Starbucks (SBUX) 10-K risk factor changes: FY2023 vs FY2022

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

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

- [removed: Economic] [added: Economic] conditions in the U.S. and international markets could adversely affect our business and financial results.

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

[removed: Due to the COVID-19 pandemic or other global health events, we] [added: We] may [added: also] experience a reduction and increased volatility in demand for our [removed: products.][added: products in connection with a global health pandemic.]

[removed: Such] [added: For example, in China,] reductions and [added: continuing] volatility [added: in that market] 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 [added: restrictions placed on our stores’ operations, impacts]

[removed: restrictions placed on our stores’ operations, impacts] caused by precautionary measures such as those related to face coverings and vaccinations and changes in consumer spending behaviors, including those caused by social distancing, a decrease in consumer confidence in general macroeconomic conditions and a decrease in consumer discretionary spending.

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

- [removed: Failure] [added: Failure] to meet market expectations for our financial performance and fluctuations in the stock market as a whole will likely adversely affect the market price and volatility of our stock.

Risks Related to [removed: COVID-19][added: Pandemics or Epidemics]

[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,] [added: constraints or solvency,] adherence to sanitation protocols and [removed: guidance (including those resulting from the COVID-19 pandemic),] [added: guidance,] labor shortages and other factors.

[removed: And although] [added: We do not monitor the quality of non-Starbucks products served by] foodservice operators [removed: are] [added: we have] authorized to use our logos and provide branded products as part of their foodservice [removed: business, we do not monitor the quality of non-Starbucks products served in those locations.][added: business.]

- [removed: Incidents] [added: Incidents] involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling, whether or not accurate, as well as adverse public or medical opinions about the health effects of consuming our products, could harm our business.

Any report linking us to such instances could severely hurt our sales and could possibly lead to product liability claims, litigation (including class [removed: actions) and/or] [added: actions),] temporary store [removed: closures.][added: closures, or other adverse consequences.]

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

Furthermore, [removed: due to] [added: stemming from] the COVID-19 pandemic, there are stricter health regulations and guidelines and increased public concern over food safety standards and controls.

These strategic initiatives, which [removed: includes] [added: include] our 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 Starbucks Pickup stores, Starbucks Now stores and curbside [removed: pickup) especially in light of the COVID-19 pandemic;][added: pickup);]

- adjusting rapidly to changing customer preferences and behaviors [removed: in light] [added: as a result] of the COVID-19 pandemic, [removed: inflation and] changing economic [removed: conditions;][added: conditions, increased global interest rates and inflation;]

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

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

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

- the deterioration in our credit ratings, which could limit the availability of additional financing and increase the cost of obtaining financing to fund our [removed: initiatives.][added: initiatives; and]

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

Our financial results could be adversely affected by a shift in consumer spending away from outside-the-home food and beverages (such as [removed: the disruption caused by online commerce that results] [added: a reduction] in [removed: reduced foot traffic to “brick & mortar” retail stores);] [added: discretionary spending as a result of the resumption of student loan payments);] 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, the Starbucks Odyssey experience] [added: programs] and our delivery services initiatives); or customers reducing their demand for our current offerings as new products are introduced.

[removed: While we have a variety of beverage and food items, including items that are coffee-free and have reduced calories, an] [added: An] unfavorable report on the health effects of caffeine or other compounds present in our products, whether accurate or not, imposition of additional taxes on certain types of food and beverage components, or negative publicity or litigation arising from certain health risks could significantly reduce the demand for our beverages and food products and could materially harm our business and results of operations.

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

Risks [removed: Related to] [added: Related to] Brand Relevance and Brand Execution

- [removed: Our] [added: Our] success depends substantially on the value of our brands and failure to preserve their value could have a negative impact on our financial results.

[removed: Business incidents, whether isolated or recurring and whether originating from us or our business partners, that erode consumer trust] [added: Such incidents] can [removed: significantly reduce brand value,] potentially trigger boycotts of our stores or result in civil or criminal liability and can have a negative impact on our financial results.

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

Consumer demand for our products and our brand [removed: equity] [added: value] could diminish significantly if we, our employees, licensees or other business partners fail to preserve the quality of our products, act or are perceived to act in an unethical, illegal, racially-biased, [removed: unequal] [added: unequal, inequitable] or socially irresponsible manner, including with respect to the sourcing, content or sale of our products, service and treatment of customers at Starbucks stores, treatment of [removed: employees] [added: employees, including our responses to unionization efforts,] or the use of customer data for general or direct marketing or other purposes.

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

The ongoing relevance of our brand may depend on [removed: the success of] [added: making sufficient progress toward] our social and environmental program goals as well as the [removed: success] [added: successful execution] of the Reinvention Plan, [added: each of] which requires company-wide coordination and alignment.

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

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

Our marketing, promotional and advertising programs may not be successful in reaching [removed: our customers] [added: consumers] in the way we intend.

Our success depends in part on whether the allocation of our advertising, promotional and marketing resources across different channels, including [removed: digital marketing,] [added: digital,] allows us to reach [removed: our customers] [added: consumers] effectively and efficiently, and in ways that are meaningful to them.

An inability to meet [removed: customer] [added: consumer] expectations with respect to these issues could adversely affect our financial results.

It is not possible for management to predict all such risks, nor can it assess the impact of all such risks on Starbucks business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statements.

Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Erosion of trust in our brand value can be caused by isolated or recurring incidents originating both from us or our business partners, or from external events.

These risks include any increased public focus, including by governmental

Some third parties may object to the scope or nature of our social and environmental program initiatives or goals, or any revisions to these initiatives or goals, which could give rise to negative responses by governmental actors (such as retaliatory legislative treatment) or consumers (such as boycotts or negative publicity campaigns) that could adversely affect our brand value.

Competition to attract and retain high-quality marketing partners and endorsers has increased.

Our decisions to collaborate or to cease collaborating with certain endorsers or marketing partners in light of actions taken or statements made by them could seriously harm our brand image with consumers and, as a result, could have an adverse effect on our sales and financial condition.

Finally, consumers are focusing more on sustainability and the environmental impacts of operations, as well as the alignment of Starbucks actions with its stated mission, values and promises.

- geopolitical instability and international conflicts.

Our financial results have been, and could continue to be, adversely affected by changes in macroeconomic conditions, including increases in real estate costs in certain domestic and international markets, inflationary pressures and changes in prevailing interest rates, disruptions to our supply chain, changes in governmental rules and approaches to taxation, and fluctuations in foreign currency exchange rates.

Such changes could affect consumer behavior and their ability or willingness to spend discretionary income on our products.

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

An inability to manage effectively the risks associated with our international operations could adversely affect our business and financial results.

For example, extreme weather conditions such as drought or frost in Brazil have impacted coffee prices in the past, and in the likely event that such weather conditions were to reoccur in the future, they would have similar consequences on coffee price volatility.

- inflationary pressures and changes in prevailing interest rates;

Unfavorable economic conditions could also adversely affect our suppliers and licensees, who in turn could experience cash flow problems, more costly or unavailable financing, credit defaults and other financial hardships.

This could lead to supplier or licensee insolvency, increase our bad debt expense, or cause us to increase the levels of unsecured credit that we provide to suppliers and licensees.

Further, if any of our licensees becomes insolvent this could result in our exit from a particular market, and negatively impact our reputation.

For example, one of our licensees is experiencing financial solvency issues, which may require the Company to expend capital resources to help fund their operating expenses in the short term.

Starting in September 2021, Starbucks partners at a number of company-operated stores sought union representation through elections conducted by the authorities.

Unions have secured representation rights at a number of these stores, with potentially more to follow.

The law places limitations on unilateral actions taken with respect to employees who are represented by unions because in certain circumstances the law requires the employer to notify and to bargain with the union prior to making certain operational or other changes that may affect employee wages, hours or other terms and conditions of employment.

These limitations could negatively affect our costs, change our employee culture, and decrease our flexibility.

They also present the potential to disrupt our current operational model by affecting our ability to fully implement operational changes to enhance our efficiency and adapt to changing business needs.

Moreover, we have experienced job actions in some company-operated stores.

Such job actions and work stoppages have the potential to negatively impact our operations, third-party providers upon whom we rely to deliver product, our sales, and our costs.

Our

ability to do so has been and may continue to be impacted by challenges in the labor market, which has experienced and may continue to experience wage inflation, labor shortages, increased employee turnover, changes in availability of our workforce and a shift toward remote or hybrid work arrangements.

We recognize that there are inherent climate-related risks wherever business is conducted.

Climate change may also result in decreased availability, less favorable pricing, or other adverse consequences for non-coffee inputs in our products.

In particular, climate change may affect the availability of water in the markets in which we operate and expect to operate and elsewhere in our supply chain, which could have adverse impacts on our business.

We operate in 86 markets globally.

meeting such regulations and expectations.

If we are unable to meet our ESG-related goals or evolving stakeholder or industry expectations and standards, or if we are perceived to have not responded appropriately to the growing concern for ESG issues, customers and consumers may choose to stop purchasing our products or purchase products from another company or a competitor, and our reputation, business or financial condition may be adversely affected.

We could also be subjected to negative responses by governmental actors (such as anti-ESG legislation or retaliatory legislative treatment) or consumers (such as boycotts or negative publicity campaigns) targeting Starbucks that could adversely affect our reputation, business, financial performance and growth.

In China, the Personal Information Protection Law (“PIPL”), has established personal information processing rules, data subject rights, and obligations for personal information processors, among other things.

In addition to the PIPL, China’s Data Security Law, regulates data processing activities associated with personal and non-personal data.

Noncompliance with these laws may result in significant civil and criminal penalties.

Other newly enacted and proposed privacy and data protection laws in other jurisdictions served by Starbucks and its licensees may impose similar requirements, including

restrictions on cross-border data transfers.

- inflationary pressures;

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

- Our financial condition and results of operations have been and are expected to continue to be adversely affected by the COVID-19 pandemic.

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

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

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

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

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

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

Social distancing, 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 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 financial performance.

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

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

Additionally, we are evolving our product lineup to include more local or smaller suppliers for some of our products who may not have as rigorous quality and safety systems and protocols as larger or more national suppliers, especially in light of the heightened safety protocols as a result of the COVID-19 pandemic.

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

significantly.

Additionally, California enacted legislation, the California Consumer Privacy Act (“CCPA”).

In June 2021, the European Commission published new versions of the Standard Contractual Clauses and in March 2022, the U.K. finalized the U.K. International Data Transfer Agreement.

The new requirements will require us to incur costs and expenses in order to comply and may impact the transfer of personal data throughout our organization and to third parties.

Similar to many other retail companies and because of the prominence of our brand, we are consistently subject to attempts to compromise our information technology systems from both internal and external sources.

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.

Furthermore, due to the social distancing measures put in place as a result of the COVID-19 pandemic, we accelerated the transformation of our store portfolio by expanding convenience-led formats, which depend heavily on our mobile ordering capabilities.

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

Due to the COVID-19 pandemic, our financial results have been and could continue in the future to be adversely affected by the disruption to the operations of our business partners, including licensee relationships, third-party manufacturers, distributors and retailers, through the effects of business and facilities closures, reductions in operating hours, social, economic, political or labor instability in affected areas, transportation delays, travel restrictions and changes in operating procedures, including for additional cleaning and safety protocols.

For example, drought conditions in Brazil have and, given continued drought conditions, are predicted to continue to impact coffee prices.

We rely on these

Such labor shortages could be further exacerbated by expanded COVID-19 vaccination requirements.

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.

While the number of partners represented by unions is not significant, if a significant portion of our employees were to become unionized, our labor costs could increase and our business could be negatively affected by other requirements and expectations that could increase our costs, change our employee culture, decrease our flexibility and disrupt our business.

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

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.

And because the North America segment is relatively mature and produces the

Furthermore, due to the COVID‑19 pandemic, we are subject to additional domestic and foreign governmental regulations and health guidelines, as well as any other voluntary safety protocols.

Fiscal [removed: year] [added: years 2023 and] 2022 included 52 weeks.

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

The discussion of our financial condition and results of operations for the fiscal year ended [removed: September 27, 2020,] [added: October 3, 2021,] included in Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) can be found in the Annual Report on Form 10-K for the fiscal year ended October [removed: 3, 2021.][added: 2, 2022.]

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

Starbucks results for fiscal [removed: 2022] [added: 2023] demonstrate the [removed: resiliency and] [added: overall] strength of our brand.

Consolidated revenues increased [removed: 11%] [added: 12%] to [removed: $32.3] [added: $36.0] billion in fiscal [removed: 2022] [added: 2023] compared to [removed: $29.1] [added: $32.3] billion in fiscal [removed: 2021,] [added: 2022,] primarily driven by strength in our U.S. business and growth in our International [removed: segment excluding China,] [added: segment,] partially offset by the impact of [removed: the extra week in fiscal 2021 ($496 million) and] unfavorable foreign currency translation.

For both the North America segment and U.S. market, comparable store sales increased [removed: 12%] [added: 9%] for fiscal [removed: 2022] [added: 2023] compared to an increase of [removed: 22% and 21% for the North America segment and the U.S. market, respectively,] [added: 12%] in fiscal [removed: 2021.][added: 2022.]

Average ticket for [added: both] the North America segment and the U.S. market grew [removed: 7% and 8%, respectively,] [added: 6%,] primarily driven by [removed: strategic] pricing [removed: and increased demand for food items] in our U.S. market.

The segment also experienced higher costs, primarily related to [added: previously-committed] investments [removed: and growth] in [removed: labor including enhanced] store partner wages [removed: as well as] [added: and benefits and] increased spend on [removed: new] partner [removed: training.][added: training, as well as inflationary pressures on commodities and our supply chain.]

We believe the investments in partner wages and training [removed: will increase] [added: have increased] retention and [removed: productivity] [added: in-store operational efficiencies] while the acceleration of purpose-built store concepts and innovations in technologies [removed: will provide] [added: have provided] additional convenience and connection with our customers.

Revenue for our Channel Development segment increased [removed: $250 million, or 16%, when] [added: 3% in fiscal 2023] compared with fiscal [removed: 2021,] [added: 2022, primarily] driven by higher [added: Global Coffee Alliance] product sales [removed: to] and royalty revenue [removed: from the Global Coffee Alliance] and growth in our global ready-to-drink business.

[removed: Despite COVID-19 induced business interruptions, especially in our China market, we] [added: We] have seen the strength and resilience of our brand as well as strong customer demand across our [removed: portfolio.][added: portfolio, with revenue and operating margin growth in fiscal 2023.]

We expect [added: the] inflationary pressures on commodities and supply chain [removed: to continue] [added: that impacted fiscal 2023] to [removed: a lesser extent] [added: moderate] in fiscal [removed: 2023,] [added: 2024,] relative to the impact on our business and financial metrics, including operating [removed: margin, as compared to fiscal 2022.][added: margin.]

We anticipate [removed: that these should be offset by] [added: continued] benefits from [added: increased sales leverage and] pricing decisions as well as [removed: from increased sales leverage and higher productivity] [added: in-store operational efficiencies] driven by our Reinvention Plan.

Absent [removed: significant and prolonged COVID-19 relapses or] global economic disruptions, and based on the current trend of our business operations and our focused efforts on the Reinvention Plan, we are confident in the strength of our brand and strategy for sustainable, profitable growth over the long-term.

- Consolidated operating income [removed: decreased] [added: increased] to [removed: $4.6] [added: $5.9] billion in fiscal [removed: 2022] [added: 2023] compared to [removed: $4.9] [added: $4.6] billion in fiscal [removed: 2021.][added: 2022.]

Fiscal [removed: 2022] [added: 2023] operating margin was [removed: 14.3%] [added: 16.3%] compared to [removed: 16.8%] [added: 14.3%] in fiscal [removed: 2021.][added: 2022.]

- Diluted earnings per share (“EPS”) for fiscal [removed: 2022 decreased] [added: 2023 increased] to [removed: $2.83,] [added: $3.58,] compared to EPS of [removed: $3.54] [added: $2.83] in fiscal [removed: 2021.][added: 2022.]

- Capital expenditures were [removed: $1.8] [added: $2.3] billion in fiscal [removed: 2022] [added: 2023] and [removed: $1.5] [added: $1.8] billion in fiscal [removed: 2021.][added: 2022.]

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

See [Note [removed: 2](#ia75cc8f98747496589a1ed7893374c6c_130),] [added: 2](#idd2c7243ae764e67ad4447ba21931f8b_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: 2022] [added: 2023] COMPARED TO FISCAL [removed: 2021][added: 2022]

| Fiscal Year Ended | | | Oct [removed: 2, 2022] [added: 1, 2023] | | | | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | % Change | | |

| Company-operated stores | | | $ | [removed: 26,576.1] [added: 29,462.3] | | | | | $ | [removed: 24,607.0] [added: 26,576.1] | | | | | [removed: 8.0] [added: 10.9] | | % |

| Licensed stores | | | [removed: 3,655.5] [added: 4,512.7] | | | | | | [removed: 2,683.6] [added: 3,655.5] | | | | | | [removed: 36.2] [added: 23.4] | | |

| Total net revenues | | | $ | [removed: 32,250.3] [added: 35,975.6] | | | | | $ | [removed: 29,060.6] [added: 32,250.3] | | | | | [removed: 11.0] [added: 11.6] | | % |

Total net revenues increased [removed: $3.2] [added: $3.7] billion, or [removed: 11%,] [added: 12%,] over fiscal [removed: 2021,] [added: 2022,] primarily due to higher revenues from company-operated stores [removed: ($2.0] [added: ($2.9] billion).

The growth in company-operated store revenue was driven by an 8% increase in comparable store sales [removed: ($1.8] [added: ($2.1] billion) attributed to a 5% increase in average ticket and [removed: 2%] [added: 3%] increase in comparable transactions.

Also contributing were the incremental revenues from [removed: 1,120] [added: 1,339] net new Starbucks company-operated store openings, or a 7% increase, over the past 12 months [removed: ($1.0] [added: ($1.2] billion).

[removed: Partially offsetting these] [added: These] increases [removed: was] [added: were partially offset by] the impact of [removed: the extra week in fiscal 2021 ($496 million) and] unfavorable foreign currency translation [removed: ($368] [added: ($555] million).

[removed: Partially offsetting these increases] [added: These] were [added: partially offset by the impact of] unfavorable foreign currency translation [removed: ($81 million) and the impact of the extra week in fiscal 2021 ($57] [added: ($543] million).

[removed: Other] [added: Channel Development total net] revenues [added: for fiscal 2023] increased [removed: $249] [added: $50] million, [added: or 3%, compared to fiscal 2022,] primarily due to higher [added: Global Coffee Alliance] product sales and royalty revenue [removed: in the Global Coffee Alliance ($216] [added: ($37] million) and growth in our ready-to-drink business [removed: ($44] [added: ($22] million).

| Fiscal Year Ended | | | Oct [removed: 2, 2022] [added: 1, 2023] | | | | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | Oct [removed: 2, 2022] [added: 1, 2023] | | | | | | Oct [removed: 3, 2021] [added: 2, 2022] | | |

| Product and distribution costs | | | $ | [removed: 10,317.4] [added: 11,409.1] | | | | | $ | [removed: 8,738.7] [added: 10,317.4] | | | | | [removed: 32.0] [added: 31.7] | | % | | | | [removed: 30.1] [added: 32.0] | | % |

| Store operating expenses | | | [removed: 13,561.8] [added: 14,720.3] | | | | | | [removed: 11,930.9] [added: 13,561.8] | | | | | | [removed: 42.1] [added: 40.9] | | | | | | [removed: 41.1] [added: 42.1] | | |

| Other operating expenses | | | [removed: 461.5] [added: 539.4] | | | | | | [removed: 359.5] [added: 461.5] | | | | | | [removed: 1.4] [added: 1.5] | | | | | | [removed: 1.2] [added: 1.4] | | |

| Depreciation and amortization expenses | | | [removed: 1,447.9] [added: 1,362.6] | | | | | | [removed: 1,441.7] [added: 1,447.9] | | | | | | [removed: 4.5] [added: 3.8] | | | | | | [removed: 5.0] [added: 4.5] | | |

| General and administrative expenses | | | [removed: 2,032.0] [added: 2,441.3] | | | | | | [removed: 1,932.6] [added: 2,032.0] | | | | | | [removed: 6.3] [added: 6.8] | | | | | | [removed: 6.7] [added: 6.3] | | |

| Restructuring and impairments | | | [removed: 46.0] [added: 21.8] | | | | | | [removed: 170.4] [added: 46.0] | | | | | | 0.1 | | | | | | [removed: 0.6] [added: 0.1] | | |

For the International segment, despite COVID-19 pandemic-related headwinds in China in the first half of the year, revenue grew 8% in fiscal 2023 compared to fiscal 2022, primarily driven by net new company-operated store openings and higher product sales to and royalty revenues from our licensees.

Also contributing to the increase was a 5% increase in comparable store sales, driven by customer transactions, compared to a decrease of 9% in fiscal 2022.

In fiscal 2023, we sold the assets associated with the Seattle's Best Coffee brand to Nestlé, which resulted in a pre-tax gain of $91.3 million.

We expect to continue our trend of global new store growth in fiscal 2024, driven by a dynamic portfolio of store formats in the U.S. and leveraging the strength of our brand internationally.

- Total net revenues increased 12% to $36.0 billion in fiscal 2023 compared to $32.3 billion in fiscal 2022.

Operating margin expansion of 200 basis points was primarily due to pricing (approximately 250 basis points), sales leverage (approximately 240 basis points) and in-store operational efficiencies (approximately 160 basis points).

These increases were partially offset by previously-committed investments in store partner wages (approximately 250 basis points) and higher general and administrative expenses, primarily in support of our Reinvention Plan (approximately 130 basis points).

The increase was primarily driven by sales growth and in-store operational efficiencies.

This increase was partially offset by previously-committed investments in store partner wages and higher general and administrative expenses, primarily in support of our Reinvention Plan.

- We returned $3.4 billion to our shareholders in fiscal 2023 through share repurchases and dividends.

| Other | | | 2,000.6 | | | | | | 2,018.7 | | | | | | (0.9) | | |

Licensed stores revenue increased $857 million, primarily driven by higher product and equipment sales to and royalty revenues from our licensees ($898 million), largely due to revenue growth from existing stores and the opening of 988 net new Starbucks licensed stores over the past 12 months, partially offset by the impact of unfavorable foreign currency translation ($64 million).

Other revenues decreased $18 million, primarily due to the absence of revenues from the Evolution Fresh business following its sale in the fourth quarter of fiscal 2022 ($60 million), partially offset by an increase in revenue in the Global Coffee Alliance ($37 million).

| Gain from sale of assets | | | 91.3 | | | | | | — | | | | | | 0.3 | | | | | | — | | |

Store operating expenses as a percentage of company-operated store revenues decreased 100 basis points, primarily due to in-store operational efficiencies (approximately 160 basis points), sales leverage (approximately 160 basis points) and pricing (approximately 160 basis points).

These were partially offset by previously-committed investments in store partner wages and benefits (approximately 290 basis points) and increased spend on partner training (approximately 30 basis points).

General and administrative expenses increased $409.3 million, primarily due to incremental investments in technology ($140 million), increased support costs of strategic initiatives including the Reinvention Plan ($86 million), higher performance-based compensation ($74 million) and other labor and leadership support costs ($31 million).

Gain from sale of assets includes the sale of our Seattle's Best Coffee brand to Nestlé in the second quarter of fiscal 2023.

Interest income and other, net decreased $16 million, primarily due to lapping higher investment gains in the prior year.

Interest expense increased $67 million primarily due to higher debt balances and higher interest rates.

The effective tax rate for fiscal 2023 was 23.6% compared to 22.4% for fiscal 2022.The increase was due to lapping a beneficial return-to-provision adjustment related to the divestiture of certain joint venture operations (approximately 50 basis points) and a year-over-year decrease in beneficial valuation allowance activity related to international jurisdictions (approximately 40 basis points).

| Fiscal Year Ended | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

| Store operating expenses as a % of related revenues | | | | | | | | | | | | | | | 50.0 | | % | | | | 51.2 | | % |

Operating margin expanded 150 basis points to 20.7%, primarily due to pricing (approximately 300 basis points), in-store operational efficiencies (approximately 230 basis points) and sales leverage.

These were partially offset by previously-committed investments in store partner wages and benefits (approximately 300 basis points) and increased spend on partner training (approximately 40 basis points), as well as inflationary pressures on commodities and our supply chain (approximately 80 basis points).

| Fiscal Year Ended | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | | | |

| Store operating expenses as a % of related revenues | | | | | | | | | | | | | | | 49.7 | | % | | | | 50.4 | | % | | | | | | |

Also contributing to the increase was a 5% increase in comparable store sales ($233 million), primarily driven by customer transactions.

Operating margin increased 440 basis points to 16.4%, primarily due to sales leverage (approximately 270 basis points) and lapping amortization expenses of acquisition-related intangibles assets that are now fully amortized (approximately 240 basis points).

| Fiscal Year Ended | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | | | |

| Gain from sale of assets | | | 91.3 | | | | | | — | | | | | | 4.8 | | | | | | — | | | | | | | | |

Operating margin increased 680 basis points to 51.1%, primarily due to the gain from sale of our Seattle's Best Coffee brand (approximately 480 basis points) and growth in our North American Coffee Partnership joint venture income (approximately 300 basis points), partially offset by impairment charges against certain manufacturing assets (approximately 100 basis points).

| Other | | | $ | 24.6 | | | | | $ | 95.8 | | | | | (74.3) | | % |

This increase was primarily driven by incremental investments in technology ($131 million), increased support costs of strategic initiatives including the Reinvention Plan ($86 million) and higher performance-based compensation ($56 million).

Term SOFR means the forward-looking SOFR term rate administrated by the Chicago Mercantile Exchange plus a SOFR Adjustment of 0.100%.

The 2021 credit facility contains provisions requiring us to maintain compliance with certain covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses.

No amounts were outstanding under our 2021 credit facility as of October 1, 2023 or October 2, 2022.

As of October 2, 2022, we had $175.0 million in borrowings outstanding under this program.

As of October 1, 2023 we had ¥5 billion, or $33.5 million, of borrowings outstanding under these credit facilities.

As of October 1, 2023, we were in compliance with all applicable covenants.

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

For the International segment, comparable store sales decreased by 9% for fiscal 2022 compared to an increase of 16% in fiscal 2021, driven by comparable store sales decline of 24% in our China market.

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.

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.

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

- Total net revenues increased 11% to $32.3 billion in fiscal 2022 compared to $29.1 billion in fiscal 2021, inclusive of $576 million attributable to the extra week in fiscal 2021.

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).

The decrease was primarily driven by lapping the prior year $0.56 gain, net of estimated taxes, on the divestiture of our South Korea joint venture and $0.10 related to the extra week in fiscal 2021.

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.

We returned $2.1 billion in fiscal 2021 through dividends.

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 | | |

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 was the impact of the extra week in fiscal 2021 ($23 million).

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.

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).

Restructuring and impairment expenses decreased $124 million, primarily due to lower costs incurred related to our Reinvention Plan in the current year compared to prior year's North America store portfolio optimization, including lower accelerated lease right-of-use asset amortization costs ($84 million) and asset impairment charges ($68 million), partially offset by higher professional fees and higher severance costs ($27 million).

| Net gain resulting from divestiture of certain operations | | | — | | | | | | 864.5 | | | | | | — | | | | | | 3.0 | | |

Net gain resulting from divestiture of certain operations decreased $865 million due to lapping the sale of our ownership interest in our South Korea joint venture in the prior year.

Interest expense increased $13 million primarily due to additional interest incurred on long-term debt issued in February 2022.

The effective tax rate for fiscal 2022 was 22.4% compared to 21.6% for fiscal 2021.

The increase was due to lapping a prior year remeasurement of deferred tax assets due to an enacted foreign corporate rate change (approximately 130 basis points) and lapping the release of income tax reserves upon expiration of statute of limitations (approximately 70 basis points), partially offset by the release of valuation allowances recorded against deferred tax assets of a certain international jurisdiction (approximately 120 basis points).

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.

Operating margin decreased 160 basis points to 19.2%, primarily due to investments and growth in labor, including enhanced retail store partner wages (approximately 350 basis points) as well as increased spend on new partner training and support costs (approximately 120 basis points).

Also contributing were inflationary pressures on commodities and our supply chain (approximately 350 basis points).

These were partially offset by strategic pricing (approximately 400 basis points) and sales leverage.

Additionally, there were 765 net new Starbucks company-operated stores, or a 11% increase over the past 12 months ($406 million).

Also contributing to the increase was the conversion of our Korea market from a joint venture to a fully licensed market in the fourth quarter of fiscal 2021 ($187 million).

These were partially offset by a 9% decline in comparable store sales ($459 million), driven by a 5% decrease in customer transactions and a 4% decrease in average ticket, primarily attributable to COVID-19 related restrictions in China and lapping the prior-year value-added-tax benefit in China, unfavorable foreign currency translation ($436 million) and the impact of the extra week in fiscal 2021 ($127 million).

Operating margin decreased 600 basis points to 12.0%, primarily due to sales deleverage related to COVID-19 pandemic impacts in our China market (approximately 460 basis points), investments and growth in retail store partner wages and benefits (approximately 140 basis points), lower temporary government subsidies (approximately 100 basis points), higher commodity and supply chain costs due to inflationary pressures (approximately 90 basis points) and strategic initiatives (approximately 90 basis points).

These decreases were partially offset by sales leverage across markets outside of China.

Channel Development total net revenues for fiscal 2022 increased $250 million, or 16%, compared to fiscal 2021, primarily due to higher Global Coffee Alliance product sales and royalty revenue ($216 million) and growth in our ready-to-drink business ($44 million).

[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: 2, 2022] [added: 1, 2023] (“fiscal [removed: 2022”),] [added: 2023”),] 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: 83] [added: 86] markets.

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

With coffee at our core, we pursue ambitious goals for our partners (employees), our communities and our [removed: planet because] [added: planet, which] we believe [removed: it is] [added: also contributes to the long-term sustainability of] our [removed: role and responsibility] [added: business] to create a thriving business powered by thriving people for a thriving planet and communities.

[removed: Starbucks] [added: Our] 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 [removed: (C.A.F.E.) Practices,] [added: Practices (C.A.F.E. Practices),] the [removed: company’s] [added: Company’s] third-party verification program and the cornerstone of our approach to ethical sourcing [removed: coffee, as well as a more sustainable, resilient future for our planet and for] [added: of coffee with over 98% of] our [removed: communities.][added: coffee having been historically verified through C.A.F.E. Practices as ethically sourced.]

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

Furthermore, our Nominating and Corporate Governance Committee, in consultation with management, [removed: including our chief partner officer and chief inclusion and diversity officer,] annually evaluates the effectiveness of our social responsibility policies, goals and programs, which also include partner-related issues.

We regularly conduct anonymous surveys to seek feedback from our partners on a variety of topics, including confidence in company leadership, competitiveness of our compensation and benefits package, career growth opportunities and [removed: recommendations on how we can remain an employer of choice.]

[added: 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.

We are committed to creating a [removed: welcoming] [added: welcoming, supportive] and inclusive environment.

We [removed: believe it is our responsibility] [added: are committed] to [removed: advance] [added: advancing inclusion and] racial and social equity, and we [removed: are committed] [added: seek] to [removed: furthering] [added: further] that work with intention, transparency and accountability.

We continue to welcome our partners, customers, civil rights and community leaders, along with our [removed: chief inclusion] [added: senior vice president, talent] and [removed: diversity officer,] [added: inclusion,] to advise us along this journey.

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

◦Setting [removed: annual] [added: aspirational] Inclusion and Diversity goals based on retention rates and progress towards achieving [removed: BIPOC representation.][added: racial and ethnic diversity.]

*◦*Incorporating [removed: metrics focused on building] [added: our efforts to build and retain] inclusive and diverse teams into our executive compensation programs.

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

- 100% upfront tuition coverage [removed: is offered] through the Starbucks College Achievement Plan for partners to earn a first-time bachelor's degree online at Arizona State [removed: University.][added: University is offered to partners working an average of 20 hours or more each week.]

These include a free subscription to Headspace, an online application that enables guided [removed: mediation,] [added: meditation,] and 20 free mental health therapy or coaching sessions annually with Lyra.

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

Training provided through our Pour Over sessions, which are a series of inspiring talks with thought leaders to help partners understand how to bring the *Starbucks Experience* to life, include a wide variety of topics such as achievable goal setting, giving and receiving constructive [removed: feedback] [added: feedback,] and effective engagement with customers and communities.

We have [removed: also achieved gender pay equity in China and Canada, two of our largest markets outside of the U.S., and we] made a commitment to achieve gender pay equity in all company-operated markets.

As of October [removed: 2, 2022,] [added: 1, 2023,] Starbucks employed approximately [removed: 402,000] [added: 381,000] people worldwide.

In the U.S., Starbucks employed approximately [removed: 258,000] [added: 228,000] people, with approximately [removed: 248,000] [added: 219,000] in company-operated stores and the remainder in corporate support, store development, roasting, manufacturing, warehousing and distribution operations.

Approximately [removed: 144,000] [added: 153,000] employees were employed outside of the U.S., with approximately [removed: 140,000] [added: 148,000] in company-operated stores and the remainder in regional support operations.

| Laxman Narasimhan | | | | | | [removed: 55] [added: 56] | | | | | | chief executive [removed: officer-elect] [added: officer] | | |

| Michael Conway | | | | | | [removed: 56] [added: 57] | | | | | | group president, International and Channel Development | | |

| [removed: Zabrina Jenkins] [added: Brad Lerman] | | | | | | [removed: 52] [added: 67] | | | | | | [removed: acting] executive vice president and general counsel | | |

| Rachel Ruggeri | | | | | | [removed: 53] [added: 54] | | | | | | executive vice [removed: president,] [added: president and] chief financial officer | | |

Laxman Narasimhan joined Starbucks as its chief executive officer-elect [removed: on October 1, 2022.][added: in 2022 and has served as chief executive officer and has been a Starbucks director since March 2023.]

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, [removed: hygiene] [added: hygiene,] and nutrition company, [removed: since September 2019.][added: from 2019 to 2022.]

[removed: He served] [added: Prior to joining Reckitt, Mr. Narasimhan held various executive roles at PepsiCo from 2012 to 2019 including] as PepsiCo’s Group Chief Commercial Officer [removed: until July 2019,] and [removed: prior to that beginning in 2012 served] as Chief Executive Officer - Latin America, [removed: Europe] [added: Europe,] and Sub-Saharan Africa, Chief Executive Officer - Latin [removed: America] [added: 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, [removed: retail] [added: retail,] and technology practices in the U.S., [removed: Asia] [added: Asia,] and India.

Michael [removed: Conway] [added: Conway] joined Starbucks in [removed: March] 2013 and was named group president, International and Channel Development in [removed: June] 2021, where he is responsible for leading Starbucks retail growth and operations in over 80 markets across Asia Pacific, Europe, Middle East and Africa, Latin America and the Caribbean and growth for the Global Channel Development business, which consists of consumer packaged goods, ready-to-drink businesses and strategic partnerships, including those with Nestlé, [removed: PepsiCo and other key business partners.]

Prior to this, he served as executive vice president and president, International Licensed Markets, from [removed: March] 2020 to [removed: June] 2021.

He also served as executive vice president and [removed: president, Starbucks Canada, executive vice] president [removed: and] [added: of Starbucks Canada from 2018 to 2020,] president [removed: for] [added: of] Starbucks Licensed Stores [removed: business] [added: Operations] for the United States and Latin America [removed: and executive vice president] [added: from 2016 to 2018,] and president of Starbucks Global Channel Development from [removed: December 2014] [added: 2013] to [removed: March 2020.][added: 2016.]

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

Rachel Ruggeri joined Starbucks in 2001 as a member of the accounting team and was named executive vice president and chief financial officer in [removed: February] 2021.

Prior to her promotion in 2021, she served as senior vice president of Americas with responsibility for the retail portfolio across the segment, including company-operated and licensed stores from [removed: June] 2020 to [removed: January] 2021.

From [removed: September] 2016 to [removed: June] 2020, she held various leadership roles in finance both internal and external to Starbucks, including Chief Financial Officer of Continental Mills from [removed: July] 2018 to [removed: May] 2020 and prior to that she was senior vice president of Finance at Starbucks in support of the Americas and Global Retail from [removed: September] 2016 to [removed: June] 2018.

recommendations on how we can remain an employer of choice.

◦Expanding our mentorship program designed to prioritize our partners’ sense of belonging by creating an inclusive and supportive environment.

Mentors offer guidance, encouragement and a safe space for partners to share their experiences, challenges and aspirations.

As of 2023, the program has welcomed nearly 1,400 partners and was expanded to include U.S. based store and district managers in 2023.

Our goal is to achieve racial and ethnic diversity of at least 30% of all corporate roles and at least 40% of all retail and manufacturing roles in the U.S. by 2025, by setting broad recruiting parameters and through inclusive and legally compliant employment practices.

- Our Future Roast 401(k) savings plan helps partners save for their financial goal through convenient payroll deductions.

Partners can contribute pre-tax or Roth after-tax dollars, and Starbucks matches 5% of eligible contributions with immediate vesting in those matching contributions.

Approximately 3.6% of Starbucks partners in U.S. company-operated stores are represented by unions.

We believe our efforts in managing our workforce have been effective, evidenced by improved retention, lower turnover, and employee satisfaction during fiscal 2023.

| Sara Kelly | | | | | | 44 | | | | | | executive vice president and chief partner officer | | |

PepsiCo, and other key business partners.

Sara Kelly joined Starbucks in 2001 and was named executive vice president and chief partner officer in 2022, where she is responsible for helping partners realize their career potential and building global partner capability to enable growth and deliver on the Company’s strategic plan.

Prior to her current role, Ms. Kelly was senior vice president, Talent & Partner Experience from 2021 to 2022, where she was responsible for advancing Starbucks talent and organizational leadership agenda and was focused on amplifying the strategic work being led by the talent acquisition, talent management, partner experience, learning and development, and organization and leadership effectiveness teams.

From 2014 to 2021, Ms. Kelly served as vice president, Partner Resources, supporting partners in our global markets.

Brad Lerman joined Starbucks in April 2023 as executive vice president and general counsel.

In this role, he leads the Company’s Legal and Corporate Affairs organization.

Prior to Starbucks, Mr. Lerman served as senior vice president, general counsel and corporate secretary of Medtronic plc from 2014 to 2022; and prior to that he was an executive vice president, general counsel and corporate secretary for the Federal National Mortgage Association (Fannie Mae) from 2012 to 2014.

Mr. Lerman has also served as chief litigation counsel for Pfizer and has worked in private practice as a partner at Winston & Strawn LLP in Chicago.

He also served as an Assistant United States Attorney in the Northern District of Illinois.

Mr. Lerman currently serves on the Board of Directors of McKesson Corporation, a NYSE-listed health care, pharmaceutical, and medical supply company.

| Company-operated stores | | | 10,628 | | | | | | 60 | | % | | | | 8,964 | | | | | | 44 | | % | | | | | | | | | | | | | 19,592 | | | | | | 52 | | % |

| Licensed stores | | | 7,182 | | | | | | 40 | | % | | | | 11,264 | | | | | | 56 | | % | | | | | | | | | | | | | 18,446 | | | | | | 48 | | % |

| Total | | | 17,810 | | | | | | 100 | | % | | | | 20,228 | | | | | | 100 | | % | | | | | | | | | | | | | 38,038 | | | | | | 100 | | % |

| U.S. | | | 9,265 | | | | | | 483 | | | | | | (103) | | | | | | — | | | | | | 380 | | | | | | 9,645 | | |

| Total North America | | | 10,216 | | | | | | 527 | | | | | | (115) | | | | | | — | | | | | | 412 | | | | | | 10,628 | | |

| China | | | 6,019 | | | | | | 857 | | | | | | (72) | | | | | | — | | | | | | 785 | | | | | | 6,804 | | |

| Japan | | | 1,630 | | | | | | 110 | | | | | | (8) | | | | | | 1 | | | | | | 103 | | | | | | 1,733 | | |

| Total International | | | 8,037 | | | | | | 1,012 | | | | | | (86) | | | | | | 1 | | | | | | 927 | | | | | | 8,964 | | |

| Total company-operated | | | 18,253 | | | | | | 1,539 | | | | | | (201) | | | | | | 1 | | | | | | 1,339 | | | | | | 19,592 | | |

Additionally, as our business has evolved, we have built an omni-channel business to meet more occasions as we serve a more diverse customer base through growth in online, e-commerce, delivery, mobile ordering and the in-store experience.

| | | | Oct 2, 2022 | | | | | | Opened | | | | | | Closed | | | | | | Transfers | | | | | | Net | | | | | | Oct 1, 2023 | | |

| U.S. | | | 6,608 | | | | | | 206 | | | | | | (113) | | | | | | — | | | | | | 93 | | | | | | 6,701 | | |

| Total North America | | | 7,079 | | | | | | 223 | | | | | | (120) | | | | | | — | | | | | | 103 | | | | | | 7,182 | | |

| Korea | | | 1,750 | | | | | | 153 | | | | | | (33) | | | | | | — | | | | | | 120 | | | | | | 1,870 | | |

| Latin America | | | 1,549 | | | | | | 108 | | | | | | (8) | | | | | | — | | | | | | 100 | | | | | | 1,649 | | |

| All Other | | | 3,707 | | | | | | 469 | | | | | | (82) | | | | | | (1) | | | | | | 386 | | | | | | 4,093 | | |

| Total International | | | 10,379 | | | | | | 1,034 | | | | | | (148) | | | | | | (1) | | | | | | 885 | | | | | | 11,264 | | |

| Total licensed | | | 17,458 | | | | | | 1,257 | | | | | | (268) | | | | | | (1) | | | | | | 988 | | | | | | 18,446 | | |

Nestlé controls distribution of Starbucks packaged coffee products outside of Starbucks stores through the Global Coffee Alliance, and in some cases, also roasts and packages these products.

The results are shared with our partners and reviewed by

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

◦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.

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 in the U.S. by 2025.

- Care@Work benefit provides partners with backup care benefits for children and adults at a small cost to partners, as well as free unlimited senior care planning services.

This benefit includes up to 30 days of backup care services through the end of fiscal 2022, in light of the COVID-19 pandemic.

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

We believe our efforts in managing our workforce have been effective, evidenced by a strong Starbucks culture and a good relationship between the company and our partners.

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

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

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.

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

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.

| 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 | | |

| Total North America | | | 9,861 | | | | | | 481 | | | | | | (123) | | | | | | (3) | | | | | | 355 | | | | | | 10,216 | | |

| China | | | 5,358 | | | | | | 724 | | | | | | (63) | | | | | | — | | | | | | 661 | | | | | | 6,019 | | |

| Japan | | | 1,546 | | | | | | 102 | | | | | | (18) | | | | | | — | | | | | | 84 | | | | | | 1,630 | | |

| Total International | | | 7,272 | | | | | | 857 | | | | | | (89) | | | | | | (3) | | | | | | 765 | | | | | | 8,037 | | |

| Total company-operated | | | 17,133 | | | | | | 1,338 | | | | | | (212) | | | | | | (6) | | | | | | 1,120 | | | | | | 18,253 | | |

| U.S. | | | 6,497 | | | | | | 217 | | | | | | (109) | | | | | | 3 | | | | | | 111 | | | | | | 6,608 | | |

| Total North America | | | 6,965 | | | | | | 244 | | | | | | (133) | | | | | | 3 | | | | | | 114 | | | | | | 7,079 | | |

| Korea | | | 1,611 | | | | | | 168 | | | | | | (29) | | | | | | — | | | | | | 139 | | | | | | 1,750 | | |

| Latin America | | | 1,437 | | | | | | 115 | | | | | | (3) | | | | | | — | | | | | | 112 | | | | | | 1,549 | | |

| All Other | | | 3,501 | | | | | | 394 | | | | | | (188) | | | | | | — | | | | | | 206 | | | | | | 3,707 | | |

| Total International | | | 9,735 | | | | | | 925 | | | | | | (284) | | | | | | 3 | | | | | | 644 | | | | | | 10,379 | | |

| Total licensed | | | 16,700 | | | | | | 1,169 | | | | | | (417) | | | | | | 6 | | | | | | 758 | | | | | | 17,458 | | |

Nestlé controls distribution of certain finished goods through the Global Coffee Alliance.

this high-growth market.

During fiscal 2021 and continuing into fiscal 2022, we experienced certain supply shortages and transportation delays largely attributable to impacts of the COVID-19 pandemic as well as changes in customer demand and behaviors.

See [Note [removed: 16](#ia75cc8f98747496589a1ed7893374c6c_178),] [added: 16](#idd2c7243ae764e67ad4447ba21931f8b_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.

For the Fiscal Year Ended October [removed: 2, 2022][added: 1, 2023]

[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 April [removed: 3, 2022] [added: 2, 2023] as reported on the Nasdaq Global Select Market was [removed: $104.8] [added: $117.1] billion.

As of November [removed: 11, 2022,] [added: 10, 2023,] there were [removed: 1,147.8] [added: 1,136.7] 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: 23, 2023] [added: 13, 2024] have been incorporated by reference into Part III of this Annual Report on Form 10-K.

| Item 1 | | | [removed: [Business](#ia75cc8f98747496589a1ed7893374c6c_16)] [added: [Business](#idd2c7243ae764e67ad4447ba21931f8b_16)] | | | [removed: [2](#ia75cc8f98747496589a1ed7893374c6c_16)] [added: [3](#idd2c7243ae764e67ad4447ba21931f8b_16)] | | |

| Item 1A | | | [Risk [removed: Factors](#ia75cc8f98747496589a1ed7893374c6c_19)] [added: Factors](#idd2c7243ae764e67ad4447ba21931f8b_19)] | | | [removed: [10](#ia75cc8f98747496589a1ed7893374c6c_19)] [added: [11](#idd2c7243ae764e67ad4447ba21931f8b_19)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#ia75cc8f98747496589a1ed7893374c6c_22)] [added: Comments](#idd2c7243ae764e67ad4447ba21931f8b_22)] | | | [removed: [21](#ia75cc8f98747496589a1ed7893374c6c_22)] [added: [23](#idd2c7243ae764e67ad4447ba21931f8b_22)] | | |

| Item 2 | | | [removed: [Properties](#ia75cc8f98747496589a1ed7893374c6c_25)] [added: [Properties](#idd2c7243ae764e67ad4447ba21931f8b_25)] | | | [removed: [22](#ia75cc8f98747496589a1ed7893374c6c_25)] [added: [23](#idd2c7243ae764e67ad4447ba21931f8b_25)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#ia75cc8f98747496589a1ed7893374c6c_28)] [added: Proceedings](#idd2c7243ae764e67ad4447ba21931f8b_28)] | | | [removed: [22](#ia75cc8f98747496589a1ed7893374c6c_28)] [added: [24](#idd2c7243ae764e67ad4447ba21931f8b_28)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#ia75cc8f98747496589a1ed7893374c6c_31)] [added: Disclosures](#idd2c7243ae764e67ad4447ba21931f8b_31)] | | | [removed: [22](#ia75cc8f98747496589a1ed7893374c6c_31)] [added: [24](#idd2c7243ae764e67ad4447ba21931f8b_31)] | | |

| Item 5 | | | [Market for the Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity [removed: Securities](#ia75cc8f98747496589a1ed7893374c6c_37)] [added: Securities](#idd2c7243ae764e67ad4447ba21931f8b_37)] | | | [removed: [23](#ia75cc8f98747496589a1ed7893374c6c_37)] [added: [25](#idd2c7243ae764e67ad4447ba21931f8b_37)] | | |

| Item 6 | | | [removed: [Reserved](#ia75cc8f98747496589a1ed7893374c6c_40)] [added: [Reserved](#idd2c7243ae764e67ad4447ba21931f8b_40)] | | | [removed: [25](#ia75cc8f98747496589a1ed7893374c6c_40)] [added: [27](#idd2c7243ae764e67ad4447ba21931f8b_40)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia75cc8f98747496589a1ed7893374c6c_43)] [added: Operations](#idd2c7243ae764e67ad4447ba21931f8b_43)] | | | [removed: [26](#ia75cc8f98747496589a1ed7893374c6c_43)] [added: [28](#idd2c7243ae764e67ad4447ba21931f8b_43)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ia75cc8f98747496589a1ed7893374c6c_91)] [added: Risk](#idd2c7243ae764e67ad4447ba21931f8b_91)] | | | [removed: [40](#ia75cc8f98747496589a1ed7893374c6c_91)] [added: [41](#idd2c7243ae764e67ad4447ba21931f8b_91)] | | |

| Item 8 | | | [Financial Statements and Supplementary [removed: Data](#ia75cc8f98747496589a1ed7893374c6c_94)] [added: Data](#idd2c7243ae764e67ad4447ba21931f8b_94)] | | | [removed: [41](#ia75cc8f98747496589a1ed7893374c6c_94)] [added: [42](#idd2c7243ae764e67ad4447ba21931f8b_94)] | | |

| | | | [Index for Notes to Consolidated Financial [removed: Statements](#ia75cc8f98747496589a1ed7893374c6c_118)] [added: Statements](#idd2c7243ae764e67ad4447ba21931f8b_118)] | | | [removed: [46](#ia75cc8f98747496589a1ed7893374c6c_118)] [added: [47](#idd2c7243ae764e67ad4447ba21931f8b_118)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia75cc8f98747496589a1ed7893374c6c_193)] [added: Firm](#idd2c7243ae764e67ad4447ba21931f8b_193)] | | | [removed: [80](#ia75cc8f98747496589a1ed7893374c6c_193)] [added: [81](#idd2c7243ae764e67ad4447ba21931f8b_193)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ia75cc8f98747496589a1ed7893374c6c_196)] [added: Disclosure](#idd2c7243ae764e67ad4447ba21931f8b_196)] | | | [removed: [82](#ia75cc8f98747496589a1ed7893374c6c_196)] [added: [83](#idd2c7243ae764e67ad4447ba21931f8b_196)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#ia75cc8f98747496589a1ed7893374c6c_199)] [added: Procedures](#idd2c7243ae764e67ad4447ba21931f8b_199)] | | | [removed: [82](#ia75cc8f98747496589a1ed7893374c6c_199)] [added: [83](#idd2c7243ae764e67ad4447ba21931f8b_199)] | | |

| Item 9B | | | [Other [removed: Information](#ia75cc8f98747496589a1ed7893374c6c_205)] [added: Information](#idd2c7243ae764e67ad4447ba21931f8b_205)] | | | [removed: [84](#ia75cc8f98747496589a1ed7893374c6c_205)] [added: [85](#idd2c7243ae764e67ad4447ba21931f8b_205)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia75cc8f98747496589a1ed7893374c6c_208)] [added: Inspections](#idd2c7243ae764e67ad4447ba21931f8b_208)] | | | [removed: [84](#ia75cc8f98747496589a1ed7893374c6c_208)] [added: [85](#idd2c7243ae764e67ad4447ba21931f8b_208)] | | |

| Item 10 | | | [Directors, Executive Officers and Corporate [removed: Governance](#ia75cc8f98747496589a1ed7893374c6c_214)] [added: Governance](#idd2c7243ae764e67ad4447ba21931f8b_214)] | | | [removed: [85](#ia75cc8f98747496589a1ed7893374c6c_214)] [added: [86](#idd2c7243ae764e67ad4447ba21931f8b_214)] | | |

| Item 11 | | | [Executive [removed: Compensation](#ia75cc8f98747496589a1ed7893374c6c_217)] [added: Compensation](#idd2c7243ae764e67ad4447ba21931f8b_217)] | | | [removed: [85](#ia75cc8f98747496589a1ed7893374c6c_217)] [added: [86](#idd2c7243ae764e67ad4447ba21931f8b_217)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters](#ia75cc8f98747496589a1ed7893374c6c_220)] [added: Matters](#idd2c7243ae764e67ad4447ba21931f8b_220)] | | | [removed: [85](#ia75cc8f98747496589a1ed7893374c6c_220)] [added: [86](#idd2c7243ae764e67ad4447ba21931f8b_220)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#ia75cc8f98747496589a1ed7893374c6c_223)] [added: Independence](#idd2c7243ae764e67ad4447ba21931f8b_223)] | | | [removed: [85](#ia75cc8f98747496589a1ed7893374c6c_223)] [added: [86](#idd2c7243ae764e67ad4447ba21931f8b_223)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#ia75cc8f98747496589a1ed7893374c6c_226)] [added: Services](#idd2c7243ae764e67ad4447ba21931f8b_226)] | | | [removed: [85](#ia75cc8f98747496589a1ed7893374c6c_226)] [added: [86](#idd2c7243ae764e67ad4447ba21931f8b_226)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#ia75cc8f98747496589a1ed7893374c6c_232)] [added: Schedules](#idd2c7243ae764e67ad4447ba21931f8b_232)] | | | [removed: [86](#ia75cc8f98747496589a1ed7893374c6c_232)] [added: [87](#idd2c7243ae764e67ad4447ba21931f8b_232)] | | |

| Item 16 | | | [Form 10-K [removed: Summary](#ia75cc8f98747496589a1ed7893374c6c_247)] [added: Summary](#idd2c7243ae764e67ad4447ba21931f8b_247)] | | | [removed: [92](#ia75cc8f98747496589a1ed7893374c6c_247)] [added: [93](#idd2c7243ae764e67ad4447ba21931f8b_247)] | | |

| [removed: [SIGNATURES](#ia75cc8f98747496589a1ed7893374c6c_250)] [added: [SIGNATURES](#idd2c7243ae764e67ad4447ba21931f8b_250)] | | | | | | [removed: [93](#ia75cc8f98747496589a1ed7893374c6c_250)] [added: [94](#idd2c7243ae764e67ad4447ba21931f8b_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.” [removed: A] [added: By their nature,] forward-looking [removed: statement is neither a prediction nor a guarantee of future events or circumstances] [added: statements involve risks, uncertainties,] and [removed: those future events] [added: other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience] or [removed: circumstances may not occur.][added: from our current expectations or projections.]

You should not place undue reliance on [added: the] forward-looking statements, which speak only as of the date of this [removed: Annual Report on Form 10-K.][added: report.]

We [removed: expressly disclaim any] [added: are under no] obligation to update or [removed: revise] [added: alter] any forward-looking statements, whether as a result of new information, future events or [removed: otherwise, except as required by law.][added: otherwise.*]

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

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

For the Fiscal Year Ended October 1, 2023

| Item 1C | | | [Cybersecurity](#idd2c7243ae764e67ad4447ba21931f8b_2415) | | | [23](#idd2c7243ae764e67ad4447ba21931f8b_2415) | | |

*This Annual Report on Form 10-K includes “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Starbucks Corporation (together with its subsidiaries) that are based on our current expectations, estimates, forecasts and projections about our business, our results of operations, the industry in which we operate, our economic and market outlook, and the beliefs and assumptions of our management.

Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections and in other reports we file with the U.S. Securities and Exchange Commission (“SEC”), as well as:*

*• our ability to preserve, grow and leverage our brands;*

*• the acceptance of the company’s products and changes in consumer preferences, consumption, or spending behavior and our ability to anticipate or react to them; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, platforms, reformulations, or other innovations;*

*• our anticipated operating expenses, including our anticipated total capital expenditures;*

*• the costs associated with, and the successful execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments and plans, including our Reinvention Plan;*

*• the impacts of partner investments and changes in the availability and cost of labor including any union organizing efforts and our responses to such efforts;*

*• the ability of our business partners, suppliers and third-party providers to fulfill their responsibilities and commitments;*

*• higher costs, lower quality, or unavailability of coffee, dairy, energy, water, raw materials, or product ingredients;*

*• the impact of significant increases in logistics costs;*

*• a worsening in the terms and conditions upon which we engage with our manufacturers and source suppliers, whether resulting from broader local or global conditions, or dynamics specific to our relationships with such parties;*

*• unfavorable global or regional economic conditions and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, or deflation;*

*• inherent risks of operating a global business including geopolitical instability;*

*• failure to attract or retain key executive or partner talent or successfully transition executives;*

*• the potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling;*

*• negative publicity related to our company, products, brands, marketing, executive leadership, partners, board of directors, founder, operations, business performance, or prospects;*

*• potential negative effects of a material breach, failure, or corruption of our information technology systems or those of our direct and indirect business partners, suppliers or third-party providers, or failure to comply with personal data protection laws;*

*• our environmental, social and governance (“ESG”) efforts and any reaction related thereto such as the rise in opposition to ESG and inclusion and diversity efforts;*

*• risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs or impairment in recorded value;*

*• the impact of foreign currency translation, particularly a stronger U.S. dollar;*

*• the impact of substantial competition from new entrants, consolidations by competitors, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets;*

*• the impact of changes in U.S. tax law and related guidance and regulations that may be implemented, including on tax rates and the Inflation Reduction Act of 2022;*

*• the impact of health epidemics, pandemics or other public health events on our business and financial results, and the risk of negative economic impacts and related regulatory measures or voluntary actions that may be put in place, including restrictions on business operations or social distancing requirements, and the duration and efficacy of such restrictions;*

*• failure to comply with anti-corruption laws, trade sanctions and restrictions or similar laws or regulations; and*

*• the impact of significant legal disputes and proceedings, or government investigations.*

*In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and economic environment.

A forward-looking statement is neither a prediction nor a guarantee of future events or*

*circumstances, and those future events or circumstances may not occur.

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

This Annual Report on Form 10-K includes “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are all based on currently available operating, financial and competitive information and are subject to various risks and uncertainties.

Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties discussed under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results.

Any or all of the forward-looking statements contained in this Annual Report on Form 10-K and any other public statement made by us, including by our management, may turn out to be incorrect.

We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

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)

Not applicable.

| Seattle, WA | | | [removed: 1,145,000] [added: 1,294,000] | | | | | | Corporate administrative | | |

As of October [removed: 2, 2022,] [added: 1, 2023,] Starbucks had [removed: 18,253] [added: 19,592] company-operated stores, almost all of which are leased.

[removed: We also lease space in various locations] worldwide for regional, district and other administrative offices, training facilities and storage.

| Kunshan, China | | | 630,000 | | | | | | Roasting, warehousing and distribution | | |

We also lease space in various locations

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

As of November [removed: 11, 2022,] [added: 10, 2023,] we had approximately 18,000 shareholders of record.

Shares under our ongoing share repurchase program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, [removed: as amended (the “Exchange Act”)] or through privately negotiated transactions.

The timing, manner, price and amount of repurchases will be determined at our [removed: discretion,] [added: discretion] and the share repurchase program may be suspended, terminated or modified at any time for any reason.

The following graph depicts the total return to shareholders from [removed: October 1, 2017,] [added: September 30, 2018,] through October [removed: 2, 2022,] [added: 1, 2023,] relative to the performance of the Standard & Poor’s 500 Index, the Nasdaq Composite Index and the Standard & Poor’s 500 Consumer Discretionary Sector, a peer group that includes Starbucks.

All indices shown in the graph have been reset to a base of 100 as of [removed: October 1, 2017,] [added: September 30, 2018,] and assume an investment of $100 on that date and the reinvestment of dividends paid since that date.

[removed: ][added: ]

| | | | [removed: Oct 1, 2017 | | | | | |] Sep 30, 2018 | | | | | | Sep 29, 2019 | | | | | | Sep 27, 2020 | | | | | | Oct 3, 2021 | | | | | | Oct 2, 2022 | | | [added: | | | Oct 1, 2023 | | |]

The following table provides information regarding repurchases of our common stock during the quarter ended October 1, 2023.

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

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

| | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | | | | | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(3) | | |

| Period (1) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| July 3, 2023 - July 30, 2023 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | 45,720,818 | | |

| July 31, 2023 - August 27, 2023 | | | | | | 1,072,090 | | | | | | 98.16 | | | | | | 1,072,090 | | | | | | 44,648,728 | | |

| August 28, 2023 - October 1, 2023 | | | | | | 2,059,067 | | | | | | 95.39 | | | | | | 2,059,067 | | | | | | 42,589,661 | | |

| Total | | | | | | 3,131,157 | | | | | | $ | 96.34 | | | | | 3,131,157 | | | | | | | | |

(1)Monthly information is presented by reference to our fiscal months during the fourth quarter of fiscal 2023.

(2)Share repurchases are conducted under our ongoing share repurchase program announced in September 2001, which has no expiration date, and for which the authorized number of shares has been increased by our Board numerous times, with our Board most recently authorizing the repurchase of up to an additional 40 million shares in March 2022.

(3)This column includes the total number of shares available for repurchase under the Company's ongoing share repurchase program.

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 158.45 | | | | | $ | 154.26 | | | | | $ | 210.18 | | | | | $ | 160.32 | | | | | $ | 177.34 | |

| S&P 500 | | | 100.00 | | | | | | 104.25 | | | | | | 120.05 | | | | | | 156.07 | | | | | | 131.92 | | | | | | 160.44 | | |

| Nasdaq Composite | | | 100.00 | | | | | | 100.52 | | | | | | 141.70 | | | | | | 184.58 | | | | | | 136.12 | | | | | | 171.65 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 102.36 | | | | | | 131.93 | | | | | | 157.19 | | | | | | 124.35 | | | | | | 141.47 | | |

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.

During the fourth fiscal quarter ended October 2, 2022, there was no share repurchase activity.

As of October 2, 2022, 52.6 million shares remained available for repurchase under current authorizations.

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

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

| 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)

| Fiscal Year Ended | | | Oct [removed: 2, 2022] [added: 1, 2023] | | | | | | Oct [removed: 3, 2021] [added: 2, 2022] | | | | | | [removed: Sep 27, 2020] [added: Oct 3, 2021] | | |

| Company-operated stores | | | $ | [removed: 26,576.1] [added: 29,462.3] | | | | | $ | [removed: 24,607.0] [added: 26,576.1] | | | | | $ | [removed: 19,164.6] [added: 24,607.0] | |

| Licensed stores | | | [removed: 3,655.5] [added: 4,512.7] | | | | | | [removed: 2,683.6] [added: 3,655.5] | | | | | | [removed: 2,327.1] [added: 2,683.6] | | |

| Other | | | [removed: 2,018.7] [added: 2,000.6] | | | | | | [removed: 1,770.0] [added: 2,018.7] | | | | | | [removed: 2,026.3] [added: 1,770.0] | | |

| Total net revenues | | | [removed: 32,250.3] [added: 35,975.6] | | | | | | [removed: 29,060.6] [added: 32,250.3] | | | | | | [removed: 23,518.0] [added: 29,060.6] | | |

| Product and distribution costs | | | [removed: 10,317.4] [added: 11,409.1] | | | | | | [removed: 8,738.7] [added: 10,317.4] | | | | | | [removed: 7,694.9] [added: 8,738.7] | | |

| Store operating expenses | | | [removed: 13,561.8] [added: 14,720.3] | | | | | | [removed: 11,930.9] [added: 13,561.8] | | | | | | [removed: 10,764.0] [added: 11,930.9] | | |

| Other operating expenses | | | [removed: 461.5] [added: 539.4] | | | | | | [removed: 359.5] [added: 461.5] | | | | | | [removed: 430.3] [added: 359.5] | | |

| Depreciation and amortization expenses | | | [removed: 1,447.9] [added: 1,362.6] | | | | | | [removed: 1,441.7] [added: 1,447.9] | | | | | | [removed: 1,431.3] [added: 1,441.7] | | |

| General and administrative expenses | | | [removed: 2,032.0] [added: 2,441.3] | | | | | | [removed: 1,932.6] [added: 2,032.0] | | | | | | [removed: 1,679.6] [added: 1,932.6] | | |

| Restructuring and impairments | | | [removed: 46.0] [added: 21.8] | | | | | | [removed: 170.4] [added: 46.0] | | | | | | [removed: 278.7] [added: 170.4] | | |

| Total operating expenses | | | [removed: 27,866.6] [added: 30,494.5] | | | | | | [removed: 24,573.8] [added: 27,866.6] | | | | | | [removed: 22,278.8] [added: 24,573.8] | | |

| Income from equity investees | | | [removed: 234.1] [added: 298.4] | | | | | | [removed: 385.3] [added: 234.1] | | | | | | [removed: 322.5] [added: 385.3] | | |

| Operating income | | | [removed: 4,617.8] [added: 5,870.8] | | | | | | [removed: 4,872.1] [added: 4,617.8] | | | | | | [removed: 1,561.7] [added: 4,872.1] | | |

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

| Interest income and other, net | | | [removed: 97.0] [added: 81.2] | | | | | | [removed: 90.1] [added: 97.0] | | | | | | [removed: 39.7] [added: 90.1] | | |

| Interest expense | | | [removed: (482.9)] [added: (550.1)] | | | | | | [removed: (469.8)] [added: (482.9)] | | | | | | [removed: (437.0)] [added: (469.8)] | | |

| Earnings before income taxes | | | [removed: 4,231.9] [added: 5,401.9] | | | | | | [removed: 5,356.9] [added: 4,231.9] | | | | | | [removed: 1,164.4] [added: 5,356.9] | | |

| Income tax expense | | | [removed: 948.5] [added: 1,277.2] | | | | | | [removed: 1,156.6] [added: 948.5] | | | | | | [removed: 239.7] [added: 1,156.6] | | |

| Net earnings including noncontrolling interests | | | [removed: 3,283.4] [added: 4,124.7] | | | | | | [removed: 4,200.3] [added: 3,283.4] | | | | | | [removed: 924.7] [added: 4,200.3] | | |

| Net [removed: earnings/(loss)] [added: earnings] attributable to noncontrolling interests | | | [removed: 1.8] [added: 0.2] | | | | | | [removed: 1.0] [added: 1.8] | | | | | | [removed: (3.6)] [added: 1.0] | | |

| Net earnings attributable to Starbucks | | | $ | [removed: 3,281.6] [added: 4,124.5] | | | | | $ | [removed: 4,199.3] [added: 3,281.6] | | | | | $ | [removed: 928.3] [added: 4,199.3] | |

| Earnings per share — basic | | | $ | [removed: 2.85] [added: 3.60] | | | | | $ | [removed: 3.57] [added: 2.85] | | | | | $ | [removed: 0.79] [added: 3.57] | |

| Earnings per share — diluted | | | $ | [removed: 2.83] [added: 3.58] | | | | | $ | [removed: 3.54] [added: 2.83] | | | | | $ | [removed: 0.79] [added: 3.54] | |

| Basic | | | [removed: 1,153.3] [added: 1,146.8] | | | | | | [removed: 1,177.6] [added: 1,153.3] | | | | | | [removed: 1,172.8] [added: 1,177.6] | | |

| Diluted | | | [removed: 1,158.5] [added: 1,151.3] | | | | | | [removed: 1,185.5] [added: 1,158.5] | | | | | | [removed: 1,181.8] [added: 1,185.5] | | |

| Net earnings including noncontrolling interests | | | $ | [removed: 3,283.4] [added: 4,124.7] | | | | | $ | [removed: 4,200.3] [added: 3,283.4] | | | | | $ | [removed: 924.7] [added: 4,200.3] | |

| Unrealized holding gains/(losses) on available-for-sale [added: debt] securities | | | [removed: (22.8)] [added: 3.3] | | | | | | [removed: (3.4)] [added: (22.8)] | | | | | | [removed: 8.3] [added: (3.4)] | | |

| Tax [removed: benefit/(expense)] [added: (expense)/benefit] | | | [removed: 5.6] [added: (0.8)] | | | | | | [removed: 0.7] [added: 5.6] | | | | | | [removed: (1.8)] [added: 0.7] | | |

| Unrealized gains/(losses) on cash flow hedging instruments | | | [removed: 259.5] [added: (149.4)] | | | | | | [removed: 283.8] [added: 259.5] | | | | | | [removed: (126.3)] [added: 283.8] | | |

| Tax (expense)/benefit | | | [removed: (52.8)] [added: 17.2] | | | | | | [removed: (43.6)] [added: (52.8)] | | | | | | [removed: 31.3] [added: (43.6)] | | |

| Unrealized gains/(losses) on net investment hedging instruments | | | [removed: 229.0] [added: 73.2] | | | | | | [removed: 63.1] [added: 229.0] | | | | | | [removed: 38.7] [added: 63.1] | | |

| Tax [removed: (expense)] [added: (expense)/benefit] | | | [removed: (57.9)] [added: (18.5)] | | | | | | [removed: (16.0)] [added: (57.9)] | | | | | | [removed: (9.8)] [added: (16.0)] | | |

| Translation adjustment and other | | | [removed: (794.7)] [added: (109.0)] | | | | | | [removed: 188.2] [added: (794.7)] | | | | | | [removed: 206.9] [added: 188.2] | | |

| Tax [removed: benefit] [added: (expense)/benefit] | | | [removed: —] [added: 1.8] | | | | | | [removed: 2.2] [added: —] | | | | | | [removed: 1.5] [added: 2.2] | | |

| Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment and other | | | [removed: (210.5)] [added: (158.9)] | | | | | | [removed: 41.8] [added: (210.5)] | | | | | | [removed: (20.1)] [added: 41.8] | | |

| Tax expense/(benefit) | | | [removed: 34.2] [added: 26.1] | | | | | | [removed: (5.0)] [added: 34.2] | | | | | | [removed: 5.2] [added: (5.0)] | | |

| Other comprehensive income/(loss) | | | [removed: (610.4)] [added: (315.0)] | | | | | | [removed: 511.8] [added: (610.4)] | | | | | | [removed: 133.9] [added: 511.8] | | |

| Comprehensive income including noncontrolling interests | | | [removed: 2,673.0] [added: 3,809.7] | | | | | | [removed: 4,712.1] [added: 2,673.0] | | | | | | [removed: 1,058.6] [added: 4,712.1] | | |

| Comprehensive income/(loss) attributable to noncontrolling interests | | | [removed: 1.8] [added: (0.5)] | | | | | | [removed: 1.0] [added: 1.8] | | | | | | [removed: (3.6)] [added: 1.0] | | |

| Gain from sale of assets | | | 91.3 | | | | | | — | | | | | | — | | |

| | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

| Fiscal Year Ended | | | | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | Oct 3, 2021 | | |

| Net earnings including noncontrolling interests | | | | | | $ | 4,124.7 | | | | | $ | 3,283.4 | | | | | $ | 4,200.3 | |

| Gain on sale of assets | | | | | | (91.3) | | | | | | — | | | | | | — | | |

| Proceeds from sale of assets | | | | | | 110.0 | | | | | | — | | | | | | — | | |

| Noncontrolling interest resulting from divestiture | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.6) | | | | | | (0.6) | | |

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

| Net earnings | | | — | | | | | | — | | | | | | — | | | | | | 4,124.5 | | | | | | — | | | | | | 4,124.5 | | | | | | 0.2 | | | | | | 4,124.7 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (314.3) | | | | | | (314.3) | | | | | | (0.7) | | | | | | (315.0) | | |

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

| Purchase of noncontrolling interests and other | | | — | | | | | | — | | | | | | (3.0) | | | | | | — | | | | | | (0.7) | | | | | | (3.7) | | | | | | (0.4) | | | | | | (4.1) | | |

| Balance, October 1, 2023 | | | 1,142.6 | | | | | | $ | 1.1 | | | | | $ | 38.1 | | | | | $ | (7,255.8) | | | | | $ | (778.2) | | | | | $ | (7,994.8) | | | | | $ | 7.0 | | | | | $ | (7,987.8) | |

Refer to [Note 4](#idd2c7243ae764e67ad4447ba21931f8b_139), Fair Value Measurements, for further discussion of our MDCP liability.

Cash flows from derivative financial instruments and the related gains and losses are classified as cash flows from operating activities on the consolidated statements of cash flows.

See [Note 8](#idd2c7243ae764e67ad4447ba21931f8b_151), Other Intangible Assets and Goodwill, for further information.

Additionally,

As of October 1, 2023, the deferred payroll tax payments have been remitted in full.

We adjust our unrecognized tax benefit liability and income tax expense in the

*Fiscal 2023*

On January 13, 2023, we sold the assets, primarily consisting of intellectual properties associated with the Seattle's Best Coffee brand, to Nestlé for $110.0 million.

The transaction resulted in a pre-tax gain of $91.3 million, which was included in gain from sale of assets on our consolidated statements of earnings.

Results from Seattle's Best Coffee operations prior to the sale are reported in our Channel Development operating segment.

We enter into interest rate swap agreements, including forward-starting interest rate swaps and

Gains and losses from these derivatives representing hedged components excluded from the assessment of effectiveness are amortized over the life of the hedging instrument using a systematic and rational method and recognized in interest expense.

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

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

| | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

| | | | Balance Sheet Location | | | | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

| | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | | | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

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

| Structured deposits | | | 261.2 | | | | | | — | | | | | | 261.2 | | | | | | — | | |

| U.S. government treasury securities | | | 104.7 | | | | | | 104.7 | | | | | | — | | | | | | — | | |

| Total long-term investments | | | 247.3 | | | | | | 104.7 | | | | | | 142.6 | | | | | | — | | |

| Derivative assets | | | 153.0 | | | | | | — | | | | | | 153.0 | | | | | | — | | |

| Total assets | | | $ | 4,394.3 | | | | | $ | 3,728.6 | | | | | $ | 665.7 | | | | | $ | — | |

| Derivative liabilities | | | 43.2 | | | | | | — | | | | | | 43.2 | | | | | | — | | |

| Total liabilities | | | $ | 46.8 | | | | | $ | — | | | | | $ | 46.8 | | | | | $ | — | |

| | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

| | | | Oct 1, 2023 | | | | | | Oct 2, 2022 | | |

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

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

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

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

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

| Balance, September 29, 2019 | | | 1,184.6 | | | | | | $ | 1.2 | | | | | $ | 41.1 | | | | | $ | (5,771.2) | | | | | $ | (503.3) | | | | | $ | (6,232.2) | | | | | $ | 1.2 | | | | | $ | (6,231.0) | |

| Cumulative effect of adoption of new accounting guidance | | | — | | | | | | — | | | | | | — | | | | | | 12.5 | | | | | | 4.8 | | | | | | 17.3 | | | | | | — | | | | | | 17.3 | | |

| Net earnings/(loss) | | | — | | | | | | — | | | | | | — | | | | | | 928.3 | | | | | | — | | | | | | 928.3 | | | | | | (3.6) | | | | | | 924.7 | | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 133.9 | | | | | | 133.9 | | | | | | — | | | | | | 133.9 | | |

| Net distributions to noncontrolling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.3 | | | | | | 8.3 | | |

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

Certain prior period information for our North America and International operating segments and our Corporate and Other reportable segment has been reclassified to conform to the current year presentation.

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.

We also assessed incremental risks due to COVID-19 on our licensees’ financial viability.

net earnings.

For fiscal 2022, 2021 and 2020, we evaluated COVID-19 business recovery trends and their estimated impacts on future revenue growth and profitability for assessing impairment of our company-operated retail store and related operating lease ROU assets.

determined using the effective interest method.

During fiscal 2022 and fiscal 2021, the COVID-19-related rent concessions we received for stores, primarily in our International segment, were immaterial.

During fiscal 2020, we received $27.6 million of COVID-19-related rent concessions for stores in our International segment generally correlating with the temporary period our stores were closed.

Consistent with updated guidance from the Financial Accounting Standards Board (“FASB”) in April 2020, we elected to treat COVID-19-related rent concessions as variable rent.

Rent concessions were recognized as an offset to our rent expense within store operating expenses on our consolidated statement of earnings.

We recorded other intangible asset impairment charges of $22.1 million during fiscal 2020.

As of October 3, 2021, deferred payroll tax payments of $116.4 million were included in both accrued liabilities and other long-term liabilities, respectively, on our consolidated balance sheets.

Due to ongoing global supply chain disruptions, certain coffee cash flow hedges have been de-designated early which resulted in insignificant amounts recognized in earnings during the fiscal year ended October 2, 2022 and October 3, 2021.

(1)As a result of the global COVID-19 impacts, we discontinued certain cash flow hedges during the fiscal year ended September 27, 2020.

| Other long-term liabilities | | | | | | — | | | | | | 3.6 | | | | | |

| Other long-term liabilities | | | | | | — | | | | | | 1.3 | | | | | |

| Interest rate swap | | | Other long-term liabilities | | | | | | 34.0 | | | | | | — | | |

| Dairy | | | Accrued liabilities | | | | | | — | | | | | | 0.2 | | |

| Commercial paper | | | 63.0 | | | | | | — | | | | | | 63.0 | | | | | | — | | |

| Derivative assets | | | 147.6 | | | | | | 131.1 | | | | | | 16.5 | | | | | | — | | |

| Auction rate securities | | | 6.0 | | | | | | — | | | | | | — | | | | | | 6.0 | | |

| Mortgage and other asset-backed securities | | | 31.9 | | | | | | — | | | | | | 31.9 | | | | | | — | | |

| Total long-term investments | | | 281.7 | | | | | | 76.3 | | | | | | 199.4 | | | | | | 6.0 | | |

| Total assets | | | $ | 7,131.5 | | | | | $ | 6,737.5 | | | | | $ | 388.0 | | | | | $ | 6.0 | |

| Derivative liabilities | | | $ | 8.6 | | | | | $ | 0.3 | | | | | $ | 8.3 | | | | | $ | — | |

| Total liabilities | | | $ | 16.8 | | | | | $ | 0.3 | | | | | $ | 16.5 | | | | | $ | — | |

During the fiscal years ended October 2, 2022 and October 3, 2021, we did not record significant write-offs related to the COVID-19 pandemic.

During fiscal 2020, we wrote off approximately $50 million of inventory that was expiring or expected to expire due to COVID-19 pandemic related store closures, primarily perishable food and beverage ingredients located at our stores, distribution centers and suppliers.

This was included in product and distribution costs on our consolidated statement of earnings.

During the fourth quarter of fiscal [removed: 2022,] [added: 2023,] we carried out an evaluation, under the supervision and with the participation of our management, including our [removed: 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: 2, 2022).][added: 1, 2023).]

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/829224/000082922422000058/sbux-1022022xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit311.htm)] and [removed: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-1022022xexhibit312.htm),] [added: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit312.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: 2, 2022.][added: 1, 2023.]

Our internal control over financial reporting as of October [removed: 2, 2022] [added: 1, 2023] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which is included herein.

We have audited the internal control over financial reporting of Starbucks Corporation and subsidiaries (the “Company”) as of October [removed: 2, 2022,] [added: 1, 2023,] 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: 2, 2022,] [added: 1, 2023,] 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: 2, 2022,] [added: 1, 2023,] of the Company and our report dated November [removed: 18, 2022,] [added: 17, 2023,] expressed an unqualified opinion on those financial statements.

November 17, 2023

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

November 18, 2022

Insider Adoption or Termination of Trading Arrangements:

During the fiscal quarter ended October 1, 2023, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

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| Name & Title | | | | | | Date Adopted | | | | | | Character of Trading Arrangement (1) | | | | | | Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement | | | | | | Duration (3) | | | | | | Other Material Terms | | | | | | Date Terminated | | |

| Sara Kelly, executive vice president, chief partner officer | | | | | | August 5, 2023 | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Up to 3,500 shares to be Sold (2) | | | | | | 6/7/2024 (4) | | | | | | N/A | | | | | | N/A | | |

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(1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

(2) Ms. Kelly’s trading plan provides for the sale of up to 500 shares on a monthly basis beginning in November 2023 with 250 shares subject to a limit price of $110.

(3) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or the expiration of all of the orders relating to such trades, or (b) the date listed in the table.

The trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

(4) The arrangement also provides for automatic expiration in the event of Ms. Kelly’s death, bankruptcy or insolvency.

None.

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

We adopted a code of ethics that applies to our chief executive officer, chief financial officer, [added: chief accounting officer,] controller and other finance leaders, which is a “code of ethics” as defined by applicable rules of the SEC.

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 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 [added: electronically] with the [removed: SEC.][added: SEC at www.sec.gov.]

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: 23, 2023] [added: 13, 2024] (the “Proxy Statement”).

We will provide disclosure of delinquent Section 16(a) reports, if any, in our Proxy [removed: Statement,] [added: Statement in a section entitled “Delinquent Section 16(a) Reports”,] and such disclosure, if any, is incorporated herein by reference.

The information required by this item is incorporated by reference to the sections entitled “Proposal [removed: 4] [added: 3] - Ratification of Selection of Deloitte & Touche LLP [removed: (PCAOB ID No. 34)] as our Independent Registered Public Accounting Firm - Independent Registered Public Accounting Firm Fees” and “Proposal [removed: 4] [added: 3] - Ratification of Selection of Deloitte & Touche LLP as our Independent Registered Public Accounting Firm - Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of the Independent Registered Public Accounting Firm” in the Proxy Statement.

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

- Consolidated Statements of Earnings for the fiscal years ended October [added: 1, 2023, October] 2, [removed: 2022,] [added: 2022 and] October 3, [removed: 2021 and September 27, 2020;][added: 2021;]

- Consolidated Statements of Comprehensive Income for the fiscal years ended October [added: 1, 2023, October] 2, [removed: 2022,] [added: 2022 and] October 3, [removed: 2021 and September 27, 2020;][added: 2021;]

- Consolidated Balance Sheets as of October [removed: 2, 2022] [added: 1, 2023] and October [removed: 3, 2021;][added: 2, 2022;]

- Consolidated Statements of Cash Flows for the fiscal years ended October [added: 1, 2023, October] 2, [removed: 2022,] [added: 2022 and] October 3, [removed: 2021 and September 27, 2020;][added: 2021;]

- Consolidated Statements of Equity for the fiscal years ended October [added: 1, 2023, October] 2, [removed: 2022,] [added: 2022 and] October 3, [removed: 2021 and September 27, 2020;][added: 2021;]

- Reports of Independent Registered Public Accounting Firm [added: (PCAOB ID No. 34)]

| [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312516711031/d243558dex41.htm) | | | | | | [Indenture, dated as of September 15, 2016, by and between Starbucks Corporation and U.S. Bank [added: Trust Company,] National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/829224/000119312516711031/d243558dex41.htm)] [added: trustee (as successor in interest to U.S. Bank National Association)](http://www.sec.gov/Archives/edgar/data/829224/000119312516711031/d243558dex41.htm)] | | | | | | S-3ASR | | | | | | 333-213645 | | | | | | 9/15/2016 | | | | | | 4.1 | | | | | | | | |

| [4.7](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm) | | | | | | [Form of [removed: 3.100%] [added: 3.500%] Senior Notes due March 1, [removed: 2023](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: 2028](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | 2/28/2018 | | | | | | [removed: 4.3] [added: 4.4] | | | | | | | | |

| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: [4.10](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Form of [removed: 3.500%] [added: 4.000%] Senior Notes due [removed: March 1, 2028](http://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: November 15, 2028](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 2/28/2018] [added: 8/10/2018] | | | | | | 4.4 | | | | | | | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.8](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Fourth Supplemental Indenture, dated as of August 10, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.800% Senior Notes due 2025, 4.000% Senior Notes due 2028 and 4.500% Senior Notes due 2048)](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 8/10/2018 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.9](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | [Form of 3.800% Senior Notes due August 15, 2025](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 8/10/2018 | | | | | | 4.3 | | | | | | | | |

| [4.11](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | [Form of [removed: 4.000%] [added: 4.500%] Senior Notes due November 15, [removed: 2028](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: 2048](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | 8/10/2018 | | | | | | [removed: 4.4] [added: 4.2] | | | | | | | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.2](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)[0](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | [Form of [removed: 4.500%] [added: 2.550%] Senior Notes due November 15, [removed: 2048](http://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: 2030 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | 8-K | | | | | | [added: 0-20322] | | | | | | [added: 5/7/2020] | | | | | | [added: 4.4] | | | | | | | | |

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[2](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Fifth Supplemental Indenture, dated as of May 13, 2019, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (3.550% Senior Notes due 2029 and 4.450% Senior Notes due 2049)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/13/2019 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[3](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Form of 3.550% Senior Notes due August 15, 2029 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/13/2019 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.15](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[4](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Form of 4.450% Senior Notes due August 15, 2049 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/13/2019 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.16](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[5](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Sixth Supplemental Indenture, dated as of March 12, 2020, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (2.000% Senior Notes due 2027, 2.250% Senior Notes due 2030 and 3.350% Senior Notes due 2050)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.17](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[6](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Form of 2.000% Senior Notes due March 12, 2027 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.18](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[7](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Form of 2.250% Senior Notes due March 12, 2030 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.19](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.1](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[8](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Form of 3.350% Senior Notes due March 12, 2050 (included in Exhibit 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 3/12/2020 | | | | | | 4.5 | | | | | | | | |

| [removed: [4.20](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)[19](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | [Seventh Supplemental Indenture, dated as of May 7, 2020, by and between Starbucks Corporation and U.S. Bank National Association, as trustee (1.300% Senior Notes due 2022, 2.550% Senior Notes due 2030 and 3.500% Senior Notes due 2050)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 5/7/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.21](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.2](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)[1](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: [4.22](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)[4](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] | | | | | | [Form of [removed: 3.500%] [added: 3.000%] Senior Notes due [removed: November 15, 2050] [added: 2032] (included [removed: in] [added: as] Exhibit [removed: 4.2)](http://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] [added: B to Exhibit 4.24)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 5/7/2020] [added: 2/14/2022] | | | | | | [removed: 4.5] [added: 4.4] | | | | | | | | |

| [removed: [4.23](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)[2](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 | | | | | | | | |

| [removed: [4.24](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)[3](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 | | | | | | | | |

| [removed: [4.25](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] [added: [4.33](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | [Form of [removed: 3.000%] [added: 4.800%] Senior Notes due [removed: 2032] [added: 2033] (included as Exhibit B to Exhibit [removed: 4.24)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] [added: 4.31)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 2/14/2022] [added: 2/16/2023] | | | | | | 4.4 | | | | | | | | |

| [removed: [4.26](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)[5](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: [4.27](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: [4.2](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)[6](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [removed: [Second] [added: [Fourth] Supplemental Indenture, dated as of [removed: September 6, 2013,] [added: June 10, 2015,] by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee [removed: (3.850%] [added: (2.700%] Senior Notes due [removed: October 1, 2023)](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: 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 | | | | | | [removed: 9/6/2013] [added: 6/10/2015] | | | | | | 4.2 | | | | | | | | |

| [removed: [4.28](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: [4.32](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | [Form of [removed: 3.850%] [added: 4.750%] Senior Notes due [removed: October 1, 2023](http://www.sec.gov/Archives/edgar/data/829224/000119312513359313/d594484dex42.htm)] [added: 2026 (included as Exhibit A to Exhibit 4.31)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 9/6/2013] [added: 2/16/2023] | | | | | | 4.3 | | | | | | | | |

| [removed: [4.29](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)[28](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] | | | | | | [removed: [Fourth] [added: [Sixth] Supplemental Indenture, dated as of [removed: June 10, 2015,] [added: May 16, 2016,] by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee [removed: (2.700% Senior Notes due June 15, 2022 and 4.300%] [added: (2.450%] Senior Notes due June 15, [removed: 2045)](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: 2026)](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 6/10/2015] [added: 5/16/2016] | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| [removed: [4.30](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.](http://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)[27](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 | | | | | | | | |

| [removed: [4.31](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] [added: [4.31](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | [removed: [Sixth] [added: [Ninth] Supplemental Indenture, dated as of [removed: May] [added: February] 16, [removed: 2016,] [added: 2023,] by and between Starbucks Corporation and [removed: Deutsche] [added: U.S.] Bank Trust [removed: Company Americas,] [added: Company, National Association,] as trustee [removed: (2.450%] [added: and as successor in interest to U.S. Bank National Association (4.750%] Senior Notes due [removed: June 15, 2026)](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] [added: 2026 and 4.800% Senior Notes due 2033)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | [removed: 5/16/2016] [added: 2/16/2023] | | | | | | [removed: 4.4] [added: 4.2] | | | | | | | | |

| [removed: [4.32](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)] [added: [4.](http://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)[29](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: [4.33](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] [added: [4.](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)[30](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] | | | | | | [Description of Securities](http://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/15/2019 | | | | | | 4.29 | | | | | | | | |

| [10.2*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000004/a20220112-sbuxembpxfinal.htm) | | | | | | [Starbucks Corporation Executive Management Bonus Plan, as amended and restated [removed: on](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] [added: on January] 12, 2022](https://www.sec.gov/Archives/edgar/data/829224/000082922422000004/a20220112-sbuxembpxfinal.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 1/14/2022 | | | | | | 10.1 | | | | | | | | |

| [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](https://www.sec.gov/Archives/edgar/data/829224/000082922422000030/sbux-432022xexhibit101.htm) [March] [added: effective March] 16, 2022](https://www.sec.gov/Archives/edgar/data/829224/000082922422000030/sbux-432022xexhibit101.htm) | | | | | | 10-Q | | | | | | 0-20322 | | | | | | 5/3/2022 | | | | | | 10.1 | | | | | | | | |

| [10.11](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521276255/d356757dex101.htm) | | | | | | [Credit Agreement, dated September 16, 2021, among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, N.A., Citibank, N.A. and U.S. Bank National Association, as L/C Issuers, and the other Lenders from time to time a party [removed: thereto.](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521276255/d356757dex101.htm)] [added: thereto](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521276255/d356757dex101.htm)] | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/17/2021 | | | | | | 10.1 | | | | | | | | |

| [removed: [10.19*](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit1026.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm)[18](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm)] | | | | | | [Form of Global Key Employee Restricted Stock Unit Grant Agreement (Performance-Based - Retirement Vesting) (Effective November [removed: 2019)](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit1026.htm)] [added: 2020)](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm)] | | | | | | 10-K | | | | | | 0-20322 | | | | | | [removed: 11/15/2019] [added: 11/12/2020] | | | | | | [removed: 10.26] [added: 10.29] | | | | | | | | |

| [removed: [10.20*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1026.htm)[3](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1026.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1026.htm)] | | | | | | [removed: [Form of] [added: [Starbucks Corporation] Global Key Employee Restricted Stock Unit Grant Agreement [removed: (Performance-Based] [added: (Annual] - [added: Performance Based -] Retirement Vesting) (Effective [removed: November 2020)](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1029.htm)] [added: August 2022)](https://www.sec.gov/Archives/edgar/data/829224/000082922422000058/sbux-08012022xexhibit1026.htm)] | | | | | | 10-K | | | | | | 0-20322 | | | | | | [removed: 11/12/2020] [added: 11/18/2022] | | | | | | [removed: 10.29] [added: 10.26] | | | | | | | | |

| [removed: [10.21*](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm)[19](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm)] | | | | | | [Offer Letter dated September 1, 2022 between Starbucks Corporation and Laxman Narasimhan](https://www.sec.gov/Archives/edgar/data/829224/000119312522236650/d322468dex101.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 9/1/2022 | | | | | | [removed: 10.10] [added: 10.1] | | | | | | | | |

| [10.](https://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex101.htm)[2](https://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex101.htm)[5](https://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex101.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex101.htm) | | | | | | [Retirement Agreement, dated June 1, 2018, by and between Starbucks Corporation and Howard Schultz](https://www.sec.gov/Archives/edgar/data/829224/000119312518183697/d596086dex101.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 6/5/2018 | | | | | | 10.1 | | | | | | | | |

| [10.2](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1026.htm)[6](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1026.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1026.htm) | | | | | | [Amendment Agreement, dated September 12, 2023, by and between Starbucks Corporation and Howard Schultz](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1026.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [10.28](https://www.sec.gov/Archives/edgar/data/829224/000082922423000030/a20230417-amendmentexhibit.htm) | | | | | | [Amendment No. 1 to Credit Agreement dated April 17, 2023, among Starbucks Corporation and Bank of America, N.A. in its capacity as administrative agent for the Lenders and each of the Lenders party thereto](https://www.sec.gov/Archives/edgar/data/829224/000082922423000030/a20230417-amendmentexhibit.htm) | | | | | | 8-K | | | | | | 0-20322 | | | | | | 4/21/2023 | | | | | | 10.1 | | | | | | | | |

| [10.](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm)[29](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Performance](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm)[\-](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm)[Based)](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm) [(Effective November 2023)](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1029.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [1](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm)[0.3](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm)[1](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm) | | | | | | [S](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm)[tarbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Promotion and New Hire) (](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm)[Effective](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm) [November](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm) [2023)](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit1031.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [97](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit97.htm) | | | | | | [Starbucks Corporation Recovery of Incentive Compensation Policy](https://www.sec.gov/Archives/edgar/data/829224/000082922423000058/sbux-1012023xexhibit97.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

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

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

| [10.18*](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit1023.htm) | | | | | | [Form of Global Key Employee Performance-Based Stock Option Grant Agreement for Purchase of Stock under the 2005 Long-Term Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit1023.htm) | | | | | | 10-K | | | | | | 0-20322 | | | | | | 11/16/2018 | | | | | | 10.23 | | | | | | | | |

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: 18, 2022.][added: 17, 2023.]

| By: | | | | | | /s/ [removed: Howard Schultz] [added: Laxman Narasimhan] | | | | | | [removed: interim] chief executive officer, director (principal executive officer) | | |

| | | | By: | | | /s/ Laxman Narasimhan | | |

| | | | | | | Laxman Narasimhan chief executive officer | | |

November 17, 2023

| | | | | | | Laxman Narasimhan | | | | | | | | |

| By: | | | | | | /s/ Beth Ford | | | | | | director | | |

| | | | | | | Beth Ford | | | | | | | | |

| By: | | | | | | /s/ Wei Zhang | | | | | | director | | |

| | | | | | | Wei Zhang | | | | | | | | |

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

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

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

November 18, 2022

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

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

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

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

| | | | | | | Isabel Ge Mahe | | | | | | | | |

| By: | | | | | | /s/ Joshua Cooper Ramo | | | | | | director | | |

| | | | | | | Joshua Cooper Ramo | | | | | | | | |

| By: | | | | | | /s/ Clara Shih | | | | | | director | | |

| | | | | | | Clara Shih | | | | | | | | |