of fiscal 2025. This growth was partially offset by a 2% decline in comparable store sales. Comparable transactions ~~for both the North America segment and the U.S. market~~ declined 54%, partially offset by average ticket growth ~~for~~of ~~both~~2%, ~~the~~primarily ~~North~~driven ~~America~~by ~~segment~~annualization ~~and~~of pricing in the Ucurrent year.S. ~~market~~Also ofcontributing 4%were lower product and equipment sales to, ~~primarily~~and ~~driven~~royalty byrevenues ~~annualization~~from, ofour ~~pricing~~licensees.

For the International segment, revenue ~~declined~~increased 27% in fiscal ~~2024~~2025 compared to fiscal ~~2023~~2024, primarily driven by net new company-operated and licensed store openings over the ~~impact~~past 12 months, incremental net revenue from the conversion of ~~unfavorable~~113 ~~foreign~~licensed ~~currency~~stores ~~translation,~~to acompany-operated 4%stores ~~decline~~following inthe ~~comparable~~acquisition ~~store~~of ~~sales~~23.5 ~~driven~~Degrees byTopco aLimited ~~decline~~during inthe ~~average~~first ~~ticket~~quarter of 4%fiscal 2025, and ~~lower~~higher product and equipment sales to, and royalty revenues from, our licensees. ~~These decreases were partially offset by net new company-operated and licensed store openings over the past 12 months.~~

Revenue for our Channel Development segment ~~decreased~~increased 76% in fiscal ~~2024~~2025 compared with fiscal ~~2023~~2024, primarily driven by aan ~~decline~~increase in revenue in the Global Coffee Alliance ~~following the sale of our Seattle’s Best Coffee brand to Nestlé in the second quarter of fiscal 2023 as well as product SKU optimization~~.

~~Our~~In ~~performance~~support ~~was lower-than-expected as a result~~ of ~~a pronounced customer traffic decline, reflecting~~ our ~~targeted~~“Back ~~and~~to ~~accelerated~~Starbucks” ~~investments not improving customer behaviors as intended~~strategy, aswe ~~well~~completed ~~as the macroeconomic and competitive environment in China that further pressured~~ our ~~results.~~assessment ~~Given these challenges, under the direction~~ of our ~~new~~coffeehouse ~~chief~~portfolio ~~executive~~late ~~officer,~~in ~~Brian~~the ~~Niccol,~~fourth wequarter ~~are~~and ~~changing~~made ~~our~~decisions ~~business strategy~~ to ~~bring~~close ~~customers back to our~~ stores ~~and~~that ~~return~~did tonot ~~growth.~~demonstrate ~~Our~~a ~~“Back~~viable path to ~~Starbucks”~~profitability, ~~strategy~~or ~~includes~~meet ~~supporting~~ our ~~green~~standards ~~apron~~of ~~partners,~~delivering ~~enhancing~~a ~~the customer experience~~warm, ~~reestablishing~~welcoming ~~ourselves~~space asfor ~~the~~our ~~community~~customers ~~coffee house,~~ and ~~innovating~~partners. ~~the~~Our ~~coffee~~store ~~tasting~~closures ~~experience through product development, marketing, and~~ in~~-store~~ ~~experience.~~North ~~This~~America ~~strategic~~were ~~reset~~substantially ~~will provide us with the opportunity to assess the business and refocus~~

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~~our~~completed ~~efforts,~~in ~~including~~fiscal ~~capital~~2025 ~~allocation~~and ~~priorities~~the International store closures are expected to be completed in the first half of fiscal 2026. As a result of these closures, ~~efficiency~~we ~~efforts~~expect a fiscal 2026 reduction in our baseline North America company-operated revenues, ~~and~~partially ~~store~~offset ~~growth~~by ~~initiatives.~~sales Wetransfer to nearby coffeehouses that remain ~~confident~~open. inWe also expect the ~~strength~~future impact to operating margins to be slightly accretive. With a healthier base of ~~our~~coffeehouses, ~~brand~~we ~~and~~see ~~believe~~meaningful opportunity for disciplined growth. We anticipate that ~~the~~these ~~new~~actions, ~~action~~along ~~plans~~with simplifying our broader support organization, will ~~position~~allow ~~the~~us ~~Company~~to ~~for~~restructure, ~~sustainable~~redeploy, and refocus our resources on priorities that we believe will deliver long-term sustainable business growth.

35We expect that the macroeconomic challenges we have been experiencing, including impacts from new tariffs and dynamic coffee prices, will continue; however, we are encouraged by the results we have seen from our “Back to Starbucks” initiatives. Following our Green Apron Service model going live across our full U.S company-operated store portfolio in the fourth quarter of fiscal 2025, we are focused on empowering coffeehouse leaders to take ownership of sustaining the model as our permanent way of working, which we expect to enhance the customer experience and drive future transaction growth. Further, as announced in early November 2025, we look forward to working with our new strategic joint venture partner, Boyu Capital, to accelerate long-term growth in China. We believe, through strategic prioritization, that we are taking the right actions now and in the future, specifically through our investments in store partners, uplifting the coffeehouse experience through disciplined capital deployment, introducing new food and beverage platforms, reimagining the Starbucks rewards program, and enhancing support for our licensee partners. These actions, while driving more efficiency, accountability, and agility as a company, will lay the foundation for the future of Starbucks.

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Financial Highlights

•Total net revenues increased 13% to $3637.2 billion in fiscal ~~2024~~2025 compared to $36.02 billion in fiscal ~~2023~~2024.

•Consolidated operating income decreased to $52.49 billion in fiscal ~~2024~~2025 compared to $5.94 billion in fiscal ~~2023~~2024. Fiscal ~~2024~~2025 operating margin was 157.09% compared to 1615.30% in fiscal ~~2023~~2024. Operating margin contraction of ~~130~~710 basis points was primarily due to ~~investments~~restructuring incosts ~~store~~associated ~~partner~~with ~~wages~~the closure of coffeehouses and ~~benefits~~simplification of our support organization (approximately ~~140~~240 basis points), deleverage (approximately ~~130~~210 basis points), ~~and~~investments ~~increased~~in ~~promotional~~support ~~activity~~of ~~(approximately~~“Back ~~100~~to ~~basis~~Starbucks,” ~~points).~~which ~~These decreases~~ were ~~partially~~largely ~~offset~~in bylabor ~~pricing~~hours (approximately ~~180~~130 basis points), and ~~in-store~~inflation ~~operational efficiencies~~ (approximately ~~130~~80 basis points).

•Diluted earnings per share (“EPS”) for fiscal ~~2024~~2025 ~~decreased~~declined to $31.3163, compared to EPS of $3.5831 in fiscal ~~2023~~2024. The decrease was primarily driven by contraction in operating margin, including restructuring and impairment costs in support of our “Back to Starbucks” strategy, as compared to the prior year.

•Capital expenditures were $2.83 billion in fiscal ~~2024~~2025 and $2.38 billion in fiscal ~~2023~~2024.

•We returned $32.8 billion and $3.48 billion to our shareholders in fiscal ~~2024~~2025 and fiscal ~~2023~~2024, respectively, through dividends and share repurchases.

Acquisitions and Divestitures

See Note 2, Acquisitions, ~~Divestitures~~ and ~~Strategic Alliance~~Divestitures, to the consolidated financial statements included in Item 8 of Part II of this 10-K for information regarding acquisitions and divestitures.

RESULTS OF OPERATIONS — FISCAL ~~2024~~2025 COMPARED TO FISCAL ~~2023~~2024

Consolidated results of operations (in millions):

Revenues

Fiscal Year Ended

Sep 2928,~~2024~~2025

~~Oct~~Sep 129,~~2023~~2024

%Change

Net revenues:

Company-operated stores

2930,~~765~~744.98

29,~~462~~765.39

13.03

Licensed stores

4,~~505~~350.14

4,~~512~~505.71

(03.24)

Other

12,~~905~~089.2

21,~~000~~905.62

(49.8)7

Total net revenues

3637,~~176~~184.24

3536,~~975~~176.62

02.68

Total net revenues increased $~~201~~1 ~~million~~billion, or 13%, over fiscal ~~2023~~2024, primarily due to higher revenues from company-operated stores ($~~304~~979 million). ~~The~~and ~~growth~~other ~~in company-operated store revenue was driven by incremental~~ revenues ~~from 1,426 net new company-operated stores, or a 7% increase, over the past 12 months~~ ($~~1.2~~184 ~~billion). Partially offsetting this increase were a 2% decrease in comparable store sales ($629~~ million), ~~attributable to a 4% decrease in comparable transactions,~~ partially offset by a 2%decline ~~increase~~ in ~~average~~revenues ~~ticket,~~from ~~primarily~~licensed ~~due~~stores ~~to annualization of pricing, and unfavorable foreign currency translation impacts~~ ($~~235~~155 million).

~~Licensed~~Company-operated ~~stores~~store revenue ~~decreased~~increased $8979 million, primarily driven by ~~lower~~net ~~product~~new ~~and~~company-operated ~~equipment~~store ~~sales~~growth of 5%, or 1,010 stores, over the past 12 months ($1.2 billion), prior to the 627 restructuring closures late in the fourth quarter of fiscal 2025, and ~~royalty~~incremental ~~revenues~~revenue from, ~~our~~the ~~licensees~~conversion inof ~~our~~113 ~~International~~licensed ~~segment~~stores to company-operated stores ($69131 million) ~~and~~following ~~unfavorable~~the ~~foreign~~acquisition ~~currency~~of ~~translation~~23.5 ~~impacts~~Degrees Topco Limited. Partially offsetting this increase was a 1% decline in comparable store sales ($27408 million), ~~partially~~attributable ~~offset~~to bya ~~higher~~2% ~~product~~decline ~~and~~in ~~equipment~~comparable ~~sales to~~transactions, ~~and~~partially ~~royalty~~offset ~~revenues~~by ~~from,~~a ~~our~~1% ~~licensees~~increase in ~~our~~average ~~North~~ticket, ~~America~~primarily ~~segment~~due ~~($80~~to ~~million)~~annualization of prior year pricing.

~~Other~~Licensed ~~revenues~~stores revenue decreased $95155 million, primarily ~~due~~driven by lower product and equipment sales to, aand ~~decline~~royalty inrevenues ~~revenue~~from, our licensees in ~~the~~our ~~Global~~North ~~Coffee~~America ~~Alliance~~segment ($~~125~~143 million), ~~following~~the impact of the ~~sale~~acquisition of ~~our~~23.5 ~~Seattle’s~~Degrees ~~Best~~Topco ~~Coffee~~Limited ~~brand~~($36 tomillion), ~~Nestlé~~and inby ~~the~~unfavorable ~~second~~foreign ~~quarter~~currency oftranslation ~~fiscal~~impacts ~~2023~~($22 asmillion). ~~well~~These asdecreases were partially offset by higher product ~~SKU~~sales ~~optimization~~to, and royalty revenues from, our licensees in our International segment ($79 million).

36Other revenues increased $184 million, primarily due to an increase in revenue in the Global Coffee Alliance ($99 million) and increased sales of cocoa butter to third parties ($66 million).

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Operating Expenses

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024
					As a % of TotalNet Revenues
Product and distribution costs	$	11,~~180~~658.62	$	11,~~409~~180.16	3031.94	%	3130.79	%
Store operating expenses	1517,~~286~~058.59		1415,~~720~~286.35		4245.39		4042.93
Other operating expenses	~~565~~584.6		~~539~~565.46		1.6		1.56
Depreciation and amortization expenses	1,~~512~~684.67		1,~~362~~512.6		4.25		34.82
General and administrative expenses	2,~~523~~617.32		2,~~441~~523.3		7.0		67.80
Restructuring and impairments	—892.0		~~21.8~~—		—2.4		~~0.1~~—
Total operating expenses	3134,~~068~~495.6		3031,~~494~~068.56		8592.98		8485.89
Income from equity investees	~~301~~247.28		~~298~~301.42		0.87		0.8
Gain from sale of assets	—		91.3		—		0.3
Operating income	$	2,936.6	$	5,408.8	7.9	%	15.0	%
Operating income	$	5,408.8	$	5,870.8	15.0	%	16.3	%
Store operating expenses as a % of related revenues					55.5	%	51.4	%
Store operating expenses as a % of related revenues					51.4	%	50.0	%

Product and distribution costs as a percentage of total net revenues ~~decreased~~increased 8050 basis points, primarily due to ~~the~~inflation ~~impact of increased sales from pricing~~ (approximately 7080 basis points) ~~and a reduction in supply chain costs (approximately 60 basis points)~~.

Store operating expenses as a percentage of total net revenues increased ~~140~~360 basis points. Store operating expenses as a percentage of company-operated store revenues increased ~~140~~410 basis points, primarily due to ~~investments~~deleverage ~~in store partner wages and benefits~~ (approximately ~~170~~200 basis points), ~~deleverage~~additional labor (approximately 80160 basis points), and increased ~~promotional~~marketing ~~activity~~ (approximately 7090 basis points)~~, partially offset by in-store operational efficiencies (approximately 170 basis points)~~.

Other operating expenses increased $2619 million, primarily due to support costs for our ~~growing~~ licensed markets.

Depreciation and amortization expenses as a percentage of total net revenues increased 4030 basis points, primarily due to deleverage.

General and administrative expenses increased $8294 million, primarily due to ~~incremental investments in technology ($93 million), investments in partner wages and benefits ($90 million), and certain proxy solicitation and advisory services costs incurred in~~ the ~~second~~Leadership ~~quarter~~Experience of2025 ~~fiscal 2024~~ ($2881 million). ~~These increases were partially offset by lower performance-based compensation ($86 million) and the lapping of donations to The Starbucks Foundation made in fiscal 2023 ($30 million).~~

~~Gain~~Restructuring ~~from~~and ~~sale~~impairments ofwere ~~assets~~$892 ~~includes~~million, largely due to costs associated with the ~~sale~~closure of coffeehouses and simplification of our ~~Seattle’s~~support ~~Best~~organization. ~~Coffee~~See ~~brand~~Note 18, Restructuring, to ~~Nestlé~~the consolidated financial statements included in ~~the~~Item ~~second~~8 ~~quarter~~of Part II of ~~fiscal~~this ~~2023~~10-K, for further discussion.

~~The~~Income ~~combination~~from ofequity ~~these~~investees ~~changes~~decreased ~~resulted~~$53.4 inmillion, anprimarily ~~overall~~due ~~decrease~~to inlower ~~operating~~income ~~margin~~from ofour ~~130~~North ~~basis~~American ~~points~~Coffee inPartnership ~~fiscal~~joint ~~2024 when compared to fiscal 2023~~venture.

37The combination of these changes resulted in an overall decrease in operating margin of 710 basis points in fiscal 2025 when compared to fiscal 2024.

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Other Income and Expenses

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024
					As a % of TotalNet Revenues
Operating income	$	52,~~408~~936.86	$	5,~~870~~408.8	157.09	%	1615.30	%
Interest income and other, net	~~122~~113.83		81122.28		0.3		0.23
Interest expense	(~~562~~542.06)		(~~550~~562.10)		(1.65)		(1.56)
Earnings before income taxes	42,~~969~~507.63		54,~~401~~969.96		136.7		1513.07
Income tax expense	~~1,207~~650.36		1,~~277~~207.23		31.37		3.63
Net earnings including noncontrolling interests	31,~~762~~856.37		43,~~124~~762.73		105.40		1110.54
Net earnings/(loss) attributable to noncontrolling interests	10.43		01.24		0.0		0.0
Net earnings attributable to Starbucks	$	31,~~760~~856.94	$	43,~~124~~760.59	105.40	%	1110.54	%
Effective tax rate including noncontrolling interests					2425.39	%	2324.63	%

Interest income and other, net ~~increased~~decreased $4210 million, ~~and~~primarily ~~interest~~due ~~expense~~to ~~increased~~lower ~~$12~~cash ~~million,~~balances ~~both~~and ~~primarily~~lower ~~due to higher~~ interest rates in the current year.

~~The~~Interest ~~effective~~expense ~~tax~~decreased ~~rate~~$19 ~~for~~million, ~~fiscal~~primarily ~~2024 was 24.3% compared to 23.6% for fiscal 2023.The increase was~~ due to ~~lapping~~savings ~~the~~from ~~release~~cross-currency ofinterest ~~valuation~~rate allowances recorded against certain deferred tax assets of an international jurisdiction in the prior year (approximately 80 basis points) and the accrual of foreign withholding taxes related to the current year earnings of certain foreign subsidiaries (approximately 60 basis points)hedging, partially offset by ~~electing~~higher aninterest ~~alternative~~rates ~~tax~~on ~~approach~~refinanced in a certain foreign jurisdiction that resulted in a tax benefit in the second quarter of fiscal 2024 (approximately 60 basis points). See Note 14, Income Taxes, to the consolidated financial statements included in Item 8 of Part II of this 10long-K,term ~~for further discussion~~debt.

38The effective tax rate for fiscal 2025 was 25.9% compared to 24.3% for fiscal 2024.The increase was primarily due to the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in the third quarter of fiscal 2025 (approximately 290 basis points), partially offset by the discrete impact of a tax status change for a certain foreign entity in the first quarter of fiscal 2025 (approximately 120 basis points). See Note 14, Income Taxes, to the consolidated financial statements included in Item 8 of Part II of this 10-K, for further discussion.

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Segment Information

Results of operations by segment (in millions):

North America

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024
					As a % of North AmericaTotal Net Revenues
Net revenues:
Company-operated stores	$	24,~~258~~793.70	$	2324,~~905~~258.47	8990.86	%	9089.08	%
Licensed stores	2,~~747~~575.46		2,~~659~~747.14		109.24		10.02
Other	3.4.5		53.14		0.0		0.0
Total net revenues	27,~~009~~373.51		2627,~~569~~009.65		100.0		100.0
Product and distribution costs	7,~~478~~628.07		7,~~530~~478.40		27.79		2827.37
Store operating expenses	1213,~~467~~973.13		1112,~~959~~467.21		4651.20		4546.02
Other operating expenses	~~280~~281.96		~~263~~280.89		1.0		1.0
Depreciation and amortization expenses	1,~~052~~196.43		~~910.~~1,052.4		34.94		3.49
General and administrative expenses	~~375~~483.83		~~389~~375.78		1.48		1.54
Restructuring and impairments	—653.2		~~20.7~~—		—2.4		~~0.1~~—
Total operating expenses	2124,~~654~~216.24		21,~~073~~654.92		8088.25		7980.32
Operating income	$	53,~~355~~156.37	$	5,~~495~~355.73	1911.85	%	2019.78	%
Store operating expenses as a % of related revenues					5156.4	%	5051.04	%

Revenues

North America total net revenues for fiscal ~~2024~~2025 increased $~~440~~364 million, or 21%, primarily driven by net new company-operated store growth of 54%, or ~~533~~441 stores, over the past 12 months ($~~788~~980 million), ~~and~~prior ~~higher~~to ~~product~~the ~~and~~584 ~~equipment~~restructuring ~~sales~~closures ~~to,~~late ~~and~~in ~~royalty~~the ~~revenues~~fourth ~~from,~~quarter ~~our~~of ~~licensees~~fiscal ~~($80 million)~~2025. This growth was partially offset by a 2% decline in comparable store sales ($~~420~~419 million) driven by a 54% ~~decrease~~decline in comparable transactions, partially offset by a 42% increase in average ticket, primarily due to annualization of prior year pricing. Also contributing were lower product and equipment sales to, and royalty revenues from, our licensees ($143 million) and the impact of unfavorable foreign currency translation ($42 million).

Operating Margin

North America operating income for fiscal ~~2024~~2025 decreased 341% to $53.42 billion, compared to $5.54 billion in fiscal ~~2023~~2024. Operating margin contracted 90830 basis points to 1911.85%, primarily ~~due~~driven toby ~~investments~~deleverage ~~in store partner wages and benefits~~ (approximately ~~150~~310 basis points), ~~deleverage~~restructuring ~~(approximately~~costs ~~150~~associated ~~basis~~with ~~points),~~the closure of coffeehouses and ~~increased~~simplification ~~promotional~~of ~~activity~~our support organization (approximately ~~100~~240 basis points), ~~partially~~and ~~offset~~investments byin ~~pricing~~support ~~(approximately~~of ~~220~~“Back ~~basis~~to ~~points)~~Starbucks,” ~~and~~which were largely in~~-store~~ ~~operational~~labor ~~efficiencies~~hours (approximately ~~150~~180 basis points).

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International

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024
					As a % of International Total Net Revenues
Net revenues:
Company-operated stores	$	5,~~507~~951.28	$	5,~~556~~507.92	7576.01	%	7475.20	%
Licensed stores	1,~~757~~774.78		1,~~853~~757.67		2422.07		24.80
Other	7493.03		7774.10		1.02		1.0
Total net revenues	7,~~338~~819.9		7,~~487~~338.69		100.0		100.0
Product and distribution costs	2,~~575~~749.28		2,~~608~~575.42		35.12		3435.81
Store operating expenses	23,~~819~~085.46		2,~~761~~819.14		3839.45		3638.94
Other operating expenses	~~225~~242.10		~~219~~225.01		3.1		23.91
Depreciation and amortization expenses	~~338~~363.39		~~335~~338.13		4.67		4.56
General and administrative expenses	~~338~~344.83		~~335~~338.8		4.64		4.56
Total operating expenses	6,296.8		6,259.4		85.8		83.6
Restructuring and impairments	82.5		—		1.1		—
Income from equity investees	3.6		2.7		0.0		0.0
Total operating expenses	6,868.1		6,296.8		87.8		85.8
Operating income	$	1,045.7	$	1,230.9	14.2	%	16.4	%
Income/ (loss) from equity investees	(1.8)		3.6		0.0		0.0
Store operating expenses as a % of related revenues					51.2	%	49.7	%
Operating income	$	950.0	$	1,045.7	12.1	%	14.2	%
Store operating expenses as a % of related revenues					51.8	%	51.2	%

Revenues

International total net revenues for fiscal ~~2024~~2025 ~~decreased~~increased $~~149~~481 million, or 27%, primarily due to ~~unfavorable~~net ~~foreign~~new ~~currency~~company-operated ~~translation~~store ~~impacts~~growth of 5%, or 526 stores, over the past 12 months ($~~252~~264 million), asand ~~well~~the asincremental anet 4%revenue ~~decline~~from inthe ~~comparable~~conversion ~~store~~of ~~sales~~113 licensed stores to company-operated stores ($~~210~~95 million), ~~driven~~following bythe aacquisition 4%of ~~decline~~23.5 inDegrees ~~average~~Topco ~~ticket.~~Limited during the first quarter of fiscal 2025. Also contributing to the ~~decline~~increase in ~~international total net~~ revenues were ~~lower~~higher product ~~and equipment~~ sales to, and royalty revenues from, our licensees ($6979 million), ~~largely~~primarily ~~driven by continued disruptions~~ due to ~~multiple international conflicts, partially offset by~~ the ~~performance~~opening of ~~654~~378 net new licensed store ~~openings~~ over the past 12 months. ~~These decreases were partially offset by net new company-operated store growth of 10%, or 893 stores, over the past 12 months ($378 million).~~

Operating Margin

International operating income for fiscal ~~2024~~2025 decreased 159% to $~~1.0~~950 ~~billion~~million, compared to $1.20 billion in fiscal ~~2023~~2024. Operating margin contracted ~~220~~210 basis points, to 1412.21% , primarily due to increased promotional activity (approximately 170 basis points) and ~~investments~~restructuring inand ~~store~~impairment ~~partner~~costs ~~wages~~associated ~~and~~with ~~benefits~~the ~~(approximately~~closure ~~120~~of ~~basis~~coffeehouses ~~points),~~and ~~partially~~simplification ~~offset~~of byour ~~in-store~~support ~~operational~~organization ~~efficiencies~~ (approximately ~~100~~110 basis points).

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Channel Development

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024
					As a % of Channel Development Total Net Revenues
Net revenues	$	1,~~769~~871.87	$	1,~~893~~769.8
Product and distribution costs	1,~~075~~168.43		1,~~250~~075.14		6062.84	%	6660.08	%
Other operating expenses	5860.42		5458.64		3.32		23.93
Depreciation and amortization expenses	—		0.1		0.0		0.0
General and administrative expenses	5.8		7.7		0.3		0.4
General and administrative expenses	7.7		8.4		0.4		0.4
Restructuring and impairments	1.9		—		0.1		—
Total operating expenses	1,~~141~~236.52		1,~~313~~141.25		6466.50		6964.35
Income from equity investees	~~297~~249.6		~~295~~297.76		1613.83		1516.68
Gain from sale of assets	—		91.3		—		4.8
Operating income	$	885.1	$	925.9	47.3	%	52.3	%
Operating income	$	925.9	$	967.6	52.3	%	51.1	%

Revenues

Channel Development total net revenues for fiscal ~~2024~~2025 ~~decreased~~increased $~~124~~102 million, or 76%, compared to fiscal ~~2023~~2024, primarily due to aan ~~decline~~increase in revenue in the Global Coffee Alliance ($~~125~~99 million) ~~following the sale of our Seattle’s Best Coffee brand to Nestlé in the second quarter of fiscal 2023 as well as product SKU optimization~~.

Operating Margin

Channel Development operating income for fiscal ~~2024~~2025 decreased 4% to $~~926~~885 million, compared to $~~968~~926 million in fiscal ~~2023~~2024. Operating margin ~~expanded~~contracted ~~120~~500 basis points to 5247.3%, primarily ~~due~~driven toby ~~mix~~a ~~shift~~decline ~~(approximately 350 basis points), strength~~ in our North American Coffee Partnership joint venture income (approximately ~~120~~350 basis points), and ~~lapping~~higher ~~impairment~~global ~~charges~~product ~~against~~costs ~~certain manufacturing assets in the second quarter of fiscal 2023~~ (approximately 90 basis points). ~~These increases were partially offset by lapping the gain from the sale of our Seattle’s Best Coffee brand in the second quarter of fiscal 2023 (approximately 480 basis points).~~

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Corporate and Other

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		% Change
Net revenues:
Other	$	58119.07	$	2458.60	~~135~~106.84	%
Total net revenues	58119.07		2458.60		~~135~~106.84
Product and distribution costs	52111.04		2052.20		~~157~~114.42
Other operating expenses	10.28		21.02		(4033.03)
Depreciation and amortization expenses	~~121~~124.95		~~117~~121.39		32.91
General and administrative expenses	1,~~801~~783.08		1,~~707~~801.40		5(1.50)
Restructuring and impairments	—154.4		~~1.1~~—		nm
Total operating expenses	12,~~976~~174.19		1,~~848~~976.01		610.91
Operating loss	$	(12,~~918~~055.12)	$	(1,~~823~~918.41)	57.21	%

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.

Corporate and Other operating loss increased 7% to $12.91 billion for fiscal ~~2024,~~2025 ~~or 5%,~~ compared to $1.89 billion infor fiscal ~~2023. This increase was primarily driven by incremental investments in technology ($93 million)~~2024, ~~investments~~largely indue ~~partner~~to ~~wages and benefits ($57 million), and certain proxy solicitation and advisory services~~ costs ~~incurred~~associated inwith the ~~second~~restructuring ~~quarter~~ of ~~fiscal~~our ~~2024~~support ~~($28~~organization, ~~million).~~primarily ~~These~~severance ~~increases were partially offset by lower performance-based compensation ($61 million) and the lapping of donations to The Starbucks Foundation made in fiscal 2023 ($30 million)~~costs.

FINANCIAL CONDITION, LIQUIDITY, AND CAPITAL RESOURCES

Cash and Investment Overview

Our cash and investments were $3.87 billion and $43.28 billion as of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024, respectively. 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 ~~(domestic and foreign)~~, ~~and commercial paper~~ as well as principal-protected structured deposits. As of September 2928, ~~2024~~2025, approximately $2.1.6 billion of cash and short-term investments were held in foreign subsidiaries.

Borrowing Capacity

Credit Facilities and Commercial Paper

Revolving Credit Facility

~~Our~~During the third quarter of fiscal 2025, we replaced our $3.0 billion unsecured five-year revolving credit facility (the “2021 credit facility”), ofwith ~~which~~a new $~~150~~3.0 ~~million~~billion ~~may~~unsecured befive-year ~~used~~revolving ~~for issuances of letters of~~ credit, isfacility ~~currently~~(the ~~set~~“2025 ~~to mature on September 16, 2026. The 2021~~ credit facility ~~is available for working capital, capital expenditures, and other 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~~Our ~~under~~2025 ~~the 2021~~ credit facility, of which ~~was~~$150.0 ~~most~~million ~~recently~~may ~~amended~~be inused ~~April~~for ~~2023,~~issuances ~~will~~of ~~bear~~letters ~~interest~~of atcredit, ais ~~variable~~currently ~~rate~~set ~~based~~to mature on ~~Term SOFR~~June 13, ~~and, for U~~2030.S. ~~dollar-denominated~~The ~~loans~~2025 ~~under certain circumstances, a Base Rate (as defined in the 2021~~ credit facility), inis ~~each~~available ~~case~~for ~~plus~~working ancapital, ~~applicable~~capital ~~margin.~~expenditures, ~~The~~and ~~applicable~~other ~~margin~~general iscorporate ~~based~~purposes, onincluding ~~the~~acquisitions ~~Company’s long-term credit ratings assigned by the Moody’s~~ and ~~Standard~~share ~~& Poor’s rating agencies~~repurchases. ~~The~~We ~~“Base~~have ~~Rate” is~~ the ~~highest~~option, ofsubject ~~(i)~~to ~~the~~negotiation ~~Federal~~and ~~Funds~~agreement ~~Rate~~with ~~(as defined in~~ the ~~2021~~related ~~credit facility) plus 0.500%~~banks, ~~(ii)~~to ~~Bank~~increase ~~of America’s prime rate, and (iii) Term SOFR plus 1.000%. Term SOFR means~~ the ~~forward-looking~~maximum ~~SOFR~~commitment ~~term~~amount ~~rate administrated~~ by ~~the~~an ~~Chicago~~additional ~~Mercantile Exchange plus a SOFR Adjustment of~~ $1.0 billion.~~100%.~~

~~The~~Borrowings ~~2021~~under the 2025 credit facility ~~contains~~will ~~provisions~~bear ~~requiring~~interest usat toa ~~maintain~~fluctuating ~~compliance~~rate ~~with~~based ~~certain~~on ~~covenants,~~the ~~including~~Term aSecured ~~minimum~~Overnight ~~fixed~~Financing ~~charge~~Rate ~~coverage~~(“Term ~~ratio~~SOFR”), ~~which~~and, ~~measures~~for ~~our~~U.S. ~~ability~~dollar-denominated toloans ~~cover~~under ~~financing~~certain ~~expenses.~~circumstances, Asa ofBase ~~September 29,~~Rate ~~2024,~~(as wedefined ~~were~~in the 2025 credit facility), in ~~compliance~~each ~~with~~case ~~all~~plus an applicable ~~covenants~~rate. NoThe ~~amounts~~applicable ~~were~~rate ~~outstanding~~is ~~under~~based ~~our~~on ~~2021~~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 ~~September 29~~interest is the highest of (i) the Federal Funds Rate plus 0.50%, ~~2024~~(ii) Bank of America’s prime rate, or(iii) ~~October~~ Term SOFR plus 1,.00% ~~2023~~and (iv) 1.00%. Upon the occurrence of any event of default under the

422025 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 September 28, 2025, we were in compliance with all applicable covenants. No amounts were outstanding under our 2025 credit facility as of September 28, 2025, or our 2021 credit facility as of September 29, 2024.

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Our total available contractual borrowing capacity for general corporate purposes was $3.0 billion as of the end of fiscal ~~2024~~2025.

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 ~~2021~~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. As of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024, we had no ~~amounts~~borrowings outstanding under our commercial paper program.

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:

•A ¥5.0 billion, or $3433.54 million, credit facility is currently set to mature on December 30, ~~2024~~2025. 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 $6966.18 million, credit facility is currently set to mature on March 27, ~~2025~~2026. 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 September 2928, ~~2024,~~2025 weand ~~had no borrowings outstanding under these credit facilities. As of October~~September 129, ~~2023~~2024, we had ~~¥5.0 billion,~~no ~~or $33.5 million, of~~ borrowings outstanding under these credit facilities.

See Note 9, Debt, to the consolidated financial statements included in Item 8 of Part II of this 10-K 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 September 2928, ~~2024~~2025, 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. 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 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.

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. During fiscal ~~2024~~2025, we ~~paid~~revised ~~approximately~~our ~~$18~~indefinite ~~million~~reinvestment ~~for~~assertions ~~foreign~~from ~~withholding~~prior ~~taxes~~years' ~~related~~cumulative toearnings ~~repatriating~~from certain foreign subsidiaries, and in the ~~earnings~~fourth quarter of ~~certain~~fiscal 2025, we repatriated approximately $900 million of cash from foreign subsidiaries., ~~See~~upon ~~Note~~which ~~14,~~approximately ~~Income~~$90 ~~Taxes,~~million toin ~~the~~related ~~consolidated~~withholding ~~financial~~taxes ~~statements~~were ~~included~~recorded inand ~~Item~~paid. 8We ofcontinue ~~Part~~to IIbe indefinitely reinvested in the remainder of ~~this~~our ~~10-K~~foreign earnings, for ~~further~~which ~~discussion~~no tax accrual has been recorded.

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~~During~~On ~~each~~July of4, 2025, the ~~first~~President ~~three~~of ~~quarters~~the ofUnited ~~fiscal~~States ~~2023,~~signed weand ~~declared~~enacted atax ~~cash~~legislation ~~dividend~~into tolaw ~~shareholders~~through ofa ~~$0.53~~reconciliation ~~per~~bill ~~share.~~titled ~~During~~“An ~~the~~Act ~~fourth~~to ~~quarter~~provide offor ~~fiscal~~reconciliation ~~2023,~~pursuant ~~and~~to ~~for~~title ~~each~~II of ~~the~~H. ~~first~~Con. ~~three~~Res. ~~quarters~~14,” ofcommonly ~~fiscal~~referred ~~2024,~~to weas ~~declared~~the a“One ~~cash~~Big ~~dividend~~Beautiful ofBill $0Act.57” ~~per~~This ~~share.~~legislation ~~During~~was enacted during the fourth quarter of fiscal ~~2024~~2025; therefore, wethe ~~declared~~fiscal a2025 ~~cash~~accounting ~~dividend~~impacts offrom ~~$0.61~~this ~~per~~tax ~~share~~law tochange beare ~~paid~~included onin ~~November 29,~~our ~~2024,~~fourth ~~with~~quarter anof ~~expected~~fiscal ~~payout~~2025 ofresults. ~~approximately~~This ~~$691.4~~tax ~~million.~~law ~~Dividends~~change ~~are~~did ~~generally~~not ~~paid~~result in ~~the~~a ~~quarter~~material ~~following~~impact ~~the~~to ~~declaration~~our ~~date~~consolidated financial statements. ~~Cash~~See ~~returned~~Note 14, Income Taxes, to ~~shareholders~~the ~~through~~consolidated ~~dividends~~financial instatements ~~fiscal~~included ~~2024~~in ~~and~~Item ~~2023~~8 ~~totaled~~of ~~$2.6~~Part ~~billion~~II ~~and~~of ~~$2.4~~this ~~billion~~10-K, ~~respectively.~~for further discussion.

During each of the ~~fiscal~~first ~~year~~three ~~ended~~quarters ~~October 1,~~of ~~2023~~fiscal 2024, we ~~repurchased~~declared ~~10.0~~a ~~million~~cash ~~shares~~dividend ofto ~~common~~shareholders ~~stock~~of ~~for~~ $1.0.57 ~~billion~~per onshare. During the ~~open~~fourth ~~market.~~quarter ~~During~~of fiscal 2024, and for each of the ~~fiscal~~first ~~year~~three ~~ended~~quarters ~~September 29,~~of ~~2024~~fiscal 2025, we ~~repurchased~~declared 12a cash dividend of $0.~~8 million~~61 ~~shares~~per share. During the fourth quarter of ~~common~~fiscal ~~stock~~2025, ~~for~~we declared a cash dividend of $10.~~3 billion~~62 onper ~~the~~share ~~open~~to ~~market.~~be Aspaid ofon ~~September~~November 2928, ~~2024~~2025, 29with an expected payout of approximately $704.8 million. ~~shares~~Dividends ~~remained~~are ~~available~~generally ~~for~~paid ~~repurchase~~in ~~under~~the ~~current~~quarter ~~authorizations~~following the declaration date. Cash returned to shareholders through dividends in fiscal 2025 and 2024 totaled $2.8 billion and $2.6 billion, respectively.

~~Other~~During ~~than~~the ~~normal~~fiscal ~~operating~~year ~~expenses~~ended September 29, ~~cash~~2024, ~~requirements~~we ~~for~~repurchased ~~fiscal~~12.8 ~~2025~~million ~~are~~shares ~~expected~~of tocommon ~~consist~~stock ~~primarily~~for of$1.3 ~~capital~~billion ~~expenditures~~on ~~for~~the ~~investments~~open inmarket. ~~our~~During ~~new~~the ~~and~~fiscal ~~existing~~year ~~stores~~ended September 28, ~~our~~2025, ~~supply~~we ~~chain,~~made ~~and~~no ~~corporate~~common ~~facilities.~~stock ~~Total~~share ~~capital~~repurchases. ~~expenditures~~As ~~for~~of ~~fiscal~~September 28, 2025, ~~are~~29.8 ~~expected~~million toshares beremained ~~reasonably~~available ~~consistent~~for ~~with~~repurchase ~~fiscal~~under ~~2024~~current authorizations.

	Material Cash Requirements
	Total		Less than 1Year		1 - 3Years		3 - 5Years		More than5 Years
Operating lease obligations(1)	$	11,942.3	$	1,808.5	$	3,202.2	$	2,433.1	$	4,498.5
Debt obligations
Principal payments	15,700.0		1,250.0		3,000.0		2,350.0		9,100.0
Interest payments	6,359.4		588.3		968.9		798.6		4,003.6
Purchase obligations(2)	1,296.0		1,010.0		245.9		40.1		—
Other obligations(3)	350.8		116.3		101.0		37.3		96.2
Total	$	35,648.5	$	4,773.1	$	7,518.0	$	5,659.1	$	17,698.3

Other than normal operating expenses, cash requirements for fiscal 2026 are expected to consist primarily of capital expenditures 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.

The following table summarizes current and long-term material cash requirements as of September 28, 2025, which we expect to fund primarily with operating cash flows (in millions):


	Material Cash Requirements
	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Operating lease obligations(1)	$	12,389.2	$	1,940.6	$	3,305.7	$	2,550.7	$	4,592.2

Debt obligations
Principal payments	16,200.0		1,500.0		2,850.0		3,000.0		8,850.0
Interest payments	6,264.1		603.4		1,033.4		816.2		3,811.1
Purchase obligations(2)	1,350.8		1,185.4		165.4		—		—
Other obligations(3)	308.3		117.0		49.0		40.1		102.2
Total	$	36,512.4	$	5,346.4	$	7,403.5	$	6,407.0	$	17,355.5

(1)Amounts include direct lease obligations, excluding any taxes, insurance, and other related expenses.

(2)Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on Starbucks and that specify all significant terms. Green coffee purchase commitments comprise 8688% of total purchase obligations.

(3)Other obligations include other long-term liabilities primarily consisting of long-term asset retirement obligations, income taxes payable, equity investment capital commitments, and finance lease obligations.

Cash Flows

Cash provided by operating activities was $64.17 billion for fiscal ~~2024~~2025, compared to $6.01 billion for fiscal ~~2023~~2024. The change was primarily due to anthe ~~increase~~decrease in net ~~cash~~earnings ~~provided~~of by$1.9 ~~changes~~billion inand ~~other~~a ~~operating~~net ~~assets~~increase ~~and~~of ~~liabilities~~$451.2 million in inventories, which was primarily driven by ~~net~~green ~~hedging~~and ~~activity~~roasted coffee, largely ~~related~~due to ~~our~~elevated coffee ~~hedging program~~prices. ~~See~~These ~~Note~~impacts 3,were ~~Derivative~~partially ~~Financial~~offset ~~Instruments,~~by toa ~~the~~net ~~consolidated~~increase ~~financial statements included in Item 8~~ of ~~Part II of this 10-K for further discussion~~$713.2 ~~Also~~million ~~contributing were the change~~ in ~~operating~~loss ~~lease~~on ~~liability~~disposal, ~~driven~~impairment, byand ~~the~~accelerated ~~timing~~amortization of ~~cash~~assets ~~payment~~primarily ~~for rent, an increase in depreciation and amortization~~ driven by ~~capital~~restructuring ~~additions,~~costs ~~and~~as ~~higher~~part ~~distributions~~of ~~received~~the ~~from~~“Back ~~our~~to ~~North~~Starbucks” ~~America~~strategy ~~Coffee~~and ~~Partnership.~~a ~~These increases were partially offset by lower~~ net ~~earnings~~increase ~~during~~in ~~the~~accounts ~~period and higher inventory purchase costs~~payable, primarily ~~driven~~due byto ~~increased~~payment ~~coffee commodity prices~~timing.

Cash used in investing activities was $2.75 billion for fiscal ~~2024~~2025, compared to $2.37 billion for fiscal ~~2023~~2024. The change was primarily due to ~~increased~~a net decrease in capital expenditures, of $472.0 million driven by ~~higher~~a ~~existing~~reduction ~~and~~in ~~new~~retail store investments ~~in North America,~~ and ~~lapping~~renovations ~~the~~in ~~proceeds~~North ~~from the prior year sale of Seattle’s Best Coffee brand to Nestlé~~America. These increases were partially offset by ~~higher~~the ~~maturities~~acquisition ~~and calls~~ of ~~investments,~~23.5 ~~driven~~Degrees byTopco ~~maturities of structured deposits~~Limited.

Cash used in financing activities was $32.73 billion for fiscal ~~2024~~2025, compared to $3.07 billion for fiscal ~~2023~~2024. The change was primarily due to anno ~~increase~~current inyear ~~repayments of debt and an increase in cash returned to shareholders through dividends and~~ share repurchases, ~~partially~~of ~~offset~~our bycommon anstock ~~increase~~compared into ~~net~~the ~~proceeds~~prior ~~from issuances of debt~~year.

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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 Item 1 of Part I of this 10-K, as well as Risk Factors in Item 1A of Part I of this 10-K.

FINANCIAL RISK MANAGEMENT

Market risk is defined as the risk of losses due to changes in commodity prices, foreign currency exchange rates, equity security prices, and interest rates. We manage our exposure to various market-based risks according to a market price risk management policy. Under this policy, market-based risks are quantified and evaluated for potential mitigation strategies, such as entering into hedging transactions. The market price risk management policy governs how hedging instruments may be used to mitigate risk. Risk limits are set annually, and speculative trading activities are prohibited. We also monitor and limit the amount of associated counterparty credit risk, which we consider to be low. We use interest rate swap agreements and treasury locks to primarily hedge against changes in benchmark interest rates related to anticipated debt issuances. We also use cross-currency swaps to hedge against changes in the fair value of our net investments in foreign operations. Excluding interest rate hedging instruments and cross currency swaps, hedging instruments generally do not have maturities in excess of three years. Refer to Note 1, Summary of Significant Accounting Policies and Estimates, and Note 3, Derivative Financial Instruments, to the consolidated financial statements included in Item 8 of Part II of this 10-K for further discussion of our hedging instruments.

The sensitivity analyses disclosed below provide only a limited, point-in-time view of the market risk of the financial instruments discussed. The actual impact of the respective underlying rates and price changes on the financial instruments may differ significantly from those shown in the sensitivity analyses.

Commodity Price Risk

We purchase commodity inputs, primarily coffee, dairy products, diesel, cocoa, sugar, and other commodities, that are used in our operations and are subject to price fluctuations that impact our financial results. We use a combination of pricing features embedded within supply contracts, such as fixed-price and price-to-be-fixed contracts and financial derivatives, to manage our commodity price risk exposure.

The following table summarizes the potential impact as of September 28, 2025, to Starbucks future net earnings and other comprehensive income (“OCI”) from changes in commodity prices. The information provided below relates only to the derivative hedging instruments and does not represent the corresponding changes in the underlying hedged items (in millions):

	Increase/(Decrease) to Net Earnings				Increase/(Decrease) to OCI
	10% Increase inUnderlying Rate		10% Decrease inUnderlying Rate		10% Increase inUnderlying Rate		10% Decrease inUnderlying Rate
Commodity hedges	$—	2	$—	~~(2)~~	$39	21	$(39)	~~(21)~~

Foreign Currency Exchange Risk

The majority of our revenue, expense, and capital purchasing activities are transacted in U.S. dollars. However, because a portion of our operations consists of activities outside of the U.S., we have transactions in other currencies, primarily the Chinese renminbi, Japanese yen, Canadian dollar, British pound, South Korean won, and euro. To reduce cash flow volatility from foreign currency fluctuations, we enter into derivative instruments to hedge portions of cash flows of anticipated intercompany royalty payments, inventory purchases, intercompany borrowing, and lending activities, and certain other transactions in currencies other than the functional currency of the entity that ~~enters~~is ~~into~~party to the arrangements, as well as the translation risk of certain balance sheet items and net investments in foreign operations. The volatility in the foreign exchange market may lead to significant fluctuation in foreign currency exchange rates and adversely impact our financial results in the case of weakening foreign currencies relative to the U.S. dollar.

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The following table summarizes the potential impact as of September 28, 2025, to Starbucks future net earnings and other comprehensive income from changes in the fair value of these derivative financial instruments due to a change in the value of the U.S. dollar as compared to foreign exchange rates. The information provided below relates only to the derivative hedging instruments and does not represent the corresponding changes in the underlying hedged items (in millions):

	Increase/(Decrease) to Net Earnings				Increase/(Decrease) to OCI
	10% Increase inUnderlying Rate		10% Decrease inUnderlying Rate		10% Increase inUnderlying Rate		10% Decrease inUnderlying Rate
Foreign currency hedges	$	2422	$	(2422)	$	~~489~~490	$	(~~489~~490)

Equity Security Price Risk

We have minimal exposure to price fluctuations on equity mutual funds and equity exchange-traded funds within our marketable equity securities portfolio. Marketable equity securities are recorded at fair value and approximates a portion of our liability under our Management Deferred Compensation Plan (“MDCP”). Gains and losses from the portfolio and the change in our MDCP liability are recorded in our consolidated statements of earnings.

We performed a sensitivity analysis based on a 10% change in the underlying equity prices of our investments as of September 2928, ~~2024~~2025, and determined that such a change would not have a significant impact on the fair value of these instruments.

Interest Rate Risk

Long-term Debt

We utilize short-term and long-term financing and may use interest rate hedges to manage our overall interest expense related to our existing fixed-rate debt, as well as to hedge the variability in cash flows due to changes in benchmark interest rates related to anticipated debt issuances. See Note 3, Derivative Financial Instruments, and Note 9, Debt, to the consolidated financial statements included in Item 8 of Part II of this 10-K for further discussion of our interest rate hedge agreements and details of the components of our long-term debt, respectively, as of September 2928, ~~2024~~2025.

The following table summarizes the impact of a change in interest rates as of September 2928, ~~2024~~2025, on the fair value of Starbucks debt (in millions):

Fair Value

Decrease in Fair Value for a 100 Basis Point Increase in Underlying Rate

Long-term debt(1)

14,~~647~~968

(~~943~~873)

(1)Amount disclosed is net of $1512 million change in the fair value of our designated interest rate swaps. Refer to Note 3, Derivative Financial Instruments, for additional information on our interest rate swap designated as a fair value hedge.

Available-for-Sale Debt Securities

Our available-for-sale securities comprise a diversified portfolio consisting mainly of investment-grade debt securities. The primary objective of these investments is to preserve capital and liquidity. Available-for-sale securities are recorded on the consolidated balance sheets at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income. We do not hedge the interest rate exposure on our investments. We performed a sensitivity analysis based on a 100 basis point change in the underlying interest rate of our available-for-sale securities as of September 2928, ~~2024~~2025, and determined that such a change would not have a significant impact on the fair value of these instruments.

CRITICAL ACCOUNTING ESTIMATES

Critical accounting estimates are those that management believes are the most important to the portrayal of our financial condition and results and require the most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Judgments and uncertainties may result in materially different amounts being reported under different conditions or using different assumptions.

Our significant accounting estimates are discussed in additional detail in Note 1, Summary of Significant Accounting Policies and Estimates, to the consolidated financial statements included in Item 8 of Part II of this 10-K. We consider financial reporting and disclosure practices and accounting policies quarterly to ensure that they provide accurate and transparent information relative to the current economic and business environment. During the past five fiscal years, we have not made any material changes to the accounting methodologies used to assess the areas discussed below, unless noted otherwise. We believe that our significant accounting estimates involve a higher degree of judgment and/or complexity for the reasons discussed below.

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Income Taxes

We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the respective tax bases of our assets and liabilities. Deferred tax assets and liabilities are measured using current enacted tax rates expected to apply to taxable income in the years in which we expect the temporary differences to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that some portion of the tax benefit will not be realized.

In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of operations. In projecting future taxable income, we consider historical results and incorporate assumptions about the amount of future state, federal, and foreign pre-tax operating income adjusted for items that do not have tax consequences. Our assumptions regarding future taxable income are consistent with the plans and estimates we use to manage our underlying businesses. In evaluating the objective evidence that historical results provide, we consider three years of cumulative operating income/(loss).

In addition, our income tax returns are periodically audited by domestic and foreign tax authorities. These audits include review of our tax filing positions, such as the timing and amount of deductions taken and the allocation of income between tax jurisdictions. We evaluate our exposures associated with our various tax filing positions and recognize a tax benefit only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of our position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. For uncertain tax positions that do not meet this threshold, we record a related liability. We adjust our unrecognized tax benefit liability and income tax expense in the period in which the uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position, or when new information becomes available. As discussed in Note 14, Income Taxes, to the consolidated financial statements included in Item 8 of Part II of this 10-K, there is a reasonable possibility that our unrecognized tax benefit liability will be adjusted within 12 months due to the expiration of a statute of limitations and/or resolution of examinations with taxing authorities.

We have generated income in certain foreign jurisdictions that may be subject to additional foreign withholding taxes and U.S. state income taxes. We regularly review our plans for reinvestment or repatriation of unremitted foreign earnings. ~~The~~Foreign ~~possibility exists that foreign~~ earnings declared as indefinitely reinvested may be repatriated as our plans are based on our estimated working and other capital needs in jurisdictions where our earnings are generated. ~~While~~If ~~we do not expect to repatriate cash to the U.S. to satisfy domestic liquidity needs, if~~ these amounts ~~were~~are distributed to the U.S., in the form of dividends or otherwise, we may be subject to additional foreign withholding taxes and U.S. state income taxes, which could be material.

Our income tax expense and deferred tax assets and liabilities for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. Deferred tax asset valuation allowances and our liabilities for unrecognized tax benefits require significant management judgment regarding applicable statutes and their related interpretation, the status of various income tax audits, and our particular facts and circumstances. Although we believe that the judgments and estimates discussed herein are reasonable, actual results, including forecasted business performance, could differ, and we may be exposed to losses or gains that could be material. To the extent we prevail in matters for which a liability has been established or are required to pay amounts in excess of our established liability, our effective income tax rate in a given financial statement period could be materially affected.

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Property, Plant and Equipment and Other Finite-Lived Assets

We evaluate property, plant and equipment, operating lease right-of-use (“ROU”) assets and other finite-lived assets for impairment when facts and circumstances indicate that the carrying values of such assets may not be recoverable. When evaluating for impairment, we first compare the carrying value of the asset to the asset’s estimated future undiscounted cash flows. If the estimated undiscounted future cash flows are less than the carrying value of the asset, we determine if we have an impairment loss by comparing the carrying value of the asset to the asset’s estimated fair value and recognize an impairment charge when the asset’s carrying value exceeds its estimated fair value. The adjusted carrying amount of the asset becomes its new cost basis and is depreciated over the asset’s remaining useful life.

Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For company-operated store assets, the impairment test is performed at the individual store asset group level, which is inclusive of property, plant and equipment and lease ROU assets. The fair value of a store’s assets is estimated using a discounted cash flow model. For other long-lived assets, fair value is determined using an approach that is appropriate based on the relevant facts and circumstances, which may include discounted cash flows, comparable transactions, or comparable company analyses.

Our impairment calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values. Key assumptions used in estimating future cash flows and asset fair values include projected revenue growth and operating expenses, as well as forecasting asset useful lives and selecting an appropriate discount rate. For company-operated stores, estimates of revenue growth and operating expenses are based on internal projections and consider the store’s historical performance, the local market economics, and the business environment impacting the store’s performance. The discount rate is selected based on what we believe a buyer would assume when determining a purchase price for the store. The fair value of a store’s ROU asset is estimated considering what a market participant would pay to lease the asset for its highest and best use. These estimates are subjective and our ability to realize future cash flows and asset fair values is affected by factors such as ongoing maintenance and improvement of the assets, changes in economic conditions, and changes in operating performance.

In ~~fiscal~~the ~~2022,~~fourth wequarter ~~announced~~of ~~our~~fiscal ~~Reinvention~~2025, ~~Plan~~as inpart of the ~~U.S.~~“Back ~~market~~ to ~~increase~~Starbucks” ~~efficiency~~strategy, ~~while elevating~~ the ~~partner~~Company ~~and~~assessed ~~customer~~its ~~experience.~~existing Asstore aportfolio ~~result of the restructuring efforts in connection~~ with ~~the~~respect ~~Reinvention~~to ~~Plan,~~both wewhether ~~recorded~~coffeehouses ~~immaterial~~had ~~impairment~~a ~~charges~~viable inpath ~~our~~to ~~consolidated~~offering ~~statements of earnings during~~ the ~~fiscal~~physical ~~years~~environment ~~ended~~consistent ~~October 1,~~with ~~2023,~~the ~~and~~brand ~~October 2, 2022. No restructuring~~ and ~~impairment~~a ~~costs~~clear ~~attributable~~path to ~~the~~financial ~~Reinvention~~performance, ~~Plan~~and ~~were~~we ~~recorded~~closed, inor ~~our~~plan ~~consolidated~~to ~~statements~~close, ofcoffeehouses ~~earnings~~that ~~during~~did ~~the~~not ~~fiscal~~meet ~~year~~these ~~ended September 29, 2024~~criteria.

As a result, we recorded $892 million in restructuring and impairments in our consolidated statements of earnings during the fiscal year ended September 28, 2025. This total included $352.8 million related to impairment and disposition of company-operated store assets and $239.3 million primarily associated with accelerated amortization of ROU lease assets and other lease exit costs due to store closures prior to the end of contractual lease terms. Refer to Note 18, Restructuring, included in Item 8 of Part II of this 10-K, for further discussion.

Asset impairment charges are discussed in Note 1, Summary of Significant Accounting Policies and Estimates, to the consolidated financial statements included in Item 8 of Part II of this 10-K.

Goodwill and Indefinite-Lived Intangible Assets

We evaluate goodwill and indefinite-lived intangible assets for impairment annually during our third fiscal quarter, or more frequently if an event occurs or circumstances change that would indicate impairment may exist. When evaluating these assets for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds its carrying amount, we calculate the estimated fair value of the reporting unit using discounted cash flows or a combination of discounted cash flow and market approaches.

When assessing goodwill for impairment, our decision to perform a qualitative impairment assessment for an individual reporting unit is influenced by a number of factors, inclusive of the carrying value of the reporting unit’s goodwill, the significance of the excess of the reporting unit’s estimated fair value over carrying value at the last quantitative assessment date, and the amount of time in between quantitative fair value assessments and the date of acquisition. If we perform a quantitative assessment of an individual reporting unit’s goodwill, our impairment calculations contain uncertainties because they require management to make assumptions and to apply judgment when estimating future cash flows and asset fair values, including projected revenue growth and operating expenses related to existing businesses, product innovation, and new store concepts, as well as utilizing valuation multiples of similar publicly traded companies and selecting an appropriate discount rate. Estimates of revenue growth and operating expenses are based on internal projections considering the reporting unit’s past performance and forecasted growth, strategic initiatives, local market economics, and the local business environment impacting the reporting unit’s performance. The discount rate is selected based on the estimated cost of capital for a market participant to operate the reporting unit in the region. These estimates, as well as the selection of comparable companies and valuation multiples used in the market approaches, are highly subjective, and our ability to realize the future cash flows used in our fair value calculations is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance, and changes in our business strategies, including retail initiatives and international expansion. We continue to believe the fair value of each of our reporting units is significantly in excess of its carrying value, and absent a sustained multi-year global decline in our business in key markets such as the U.S. and China, we do not anticipate incurring significant

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is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance, and changes in our business strategies, including retail initiatives and international expansion. We continue to believe the fair value of each of our reporting units is significantly in excess of its carrying value, and absent a sustained multi-year global decline in our business in key markets such as the U.S. and China, we do not anticipate incurring significant goodwill impairment in the next 12 months. ~~Our~~We ~~fiscal~~note ~~2024~~that ~~annual~~the goodwill impairment ~~testing~~assessment ~~was~~of ~~completed in~~ the ~~third~~China ~~fiscal~~reporting ~~quarter.~~unit ~~Where~~was deemed a ~~quantitative~~critical ~~assessment~~audit ~~was~~matter ~~performed,~~because of the ~~estimated~~significant estimates and assumptions made to determine the fair value. ofConsiderations ~~our~~and ~~reporting~~procedures ~~units~~performed ~~exceeded~~to ~~carrying~~address ~~value~~the bycritical ~~approximately~~audit ~~$124~~matter ~~billion~~are discussed in Item 9A, Controls and Procedures.

Our fiscal 2025 annual goodwill impairment testing was completed in the third fiscal quarter. Using the most recent quantitative assessment performed, the estimated fair value of our reporting units exceeded carrying value by approximately $120 billion.

When assessing indefinite-lived intangible assets for impairment, where we perform a qualitative assessment, we evaluate if changes in events or circumstances have occurred that indicate that impairment may exist. If we do not perform a qualitative impairment assessment or if changes in events and circumstances indicate that a quantitative assessment should be performed, management is required to calculate the fair value of the intangible asset group. The fair value calculation includes estimates of revenue growth, which are based on past performance and internal projections for the intangible asset group’s forecasted growth and royalty rates, which are adjusted for our particular facts and circumstances. The discount rate is selected based on the estimated cost of capital that reflects the risk profile of the related business. These estimates are highly subjective, and our ability to achieve the forecasted cash flows used in our fair value calculations is affected by factors such as the success of strategic initiatives, changes in economic conditions, changes in our operating performance, and changes in our business strategies, including retail initiatives and international expansion. We do not anticipate recording significant impairment charges in the next 12 months.

Definite-lived intangible asset impairment charges are discussed in Note 8, Other Intangible Assets and Goodwill, to the consolidated financial statements included in Item 8 of Part II of this 10-K.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 1, Summary of Significant Accounting Policies and Estimates, to the consolidated financial statements included in Item 8 of Part II of this 10-K for a detailed description of recent accounting pronouncements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The information required by this item is incorporated by reference to the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Commodity Prices, Availability, and General Risk Conditions” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Risk Management” in Item 7 of this Report.

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Item 8. Financial Statements and Supplementary Data

STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(in millions, except per share data)

Fiscal Year Ended

Sep 2928,~~2024~~2025

~~Oct~~Sep 129,~~2023~~2024

Oct 21,~~2022~~2023

Net revenues:

Company-operated stores

2930,~~765~~744.98

29,~~462~~765.39

2629,~~576~~462.13

Licensed stores

4,~~505~~350.14

4,~~512~~505.71

34,~~655~~512.57

Other

12,~~905~~089.2

21,~~000~~905.62

2,~~018~~000.76

Total net revenues

3637,~~176~~184.24

3536,~~975~~176.62

3235,~~250~~975.36

Product and distribution costs

11,~~180~~658.62

11,~~409~~180.16

1011,~~317~~409.41

Store operating expenses

1517,~~286~~058.59

1415,~~720~~286.35

1314,~~561~~720.83

Other operating expenses

~~565~~584.6

~~539~~565.46

~~461~~539.54

Depreciation and amortization expenses

1,~~512~~684.67

1,~~362~~512.6

1,~~447~~362.96

General and administrative expenses

2,~~523~~617.32

2,~~441~~523.3

2,~~032~~441.03

Restructuring and impairments

—892.0

~~21.8~~—

4621.08

Total operating expenses

3134,~~068~~495.6

3031,~~494~~068.56

2730,~~866~~494.65

Income from equity investees

~~301~~247.28

~~298~~301.42

~~234~~298.14

Gain from sale of assets

—

~~91.3~~—

—91.3

Operating income

52,~~408~~936.86

5,~~870~~408.8

45,~~617~~870.8

Interest income and other, net

~~122~~113.83

81122.28

9781.02

Interest expense

(~~562~~542.06)

(~~550~~562.10)

(~~482~~550.91)

Earnings before income taxes

42,~~969~~507.63

54,~~401~~969.96

45,~~231~~401.9

Income tax expense

~~1,207~~650.36

1,~~277~~207.23

~~948~~1,277.52

Net earnings including noncontrolling interests

31,~~762~~856.37

43,~~124~~762.73

34,~~283~~124.47

Net earnings attributable to noncontrolling interests

10.43

01.24

10.82

Net earnings attributable to Starbucks

31,~~760~~856.94

43,~~124~~760.59

34,~~281~~124.65

Earnings per share — basic

31.3263

3.6032

23.8560

Earnings per share — diluted

31.3163

3.5831

23.8358

Weighted average shares outstanding:

Basic

1,~~133~~136.80

1,~~146~~133.8

1,~~153~~146.38

Diluted

1,~~137~~139.38

1,~~151~~137.3

1,~~158~~151.53

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

Fiscal Year Ended	Sep 2928,~~2024~~2025		~~Oct~~Sep 129,~~2023~~2024		Oct 21,~~2022~~2023
Net earnings including noncontrolling interests	$	31,~~762~~856.37	$	43,~~124~~762.73	$	34,~~283~~124.47
Other comprehensive income/(loss), net of tax:
Other comprehensive income/(loss):
Unrealized holding gains/(losses) on available-for-sale debt securities	122.17		312.31		~~(22~~3.8)3
Tax (expense)/benefit	(3.0.8)		(03.80)		5(0.68)
Unrealized gains/(losses) on cash flow hedging instruments	~~106~~80.01		~~(149~~106.4)0		~~259~~(149.54)
Tax (expense)/benefit	(1617.29)		17(16.2)		~~(52~~17.8)2
Unrealized gains/(losses) on net investment hedging instruments	55255.79		7355.27		~~229~~73.02
Tax (expense)/benefit	(1464.16)		(1814.51)		(5718.95)
Translation adjustment and other	~~225~~(113.94)		~~(109~~225.0)9		(~~794~~109.70)
Tax (expense)/benefit	~~(8.8)~~—		1(8.8)		—1.8
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment and other	(19.2)		(158.9)		(210.5)
Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment, and other	(224.9)		(19.2)		(158.9)
Tax expense/(benefit)	1152.04		2611.10		3426.21
Other comprehensive income/(loss)	349.4		(315.0)		(610.4)
Other comprehensive income/(loss), net of tax	(30.5)		349.4		(315.0)
Comprehensive income including noncontrolling interests	41,~~111~~826.72		34,~~809~~111.7		23,~~673~~809.07
Comprehensive income/(loss) attributable to noncontrolling interests	10.81		(01.5)8		1(0.85)
Comprehensive income attributable to Starbucks	$	41,~~109~~826.91	$	34,~~810~~109.29	$	23,~~671~~810.2

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

	Sep 29,2024		Oct 1,2023
	Sep 28,2025		Sep 29,2024
ASSETS
Current assets:
Cash and cash equivalents	$	3,~~286~~219.28	$	3,~~551~~286.52
Short-term investments	~~257~~247.02		~~401~~257.50
Accounts receivable, net	1,~~213~~277.85		1,~~184~~213.18
Inventories	12,~~777~~185.36		1,~~806~~777.43
Prepaid expenses and other current assets	~~313~~452.12		~~359~~313.91
Total current assets	67,~~847~~382.43		76,~~303~~847.4
Long-term investments	~~276~~246.09		~~247~~276.40
Equity investments	~~463~~466.92		~~439~~463.9
Property, plant and equipment, net	8,~~665~~493.5		78,~~387~~665.15
Operating lease, right-of-use asset	9,~~286~~315.27		89,~~412~~286.62
Deferred income taxes, net	1,~~766~~826.79		1,~~769~~766.87
Other long-term assets	~~617~~752.05		~~546~~617.50
Other intangible assets	~~100~~166.98		~~120~~100.59
Goodwill	3,~~315~~368.79		3,~~218~~315.37
TOTAL ASSETS	$	3132,~~339~~019.37	$	2931,~~445~~339.53
LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)
Current liabilities:
Accounts payable	$	1,~~595~~852.58	$	1,~~544~~595.35
Accrued liabilities	2,~~194~~359.7		2,~~145~~194.17
Accrued payroll and benefits	~~786~~1,093.69		~~828~~786.36
Current portion of operating lease liability	1,~~463~~564.15		1,~~275~~463.31
Stored value card liability and current portion of deferred revenue	1,~~781~~840.26		1,~~700~~781.2
Short-term debt	—		33.5
Current portion of long-term debt	1,498.9		1,248.9
Current portion of long-term debt	1,248.9		1,818.6
Total current liabilities	10,210.4		9,070.0
Total current liabilities	9,070.0		9,345.3
Long-term debt	14,575.9		14,319.5
Long-term debt	14,319.5		13,547.6
Operating lease liability	8,972.2		8,771.6
Operating lease liability	8,771.6		7,924.8
Deferred revenue	5,772.6		5,963.6
Deferred revenue	5,963.6		6,101.8
Other long-term liabilities	577.8		656.2
Other long-term liabilities	656.2		513.8
Total liabilities	40,108.9		38,780.9
Total liabilities	38,780.9		37,433.3
Shareholders’ deficit:
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,133.5 and 1,142.6 shares, respectively	1.1		1.1
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued and outstanding, 1,136.9 and 1,133.5 shares, respectively	1.1		1.1
Additional paid-in capital	~~322~~634.61		38322.16
Retained deficit	(78,~~343~~272.85)		(7,~~255~~343.8)
Accumulated other comprehensive income/(loss)	(~~428~~459.83)		(~~778~~428.28)
Total shareholders’ deficit	(78,~~448~~096.96)		(7,~~994~~448.89)
Noncontrolling interests	7.34		7.03
Total deficit	(78,~~441~~089.62)		(7,~~987~~441.86)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT)	$	3132,~~339~~019.37	$	2931,~~445~~339.53

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

Fiscal Year Ended

Sep 2928,~~2024~~2025

~~Oct~~Sep 129,~~2023~~2024

Oct 21,~~2022~~2023

OPERATING ACTIVITIES:

Net earnings including noncontrolling interests

31,~~762~~856.37

43,~~124~~762.73

34,~~283~~124.47

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

1,~~592~~771.45

1,~~450~~592.34

1,~~529~~450.43

Deferred income taxes, net

(1390.86)

(5913.48)

(3759.84)

Income earned from equity method investees

(306.4)

(301.8)

(268.7)

Income earned from equity method investees, net

(274.2)

(306.4)

(301.8)

Distributions received from equity method investees

~~333~~294.34

~~222~~333.83

~~231~~222.28

Gain on sale of assets

—

~~(91.3)~~—

—(91.3)

Stock-based compensation

~~308~~318.3

~~302~~308.73

~~271~~302.57

Non-cash lease costs

1,~~314~~513.98

1,~~365~~314.9

1,~~497~~365.79

Loss on retirement and impairment of assets

121.5

101.4

91.4

Loss on disposal, impairment, and accelerated amortization of assets

834.7

121.5

101.4

Other

3117.93

2631.89

~~(67~~26.8)

Cash provided by/(used in) changes in operating assets and liabilities:

Accounts receivable

18(89.47)

(418.1)4

(~~326~~4.1)

Inventories

42(408.84)

~~366~~42.48

~~(641~~366.0)4

Income taxes payable

~~(61~~103.9)8

52(61.59)

~~(149~~52.6)5

Accounts payable

28261.0

~~100~~28.10

~~345~~100.51

Deferred revenue

(72120.27)

(~~110~~72.82)

(75110.8)

Operating lease liability

(1,~~294~~576.97)

(1,~~443~~294.89)

(1,~~625~~443.68)

Other operating assets and liabilities

~~291~~336.03

~~(93~~291.7)0

~~339~~(93.67)

Net cash provided by operating activities

64,~~095~~747.65

6,~~008~~095.76

46,~~397~~008.37

INVESTING ACTIVITIES:

Purchases of investments

(~~627~~333.56)

(~~610~~627.5)

(~~377~~610.95)

Sales of investments

101.31

210.53

722.65

Maturities and calls of investments

~~768~~391.28

~~616~~768.92

67616.39

Additions to property, plant and equipment

(2,~~777~~305.5)

(2,~~333~~777.65)

(12,~~841~~333.36)

Proceeds from sale of assets

—

110.0

—

Acquisitions, net of cash acquired

(177.1)

—

Net proceeds from the divestiture of certain operations

—

59.3

Proceeds from sale of assets

—

110.0

Other

(7262.71)

(5672.17)

(~~126~~56.31)

Net cash used in investing activities

(2,~~699~~485.24)

(2,~~270~~699.82)

(2,~~146~~270.38)

FINANCING ACTIVITIES:

Net (payments)/proceeds from issuance of commercial paper

—

~~(175.0)~~—

(175.0)

Net proceeds from issuance of short-term debt

~~123~~2.84

~~114~~123.68

36114.6

Repayments of short-term debt

(~~157~~7.58)

(78157.85)

(3678.68)

Net proceeds from issuance of long-term debt

1,~~995~~748.35

1,~~497~~995.83

1,~~498~~497.18

Repayments of long-term debt

(1,~~825~~250.10)

(1,~~000~~825.01)

(1,000.0)

Proceeds from issuance of common stock

~~108~~77.0

~~167~~108.40

~~101~~167.64

Cash dividends paid

(2,~~585~~771.04)

(2,~~431~~585.80)

(2,~~263~~431.38)

Repurchase of common stock

~~(1,266.7)~~—

(~~984~~1,266.47)

(~~4,013~~984.04)

Minimum tax withholdings on share-based awards

(~~100~~87.4)

(89100.34)

(~~127~~89.23)

Other

(109.63)

(1110.16)

(911.21)

Net cash used in financing activities

(32,~~718~~298.20)

(23,~~990~~718.62)

(52,~~638~~990.06)

Effect of exchange rate changes on cash and cash equivalents

56(30.5)

~~(14~~56.2)5

(~~250~~14.32)

Net increase/(decrease) in cash and cash equivalents

(~~265~~66.34)

~~733~~(265.13)

~~(3,637~~733.3)1

CASH AND CASH EQUIVALENTS:

Beginning of period

3,~~551~~286.52

23,~~818~~551.45

62,~~455~~818.74

End of period

3,~~286~~219.28

3,~~551~~286.52

23,~~818~~551.45

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:

Interest, net of capitalized interest

~~570~~588.73

~~524~~570.37

~~474~~524.73

Income taxes

~~1,373~~715.36

1,~~294~~373.23

1,~~157~~294.62

See Notes to Consolidated Financial Statements.

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STARBUCKS CORPORATION

CONSOLIDATED STATEMENTS OF EQUITY

(in millions, except per share data)

	Common Stock			Additional Paid-in Capital		RetainedEarnings/(Deficit)		AccumulatedOtherComprehensiveIncome/(Loss)		Shareholders’Equity/(Deficit)		NoncontrollingInterests		Total
	Shares	Amount
Balance, October 3, 2021	1,180.0	$	1.2	$	846.1	$	(6,315.7)	$	147.2	$	(5,321.2)	$	6.7	$	(5,314.5)
Net earnings	—	—		—		3,281.6		—		3,281.6		1.8		3,283.4
Other comprehensive loss	—	—		—		—		(610.4)		(610.4)		—		(610.4)
Stock-based compensation expense	—	—		275.5		—		—		275.5		—		275.5
Exercise of stock options/vesting of RSUs	3.6	(0.1)		(72.4)		—		—		(72.5)		—		(72.5)
Sale of common stock	0.6	—		46.9		—		—		46.9		—		46.9
Repurchase of common stock	(36.3)	—		(890.8)		(3,122.2)		—		(4,013.0)		—		(4,013.0)
Cash dividends declared, $2.00 per share	—	—		—		(2,293.5)		—		(2,293.5)		—		(2,293.5)
Net distributions to noncontrolling interests	—	—		—		—		—		—		(0.6)		(0.6)
Balance, October 2, 2022	1,147.9	$	1.1	$	205.3	$	(8,449.8)	$	(463.2)	$	(8,706.6)	$	7.9	$	(8,698.7)
Net earnings	—	—		—		4,124.5		—		4,124.5		0.2		4,124.7
Other comprehensive loss	—	—		—		—		(314.3)		(314.3)		(0.7)		(315.0)
Stock-based compensation expense	—	—		306.4		—		—		306.4		—		306.4
Exercise of stock options/vesting of RSUs	4.2	—		28.4		—		—		28.4		—		28.4
Sale of common stock	0.5	—		49.6		—		—		49.6		—		49.6
Repurchase of common stock	(10.0)	—		(548.6)		(455.9)		—		(1,004.5)		—		(1,004.5)
Cash dividends declared, $2.16 per share	—	—		—		(2,474.6)		—		(2,474.6)		—		(2,474.6)
Noncontrolling interest resulting from divestiture	—	—		(3.0)		—		(0.7)		(3.7)		(0.4)		(4.1)
Balance, October 1, 2023	1,142.6	$	1.1	$	38.1	$	(7,255.8)	$	(778.2)	$	(7,994.8)	$	7.0	$	(7,987.8)
Net earnings	—	—		—		3,760.9		—		3,760.9		1.4		3,762.3
Other comprehensive income	—	—		—		—		349.0		349.0		0.4		349.4
Stock-based compensation expense	—	—		312.0		—		—		312.0		—		312.0
Exercise of stock options/vesting of RSUs	3.1	—		(47.6)		—		—		(47.6)		—		(47.6)
Sale of common stock	0.6	—		55.3		—		—		55.3		—		55.3
Repurchase of common stock(1)	(12.8)	—		(35.2)		(1,223.9)		—		(1,259.1)		—		(1,259.1)
Cash dividends declared, $2.32 per share	—	—		—		(2,625.0)		—		(2,625.0)		—		(2,625.0)
Purchase of noncontrolling interests and other	—	—		—		—		0.4		0.4		(1.5)		(1.1)
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	—	—		—		1,856.4		—		1,856.4		0.3		1,856.7
Other comprehensive loss	—	—		—		—		(30.3)		(30.3)		(0.2)		(30.5)
Stock-based compensation expense	—	—		321.9		—		—		321.9		—		321.9
Exercise of stock options/vesting of RSUs	2.8	—		(63.0)		—		—		(63.0)		—		(63.0)
Sale of common stock	0.6	—		52.6		—		—		52.6		—		52.6
Repurchase of common stock(1)	—	—		—		—		—		—		—		—
Cash dividends declared, $2.45 per share	—	—		—		(2,785.0)		—		(2,785.0)		—		(2,785.0)
Purchase of noncontrolling interests and other	—	—		—		(0.1)		(0.2)		(0.3)		—		(0.3)
Balance, September 28, 2025	1,136.9	$	1.1	$	634.1	$	(8,272.5)	$	(459.3)	$	(8,096.6)	$	7.4	$	(8,089.2)

(1) Includes excise tax on share repurchases.

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	5649
Note 2	Acquisitions, ~~Divestitures,~~ and ~~Strategic Alliance~~Divestitures	6558
Note 3	Derivative Financial Instruments	6559
Note 4	Fair Value Measurements	7063
Note 5	Inventories	7265
Note 6	Equity Investments	7265
Note 7	Supplemental Balance Sheet and Statement of Earnings Information	7467
Note 8	Other Intangible Assets and Goodwill	7568
Note 9	Debt	7568
Note 10	Leases	7871
Note 11	Deferred Revenue	7972
Note 12	Equity	7972
Note 13	Employee Stock and Benefit Plans	8174
Note 14	Income Taxes	8375
Note 15	Earnings per Share	8578
Note 16	Commitments and Contingencies	8578
Note 17	Segment Reporting	8578
Note 18	~~Subsequent Event~~Restructuring	8880
Note 19	Subsequent Event	82

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STARBUCKS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fiscal Years ended September 2928, ~~2024~~2025, ~~October~~September 129, ~~2023~~2024, and October 21, ~~2022~~2023

Note 1: Summary of Significant Accounting Policies and Estimates

Description of Business

We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through our company-operated stores. We also sell a variety of coffee and tea products and license our trademarks through other channels, such as licensed stores as well as grocery and foodservice through our Global Coffee Alliance with Nestlé S.A. (“Nestlé”). In addition to our flagship Starbucks Coffee® brand, we sell goods and services under the following brands: Teavana®, Ethos®, and Starbucks Reserve®.

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended September 29 28, ~~2024~~2025 (“fiscal ~~2024~~2025”), 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 ceo, who is our Chief Operating Decision Maker, manages the segments, evaluates financial results, and makes key operating decisions.

Additional details on the nature of our business and our reportable operating segments are included in Note 17, Segment Reporting.

Certain prior period information at Note 714, ~~Supplemental~~Income ~~Balance Sheet and Statement of Earnings Information~~Taxes, has been reclassified to conform to the current presentation.

Principles of Consolidation

Our consolidated financial statements reflect the financial position and operating results of Starbucks, including wholly-owned subsidiaries and investees that we control. Intercompany transactions and balances have been eliminated.

Fiscal Year End

Our fiscal year ends on the Sunday closest to September 30. Fiscal years ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 included 52 weeks.

Estimates and Assumptions

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Examples include, but are not limited to, estimates for inventory reserves, asset and goodwill impairments, assumptions underlying self-insurance reserves, income from unredeemed stored value cards, stock-based compensation forfeiture rates, future asset retirement obligations, commitments and contingencies, and the potential outcome of future tax consequences of events that have been recognized in the financial statements. Actual results and outcomes may differ from these estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment.

Restructuring

In the fourth quarter of fiscal ~~2022~~2024, we announced our ~~plan~~“Back into ~~the~~Starbucks” ~~U.S.~~strategy, ~~market~~which was implemented with the goal to ~~increase~~bring ~~efficiency~~customers ~~while~~back ~~elevating~~to ~~the~~our ~~partner~~stores and return to growth by revitalizing coffeehouses, enhancing the customer experience, and improving efficiency. As apart ~~result~~ of ~~these~~this ~~restructuring efforts~~strategy, weduring ~~recorded~~the ~~approximately~~second ~~$22~~quarter ~~million~~of ~~and~~fiscal ~~$46~~2025, ~~million~~we toannounced ~~restructuring~~our ~~and~~plan ~~impairments~~to inrestructure our ~~consolidated~~support ~~statements~~organization ofin ~~earnings~~an ~~during~~effort ~~fiscal~~to ~~years~~operate ~~2023~~more ~~and 2022~~efficiently, ~~respectively.~~increase Noaccountability, ~~restructuring~~reduce complexity, and ~~impairment~~drive ~~costs~~better ~~attributable~~integration, towhich ~~this~~resulted ~~plan~~in ~~were~~a ~~recorded~~reduction in our ~~consolidated~~support ~~statements~~partner ~~of earnings during fiscal year 2024~~workforce.

AsIn the fourth quarter of ~~September 29~~fiscal 2025, ~~2024~~we announced a restructuring plan involving the closure of coffeehouses, and ~~October 1,~~the ~~2023~~further transformation of our support organization, ~~there~~as ~~were~~part noof ~~material~~the ~~restructuring-related~~Company’s ~~accrued~~“Back ~~liabilities~~to onStarbucks” strategy. We assessed our ~~consolidated~~existing ~~balance~~store ~~sheets~~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 18, Restructuring, included in Item 8 of Part II of this 10-K, for further discussion.

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Cash and Cash Equivalents

We consider all highly liquid instruments with maturities of three months or less at the time of purchase, as well as credit card receivables and third-party payment processing receivables for sales to customers in our company-operated stores that generally settle within two to five business days, to be cash equivalents. We maintain cash and cash equivalent balances with financial institutions that exceed federally-insured limits. We have not experienced any losses related to these balances, and we believe credit risk to be minimal.

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Our cash management system provides for the funding of all major bank disbursement accounts on a daily basis as checks are presented for payment. Under this system, outstanding checks are in excess of the cash balances at certain banks, which creates book overdrafts. Book overdrafts are presented as a current liability in accrued liabilities on our consolidated balance sheets.

Investments

Available-for-sale Debt Securities

Our short-term and long-term investments include investment-grade debt securities, all of which are classified as available-for-sale. Available-for-sale debt securities are recorded at fair value, and unrealized holding gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Available-for-sale securities with remaining maturities of less than one year and those identified by management at the time of purchase to be used to fund operations within one year are classified as short-term. All other available-for-sale securities are classified as long-term. We evaluate our available-for-sale securities for other-than-temporary impairment on a quarterly basis. Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary. We review several factors to determine whether a loss is other than temporary, such as the length and extent of the fair value decline, the financial condition and near-term prospects of the issuer, and whether we have the intent to sell, or will more likely than not be required to sell, before the securities’ anticipated recovery, which may be at maturity. Realized gains and losses are accounted for using the specific identification method. Purchases and sales are recorded on a trade date basis.

Structured Deposits

We hold short-term, principal-protected structured deposits that provide returns in the form of both fixed and variable yields; such variable yields are indexed to foreign exchange rates, equity-linked instruments, or interest rate indices. The Company has elected to account for these using the fair value option with gains and losses recorded in our consolidated statements of earnings. For fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, resulting gains and losses were immaterial to our consolidated statements of earnings.

Marketable Equity Securities

We also have a marketable equity securities portfolio, which is comprised of marketable equity mutual funds and equity exchange-traded funds. Marketable equity securities are recorded at fair value and ~~approximates~~approximate a portion of our liability under our Management Deferred Compensation Plan (“MDCP”). Gains or losses from the portfolio and the change in our MDCP liability are recorded in general and administrative expenses in our consolidated statements of earnings. Refer to Note 4, Fair Value Measurements, for further discussion of our MDCP liability.

Equity Investments

Equity investments are accounted for under the equity method if we are able to exercise significant influence, but not control, over an investee. Our share of the earnings or losses as reported by the investees is classified as income from equity investees on our consolidated statements of earnings. The investments are evaluated for impairment annually and when facts and circumstances indicate that the carrying value may not be recoverable. If a decline in fair value is determined to be other than temporary, an impairment charge is recorded in interest income and other, net on our consolidated statements of earnings.

We account for equity investments for which we do not have significant influence and without readily determinable fair values at cost with adjustments for observable changes in price or impairments as permitted by the measurement alternative. Investments for which the measurement alternative has been elected are assessed for impairment quarterly, or if a triggering event indicates impairment may be present. Any adjustments as a result of price changes or impairments are recorded in interest income and other, net on our consolidated statements of earnings.

Fair Value

Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. For assets and liabilities recorded or disclosed at fair value on a recurring basis, we determine fair value based on the following:

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Level 1: The carrying value of cash and cash equivalents approximates fair value because of the short-term nature of these instruments. For equity and U.S. government treasury securities and commodity futures contracts, we use quoted prices in active markets for identical assets to determine fair value.

Level 2: When quoted prices in active markets for identical assets are not available, we determine the fair value of certain assets based upon factors such as the quoted market price of similar assets or a discounted cash flow model using readily observable market data, which may include interest rate curves and forward and spot prices for currencies and commodities, depending on the nature of the investment. The fair value of our long-term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities.

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Level 3: We determine the fair value of private equity instruments using valuation models, including Black Scholes’ option pricing model and discounted cash flow models. Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.

Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include items such as property, plant and equipment, ROU assets, goodwill and other intangible assets, equity and other investments, and other assets. We determine the fair value of these items using Level 3 inputs, as described in the related sections below.

Derivative Instruments

We manage our exposure to various risks within our consolidated financial statements according to a market price risk management policy. Under this policy, we may engage in transactions involving various derivative instruments to hedge interest rates, commodity prices, foreign currency-denominated revenue streams, inventory purchases, and assets, liabilities, and investments in certain foreign operations. In order to manage our exposure to these risks, we use various types of derivative instruments including forward contracts, commodity futures contracts, collars, and swaps. Forward contracts and commodity futures contracts are agreements to buy or sell a quantity of a currency or commodity at a predetermined future date and at a predetermined rate or price. A collar is a strategy that uses a combination of a purchased call option and a sold put option with equal premiums to hedge a portion of anticipated cash flows, or to limit possible gains or losses on an underlying asset or liability to a specific range. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets, and/or indices. We do not enter into derivative instruments for speculative purposes.

We record all derivatives on our consolidated balance sheets at fair value and typically do not offset derivative assets and liabilities. Cash flows from derivative financial instruments and the related gains and losses are classified as cash flows from operating activities on the consolidated statements of cash flows. Excluding interest rate hedging instruments and cross-currency swaps, we generally do not enter into derivative instruments with maturities longer than three years. ~~However,~~We we are allowed to net settle transactions with respective counterparties for certain derivative contracts, inclusive of interest rate swaps and foreign currency forwards, with a single, net amount payable by one party to the other. We also enter into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. As of September 2928, ~~2024~~2025, and October 1, 2023, cash collateral received under collateral security arrangements was $230.9 million and $77.1 million, respectively, and is included in other long-term liabilities on our consolidated balance sheets. As of September 29, 2024, ~~and October 1, 2023,~~ cash collateral pledged as part of our commodity derivative margin requirements was $1237.4 9 million and $2012.6 4 million, respectively, and is included in prepaid expenses and other current assets on our consolidated balance sheets. The potential effects of netting arrangements with our derivative contracts, excluding the effects of collateral, would not have had a material impact on our consolidated balance sheets. We also hold cash and cash equivalents from various settled-to-market exchange traded futures related to coffee and dairy hedging.

By using these derivative instruments, we expose ourselves to potential credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. We minimize this credit risk by entering into transactions with carefully selected, credit-worthy counterparties and distribute contracts among several financial institutions to reduce the concentration of credit risk. We also enter into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. As of September 28, 2025, and September 29, 2024, cash collateral received under collateral security arrangements was $187.0 million and $230.9 million, respectively, and is included in other long-term liabilities on our consolidated balance sheets.

Cash Flow Hedges

For derivative instruments that are designated and qualify as a cash flow hedge, the derivative’s gain or loss is reported as a component of other comprehensive income (“OCI”) and recorded in accumulated other comprehensive income (“AOCI”) on our consolidated balance sheets. The gain or loss is subsequently reclassified into net earnings when the hedged exposure affects net earnings, in the same line item as the underlying hedged item on our consolidated statements of 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 inwhere ~~which~~it ~~the~~is ~~transactions~~probable ~~are~~that nothe ~~longer~~hedged ~~likely~~transaction towill not occur during the originally specified time period or within an additional two-month period thereafter, the related accumulated derivative gains or losses are recognized in interest income and other, net on our consolidated statements of earnings.

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Net Investment Hedges

For derivative instruments that are designated and qualify as a net investment hedge, the derivative’s, or qualifying non-derivative instrument’s, gain or loss is reported as a component of OCI and recorded in AOCI. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated.

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Fair Value Hedges

For derivative instruments that are designated and qualify as a fair value hedge, the changes in fair value of the derivative instrument and the offsetting changes in fair value of the underlying hedged item due to changes in the hedged risk are recorded in interest income and other, net or interest expense on our consolidated statements of earnings.

Derivatives Not Designated As Hedging Instruments

We also enter into certain foreign currency forward contracts, commodity futures contracts, collars, and swaps that are not designated as hedging instruments for accounting purposes. The changes in the fair values of these contracts are immediately recognized in interest income and other, net on our consolidated statements of earnings.

Normal Purchase Normal Sale

We enter into fixed-price and price-to-be-fixed green coffee purchase commitments, which we expect will result in physical delivery and utilization in the ordinary course of business in a reasonable period of time. Since these types of purchase commitments qualify for the normal purchase normal sale exemption, they are not recorded as derivative instruments on our consolidated balance sheets.

Refer to Note 3, Derivative Financial Instruments, and Note 5, Inventories, for further discussion of our derivative instruments and green coffee purchase commitments.

Receivables, net of Allowance for Credit Losses

Our receivables are mainly generated from product and equipment sales to, and royalties from, our licensees, as well as from our Global Coffee Alliance and other Channel Development customers. The primary indicators of the credit quality of our receivables are aging, payment history, economic sector information, and outside credit monitoring. These indicators are assessed on a quarterly basis. Our credit loss exposure is mainly concentrated in our accounts receivable portfolio. Our allowance for credit losses is calculated using a loss-rate method based on historical experience, current market conditions, and reasonable forecasts. For the fiscal year ended September 2928, ~~2024~~2025, we did not observe a significant deterioration of our receivable portfolio that required a significant increase in our allowance for credit losses. As of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024, our allowance for credit losses was $2124.20 million and $2321.82 million, respectively.

Inventories

Inventories are stated at the lower of cost (primarily moving average cost) or net realizable value. We record inventory reserves for obsolete and slow-moving inventory and for estimated shrinkage between physical inventory counts. Inventory reserves are based on inventory obsolescence trends, historical experience, and application of the specific identification method. As of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024, inventory reserves were $5856.06 million and $4458.40 million, respectively.

Property, Plant and Equipment

Property, plant and equipment is carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use or to develop or obtain internal-use software, including internal labor and overhead in some cases. Depreciation is computed using the straight-line method over estimated useful lives of the assets, generally ranging from 2 to 15 years for equipment, 30 to 40 years for buildings, and 2 to 8 years for capitalized software. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life, generally 10 years. For leases with renewal periods at our option, we generally use the original lease term, excluding renewal option periods, to determine estimated useful lives. If failure to exercise a renewal option imposes a significant economic penalty to us, we may determine at the inception of the lease that renewal is reasonably assured and include the renewal option period in the determination of the appropriate estimated useful lives. Capitalized software includes the costs of developing or obtaining internal-use software, such as external direct costs of materials and services, payroll and benefits costs, interest costs, and costs to develop or obtain software that allows for access or conversion of historical data by new systems. We capitalize costs when the preliminary project stage is complete, management has authorized and committed to funding the software project, it is probable that the software project will be completed, and it is probable that the software will be used to perform the intended function.

The portion of depreciation expense related to production and distribution facilities is included in product and distribution costs on our consolidated statements of earnings. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are disposed of, whether through retirement or sale, the net gain or loss is recognized in ~~net earnings. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value less estimated costs to sell.~~

We evaluate property, plant and equipment for impairment when facts and circumstances indicate that the carrying values of such assets may not be recoverable. When evaluating for impairment, we first compare the carrying value of the asset to the asset’s estimated future undiscounted cash flows. If the estimated undiscounted future cash flows are less than the carrying 52

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~~value~~net ofearnings. ~~the~~Long-lived ~~asset,~~assets weto ~~determine~~be ifdisposed weof ~~have~~are anreported ~~impairment~~at ~~loss by comparing~~ the ~~carrying~~lower ~~value~~ of ~~the~~their ~~asset to the asset’s estimated fair value and recognize an impairment charge when the asset’s~~ carrying ~~value~~amount ~~exceeds~~or ~~its estimated~~ fair value. ~~The~~less ~~fair value of the asset is~~ estimated ~~using a discounted cash flow model based on forecasted future revenues and operating~~ costs, ~~using internal projections. Property, plant and equipment assets and ROU assets related~~ to ~~the store lease are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities~~sell. ~~For company-operated store assets, the impairment test is performed at the individual store asset group level.~~

We ~~recognized~~evaluate ~~net~~property, ~~disposition~~plant and equipment for impairment ~~charges~~when offacts ~~$94.0~~and ~~million,~~circumstances ~~$91.1~~indicate ~~million,~~that ~~and~~the ~~$66.6~~carrying ~~million~~values inof ~~fiscal~~such ~~2024,~~assets ~~2023,~~may ~~and~~not ~~2022,~~be ~~respectively~~recoverable. ~~Included~~When inevaluating ~~these~~for ~~amounts~~impairment, we ~~recorded~~first ~~$23.3~~compare ~~million,~~the ~~$23.2~~carrying ~~million,~~value ~~and~~of ~~$14.3~~the ~~million~~asset ofto ~~impairment~~the ~~losses~~asset’s ~~within~~estimated ~~store~~future ~~operating~~undiscounted ~~expenses~~cash onflows. ~~our~~If ~~consolidated~~the ~~statements~~estimated ofundiscounted ~~earnings~~future ~~during~~cash flows are less than the ~~fiscal~~carrying ~~years~~value ~~ended~~of ~~September 29,~~the ~~2024~~asset, ~~October 1,~~we ~~2023,~~determine ~~and~~if ~~October 2,~~we ~~2022,~~have ~~respectively.~~an Ofimpairment loss by comparing the ~~total~~carrying ~~net~~value ~~disposition~~of the asset to the asset’s estimated fair value and recognize an impairment ~~charges~~charge ~~recorded~~when inthe ~~fiscal~~asset’s ~~2022,~~carrying $9value exceeds its estimated fair value.6 ~~million~~The ~~was~~fair ~~restructuring~~value ~~related~~of ~~and~~the ~~recorded~~asset inis ~~restructuring~~estimated using a discounted cash flow model based on forecasted future revenues and ~~impairment~~operating ~~expenses~~costs, using internal projections. ~~Unless~~Property, itplant isand ~~restructuring~~equipment assets and ROU assets related, to the ~~nature~~store oflease are grouped at the ~~underlying~~lowest ~~asset~~level ~~that~~for iswhich ~~impaired~~identifiable orcash ~~disposed~~flows ofare ~~will~~largely ~~determine~~independent of the ~~operating~~cash ~~expense~~flows ~~line~~of onother ~~which~~assets and liabilities. For company-operated store assets, the ~~related~~impairment ~~impact~~test is ~~recorded~~performed onat ~~our~~the ~~consolidated~~individual ~~statements~~store ofasset ~~earnings~~group level.

We recognized net disposition and impairment charges of $595.3 million, $94.0 million, and $91.1 million in fiscal 2025, 2024, and 2023, respectively. Included in these amounts, we recorded $102.2 million, $23.3 million, and $23.2 million of impairment losses within store operating expenses on our consolidated statements of earnings during the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023, respectively. Further, of the total net impairment and disposition charges recorded in fiscal 2025, $352.8 million was restructuring related and recorded in restructuring and impairment expenses. See Note 18, Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K, for further discussion. Unless it is restructuring related, the nature of the underlying asset that is impaired or disposed of will determine the operating expense line on which the related impact is recorded on our consolidated statements of earnings.

Leases

The majority of our leases are operating leases for our company-operated retail store locations. We also lease, among other things, roasting, distribution and warehouse facilities, and office space for corporate administrative purposes.

We categorize leases as either operating or finance leases at the commencement date of the lease. Operating lease agreements may contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. We have lease agreements with lease and non-lease components, which are accounted for together as a single lease component for all underlying classes of assets.

We recognize a ROU asset and lease liability for each operating and finance lease with a contractual term greater than 12 months at the time of lease inception. We do not record leases with an initial term of 12 months or less on our consolidated balance sheet but continue to record rent expense on a straight-line basis over the lease term. We review contracts for identified assets where we have the right to direct the use of the asset and record those agreements as embedded leases on our consolidated balance sheet. Our leases often include options to extend or terminate at our sole discretion, which are included in the determination of lease term when they are reasonably certain to be exercised.

Our lease liability represents the present value of future lease payments over the lease term. Given our policy election to combine lease and non-lease components, we also consider fixed common area maintenance (“CAM”) part of our fixed future lease payments; therefore, fixed CAM is also included in our lease liability.

We generally cannot determine the interest rate implicit in each of our leases. Therefore, we typically use market and term-specific incremental borrowing rates. Our incremental borrowing rate for a lease is the rate of interest we expect to pay on a collateralized basis to borrow an amount under similar terms. Because we do not borrow on a collateralized basis, we consider a combination of factors, including our credit-adjusted risk-free interest rate, the risk profile and funding cost of the specific geographic market of the lease, the lease term, and the effect of adjusting the rate to reflect consideration of collateral. Our credit-adjusted risk-free rate takes into consideration interest rates we pay on our unsecured long-term bonds as well as quoted interest rates obtained from financial institutions.

Total lease costs recorded as rent and other occupancy costs include fixed operating lease costs, variable lease costs, and short-term lease costs. Most of our real estate leases require we pay certain expenses, such as CAM costs, real estate taxes, and other executory costs, of which the fixed portion is included in operating lease costs. We recognize operating lease costs on a straight-line basis over the lease term. In addition to the above costs, variable lease costs also include amounts based on a percentage of gross sales in excess of specified levels, the costs of which are recognized when probable and are not included in determining the present value of our lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. A significant majority of our leases are related to our company-operated stores, and the related costs are recorded within store operating expenses.

The ROU asset is measured at the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, initial direct costs, and any tenant improvement allowances received. For operating leases, ROU assets are reduced over the lease term by the recognized straight-line lease expense less the amount of accretion of the lease liability determined using the effective interest method. For finance leases, ROU assets are amortized on a straight-line basis over the shorter of the useful life of the leased asset or the lease term. Interest expense on each finance lease liability is recognized utilizing the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets.

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shorter of the useful life of the leased asset or the lease term. Interest expense on each finance lease liability is recognized utilizing the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets.

Additionally, we monitor for events or changes in circumstances that may require a reassessment of one of our leases and determine if a remeasurement is required. See Note 10, Leases, for additional details. For the year ended September 28, 2025, we recognized accelerated amortization of ROU lease assets and other lease exit costs of $239.3 million, due to store closures prior to the end of contractual lease terms, which was recorded in restructuring and impairments on the consolidated statement of earnings. See Note 18, Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K, for further discussion.

Goodwill

We evaluate goodwill for impairment annually during our third fiscal quarter, or more frequently if an event occurs or circumstances change, such as material deterioration in performance or a significant number of store closures, indicating that the carrying value of our goodwill may not be recoverable. When evaluating goodwill for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds its carrying amount, we calculate the estimated fair value of the reporting unit. Fair value is typically calculated using a discounted cash flow model. For certain reporting units, where deemed appropriate, we may also utilize a market approach for estimating fair value. If the carrying amount of the reporting unit exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value.

As part of our ongoing operations, we may close certain stores within a reporting unit containing goodwill due to underperformance of the store or inability to renew our lease, among other reasons. We may abandon certain assets associated with a closed store, including leasehold improvements and other non-transferable assets. When a portion of a reporting unit that constitutes a business is to be disposed of, goodwill associated with the business is included in the carrying amount of the business in determining any loss on disposal. Our evaluation of whether the portion of a reporting unit being disposed of constitutes a business occurs on the date of abandonment. Although an operating store meets the accounting definition of a business prior to abandonment, it does not constitute a business on the closure date because the remaining assets on that date do not constitute an integrated set of activities (substantive processes) and assets that are capable of being managed for the purpose of providing a return to investors. As a result, when closing individual stores, we do not include goodwill in the calculation of any loss on disposal of the related assets.

We recorded no goodwill impairment during fiscal ~~2024~~2025, fiscal ~~2023~~2024, and fiscal ~~2022~~2023. See Note 8, Other Intangible Assets and Goodwill, for further information.

Other Intangible Assets

Other intangible assets include finite-lived intangible assets, which mainly consist of acquired and reacquired rights, trade names, trade secrets, licensing agreements, contract-based patents, and copyrights. These assets are amortized over their estimated useful lives and are tested for impairment using a similar methodology to our property, plant and equipment, as described above.

Indefinite-lived intangibles, which consist primarily of trade names and trademarks, are tested for impairment annually during the third fiscal quarter, or more frequently if an event occurs or circumstances change, indicating that the carrying value of the intangibles may not be recoverable. When evaluating other intangible assets for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that an intangible asset group is impaired. If we do not perform the qualitative assessment, or if we determine that it is not more likely than not that the fair value of the intangible asset group exceeds its carrying amount, we calculate the estimated fair value of the intangible asset group. Fair value is the price a willing buyer would pay for the intangible asset group and is typically calculated using an income approach, such as a relief-from-royalty model. If the carrying amount of the intangible asset group exceeds the estimated fair value, an impairment charge is recorded to reduce the carrying value to the estimated fair value. In addition, we continuously monitor and may revise our intangible asset useful lives if and when facts and circumstances change.

There were no significant other intangible asset impairment charges recorded during fiscal years ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023. See Note 8, Other Intangible Assets and Goodwill, for further information.

Insurance Reserves

We use a combination of insurance and self-insurance mechanisms, including a wholly-owned captive insurance entity and participation in a reinsurance treaty, to provide for the potential liabilities for certain risks, including workers’ compensation, healthcare benefits, general liability, and property insurance. Liabilities associated with the risks that are retained by us are not discounted and are estimated, in part, by considering historical claims experience, demographics, exposure and severity factors, and other actuarial assumptions.

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Revenue Recognition

Consolidated revenues are presented net of intercompany eliminations for wholly-owned subsidiaries and investees controlled by us and for product sales to, and royalty and other fees from, licensees accounted for under the equity method. Additionally, consolidated revenues are recognized net of any discounts, returns, allowances, and sales incentives, including coupon redemptions and rebates.

Company-operated Store Revenues

Company-operated store revenues are recognized when payment is tendered at the point-of-sale as the performance obligation has been satisfied. For products sold via delivery platforms, contractual terms are evaluated for each service provider to determine gross versus net presentation, and revenues are also recognized when control of products are transferred to the customers. Delivery service fees were immaterial in the periods presented. Company-operated store revenues are reported excluding sales, use, or other transaction taxes that are collected from customers and remitted to taxing authorities.

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determine gross versus net presentation, and revenues are also recognized when control of products are transferred to the customers. Delivery service fees were immaterial in the periods presented. Company-operated store revenues are reported excluding sales, use, or other transaction taxes that are collected from customers and remitted to taxing authorities.

Licensed Store Revenues

Licensed store revenues consist of product and equipment sales, royalties, and other fees paid by licensees using the Starbucks brand. Sales of coffee, tea, food, and related products are generally recognized upon shipment to licensees, depending on contract terms. Shipping charges billed to licensees are also recognized as revenue, and the related shipping costs are included in product and distribution costs on our consolidated statements of earnings.

We consider pre-opening services, including site evaluation and selection, store architectural/design and development, and operational training, to be performance obligations that are separate from the license to operate under the Starbucks brand. These services provide distinct value to our licensees, including business and industry insight and knowledge that transfers value apart from the license. Revenues associated with pre-opening services are recognized upon completion of the related performance obligations, generally when a store is opened. Royalty revenues are recognized based upon a percentage of reported sales, and other continuing fees, such as marketing and service fees, are recognized as the performance obligations are met.

Stored Value Cards

Stored value cards can be activated through various channels, including at our company-operated and most licensed store locations, online at Starbucks.com, or via mobile devices held by our customers and at certain other third-party websites and locations, such as grocery stores, although they cannot be reloaded at these third-party websites or locations. Amounts loaded onto stored value cards are initially recorded as deferred revenue and recognized as revenue upon redemption. Historically, the majority of stored value cards are redeemed within one year.

In many of our company-operated markets, including the U.S., our stored value cards do not have an expiration date, nor do we charge service fees that cause a decrement to customer balances. Based on historical redemption rates, a portion of stored value cards is not expected to be redeemed and will be recognized as breakage over time in proportion to stored value card redemptions. The redemption rates are based on historical redemption patterns for each market, including the timing and business channel in which the card was activated or reloaded, and remittance to government agencies under unclaimed property laws, if applicable.

Breakage is recognized as company-operated stores and licensed stores revenue within the consolidated statement of earnings. For the fiscal years ended September 2928, ~~2024~~2025, ~~October~~September 129, ~~2023~~2024, and October 21, ~~2022~~2023, we recognized breakage revenue of $~~187~~200.64 million, $~~196~~187.16 million, and $196.01 million in company-operated store revenues, respectively, and $2022.0 million, $1820.90 million, and $1618.79 million in licensed store revenues, respectively.

Loyalty Program

Customers in the U.S., Canada, and certain other countries who register their stored value card are automatically enrolled in the Starbucks Rewards program, which is primarily a spend-based loyalty program. They earn loyalty points (“Stars”) in a variety of ways, including with each purchase at participating Starbucks stores. Starbucks Rewards members can earn Stars by paying with cash, credit or debit cards, or selected mobile wallets at company-operated and certain participating licensed stores in the U.S. and Canada. After accumulating a certain number of Stars, the customer earns a reward that can be redeemed for free product that, regardless of where the related Stars were earned within that country, will be honored at company-operated stores and certain participating licensed store locations in that same country.

We defer revenue associated with the estimated selling price of Stars earned by Starbucks Rewards members towards free products as each Star is earned and a corresponding liability is established in deferred revenue. This deferral is based on the estimated value of the product for which the reward is expected to be redeemed, net of estimated unredeemed Stars. Stars generally expire after six to twelve months, depending on the market.

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When a customer redeems an earned reward, we recognize revenue for the redeemed product and reduce the related deferred revenue.

Other Revenues

Other revenues primarily include royalty revenues, sales of packaged coffee, tea, and a variety of ready-to-drink beverages and single-serve coffee and tea products to customers outside of our company-operated and licensed stores. Sales of these products are generally recognized upon shipment to customers, depending on contract terms.

Other revenues also include product sales to, and licensing revenue from, Nestlé related to our Global Coffee Alliance. Product sales to Nestlé are generally recognized when the product is shipped, whereas royalty revenues are recognized based on a percentage of reported sales.

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Deferred Revenues

Our deferred revenue primarily consists of the up-front prepaid royalty from Nestlé, for which we have continuing performance obligations to support the Global Coffee Alliance, and our unredeemed stored value card liability and unredeemed Stars associated with our loyalty program. See Note 11, Deferred Revenue, for further information.

Disaggregation of Revenues

Revenues disaggregated by segment, product type, and geographic area are disclosed in Note 17, Segment Reporting.

Product and Distribution Costs

Product and distribution costs primarily include expenses related to raw materials, purchased goods, packaging, delivery, and ~~delivery~~tariff impacts, along with operational costs of our supply chain organization. This encompasses wages, benefits, occupancy costs, and depreciation associated with sourcing, procuring, manufacturing, warehousing, and transportation of products sold at our company-operated and licensed stores, as well as through Channel Development and our other businesses. Additionally, it includes costs related to inventory and supply chain asset impairments.

Store Operating Expenses

Store operating expenses consist of costs incurred in our company-operated stores, primarily wages and benefits related to store partners (employees), occupancy costs, marketing, delivery commissions, and other costs that directly support the operation and sales-related activities of those stores.

General and Administrative Expenses

General and administrative expenses primarily consist of wages and benefits, professional service fees, and occupancy costs for corporate headquarters and regional offices that support our corporate functions.

Advertising

We expense most advertising costs as they are incurred, except for certain production costs that are expensed the first time the advertising takes place. Advertising expenses totaled $~~597~~869.35 million, $~~507~~597.83 million, and $~~416~~507.78 million in fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

Store Preopening Expenses

Costs incurred in connection with the start-up and promotion of new company-operated store openings are expensed as incurred.

Asset Retirement Obligations

We recognize a liability for the fair value of required asset retirement obligations (“ARO”) when such obligations are incurred. Our AROs are primarily associated with leasehold improvements, which, at the end of a lease, we are contractually obligated to remove to comply with the lease agreement. At the inception of a lease with such conditions, we record an ARO liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. We estimate the liability using a number of assumptions, including store closing costs, cost inflation rates, and discount rates, and accrete the liability to its projected future value over time. The capitalized asset is depreciated using the same depreciation convention as leasehold improvement assets. Upon satisfaction of the ARO conditions, any difference between the recorded ARO liability and the actual retirement costs incurred is recognized as a gain or loss in store operating expenses on our consolidated statements of earnings. As of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024, our net ARO assets included in property, plant and equipment were $25.15 million and $25.61 million, respectively, and our net ARO liabilities included in other long-term liabilities were $~~119~~126.23 million and $~~110~~119.32 million, respectively.

~~Stock-based Compensation~~56

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model. The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and our historical experience. If applicable, our total shareholder return relative to our peer group is incorporated into the underlying assumptions using a Monte Carlo simulation valuation model to calculate grant date fair value. The related assumptions used in the Monte Carlo simulation valuation model include expected term, volatility, dividend yield, and riskStock-free interest rate. Compensation expense is recognized over the requisite service period for each separately vesting portion of the award, and only for those awards expected to vest, with forfeitures estimated at the date of grant based ~~on our historical experience and future expectations.~~Compensation

We maintain several equity incentive plans under which we may grant non-qualified stock options, incentive stock options, restricted stock, restricted stock units (“RSUs”), or stock appreciation rights to employees, non-employee directors, and consultants; stock options have not been broadly used as part of our compensation strategy in recent years. We also have an employee stock purchase plan (“ESPP”). RSUs issued by us are equivalent to nonvested shares under the applicable accounting guidance. We record stock-based compensation expense based on the fair value of stock awards at the grant date and recognize the expense over the related service period following a graded vesting expense schedule. Expense for performance-based RSUs is recognized when it is probable the performance goal will be achieved. Performance goals are determined by the Board and may include measures such as earnings per share, comparable store sales, operating income, return on invested capital, total shareholder return, and metrics focused on achievement of key components of the “Back to Starbucks” plan. The fair value of RSUs is based on the closing price of Starbucks common stock on the award date, less the present value of the dividends expected to be paid on the underlying shares during the vesting period. The fair value of each stock option granted is estimated on the grant date using the Black-Scholes-Merton option valuation model. The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and our historical experience. If applicable, our total shareholder return relative to our peer group is incorporated into the underlying assumptions using a Monte Carlo simulation valuation model to calculate grant date fair value. The related assumptions used in the Monte Carlo simulation valuation model include expected term, volatility, dividend yield, and risk-free interest rate. Compensation expense is recognized over the requisite service period for each separately vesting portion of the award, and only for those awards expected to vest, with forfeitures estimated at the date of grant based on our historical experience and future expectations.

Foreign Currency Translation

Our international operations generally use their local currency as their functional currency. Assets and liabilities are translated at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at the average monthly exchange rates during the year. Resulting translation adjustments are reported as a component of OCI and recorded in AOCI on our consolidated balance sheets.

Income Taxes

We compute income taxes using the asset and liability method, under which deferred income taxes are recognized based on the differences between the financial statement carrying amounts and the respective tax bases of our assets and liabilities. Deferred tax assets and liabilities are measured using current enacted tax rates expected to apply to taxable income in the years in which we expect the temporary differences to reverse. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date.

We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that some portion of the tax benefit will not be realized. In evaluating our ability to recover our deferred tax assets within the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

In addition, our income tax returns are periodically audited by domestic and foreign tax authorities. These audits include review of our tax filing positions, including the timing and amount of deductions taken and the allocation of income between tax jurisdictions. We evaluate our exposures associated with our various tax filing positions and recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of our position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. For uncertain tax positions that do not meet this threshold, we record a related liability. We adjust our unrecognized tax benefit liability and income tax expense in the period in which the uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position, or when new information becomes available.

Starbucks recognizes interest and penalties related to income tax matters in income tax expense on our consolidated statements of earnings. Accrued interest and penalties are included within the related tax balances on our consolidated balance sheets.

Global intangible low-taxed income (“GILTI”) provisions are applied, providing an incremental tax on foreign income. We have made a policy election to classify taxes due under the GILTI provision as a current period expense.

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Earnings per Share

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock and the effect of dilutive potential common shares outstanding during the period, calculated using the treasury stock method. Dilutive potential common shares include outstanding stock options and RSUs. Performance-based RSUs are considered dilutive when the related performance criterion has been met.

Common Stock Share Repurchases

We may repurchase shares of Starbucks common stock under a program authorized by our Board, including pursuant to a contract, instruction, or written plan meeting the requirements of Rule 10b5-1(c)(1) of the Exchange Act. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements. Instead, the par value of repurchased shares is deducted from common stock, and the excess repurchase price over par value is deducted from additional paid-in capital and from retained earnings (deficit).

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Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In the ~~first~~fourth quarter of fiscal ~~2022~~2025, we adopted the Financial Accounting Standards Board (“FASB”) issued guidance ~~related~~expanding tosegment ~~reference~~disclosure ~~rate reform~~requirements. The ~~pronouncement~~amendments ~~provides~~require ~~temporary~~enhanced ~~optional~~disclosure ~~expedients~~for ~~and~~certain ~~exceptions~~segment toitems ~~the~~and ~~current~~disclosure ~~guidance~~ on ~~contract~~how ~~modifications~~our ~~and~~Chief ~~hedge~~Operating ~~accounting~~Decision toMaker ~~ease~~(“CODM”) ~~the~~uses ~~financial~~reported ~~reporting~~measures ~~burden~~to ~~related~~assess tosegment ~~the~~performance. ~~expected~~The ~~market~~amendments ~~transition~~do ~~from~~not ~~the~~change ~~London~~how ~~Interbank~~segments ~~Offered~~are ~~Rate~~determined, ~~(“LIBOR”)~~aggregated, ~~and~~or ~~other~~how ~~interbank~~thresholds ~~offered~~are ~~rates~~applied to ~~alternative~~determine ~~reference~~reportable ~~rates~~segments. The ~~guidance~~adoption ~~was~~of ~~effective~~this ~~upon~~guidance ~~issuance~~did ~~and~~not ~~generally~~have ~~can~~a besignificant ~~applied~~impact toon ~~applicable~~our ~~contract~~consolidated ~~modifications~~financial ~~through~~statement ~~December 31, 2024~~disclosures. ~~The~~Refer ~~adoption~~to Note of17, ~~the~~Segment ~~new~~Reporting, ~~guidance~~for ~~did~~our ~~not~~segment ~~have~~disclosures aincluding ~~material~~enhancements ~~impact~~as ona ~~our~~result ~~financial~~of ~~statements~~the amendments.

Recent Accounting Pronouncements Not Yet Adopted

In ~~November~~December 2023, the FASB issued guidance expanding ~~segment~~ disclosure requirements related to income taxes. The amendments require enhanced ~~disclosure~~jurisdictional disclosures for ~~certain~~the ~~segment~~income ~~items~~tax ~~and~~rate ~~disclosure~~reconciliation onand ~~how~~related ~~management uses reported measures~~ to ~~assess~~cash ~~segment~~income ~~performance~~taxes paid. ~~The~~Additionally, ~~amendments~~certain dodisclosures ~~not~~related ~~change~~to ~~how~~unrecognized ~~segments~~tax ~~are~~benefits ~~determined,~~and ~~aggregated,~~indefinite orreinvestment ~~how~~assertions ~~thresholds~~were ~~are applied to determine reportable segments~~removed. WeThe ~~expect~~amendments toare ~~adopt~~effective ~~the guidance~~ for ~~the~~our fiscal year ending September 2827, ~~2025~~2026. WeWhile we are ~~currently~~still evaluating the ~~expanded~~specific ~~disclosure~~impacts, ~~requirements~~we ~~and~~anticipate ~~do not expect the adoption of~~ this guidance towill have a significant impact on our ~~consolidated~~annual ~~financial~~income ~~statement~~tax disclosures.

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 and timing of adoption, we anticipate this guidance will have a significant impact on our annual income tax disclosures.

In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Under the rules as originally issued, disclosure requirements begin phasing in for fiscal years beginning on or after January 1, 2025. However, on April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. We are currently evaluating the impact of the new rules and continue to monitor the status of the related legal challenges.

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.

~~Note~~In ~~2: Acquisitions,~~July ~~Divestitures~~2025, the FASB issued guidance providing a practical expedient for measuring expected credit losses on current accounts receivable and ~~Strategic~~current ~~Alliance~~contract assets arising from revenue transactions. The amendment is effective for our fiscal year ended 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.

Note 2: Acquisitions and Divestitures

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.

The assets acquired and liabilities assumed are included in our International operating segment. Assets acquired primarily include operating lease right-of-use 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 is not material to our consolidated financial statements.

Fiscal 2023

On January 13, 2023, we sold the assets, primarily consisting of intellectual properties associated with the Seattle’s Best Coffee brand, to Nestlé for $110.0 million. The transaction resulted in a pre-tax gain of $91.3 million, which was included in gain from sale of assets on our consolidated statement of earnings for the fiscal year ended October 1, 2023. Results from Seattle’s Best Coffee operations prior to the sale are reported in our Channel Development operating segment.

~~Fiscal 2022~~58

InTable ~~the fourth quarter~~ of ~~fiscal 2022, we sold our Evolution Fresh brand and business to Bolthouse Farms. This transaction did not have a material impact on our consolidated financial statements.~~Contents

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 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 9, Debt, for additional information on our long-term debt.

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values of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. Refer to Note 9, 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.

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.

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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)
	Sep 29,2024		Oct 1,2023		Oct 2,2022
	Sep 28,2025		Sep 29,2024		Oct 1,2023
Cash Flow Hedges:
Coffee	$	6023.13	$	~~(78~~60.1)	$	~~153~~(78.91)	$	6020.10	36
Cross-currency swaps	~~0.5~~—		(0.6)5		(10.96)		—		20
Dairy	~~2.0~~—		(12.8)0		(21.68)		~~2.0~~—		50
Foreign currency - other	1119.50		3911.65		5539.36		913.58		3034
Interest rates	(31.64)		(63.6)		(56.86)		(3.16)		0
Net Investment Hedges:
Cross-currency swaps	96206.52		8796.15		6787.31		—		~~114~~102
Foreign currency	16.0		16.0		16.10		—		0
Foreign currency debt	135.2		~~140~~135.2		~~125~~140.72		—		0

Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in OCI and reclassifications from AOCI to earnings (in millions):

			Year Ended
	Gains/(Losses) Recognized inOCI Before Reclassifications								Gains/(Losses) Reclassified from AOCI to Earnings									Location of gain/(loss)
		Sep 29,2024			Oct 1,2023			Oct 2,2022			Sep 29,2024			Oct 1,2023			Oct 2,2022
		Sep 28,2025			Sep 29,2024			Oct 1,2023			Sep 28,2025			Sep 29,2024			Oct 1,2023
Cash Flow Hedges:
Coffee			$	~~100~~40.84		$	~~(152~~100.9)8		$	76(152.9)		$	~~(61~~86.2)5		$	~~110~~(61.52)		$	~~126~~110.25	Product and distribution costs
Cross-currency swaps			20.79			42.97			244.89			~~1.4~~—			3.1.4			(63.9)1		Interest expense
												0.1			0.3			39.4		Interest income and other, net
												1.4			0.1			0.3		Interest income and other, net
Dairy			(1.3)			~~(11.~~1).3			3(11.61)			(31.8)4			(~~12.~~3.8)			6(12.53)		Product and distribution costs
Foreign currency - other			141.24			91.42			~~103.~~9.4			2822.25			2328.62			2223.06		Licensed stores revenues
												10.0			6.7			(2.3)		Product and distribution costs
												9.1			10.0			6.7		Product and distribution costs
												—			~~0.2~~—			130.72		Interest income and other, net
Interest rates			—(1.3)			~~0.3~~—			500.3			(4.01)			1.(4.0)			(21.0)4		Interest expense
Net Investment Hedges:
Cross-currency swaps (1)			62255.09			5462.10			5354.51			49109.60			2749.46			1427.34		Interest expense
Foreign currency debt			~~(6.3)~~—			19(6.13)			~~175~~19.51			—			—			—

(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	Year Ended
			Sep 29, 2024		Oct 1, 2023		Oct 2, 2022
			Sep 28, 2025		Sep 29, 2024		Oct 1, 2023
Non-Designated Derivatives:
Dairy	Interest income and other, net		$	(0.1)	$	(0.1)	$	(0.21)
Diesel fuel and other commodities	Interest income and other, net		(10.9)1		(21.09)		3(2.70)
Coffee	Interest income and other, net		—		~~(5.4)~~—		9(5.24)
Foreign currency - other	Interest income and other, net		02.14		(30.6)1		46(3.86)
Fair Value Hedges:
Interest rate swap	Interest expense		9(7.91)		~~(18~~9.7)9		(6518.07)
Long-term debt (hedged item)	Interest expense		(222.30)		(1222.3)		73(12.93)

Notional amounts of outstanding derivative contracts (in millions):

	Sep 29, 2024		Oct 1, 2023
	Sep 28, 2025		Sep 29, 2024
Coffee	$	~~154~~387	$	~~266~~154
Cross-currency swaps	4,~~213~~197		14,~~076~~213
Dairy	65—		7165
Diesel fuel and other commodities	32		73
Foreign currency - other	~~920~~930		~~1,164~~920
Interest rate swaps	350		~~1,100~~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	Sep 2928, ~~2024~~2025		~~Oct~~Sep 129, ~~2023~~2024
Designated Derivative Instruments(1):
Cross-currency swaps	Prepaid expenses and other current assets	$	~~3.9~~—	$	—3.9
	Other long-term assets	~~177~~271.49		~~130~~177.14
Dairy	Prepaid expenses and other current assets	~~0.8~~—		0.48
Foreign currency - other	Prepaid expenses and other current assets	113.90		321.09
	Other long-term assets	16.7		221.97
Interest rate swap	Prepaid expenses and other current assets	—		0.4
Non-designated Derivative Instruments:
Dairy	Prepaid expenses and other current assets	~~0.3~~—		—0.3
Diesel fuel and other commodities	Prepaid expenses and other current assets	—0.1		~~0.7~~—
Foreign currency	Prepaid expenses and other current assets	12.87		71.58
		Derivative Liabilities
	Balance Sheet Location	Sep 2928, ~~2024~~2025		~~Oct~~Sep 129, ~~2023~~2024
Designated Derivative Instruments:
Cross-currency swaps	Accrued liabilities	$	215.78	$	—21.7
	Other long-term liabilities	~~33.~~3.5		—33.3
Dairy	Accrued liabilities	—		1.1
Foreign currency - other	Accrued liabilities	0.2		4.7
Foreign currency - other	Accrued liabilities	4.7		2.0
	Other long-term liabilities	0.2		4.1
	Other long-term liabilities	4.1		—
Interest rate swaps	Other long-term liabilities	17.0		19.2
Interest rate swaps	Other long-term liabilities	19.2		41.4
Non-designated Derivative Instruments:
Diesel fuel and other commodities	Accrued liabilities	~~0.3~~—		—0.3
Foreign currency	Accrued liabilities	21.51		02.5
	Other long-term liabilities	0.12		10.81

(1) We also hold cash and cash equivalents from various settled-to-market exchange traded futures related to coffee and dairy 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
	Sep 29, 2024		Oct 1, 2023		Sep 29, 2024		Oct 1, 2023
	Sep 28, 2025		Sep 29, 2024		Sep 28, 2025		Sep 29, 2024
Location on the balance sheet
Long-term debt(1)	$	332.2	$	1,060.0	$	(17.8)	$	(40.0)
Long-term debt	$	334.1	$	332.2	$	(15.9)	$	(17.8)

(1) Balance as of October 1, 2023, includes $750 million in senior notes that matured on October 1, 2023, but remained in current portion of long-term debt on the consolidated balance sheet as the debt repayment was not made until the first day of fiscal 2024.

Additional disclosures related to cash flow gains and losses included in AOCI, as well as subsequent reclassifications to earnings, are included in Note 12, 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 September 29, 2024		Quoted Pricesin ActiveMarkets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		SignificantUnobservable Inputs(Level 3)
	Balance at September 28, 2025		Quoted Pricesin ActiveMarkets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		SignificantUnobservable Inputs(Level 3)
Assets:
Cash and cash equivalents	$	3,~~286~~219.28	$	3,~~286~~219.28	$	—	$	—
Short-term investments:
Available-for-sale debt securities:
Corporate debt securities	5167.8		—		5155.89		—11.9
Foreign corporate bonds	0.2		—		0.2		—
Mortgage and other asset-backed securities	0.4		—		0.4		—
State and local government obligations	1.41		—		1.41		—
U.S. government treasury securities	3682.96		3682.96		—		—
Total available-for-sale debt securities	90151.79		3682.96		5357.84		—11.9
Structured deposits	84.1		—		84.1		—
Marketable equity securities	95.3		95.3		—		—
Marketable equity securities	82.2		82.2		—		—
Total short-term investments	247.2		177.9		57.4		11.9
Total short-term investments	257.0		119.1		137.9		—
Prepaid expenses and other current assets:
Derivative assets	815.79		—		815.79		—
Long-term investments:
Available-for-sale debt securities:
Corporate debt securities	~~112~~132.82		—		~~101~~105.85		1126.07
Mortgage and other asset-backed securities	6475.47		—		6475.47		—
State and local government obligations	32.7		—		32.7		—
U.S. government treasury securities	9436.93		9436.93		—		—
Total Available-for-sale debt securities	~~275~~246.89		9436.93		~~169~~183.9		1126.07
Structured Deposit	0.2		—		0.2		—
Total long-term investments	246.9		36.3		183.9		26.7
Total long-term investments	276.0		94.9		170.1		11.0
Other long-term assets:
Derivative assets	~~179~~278.16		—		~~179~~278.16		—
Total assets	$	4,~~007~~008.04	$	3,~~500~~434.20	$	~~495~~535.8	$	1138.06
Liabilities:
Accrued liabilities:
Derivative liabilities	$	297.21	$	—	$	297.21	$	—
Other long-term liabilities:
Derivative liabilities	5620.79		—		5620.79		—
Total liabilities	$	8528.90	$	—	$	8528.90	$	—

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			Fair Value Measurements at Reporting Date Using
	Balance at October 1, 2023		Quoted Pricesin ActiveMarkets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		SignificantUnobservable Inputs(Level 3)
	Balance at September 29, 2024		Quoted Pricesin ActiveMarkets for Identical Assets(Level 1)		Significant Other Observable Inputs(Level 2)		SignificantUnobservable Inputs(Level 3)
Assets:
Cash and cash equivalents	$	3,~~551~~286.52	$	3,~~551~~286.52	$	—	$	—
Short-term investments:
Available-for-sale debt securities
Corporate debt securities	6451.08		—		6451.08		—
Foreign government obligations	3.9		—		3.9		—
Foreign corporate bonds	0.2		—		0.2		—
U.S. government treasury securities	2.8		2.8		—		—
Mortgage and other asset-backed securities	0.4		—		0.4		—
Total available-for-sale debt securities	70.7		2.8		67.9		—
State and local government obligations	1.4		—		1.4		—
Structured deposits	261.2		—		261.2		—
U.S. government treasury securities	36.9		36.9		—		—
Marketable equity securities	69.6		69.6		—		—
Total available-for-sale debt securities	90.7		36.9		53.8		—
Total short-term investments	401.5		72.4		329.1		—
Structured deposits	84.1		—		84.1		—
Marketable equity securities	82.2		82.2		—		—
Total short-term investments	257.0		119.1		137.9		—
Prepaid expenses and other current assets:
Derivative assets	418.07		—		418.07		—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities	91112.18		—		91101.18		—11.0
Mortgage and other asset-backed securities	5064.24		—		5064.24		—
State and local government obligations	1.3.7		—		1.3.7		—
U.S. government treasury securities	~~104~~94.79		~~104~~94.79		—		—
Total long-term investments	247.3		104.7		142.6		—
Total Available-for-sale debt securities	275.8		94.9		169.9		11.0
Structured Deposit	0.2		—		0.2		—
Total long-term investments	276.0		94.9		170.1		11.0
Other long-term assets:
Derivative assets	~~153~~179.01		—		~~153~~179.01		—
Total assets	$	4,~~394~~007.30	$	3,~~728~~500.62	$	~~665~~495.78	$	—11.0
Liabilities:
Accrued liabilities:
Derivative liabilities	$	329.62	$	—	$	329.62	$	—
Other long-term liabilities:
Derivative liabilities	4356.27		—		4356.27		—
Total liabilities	$	4685.89	$	—	$	4685.89	$	—

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.

Available-for-sale Debt Securities

~~Long~~The majority of long-term investments ~~generally~~ mature within 5 years. Proceeds from sales of securities were $1.31 million, $21.53 million, and $722.65 million for fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively. Realized gains and losses were not material for fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023. Gross unrealized holding gains and losses were not material as of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024.

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Marketable Equity Securities

Marketable equity securities include equity mutual funds and exchange-traded funds. Our marketable equity securities portfolio approximates a portion of our liability under our MDCP, a defined contribution plan. Our MDCP liability was $~~112~~115.36 million and $90112.43 million as of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024, respectively. The changes in net unrealized holding gains and losses in the marketable equity securities portfolio included in earnings for fiscal ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 were not material. Gross unrealized holding gains and losses on marketable equity securities were not material as of September 2928, ~~2024~~2025, and ~~October~~September 129, ~~2023~~2024.

Derivative Assets and Liabilities

Derivative assets and liabilities are described further in Note 3, Derivative Financial Instruments.

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. Impairment of property, plant and equipment and ROU assets is included in Note 1, Summary of Significant Accounting Policies and Estimates.

We recognized impairments during fiscal years ended September 2928, ~~2024~~2025, ~~October~~September 129, ~~2023~~2024, and October 21, ~~2022~~2023. See Note 1, Summary of Significant Accounting Policies and Estimates, and Note 18, Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K for additional discussion of these impairments.

Fair Value of Other Financial Instruments

The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 9, Debt.

Note 5: Inventories (in millions)

	Sep 29, 2024		Oct 1, 2023
	Sep 28, 2025		Sep 29, 2024
Coffee:
Unroasted	$	~~665~~911.12	$	~~747~~665.71
Roasted	~~251~~342.90		~~280~~251.39
Other merchandise held for sale (1)	~~384~~399.67		~~364~~384.6
Packaging and other supplies	~~475~~532.7

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