Starbucks (SBUX) 10-K risk factor changes: FY2022 vs FY2021

You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the Management’s Discussion and Analysis of Financial Conditions and Results of Operations section, the Quantitative and Qualitative Disclosures About Market Risk [removed: section,] [added: section] and the consolidated financial statements and related notes.

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

Social distancing, [removed: telecommunicating] [added: telecommuting] 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 [removed: satisfaction,] [added: 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 [removed: results of operations, cash flows and] financial [removed: condition.][added: performance.]

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

[removed: In addition to the COVID-19 pandemic, our] [added: Our] operating results have been in the past and will continue to be subject to a number of [added: macroeconomic and] other factors, many of which are largely outside our control.

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in or uncertainty about [removed: macro-economic] [added: macroeconomic] conditions.

[removed: Due to the COVID-19 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 stores’ operations, impacts caused by precautionary measures such as those related to face coverings and [removed: vaccinations,] [added: vaccinations] and changes in consumer spending [removed: behaviors (e.g. continued practice of] [added: behaviors, including those caused by] social distancing, [added: a] decrease in consumer confidence in general macroeconomic conditions and a decrease in consumer discretionary [removed: spending).][added: spending.]

There is also a risk that if negative economic conditions or uncertainty, as a result of the COVID-19 pandemic or [removed: otherwise,] [added: any other public health emergency,] persist for a long period of time or worsen, consumers may make long-lasting changes to their discretionary purchasing behavior, including less frequent discretionary purchases on a more permanent basis or there may be a general downturn in the restaurant industry.

Failure to meet market expectations going forward, particularly with respect to our operational and financial [removed: results] [added: results,] and [added: expectations regarding the success of our Reinvention Plan 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.

Such incidents include actual or perceived breaches of privacy or violations of domestic or international privacy laws, contaminated food, product recalls, store employees or other food handlers infected with communicable diseases, such as COVID-19, [added: safety-related incidents] or other potential incidents discussed in this risk factors section.

[added: 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, treatment of [removed: employees,] [added: employees] or the use of customer data for general or direct marketing or other purposes.

Furthermore, if we are not effective in addressing our social and environmental program goals, [removed: including] [added: executing on] our [removed: people- and planet-positive work,] [added: Reinvention Plan,] or achieving relevant sustainability goals, consumer trust in our brand may [removed: suffer.][added: suffer, and this perception could result in negative publicity or litigation.]

The ongoing relevance of our brand may depend on the success of our [removed: people-] [added: social] and [removed: planet-positive initiatives,] [added: environmental program goals as well as the success of the Reinvention Plan,] which [removed: require] [added: requires] company-wide coordination and alignment.

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

However, the product quality and service they deliver may still be diminished by any number of factors beyond our control, including financial [removed: constraints caused by] [added: constraints, adherence to sanitation protocols and guidance (including those resulting from] the COVID-19 [removed: pandemic] [added: pandemic), labor shortages] and other factors.

We do not have direct control over our business [removed: partners, including in their adherence to additional sanitation protocols and guidelines as a result of the COVID-19 pandemic,] [added: partners] and may not have visibility into their practices.

These strategic initiatives, which [removed: include] [added: includes] our [removed: profit-, people- and planet-positive visions,] [added: Reinvention Plan,] 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 [removed: Starbucks®] [added: Starbucks] Pickup stores, Starbucks Now stores and curbside pickup) especially in light of the COVID-19 pandemic;

- adjusting rapidly to changing customer preferences and behaviors in light of the COVID-19 [removed: pandemic;][added: pandemic, inflation and changing economic conditions;]

- moving to a more licensed store model in some markets and a more [removed: company-owned] [added: company-operated] model in [removed: other] [added: certain] markets;

Our financial results could be adversely affected by a shift in consumer spending away from outside-the-home food and beverages (such as the disruption caused by online commerce that results in reduced foot traffic to “brick & mortar” retail stores); lack of customer acceptance of new products (including due to price increases necessary to cover the costs of new products or higher input costs), brands (such as the global expansion of the Starbucks brand) and platforms (such as features of our mobile technology, changes in our loyalty rewards [removed: programs] [added: programs, the Starbucks Odyssey experience] and our delivery services initiatives); or customers reducing their demand for our current offerings as new products are introduced.

- We may not be successful in our marketing, promotional and advertising plans and pricing [removed: strategies][added: strategies.]

In addition, our legal and regulatory obligations in jurisdictions outside the U.S. are subject to unexpected changes, including the potential for regulatory or other governmental entities to enact new or additional laws or regulations, to issue rulings that invalidate prior laws or regulations or to increase penalties [removed: significantly.]

These modifications [added: and new laws] will require us to incur additional costs and expenses in our [removed: effort] [added: efforts] to comply.

[added: Colorado, Connecticut, Utah and Virginia recently] enacted similar data privacy legislation that will [added: also] take effect in 2023, and several other states and countries are considering expanding or passing privacy laws in the near term.

In June 2021, the European Commission [removed: finalized recommendations in relation to cross border data transfers and] published new versions of the Standard Contractual [removed: Clauses.][added: Clauses and in March 2022, the U.K. finalized the U.K. International Data Transfer Agreement.]

Unauthorized access, theft, use, destruction or other compromises may occur through a variety of methods, including attacks using malicious code, those taking advantage of vulnerabilities in software, hardware or other infrastructure (including systems used by our supply chain), those using techniques aimed at convincing those with access to such data or information to share passwords or otherwise allow access through deceit or otherwise and those taking [removed: advance] [added: advantage] of inadequate account security practices.

[removed: These costs, which could be material, could adversely impact our results of operations in the period in which they are incurred,] including by interfering with the pursuit of other important business strategies and initiatives, and may not meaningfully limit the success of future attempts to breach our information technology systems.

Such failures may be caused by various factors, including power outages, climate change-related impacts, catastrophic events, physical theft, computer and network failures, inadequate or ineffective redundancy, problems with transitioning to upgraded or replacement systems or platforms, flaws in third-party software or services, errors or improper use by our employees or [removed: third party] [added: third-party] service providers, or a breach in the security of these systems or platforms, including through cyber-attacks such as those that result in the blockage of our or our third-party business partners’ or service providers’ systems and platforms and those discussed in more detail in this risk factors section.

If our incident response, disaster recovery and business continuity plans do not resolve these issues in an effective and timely [removed: manner] [added: manner,] they could result in an interruption in our operations and could cause material negative impacts to our product availability and sales, the efficiency of our operations and our financial results.

- [removed: We] [added: We] may not be able to adequately protect our intellectual property or adequately ensure that we are not infringing the intellectual property of others, which could harm the value of our brand and our business.

Risks Related to [removed: Labor and] Supply Chain

- [removed: Our] [added: Our] reliance on key business partners may adversely affect our business and operations.

The growth of our business relies on the ability of our licensee partners to implement our growth platforms and product innovations as well as on the degree to which we are able to enter into, maintain, develop and negotiate appropriate terms and [removed: conditions of, and enforce, commercial and other agreements and the performance of our business partners under such agreements.]

If they are not able to access sufficient funds or financing, or are otherwise unable or unwilling to successfully operate and grow their businesses it could [added: have a material adverse effect on our results in the markets.]

The supply and price of coffee we purchase can also be affected by multiple factors in the producing countries, such as weather, [removed: climate change,] water supply quality and availability throughout the coffee production chain, natural disasters, crop disease and pests, general increase in farm inputs and costs of production, inventory levels, political and economic conditions and the actions of certain organizations and associations that have historically attempted to influence prices of green coffee through agreements establishing export quotas or by restricting coffee supplies.

A continued economic downturn or recession, or slowing or stalled recovery therefrom, may have a material adverse effect on our business, financial condition or results of operations.

Due to the COVID-19 pandemic or other global health events, we may experience a reduction and increased volatility in demand for our products.

Such reductions and volatility 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

Risks Related to COVID-19

Our China market experienced unprecedented COVID-19 pandemic-related restrictions in multiple cities that severely impacted customer mobility.

Risks Related to Our Business

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

significantly.

These costs, which could be material, could adversely impact our results of operations in the period in which they are incurred,

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

conditions of, and enforce, commercial and other agreements and the performance of our business partners under such agreements.

Climate change may further exacerbate many of these factors.

We rely on these

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

Risks Related to Human Capital

Starting in December 2021, Starbucks partners at company-operated stores in multiple jurisdictions across the U.S. began filing for unionization elections and a number of these stores have now successfully unionized, with potentially more to follow.

These responses could also expose us to legal risk, causing us to incur costs to defend legal and regulatory actions, potential penalties and restrictions or reputational harm.

Environmental, Social and Governance Risk Factors

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

We are subject to changing rules and regulations promulgated by a number of governmental and self-regulatory organizations, including the SEC, the Nasdaq Stock Market and the Financial Accounting Standards Board.

These rules and regulations continue to evolve in scope and complexity and many new requirements have been created in response to laws enacted by Congress, making compliance more difficult and uncertain.

In addition, increasingly regulators, customers, investors, employees and other stakeholders are focusing on environmental, social and governance (“ESG”) matters and related disclosures.

These changing rules, regulations and stakeholder expectations have resulted in, and are likely to continue to result in, increased general and administrative expenses and increased management time and attention spent complying with or meeting such regulations and expectations.

For example, developing and acting on initiatives within the scope of ESG, and

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

collecting, measuring and reporting ESG related information and metrics can be costly, difficult and time consuming and is subject to evolving reporting standards, including the SEC’s recently proposed climate-related reporting requirements, and similar proposals by other international regulatory bodies.

We may also communicate certain initiatives and goals, regarding environmental matters, diversity, responsible sourcing and social investments and other ESG related matters, in our SEC filings or in other public disclosures.

These initiatives and goals within the scope of ESG could be difficult and expensive to implement, the technologies needed to implement them may not be cost effective and may not advance at a sufficient pace, and we could be criticized for the accuracy, adequacy or completeness of the disclosure.

Further, statements about our ESG related initiatives and goals, and progress against those goals, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

In addition, we could be criticized for the scope or nature of such initiatives or goals, or for any revisions to these goals.

If our ESG-related data, processes and reporting are incomplete or inaccurate, or if we fail to achieve progress with respect to our goals within the scope of ESG on a timely basis, or at all, our reputation, business, financial performance and growth could be adversely affected.

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

While we seek to mitigate our business risks associated with climate change by establishing environmental goals and standards and seeking business partners, including within our supply chain, that are committed to operating in ways that protect the environment or mitigate environmental impacts, we recognize that there are inherent climate-related risks wherever business is conducted.

For example, as we noted above, the supply and price of coffee we purchase can also be affected by multiple factors in the producing countries, such as weather and water supply quality and availability, which factors may be caused by or exacerbated by climate change.

While we believe this geographic diversity is likely to lessen the impact of individual climate change related events on our financial results, our properties and operations may nonetheless be vulnerable to the adverse effects of climate change, which are predicted to increase the frequency and severity of weather events and other natural cycles such as wildfires and droughts.

Such events have the potential to disrupt our operations, cause store closures, disrupt the business of our third-party suppliers and impact our customers, all of which may cause us to suffer losses and additional costs to maintain or resume operations.

The impact of

Virginia and Colorado recently

have a material adverse effect on our results in the markets.

Our business partners may be materially adversely impacted by the COVID-19 pandemic and may not have sufficient financial support and capital to remain financially solvent and may not have the ability to meet their development goals and targets.

Changes in applicable environmental laws and regulations, including

Fiscal year 2021 included 53 weeks, with the 53rd week falling in the fourth fiscal [removed: quarter.][added: quarter, and fiscal year 2020 included 52 weeks; comparable store sale percentages below are calculated excluding the 53rd week.]

The discussion of our financial condition and results of operations for the [added: fiscal] year ended September [removed: 29, 2019,] [added: 27, 2020,] 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 [added: fiscal] year ended [removed: September 27, 2020.][added: October 3, 2021.]

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

Starbucks results for fiscal [removed: 2021] [added: 2022] demonstrate the [removed: overall strength] [added: resiliency] and [removed: resilience] [added: strength] of our brand.

For [added: both] the North America [removed: segment,] [added: segment and U.S. market,] comparable store sales increased [removed: 22%] [added: 12%] for fiscal [removed: 2021] [added: 2022] compared to [removed: a decline] [added: an increase] of [removed: 12%] [added: 22% and 21% for the North America segment and the U.S. market, respectively,] in fiscal [removed: 2020.][added: 2021.]

In fiscal [removed: 2020,] [added: 2021,] we [removed: announced a restructuring] [added: substantially completed our] plan to [removed: optimize] [added: reposition] our North America store portfolio, primarily in [removed: dense,] [added: dense] metropolitan [removed: markets,] [added: markets] by [removed: blending] [added: pursuing strategic] store [added: closures and focusing on new store] formats [removed: to] [added: that] better cater to changing customer tastes and preferences.

For the International segment, comparable store sales [removed: increased] [added: decreased] by [removed: 16%] [added: 9%] for fiscal [removed: 2021] [added: 2022] compared to [removed: a decline] [added: an increase] of [removed: 19%] [added: 16%] in fiscal [removed: 2020.][added: 2021, driven by comparable store sales decline of 24% in our China market.]

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

Absent significant and prolonged COVID-19 relapses or global economic disruptions, and based on the current trend of our business operations and our focused efforts [removed: to elevate customer experiences, enhance digital capabilities and drive beverage innovation,] [added: on the Reinvention Plan,] we are confident in the strength of our brand and [removed: the durability of long-term “Growth at Scale”] strategy [removed: to deliver consistent revenue and income growth.][added: for sustainable, profitable growth over the long-term.]

[removed: However,] [added: We anticipate that] these should be [removed: meaningfully] offset by benefits from pricing decisions [removed: and leverage] [added: as well as] from [removed: revenue growth] [added: increased sales leverage] and [added: higher] productivity [removed: efficiency.][added: driven by our Reinvention Plan.]

- Total net revenues increased [removed: 24%] [added: 11%] to [removed: $29.1] [added: $32.3] billion in fiscal [removed: 2021] [added: 2022] compared to [removed: $23.5] [added: $29.1] billion in fiscal [removed: 2020, including] [added: 2021, inclusive of] $576 million attributable to the extra week in fiscal 2021.

- Consolidated operating income [removed: increased] [added: decreased] to [removed: $4.9] [added: $4.6] billion in fiscal [removed: 2021] [added: 2022] compared to [removed: $1.6] [added: $4.9] billion in fiscal [removed: 2020.][added: 2021.]

Fiscal [removed: 2021] [added: 2022] operating margin was [removed: 16.8%] [added: 14.3%] compared to [removed: 6.6%] [added: 16.8%] in fiscal [removed: 2020.][added: 2021.]

- Diluted earnings per share (“EPS”) for fiscal [removed: 2021 increased] [added: 2022 decreased] to [removed: $3.54,] [added: $2.83,] compared to EPS of [removed: $0.79] [added: $3.54] in fiscal [removed: 2020.][added: 2021.]

[removed: Also contributing to the increase] [added: The decrease] was [removed: a] [added: primarily driven by lapping the prior year] $0.56 [removed: gain] [added: gain,] net of estimated [removed: taxes] [added: taxes,] on the divestiture of our South Korea joint venture and $0.10 related to the extra week in fiscal 2021.

- Capital expenditures were [removed: $1.5] [added: $1.8] billion [removed: for both] [added: in] fiscal [removed: 2021] [added: 2022] and [added: $1.5 billion in] fiscal [removed: 2020.][added: 2021.]

[removed: -] We returned $2.1 billion [removed: to our shareholders] in fiscal 2021 through dividends.

[added: -] We returned [removed: $3.6] [added: $6.3] billion [added: to our shareholders] in fiscal [removed: 2020] [added: 2022] through share repurchases and dividends.

[removed: We temporarily suspended] [added: During the first quarter of fiscal 2022, we resumed] our share repurchase program [added: which had been temporarily suspended] in March 2020.

[removed: Due to our business recovery and restoration of certain leverage metrics, we] [added: We] have resumed our share repurchase program in the first quarter of fiscal [removed: 2022.][added: 2023.]

See [Note [removed: 2](#i6f0f6353eb914b2d80f77509ec853b83_136),] [added: 2](#ia75cc8f98747496589a1ed7893374c6c_130),] 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: 2021] [added: 2022] COMPARED TO FISCAL [removed: 2020][added: 2021]

| Fiscal Year Ended | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | % Change | | |

| Company-operated stores | | | $ | [removed: 24,607.0] [added: 26,576.1] | | | | | $ | [removed: 19,164.6] [added: 24,607.0] | | | | | [removed: 28.4] [added: 8.0] | | % |

| Licensed stores | | | [removed: 2,683.6] [added: 3,655.5] | | | | | | [removed: 2,327.1] [added: 2,683.6] | | | | | | [removed: 15.3] [added: 36.2] | | |

| Total net revenues | | | $ | [removed: 29,060.6] [added: 32,250.3] | | | | | $ | [removed: 23,518.0] [added: 29,060.6] | | | | | [removed: 23.6] [added: 11.0] | | % |

Total net revenues increased [removed: $5.5] [added: $3.2] billion, or [removed: 24%,] [added: 11%,] over fiscal [removed: 2020,] [added: 2021,] primarily due to higher revenues from company-operated stores [removed: ($5.4] [added: ($2.0] billion).

Partially offsetting [removed: this decrease] [added: these increases] was [removed: growth in our ready-to-drink business ($43 million) and] the impact of the extra [removed: fiscal] week in fiscal 2021 ($23 million).

| Fiscal Year Ended | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | |

| Product and distribution costs | | | $ | [removed: 8,738.7] [added: 10,317.4] | | | | | $ | [removed: 7,694.9] [added: 8,738.7] | | | | | [removed: 30.1] [added: 32.0] | | % | | | | [removed: 32.7] [added: 30.1] | | % |

| Store operating expenses | | | [removed: 11,930.9] [added: 13,561.8] | | | | | | [removed: 10,764.0] [added: 11,930.9] | | | | | | [removed: 41.1] [added: 42.1] | | | | | | [removed: 45.8] [added: 41.1] | | |

| Other operating expenses | | | [removed: 359.5] [added: 461.5] | | | | | | [removed: 430.3] [added: 359.5] | | | | | | [removed: 1.2] [added: 1.4] | | | | | | [removed: 1.8] [added: 1.2] | | |

| Depreciation and amortization expenses | | | [removed: 1,441.7] [added: 1,447.9] | | | | | | [removed: 1,431.3] [added: 1,441.7] | | | | | | [removed: 5.0] [added: 4.5] | | | | | | [removed: 6.1] [added: 5.0] | | |

| General and administrative expenses | | | [removed: 1,932.6] [added: 2,032.0] | | | | | | [removed: 1,679.6] [added: 1,932.6] | | | | | | [removed: 6.7] [added: 6.3] | | | | | | [removed: 7.1] [added: 6.7] | | |

| Restructuring and impairments | | | [removed: 170.4] [added: 46.0] | | | | | | [removed: 278.7] [added: 170.4] | | | | | | [removed: 0.6] [added: 0.1] | | | | | | [removed: 1.2] [added: 0.6] | | |

| Total operating expenses | | | [removed: 24,573.8] [added: 27,866.6] | | | | | | [removed: 22,278.8] [added: 24,573.8] | | | | | | [removed: 84.6] [added: 86.4] | | | | | | [removed: 94.7] [added: 84.6] | | |

| Income from equity investees | | | [removed: 385.3] [added: 234.1] | | | | | | [removed: 322.5] [added: 385.3] | | | | | | [removed: 1.3] [added: 0.7] | | | | | | [removed: 1.4] [added: 1.3] | | |

| Operating income | | | $ | [removed: 4,872.1] [added: 4,617.8] | | | | | $ | [removed: 1,561.7] [added: 4,872.1] | | | | | [removed: 16.8] [added: 14.3] | | % | | | | [removed: 6.6] [added: 16.8] | | % |

| Store operating expenses as a % of related revenues | | | | | | | | | | | | | | | [removed: 48.5] [added: 51.0] | | % | | | | [removed: 56.2] [added: 48.5] | | % |

Fiscal year 2022 included 52 weeks.

Consolidated revenues increased 11% to $32.3 billion in fiscal 2022 compared to $29.1 billion in fiscal 2021, primarily driven by strength in our U.S. business and growth in our International segment excluding China, partially offset by the impact of the extra week in fiscal 2021 ($496 million) and unfavorable foreign currency translation.

Average ticket for the North America segment and the U.S. market grew 7% and 8%, respectively, primarily driven by strategic pricing and increased demand for food items in our U.S. market.

The segment also experienced higher costs, primarily related to investments and growth in labor including enhanced store partner wages as well as increased spend on new partner training.

Also contributing were inflationary pressures on commodities and our supply chain.

In fiscal 2022, we announced our Reinvention Plan in the U.S. market to increase efficiency while elevating the partner and customer experience.

We believe the investments in partner wages and training will increase retention and productivity while the acceleration of purpose-built store concepts and innovations in technologies will provide additional convenience and connection with our customers.

During the third and fourth quarters of fiscal 2022, our China market experienced COVID-19 pandemic related restrictions in multiple cities that severely impacted customer mobility.

Outside of China, strong growth in our major International markets, driven by product innovation and increasing digital capabilities, partially offset the unfavorability in our China market.

Revenue for our Channel Development segment increased $250 million, or 16%, when compared with fiscal 2021, driven by higher product sales to and royalty revenue from the Global Coffee Alliance and growth in our global ready-to-drink business.

Operating margin decreased 520 basis points to 44.3%, primarily due to a decline in our North American Coffee Partnership joint venture income due to inflationary pressures and supply chain constraints as well as business mix shift.

Despite COVID-19 induced business interruptions, especially in our China market, we have seen the strength and resilience of our brand as well as strong customer demand across our portfolio.

We expect inflationary pressures on commodities and supply chain to continue to a lesser extent in fiscal 2023, relative to the impact on our business and financial metrics, including operating margin, as compared to fiscal 2022.

Operating margin contraction of 250 basis points was primarily due to investments and growth in labor, including enhanced retail store partner wages (approximately 290 basis points) as well as increased spend on new partner training and support costs (approximately 80 basis points).

Also contributing were inflationary pressures on commodities and our supply chain (approximately 270 basis points), sales deleverage related to COVID-19 pandemic related impacts in our China market (approximately 110 basis points), business mix shift (approximately 60 basis points) and lower government subsidies (approximately 60 basis points).

These increases were partially offset by sales leverage across markets outside of China (approximately 390 basis points) and strategic pricing, primarily in North America (approximately 320 basis points).

Also contributing were investments in labor and inflationary pressures on commodities and our supply chain, partially offset by growth in comparable store sales and lower restructuring costs.

In April 2022, we announced a temporary suspension of our share repurchase program to allow us to augment investments in our stores and partners.

We resumed our share repurchase program in the first quarter of fiscal 2023.

| Other | | | 2,018.7 | | | | | | 1,770.0 | | | | | | 14.1 | | |

The growth in company-operated store revenue was driven by an 8% increase in comparable store sales ($1.8 billion) attributed to a 5% increase in average ticket and 2% increase in comparable transactions.

Also contributing were the incremental revenues from 1,120 net new Starbucks company-operated store openings, or a 7% increase, over the past 12 months ($1.0 billion).

Partially offsetting these increases was the impact of the extra week in fiscal 2021 ($496 million) and unfavorable foreign currency translation ($368 million).

Licensed stores revenue increased $972 million, primarily driven by higher product and equipment sales to and royalty revenues from our licensees ($922 million) and the conversion of our Korea market from a joint venture to a fully licensed market in the fourth quarter of fiscal 2021 ($187 million).

Partially offsetting these increases were unfavorable foreign currency translation ($81 million) and the impact of the extra week in fiscal 2021 ($57 million).

Other revenues increased $249 million, primarily due to higher product sales and royalty revenue in the Global Coffee Alliance ($216 million) and growth in our ready-to-drink business ($44 million).

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

Product and distribution costs as a percentage of total net revenues increased 190 basis points, primarily due to higher supply chain costs due to inflationary pressures.

Store operating expenses as a percentage of company-operated store revenues increased 250 basis points, primarily due to investments and growth in labor, including enhanced retail store partner wages (approximately 320 basis points) as well as increased spend on new partner training and support costs (approximately 90 basis points).

Also contributing were lower temporary government subsidies (approximately 70 basis points).

These increases were partially offset by sales leverage.

Other operating expenses increased $102 million, primarily due to lapping a change in estimate relating to a transaction cost accrual ($23 million), higher support costs for our growing North America and International licensed stores ($22 million), transaction costs associated with our Russia market exit ($20 million) and strategic investments in technology and other initiatives ($15 million).

General and administrative expenses increased $99 million, primarily due to incremental investments in technology ($92 million), increased partner wages and benefits ($59 million) and higher support costs to address labor market conditions ($36 million).

These increases were partially offset by lower performance-based compensation ($95 million).

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

The Inflation Reduction Act was enacted on August 16, 2022, and includes a new 15% minimum tax on “adjusted financial statement income” beginning with the Company’s fiscal year 2024, and a new 1% excise tax on stock repurchases after December 31, 2022.

While these tax law changes have no immediate effect and are not expected to have a material impact on our future financial results, we will continue to evaluate its impact as further information becomes available.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| Fiscal Year Ended | | | Oct 2, 2022 | | | | | | Oct 3, 2021 | | | | | | Oct 2, 2022 | | | | | | Oct 3, 2021 | | |

These increases were partially offset by the impact of the extra week in fiscal 2021 ($427 million).

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 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.

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.

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).

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”).

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.

Costs incurred related to the restructuring efforts were recorded as restructuring and impairments on our consolidated statements of earnings.

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.

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.

Revenue for our Channel Development segment decreased $331 million, or 17%, when compared with fiscal 2020.

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.

(1)Two-year comparable store sales metric is calculated as ((1 + % change in comparable store sales in FY20) * (1 + % change in comparable store sales in FY21)) - 1.

Two-year comparable store sales for the U.S. of 7% = ((1 + (-12%)) * (1 + 21%)) - 1.

Operating margin expansion was primarily due to sales leverage from business recovery and lapping higher COVID-19 related costs in the prior year, mainly catastrophe and service pay for store partners, net of temporary subsidies from the U.S. and certain foreign governments, as well as pricing in North America in the current year.

These increases were partially offset by enhancements in retail store partner wages and benefits and, to a lesser extent, increased supply chain costs due to accelerated inflationary pressures in the latter half of fiscal 2021.

The increase was primarily driven by lapping the adverse impacts of COVID-19 in prior year.

| Other | | | 1,770.0 | | | | | | 2,026.3 | | | | | | (12.6) | | |

The growth in company-operated store revenue was driven by a 20% increase in comparable store sales ($3.8 billion), attributable to a 9% increase in comparable transactions and a 10% increase in average ticket, the incremental revenues from 524 net new Starbucks® company-operated store openings, or a 3% increase, over the past 12 months ($782 million), the impact of the extra week in fiscal 2021 ($496 million) and the impact of favorable foreign currency translation ($359 million).

Licensed stores revenue of $357 million also contributed to the increase in total net revenues, driven by higher product and equipment sales to and royalty revenues from our licensees ($270 million), the impact of the extra week in fiscal 2021 ($57 million) and the impact of favorable foreign currency translation ($28 million).

Other revenues decreased $256 million, primarily driven by the transition of certain single-serve product activities to Nestlé.

Product and distribution costs as a percentage of total net revenues decreased 260 basis points, primarily due to sales leverage driven by lapping the severe impact of the COVID-19 pandemic in the prior year and pricing in North America in the current year.

These decreases were partially offset by increased supply chain costs due to accelerated inflationary pressures in the latter half of fiscal 2021.

Store operating expenses as a percentage of company-operated store revenues decreased 770 basis points, primarily due to sales leverage from business recovery and lapping higher COVID-19 related costs in the prior year, mainly catastrophe and service pay for store partners, net of temporary subsidies from the U.S. and certain foreign governments (approximately 190 basis points) and labor efficiencies (approximately 110 basis points).

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended October [removed: 3, 2021] [added: 2, 2022] (“fiscal [removed: 2021”),] [added: 2022”),] Starbucks Corporation (together with its subsidiaries) is referred to as “Starbucks,” the “Company,” “we,” “us” or “our.”

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

In addition to our flagship Starbucks [removed: Coffee] [added: Coffee®] brand, we sell goods and services under the following brands: [removed: Teavana,] [added: Teavana®,] Seattle’s Best [removed: Coffee, Evolution Fresh, Ethos,] [added: Coffee®, Ethos®,] Starbucks [removed: Reserve] [added: Reserve®] and [removed: Princi.][added: Princi®.]

We believe [removed: incremental] [added: the continuous] investments in our [removed: brand, principally to support our people-] [added: brand] and [removed: planet-positive work,] [added: operations] will deliver long-term targeted revenue and income growth.

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

In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process and technology [removed: innovation.][added: innovation, including in our industry-leading digital platform.]

We believe the strength of our workforce is one of the significant contributors to our success as a global brand that leads with [removed: purpose as part of our people-positive vision.][added: purpose.]

We recognize the diversity of customers, partners and [removed: communities,] [added: communities] and believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures.

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

[added: Working under these principles, our Partner] Resources Organization is tasked with managing employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management and professional development.

Our Board of Directors [added: (the “Board”)] and Board committees provide oversight on certain human capital matters, including our Inclusion and Diversity programs and initiatives.

[removed: The results are shared with our partners and reviewed by] senior leadership, who analyze areas of progress or deterioration and prioritize actions and activities in response to this feedback to drive meaningful improvements in partner engagement.

[removed: *•Being] [added: - *Being] transparent in our approach to Inclusion and Diversity goal setting and progress.*

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 [added: in the U.S.] by 2025.

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

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

◦Publicizing self-identified [removed: race/ethnicity] [added: race/ethnicity/gender] of each member of our [removed: board of directors.][added: Board.]

[added: To foster a stronger sense of ownership and] align the interests of partners with shareholders, restricted stock units are provided to eligible non-executive partners under our broad-based stock incentive programs.

To help further promote an inclusive culture and to better serve our customers, we encourage U.S.-based partners to enroll in the [removed: To] [added: *To] Be [removed: Welcoming] [added: Welcoming*] courses we created in partnership with Arizona State University to address different forms of bias and discrimination.

As of October [removed: 3, 2021,] [added: 2, 2022,] Starbucks employed approximately [removed: 383,000] [added: 402,000] people worldwide.

In the U.S., Starbucks employed approximately [removed: 245,000] [added: 258,000] people, with approximately [removed: 235,000] [added: 248,000] in company-operated stores and the remainder in corporate support, store development, roasting, manufacturing, warehousing and distribution operations.

Approximately [removed: 138,000] [added: 144,000] employees were employed outside of the U.S., with approximately [removed: 135,000] [added: 140,000] in company-operated stores and the remainder in regional support operations.

| Michael Conway | | | | | | [removed: 55] [added: 56] | | | | | | group president, International and Channel Development | | |

| [removed: Rachel A. Gonzalez] [added: Zabrina Jenkins] | | | | | | 52 | | | | | | [added: acting] executive vice president and general counsel | | |

| Rachel Ruggeri | | | | | | [removed: 52] [added: 53] | | | | | | executive vice president, chief financial officer | | |

He currently serves on the Board of Directors of McCormick & Company, [removed: Incorporated.][added: Incorporated, a NYSE-listed spice and extract manufacturing company.]

She [removed: was] also [removed: a] [added: served as] vice president of Finance from December 2010 to September 2016 supporting Corporate Financial Planning & Analysis and the U.S. Retail business.

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

Revenues from our reportable operating segments as a percentage of total net revenues for fiscal [removed: 2021] [added: 2022] were as follows: North America [removed: (70%),] [added: (72%),] International [removed: (24%)] [added: (22%)] and Channel Development (6%).

Our Channel Development segment includes roasted whole bean and ground coffees, Seattle’s Best [removed: Coffee®,] [added: Coffee,] Starbucks- and Teavana-branded single-serve products, a variety of ready-to-drink beverages, such as Frappuccino® and Starbucks Doubleshot®, foodservice products and other branded products sold worldwide outside of our company-operated and licensed stores.

A large portion of our Channel Development business operates under a licensed model of the Global Coffee Alliance with Nestlé, while our global ready-to-drink businesses operate under collaborative relationships with PepsiCo, Inc., Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods [removed: amba] [added: amba, Nestlé] and others.

Company-operated and Licensed Store Summary as of October [removed: 3, 2021][added: 2, 2022:]

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

Revenue from company-operated stores accounted for [removed: 85%] [added: 82%] of total net revenues during fiscal [removed: 2021.][added: 2022.]

Store growth in specific existing markets will vary due to many factors, including expected financial returns, the maturity of the market, economic conditions, consumer behavior and local business [removed: practices.][added: environment.]

Company-operated store data for the fiscal year-ended October [removed: 3, 2021:][added: 2, 2022:]

| | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Opened | | | | | | Closed | | | | | | Transfers | | | | | | Net | | | | | | Oct [removed: 3, 2021] [added: 2, 2022] | | |

| Siren Retail | | | [removed: 9] [added: 6] | | | | | | [removed: 1] [added: —] | | | | | | [removed: (4)] [added: (1)] | | | | | | — | | | | | | [removed: (3)] [added: (1)] | | | | | | [removed: 6] [added: 5] | | |

| Japan | | | [removed: 1,464] [added: 1,546] | | | | | | [removed: 95] [added: 102] | | | | | | [removed: (13)] [added: (18)] | | | | | | — | | | | | | [removed: 82] [added: 84] | | | | | | [removed: 1,546] [added: 1,630] | | |

| U.K. | | | [removed: 288] [added: 298] | | | | | | [removed: 15] [added: 29] | | | | | | [removed: (5)] [added: (6)] | | | | | | [removed: —] [added: (3)] | | | | | | [removed: 10] [added: 20] | | | | | | [removed: 298] [added: 318] | | |

Starbucks has always been a different kind of company – one deep with purpose, where we work together to create a positive impact in the world.

With coffee at our core, we pursue ambitious goals for our partners (employees), our communities and our planet because we believe it is our role and responsibility to create a thriving business powered by thriving people for a thriving planet and communities.

Starbucks work to uplift one another extends well beyond our partners to the communities where we do business around the world.

We are committed to responsible and ethical sourcing led by Coffee and Farmer Equity (C.A.F.E.) Practices, the company’s third-party verification program and the cornerstone of our approach to ethical sourcing coffee, as well as a more sustainable, resilient future for our planet and for our communities.

We invest in the well-being – the mental, physical and financial health – of every partner through our practices, policies and benefits.

This work is grounded in the belief that we are at our best when we create inclusive and welcoming environments, where we uplift one another with dignity, respect and kindness.

And we are hard at work uplifting our communities and building environments in our stores that are welcoming and safe.

The results are shared with our partners and reviewed by

◦Expanding our mentorship program designed to foster and deepen understanding of inclusion, diversity, equity and accessibility and provide partners in corporate and retail roles, including Black, Indigenous and people of color (“BIPOC”) and lesbian, gay, bisexual, transgender, queer and/or questioning (“LGBTQ+”) partners, development opportunities and connections with senior leaders.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

Some Starbucks partners in company-operated stores are represented by unions, though it is an immaterial portion of our total workforce.

| Howard Schultz | | | | | | 69 | | | | | | interim chief executive officer | | |

| Laxman Narasimhan | | | | | | 55 | | | | | | chief executive officer-elect | | |

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

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

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

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

Howard Schultz is the founder of Starbucks Corporation and has served as interim chief executive officer and a member of the Starbucks Board since April 2022.

Mr. Schultz previously served as chairman of the Board of Starbucks since its inception in 1985 and until June 2018, and since 2018 has held the role of founder and chairman emeritus of Starbucks.

He also previously served as chief executive officer from January 2008 to April 2017 and from November 1985 to June 2000, and as president from January 2008 until March 2015 and from November 1985 to June 1994.

From June 2000 to February 2005, Mr. Schultz also held the title of chief global strategist.

Mr. Schultz also held leadership and director roles with Il Giornale Coffee Company and Starbucks Coffee Company, which were predecessors to Starbucks.

Laxman Narasimhan joined Starbucks as its chief executive officer-elect on October 1, 2022.

Prior to joining Starbucks, Mr. Narasimhan served as Chief Executive Officer of Reckitt Benckiser Group Plc (“Reckitt”), a FTSE 12 listed British multinational consumer health, hygiene and nutrition company, since September 2019.

Prior to joining Reckitt, Mr. Narasimhan held various roles at PepsiCo from 2012 to 2019.

He served as PepsiCo’s Group Chief Commercial Officer until July 2019, and prior to that beginning in 2012 served as Chief Executive Officer - Latin America, Europe and Sub-Saharan Africa, Chief Executive Officer - Latin America and Chief Financial Officer of PepsiCo Americas Foods.

Prior to joining PepsiCo, Mr. Narasimhan spent 19 years at McKinsey & Company, where he focused on its consumer, retail and technology practices in the U.S., Asia and India.

Mr. Narasimhan currently serves on the Board of Directors of Verizon Communications, Inc., a NYSE-listed telecommunications company.

Mr. Narasimhan is a trustee of the Brookings Institution and a member of the Council on Foreign Relations.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

Zabrina Jenkins joined the Starbucks legal department in 2005 and was named acting executive vice president and general counsel in April 2022, where she leads legal and regulatory affairs, global security and ethics and compliance for the company.

Prior to being named acting executive vice president, she served as senior vice president, deputy general counsel from February 2020 to April 2022.

She previously held roles as senior vice president, deputy general counsel, interim chief ethics and compliance officer, lead legal advisor for Teavana and was a member of the Starbucks 2018 Philadelphia incident crisis management response team.

She serves as an independent board director for Retail Opportunity Investments Corp., a Nasdaq-listed national manager of retail shopping centers, and is a member of the Board of Trustees for Central Washington University.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| Company-operated stores | | | 10,216 | | | | | | 59 | | % | | | | 8,037 | | | | | | 44 | | % | | | | | | | | | | | | | 18,253 | | | | | | 51 | | % |

| Licensed stores | | | 7,079 | | | | | | 41 | | % | | | | 10,379 | | | | | | 56 | | % | | | | | | | | | | | | | 17,458 | | | | | | 49 | | % |

| Total | | | 17,295 | | | | | | 100 | | % | | | | 18,416 | | | | | | 100 | | % | | | | | | | | | | | | | 35,711 | | | | | | 100 | | % |

| U.S. | | | 8,947 | | | | | | 437 | | | | | | (116) | | | | | | (3) | | | | | | 318 | | | | | | 9,265 | | |

| Canada | | | 908 | | | | | | 44 | | | | | | (6) | | | | | | — | | | | | | 38 | | | | | | 946 | | |

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 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.

As a company, Starbucks mission is not only to deliver outstanding financial results by offering exceptional and unique products and services, but to also create a strong connection with the communities where we operate.

This is largely attributed to our partners who strive every day to create a welcoming and inclusive environment.

Working under these principles, our Partner

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.

◦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.

To foster a stronger sense of ownership and

The number of Starbucks partners represented by unions is not significant.

| Kevin R. Johnson | | | | | | 61 | | | | | | president and chief executive officer | | |

| John Culver | | | | | | 61 | | | | | | group president, North America, and chief operating officer | | |

| Angela Lis | | | | | | 54 | | | | | | executive vice president, chief partner officer | | |

| Gina Woods | | | | | | 48 | | | | | | executive vice president, Public Affairs and Social Impact | | |

Kevin R.

Johnson has served as president and chief executive officer since April 2017 and has been a Starbucks director since March 2009.

Mr. Johnson served as president and chief operating officer from March 2015 to April 2017.

Mr. Johnson served as Chief Executive Officer of Juniper Networks, Inc., a leading provider of high-performance networking products and services, from September 2008 to December 2013.

He also served on the Board of Directors of Juniper Networks from September 2008 to February 2014.

Prior to joining Juniper Networks, Mr. Johnson served as President, Platforms and Services Division for Microsoft Corporation, a worldwide provider of software, services and solutions.

Mr. Johnson was a member of Microsoft’s Senior Leadership Team and held several senior executive positions over the course of his 16 years at Microsoft.

Prior to joining Microsoft in 1992, Mr. Johnson worked in International Business Machine Corp.’s systems integration and consulting business.

John Culver joined Starbucks in August 2002 and has served as group president, North America and chief operating officer since July 2021.

From July 2018 to July 2021, Mr. Culver served as group president, International, Channel Development and Global Coffee & Tea.

From October 2017 to July 2018, Mr. Culver served as group president, International and Channels.

From September 2016 to October 2017, he served as group president, Starbucks Global Retail.

See [Note [removed: 16](#i6f0f6353eb914b2d80f77509ec853b83_184),] [added: 16](#ia75cc8f98747496589a1ed7893374c6c_178),] 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.

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

For the Fiscal Year Ended October [removed: 3, 2021][added: 2, 2022]

Commission File Number: [removed: 0-20322][added: 000-20322]

[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 [removed: March 28, 2021] [added: April 3, 2022] as reported on the Nasdaq Global Select Market was [removed: $129.3] [added: $104.8] billion.

As of November [removed: 12, 2021,] [added: 11, 2022,] there were [removed: 1,173.2] [added: 1,147.8] 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: 16, 2022] [added: 23, 2023] have been incorporated by reference into Part III of this Annual Report on Form 10-K.

| Item 1 | | | [removed: [Business](#i6f0f6353eb914b2d80f77509ec853b83_16)] [added: [Business](#ia75cc8f98747496589a1ed7893374c6c_16)] | | | [removed: [2](#i6f0f6353eb914b2d80f77509ec853b83_16)] [added: [2](#ia75cc8f98747496589a1ed7893374c6c_16)] | | |

| Item 1A | | | [Risk [removed: Factors](#i6f0f6353eb914b2d80f77509ec853b83_19)] [added: Factors](#ia75cc8f98747496589a1ed7893374c6c_19)] | | | [removed: [11](#i6f0f6353eb914b2d80f77509ec853b83_19)] [added: [10](#ia75cc8f98747496589a1ed7893374c6c_19)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i6f0f6353eb914b2d80f77509ec853b83_22)] [added: Comments](#ia75cc8f98747496589a1ed7893374c6c_22)] | | | [removed: [22](#i6f0f6353eb914b2d80f77509ec853b83_22)] [added: [21](#ia75cc8f98747496589a1ed7893374c6c_22)] | | |

| Item 2 | | | [removed: [Properties](#i6f0f6353eb914b2d80f77509ec853b83_25)] [added: [Properties](#ia75cc8f98747496589a1ed7893374c6c_25)] | | | [removed: [22](#i6f0f6353eb914b2d80f77509ec853b83_25)] [added: [22](#ia75cc8f98747496589a1ed7893374c6c_25)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i6f0f6353eb914b2d80f77509ec853b83_28)] [added: Proceedings](#ia75cc8f98747496589a1ed7893374c6c_28)] | | | [removed: [22](#i6f0f6353eb914b2d80f77509ec853b83_28)] [added: [22](#ia75cc8f98747496589a1ed7893374c6c_28)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i6f0f6353eb914b2d80f77509ec853b83_31)] [added: Disclosures](#ia75cc8f98747496589a1ed7893374c6c_31)] | | | [removed: [22](#i6f0f6353eb914b2d80f77509ec853b83_31)] [added: [22](#ia75cc8f98747496589a1ed7893374c6c_31)] | | |

| Item 5 | | | [Market for the Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity [removed: Securities](#i6f0f6353eb914b2d80f77509ec853b83_37)] [added: Securities](#ia75cc8f98747496589a1ed7893374c6c_37)] | | | [removed: [23](#i6f0f6353eb914b2d80f77509ec853b83_37)] [added: [23](#ia75cc8f98747496589a1ed7893374c6c_37)] | | |

| Item 6 | | | [removed: [Reserved](#i6f0f6353eb914b2d80f77509ec853b83_40)] [added: [Reserved](#ia75cc8f98747496589a1ed7893374c6c_40)] | | | [removed: [25](#i6f0f6353eb914b2d80f77509ec853b83_40)] [added: [25](#ia75cc8f98747496589a1ed7893374c6c_40)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i6f0f6353eb914b2d80f77509ec853b83_43)] [added: Operations](#ia75cc8f98747496589a1ed7893374c6c_43)] | | | [removed: [26](#i6f0f6353eb914b2d80f77509ec853b83_43)] [added: [26](#ia75cc8f98747496589a1ed7893374c6c_43)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i6f0f6353eb914b2d80f77509ec853b83_97)] [added: Risk](#ia75cc8f98747496589a1ed7893374c6c_91)] | | | [removed: [40](#i6f0f6353eb914b2d80f77509ec853b83_97)] [added: [40](#ia75cc8f98747496589a1ed7893374c6c_91)] | | |

| Item 8 | | | [Financial Statements and Supplementary [removed: Data](#i6f0f6353eb914b2d80f77509ec853b83_100)] [added: Data](#ia75cc8f98747496589a1ed7893374c6c_94)] | | | [removed: [41](#i6f0f6353eb914b2d80f77509ec853b83_100)] [added: [41](#ia75cc8f98747496589a1ed7893374c6c_94)] | | |

| | | | [Index for Notes to Consolidated Financial [removed: Statements](#i6f0f6353eb914b2d80f77509ec853b83_124)] [added: Statements](#ia75cc8f98747496589a1ed7893374c6c_118)] | | | [removed: [46](#i6f0f6353eb914b2d80f77509ec853b83_124)] [added: [46](#ia75cc8f98747496589a1ed7893374c6c_118)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i6f0f6353eb914b2d80f77509ec853b83_199)] [added: Firm](#ia75cc8f98747496589a1ed7893374c6c_193)] | | | [removed: [81](#i6f0f6353eb914b2d80f77509ec853b83_199)] [added: [80](#ia75cc8f98747496589a1ed7893374c6c_193)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i6f0f6353eb914b2d80f77509ec853b83_202)] [added: Disclosure](#ia75cc8f98747496589a1ed7893374c6c_196)] | | | [removed: [83](#i6f0f6353eb914b2d80f77509ec853b83_202)] [added: [82](#ia75cc8f98747496589a1ed7893374c6c_196)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i6f0f6353eb914b2d80f77509ec853b83_205)] [added: Procedures](#ia75cc8f98747496589a1ed7893374c6c_199)] | | | [removed: [83](#i6f0f6353eb914b2d80f77509ec853b83_205)] [added: [82](#ia75cc8f98747496589a1ed7893374c6c_199)] | | |

| Item 9B | | | [Other [removed: Information](#i6f0f6353eb914b2d80f77509ec853b83_211)] [added: Information](#ia75cc8f98747496589a1ed7893374c6c_205)] | | | [removed: [85](#i6f0f6353eb914b2d80f77509ec853b83_211)] [added: [84](#ia75cc8f98747496589a1ed7893374c6c_205)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i6f0f6353eb914b2d80f77509ec853b83_2502)] [added: Inspections](#ia75cc8f98747496589a1ed7893374c6c_208)] | | | [removed: [85](#i6f0f6353eb914b2d80f77509ec853b83_211)] [added: [84](#ia75cc8f98747496589a1ed7893374c6c_208)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#i6f0f6353eb914b2d80f77509ec853b83_217)] [added: Governance](#ia75cc8f98747496589a1ed7893374c6c_214)] | | | [removed: [86](#i6f0f6353eb914b2d80f77509ec853b83_217)] [added: [85](#ia75cc8f98747496589a1ed7893374c6c_214)] | | |

| Item 11 | | | [Executive [removed: Compensation](#i6f0f6353eb914b2d80f77509ec853b83_220)] [added: Compensation](#ia75cc8f98747496589a1ed7893374c6c_217)] | | | [removed: [86](#i6f0f6353eb914b2d80f77509ec853b83_220)] [added: [85](#ia75cc8f98747496589a1ed7893374c6c_217)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters](#i6f0f6353eb914b2d80f77509ec853b83_223)] [added: Matters](#ia75cc8f98747496589a1ed7893374c6c_220)] | | | [removed: [86](#i6f0f6353eb914b2d80f77509ec853b83_223)] [added: [85](#ia75cc8f98747496589a1ed7893374c6c_220)] | | |

| Item 13 | | | [Certain [removed: Relationships](#i6f0f6353eb914b2d80f77509ec853b83_226) [and](#i6f0f6353eb914b2d80f77509ec853b83_226) [Related] [added: Relationships and Related] Transactions and Director [removed: Independence](#i6f0f6353eb914b2d80f77509ec853b83_226)] [added: Independence](#ia75cc8f98747496589a1ed7893374c6c_223)] | | | [removed: [86](#i6f0f6353eb914b2d80f77509ec853b83_226)] [added: [85](#ia75cc8f98747496589a1ed7893374c6c_223)] | | |

| Item 14 | | | [Principal [removed: Account](#i6f0f6353eb914b2d80f77509ec853b83_229)[a](#i6f0f6353eb914b2d80f77509ec853b83_229)[nt](#i6f0f6353eb914b2d80f77509ec853b83_229) [Fees] [added: Accountant Fees] and [removed: Services](#i6f0f6353eb914b2d80f77509ec853b83_229)] [added: Services](#ia75cc8f98747496589a1ed7893374c6c_226)] | | | [removed: [86](#i6f0f6353eb914b2d80f77509ec853b83_229)] [added: [85](#ia75cc8f98747496589a1ed7893374c6c_226)] | | |

| Item 15 | | | [removed: [Exhibits](#i6f0f6353eb914b2d80f77509ec853b83_235) [and](#i6f0f6353eb914b2d80f77509ec853b83_235) [Financial] [added: [Exhibits and Financial] Statement [removed: Schedules](#i6f0f6353eb914b2d80f77509ec853b83_235)] [added: Schedules](#ia75cc8f98747496589a1ed7893374c6c_232)] | | | [removed: [87](#i6f0f6353eb914b2d80f77509ec853b83_235)] [added: [86](#ia75cc8f98747496589a1ed7893374c6c_232)] | | |

| Item 16 | | | [Form 10-K [removed: Summary](#i6f0f6353eb914b2d80f77509ec853b83_2486)] [added: Summary](#ia75cc8f98747496589a1ed7893374c6c_247)] | | | [removed: [92](#i6f0f6353eb914b2d80f77509ec853b83_2486)] [added: [92](#ia75cc8f98747496589a1ed7893374c6c_247)] | | |

| [removed: [SIGNATURES](#i6f0f6353eb914b2d80f77509ec853b83_250)] [added: [SIGNATURES](#ia75cc8f98747496589a1ed7893374c6c_250)] | | | | | | [removed: [93](#i6f0f6353eb914b2d80f77509ec853b83_250)] [added: [93](#ia75cc8f98747496589a1ed7893374c6c_250)] | | |

They often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” “may,” “aims,” “intends,” or “projects.” A forward-looking statement is neither a prediction nor a guarantee of future events or [removed: circumstances,] [added: circumstances] and those future events or circumstances may not occur.

We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or [removed: otherwise.][added: otherwise, except as required by law.]

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

For the Fiscal Year Ended October 2, 2022

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| Seattle, WA | | | [removed: 1,288,000] [added: 1,145,000] | | | | | | Corporate administrative | | |

| Shanghai, China | | | [removed: 175,000] [added: 225,000] | | | | | | Corporate administrative | | |

As of October [removed: 3, 2021,] [added: 2, 2022,] Starbucks had [removed: 17,133] [added: 18,253] company-operated stores, almost all of which are leased.

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

As of November [removed: 12, 2021,] [added: 11, 2022,] we had approximately 18,000 shareholders of record.

Future decisions to pay comparable cash dividends continue to be at the discretion of the Board [removed: of Directors] and will be dependent on our operating performance, financial condition, capital expenditure requirements and other factors that the Board [removed: 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, as amended] (the “Exchange [removed: Act”), as amended,] [added: Act”)] or through privately negotiated transactions.

During the [added: fourth] fiscal [removed: year] [added: quarter] ended October [removed: 3, 2021,] [added: 2, 2022,] there was no share repurchase activity.

As of October [removed: 3, 2021, 48.9] [added: 2, 2022, 52.6] million shares remained available for repurchase under current authorizations.

[removed: Due to our business recovery and restoration of certain leverage metrics, we] [added: We] have resumed our share repurchase program in the first quarter of fiscal [removed: 2022.][added: 2023.]

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

The following graph depicts the total return to shareholders from October [removed: 2, 2016,] [added: 1, 2017,] through October [removed: 3, 2021,] [added: 2, 2022,] relative to the performance of the Standard & Poor’s 500 Index, the [removed: NASDAQ] [added: 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 October [removed: 2, 2016,] [added: 1, 2017,] and assume an investment of $100 on that date and the reinvestment of dividends paid since that date.

[removed: ][added: ]

| | | | Oct [removed: 2, 2016 | | | | | | Oct] 1, 2017 | | | | | | Sep 30, 2018 | | | | | | Sep 29, 2019 | | | | | | Sep 27, 2020 | | | | | | Oct 3, 2021 | | | [added: | | | Oct 2, 2022 | | |]

On April, 4, 2022, we announced a temporary suspension of our share repurchase program to allow us to augment investments in our stores and partners.

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 108.29 | | | | | $ | 171.58 | | | | | $ | 167.04 | | | | | $ | 227.59 | | | | | $ | 173.61 | |

| S&P 500 | | | 100.00 | | | | | | 117.91 | | | | | | 122.93 | | | | | | 141.55 | | | | | | 184.02 | | | | | | 155.55 | | |

| Nasdaq Composite | | | 100.00 | | | | | | 125.17 | | | | | | 125.82 | | | | | | 177.36 | | | | | | 231.03 | | | | | | 170.38 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 132.54 | | | | | | 135.66 | | | | | | 174.86 | | | | | | 208.34 | | | | | | 164.81 | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_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 | | |

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

| Fiscal Year Ended | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | | | | | Sep [removed: 29, 2019] [added: 27, 2020] | | |

| Company-operated stores | | | $ | [removed: 24,607.0] [added: 26,576.1] | | | | | $ | [removed: 19,164.6] [added: 24,607.0] | | | | | $ | [removed: 21,544.4] [added: 19,164.6] | |

| Licensed stores | | | [removed: 2,683.6] [added: 3,655.5] | | | | | | [removed: 2,327.1] [added: 2,683.6] | | | | | | [removed: 2,875.0] [added: 2,327.1] | | |

| Other | | | [removed: 1,770.0] [added: 2,018.7] | | | | | | [removed: 2,026.3] [added: 1,770.0] | | | | | | [removed: 2,089.2] [added: 2,026.3] | | |

| Total net revenues | | | [removed: 29,060.6] [added: 32,250.3] | | | | | | [removed: 23,518.0] [added: 29,060.6] | | | | | | [removed: 26,508.6] [added: 23,518.0] | | |

| Product and distribution costs | | | [removed: 8,738.7] [added: 10,317.4] | | | | | | [removed: 7,694.9] [added: 8,738.7] | | | | | | [removed: 8,526.9] [added: 7,694.9] | | |

| Store operating expenses | | | [removed: 11,930.9] [added: 13,561.8] | | | | | | [removed: 10,764.0] [added: 11,930.9] | | | | | | [removed: 10,493.6] [added: 10,764.0] | | |

| Other operating expenses | | | [removed: 359.5] [added: 461.5] | | | | | | [removed: 430.3] [added: 359.5] | | | | | | [removed: 371.0] [added: 430.3] | | |

| Depreciation and amortization expenses | | | [removed: 1,441.7] [added: 1,447.9] | | | | | | [removed: 1,431.3] [added: 1,441.7] | | | | | | [removed: 1,377.3] [added: 1,431.3] | | |

| General and administrative expenses | | | [removed: 1,932.6] [added: 2,032.0] | | | | | | [removed: 1,679.6] [added: 1,932.6] | | | | | | [removed: 1,824.1] [added: 1,679.6] | | |

| Restructuring and impairments | | | [removed: 170.4] [added: 46.0] | | | | | | [removed: 278.7] [added: 170.4] | | | | | | [removed: 135.8] [added: 278.7] | | |

| Total operating expenses | | | [removed: 24,573.8] [added: 27,866.6] | | | | | | [removed: 22,278.8] [added: 24,573.8] | | | | | | [removed: 22,728.7] [added: 22,278.8] | | |

| Income from equity investees | | | [removed: 385.3] [added: 234.1] | | | | | | [removed: 322.5] [added: 385.3] | | | | | | [removed: 298.0] [added: 322.5] | | |

| Operating income | | | [removed: 4,872.1] [added: 4,617.8] | | | | | | [removed: 1,561.7] [added: 4,872.1] | | | | | | [removed: 4,077.9] [added: 1,561.7] | | |

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

| Interest income and other, net | | | [removed: 90.1] [added: 97.0] | | | | | | [removed: 39.7] [added: 90.1] | | | | | | [removed: 96.5] [added: 39.7] | | |

| Interest expense | | | [removed: (469.8)] [added: (482.9)] | | | | | | [removed: (437.0)] [added: (469.8)] | | | | | | [removed: (331.0)] [added: (437.0)] | | |

| Earnings before income taxes | | | [removed: 5,356.9] [added: 4,231.9] | | | | | | [removed: 1,164.4] [added: 5,356.9] | | | | | | [removed: 4,466.2] [added: 1,164.4] | | |

| Income tax expense | | | [removed: 1,156.6] [added: 948.5] | | | | | | [removed: 239.7] [added: 1,156.6] | | | | | | [removed: 871.6] [added: 239.7] | | |

| Net earnings including noncontrolling interests | | | [removed: 4,200.3] [added: 3,283.4] | | | | | | [removed: 924.7] [added: 4,200.3] | | | | | | [removed: 3,594.6] [added: 924.7] | | |

| Net earnings/(loss) attributable to noncontrolling interests | | | [removed: 1.0] [added: 1.8] | | | | | | [removed: (3.6)] [added: 1.0] | | | | | | [removed: (4.6)] [added: (3.6)] | | |

| Net earnings attributable to Starbucks | | | $ | [removed: 4,199.3] [added: 3,281.6] | | | | | $ | [removed: 928.3] [added: 4,199.3] | | | | | $ | [removed: 3,599.2] [added: 928.3] | |

| Earnings per share — basic | | | $ | [removed: 3.57] [added: 2.85] | | | | | $ | [removed: 0.79] [added: 3.57] | | | | | $ | [removed: 2.95] [added: 0.79] | |

| Earnings per share — diluted | | | $ | [removed: 3.54] [added: 2.83] | | | | | $ | [removed: 0.79] [added: 3.54] | | | | | $ | [removed: 2.92] [added: 0.79] | |

| Basic | | | [removed: 1,177.6] [added: 1,153.3] | | | | | | [removed: 1,172.8] [added: 1,177.6] | | | | | | [removed: 1,221.2] [added: 1,172.8] | | |

| Diluted | | | [removed: 1,185.5] [added: 1,158.5] | | | | | | [removed: 1,181.8] [added: 1,185.5] | | | | | | [removed: 1,233.2] [added: 1,181.8] | | |

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

| Net earnings including noncontrolling interests | | | $ | [removed: 4,200.3] [added: 3,283.4] | | | | | $ | [removed: 924.7] [added: 4,200.3] | | | | | $ | [removed: 3,594.6] [added: 924.7] | |

| Unrealized holding gains/(losses) on available-for-sale securities | | | [removed: (3.4)] [added: (22.8)] | | | | | | [removed: 8.3] [added: (3.4)] | | | | | | [removed: 10.5] [added: 8.3] | | |

| Tax [removed: (expense)/benefit] [added: benefit/(expense)] | | | [removed: 0.7] [added: 5.6] | | | | | | [removed: (1.8)] [added: 0.7] | | | | | | [removed: (2.3)] [added: (1.8)] | | |

| Unrealized gains/(losses) on cash flow hedging instruments | | | [removed: 283.8] [added: 259.5] | | | | | | [removed: (126.3)] [added: 283.8] | | | | | | [removed: (14.1)] [added: (126.3)] | | |

| Tax (expense)/benefit | | | [removed: (43.6)] [added: (52.8)] | | | | | | [removed: 31.3] [added: (43.6)] | | | | | | [removed: 3.4] [added: 31.3] | | |

| Unrealized gains/(losses) on net investment hedging instruments | | | [removed: 63.1] [added: 229.0] | | | | | | [removed: 38.7] [added: 63.1] | | | | | | [removed: (39.8)] [added: 38.7] | | |

| Tax [removed: (expense)/benefit] [added: (expense)] | | | [removed: (16.0)] [added: (57.9)] | | | | | | [removed: (9.8)] [added: (16.0)] | | | | | | [removed: 10.1] [added: (9.8)] | | |

| Translation adjustment and other | | | [removed: 188.2] [added: (794.7)] | | | | | | [removed: 206.9] [added: 188.2] | | | | | | [removed: (146.2)] [added: 206.9] | | |

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

| Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment and other | | | [removed: 41.8] [added: (210.5)] | | | | | | [removed: (20.1)] [added: 41.8] | | | | | | [removed: 1.3] [added: (20.1)] | | |

| Tax expense/(benefit) | | | [removed: (5.0)] [added: 34.2] | | | | | | [removed: 5.2] [added: (5.0)] | | | | | | [removed: 1.6] [added: 5.2] | | |

| Other comprehensive income/(loss) | | | [removed: 511.8] [added: (610.4)] | | | | | | [removed: 133.9] [added: 511.8] | | | | | | [removed: (173.0)] [added: 133.9] | | |

| Comprehensive income including noncontrolling interests | | | [removed: 4,712.1] [added: 2,673.0] | | | | | | [removed: 1,058.6] [added: 4,712.1] | | | | | | [removed: 3,421.6] [added: 1,058.6] | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| | | | Oct 2, 2022 | | | | | | Oct 3, 2021 | | |

| Accrued liabilities | | | 2,137.1 | | | | | | 2,321.2 | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| Net earnings including noncontrolling interests | | | $ | 3,283.4 | | | | | $ | 4,200.3 | | | | | $ | 924.7 | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

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

| Net earnings | | | — | | | | | | — | | | | | | — | | | | | | 3,281.6 | | | | | | — | | | | | | 3,281.6 | | | | | | 1.8 | | | | | | 3,283.4 | | |

| Repurchase of common stock | | | (36.3) | | | | | | — | | | | | | (890.8) | | | | | | (3,122.2) | | | | | | — | | | | | | (4,013.0) | | | | | | — | | | | | | (4,013.0) | | |

| Net distributions to noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.6) | | | | | | (0.6) | | |

| Balance, October 2, 2022 | | | 1,147.9 | | | | | | $ | 1.1 | | | | | $ | 205.3 | | | | | $ | (8,449.8) | | | | | $ | (463.2) | | | | | $ | (8,706.6) | | | | | $ | 7.9 | | | | | $ | (8,698.7) | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| Note 5 | | | [Inventories](#ia75cc8f98747496589a1ed7893374c6c_142) | | | [63](#ia75cc8f98747496589a1ed7893374c6c_142) | | |

| Note 9 | | | [Debt](#ia75cc8f98747496589a1ed7893374c6c_154) | | | [66](#ia75cc8f98747496589a1ed7893374c6c_154) | | |

| Note 10 | | | [Leases](#ia75cc8f98747496589a1ed7893374c6c_157) | | | [69](#ia75cc8f98747496589a1ed7893374c6c_157) | | |

| Note 12 | | | [Equity](#ia75cc8f98747496589a1ed7893374c6c_163) | | | [70](#ia75cc8f98747496589a1ed7893374c6c_163) | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

Certain prior period information on the consolidated balance sheets and consolidated statements of cash flows have been reclassified to conform to the current presentation.

In fiscal 2022, we announced our plan in the U.S. market to increase efficiency while elevating the partner and customer experience (the “Reinvention Plan”).

We believe the investments in partner wages and trainings will increase retention and productivity while the acceleration of purpose-built store concepts and innovations in technologies will provide additional convenience and connection with our customers.

As a result of the restructuring efforts in connection with the Reinvention Plan, we recorded $46.0 million to restructuring and impairments on our consolidated statements of earnings.

Future restructuring and impairment costs attributable to our Reinvention Plan are not expected to be material.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

In fiscal 2021, we substantially completed our plan to reposition our North America store portfolio, primarily in dense metropolitan markets by pursuing strategic store closures and focusing on new store formats that better cater to changing customer tastes and preferences.

As this restructuring plan was substantially completed in fiscal 2021, we did not recognize any material restructuring and impairment amounts related to this plan during the fiscal year ended October 2, 2022.

*Structured Deposits*

We hold short-term, principal-protected structured deposits that provide returns in the form of both fixed and variable yields; such variable yields are indexed to foreign exchange rates, equity-linked instruments or interest rate indices.

The Company has elected to account for these using the fair value option with gains and losses recorded in our consolidated statements of earnings.

For fiscal 2022, 2021 and 2020, resulting gains and losses were immaterial to our consolidated statements of earnings.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

event indicates impairment may be present.

As of October 2, 2022, cash collateral pledged as part of our commodity derivative margin requirements was $75.6 million and is included in prepaid expenses and other current assets on our consolidated balance sheets.

As of October 3, 2021, cash collateral pledged as part of our commodity derivative margin requirements was $72.5 million and is included in cash and cash equivalents on our consolidated balance sheets.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

We review contracts for identified assets where we have the right to direct the use of the asset and record those agreements as embedded leases on our consolidated balance sheet.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

determined using the effective interest method.

In fiscal 2021, we substantially completed our plan to optimize our North America store portfolio and we did not recognize any material restructuring and impairment amounts related to this plan during the fiscal year ended October 2, 2022.

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

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

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

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

| Accrued liabilities | | | 1,973.2 | | | | | | 1,160.7 | | |

| Goodwill impairments | | | — | | | | | | — | | | | | | 10.5 | | |

| Balance, September 30, 2018 | | | 1,309.1 | | | | | | $ | 1.3 | | | | | $ | 41.1 | | | | | $ | 1,457.4 | | | | | $ | (330.3) | | | | | $ | 1,169.5 | | | | | $ | 6.3 | | | | | $ | 1,175.8 | |

| Cumulative effect of adoption of new accounting guidance | | | — | | | | | | — | | | | | | — | | | | | | 495.6 | | | | | | — | | | | | | 495.6 | | | | | | — | | | | | | 495.6 | | |

| Net earnings/(loss) | | | — | | | | | | — | | | | | | — | | | | | | 3,599.2 | | | | | | — | | | | | | 3,599.2 | | | | | | (4.6) | | | | | | 3,594.6 | | |

| Repurchase of common stock | | | (139.6) | | | | | | (0.1) | | | | | | (609.6) | | | | | | (9,521.8) | | | | | | — | | | | | | (10,131.5) | | | | | | — | | | | | | (10,131.5) | | |

| Noncontrolling interest resulting from divestiture | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.3 | | | | | | 8.3 | | |

| Note 5 | | | [Inventories](#i6f0f6353eb914b2d80f77509ec853b83_148) | | | [63](#i6f0f6353eb914b2d80f77509ec853b83_148) | | |

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

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

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

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.

Company-operated store asset impairments were the result of either a triggering event that occurred where the assets were determined not to be recoverable or the store was permanently closed.

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

revenue growth and operating expenses that are considered Level 3 fair value measurements as well as applicable discount rates and market lease rates.

The application of these projections and fair value measurements did not have a significant impact on our final impairment charges given that we have closed substantially all of these identified stores.

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.

Restructuring-related accrued employee termination costs included in accrued payroll and benefits on the consolidated balance sheets were immaterial as of October 3, 2021 and September 27, 2020.

Cash payments relating to these liabilities were immaterial for the fiscal years ended October 3, 2021 and September 27, 2020.

We enter into fixed-price and price-to-be-fixed green coffee purchase commitments, which are described further in [Note 5](#i6f0f6353eb914b2d80f77509ec853b83_148), Inventories.

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

To assist certain international licensed partners with their business recovery from the impact of the COVID-19 pandemic, we provided payment extensions for their outstanding receivables to help them dedicate their capital to further develop stores and build the brand.

During the third quarter of fiscal 2020, we also temporarily waived royalty payments from our international licensees and did not recognize royalty revenues associated with these accounts.

Normal royalty billings and collections resumed during the fourth quarter of fiscal 2020.

We do not believe the terms and forms of these financial relief actions changed our revenue recognition policy or had a significant impact on future collectability.

shorter of the useful life of the leased asset or the lease term.

In fiscal 2019, we recorded goodwill impairment of $10.5 million.

There were no significant other intangible asset impairments charges recorded during fiscal 2019.

During the year ended October 3, 2021, we deferred $81.7 million of qualified payroll tax payments.

*Recent Accounting Pronouncements Not Yet Adopted*

We expect to adopt the guidance and begin transitioning from

LIBOR to alternative reference rates in the first quarter of fiscal 2022.

*Fiscal 2019*

In the third quarter of fiscal 2019, we sold our company-operated retail business in Thailand to Coffee Concepts Thailand, a joint-venture between Maxim's Caterers Limited and F&N Retail Connection Co. Ltd, converting this operation to a fully licensed market.

This transaction resulted in a pre-tax gain of $601.9 million, which was included in net gains resulting from divestiture of certain operations on our consolidated statements of earnings.

In the second quarter of fiscal 2019, we sold our company-operated retail businesses in France and the Netherlands to Alsea, S.A.B. de C.V. converting these operations to fully licensed markets.

The resulting gains or losses are

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed or submitted under the [removed: Securities] Exchange [removed: Act of 1934, as amended (the “Exchange Act”),] [added: Act,] is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

During the fourth quarter of fiscal [removed: 2021,] [added: 2022,] we carried out an evaluation, under the supervision and with the participation of our management, including our [added: interim] 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 (October [removed: 3, 2021).][added: 2, 2022).]

The certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits [removed: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit311.htm)] and [removed: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit312.htm),] [added: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit312.htm),] respectively, to this 10-K.

Based on this evaluation, management concluded that our internal control over financial reporting was effective as of October [removed: 3, 2021.][added: 2, 2022.]

Our internal control over financial reporting as of October [removed: 3, 2021] [added: 2, 2022] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which is included herein.

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

We have audited the internal control over financial reporting of Starbucks Corporation and subsidiaries (the “Company”) as of October [removed: 3, 2021,] [added: 2, 2022,] 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 October [removed: 3, 2021,] [added: 2, 2022,] 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 October [removed: 3, 2021,] [added: 2, 2022,] of the Company and our report dated November [removed: 19, 2021,] [added: 18, 2022,] expressed an unqualified opinion on those financial statements.

November 18, 2022

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

November 19, 2021

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

If we make any amendments to this code other than technical, administrative or other non-substantive amendments, or grant any waivers, including implicit waivers, from a provision of this code to our chief executive officer, chief [removed: operating officer, chief] financial officer, chief accounting officer or controller, we will disclose the nature of the amendment or waiver, its effective date and to whom it applies on our website at www.starbucks.com/about-us/company-information/corporate-governance or in a report on Form 8-K filed with the SEC.

The remaining information required by this item is incorporated herein by reference to the sections entitled “Proposal 1 - Election of Directors,” “Beneficial Ownership of Common Stock,” “Corporate Governance” and “Corporate Governance - Audit and Compliance Committee” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on March [removed: 16, 2022] [added: 23, 2023] (the “Proxy Statement”).

The information required by this item is incorporated by reference to the sections entitled “Proposal 4 - Ratification of Selection of Deloitte & Touche LLP [added: (PCAOB ID No. 34)] as our Independent Registered Public Accounting Firm - Independent Registered Public Accounting Firm Fees” and “Proposal 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.

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

- Consolidated Statements of Earnings for the fiscal years ended October [added: 2, 2022, October] 3, [removed: 2021, September 27, 2020,] [added: 2021] and September [removed: 29, 2019;][added: 27, 2020;]

- Consolidated Statements of Comprehensive Income for the fiscal years ended October [added: 2, 2022, October] 3, [removed: 2021, September 27, 2020,] [added: 2021] and September [removed: 29, 2019;][added: 27, 2020;]

- Consolidated Balance Sheets as of October [removed: 3, 2021] [added: 2, 2022] and [removed: September 27, 2020;][added: October 3, 2021;]

- Consolidated Statements of Cash Flows for the fiscal years ended October [added: 2, 2022, October] 3, [removed: 2021, September 27, 2020,] [added: 2021] and September [removed: 29, 2019;][added: 27, 2020;]

- Consolidated Statements of Equity for the fiscal years ended October [added: 2, 2022, October] 3, [removed: 2021, September 27, 2020,] [added: 2021] and September [removed: 29, 2019;][added: 27, 2020;]

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

| [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](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)] [added: through March 17, 2021)](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/19/2021 | | | | | | 3.1 | | | | | | | | |

| [4.21](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | [Form of [removed: 1.300%] [added: 2.550%] Senior Notes due [removed: May 7, 2022] [added: 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 | | | | | | [removed: 4.3] [added: 4.4] | | | | | | | | |

| [4.22](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | [Form of [removed: 2.550%] [added: 3.500%] Senior Notes due November 15, [removed: 2030] [added: 2050] (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/7/2020 | | | | | | [removed: 4.4] [added: 4.5] | | | | | | | | |

| [removed: [4.23](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.32](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: [4.24](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)] [added: [4.26](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: [4.25](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: [4.27](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: [4.26](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: [4.28](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: [4.27](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.29](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: [4.28](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.30](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [Form of [removed: 2.700%] [added: 4.300%] Senior Notes due June 15, [removed: 2022](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: 2045](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | 6/10/2015 | | | | | | [removed: 4.3] [added: 4.4] | | | | | | | | |

| [removed: [4.30](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] [added: [4.31](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 | | | | | | | | |

| [removed: [4.32](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] [added: [4.33](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 | | | | | | | | |

| [removed: [10.2*](http://www.sec.gov/Archives/edgar/data/829224/000082922419000036/sbux-6302019xexhibit101.htm)] [added: [10.2*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000004/a20220112-sbuxembpxfinal.htm)] | | | | | | [Starbucks Corporation Executive Management Bonus Plan, as amended and restated [removed: on June 25, 2019](http://www.sec.gov/Archives/edgar/data/829224/000082922419000036/sbux-6302019xexhibit101.htm)] [added: on](https://www.sec.gov/Archives/edgar/data/829224/000082922422000004/a20220112-sbuxembpxfinal.htm) [J](https://www.sec.gov/Archives/edgar/data/829224/000082922422000004/a20220112-sbuxembpxfinal.htm)[anuary 12, 2022](https://www.sec.gov/Archives/edgar/data/829224/000082922422000004/a20220112-sbuxembpxfinal.htm)] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 0-20322 | | | | | | [removed: 7/30/2019] [added: 1/14/2022] | | | | | | 10.1 | | | | | | | | |

| [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 | | | | | | [added: 0-20322] | | | | | | [added: 7/28/2020] | | | | | | [added: 10.1] | | | | | | | | |

| [removed: [10.6*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit107.htm)] [added: [10.6*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000030/sbux-432022xexhibit101.htm)] | | | | | | [Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated [removed: 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)] [added: effective](https://www.sec.gov/Archives/edgar/data/829224/000082922422000030/sbux-432022xexhibit101.htm) [March 16, 2022](https://www.sec.gov/Archives/edgar/data/829224/000082922422000030/sbux-432022xexhibit101.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | 0-20322 | | | | | | [removed: 11/16/2018] [added: 5/3/2022] | | | | | | [removed: 10.7] [added: 10.1] | | | | | | | | |

| [removed: [10.21*](https://www.sec.gov/Archives/edgar/data/829224/000119312521004151/d97547dex101.htm)] [added: [10.21*](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm)] | | | | | | [Offer Letter dated [removed: January 6, 2021] [added: September 1, 2022] between Starbucks Corporation and [removed: Rachel Ruggeri](https://www.sec.gov/Archives/edgar/data/829224/000119312521004151/d97547dex101.htm)] [added: Laxman Narasimhan](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 1/7/2021] [added: 9/1/2022] | | | | | | [removed: 10.1] [added: 10.10] | | | | | | | | |

| [removed: [21](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit21.htm)] [added: [21](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit21.htm)] | | | | | | [Subsidiaries of Starbucks [removed: Corporation](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit21.htm)] [added: Corporation](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit21.htm)] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [removed: [23](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit23.htm)] [added: [23](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit23.htm)] | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit23.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit23.htm)] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit311.htm)] | | | | | | [Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit311.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit311.htm)] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit312.htm)] | | | | | | [Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit312.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit312.htm)] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [removed: [32](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit32.htm)] [added: [32](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit32.htm)] | | | | | | [Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/829224/000082922421000086/sbux-1032021xexhibit32.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit32.htm)] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |

| 101 | | | | | | The following financial statements from the Company’s 10-K for the fiscal year ended October [removed: 3, 2021,] [added: 2, 2022,] formatted in iXBRL: (i) Consolidated Statements of Earnings, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, and (vi) Notes to Consolidated Financial Statements | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| [4.23](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | [Eighth Supplemental Indenture, dated as of February 14, 2022, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee and as successor in interest to U.S. Bank National Association (Floating Rate Senior Notes due 2024 and 3.000% Senior Notes due 2032)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/14/2022 | | | | | | 4.2 | | | | | | | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| [4.24](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | [Form of Floating Rate Senior Notes due 2024 (included as Exhibit A to Exhibit 4.24)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/14/2022 | | | | | | 4.3 | | | | | | | | |

| [4.25](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | [Form of 3.000% Senior Notes due 2032 (included as Exhibit B to Exhibit 4.24)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/14/2022 | | | | | | 4.4 | | | | | | | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

| [10.22*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000048/a20220830-starbucksseveran.htm) | | | | | | [Starbucks Corporation Executive Severance and Change in Control Plan effective August 31, 2022](https://www.sec.gov/Archives/edgar/data/829224/000082922422000048/a20220830-starbucksseveran.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/2/2022 | | | | | | 10.10 | | | | | | | | |

| [10.23*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1023.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Promotion - Time-Based -No Retirement Vesting) (Effective August 2022)](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1023.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.24*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1024.htm) | | | | | | [Starbucks Corporation Key Employee Restricted Stock Unit Grant Agreement (New Hire - Time-Based - No Retirement Vesting) (Effective August 2022)](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1024.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.25*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1025.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Annual - Time-Based - Retirement Vesting) (Effective August 2022)](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1025.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.26*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1026.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Annual - Performance Based - Retirement Vesting) (Effective August 2022)](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1026.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.27*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1027.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Executive Advisor - Time-Based) (Effective August 2022)](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1027.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

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

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

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

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

| [4.29](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 | | | | | | | | |

| [4.31](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 | | | | | | | | |

[removed: [Table](#i6f0f6353eb914b2d80f77509ec853b83_7) [of](#i6f0f6353eb914b2d80f77509ec853b83_7) [](#i6f0f6353eb914b2d80f77509ec853b83_7)[Contents](#i6f0f6353eb914b2d80f77509ec853b83_7)][added: [Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)]

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 [removed: 19, 2021.][added: 18, 2022.]

| By: | | | | | | /s/ [removed: Kevin R. Johnson] [added: Rachel Ruggeri] | | | | | | [removed: president and chief] executive [removed: officer, director] [added: vice president, chief financial officer] (principal [removed: executive] [added: financial officer and principal accounting] officer) | | |

| | | | By: | | | /s/ Howard Schultz | | |

| | | | | | | Howard Schultz interim chief executive officer | | |

November 18, 2022

| By: | | | | | | /s/ Howard Schultz | | | | | | interim chief executive officer, director (principal executive officer) | | |

| | | | | | | Howard Schultz | | | | | | | | |

[Table of](#ia75cc8f98747496589a1ed7893374c6c_7) [Contents](#ia75cc8f98747496589a1ed7893374c6c_7)

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

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

November 19, 2021

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

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

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

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

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

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

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

| By: | | | | | | /s/ Javier G. Teruel | | | | | | director | | |

| | | | | | | Javier G. Teruel | | | | | | | | |