Starbucks (SBUX) 10-K risk factor changes: FY2021 vs FY2020

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 [removed: section] [added: section, the Quantitative] and [added: Qualitative Disclosures About Market Risk section, and] the consolidated financial statements and related notes.

Moreover, the risks below are not the only risks we face and additional risks not currently known to us or that we presently deem immaterial may emerge or become material at [added: any time and may negatively impact our business, reputation, financial condition, results of operations or the trading price of our common stock.]

As a result, we may incur additional impairment charges to our inventory, store and corporate [removed: assets— and] [added: assets—and] our ability to realize the benefits from deferred tax assets may become [removed: limited— any] [added: limited—any] of which may have a significant or material impact on our financial results.

[removed: Increased] [added: Prolonged] volatility or significant disruption of global financial markets due in part to the COVID-19 pandemic could have a negative impact on our ability to access capital markets and other funding sources, on acceptable terms or at all and impede our ability to comply with debt covenants.

Any one or more of the factors listed below or described elsewhere in this risk factors section could have a material adverse impact [added: on] our business, financial condition and/or results of operations:

- severe weather or other natural or man-made disasters affecting a large market or several closely located markets that may temporarily but significantly affect our retail business in such markets; [removed: and]

- especially in our [removed: large] [added: largest] markets, [added: including the U.S. and China,] labor discord or disruption, geopolitical [removed: events (including escalating U.S.-China tensions),] [added: events,] war, terrorism (including incidents targeting us), political instability, acts of public violence, boycotts, increasing anti-American sentiment in certain markets, hostilities and social unrest and other health pandemics that lead to avoidance of public places or restrictions on public gatherings such as in our stores.

Our customers may have or in the future have less money for discretionary purchases and may stop or reduce their purchases of our products or switch to Starbucks or [removed: competitors'] [added: competitors’] lower-priced products as a result of various factors, including job losses, inflation, higher taxes, reduced access to credit, changes in federal economic [removed: policy] [added: policy, the COVID-19 pandemic] and recent international trade disputes.

Due to the COVID-19 [removed: pandemic,] [added: pandemic or other global health events,] we may experience a reduction and/or increased volatility in demand for our products, which may be caused by, among other things: store closures or modified operating hours and business model, reduced customer traffic due to illness, quarantine or government or self-imposed restrictions placed on our [removed: stores' operations] [added: stores’ operations, impacts caused by precautionary measures such as those related to face coverings] and [added: vaccinations, and] changes in consumer spending behaviors (e.g. continued practice of social distancing, decrease in consumer confidence in general macroeconomic conditions and a decrease in consumer discretionary spending).

Failure to meet market expectations going forward, particularly with respect to [removed: net revenues, operating margins, earnings per share, comparable store sales growth, operating cash flows] [added: our operational] and [added: financial results and related guidance, environmental performance and] shareholder returns, will likely result in a decline and/or increased volatility in the market price of our stock.

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 social [added: and environmental] impact programs.

The Starbucks brand is recognized throughout [added: most of] the world, and we have received high ratings in global brand value studies.

[removed: 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 result in litigation.

Consumer demand for our products and our brand equity 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 or socially irresponsible manner, including with respect to the sourcing, content or sale of our products, service and treatment of customers at Starbucks stores, [added: treatment of employees,] or the use of customer data for general or direct marketing or other purposes.

Additionally, if we fail to comply with laws and regulations, [removed: publicly] take controversial positions or actions or 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 that represent the brand well or [added: to] foster an inclusive and diverse environment, our brand value may be diminished.

However, the product quality and service they deliver may still be diminished by any number of factors beyond our [removed: control.][added: control, including financial constraints caused by the COVID-19 pandemic and other factors.]

We also source our food, beverage and other products from a wide variety of domestic and international business [removed: partners] [added: partners,] and in certain cases such products are produced or sourced by our licensees directly.

Clean water is critical to the preparation of coffee, tea and other beverages, as well as ice for our cold beverages, and our ability to ensure [removed: a] [added: adequate supplies of] clean water and ice [removed: supply] to our stores can be limited, particularly in some international locations.

[removed: We] [added: While we] monitor the operations of certain of these business partners, [removed: but] the product quality and service they deliver may be diminished by any number of factors beyond our control and it may be difficult to detect contamination or other [removed: defect] [added: defects] in these products.

In addition, instances of food or beverage-safety issues, even those involving solely the restaurants or stores of competitors or of suppliers or distributors (regardless of whether we use or have used those suppliers or distributors), [removed: could,] [added: could adversely affect our sales on a regional or global basis] by resulting in negative publicity about us or the foodservice industry in [removed: general, adversely affect our sales on a regional or global basis.][added: general.]

These strategic [removed: initiatives] [added: initiatives, which include our profit-, people- and planet-positive visions,] are designed to create growth, improve our results of operations and drive long-term shareholder value, and include:

- increasing the scale of the Starbucks store footprint with disciplined global expansion and introducing flexible and unique store formats, including the accelerated development of alternative store formats (such as Starbucks® Pickup stores, Starbucks Now stores and curbside pickup) [added: especially] in light of the COVID-19 pandemic;

- construction cost increases associated with new store openings and remodeling of existing stores; delays in store openings for reasons beyond our [removed: control] [added: control, such as potential shortages of materials and labor and delays in permits,] or a lack of desirable real estate locations available for lease at reasonable rates, either of which could keep us from meeting annual store opening targets in the U.S. and internationally;

- governmental regulations or other health guidelines concerning operations of [removed: stores] [added: stores, including] due to the COVID-19 [removed: pandemic;][added: pandemic or other public health emergencies;]

- not successfully scaling our supply chain infrastructure as our product offerings increase and as we continue to expand, including our emphasis on a broad range of high-quality food offerings; [removed: and]

Effectively managing growth can be challenging, particularly as we expand [removed: into new] [added: in international] markets [removed: internationally] where we must balance the need for flexibility and a degree of autonomy for local management against the need for consistency with our goals, [removed: philosophy] [added: policies] and standards.

If we are not successful in implementing our strategic initiatives, [removed: such as] [added: or, in the event we undertake] large [removed: acquisitions] [added: acquisitions, integrations] and [removed: integrations,] [added: divestitures,] we may be required to evaluate whether certain assets, including goodwill and other intangibles, have become impaired.

Our continued success depends on our ability to [removed: retain] [added: attract] and [removed: convert] [added: retain] customers.

Furthermore, our financial results have been and could continue to be adversely affected by the impact of the COVID-19 pandemic, which has resulted in a disruption of customer routines, changes to employer [removed: “work-][added: “work-from-home” policies, reduced business and recreational travel and changes in consumer behavior and the ability or willingness to spend discretionary income on our products.]

- [removed: The] [added: The] unauthorized access, use, theft or destruction of customer or employee personal, financial or other data 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 [removed: (and those of our licensees and other third-party business partners, whether] [added: (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 and rewards programs and administrative functions, contain personal, financial or other information that is entrusted to us by our customers and employees.

Many of our information technology systems also contain Starbucks proprietary and other confidential information related to our business, such as business [removed: plans,] [added: plans and] product development initiatives and [removed: designs.][added: 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 are consistently subject to attempts to compromise our information technology [removed: systems.][added: systems from both internal and external sources.]

[removed: Similar to other companies, the] [added: The] number and frequency of these attempts varies from year to year but could be exacerbated to some extent by an increase in our digital [removed: operations in] [added: operations, including] our efforts to comply with state and local mandates in response to [removed: COVID-19.][added: COVID‑19.]

To the extent [removed: we or] [added: we,] a third party [added: or such an individual] were to experience a [removed: material] breach of our or [removed: such third parties'] [added: their] information technology systems that [removed: result] [added: results] in the unauthorized access, theft, use, destruction or other compromises of [removed: customers'] [added: customers’] or [removed: employees'] [added: employees’] data or confidential information of the Company stored in [added: 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 reputation and brand, [added: a decrease in] our ability to retain [added: customers] or attract new [removed: customers] [added: ones, the imposition of potentially significant costs (including loss of data or payment for recovery of data)] and [added: liabilities, loss of business, loss of business partners and licensees and] the [removed: potential] disruption to our [added: supply chain,] business and plans.

Such security breaches also could result in a violation of applicable U.S. and international [removed: privacy] [added: privacy, cyber] and other [added: laws or trigger U.S. state data breach notification] laws, and subject us to private consumer, business [removed: partner,] [added: partner] or [added: licensee or] securities litigation and governmental investigations and proceedings, any of which could result in our exposure to material civil or criminal liability.

[removed: Significant capital investments and other expenditures could also be required to remedy cybersecurity problems and prevent future breaches, including] [added: These include] costs associated with [added: notifying affected individuals and other agencies,] additional security technologies, [added: 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 [removed: incurred] [added: incurred, including by interfering with the pursuit of other important business strategies] and [added: initiatives, and] may not meaningfully limit the success of future attempts to breach our information technology systems.

Additionally, the techniques and sophistication used to conduct cyber-attacks and [removed: breach] [added: 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.

Additionally, the success of several of our initiatives to drive growth, including our ability to increase digital [added: relationships with our customers to drive incremental traffic and spend, is highly dependent on our technology systems.]

The considerations and risks that follow are organized within relevant headings but may be relevant to other headings as well.

The COVID-19 pandemic has had, and is continuing to have, a significant impact on our business and results of operations.

At the peak of the COVID-19 outbreak, many of our company-operated and licensed stores were closed.

For stores that remained open, same-store sales declined due to modified operating hours and reduced customer traffic.

While nearly all of our company-operated and licensed stores have reopened, we expect that our operations will continue to be impacted by the continuing effects of COVID-19, including resurgences and variants of the virus.

It remains difficult to predict the full impact of the COVID-19 pandemic on the broader economy and how consumer behavior may change, and whether such change is temporary or permanent.

Social distancing, telecommunicating and reductions in travel may become the new normal.

In addition, the COVID-19 pandemic has required and may continue to require us to make controversial decisions about precautionary measures, such as vaccinations, showing proof of vaccinations and face coverings, that could impact our results, including by impacting our brand, our employee retention and satisfaction, and the willingness of customers to buy our products.

All of these conditions could fundamentally impact the way we work and the services we provide, and could have continuing adverse effects on our results of operations, cash flows and financial condition.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

- inflationary pressures;

- disruptions to our supply chain;

- changes in governmental rules and approaches to taxation;

- fluctuations in foreign currency exchange rates;

- changes in climate, including changes to the frequency of severe weather events, that impact the price and availability or cost of goods and services, energy and other materials throughout our supply chain; and

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.

The impact of

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

Furthermore, if we are not effective in addressing our social and environmental program goals, including our people- and planet-positive work, or achieving relevant sustainability goals, consumer trust in our brand may suffer.

The ongoing relevance of our brand may depend on the success of our people- and planet-positive initiatives, which require company-wide coordination and alignment.

We are working to manage risks and costs to us, our licensees and our supply chain of any effects of climate change as well as diminishing energy and water resources.

These risks include any increased public focus, including by governmental and nongovernmental organizations, on these and other environmental sustainability matters, including packaging and waste, animal health and welfare, deforestation and land use.

These risks may also include any increased pressure to make commitments, set targets or establish additional goals and take actions to meet them, which could expose us to market, operational and execution costs or risks.

There is greater risk from those we do not monitor, or do not monitor as closely.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

- delivering continued growth in our cold beverage business;

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

- not successfully adapting to customer or market factors affecting our supply chain as we work to address sustainability and climate change; and

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

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

Our continued success depends in part on our ability to adjust our marketing, promotional and advertising plans and pricing strategy 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.

Our marketing, promotional and advertising programs may not be successful in reaching our customers 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 marketing, allows us to reach our customers effectively and efficiently, and in ways that are meaningful to them.

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, customers are focusing more on sustainability and the environmental impacts of operations.

An inability to meet customer expectations with respect to these issues could adversely affect our financial results.

- Failure to maintain satisfactory compliance with certain privacy and data protections laws and regulations may subject us to substantial negative financial consequences and civil or criminal penalties.

Complex local, state, national, foreign and international laws and regulations apply to the collection, use, retention, protection, disclosure, transfer and other processing of personal data.

These privacy and data protection laws and regulations are quickly evolving, with new or modified laws and regulations proposed and implemented frequently and existing laws and regulations subject to new or different interpretations and enforcement.

any time and may negatively impact our business, reputation, financial condition, results of operations or the trading price of our common stock.

In December 2019, a novel strain of coronavirus, known as COVID-19, was first reported and was subsequently declared a pandemic by the World Health Organization in March 2020.

To date, this outbreak has surfaced in nearly all regions around the world, and as the pandemic continues to spread, particularly in the United States, businesses as well as federal, state and local governments have implemented significant actions to attempt to mitigate this public health crisis.

Our operations have been and will continue to be disrupted to varying degrees in many markets (from limited operations including only drive-thru and delivery to full store closures in some markets).

While we cannot predict the duration or scope of the COVID-19 pandemic, it has negatively impacted our business and such impact has been and is expected to continue to be material to our financial results, condition and outlook.

The further spread of COVID-19, and the requirements to take action to mitigate the spread of the pandemic, will impact our ability to carry out our business as usual and may materially adversely impact our business, results of operations, cash flows and financial condition.

Even in regions where we have reopened stores, our stores may be subject to modified hours and operations and/or reduced customer traffic.

Moreover, certain of those regions, including parts of China and the United States, have suffered a COVID-19 relapse after reopening.

If those regions fail to fully contain COVID-19, or if additional regions suffer multiple COVID-19 relapses, any of those markets may not recover quickly or at all, which could have a material adverse effect on our business and results of operations.

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which among other things, provides employer payroll tax credits for wages paid to employees who are unable to work during the COVID-19 outbreak and options to defer payroll tax payments for a limited period.

Based on our evaluation of the CARES Act, we qualify for certain employer payroll tax credits as well as the deferral of payroll tax payments in the future.

Additionally, the Canadian government enacted the Canada Emergency Wage Subsidy (“CEWS”) to help employers offset a portion of their employee wages for a limited period.

We elected to treat qualified government subsidies from the U.S., Canada and other governments as offsets to the related operating expenses.

There is no guarantee that we will continue to meet the eligibility requirements to participate in any current or future government relief programs or that the benefits will meaningfully offset the lost revenues and incremental costs incurred.

The extent to which COVID-19 impacts our business, results of operations, cash flows and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the efficacy, scope and duration of actions to limit the spread of COVID-19 or treat its impact, among others.

While such actions have been relaxed or rolled back in certain markets, the actions have been reinstated in certain regions that have suffered relapse, and may be reinstated in additional regions as the pandemic continues to evolve.

The scope and timing of any such reinstatements are difficult to predict and may materially affect our future operations.

- delivering continued growth in our cold beverage business, including our tea business through the Teavana brand in our Starbucks® retail stores and other channels and internationally; and

from-home” policies, reduced business and recreational travel and changes in consumer behavior and the ability or willingness to spend discretionary income on our products.

For example, the European Union adopted a new regulation that became effective in May 2018, called the General Data Protection Regulation (“GDPR”), which requires companies to meet new requirements regarding the handling of personal data, including its use, protection and transfer and the ability of persons whose data is stored to correct or delete such data about themselves.

Failure to meet the GDPR requirements could result in penalties of up to 4% of annual worldwide revenue.

The GDPR also confers a private right of action on certain individuals and associations.

Additionally, the California Privacy Act of 2018 (“CCPA”), which was enacted in June 2018 and came into effect on January 1, 2020, provides a new private right of action for data breaches and requires companies that process information on California residents to make new disclosures to consumers about their data collection, use and sharing practices and allow consumers to opt out of certain data sharing with third parties.

Our reputation and brand and our ability to attract new customers could also be adversely impacted if we fail, or are perceived to have failed, to properly respond to security breaches of our or third party’s information technology systems.

Such failure to properly respond could also result in similar exposure to liability.

Compliance with the GDPR, the CCPA and other current and future applicable international and U.S. privacy, cybersecurity and related laws can be costly and time-consuming.

relationships with our customers to drive incremental traffic and spend, is highly dependent on our technology systems.

Because of the significance of

- uncertainties and effects of the implementation of the United Kingdom's referendum to withdraw membership from the European Union (referred to as “Brexit”), including financial, legal, tax and trade implications;

Furthermore, due to the COVID-19

In addition, the European Commission in July 2016 and the Swiss Government in January 2017 approved the EU-U.S. and the Swiss-U.S. Privacy Shield frameworks, respectively, which are designed to allow U.S. companies that self-certify to the U.S. Department of Commerce and publicly commit to comply with the Privacy Shield requirements to freely import personal data from the EU and Switzerland.

However, these frameworks face a number of legal challenges and their validity remains subject to legal, regulatory and political developments in both Europe and the U.S. The EU-U.S. Privacy Shield framework approved by the European Commission, which is relied upon for transfers of personal data outside the European Economic Area could be invalidated by the Court of Justice of the European Union.

The potential invalidation of this mechanism could have a significant adverse impact on our ability to process and transfer personal data outside of the European Economic Area.

[removed: The incremental wages incurred were partially offset by] [added: We lapped higher costs attributable to COVID-19 in the prior year, including catastrophe pay programs for company-operated store partners (employees), net of] qualified tax credits provided by the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) and the Canada Emergency Wage Subsidy (“CEWS”).

In [removed: June] [added: fiscal] 2020, we announced a [added: restructuring] plan to optimize our North America store portfolio, primarily in dense, metropolitan markets, by blending store formats to better cater to changing customer tastes and preferences.

Costs incurred related to the restructuring efforts [removed: are] [added: were] recorded as restructuring and impairments on our consolidated [removed: statement of earnings and will continue to be recorded in accordance with the anticipated timeline] [added: statements] of [removed: store closures.][added: earnings.]

Revenue for our Channel Development segment [removed: declined $68] [added: decreased $331] million, or [removed: 3%,] [added: 17%,] when compared with fiscal [removed: 2019.][added: 2020.]

Absent significant [added: and prolonged] COVID-19 relapses or global economic disruptions, and based on the current trend of our [removed: retail] business [removed: recovery] [added: operations] and our focused efforts to [removed: expand contactless] [added: elevate] customer experiences, [added: enhance] digital capabilities and [added: drive] beverage innovation, we [removed: believe we] are [removed: well positioned to regain] [added: confident in] the [removed: positive business momentum we had demonstrated prior to] [added: strength of our brand and] the [removed: pandemic.][added: durability of long-term “Growth at Scale” strategy to deliver consistent revenue and income growth.]

- Consolidated operating income [removed: decreased] [added: increased] to [removed: $1.6] [added: $4.9] billion in fiscal [removed: 2020] [added: 2021] compared to [removed: operating income of $4.1] [added: $1.6] billion in fiscal [removed: 2019.][added: 2020.]

Fiscal [removed: 2020] [added: 2021] operating margin was [removed: 6.6%] [added: 16.8%] compared to [removed: 15.4%] [added: 6.6%] in fiscal [removed: 2019.][added: 2020.]

- [removed: Earnings] [added: Diluted earnings] per share (“EPS”) for fiscal [removed: 2020 decreased] [added: 2021 increased] to [removed: $0.79,] [added: $3.54,] compared to EPS of [removed: $2.92] [added: $0.79] in fiscal [removed: 2019.][added: 2020.]

[removed: -] We returned $3.6 billion [removed: to our shareholders] in fiscal 2020 through share repurchases and [removed: dividends compared to $12.0 billion in fiscal 2019.][added: dividends.]

See [Note [removed: 2](#i54ccc64cb5384be5a4849ef1cdef4dde_136),] [added: 2](#i6f0f6353eb914b2d80f77509ec853b83_136),] Acquisitions, Divestitures and Strategic Alliance, 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 [removed: 2020] [added: 2021] COMPARED TO FISCAL [removed: 2019][added: 2020]

| Fiscal Year Ended | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Sep [removed: 29, 2019] [added: 27, 2020] | | | | | | % Change | | |

| Net [removed: revenues:] [added: revenues] | | | [added: $] | [added: 1,593.6] | | | | | [added: $] | [added: 1,925.0] | | | | | | | | [added: | | | | | | | | | | | |]

| Company-operated stores | | | $ | [removed: 19,164.6] [added: 24,607.0] | | | | | $ | [removed: 21,544.4] [added: 19,164.6] | | | | | [removed: (11.0)] [added: 28.4] | | % |

| Licensed stores | | | [removed: 2,327.1] [added: 2,683.6] | | | | | | [removed: 2,875.0] [added: 2,327.1] | | | | | | [removed: (19.1)] [added: 15.3] | | |

| Total net revenues | | | $ | [removed: 23,518.0] [added: 29,060.6] | | | | | $ | [removed: 26,508.6] [added: 23,518.0] | | | | | [removed: (11.3)] [added: 23.6] | | % |

Total net revenues [removed: decreased $3.0] [added: increased $5.5] billion, or [removed: 11%,] [added: 24%,] over fiscal [removed: 2019,] [added: 2020,] primarily due to [removed: lower] [added: higher] revenues from company-operated stores [removed: ($2.4] [added: ($5.4] billion).

[removed: Partially offsetting these decreases] [added: Also contributing to this increase] were [removed: the incremental revenues from 806] [added: 746] net new Starbucks® company-operated [removed: store openings,] [added: stores,] or [removed: a 5%] [added: an 11%] increase, over the past 12 months [removed: ($718] [added: ($388] million).

| Fiscal Year Ended | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Sep [removed: 29, 2019] [added: 27, 2020] | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Sep [removed: 29, 2019] [added: 27, 2020] | | |

| | | | | | | | | | | | | | | | As a % of [removed: Total Net] [added: North America Total Net] Revenues | | | | | | | | |

| Product and distribution costs | | | $ | [removed: 7,694.9] [added: 8,738.7] | | | | | $ | [removed: 8,526.9] [added: 7,694.9] | | | | | [removed: 32.7] [added: 30.1] | | % | | | | [removed: 32.2] [added: 32.7] | | % |

| Store operating expenses | | | [removed: 10,764.0] [added: 11,930.9] | | | | | | [removed: 10,493.6] [added: 10,764.0] | | | | | | [removed: 45.8] [added: 41.1] | | | | | | [removed: 39.6] [added: 45.8] | | |

| Other operating expenses | | | [removed: 430.3] [added: 359.5] | | | | | | [removed: 371.0] [added: 430.3] | | | | | | [removed: 1.8] [added: 1.2] | | | | | | [removed: 1.4] [added: 1.8] | | |

| Depreciation and amortization expenses | | | [removed: 1,431.3] [added: 1,441.7] | | | | | | [removed: 1,377.3] [added: 1,431.3] | | | | | | [removed: 6.1] [added: 5.0] | | | | | | [removed: 5.2] [added: 6.1] | | |

| General and administrative expenses | | | [removed: 1,679.6] [added: 1,932.6] | | | | | | [removed: 1,824.1] [added: 1,679.6] | | | | | | [removed: 7.1] [added: 6.7] | | | | | | [removed: 6.9] [added: 7.1] | | |

| Restructuring and impairments | | | [removed: 278.7] [added: —] | | | | | | [removed: 135.8] [added: (1.2)] | | | | | | [removed: 1.2] [added: —] | | | | | | [removed: 0.5] [added: —] | | | [added: | | | | | |]

| Total operating expenses | | | [removed: 22,278.8] [added: 24,573.8] | | | | | | [removed: 22,728.7] [added: 22,278.8] | | | | | | [removed: 94.7] [added: 84.6] | | | | | | [removed: 85.7] [added: 94.7] | | |

| Income from equity investees | | | [removed: 322.5] [added: 385.3] | | | | | | [removed: 298.0] [added: 322.5] | | | | | | [removed: 1.4] [added: 1.3] | | | | | | [removed: 1.1] [added: 1.4] | | |

| Operating income | | | $ | [removed: 1,561.7] [added: 4,872.1] | | | | | $ | [removed: 4,077.9] [added: 1,561.7] | | | | | [removed: 6.6] [added: 16.8] | | % | | | | [removed: 15.4] [added: 6.6] | | % |

| Store operating expenses as a % of related revenues | | | | | | | | | | | | | | | [removed: 56.2] [added: 48.5] | | % | | | | [removed: 48.7] [added: 56.2] | | % |

Store operating expenses as a percentage of total net revenues [removed: increased 620] [added: decreased 470] basis points.

Store operating expenses as a percentage of company-operated store revenues [removed: increased 750] [added: decreased 770] basis points, primarily due to sales [removed: deleverage attributable to] [added: leverage from business recovery and lapping higher] COVID-19 [removed: impacts, which included] [added: related costs in the prior year, mainly] catastrophe [removed: pay] and [removed: enhanced] [added: service] pay [removed: programs] for [removed: retail] [added: store] partners, net of [removed: benefits provided by] temporary subsidies from the U.S. and certain foreign governments (approximately [removed: 150] [added: 190] basis [added: points) and labor efficiencies (approximately 110 basis] points).

Depreciation and amortization expenses as a percentage of total net revenues [removed: increased 90] [added: decreased 110] basis points, primarily due to sales [removed: deleverage.][added: leverage.]

Income from equity investees increased [removed: $25] [added: $63] million, primarily due to higher income from our North American Coffee Partnership joint venture [added: ($30 million)] and growth in our South Korea joint [removed: venture.][added: venture prior to divestiture ($22 million).]

The combination of these changes resulted in an overall [removed: decrease] [added: increase] in operating margin of [removed: 880] [added: 1,020] basis points in fiscal [removed: 2020] [added: 2021] when compared to fiscal [removed: 2019.][added: 2020.]

[removed: Other Income] [added: Corporate] and [removed: Expenses][added: Other (1)]

| Operating income | | | $ | [removed: 1,561.7] [added: 4,872.1] | | | | | $ | [removed: 4,077.9] [added: 1,561.7] | | | | | [removed: 6.6] [added: 16.8] | | % | | | | [removed: 15.4] [added: 6.6] | | % |

| Net gain resulting from divestiture of certain operations | | | [removed: —] [added: 864.5] | | | | | | [removed: 622.8] [added: —] | | | | | | [removed: —] [added: 3.0] | | | | | | [removed: 2.3] [added: —] | | |

| Interest income and other, net | | | [removed: 39.7] [added: 90.1] | | | | | | [removed: 96.5] [added: 39.7] | | | | | | [removed: 0.2] [added: 0.3] | | | | | | [removed: 0.4] [added: 0.2] | | |

| Interest expense | | | [removed: (437.0)] [added: (469.8)] | | | | | | [removed: (331.0)] [added: (437.0)] | | | | | | [removed: (1.9)] [added: (1.6)] | | | | | | [removed: (1.2)] [added: (1.9)] | | |

Fiscal year 2021 included 53 weeks, with the 53rd week falling in the fourth fiscal quarter.

Fiscal years 2020 and 2019 included 52 weeks.

For fiscal 2021, comparable store sales percentages were calculated excluding the extra week in the fourth quarter of fiscal 2021.

The discussion of our financial condition and results of operations for the year ended September 29, 2019, 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 year ended September 27, 2020.

The fiscal 2021 Latin America and Caribbean licensed store market resegmentation did not have a material impact to prior year North America and International operating segment business trends and operating margins.

In the fourth quarter of fiscal 2021, certain changes were made to our management team, and our operating segment reporting structure was realigned as a result.

We realigned our fully licensed Latin America and Caribbean markets from our Americas operating segment to our International operating segment.

Additionally, we renamed the Americas operating segment to the North America operating segment, since it is comprised of our company-operated and licensed stores in the U.S. and Canada.

We also made certain other immaterial changes between our International operating segment and Corporate and Other.

Concurrent with the change in reportable segments, we revised our prior period financial information to be consistent with the current period presentation.

There was no impact on consolidated net revenues, total operating expenses, operating income or net earnings per share as a result of these changes.

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.

Non-reportable operating segments such as Evolution Fresh and unallocated corporate expenses are reported within Corporate and Other.

Our financial results and long-term growth model will continue to be driven by new store openings, comparable store sales and margin management.

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

Starbucks results for fiscal 2021 demonstrate the overall strength and resilience of our brand.

Consolidated revenues increased 24% to $29.1 billion in fiscal 2021 compared to $23.5 billion in fiscal 2020, primarily due to business recovery from the COVID-19 pandemic.

Also contributing to the increase was $576 million of incremental revenue attributable to the extra week in fiscal 2021.

For the North America segment, comparable store sales increased 22% for fiscal 2021 compared to a decline of 12% in fiscal 2020.

Comparable store sales for our U.S. market increased 21% for fiscal 2021 compared to a decline of 12% in fiscal 2020.

The U.S. market also had a 7% increase in two-year comparable store sales(1).

As of the fiscal year ended October 3, 2021, we had substantially completed our restructuring plan, which resulted in the closure of 807 stores in the U.S. and Canada.

In October 2021, we announced plans to deliver retail wage increases across the U.S. in fiscal 2022.

This investment, combined with industry-leading benefits, supports Starbucks aspiration to remain an employer of choice that can attract and retain the high-quality talent necessary to support our continued growth.

For the International segment, comparable store sales increased by 16% for fiscal 2021 compared to a decline of 19% in fiscal 2020.

Comparable store sales for our China market increased 17%, inclusive of a 3% adverse impact from lapping the prior-year value-added tax (“VAT”) benefit.

Key markets in the International segment continued to experience pandemic-related restrictions that significantly impacted customer mobility during the year.

Although nearly all company-operated stores in these markets remained open, the modified operating protocols had an adverse impact to comparable store sales and operating results.

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This was largely due to the transition of certain single-serve product activities to Nestlé beginning in the fourth quarter of fiscal 2020.

This was partially offset by growth in our ready-to-drink business.

We expect Channel Development to return to more normalized reported revenue growth levels in fiscal 2022, as the fourth quarter of fiscal 2021 is the last quarter lapping these transition related activities.

During fiscal 2021, we began to experience certain supply shortages and transportation delays largely attributable to impacts of the COVID-19 pandemic as well as changes in customer demand and behaviors.

While we expect these shortages and delays may continue into fiscal 2022, we view them to be temporary and do not believe they will have a material impact to our long-term growth and profitability.

We anticipate the planned wage investment in the U.S., along with increased supply chain costs primarily related to inflationary pressures that began in the latter half of the fiscal year, will have an impact to operating margin in fiscal 2022.

However, these should be meaningfully offset by benefits from pricing decisions and leverage from revenue growth and productivity efficiency.

Starbucks results for fiscal 2020 reflect the challenges our business faced with the COVID-19 pandemic, which severely impacted our results, particularly during the second and third fiscal quarters.

Consolidated revenues declined 11% to $23.5 billion in fiscal 2020 compared to $26.5 billion in fiscal 2019 driven by temporary closures of a significant number of our company-operated and licensed stores, as well as modified business operations and reduced customer traffic.

We gradually reopened our stores and, since then, have seen sequential improvements in comparable store sales in both our Americas and International segments as transaction volumes continue to climb, reflecting the resilience of our business model and the strength of our brand.

Comparable store sales for the Americas segment declined by 12% for fiscal 2020, primarily due to the temporary store closures, reduced customer traffic and shortened store hours.

The most negative impacts occurred during the third quarter of fiscal 2020.

Most company-operated and licensed stores were re-opened as of early May, and over 60% of company-operated stores in the U.S. provided limited seating by the end of the fiscal year.

To help protect the health and welfare of our partners, we incurred incremental labor costs, including paying the wages and benefits to partners who were either unable or uncomfortable working from mid-March through May, a temporary wage increase for partners who continued working during this period and additional benefits to furloughed or separated partners resulting from reduced store hours.

During the fourth quarter of fiscal 2020, we closed approximately 100 stores in the U.S. and Canada, and we expect to close an additional 700 stores in those markets over the next 18 months.

This reflects an additional 200 store closures than the initial announcement estimate of 600 stores.

For the International segment, comparable store sales declined by 19% for fiscal 2020, mostly due to the 31% and 37% reduction in comparable store sales during the second and third fiscal quarters of 2020, respectively.

Company-operated stores in the China market began re-opening in the fiscal second quarter, and nearly all company-operated stores were open by the end of the fiscal third quarter.

To support our international licensees in their recovery efforts, we extended more flexible development and financial terms, including waiving royalty payments during the fiscal third quarter.

This is largely due to the lapping of Global Coffee Alliance transition-related activities, including higher inventory sales in the prior year as Nestlé prepared to fulfill customer orders.

These are partially offset by the continued growth of the Global Coffee Alliance during fiscal 2020.

Throughout the second half of fiscal 2020, we experienced initial business recovery as our stores gradually reopened under modified operations to meet public health guidelines and evolving customer behaviors and expectations.

As of September 27, 2020, nearly all of our company-operated and licensed stores were re-opened.

Those that have remained closed are located in travel or transportation hubs as well as central business districts.

Our global business is recovering steadily, with China approaching comparable store sales recovery and the U.S. demonstrating continued upward momentum in sales and profitability.

Our Channel Development segment continues to grow category share as customers adjust to their at-home routines.

In fiscal 2021, we expect lower revenues for the segment as we transitioned our single-serve coffee business to a more royalty-based model.

We do not expect the change to have a material impact on our earnings.

However, the change is anticipated to have an accretive impact on operating margin for the segment.

We continue to invest in technologies and innovations to elevate the customer and partner experience and to drive long-term growth.

By reimagining our store formats, we are moving swiftly to adapt to new customer behaviors.

- Total net revenues decreased 11% to $23.5 billion in fiscal 2020 compared to $26.5 billion in fiscal 2019.

Operating margin contraction was primarily driven by sales deleverage and additional costs incurred attributable to COVID-19, including catastrophe pay and enhanced pay programs for retail store partners, net of benefits provided by government subsidies.

Higher restructuring activities related to our Americas store portfolio optimization and investments to support key business partners also contributed.

These decreases were partially offset by sales leverage realized in the first quarter of fiscal 2020 prior to the onset of COVID-19 impacts and supply chain efficiencies.

The decrease was primarily driven by the adverse impacts of COVID-19, including lower revenues due to temporary store closures, reduced customer traffic and modified operations, as well as incremental labor expenses and restructuring costs.

- Capital expenditures were $1.5 billion in fiscal 2020 compared to $1.8 billion in fiscal 2019 primarily due to a pause in new store openings due to COVID-19.

Consolidated results of operations (in millions):

Revenues

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Other | | | 2,026.3 | | | | | | 2,089.2 | | | | | | (3.0) | | |

The decline in company-operated store revenue was due to a 14% decrease in comparable store sales ($2.9 billion), attributable to a 22% decrease in comparable transactions, partially offset by a 10% increase in average ticket.

Also contributing to the decrease were the conversions of our retail businesses in Thailand, France and the Netherlands to fully licensed markets during fiscal 2019 ($204 million).

Licensed stores revenue declined by $548 million, driven by lower product and equipment sales to and royalty revenues from our licensees.

Other revenues decreased $63 million, primarily due to the lapping of a higher volume of transition activities related to the Global Coffee Alliance and the Tazo brand sale, partially offset by higher sales from the growth of the Global Coffee Alliance.

Operating Expenses

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Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in [removed: 83] [added: 84] markets.

We also sell a variety of coffee and tea products and license our trademarks through other [removed: channels] [added: channels,] such as licensed [removed: stores,] [added: stores] as well as grocery and foodservice through our Global Coffee Alliance with Nestlé [removed: S. A.] [added: S.A.] (“Nestlé”).

Our [added: primary] objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world.

[removed: To achieve this, we are continuing the disciplined] [added: This includes] expansion of our global store base, adding stores in both existing, developed markets such as the U.S. and in newer, higher growth markets such as China, as well as optimizing the mix of company-operated and licensed stores around the world.

[removed: In addition, by leveraging the experience gained through our traditional store model, we continue] [added: We strive] to [added: regularly] offer consumers [removed: new] [added: new, innovative] coffee and other products in a variety of forms, across new categories, diverse channels and alternative store formats.

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended [removed: September 27, 2020] [added: October 3, 2021] (“fiscal [removed: 2020”),] [added: 2021”),] Starbucks Corporation (together with its subsidiaries) is referred to as “Starbucks,” the “Company,” “we,” “us” or “our.”

We have three reportable operating segments: 1) [removed: Americas,] [added: North America,] which is inclusive of the [removed: U.S., Canada] [added: U.S.] and [removed: Latin America;] [added: Canada;] 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle [removed: East] [added: East, Africa, Latin America] and [removed: Africa;] [added: Caribbean;] and 3) Channel Development.

Revenues from our reportable operating segments as a percentage of total net revenues for fiscal [removed: 2020] [added: 2021] were as follows: [removed: Americas] [added: North America] (70%), International [removed: (22%)] [added: (24%)] and Channel Development [removed: (8%).][added: (6%).]

Our [removed: Americas] [added: North America] and International segments include both company-operated and licensed stores.

Our [removed: Americas] [added: 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 [removed: Americas] [added: North America] operations.

Our Channel Development segment includes roasted whole bean and ground coffees, [removed: Seattle's] [added: Seattle’s] Best Coffee®, Starbucks- and Teavana-branded single-serve products, a variety of ready-to-drink beverages, such as [removed: Frappuccino®,] [added: Frappuccino® and] Starbucks Doubleshot®, [removed: Starbucks Refreshers® beverages and TeavanaTM/MC iced tea,] [added: 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., [removed: Anheuser-Busch Companies, LLC,] Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods amba and others.

Company-operated and Licensed Store Summary as of [removed: September 27, 2020][added: October 3, 2021]

| | | | [removed: Americas] [added: North America] | | | | | | As a% [removed: of Total Americas] [added: of Total North America] Stores | | | | | | International | | | | | | As a% of Total International Stores | | | | | | | | | | | | | | | Total | | | | | | As a% of Total Stores | | |

The mix of company-operated versus licensed stores in a given market [removed: will vary] [added: 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.

Revenue from company-operated stores accounted for [removed: 81%] [added: 85%] of total net revenues during fiscal [removed: 2020.][added: 2021.]

Company-operated store data for the [added: fiscal] year-ended [removed: September 27, 2020:][added: October 3, 2021:]

| | | | Sep [removed: 29, 2019] [added: 27, 2020] | | | | | | Opened | | | | | | Closed | | | | | | Transfers | | | | | | Net | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | |

| Siren Retail | | | [removed: 8] [added: 9] | | | | | | [removed: 2] [added: 1] | | | | | | [removed: (1)] [added: (4)] | | | | | | — | | | | | | [removed: 1] [added: (3)] | | | | | | [removed: 9] [added: 6] | | |

| Japan | | | [removed: 1,379] [added: 1,464] | | | | | | [removed: 104] [added: 95] | | | | | | [removed: (19)] [added: (13)] | | | | | | — | | | | | | [removed: 85] [added: 82] | | | | | | [removed: 1,464] [added: 1,546] | | |

| U.K. | | | 288 | | | | | | [removed: 6] [added: 15] | | | | | | [removed: (2)] [added: (5)] | | | | | | [removed: (4)] [added: —] | | | | | | [removed: —] [added: 10] | | | | | | [removed: 288] [added: 298] | | |

| All Other | | | [removed: 65] [added: 67] | | | | | | [removed: 2] [added: —] | | | | | | — | | | | | | [removed: —] [added: (2)] | | | | | | [removed: 2] [added: (2)] | | | | | | [removed: 67] [added: 65] | | |

Prior to the [removed: novel coronavirus outbreak, known as the] global [removed: pandemic COVID-19,] [added: COVID-19 pandemic,] approximately 80% of Starbucks transactions in U.S. company-operated stores were “on-the-go” occasions.

This has prompted us to reexamine our U.S. store footprint and evolve our retail presence over time [removed: through targeted store renovations, relocations and new stores.]

We have since introduced [removed: a] new store [removed: format,] [added: formats, such as] Starbucks® Pickup, [added: Starbucks Now stores and curbside pickup,] to enhance the “on-the-go” customer experience and improve operating efficiency across Starbucks® stores in certain major metropolitan areas in the [removed: Americas.][added: United States.]

New store [removed: formats, such as Starbucks Pickup,] [added: formats] are suitable for customers who prefer to order ahead and pay through the Starbucks® Mobile App for pick-up.

In China, the introduction of Starbucks NowTM stores [removed: enables] [added: is intended to enable] a seamless integration of physical and digital customer touchpoints.

Orders may be placed in advance through the Starbucks Mobile App or Starbucks DeliversTM and can be conveniently picked up by customers and delivery [removed: riders] [added: providers] in these express retail format locations.

| Fiscal Year Ended | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Sep [removed: 29, 2019] [added: 27, 2020] | | | | | | Sep [removed: 30, 2018] [added: 29, 2019] | | |

| Beverages | | | [removed: 75] [added: 74] | | % | | | | [removed: 74] [added: 75] | | % | | | | 74 | | % |

| Food | | | [removed: 20] [added: 21] | | % | | | | 20 | | % | | | | 20 | | % |

| Other(1) | | | [removed: 4] [added: 5] | | % | | | | 5 | | % | | | | [removed: 4] [added: 6] | | % |

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

[removed: Beginning in the fourth quarter of fiscal 2020, in] [added: 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 company-operated stores in the U.S. and Canada.

Refer to [Note [removed: 1](#i54ccc64cb5384be5a4849ef1cdef4dde_130),] [added: 1](#i6f0f6353eb914b2d80f77509ec853b83_130),] Summary of Significant Accounting [removed: Policies,] [added: Policies and Estimates,] included in Item 8 of Part II of this 10-K, for further discussion of our stored value cards and loyalty program.

Revenues from our licensed stores accounted for [removed: 10%] [added: 9%] of total net revenues in fiscal [removed: 2020.][added: 2021.]

Licensees are responsible for operating costs and capital [removed: investments] [added: investments,] which more than offset the lower revenues we receive under the licensed store model.

In our licensed store operations, we [added: seek to] leverage the expertise of our local partners and share our operating and store development experience.

[removed: Employees] [added: 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.

We believe our work to create a company that is profit-, people- and planet-positive, along with our ability to successfully execute strategies that support this work, contribute to our primary objective.

Profit-Positive

Our profit-positive efforts are aligned with our global long-term “Growth at Scale” agenda to deliver consistent revenue and income growth, through focus and discipline.

We believe incremental investments in our brand, principally to support our people- and planet-positive work, will deliver long-term targeted revenue and income growth.

In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process and technology innovation.

We are committed to further investments in our partners (employees) and our industry-leading digital platform as well as environmental, social and governance issues underscoring our mission and values.

Our disciplined capital allocation methodology, which prioritizes high-return investments as well as share repurchases and competitive dividends, rounds out our “Growth at Scale” agenda and our profit-positive vision.

People-Positive

Our people-positive vision is to cultivate an inclusive environment where everyone belongs.

This includes empowering our partners with opportunities to pursue their aspirations while living our mission and values, acting with empathy and compassion and sharing in our success.

This enables our partners to deliver an elevated *Starbucks Experience* to our customers every day.

We also strive to develop long-lasting trust and make tangible differences in the communities where we serve by investing in humanity and the well-being of everyone we connect with, advancing initiatives that support diversity, equity and inclusion through education, pay equity, hiring commitments and meaningful community involvement, including donations.

Planet-Positive

Our planet-positive vision is to give back more than we take from the planet.

This includes reducing our environmental impacts, such as expanding reusable packaging, conserving water, shifting to renewable energy and eliminating landfill waste, and committing to the sustainability of high-quality coffee and other raw materials.

Sustainability of our raw materials, especially coffee, is paramount to our business operations.

We are committed to ethically sourcing coffee, tea and cocoa, donating disease-resistant coffee trees to farmers, providing farmers access to low-interest loans and sharing the expertise of our agronomists with all coffee farmers, among other things.

Working under these principles, our Partner

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*Diversity, Equity and Inclusion*

We are committed to creating a welcoming and inclusive environment.

We believe it is our responsibility to advance racial and social equity, and we are committed to furthering that work with intention, transparency and accountability.

In 2021, we published our third Civil Rights Assessment that evaluated our ongoing efforts related to diversity, equity and inclusion and how they support our mission and values.

The report addressed our progress over time and provides recommendations for how we can better advance diversity, equity and inclusion on behalf of our partners, customers and communities.

We continue to welcome our partners, customers, civil rights and community leaders, along with our chief inclusion and diversity officer, to advise us along this journey.

Starbucks has made specific racial equity commitments based on our principles of being intentional, transparent and accountable at all levels:

*•Being intentional in cultivating a culture of inclusion, with a focus on partner retention and development.*

◦Launching a mentorship program connecting black, indigenous and people of color (“BIPOC”) partners to senior leaders, beginning with a cohort of leaders, senior vice president and above, as well as BIPOC directors in corporate and retail roles.

◦Investing in strategic partnerships with professional organizations that focus on the development of BIPOC talent, providing additional development opportunities for our BIPOC partners.

*•Being transparent in our approach to Inclusion and Diversity goal setting and progress.*

◦Publicly sharing workforce diversity data.

◦Setting annual Inclusion and Diversity goals based on retention rates and progress towards achieving BIPOC representation.

Our goal is for at least 30% of all corporate roles and at least 40% of all retail and manufacturing roles to be held by BIPOC partners by 2025.

*•Holding ourselves accountable at the highest levels of the organization.*

*◦*Incorporating metrics focused on building inclusive and diverse teams into our executive compensation programs beginning in fiscal 2021.

◦Joining the Board Diversity Action Alliance to act alongside other companies similarly committed to increasing racially and ethnically diverse representation on corporate boards of directors.

◦Publicizing self-identified race/ethnicity of each member of our board of directors.

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

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We also believe our Starbucks Global Social Impact strategy, commitments related to ethically sourcing high-quality coffee, contributing positively to the communities we do business in and being an employer of choice are contributors to our objective.

| Company-operated stores | | | 10,109 | | | | | | 55 | | % | | | | 6,528 | | | | | | 46 | | % | | | | | | | | | | | | | 16,637 | | | | | | 51 | | % |

| Licensed stores | | | 8,245 | | | | | | 45 | | % | | | | 7,778 | | | | | | 54 | | % | | | | | | | | | | | | | 16,023 | | | | | | 49 | | % |

| Total | | | 18,354 | | | | | | 100 | | % | | | | 14,306 | | | | | | 100 | | % | | | | | | | | | | | | | 32,660 | | | | | | 100 | | % |

| Americas: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| U.S. | | | 8,791 | | | | | | 332 | | | | | | (182) | | | | | | — | | | | | | 150 | | | | | | 8,941 | | |

| Canada | | | 1,175 | | | | | | 58 | | | | | | (74) | | | | | | — | | | | | | (16) | | | | | | 1,159 | | |

| Total Americas | | | 9,974 | | | | | | 392 | | | | | | (257) | | | | | | — | | | | | | 135 | | | | | | 10,109 | | |

| China | | | 4,123 | | | | | | 613 | | | | | | (32) | | | | | | — | | | | | | 581 | | | | | | 4,704 | | |

| Total International | | | 5,860 | | | | | | 725 | | | | | | (53) | | | | | | (4) | | | | | | 668 | | | | | | 6,528 | | |

| Total company-operated | | | 15,834 | | | | | | 1,117 | | | | | | (310) | | | | | | (4) | | | | | | 803 | | | | | | 16,637 | | |

| Packaged and single-serve coffees and teas | | | 1 | | % | | | | 1 | | % | | | | 2 | | % |

| U.S. | | | 6,250 | | | | | | 210 | | | | | | (73) | | | | | | — | | | | | | 137 | | | | | | 6,387 | | |

| Total Americas | | | 8,093 | | | | | | 281 | | | | | | (129) | | | | | | — | | | | | | 152 | | | | | | 8,245 | | |

| Korea | | | 1,334 | | | | | | 159 | | | | | | (25) | | | | | | — | | | | | | 134 | | | | | | 1,468 | | |

| All Other | | | 3,104 | | | | | | 265 | | | | | | (86) | | | | | | — | | | | | | 179 | | | | | | 3,283 | | |

| Total International | | | 7,329 | | | | | | 620 | | | | | | (175) | | | | | | 4 | | | | | | 449 | | | | | | 7,778 | | |

| Total licensed | | | 15,422 | | | | | | 901 | | | | | | (304) | | | | | | 4 | | | | | | 601 | | | | | | 16,023 | | |

this high-growth market.

We also hold patents on certain products, systems and designs.

- Parental leaves are provided to all new parents for birth, adoption or foster placement.

- Care@Work benefit provides partners with subsidized child, adult or senior care planning services.

These include Headspace, an online application that enables guided mediation, Lyra, which provides mental health coaching, and Starbucks Mental Health Fundamental Training, created in partnership with National Council for Behavioral Health, which offers ongoing training to help partners recognize and respond to signs of mental health and substance use issues.

| | | | | | | | | | | | | | | |

Rosalind G.

Brewer has served as group president, Americas and chief operating officer since October 2017, and has been a director of Starbucks since March 2017.

Ms. Brewer served as President and Chief Executive Officer of Sam's Club, a membership-only retail warehouse club and a division of Walmart Inc., a multinational retail corporation, from February 2012 to February 2017.

Previously, Ms. Brewer was Executive Vice President and President of Walmart's East Business Unit from February 2011 to January 2012; Executive Vice President and President of Walmart South from February 2010 to February 2011; Senior Vice President and Division President of the Southeast Operating Division from March 2007 to January 2010; and Regional General Manager, Georgia Operations, from 2006 to February 2007.

Prior to joining Walmart, Ms. Brewer was President of Global Nonwovens Division for Kimberly-Clark Corporation, a global health and hygiene products company, from 2004 to 2006 and held various management positions at Kimberly-Clark Corporation from 1984 to 2006.

She currently serves as the Chair of the Board of Trustees for Spelman College and as a director on the Board of Directors of Amazon.com, Inc. She formerly served on the Board of Directors for Lockheed Martin Corporation and Molson Coors Brewing Company.

From May 2013

Patrick J.

Grismer joined Starbucks in November 2018 as executive vice president, chief financial officer.

From March 2016 to November 2018, Mr. Grismer served as Executive Vice President, Chief Financial Officer of Hyatt Hotels Corporation, a global hospitality company.

From May 2012 to February 2016, Mr. Grismer served as Chief Financial Officer at Yum!

Brands, Inc., a global restaurant company.

He previously held a number of roles at Yum!, including Chief Planning and Control Officer and Chief Financial Officer for Yum!

Restaurants International.

Prior to that, Mr. Grismer served in various roles at The Walt Disney Company including Vice President, Business Planning and Development for The Disneyland Resort and Chief Financial Officer for the Disney Vacation Club.

Mr. Grismer began his career with Price Waterhouse.

See [Note [removed: 16](#i54ccc64cb5384be5a4849ef1cdef4dde_187),] [added: 16](#i6f0f6353eb914b2d80f77509ec853b83_184),] 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.

For the Fiscal Year Ended [removed: September 27, 2020][added: October 3, 2021]

[removed: ][added: ]

The aggregate market value of the voting 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 [removed: 29, 2020] [added: 28, 2021] as reported on the [removed: NASDAQ] [added: Nasdaq] Global Select Market was [removed: $77.4] [added: $129.3] billion.

As of November [removed: 6, 2020,] [added: 12, 2021,] there were [removed: 1,173.7] [added: 1,173.2] million shares of the registrant’s Common Stock outstanding.

Portions of the definitive Proxy Statement for the registrant’s Annual Meeting of Shareholders to be held on March [removed: 17, 2021] [added: 16, 2022] have been incorporated by reference into Part III of this Annual Report on Form 10-K.

| Item 1 | | | [removed: [Business](#i54ccc64cb5384be5a4849ef1cdef4dde_16)] [added: [Business](#i6f0f6353eb914b2d80f77509ec853b83_16)] | | | [removed: [2](#i54ccc64cb5384be5a4849ef1cdef4dde_16)] [added: [2](#i6f0f6353eb914b2d80f77509ec853b83_16)] | | |

| Item 1A | | | [Risk [removed: Factors](#i54ccc64cb5384be5a4849ef1cdef4dde_19)] [added: Factors](#i6f0f6353eb914b2d80f77509ec853b83_19)] | | | [removed: [9](#i54ccc64cb5384be5a4849ef1cdef4dde_19)] [added: [11](#i6f0f6353eb914b2d80f77509ec853b83_19)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i54ccc64cb5384be5a4849ef1cdef4dde_22)] [added: Comments](#i6f0f6353eb914b2d80f77509ec853b83_22)] | | | [removed: [19](#i54ccc64cb5384be5a4849ef1cdef4dde_22)] [added: [22](#i6f0f6353eb914b2d80f77509ec853b83_22)] | | |

| Item 2 | | | [removed: [Properties](#i54ccc64cb5384be5a4849ef1cdef4dde_25)] [added: [Properties](#i6f0f6353eb914b2d80f77509ec853b83_25)] | | | [removed: [19](#i54ccc64cb5384be5a4849ef1cdef4dde_25)] [added: [22](#i6f0f6353eb914b2d80f77509ec853b83_25)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i54ccc64cb5384be5a4849ef1cdef4dde_28)] [added: Proceedings](#i6f0f6353eb914b2d80f77509ec853b83_28)] | | | [removed: [19](#i54ccc64cb5384be5a4849ef1cdef4dde_28)] [added: [22](#i6f0f6353eb914b2d80f77509ec853b83_28)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i54ccc64cb5384be5a4849ef1cdef4dde_31)] [added: Disclosures](#i6f0f6353eb914b2d80f77509ec853b83_31)] | | | [removed: [19](#i54ccc64cb5384be5a4849ef1cdef4dde_31)] [added: [22](#i6f0f6353eb914b2d80f77509ec853b83_31)] | | |

| Item 5 | | | [Market for the Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity [removed: Securities](#i54ccc64cb5384be5a4849ef1cdef4dde_37)] [added: Securities](#i6f0f6353eb914b2d80f77509ec853b83_37)] | | | [removed: [20](#i54ccc64cb5384be5a4849ef1cdef4dde_37)] [added: [23](#i6f0f6353eb914b2d80f77509ec853b83_37)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i54ccc64cb5384be5a4849ef1cdef4dde_43)] [added: Operations](#i6f0f6353eb914b2d80f77509ec853b83_43)] | | | [removed: [25](#i54ccc64cb5384be5a4849ef1cdef4dde_43)] [added: [26](#i6f0f6353eb914b2d80f77509ec853b83_43)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i54ccc64cb5384be5a4849ef1cdef4dde_97)] [added: Risk](#i6f0f6353eb914b2d80f77509ec853b83_97)] | | | [removed: [46](#i54ccc64cb5384be5a4849ef1cdef4dde_97)] [added: [40](#i6f0f6353eb914b2d80f77509ec853b83_97)] | | |

| Item 8 | | | [Financial Statements and Supplementary [removed: Data](#i54ccc64cb5384be5a4849ef1cdef4dde_100)] [added: Data](#i6f0f6353eb914b2d80f77509ec853b83_100)] | | | [removed: [47](#i54ccc64cb5384be5a4849ef1cdef4dde_100)] [added: [41](#i6f0f6353eb914b2d80f77509ec853b83_100)] | | |

| | | | [Index for Notes to Consolidated Financial [removed: Statements](#i54ccc64cb5384be5a4849ef1cdef4dde_124)] [added: Statements](#i6f0f6353eb914b2d80f77509ec853b83_124)] | | | [removed: [52](#i54ccc64cb5384be5a4849ef1cdef4dde_124)] [added: [46](#i6f0f6353eb914b2d80f77509ec853b83_124)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i54ccc64cb5384be5a4849ef1cdef4dde_202)] [added: Firm](#i6f0f6353eb914b2d80f77509ec853b83_199)] | | | [removed: [89](#i54ccc64cb5384be5a4849ef1cdef4dde_202)] [added: [81](#i6f0f6353eb914b2d80f77509ec853b83_199)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i54ccc64cb5384be5a4849ef1cdef4dde_205)] [added: Disclosure](#i6f0f6353eb914b2d80f77509ec853b83_202)] | | | [removed: [91](#i54ccc64cb5384be5a4849ef1cdef4dde_205)] [added: [83](#i6f0f6353eb914b2d80f77509ec853b83_202)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i54ccc64cb5384be5a4849ef1cdef4dde_208)] [added: Procedures](#i6f0f6353eb914b2d80f77509ec853b83_205)] | | | [removed: [91](#i54ccc64cb5384be5a4849ef1cdef4dde_208)] [added: [83](#i6f0f6353eb914b2d80f77509ec853b83_205)] | | |

| Item 9B | | | [Other [removed: Information](#i54ccc64cb5384be5a4849ef1cdef4dde_214)] [added: Information](#i6f0f6353eb914b2d80f77509ec853b83_211)] | | | [removed: [93](#i54ccc64cb5384be5a4849ef1cdef4dde_214)] [added: [85](#i6f0f6353eb914b2d80f77509ec853b83_211)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#i54ccc64cb5384be5a4849ef1cdef4dde_220)] [added: Governance](#i6f0f6353eb914b2d80f77509ec853b83_217)] | | | [removed: [94](#i54ccc64cb5384be5a4849ef1cdef4dde_220)] [added: [86](#i6f0f6353eb914b2d80f77509ec853b83_217)] | | |

| Item 11 | | | [Executive [removed: Compensation](#i54ccc64cb5384be5a4849ef1cdef4dde_223)] [added: Compensation](#i6f0f6353eb914b2d80f77509ec853b83_220)] | | | [removed: [94](#i54ccc64cb5384be5a4849ef1cdef4dde_223)] [added: [86](#i6f0f6353eb914b2d80f77509ec853b83_220)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters](#i54ccc64cb5384be5a4849ef1cdef4dde_226)] [added: Matters](#i6f0f6353eb914b2d80f77509ec853b83_223)] | | | [removed: [94](#i54ccc64cb5384be5a4849ef1cdef4dde_226)] [added: [86](#i6f0f6353eb914b2d80f77509ec853b83_223)] | | |

| Item 13 | | | [Certain [removed: Relationships](#i54ccc64cb5384be5a4849ef1cdef4dde_229)[,](#i54ccc64cb5384be5a4849ef1cdef4dde_229) [](#i54ccc64cb5384be5a4849ef1cdef4dde_229)[Related Transactions](#i54ccc64cb5384be5a4849ef1cdef4dde_229) [and] [added: Relationships](#i6f0f6353eb914b2d80f77509ec853b83_226) [and](#i6f0f6353eb914b2d80f77509ec853b83_226) [Related Transactions and] Director [removed: Independence](#i54ccc64cb5384be5a4849ef1cdef4dde_229)] [added: Independence](#i6f0f6353eb914b2d80f77509ec853b83_226)] | | | [removed: [94](#i54ccc64cb5384be5a4849ef1cdef4dde_229)] [added: [86](#i6f0f6353eb914b2d80f77509ec853b83_226)] | | |

| Item 14 | | | [Principal [removed: Accounting Fees] [added: Account](#i6f0f6353eb914b2d80f77509ec853b83_229)[a](#i6f0f6353eb914b2d80f77509ec853b83_229)[nt](#i6f0f6353eb914b2d80f77509ec853b83_229) [Fees] and [removed: Services](#i54ccc64cb5384be5a4849ef1cdef4dde_232)] [added: Services](#i6f0f6353eb914b2d80f77509ec853b83_229)] | | | [removed: [94](#i54ccc64cb5384be5a4849ef1cdef4dde_232)] [added: [86](#i6f0f6353eb914b2d80f77509ec853b83_229)] | | |

| Item 15 | | | [removed: [Exhibits, Financial] [added: [Exhibits](#i6f0f6353eb914b2d80f77509ec853b83_235) [and](#i6f0f6353eb914b2d80f77509ec853b83_235) [Financial] Statement [removed: Schedules](#i54ccc64cb5384be5a4849ef1cdef4dde_238)] [added: Schedules](#i6f0f6353eb914b2d80f77509ec853b83_235)] | | | [removed: [95](#i54ccc64cb5384be5a4849ef1cdef4dde_238)] [added: [87](#i6f0f6353eb914b2d80f77509ec853b83_235)] | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

For the Fiscal Year Ended October 3, 2021

| Item 6 | | | [Reserved](#i6f0f6353eb914b2d80f77509ec853b83_40) | | | [25](#i6f0f6353eb914b2d80f77509ec853b83_40) | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i6f0f6353eb914b2d80f77509ec853b83_2502) | | | [85](#i6f0f6353eb914b2d80f77509ec853b83_211) | | |

| Item 16 | | | [Form 10-K Summary](#i6f0f6353eb914b2d80f77509ec853b83_2486) | | | [92](#i6f0f6353eb914b2d80f77509ec853b83_2486) | | |

| [SIGNATURES](#i6f0f6353eb914b2d80f77509ec853b83_250) | | | | | | [93](#i6f0f6353eb914b2d80f77509ec853b83_250) | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

| Item 6 | | | [Selected Financial Data](#i54ccc64cb5384be5a4849ef1cdef4dde_40) | | | [22](#i54ccc64cb5384be5a4849ef1cdef4dde_40) | | |

| [SIGNATURES](#i54ccc64cb5384be5a4849ef1cdef4dde_253) | | | | | | [104](#i54ccc64cb5384be5a4849ef1cdef4dde_253) | | |

| Shanghai, China | | | [removed: 169,000] [added: 175,000] | | | | | | Corporate administrative | | |

As of [removed: September 27, 2020,] [added: October 3, 2021,] Starbucks had [removed: 16,637] [added: 17,133] company-operated stores, almost all of which are leased.

We believe our existing facilities, both owned and leased, are in good condition and suitable for the conduct of our business.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

As of November [removed: 6, 2020,] [added: 12, 2021,] we had approximately 18,000 shareholders of record.

Future decisions to pay [added: comparable] cash dividends continue to be at the discretion of the Board of Directors and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors that the Board of Directors considers relevant.

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 [removed: 1934,] [added: 1934 (the “Exchange Act”), as amended,] or through privately negotiated transactions.

During the [removed: fourth] fiscal [removed: quarter] [added: year] ended [removed: September 27, 2020,] [added: October 3, 2021,] there was no share repurchase activity.

The following graph depicts the total return to shareholders from [removed: September 27, 2015] [added: October 2, 2016,] through [removed: September 27, 2020,] [added: October 3, 2021,] 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 [removed: September 27, 2015,] [added: October 2, 2016,] and assume an investment of $100 on that date and the reinvestment of dividends paid since that date.

[removed: ][added: ]

| | | | [removed: Sep 27, 2015 | | | | | |] Oct 2, 2016 | | | | | | Oct 1, 2017 | | | | | | Sep 30, 2018 | | | | | | Sep 29, 2019 | | | | | | Sep 27, 2020 | | | [added: | | | Oct 3, 2021 | | |]

As of October 3, 2021, 48.9 million shares remained available for repurchase under current authorizations.

Due to our business recovery and restoration of certain leverage metrics, we have resumed our share repurchase program in the first quarter of fiscal 2022.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 100.98 | | | | | $ | 109.35 | | | | | $ | 173.26 | | | | | $ | 168.68 | | | | | $ | 229.83 | |

| S&P 500 | | | 100.00 | | | | | | 118.61 | | | | | | 139.85 | | | | | | 145.80 | | | | | | 167.89 | | | | | | 218.27 | | |

| NASDAQ Composite | | | 100.00 | | | | | | 123.68 | | | | | | 154.82 | | | | | | 155.63 | | | | | | 219.37 | | | | | | 285.75 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 114.52 | | | | | | 151.78 | | | | | | 155.36 | | | | | | 200.25 | | | | | | 238.59 | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

On April 8, 2020, we announced a temporary suspension of our share repurchase program.

Repurchases pursuant to this program were last made in March 2020.

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 94.64 | | | | | $ | 95.57 | | | | | $ | 103.49 | | | | | $ | 163.98 | | | | | $ | 159.64 | |

| S&P 500 | | | 100.00 | | | | | | 115.43 | | | | | | 136.91 | | | | | | 161.43 | | | | | | 168.30 | | | | | | 193.80 | | |

| NASDAQ Composite | | | 100.00 | | | | | | 116.42 | | | | | | 144.00 | | | | | | 180.24 | | | | | | 181.19 | | | | | | 255.40 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 109.64 | | | | | | 125.56 | | | | | | 166.41 | | | | | | 170.33 | | | | | | 219.55 | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

The following selected financial data is derived from the consolidated financial statements.

The data below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” and the consolidated financial statements and notes.

Financial Information (in millions, except per share data):

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| As of and for the Fiscal Year Ended(1) | | | Sept 27, 2020 (52 Wks) | | | | | | Sept 29, 2019 (52 Wks) | | | | | | Sept 30, 2018 (52 Wks) | | | | | | Oct 1, 2017 (52 Wks) | | | | | | Oct 2, 2016 (53 Wks) | | |

| Results of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Company-operated stores | | | $ | 19,164.6 | | | | | $ | 21,544.4 | | | | | $ | 19,690.3 | | | | | $ | 17,650.7 | | | | | $ | 16,844.1 | |

| Licensed stores | | | 2,327.1 | | | | | | 2,875.0 | | | | | | 2,652.2 | | | | | | 2,355.0 | | | | | | 2,154.2 | | |

| Other | | | 2,026.3 | | | | | | 2,089.2 | | | | | | 2,377.0 | | | | | | 2,381.1 | | | | | | 2,317.6 | | |

| Total net revenues | | | $ | 23,518.0 | | | | | $ | 26,508.6 | | | | | $ | 24,719.5 | | | | | $ | 22,386.8 | | | | | $ | 21,315.9 | |

| Operating income | | | $ | 1,561.7 | | | | | $ | 4,077.9 | | | | | $ | 3,883.3 | | | | | $ | 4,134.7 | | | | | $ | 4,171.9 | |

| Net earnings including noncontrolling interests(2) | | | 924.7 | | | | | | 3,594.6 | | | | | | 4,518.0 | | | | | | 2,884.9 | | | | | | 2,818.9 | | |

| Net earnings/(loss) attributable to noncontrolling interests | | | (3.6) | | | | | | (4.6) | | | | | | (0.3) | | | | | | 0.2 | | | | | | 1.2 | | |

| Net earnings attributable to Starbucks(2) | | | 928.3 | | | | | | 3,599.2 | | | | | | 4,518.3 | | | | | | 2,884.7 | | | | | | 2,817.7 | | |

| EPS — diluted(2) | | | 0.79 | | | | | | 2.92 | | | | | | 3.24 | | | | | | 1.97 | | | | | | 1.90 | | |

| Cash dividends declared per share(3) | | | 1.23 | | | | | | 1.49 | | | | | | 1.32 | | | | | | 1.05 | | | | | | 0.85 | | |

| Net cash provided by operating activities(4) | | | 1,597.8 | | | | | | 5,047.0 | | | | | | 11,937.8 | | | | | | 4,251.8 | | | | | | 4,697.9 | | |

| Capital expenditures (additions to property, plant and equipment) | | | 1,483.6 | | | | | | 1,806.6 | | | | | | 1,976.4 | | | | | | 1,519.4 | | | | | | 1,440.3 | | |

| Balance Sheet | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total assets | | | $ | 29,374.5 | | | | | $ | 19,219.6 | | | | | $ | 24,156.4 | | | | | $ | 14,365.6 | | | | | $ | 14,312.5 | |

| Long-term debt (including current portion) | | | 15,909.5 | | | | | | 11,167.0 | | | | | | 9,440.1 | | | | | | 3,932.6 | | | | | | 3,585.2 | | |

| Shareholders’ equity/(deficit) | | | (7,805.1) | | | | | | (6,232.2) | | | | | | 1,169.5 | | | | | | 5,450.1 | | | | | | 5,884.0 | | |

(1)Our fiscal year ends on the Sunday closest to September 30.

The fiscal year ending on October 2, 2016 included 53 weeks, with the 53rd week falling in our fourth fiscal quarter.

(2)Fiscal 2018 results include a gain not subject to income tax of $1.4 billion resulting from the acquisition of our East China joint venture.

The impact of the gain to our diluted EPS was $0.99.

(3)Subsequent to our year-end, on September 30, 2020, we declared a cash dividend of $0.45 per share payable on November 27, 2020 to shareholders of record on November 12, 2020.

(4)Net cash provided by operating activities for fiscal 2016 and fiscal 2017 has been adjusted for the adoption of new accounting guidance related to excess tax benefits as discussed in [Note 1](#i54ccc64cb5384be5a4849ef1cdef4dde_130), Summary of Significant Accounting Policies.

Comparable Store Sales:

| Fiscal Year Ended | | | Sep 27, 2020 | | | | | | Sep 29, 2019 | | | | | | Sep 30, 2018 | | | | | | Oct 1, 2017 | | | | | | Oct 2, 2016 | | |

| Percentage change in comparable store sales(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Americas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Sales growth | | | (12) | | % | | | | 5 | | % | | | | 2 | | % | | | | 3 | | % | | | | 6 | | % |

| Change in transactions | | | (21) | | % | | | | 2 | | % | | | | (1) | | % | | | | — | | % | | | | 1 | | % |

| Change in ticket | | | 11 | | % | | | | 3 | | % | | | | 3 | | % | | | | 4 | | % | | | | 5 | | % |

| International(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Sales growth | | | (19) | | % | | | | 3 | | % | | | | 1 | | % | | | | 2 | | % | | | | 2 | | % |

| Change in transactions | | | (23) | | % | | | | 1 | | % | | | | (1) | | % | | | | 1 | | % | | | | 1 | | % |

| Fiscal Year Ended | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Sep [removed: 29, 2019] [added: 27, 2020] | | | | | | Sep [removed: 30, 2018] [added: 29, 2019] | | |

| Company-operated stores | | | $ | [removed: 19,164.6] [added: 24,607.0] | | | | | $ | [removed: 21,544.4] [added: 19,164.6] | | | | | $ | [removed: 19,690.3] [added: 21,544.4] | |

| Licensed stores | | | [removed: 2,327.1] [added: 2,683.6] | | | | | | [removed: 2,875.0] [added: 2,327.1] | | | | | | [removed: 2,652.2] [added: 2,875.0] | | |

| Other | | | [removed: 2,026.3] [added: 1,770.0] | | | | | | [removed: 2,089.2] [added: 2,026.3] | | | | | | [removed: 2,377.0] [added: 2,089.2] | | |

| Total net revenues | | | [removed: 23,518.0] [added: 29,060.6] | | | | | | [removed: 26,508.6] [added: 23,518.0] | | | | | | [removed: 24,719.5] [added: 26,508.6] | | |

| Product and distribution costs | | | [removed: 7,694.9] [added: 8,738.7] | | | | | | [removed: 8,526.9] [added: 7,694.9] | | | | | | [removed: 7,930.7] [added: 8,526.9] | | |

| Store operating expenses | | | [removed: 10,764.0] [added: 11,930.9] | | | | | | [removed: 10,493.6] [added: 10,764.0] | | | | | | [removed: 9,472.2] [added: 10,493.6] | | |

| Other operating expenses | | | [removed: 430.3] [added: 359.5] | | | | | | [removed: 371.0] [added: 430.3] | | | | | | [removed: 554.9] [added: 371.0] | | |

| Depreciation and amortization expenses | | | [removed: 1,431.3] [added: 1,441.7] | | | | | | [removed: 1,377.3] [added: 1,431.3] | | | | | | [removed: 1,247.0] [added: 1,377.3] | | |

| General and administrative expenses | | | [removed: 1,679.6] [added: 1,932.6] | | | | | | [removed: 1,824.1] [added: 1,679.6] | | | | | | [removed: 1,708.2] [added: 1,824.1] | | |

| Restructuring and impairments | | | [removed: 278.7] [added: 170.4] | | | | | | [removed: 135.8] [added: 278.7] | | | | | | [removed: 224.4] [added: 135.8] | | |

| Total operating expenses | | | [removed: 22,278.8] [added: 24,573.8] | | | | | | [removed: 22,728.7] [added: 22,278.8] | | | | | | [removed: 21,137.4] [added: 22,728.7] | | |

| Income from equity investees | | | [removed: 322.5] [added: 385.3] | | | | | | [removed: 298.0] [added: 322.5] | | | | | | [removed: 301.2] [added: 298.0] | | |

| Operating income | | | [removed: 1,561.7] [added: 4,872.1] | | | | | | [removed: 4,077.9] [added: 1,561.7] | | | | | | [removed: 3,883.3] [added: 4,077.9] | | |

| Net gain resulting from divestiture of certain operations | | | [removed: —] [added: 864.5] | | | | | | [removed: 622.8] [added: —] | | | | | | [removed: 499.2] [added: 622.8] | | |

| Interest income and other, net | | | [removed: 39.7] [added: 90.1] | | | | | | [removed: 96.5] [added: 39.7] | | | | | | [removed: 191.4] [added: 96.5] | | |

| Interest expense | | | [removed: (437.0)] [added: (469.8)] | | | | | | [removed: (331.0)] [added: (437.0)] | | | | | | [removed: (170.3)] [added: (331.0)] | | |

| Earnings before income taxes | | | [removed: 1,164.4] [added: 5,356.9] | | | | | | [removed: 4,466.2] [added: 1,164.4] | | | | | | [removed: 5,780.0] [added: 4,466.2] | | |

| Income tax expense | | | [removed: 239.7] [added: 1,156.6] | | | | | | [removed: 871.6] [added: 239.7] | | | | | | [removed: 1,262.0] [added: 871.6] | | |

| Net earnings including noncontrolling interests | | | [removed: 924.7] [added: 4,200.3] | | | | | | [removed: 3,594.6] [added: 924.7] | | | | | | [removed: 4,518.0] [added: 3,594.6] | | |

| Net [removed: loss] [added: earnings/(loss)] attributable to noncontrolling interests | | | [removed: (3.6)] [added: 1.0] | | | | | | [removed: (4.6)] [added: (3.6)] | | | | | | [removed: (0.3)] [added: (4.6)] | | |

| Net earnings attributable to Starbucks | | | $ | [removed: 928.3] [added: 4,199.3] | | | | | $ | [removed: 3,599.2] [added: 928.3] | | | | | $ | [removed: 4,518.3] [added: 3,599.2] | |

| Earnings per share — basic | | | $ | [removed: 0.79] [added: 3.57] | | | | | $ | [removed: 2.95] [added: 0.79] | | | | | $ | [removed: 3.27] [added: 2.95] | |

| Earnings per share — diluted | | | $ | [removed: 0.79] [added: 3.54] | | | | | $ | [removed: 2.92] [added: 0.79] | | | | | $ | [removed: 3.24] [added: 2.92] | |

| Basic | | | [removed: 1,172.8] [added: 1,177.6] | | | | | | [removed: 1,221.2] [added: 1,172.8] | | | | | | [removed: 1,382.7] [added: 1,221.2] | | |

| Diluted | | | [removed: 1,181.8] [added: 1,185.5] | | | | | | [removed: 1,233.2] [added: 1,181.8] | | | | | | [removed: 1,394.6] [added: 1,233.2] | | |

| Net earnings including noncontrolling interests | | | $ | [removed: 924.7] [added: 4,200.3] | | | | | $ | [removed: 3,594.6] [added: 924.7] | | | | | $ | [removed: 4,518.0] [added: 3,594.6] | |

| Unrealized holding gains/(losses) on available-for-sale securities | | | [removed: 8.3] [added: (3.4)] | | | | | | [removed: 10.5] [added: 8.3] | | | | | | [removed: (7.0)] [added: 10.5] | | |

| Tax (expense)/benefit | | | [removed: (1.8)] [added: 0.7] | | | | | | [removed: (2.3)] [added: (1.8)] | | | | | | [removed: 1.9] [added: (2.3)] | | |

| Unrealized gains/(losses) on cash flow hedging instruments | | | [removed: (126.3)] [added: 283.8] | | | | | | [removed: (14.1)] [added: (126.3)] | | | | | | [removed: 24.4] [added: (14.1)] | | |

| Tax (expense)/benefit | | | [removed: 31.3] [added: (43.6)] | | | | | | [removed: 3.4] [added: 31.3] | | | | | | [removed: (6.5)] [added: 3.4] | | |

| Unrealized gains/(losses) on net investment hedging instruments | | | [removed: 38.7] [added: 63.1] | | | | | | [removed: (39.8)] [added: 38.7] | | | | | | [removed: 7.8] [added: (39.8)] | | |

| Tax (expense)/benefit | | | [removed: (9.8)] [added: (16.0)] | | | | | | [removed: 10.1] [added: (9.8)] | | | | | | [removed: (2.2)] [added: 10.1] | | |

| Translation adjustment and other | | | [removed: 206.9] [added: 188.2] | | | | | | [removed: (146.2)] [added: 206.9] | | | | | | [removed: (220.0)] [added: (146.2)] | | |

| Tax (expense)/benefit | | | [removed: 1.5] [added: 2.2] | | | | | | [removed: 2.5] [added: 1.5] | | | | | | [removed: 3.4] [added: 2.5] | | |

| Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging [removed: instruments and] [added: instruments,] translation adjustment [added: and other] | | | [removed: (20.1)] [added: 41.8] | | | | | | [removed: 1.3] [added: (20.1)] | | | | | | [removed: 24.7] [added: 1.3] | | |

| Tax expense/(benefit) | | | [removed: 5.2] [added: (5.0)] | | | | | | [removed: 1.6] [added: 5.2] | | | | | | [removed: (1.2)] [added: 1.6] | | |

| Other comprehensive income/(loss) | | | [removed: 133.9] [added: 511.8] | | | | | | [removed: (173.0)] [added: 133.9] | | | | | | [removed: (174.7)] [added: (173.0)] | | |

| Comprehensive income including noncontrolling interests | | | [removed: 1,058.6] [added: 4,712.1] | | | | | | [removed: 3,421.6] [added: 1,058.6] | | | | | | [removed: 4,343.3] [added: 3,421.6] | | |

| Comprehensive income/(loss) attributable to noncontrolling interests | | | [removed: (3.6)] [added: 1.0] | | | | | | [removed: (4.6)] [added: (3.6)] | | | | | | [removed: (0.3)] [added: (4.6)] | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

| Fiscal Year Ended | | | Oct 3, 2021 | | | | | | Sep 27, 2020 | | | | | | Sep 29, 2019 | | |

| Net earnings including noncontrolling interests | | | $ | 4,200.3 | | | | | $ | 924.7 | | | | | $ | 3,594.6 | |

| Repayments of commercial paper | | | (296.5) | | | | | | — | | | | | | — | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

| Cumulative effect of adoption of new accounting guidance | | | — | | | | | | — | | | | | | — | | | | | | (2.2) | | | | | | — | | | | | | (2.2) | | | | | | — | | | | | | (2.2) | | |

| Net earnings/(loss) | | | — | | | | | | — | | | | | | — | | | | | | 4,199.3 | | | | | | — | | | | | | 4,199.3 | | | | | | 1.0 | | | | | | 4,200.3 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, October 3, 2021 | | | 1,180.0 | | | | | | $ | 1.2 | | | | | $ | 846.1 | | | | | $ | (6,315.7) | | | | | $ | 147.2 | | | | | $ | (5,321.2) | | | | | $ | 6.7 | | | | | $ | (5,314.5) | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

| Note 9 | | | [Debt](#i6f0f6353eb914b2d80f77509ec853b83_160) | | | [67](#i6f0f6353eb914b2d80f77509ec853b83_160) | | |

| Note 10 | | | [Leases](#i6f0f6353eb914b2d80f77509ec853b83_163) | | | [69](#i6f0f6353eb914b2d80f77509ec853b83_163) | | |

| Note 12 | | | [Equity](#i6f0f6353eb914b2d80f77509ec853b83_169) | | | [71](#i6f0f6353eb914b2d80f77509ec853b83_169) | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes.

In the fourth quarter of fiscal 2021, certain changes were made to our management team, and our operating segment reporting structure was realigned as a result.

We realigned our fully licensed Latin America and Caribbean markets from our Americas operating segment to our International operating segment.

We renamed the Americas operating segment to the North America operating segment, since it is comprised of our company-operated and licensed stores in the U.S. and Canada.

We also made certain other immaterial changes between our International operating segment and Corporate and Other.

There was no impact on consolidated net revenues, total operating expenses, operating income or net earnings per share as a result of these changes.

Additional details on the nature of our business and our reportable operating segments are included in [Note 17](#i6f0f6353eb914b2d80f77509ec853b83_187), Segment Reporting.

Fiscal year 2021 included 53 weeks, with the 53rd week falling in the fourth fiscal quarter.

As of October 3, 2021, 807 stores in the U.S. and Canada had been identified for closure, and substantially all were closed under the plan.

During fiscal years 2021 and 2020, we recorded approximately $155.4 million and $254.7 million, respectively, to restructuring and impairments on our consolidated statements of earnings.

For impaired store asset groups, we estimated the fair values using an income approach incorporating internal projections of

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

As of October 3, 2021, we expect total future restructuring costs under this plan, which are attributable to our North America segment, to be immaterial.

Additionally on the consolidated balance sheets, other accrued restructuring costs included in accrued liabilities were immaterial as of October 3, 2021 and there were no other accrued restructuring costs outstanding as of September 27, 2020.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

The primary indicators of the credit quality of our receivables are aging, payment history, economic sector information and outside credit monitoring, and 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.

As of October 3, 2021, our allowance for credit losses was $25.6 million.

As of September 27, 2020, prior to adoption of the new estimated credit losses methodology, our allowance for doubtful accounts was $27.1 million.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

net earnings.

| Gain resulting from acquisition of joint venture | | | — | | | | | | — | | | | | | 1,376.4 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gain resulting from acquisition of joint venture | | | — | | | | | | — | | | | | | (1,376.4) | | |

| Acquisitions, net of cash acquired | | | — | | | | | | — | | | | | | (1,311.3) | | |

| Balance, October 1, 2017 | | | 1,431.6 | | | | | | $ | 1.4 | | | | | $ | 41.1 | | | | | $ | 5,563.2 | | | | | $ | (155.6) | | | | | $ | 5,450.1 | | | | | $ | 6.9 | | | | | $ | 5,457.0 | |

| Net earnings/(loss) | | | — | | | | | | — | | | | | | — | | | | | | 4,518.3 | | | | | | — | | | | | | 4,518.3 | | | | | | (0.3) | | | | | | 4,518.0 | | |

| Repurchase of common stock | | | (131.5) | | | | | | (0.1) | | | | | | (345.0) | | | | | | (6,863.6) | | | | | | — | | | | | | (7,208.7) | | | | | | — | | | | | | (7,208.7) | | |

| Net distributions to noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.3) | | | | | | (0.3) | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Note 9 | | | [Debt](#i54ccc64cb5384be5a4849ef1cdef4dde_163) | | | [74](#i54ccc64cb5384be5a4849ef1cdef4dde_163) | | |

| Note 10 | | | [Leases](#i54ccc64cb5384be5a4849ef1cdef4dde_169) | | | [77](#i54ccc64cb5384be5a4849ef1cdef4dde_169) | | |

| Note 12 | | | [Equity](#i54ccc64cb5384be5a4849ef1cdef4dde_172) | | | [79](#i54ccc64cb5384be5a4849ef1cdef4dde_172) | | |

| Note 18 | | | [Selected Quarterly Financial Information (unaudited)](#i54ccc64cb5384be5a4849ef1cdef4dde_196) | | | [88](#i54ccc64cb5384be5a4849ef1cdef4dde_196) | | |

In the third quarter of fiscal 2020, we renamed the “cost of sales” caption on our consolidated statement of earnings to “product and distribution costs,” which more accurately reflects the substance of costs classified within this line item.

There were no classification or other changes made in conjunction with the new caption.

As of September 27, 2020, we expect the total number of closures to be approximately 800 stores in the U.S. and Canada, reflecting an additional 200 store closures than the initial estimate of 600 stores.

As of September 27, 2020, we identified 405 stores for closure under our restructuring plans, and as a result we recorded approximately $254.7 million to restructuring and impairments on our consolidated statement of earnings.

The remaining $15.4 million related to employee termination costs.

We expect total future restructuring costs, which are attributable to our Americas segment, to range from approximately $260 million to $400 million.

These restructuring costs include accelerated amortization or impairments of ROU assets due to

planned store closures prior to the end of contractual lease terms ($150 million to $190 million), store impairment and disposal costs not previously recorded as part of our ongoing store impairment process ($100 million to $190 million) and the remaining amount relates to employee termination costs.

As we have previously recorded impairment charges in fiscal 2020 for stores that may be identified for closure under our plans, and because store closure decisions are still subject to change, the final costs associated with these store closures may be different from the initial estimates.

These costs will depend on the asset carrying value and remaining lease term of the specific stores identified.

Future restructuring costs are expected to be incurred over the next 18 months as stores are specifically identified for closure or, in the case of lease exit costs, when the stores either cease operations or when a reduced lease term due to early termination is reasonably certain.

As of September 27, 2020, restructuring liabilities totaling $80.0 million were included in current and non-current operating lease liability for the remaining outstanding rent liabilities due to landlords.

The associated expense was recognized in fiscal 2020 for these stores that were either closed or reasonably certain to close in fiscal 2021.

Cash collateral was immaterial as of September 29, 2019.

Our allowance for doubtful accounts is calculated based on historical experience, customer credit risk and application of the specific identification method.

As of September 27, 2020 and September 29, 2019, our allowance for doubtful accounts was $27.1 million and $6.7 million, respectively.

an asset are capitalized.

Additionally, we recognized net impairment charges of $210.0 million, $43.4 million and $42.8 million in fiscal 2020, 2019 and 2018, respectively.

For operating leases, ROU assets are

Prior to the adoption of the new revenue recognition guidance, breakage was recorded using the remote method and recorded in interest income and other, net.

In fiscal 2018, we recognized breakage income of $155.9 million.

The revenue recognition guidance that we adopted prospectively during fiscal 2019, did not impact the timing or total revenue recognized related to the loyalty program.

The adoption of the revenue recognition guidance discussed above did not impact the timing and amount of revenue recognized related to other revenues.

we expect the temporary differences to reverse.

In the second quarter of fiscal 2020, we adopted the new guidance from the FASB on simplifying the accounting for income taxes by removing certain exceptions to the general principles.

The guidance was adopted on a prospective basis and had no material impact on the consolidated financial statements.

During the fourth quarter of fiscal [removed: 2020,] [added: 2021,] we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act.

Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by this report [removed: (September 27, 2020).][added: (October 3, 2021).]

The certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits [removed: [31.](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xexhibit311.htm)[1](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit311.htm)] and [removed: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xexhibit312.htm),] [added: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit312.htm),] respectively, to this 10-K.

Based on this evaluation, management concluded that our internal control over financial reporting was effective as of [removed: September 27, 2020.][added: October 3, 2021.]

Our internal control over financial reporting as of [removed: September 27, 2020] [added: October 3, 2021] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which is included herein.

We have audited the internal control over financial reporting of Starbucks Corporation and subsidiaries (the “Company”) as of [removed: September 27, 2020,] [added: October 3, 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of [removed: September 27, 2020,] [added: October 3, 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended [removed: September 27, 2020,] [added: October 3, 2021,] of the Company and our report dated November [removed: 12, 2020,] [added: 19, 2021,] expressed an unqualified opinion on those financial [removed: statements and included an explanatory paragraph relating to the Company’s adoption of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 842, Leases.][added: statements.]

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

November 19, 2021

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

November 12, 2020

PART III

Not applicable.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

PART III

Information regarding our executive officers is set forth in Item 1 of Part [removed: 1] [added: I] of this Report under the caption “Information about our Executive Officers.”

The remaining information required by this item is incorporated herein by reference to the sections entitled “Proposal 1 [removed: —] [added: -] Election of Directors,” “Beneficial Ownership of Common Stock,” “Corporate Governance” and “Corporate Governance [removed: —] [added: -] Audit and Compliance Committee” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on March [removed: 17, 2021] [added: 16, 2022] (the “Proxy Statement”).

We will provide disclosure of delinquent Section 16(a) reports, if any, in our Proxy Statement, and such disclosure, if any, is incorporated herein by reference.

The information required by this item is incorporated by reference to the [removed: section] [added: sections] entitled “Executive Compensation,” [added: “Executive Compensation Tables,” “Compensation of Directors” and “Compensation Committee Interlocks and Insider Participation”] in the Proxy Statement.

The information required by this item is incorporated by reference to the section entitled “Certain Relationships and Related Person Transactions” and “Corporate Governance [removed: —] [added: -] Affirmative Determinations Regarding Director Independence and Other Matters” in the Proxy Statement.

The information required by this item is incorporated by reference to the sections entitled “Proposal [removed: 3] [added: 4] - Ratification of Selection of Deloitte & Touche LLP as our Independent Registered Public Accounting Firm - Independent Registered Public Accounting Firm Fees” and “Proposal [removed: 3] [added: 4] - Ratification of Selection of Deloitte & Touche LLP as our Independent Registered Public Accounting Firm - Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of the Independent Registered Public Accounting Firm” in the Proxy Statement.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

- Consolidated Statements of Earnings for the fiscal years ended [added: October 3, 2021,] September 27, 2020, [removed: September 29, 2019,] and September [removed: 30, 2018;][added: 29, 2019;]

- Consolidated Statements of Comprehensive Income for the fiscal years ended [added: October 3, 2021,] September 27, 2020, [removed: September 29, 2019,] and September [removed: 30, 2018;][added: 29, 2019;]

- Consolidated Balance Sheets as of [removed: September 27, 2020] [added: October 3, 2021] and September [removed: 29, 2019;][added: 27, 2020;]

- Consolidated Statements of Cash Flows for the fiscal years ended [added: October 3, 2021,] September 27, 2020, [removed: September 29, 2019,] and September [removed: 30, 2018;][added: 29, 2019;]

- Consolidated Statements of Equity for the fiscal years ended [added: October 3, 2021,] September 27, 2020, [removed: September 29, 2019,] and September [removed: 30, 2018;][added: 29, 2019;]

| [2.1](http://www.sec.gov/Archives/edgar/data/829224/000119312518154644/d555051dex21.htm) | | | | | | [Transaction Agreement, dated as of May 6, [removed: 2018] [added: 2018,] by and between Starbucks Corporation and Nestlé S.A.](http://www.sec.gov/Archives/edgar/data/829224/000119312518154644/d555051dex21.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/7/2018 | | | | | | 2.1 | | | | | | | | |

| [removed: [3.2](http://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex31.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)] | | | | | | [Amended and Restated Bylaws of Starbucks Corporation (As amended and restated [removed: through June 1, 2018)](http://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex31.htm)] [added: through](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm) [Mar](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)[ch 17](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)[, 20](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)[2](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)[1](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)[)](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 6/5/2018] [added: 3/19/2021] | | | | | | 3.1 | | | | | | | | |

| [4.5](http://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) | | | | | | [Form of [removed: 2.200%] [added: 3.750%] Senior Notes due [removed: November 22, 2020] [added: December 1, 2047] (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 11/22/2017 | | | | | | [removed: 4.3] [added: 4.4] | | | | | | | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)] [added: [4.15](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Form of [removed: 3.750%] [added: 4.450%] Senior Notes due [removed: December 1, 2047] [added: August 15, 2049] (included in Exhibit [removed: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)] [added: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 11/22/2017] [added: 5/13/2019] | | | | | | 4.4 | | | | | | | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: [4.6](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] | | | | | | [Third Supplemental Indenture, dated as of February 28, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.100% Senior Notes due 2023 and 3.500% Senior Notes due 2028)](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/28/2018 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: [4.7](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] | | | | | | [Form of 3.100% Senior Notes due March 1, 2023](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/28/2018 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: [4.8](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] | | | | | | [Form of 3.500% Senior Notes due March 1, 2028](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/28/2018 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.9](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Fourth Supplemental Indenture, dated as of August 10, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.800% Senior Notes due 2025, 4.000% Senior Notes due 2028 and 4.500% Senior Notes due 2048)](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 8/10/2018 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.10](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Form of 3.800% Senior Notes due August 15, 2025](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 8/10/2018 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.11](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Form of 4.000% Senior Notes due November 15, 2028](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 8/10/2018 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.12](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Form of 4.500% Senior Notes due November 15, 2048](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | [removed: 0-20322] | | | | | | [removed: 8/10/2018] | | | | | | [removed: 4.5] | | | | | | | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.13](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Fifth Supplemental Indenture, dated as of May 13, 2019, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.550% Senior Notes due 2029 and 4.450% Senior Notes due 2049)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/13/2019 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.15](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.14](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Form [removed: on] [added: of] 3.550% Senior Notes due August 15, 2029 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/13/2019 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.16](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.18](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Form [removed: on 4.450%] [added: of 2.250%] Senior Notes due [removed: August 15, 2049] [added: March 12, 2030] (included in Exhibit [removed: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 5/13/2019] [added: 3/12/2020] | | | | | | 4.4 | | | | | | | | |

| [removed: [4.17](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.16](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Sixth Supplemental Indenture, dated as of March 12, 2020, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (2.000% Senior Notes due 2027, 2.250% Senior Notes due 2030 and 3.350% Senior Notes due 2050)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.18](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.17](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Form of 2.000% Senior Notes due March 12, 2027 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | 4.3 | | | | | | | | |

| [4.19](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | [Form of [removed: 2.250%] [added: 3.350%] Senior Notes due March 12, [removed: 2030] [added: 2050] (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | [removed: 4.4] [added: 4.5] | | | | | | | | |

| [removed: [4.20](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.23](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | [Form of [removed: 3.350%] [added: 3.500%] Senior Notes due [removed: March 12,] [added: November 15,] 2050 (included in Exhibit [removed: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 3/12/2020] [added: 5/7/2020] | | | | | | 4.5 | | | | | | | | |

| [removed: [4.21](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.20](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | [Seventh Supplemental Indenture, dated as of May 7, 2020, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (1.300% Senior Notes due 2022, 2.550% Senior Notes due 2030 and 3.500% Senior Notes due 2050)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/7/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.22](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.21](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | [Form of 1.300% Senior Notes due May 7, 2022 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/7/2020 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.23](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.22](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | [Form of 2.550% Senior Notes due November 15, 2030 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/7/2020 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.24](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.31](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] | | | | | | [Form of [removed: 3.500%] [added: 2.450%] Senior Notes due [removed: November] [added: June] 15, [removed: 2050 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: 2026](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 5/7/2020] [added: 5/16/2016] | | | | | | 4.5 | | | | | | | | |

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)[25](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)] [added: [4.24](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)] | | | | | | [Indenture, dated as of August 23, 2007, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee](http://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm) | | | | | | S-3ASR | | | | | | 333-190955 | | | | | | 9/3/2013 | | | | | | 4.1 | | | | | | | | |

| [removed: [4.26](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: [4.25](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] | | | | | | [Second Supplemental Indenture, dated as of September 6, 2013, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (3.850% Senior Notes due October 1, 2023)](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/6/2013 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.27](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: [4.26](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] | | | | | | [Form of 3.850% Senior Notes due October 1, 2023](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/6/2013 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.28](http://www.sec.gov/Archives/edgar/data/829224/000119312513463151/d638860dex42.htm)] [added: [4.30](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] | | | | | | [removed: [Third] [added: [Sixth] Supplemental Indenture, dated as of [removed: December 5, 2013,] [added: May 16, 2016,] by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee [removed: (0.875% Senior Notes due 2016 and 2.000%] [added: (2.450%] Senior Notes due [removed: 2018)](http://www.sec.gov/Archives/edgar/data/829224/000119312513463151/d638860dex42.htm)] [added: June 15, 2026)](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 12/5/2013] [added: 5/16/2016] | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| [removed: [4.29](http://www.sec.gov/Archives/edgar/data/829224/000119312513463151/d638860dex42.htm)] [added: [4.29](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [Form of [removed: 2.000%] [added: 4.300%] Senior Notes due [removed: December 5, 2018](http://www.sec.gov/Archives/edgar/data/829224/000119312513463151/d638860dex42.htm)] [added: June 15, 2045](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 12/5/2013] [added: 6/10/2015] | | | | | | 4.4 | | | | | | | | |

| [removed: [4.30](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.27](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [Fourth Supplemental Indenture, dated as of June 10, 2015, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (2.700% Senior Notes due June 15, 2022 and 4.300% Senior Notes due June 15, 2045)](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 6/10/2015 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.31](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.28](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [Form of 2.700% Senior Notes due June 15, 2022](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 6/10/2015 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.37](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] [added: [4.32](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] | | | | | | [Description of Securities](http://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/15/2019 | | | | | | 4.29 | | | | | | | | |

| [10.4*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000066/sbux-6282020xexhibit101.htm) | | | | | | [Fifth Amendment to Starbucks Corporation Management Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/829224/000082922420000066/sbux-6282020xexhibit101.htm) | | | | | | 10-Q | | | | | | [removed: 0-20322] | | | | | | [removed: 7/28/2020] | | | | | | [removed: 10.1] | | | | | | | | |

| [removed: [10.6*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit105.htm)] [added: [10.5*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit105.htm)] | | | | | | [Starbucks Corporation Deferred Compensation Plan for Non-Employee Directors, effective October 3, 2011, as amended and restated effective September 11, 2018](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit105.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/16/2018 | | | | | | 10.5 | | | | | | | | |

| [removed: [10.7*](https://www.sec.gov/Archives/edgar/data/829224/000089102006000406/v24294exv10w12.txt)] [added: [10.7*](https://www.sec.gov/Archives/edgar/data/829224/000089102006000033/v16816exv10w1.txt)] | | | | | | [removed: [Starbucks] [added: [2005 Key Employee Sub-Plan to the Starbucks] Corporation [removed: UK Share] [added: 2005 Long-Term Equity] Incentive Plan, as amended and restated effective November [removed: 14, 2006](http://www.sec.gov/Archives/edgar/data/829224/000089102006000406/v24294exv10w12.txt)] [added: 15, 2005](http://www.sec.gov/Archives/edgar/data/829224/000089102006000033/v16816exv10w1.txt)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | 0-20322 | | | | | | [removed: 12/14/2006] [added: 2/10/2006] | | | | | | [removed: 10.12] [added: 10.2] | | | | | | | | |

| [removed: [1](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm)[0.](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm)[8](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm)] [added: [10.6*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm)] | | | | | | [Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective March 20, 2013, as restated on April 9, 2015 to reflect adjustments for the 2-for-1 forward stock split effective on such date, and as amended and restated by the Board on September 11, 2018](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/16/2018 | | | | | | 10.7 | | | | | | | | |

| [removed: [10.9*](https://www.sec.gov/Archives/edgar/data/829224/000089102006000033/v16816exv10w1.txt)] [added: [10.8*](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm)] | | | | | | [2005 [removed: Key Employee] [added: Non-Employee Director] Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective [removed: November 15, 2005](http://www.sec.gov/Archives/edgar/data/829224/000089102006000033/v16816exv10w1.txt)] [added: September 11, 2018](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | 0-20322 | | | | | | [removed: 2/10/2006] [added: 11/16/2018] | | | | | | [removed: 10.2] [added: 10.9] | | | | | | | | |

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

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| | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | File No. | | | | | | Date of Filing | | | | | | Exhibit Number | | | | | | Filed Herewith | | |

| [4.32](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm) | | | | | | [Form of 4.300% Senior Notes due June 15, 2045](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 6/10/2015 | | | | | | 4.4 | | | | | | | | |

| [4.33](http://www.sec.gov/Archives/edgar/data/829224/000119312516450381/d116634dex42.htm) | | | | | | [Fifth Supplemental Indenture, dated as of February 4, 2016, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (2.100% Senior Notes due February 4, 2021)](http://www.sec.gov/Archives/edgar/data/829224/000119312516450381/d116634dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/4/2016 | | | | | | 4.2 | | | | | | | | |

| [4.34](http://www.sec.gov/Archives/edgar/data/829224/000119312516450381/d116634dex42.htm) | | | | | | [Form of 2.100% Senior Notes due February 4, 2021](http://www.sec.gov/Archives/edgar/data/829224/000119312516450381/d116634dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/4/2016 | | | | | | 4.3 | | | | | | | | |

| [4.35](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | [Sixth Supplemental Indenture, dated as of May 16, 2016, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (2.450% Senior Notes due June 15, 2026)](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/16/2016 | | | | | | 4.4 | | | | | | | | |

| [4.36](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | [Form of 2.450% Senior Notes due June 15, 2026](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/16/2016 | | | | | | 4.5 | | | | | | | | |

| [10.5*](https://www.sec.gov/Archives/edgar/data/829224/000089102003002898/v95180exv10w9.txt) | | | | | | [Starbucks Corporation UK Share Save Plan](http://www.sec.gov/Archives/edgar/data/829224/000089102003002898/v95180exv10w9.txt) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 12/23/2003 | | | | | | 10.9 | | | | | | | | |

| [10.15](https://www.sec.gov/Archives/edgar/data/829224/000082922420000066/sbux-6282020xexhibit102.htm) | | | | | | [First Amendment to Credit Agreement, dated May 27, 2020, among Starbucks Corporation, each Lender under the Credit Agreement that is a party thereto, and the Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer](https://www.sec.gov/Archives/edgar/data/829224/000082922420000066/sbux-6282020xexhibit102.htm) | | | | | | 10-Q | | | | | | 0-20322 | | | | | | 7/28/2020 | | | | | | 10.2 | | | | | | | | |

| [10.16](https://www.sec.gov/Archives/edgar/data/829224/000082922419000043/sbux-10252019x8xkhtm.htm) | | | | | | [Description of Extension, dated as of October 23, 2019, to the Amended and Restated 364-Day Credit Agreement, dated as of October 24, 2018, among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent and Swing Line Lender and U.S. Bank National Association, as L/C Issuers, and the other Lenders from time to time a party thereto.](http://www.sec.gov/Archives/edgar/data/829224/000082922419000043/sbux-10252019x8xkhtm.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 10/25/2019 | | | | | | | | | | | | | | |

| [10.17](http://www.sec.gov/Archives/edgar/data/829224/000082922420000066/sbux-6282020xexhibit103.htm) | | | | | | [First Amendment to Amended and Restated 364-Day Credit Agreement, dated May 27, 2020, among Starbucks Corporation, each Lender under the Credit Agreement that is a party thereto, and the Bank of America, N.A., as Administrative Agent and Swing Line Lender](http://www.sec.gov/Archives/edgar/data/829224/000082922420000066/sbux-6282020xexhibit103.htm) | | | | | | 10-Q | | | | | | 0-20322 | | | | | | 7/28/2020 | | | | | | 10.3 | | | | | | | | |

| [10.18](https://www.sec.gov/Archives/edgar/data/829224/000119312520253371/d88866dex101.htm) | | | | | | [Second Amended and Restated 364-Day Credit Agreement, dated September 23, 2020, among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent and Swing Line Lender and U.S. Bank National Association, as L/C Issuers, and the other Lenders from time to time a party thereto.](https://www.sec.gov/Archives/edgar/data/829224/000119312520253371/d88866dex101.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/24/2020 | | | | | | 10.1 | | | | | | | | |

| [10.](http://www.sec.gov/Archives/edgar/data/829224/000082922417000049/sbux-1012017xexhibit1025.htm)[2](http://www.sec.gov/Archives/edgar/data/829224/000082922417000049/sbux-1012017xexhibit1025.htm)[5](http://www.sec.gov/Archives/edgar/data/829224/000082922417000049/sbux-1012017xexhibit1025.htm)[*](http://www.sec.gov/Archives/edgar/data/829224/000082922417000049/sbux-1012017xexhibit1025.htm) | | | | | | [Form of Global Key Employee Stock Option Grant Agreement for Purchase of Stock under the 2005 Long-Term Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/829224/000082922417000049/sbux-1012017xexhibit1025.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/17/2017 | | | | | | 10.25 | | | | | | | | |

| [10.2](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit1023.htm)[6](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit1023.htm)[*](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit1023.htm) | | | | | | [Form of Global Key Employee Performance-Based Stock Option Grant Agreement for Purchase of Stock under the 2005 Long-Term Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit1023.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/16/2018 | | | | | | 10.23 | | | | | | | | |

| [10.28*](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit1026.htm) | | | | | | [Form of Global Key Employee Restricted Stock Unit Grant Agreement (Performance-Based - Retirement Vesting) (Effective November 2019)](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit1026.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/15/2019 | | | | | | 10.26 | | | | | | | | |

| [10.29*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm) | | | | | | [Form of Global Key Employee Restricted Stock Unit Grant Agreement (Performance-Based - Retirement Vesting) (Effective November 2020)](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.](http://www.sec.gov/Archives/edgar/data/829224/000095012310007737/v54197exv10w3.htm)[3](http://www.sec.gov/Archives/edgar/data/829224/000095012310007737/v54197exv10w3.htm)[0](http://www.sec.gov/Archives/edgar/data/829224/000095012310007737/v54197exv10w3.htm)[*](http://www.sec.gov/Archives/edgar/data/829224/000095012310007737/v54197exv10w3.htm) | | | | | | [Letter Agreement dated November 30, 2009 between Starbucks Corporation and John Culver](http://www.sec.gov/Archives/edgar/data/829224/000095012310007737/v54197exv10w3.htm) | | | | | | 10-Q | | | | | | 0-20322 | | | | | | 2/2/2010 | | | | | | 10.3 | | | | | | | | |

| [10.3](http://www.sec.gov/Archives/edgar/data/829224/000082922414000041/sbux-9282014xexhibit1033.htm)[1](http://www.sec.gov/Archives/edgar/data/829224/000082922414000041/sbux-9282014xexhibit1033.htm)[*](http://www.sec.gov/Archives/edgar/data/829224/000082922414000041/sbux-9282014xexhibit1033.htm) | | | | | | [Letter Agreement dated May 16, 2012 between Starbucks Corporation and Lucy Lee Helm](http://www.sec.gov/Archives/edgar/data/829224/000082922414000041/sbux-9282014xexhibit1033.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/14/2014 | | | | | | 10.33 | | | | | | | | |

| [10.33*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000012/sbux-12292019xexhibit1.htm) | | | | | | [Executive Long-Term Incentive Agreement dated December 9, 2019 between Starbucks Corporation and Kevin R. Johnson](https://www.sec.gov/Archives/edgar/data/829224/000082922420000012/sbux-12292019xexhibit1.htm) | | | | | | 10-Q | | | | | | 0-20322 | | | | | | 1/28/2020 | | | | | | 10.1 | | | | | | | | |

| [10.3](http://www.sec.gov/Archives/edgar/data/829224/000082922417000040/sbux-090617xexhibit101.htm)[4](http://www.sec.gov/Archives/edgar/data/829224/000082922417000040/sbux-090617xexhibit101.htm)[*](http://www.sec.gov/Archives/edgar/data/829224/000082922417000040/sbux-090617xexhibit101.htm) | | | | | | [Offer Letter dated August 23, 2017 between Starbucks Corporation and Rosalind Brewer](http://www.sec.gov/Archives/edgar/data/829224/000082922417000040/sbux-090617xexhibit101.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/6/2017 | | | | | | 10.1 | | | | | | | | |

| [10.35*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000012/sbux-12292019xexhibit11.htm) | | | | | | [Executive Long-Term Incentive Agreement dated December 9, 2019 by and between Starbucks Corporation and Rosalind G. Brewer](https://www.sec.gov/Archives/edgar/data/829224/000082922420000012/sbux-12292019xexhibit11.htm) | | | | | | 10-Q | | | | | | 0-20322 | | | | | | 1/28/2020 | | | | | | 10.2 | | | | | | | | |

| [10.3](http://www.sec.gov/Archives/edgar/data/829224/000119312518295222/d636620dex101.htm)[6](http://www.sec.gov/Archives/edgar/data/829224/000119312518295222/d636620dex101.htm)[*](http://www.sec.gov/Archives/edgar/data/829224/000119312518295222/d636620dex101.htm) | | | | | | [Offer Letter dated October 5, 2018 between Starbucks Corporation and Patrick J. Grismer](http://www.sec.gov/Archives/edgar/data/829224/000119312518295222/d636620dex101.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 10/9/2018 | | | | | | 10.1 | | | | | | | | |

| [24](#i54ccc64cb5384be5a4849ef1cdef4dde_253) | | | | | | [Power of Attorney (included on the Signatures page of this Annual Report on Form 10-K)](#i54ccc64cb5384be5a4849ef1cdef4dde_253) | | | | | | __ | | | | | | __ | | | | | | __ | | | | | | __ | | | | | | X | | |

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | STARBUCKS CORPORATION | | | | | |

| | | | By: | | | /s/ Kevin R. Johnson | | |

| | | | | | | Kevin R. Johnson president and chief executive officer | | |

November 12, 2020

POWER OF ATTORNEY

Know all persons by these presents, that each person whose signature appears below constitutes and appoints Kevin R.

Johnson, Patrick J.

Grismer and Rachel A.

Gonzalez, and each of them, as such person’s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for such person and in such person’s name, place and stead, in any and all capacities, to sign any and all amendments to this report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their or such person’s substitute or substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of November 12, 2020.

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None.

[Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| | | | STARBUCKS CORPORATION | | | | | |

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| | | | | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | | | By: | | | /s/ Kevin R. Johnson | | |

| | | | | | | Kevin R. Johnson president and chief executive officer | | |

| | | | | | | | | |

November 19, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of November 19, 2021.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Signature | | | | | | Title | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Kevin R. Johnson | | | | | | president and chief executive officer, director (principal executive officer) | | |

| | | | | | | Kevin R. Johnson | | | | | | | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Rachel Ruggeri | | | | | | executive vice president, chief financial officer (principal financial officer) | | |

| | | | | | | Rachel Ruggeri | | | | | | | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Jill L. Walker | | | | | | senior vice president, Corporate Financial Services, and chief accounting officer (principal accounting officer) | | |

| | | | | | | Jill L. Walker | | | | | | | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Richard E. Allison, Jr. | | | | | | director | | |

| | | | | | | Richard E. Allison, Jr. | | | | | | | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Andrew Campion | | | | | | director | | |

| | | | | | | Andrew Campion | | | | | | | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Mary N. Dillon | | | | | | director | | |

| | | | | | | Mary N. Dillon | | | | | | | | |

| | | | | | | | | | | | | | | |

| By: | | | | | | /s/ Isabel Ge Mahe | | | | | | director | | |