Starbucks (SBUX) 10-K risk factor changes: FY2025 vs FY2024

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

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

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

Risks Related to [removed: Our Business][added: Responsible Business Matters]

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

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

[removed: Risks Related to] [added: -] Supply [removed: Chain][added: chain disruptions;]

[removed: - Our] [added: Even without acute disruptions, our] supply chain may [removed: be unable to] [added: not] fully [removed: support] [added: meet] current [removed: and] [added: or] future business needs.

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

[removed: - Economic conditions in] [added: An inability to effectively manage] the [removed: U.S. and] [added: risks associated with our] international [removed: markets have adversely affected, and] [added: operations] could [removed: continue to] adversely [removed: affect,] [added: affect] our business [added: performance] and financial results.

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

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

[removed: -] We [removed: have been,] [added: are,] and [removed: could] [added: may] continue to be, [removed: party] [added: subject] to litigation [removed: or other] [added: and] legal proceedings that could adversely affect our [removed: business, results, operations, and reputation.][added: business.]

Risks Related to [removed: Cybersecurity and] [added: Cybersecurity,] Data [removed: Privacy][added: Privacy, and Information Technology]

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

To be successful in the future, [removed: particularly outside of the U.S. where the Starbucks brand and our other brands are less well-known,] we believe we must preserve, grow, and leverage the value of our brands across all sales channels.

The impact of such [removed: incidents] [added: developments on the value of our brands] may be exacerbated if they receive considerable [removed: publicity, including rapidly through social or digital media (including for malicious reasons),] [added: publicity] or if they result in litigation.

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

In addition, we cannot ensure that our store partners, licensees, or other business partners will not [removed: take actions] [added: act or refrain from acting in a manner] that adversely [removed: affect] [added: affects] the value and relevance of our brand.

Our continued success depends [removed: in part] on our ability to [removed: adjust our marketing strategies, promotional and advertising plans,] [added: adapt brand, marketing, promotional, advertising,] and pricing strategies to [removed: respond quickly and effectively to] shifting economic [removed: and] [added: conditions,] competitive [removed: conditions as well as] [added: pressures, and] evolving customer preferences.

We operate in a complex and costly [removed: marketing, promotional, and advertising environment.]

If [removed: the advertising, promotional, and] [added: our] marketing [removed: programs] or [removed: our] pricing strategies [removed: are not successful or are not as successful as those of our] [added: underperform relative to] competitors, our sales and market share could [removed: decrease.][added: decline.]

[removed: These strategic initiatives, which include] [added: In conjunction with] our [added: broader] Back to Starbucks plan, [added: these strategic initiatives] are designed to create growth, improve our results of operations, and drive long-term shareholder [removed: value, and include:][added: value.]

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

If these [removed: customer experience] initiatives [removed: are not successfully executed or do not generate] [added: fail to deliver] expected [removed: results,] [added: results] or [removed: if] we do not fully realize [removed: the] [added: their] intended [removed: benefits of these significant investments,] [added: benefits,] our financial [removed: results] [added: performance] may suffer.

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

[removed: Licensees, retailers, and foodservice operators] [added: These partners] are often authorized to use our logos and [removed: provide] [added: deliver] branded [removed: food, beverage, and other] products directly to customers.

We do not have direct control over [removed: our business] [added: these] partners and may [removed: not have] [added: lack] visibility into their [removed: practices.][added: operations.]

We do not monitor the quality of non-Starbucks products served by [removed: foodservice operators who are] authorized [removed: to use our logos and provide branded products as part of their] foodservice [removed: businesses.][added: operators.]

Failures by [removed: our licensees or] business [removed: providers] [added: partners] to comply with [removed: the] [added: applicable] laws or [removed: regulations of their markets, or to otherwise] meet [removed: the] [added: brand] standards [removed: consumers associate with our brand,] may negatively impact our business.

Additionally, inconsistent use [added: or inadequate protection] of our brand and [removed: other] intellectual property [removed: assets, as well as the failure to protect our intellectual property,] could erode consumer trust and [removed: diminish our brand value, which could result in a material negative impact on] [added: materially affect] our financial results.

Our growth depends in part on our ability to open new stores and operate them profitably [removed: on the forecasted timeline.][added: within projected timelines.]

[removed: In addition, we incur] [added: Each new store involves] substantial startup [removed: expenses each time we open a new store, and it takes time to ramp up the sales] [added: costs] and [removed: profitability of] a [removed: new store, during which] ramp-up period [removed: costs] [added: during which profitability] may be [removed: higher] [added: delayed] as we train [removed: new] partners and build [removed: up] a customer base.

[removed: If we are unable] [added: Failure] to [removed: successfully] manage these [removed: risks, we] [added: risks] could [removed: face] [added: result in] increased costs and [removed: lower-than-anticipated] [added: lower-than-expected] sales and [removed: earnings in future periods, which could have a material negative effect on] [added: earnings, materially affecting] our operating results.

Our financial performance is [removed: highly dependent] [added: heavily reliant] on our North America operating segment, which [removed: comprised] [added: accounted for] approximately [removed: 75%] [added: 74%] of [removed: consolidated] total net revenues in fiscal year [removed: 2024.][added: 2025.]

- [removed: changes or uncertainties] [added: Uncertainty] in economic, legal, regulatory, social, and political [removed: conditions in our markets, as well as negative effects on U.S. businesses due to increasing] [added: conditions, including rising] anti-American sentiment in certain markets;

- [removed: local regulations, health guidelines,] [added: Health] and safety [removed: protocols] [added: regulations] affecting [removed: our] [added: store] operations;

- [removed: the enforceability of] [added: Challenges in enforcing] intellectual property and contract rights;

- [removed: foreign] [added: Foreign] currency exchange rate [removed: fluctuations or requirements to transact in specific currencies;][added: volatility.]

[removed: The] [added: Our] growth [removed: of our business relies] [added: depends] on the ability of [removed: our] licensee partners to [added: execute our strategies and] implement our growth platforms and product innovations.

The following risks, some of which have occurred and any of which may occur in the future, could materially and adversely affect our current and future business and financial performance.

Various factors, events, or conditions may result in a diminution or erosion of trust in our brand value.

Adverse developments pertaining to the matters discussed elsewhere in this risk factors section may negatively impact the value of our brands.

Such developments may include difficulties executing strategic initiatives, adapting to shifting consumer preferences, or managing global operations, and challenges stemming from macroeconomic volatility, supply chain pressures and disruptions, or an evolving competitive, regulatory, social, and geopolitical landscape.

The value of our brands may be affected by actual or perceived developments, whether isolated or recurring, whether the result of actions by us or our business partners or the result of external developments, and whether such developments are in our control.

Negative commentary about Starbucks, even if inaccurate or malicious, has in the past, and could in the future, damage the value of our brand, and adverse impacts may be compounded by social media, video-sharing, and messaging platforms that could dramatically increase the speed with which negative publicity may be disseminated, often before we have a meaningful opportunity to investigate, respond to, and address an issue.

Because brand value is based in part on consumer perceptions on a variety of subjective qualities, it may be difficult to address developments negatively impacting the value of our brands in a timely and effective manner to mitigate harm.

The diminution of, or erosion of trust in, our brand value may have negative consequences for the Company.

To the extent third parties object to actions or positions taken or perceived to have been taken by us, it may generate negative sentiment around our business.

Developments affecting the value of our brands have in the past, and may in the future, trigger boycotts of our stores, products, and brand.

Each of these consequences, individually and collectively, could have potentially material impacts on our brand value, business performance, and financial results.

marketing environment.

Decisions to collaborate or refrain from collaborating with certain parties may impact our brand image and, consequently, our financial performance.

Our programs may not always reach consumers as intended, particularly given the wide range of generational, geographical, cultural, and socioeconomic characteristics and channels of communication used by our customers, and effective resource allocation across channels, including digital, is critical.

Additionally, factors such as operating costs, competitor strategies, and inflation may affect our pricing decisions, which could impact demand.

For example, there is no guarantee future cost increases will be absorbed by customers.

Likewise, if we do not continuously strengthen our capabilities in marketing, data analytics (including artificial intelligence and machine learning) and innovation to understand and maintain or grow consumer interest, brand loyalty, and market share while strategically expanding into other profitable categories of the commercial beverage industry, our business could be negatively affected.

Such initiatives include improving our service model, and further transforming our non-retail support organization; enhancing partner investment to improve customer experience; closing, renovating, and redesigning coffeehouses; strengthening our leadership in coffee; expanding digital engagement through mobile, loyalty, delivery, and international platforms; simplifying store operations; and responsibly growing our global footprint.

We have in the past and may in the future undertake restructuring initiatives, which have resulted, and may continue to result, in the incurrence of significant additional costs, and our ability to achieve the anticipated cost savings and other benefits from these actions is subject to many estimates and assumptions, which are subject to uncertainties.

Such initiatives may be disruptive both internally and to our customers and may be viewed negatively by our stakeholders.

We undertake these initiatives in the context of ongoing efforts to adapt to shifting consumer behaviors amid economic volatility, optimize our mix of licensed and company-operated stores, expand relevant product offerings across dayparts, and drive growth in cold beverages and Channel Development partnerships, while also advancing appropriate sustainability efforts, managing climate-related risks, and reducing operating costs.

Risks to successful and timely implementation of these initiatives include delays or cancellations of store openings due to labor or material shortages, permit procurement issues, or lack of suitable real estate; supply chain scalability and sustainability challenges; underperformance or delays in product innovation; remodel disruptions or cost overruns; coordination and execution challenges; failure to realize cost savings; increased taxation; regulatory constraints, including public health mandates; credit rating deterioration; and geopolitical instability.

Additionally, prioritizing these efforts over other organizational needs or misallocating resources could materially impact our business and operating results.

Ineffectively balancing these imperatives could materially harm our business results and financial performance.

Furthermore, we may be unsuccessful in implementing strategic initiatives through large acquisitions, integrations, divestitures, partnerships, joint ventures, or other strategic transactions.

If we are unable to complete such transactions or successfully integrate and develop acquired businesses, including the effective management of integration activities, we could fail to achieve the expected increases in revenues and operating results or the anticipated synergies and cost savings.

In the past we have been, and in the future we may be, unable to realize the expected benefits of strategic transactions, or it may also take longer than expected to realize the expected benefits.

This has in the past required, and may in the future require, us to assess potential impairment of assets, including goodwill and intangibles.

Any resulting impairment charges could materially affect our financial results.

Financial performance may be adversely affected by reduced discretionary spending, lack of acceptance of new products, brands, or platforms, or declining demand for existing offerings.

We have previously been, and may in the future be, unable to accurately predict consumer demand for our products.

This has

resulted, and may in the future result, in insufficient or excess inventory, increased inventory markdowns, and higher costs.

Any of these outcomes could adversely affect our results of operations and financial condition.

Additionally, health concerns related to ingredients such as caffeine, dairy, sugar, or allergens—whether accurate or not—along with increased litigation, regulation and regulatory scrutiny, or taxes on certain food components, ingredients, or additives, could reduce demand and harm our results.

Shifts in consumer behavior, including dietary changes or use of weight-loss drugs, may also impact sales.

To maintain consistent customer experience, we provide training and oversight to certain partners; however, factors beyond our control—such as financial instability, labor shortages, or noncompliance with sanitation protocols—may affect the quality of their service and products.

We source products from a broad network of domestic and international business partners, and in some cases, licensees source products independently.

We may experience food or beverage-safety incidents such as contamination, mislabeling, or adulteration during any stage of production or preparation.

We rely on third-party suppliers for many of our ingredients and finished products.

Summary of Risks Associated with Our Business

Our business is subject to various risks and uncertainties that you should consider before investing in the Company.

These risks are described in more detail in this Item 1A.

These risks include, but are not limited to, the following:

Risks Related to Brand Relevance and Brand Execution

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

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

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

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

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

Risks Related to Operating a Global Business

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

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

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

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

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

Risks Related to Macroeconomic Conditions

Risks Related to Human Capital

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

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

Risks Related to Competition

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

Risks Related to Environmental, Social, and Governance Matters

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

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

Risks Related to Regulation and Litigation

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

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

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

Risks Related to Intellectual Property

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

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

We believe we have built an excellent reputation globally for the quality of our products, for delivery of a consistently positive consumer experience, and for our global environmental and social impact programs.

Brand value is based in part on consumer perceptions on a variety of subjective qualities.

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

Such incidents can potentially trigger boycotts of our stores or result in civil or criminal liability, which can have a negative impact on our financial results.

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

Negative postings or comments on social media or networking websites about Starbucks, even if inaccurate or malicious, have in the past, and could in the future, generate negative publicity about Starbucks across media channels that could damage the value of our brand.

It may be difficult to address such negative publicity, including as a result of fictitious media content (such as content produced by generative artificial intelligence or bad actors) across media channels.

Allegations, even if untrue, that we are not respecting internationally recognized human rights, are failing to comply with applicable workplace and labor laws, or are aligned with positions on social or geopolitical issues could also negatively impact our brand value.

Fiscal years [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] included 52 weeks.

The discussion of our financial condition and results of operations for the fiscal year ended October [removed: 2, 2022,] [added: 1, 2023,] included in Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) can be found in the Annual Report on Form 10-K for the fiscal year ended [removed: October 1, 2023.][added: September 29, 2024.]

Consolidated net revenues increased [removed: 1%] [added: 3%] to [removed: $36.2] [added: $37.2] billion in fiscal [removed: 2024] [added: 2025] compared to [removed: $36.0] [added: $36.2] billion in fiscal [removed: 2023,] [added: 2024,] primarily driven by incremental revenues from net new company-operated stores over the past 12 months, [added: an increase in revenue in the Global Coffee Alliance, and incremental revenue from the acquisition of 23.5 Degrees Topco Limited, a U.K. licensed business partner,] partially offset by a decrease in comparable store sales and [removed: the impact of unfavorable foreign currency translation.][added: a decline in our licensed store business.]

For both the North America segment and U.S. market, revenue increased [removed: 2%] [added: 1%] in fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023,] [added: 2024,] primarily driven by net new company-operated store growth [added: of 4%, or 441 stores,] over the past 12 [removed: months and higher product and equipment sales to, and royalty revenues from, our licensees.][added: months, prior to the 584 North America restructuring closures late in the fourth quarter of fiscal 2025.]

Comparable transactions [removed: for both the North America segment and the U.S. market] declined [removed: 5%,] [added: 4%,] partially offset by average ticket growth [removed: for both the North America segment and the U.S. market] of [removed: 4%,] [added: 2%,] primarily driven by annualization of [removed: pricing.][added: pricing in the current year.]

Revenue for our Channel Development segment [removed: decreased 7%] [added: increased 6%] in fiscal [removed: 2024] [added: 2025] compared with fiscal [removed: 2023,] [added: 2024,] primarily driven by [removed: a decline] [added: an increase] in revenue in the Global Coffee [removed: Alliance following the sale of our Seattle’s Best Coffee brand to Nestlé in the second quarter of fiscal 2023 as well as product SKU optimization.][added: Alliance.]

- Total net revenues increased [removed: 1%] [added: 3%] to [removed: $36.2] [added: $37.2] billion in fiscal [removed: 2024] [added: 2025] compared to [removed: $36.0] [added: $36.2] billion in fiscal [removed: 2023.][added: 2024.]

- Consolidated operating income decreased to [removed: $5.4] [added: $2.9] billion in fiscal [removed: 2024] [added: 2025] compared to [removed: $5.9] [added: $5.4] billion in fiscal [removed: 2023.][added: 2024.]

Fiscal [removed: 2024] [added: 2025] operating margin was [removed: 15.0%] [added: 7.9%] compared to [removed: 16.3%] [added: 15.0%] in fiscal [removed: 2023.][added: 2024.]

- Diluted earnings per share (“EPS”) for fiscal [removed: 2024 decreased] [added: 2025 declined] to [removed: $3.31,] [added: $1.63,] compared to EPS of [removed: $3.58] [added: $3.31] in fiscal [removed: 2023.][added: 2024.]

The decrease was primarily driven by contraction in operating [removed: margin] [added: margin, including restructuring and impairment costs in support of our “Back to Starbucks” strategy,] as compared to the prior year.

- Capital expenditures were [removed: $2.8] [added: $2.3] billion in fiscal [removed: 2024] [added: 2025] and [removed: $2.3] [added: $2.8] billion in fiscal [removed: 2023.][added: 2024.]

- We returned [removed: $3.8] [added: $2.8] billion and [removed: $3.4] [added: $3.8] billion to our shareholders in fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023,] [added: 2024,] respectively, through dividends and share repurchases.

See [Note [removed: 2](#ieee4859bea5d45f4aee2fd5e41e39969_133), Acquisitions, Divestitures] [added: 2](#i49da3a0807bd4162bf38cf988a2f3a97_262), Acquisitions] and [removed: Strategic Alliance,] [added: Divestitures,] to the consolidated financial statements included in Item 8 of Part II of this 10-K for information regarding acquisitions and divestitures.

RESULTS OF OPERATIONS — FISCAL [removed: 2024] [added: 2025] COMPARED TO FISCAL [removed: 2023][added: 2024]

| Fiscal Year Ended | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: Oct 1, 2023] [added: Sep 29, 2024] | | | | | | % Change | | |

| Company-operated stores | | | $ | [removed: 29,765.9] [added: 30,744.8] | | | | | $ | [removed: 29,462.3] [added: 29,765.9] | | | | | [removed: 1.0] [added: 3.3] | | % |

| Licensed stores | | | [removed: 4,505.1] [added: 4,350.4] | | | | | | [removed: 4,512.7] [added: 4,505.1] | | | | | | [removed: (0.2)] [added: (3.4)] | | |

| Total net revenues | | | $ | [removed: 36,176.2] [added: 37,184.4] | | | | | $ | [removed: 35,975.6] [added: 36,176.2] | | | | | [removed: 0.6] [added: 2.8] | | % |

Total net revenues increased [removed: $201 million,] [added: $1 billion,] or [removed: 1%,] [added: 3%,] over fiscal [removed: 2023,] [added: 2024,] primarily due to higher revenues from company-operated stores [removed: ($304] [added: ($979 million) and other revenues ($184 million), partially offset by a decline in revenues from licensed stores ($155] million).

Partially offsetting this increase [removed: were] [added: was] a [removed: 2% decrease] [added: 1% decline] in comparable store sales [removed: ($629] [added: ($408] million), attributable to a [removed: 4% decrease] [added: 2% decline] in comparable transactions, partially offset by a [removed: 2%] [added: 1%] increase in average ticket, primarily due to annualization of [removed: pricing, and unfavorable foreign currency translation impacts ($235 million).][added: prior year pricing.]

Licensed stores revenue decreased [removed: $8] [added: $155] million, primarily driven by lower product and equipment sales to, and royalty revenues from, our licensees in our [removed: International] [added: North America] segment [removed: ($69 million)] [added: ($143 million), the impact of the acquisition of 23.5 Degrees Topco Limited ($36 million),] and [added: by] unfavorable foreign currency translation impacts [removed: ($27 million), partially offset by higher product and equipment sales to, and royalty revenues from, our licensees in our North America segment ($80] [added: ($22] million).

| Fiscal Year Ended | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: Oct 1, 2023] [added: Sep 29, 2024] | | | | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: Oct 1, 2023] [added: Sep 29, 2024] | | |

| Product and distribution costs | | | $ | [removed: 11,180.6] [added: 11,658.2] | | | | | $ | [removed: 11,409.1] [added: 11,180.6] | | | | | [removed: 30.9] [added: 31.4] | | % | | | | [removed: 31.7] [added: 30.9] | | % |

| Store operating expenses | | | [removed: 15,286.5] [added: 17,058.9] | | | | | | [removed: 14,720.3] [added: 15,286.5] | | | | | | [removed: 42.3] [added: 45.9] | | | | | | [removed: 40.9] [added: 42.3] | | |

| Other operating expenses | | | [removed: 565.6] [added: 584.6] | | | | | | [removed: 539.4] [added: 565.6] | | | | | | 1.6 | | | | | | [removed: 1.5] [added: 1.6] | | |

| Depreciation and amortization expenses | | | [removed: 1,512.6] [added: 1,684.7] | | | | | | [removed: 1,362.6] [added: 1,512.6] | | | | | | [removed: 4.2] [added: 4.5] | | | | | | [removed: 3.8] [added: 4.2] | | |

| General and administrative expenses | | | [removed: 2,523.3] [added: 2,617.2] | | | | | | [removed: 2,441.3] [added: 2,523.3] | | | | | | 7.0 | | | | | | [removed: 6.8] [added: 7.0] | | |

| Restructuring and impairments | | | [added: 1.9 | | | | | |] — | | | | | | [removed: 21.8] [added: 0.1] | | | | | | — | | | | | | [removed: 0.1] | | |

| Total operating expenses | | | [removed: 31,068.6] [added: 34,495.6] | | | | | | [removed: 30,494.5] [added: 31,068.6] | | | | | | [removed: 85.9] [added: 92.8] | | | | | | [removed: 84.8] [added: 85.9] | | |

| Income from equity investees | | | [removed: 301.2] [added: 247.8] | | | | | | [removed: 298.4] [added: 301.2] | | | | | | [removed: 0.8] [added: 0.7] | | | | | | 0.8 | | |

| Operating income | | | $ | [removed: 5,408.8] [added: 2,936.6] | | | | | $ | [removed: 5,870.8] [added: 5,408.8] | | | | | [removed: 15.0] [added: 7.9] | | % | | | | [removed: 16.3] [added: 15.0] | | % |

| Store operating expenses as a % of related revenues | | | | | | | | | | | | | | | [removed: 51.4] [added: 55.5] | | % | | | | [removed: 50.0] [added: 51.4] | | % |

Product and distribution costs as a percentage of total net revenues [removed: decreased 80] [added: increased 50] basis points, primarily due to [removed: the impact of increased sales from pricing (approximately 70 basis points) and a reduction in supply chain costs] [added: inflation] (approximately [removed: 60] [added: 80] basis points).

Store operating expenses as a percentage of total net revenues increased [removed: 140] [added: 360] basis points.

Store operating expenses as a percentage of company-operated store revenues increased [removed: 140] [added: 410] basis points, primarily due to [removed: investments in store partner wages and benefits] [added: deleverage] (approximately [removed: 170] [added: 200] basis points), [removed: deleverage] [added: additional labor] (approximately [removed: 80] [added: 160] basis points), and increased [removed: promotional activity (approximately 70 basis points), partially offset by in-store operational efficiencies] [added: marketing] (approximately [removed: 170] [added: 90] basis points).

Other operating expenses increased [removed: $26] [added: $19] million, primarily due to support costs for our [removed: growing] licensed markets.

Depreciation and amortization expenses as a percentage of total net revenues increased [removed: 40] [added: 30] basis points, primarily due to deleverage.

The combination of these changes resulted in an overall decrease in operating margin of [removed: 130] [added: 710] basis points in fiscal [removed: 2024] [added: 2025] when compared to fiscal [removed: 2023.][added: 2024.]

Comparable store sales includes company-operated stores open 13 months or longer, and exclude the effects of foreign currency exchange rates.

Stores that are temporarily closed remain in comparable store sales while permanent store closures are removed in the month following closure.

Starbucks results for fiscal 2025 showed continued progress on key “Back to Starbucks” initiatives, specifically investments in coffeehouse partners, as we work to rebuild a stronger Starbucks.

These investments include the Green Apron Service model, additional investments in staffing and hours at the right times to deliver enhanced customer service, and the Leadership Experience 2025, a conference designed to empower and motivate our retail leaders to accelerate our “Back to Starbucks” strategy.

Also contributing were lower product and equipment sales to, and royalty revenues from, our licensees.

In support of our “Back to Starbucks” strategy, we completed our assessment of our coffeehouse portfolio late in the fourth quarter and made decisions to close stores that did not demonstrate a viable path to profitability, or meet our standards of delivering a warm, welcoming space for our customers and partners.

Our store closures in North America were substantially

completed in fiscal 2025 and the International store closures are expected to be completed in the first half of fiscal 2026.

As a result of these closures, we expect a fiscal 2026 reduction in our baseline North America company-operated revenues, partially offset by sales transfer to nearby coffeehouses that remain open.

We also expect the future impact to operating margins to be slightly accretive.

With a healthier base of coffeehouses, we see meaningful opportunity for disciplined growth.

We anticipate that these actions, along with simplifying our broader support organization, will allow us to restructure, redeploy, and refocus our resources on priorities that we believe will deliver long-term sustainable business growth.

We expect that the macroeconomic challenges we have been experiencing, including impacts from new tariffs and dynamic coffee prices, will continue; however, we are encouraged by the results we have seen from our “Back to Starbucks” initiatives.

Following our Green Apron Service model going live across our full U.S company-operated store portfolio in the fourth quarter of fiscal 2025, we are focused on empowering coffeehouse leaders to take ownership of sustaining the model as our permanent way of working, which we expect to enhance the customer experience and drive future transaction growth.

Further, as announced in early November 2025, we look forward to working with our new strategic joint venture partner, Boyu Capital, to accelerate long-term growth in China.

We believe, through strategic prioritization, that we are taking the right actions now and in the future, specifically through our investments in store partners, uplifting the coffeehouse experience through disciplined capital deployment, introducing new food and beverage platforms, reimagining the Starbucks rewards program, and enhancing support for our licensee partners.

These actions, while driving more efficiency, accountability, and agility as a company, will lay the foundation for the future of Starbucks.

Operating margin contraction of 710 basis points was primarily due to restructuring costs associated with the closure of coffeehouses and simplification of our support organization (approximately 240 basis points), deleverage (approximately 210 basis points), investments in support of “Back to Starbucks,” which were largely in labor hours (approximately 130 basis points), and inflation (approximately 80 basis points).

| Other | | | 2,089.2 | | | | | | 1,905.2 | | | | | | 9.7 | | |

Company-operated store revenue increased $979 million, primarily driven by net new company-operated store growth of 5%, or 1,010 stores, over the past 12 months ($1.2 billion), prior to the 627 restructuring closures late in the fourth quarter of fiscal 2025, and incremental revenue from the conversion of 113 licensed stores to company-operated stores ($131 million) following the acquisition of 23.5 Degrees Topco Limited.

These decreases were partially offset by higher product sales to, and royalty revenues from, our licensees in our International segment ($79 million).

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

| Restructuring and impairments | | | 892.0 | | | | | | — | | | | | | 2.4 | | | | | | — | | |

General and administrative expenses increased $94 million, primarily due to the Leadership Experience 2025 ($81 million).

Restructuring and impairments were $892 million, largely due to costs associated with the closure of coffeehouses and simplification of our support organization.

Income from equity investees decreased $53.4 million, primarily due to lower income from our North American Coffee Partnership joint venture.

Interest expense decreased $19 million, primarily due to savings from cross-currency interest rate hedging, partially offset by higher interest rates on refinanced long-term debt.

The effective tax rate for fiscal 2025 was 25.9% compared to 24.3% for fiscal 2024.The increase was primarily due to the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in the third quarter of fiscal 2025 (approximately 290 basis points), partially offset by the discrete impact of a tax status change for a certain foreign entity in the first quarter of fiscal 2025 (approximately 120 basis points).

| Fiscal Year Ended | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | | | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | |

| Restructuring and impairments | | | 653.2 | | | | | | — | | | | | | 2.4 | | | | | | — | | |

| Store operating expenses as a % of related revenues | | | | | | | | | | | | | | | 56.4 | | % | | | | 51.4 | | % |

North America total net revenues for fiscal 2025 increased $364 million, or 1%, primarily driven by net new company-operated store growth of 4%, or 441 stores over the past 12 months ($980 million), prior to the 584 restructuring closures late in the fourth quarter of fiscal 2025.

Also contributing were lower product and equipment sales to, and royalty revenues from, our licensees ($143 million) and the impact of unfavorable foreign currency translation ($42 million).

Operating margin contracted 830 basis points to 11.5%, primarily driven by deleverage (approximately 310 basis points) restructuring costs associated with the closure of coffeehouses and simplification of our support organization (approximately 240 basis points) and investments in support of “Back to Starbucks,” which were largely in labor hours (approximately 180 basis points).

| Fiscal Year Ended | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | | | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | | | | | | | |

International total net revenues for fiscal 2025 increased $481 million, or 7%, primarily due to net new company-operated store growth of 5%, or 526 stores, over the past 12 months ($264 million) and the incremental net revenue from the conversion of 113 licensed stores to company-operated stores ($95 million) following the acquisition of 23.5 Degrees Topco Limited during the first quarter of fiscal 2025.

Operating margin contracted 210 basis points, to 12.1% , primarily due to increased promotional activity (approximately 170 basis points) and restructuring and impairment costs associated with the closure of coffeehouses and simplification of our support organization (approximately 110 basis points).

| Fiscal Year Ended | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | | | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | | | | | | | |

Operating margin contracted 500 basis points to 47.3%, primarily driven by a decline in our North American Coffee Partnership joint venture income (approximately 350 basis points) and higher global product costs (approximately 90 basis points).

| Other | | | $ | 119.7 | | | | | $ | 58.0 | | | | | 106.4 | | % |

Starbucks results for fiscal 2024 reflect a challenging operating environment, notably driven by reduced customer traffic compared to fiscal 2023, that pressured our financial results.

For the International segment, revenue declined 2% in fiscal 2024 compared to fiscal 2023, primarily driven by the impact of unfavorable foreign currency translation, a 4% decline in comparable store sales driven by a decline in average ticket of 4%, and lower product and equipment sales to, and royalty revenues from, our licensees.

These decreases were partially offset by net new company-operated and licensed store openings over the past 12 months.

Our performance was lower-than-expected as a result of a pronounced customer traffic decline, reflecting our targeted and accelerated investments not improving customer behaviors as intended, as well as the macroeconomic and competitive environment in China that further pressured our results.

Given these challenges, under the direction of our new chief executive officer, Brian Niccol, we are changing our business strategy to bring customers back to our stores and return to growth.

Our “Back to Starbucks” strategy includes supporting our green apron partners, enhancing the customer experience, reestablishing ourselves as the community coffee house, and innovating the coffee tasting experience through product development, marketing, and in-store experience.

This strategic reset will provide us with the opportunity to assess the business and refocus

our efforts, including capital allocation priorities, efficiency efforts, and store growth initiatives.

We remain confident in the strength of our brand and believe that the new action plans will position the Company for sustainable long-term growth.

Operating margin contraction of 130 basis points was primarily due to investments in store partner wages and benefits (approximately 140 basis points), deleverage (approximately 130 basis points), and increased promotional activity (approximately 100 basis points).

These decreases were partially offset by pricing (approximately 180 basis points) and in-store operational efficiencies (approximately 130 basis points).

| Other | | | 1,905.2 | | | | | | 2,000.6 | | | | | | (4.8) | | |

The growth in company-operated store revenue was driven by incremental revenues from 1,426 net new company-operated stores, or a 7% increase, over the past 12 months ($1.2 billion).

Other revenues decreased $95 million, primarily due to a decline in revenue in the Global Coffee Alliance ($125 million) following the sale of our Seattle’s Best Coffee brand to Nestlé in the second quarter of fiscal 2023 as well as product SKU optimization.

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

General and administrative expenses increased $82 million, primarily due to incremental investments in technology ($93 million), investments in partner wages and benefits ($90 million), and certain proxy solicitation and advisory services costs incurred in the second quarter of fiscal 2024 ($28 million).

These increases were partially offset by lower performance-based compensation ($86 million) and the lapping of donations to The Starbucks Foundation made in fiscal 2023 ($30 million).

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

The effective tax rate for fiscal 2024 was 24.3% compared to 23.6% for fiscal 2023.The increase was due to lapping the release of valuation allowances recorded against certain deferred tax assets of an international jurisdiction in the prior year (approximately 80 basis points) and the accrual of foreign withholding taxes related to the current year earnings of certain foreign subsidiaries (approximately 60 basis points), partially offset by electing an alternative tax approach in a certain foreign jurisdiction that resulted in a tax benefit in the second quarter of fiscal 2024 (approximately 60 basis points).

Operating margin contracted 90 basis points to 19.8%, primarily due to investments in store partner wages and benefits (approximately 150 basis points), deleverage (approximately 150 basis points), and increased promotional activity (approximately 100 basis points), partially offset by pricing (approximately 220 basis points) and in-store operational efficiencies (approximately 150 basis points).

International total net revenues for fiscal 2024 decreased $149 million, or 2%, primarily due to unfavorable foreign currency translation impacts ($252 million), as well as a 4% decline in comparable store sales ($210 million), driven by a 4% decline in average ticket.

These decreases were partially offset by net new company-operated store growth of 10%, or 893 stores, over the past 12 months ($378 million).

Operating margin contracted 220 basis points to 14.2%, primarily due to increased promotional activity (approximately 170 basis points) and investments in store partner wages and benefits (approximately 120 basis points), partially offset by in-store operational efficiencies (approximately 100 basis points).

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

Operating margin expanded 120 basis points to 52.3%, primarily due to mix shift (approximately 350 basis points), strength in our North American Coffee Partnership joint venture income (approximately 120 basis points), and lapping impairment charges against certain manufacturing assets in the second quarter of fiscal 2023 (approximately 90 basis points).

These increases were partially offset by lapping the gain from the sale of our Seattle’s Best Coffee brand in the second quarter of fiscal 2023 (approximately 480 basis points).

| Other | | | $ | 58.0 | | | | | $ | 24.6 | | | | | 135.8 | | % |

| Depreciation and amortization expenses | | | 121.9 | | | | | | 117.3 | | | | | | 3.9 | | |

This increase was primarily driven by incremental investments in technology ($93 million), investments in partner wages and benefits ($57 million), and certain proxy solicitation and advisory services costs incurred in the second quarter of fiscal 2024 ($28 million).

These increases were partially offset by lower performance-based compensation ($61 million) and the lapping of donations to The Starbucks Foundation made in fiscal 2023 ($30 million).

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

As of October 1, 2023, we had ¥5.0 billion, or $33.5 million, of borrowings outstanding under these credit facilities.

During fiscal 2024, we paid approximately $18 million for foreign withholding taxes related to repatriating the earnings of certain foreign subsidiaries.

During the fiscal year ended October 1, 2023, we repurchased 10.0 million shares of common stock for $1.0 billion on the open market.

| Operating lease obligations(1) | | | $ | 11,942.3 | | | | | $ | 1,808.5 | | | | | $ | 3,202.2 | | | | | $ | 2,433.1 | | | | | $ | 4,498.5 | |

| Principal payments | | | 15,700.0 | | | | | | 1,250.0 | | | | | | 3,000.0 | | | | | | 2,350.0 | | | | | | 9,100.0 | | |

| Interest payments | | | 6,359.4 | | | | | | 588.3 | | | | | | 968.9 | | | | | | 798.6 | | | | | | 4,003.6 | | |

| Purchase obligations(2) | | | 1,296.0 | | | | | | 1,010.0 | | | | | | 245.9 | | | | | | 40.1 | | | | | | — | | |

| Other obligations(3) | | | 350.8 | | | | | | 116.3 | | | | | | 101.0 | | | | | | 37.3 | | | | | | 96.2 | | |

| Total | | | $ | 35,648.5 | | | | | $ | 4,773.1 | | | | | $ | 7,518.0 | | | | | $ | 5,659.1 | | | | | $ | 17,698.3 | |

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended September [removed: 29, 2024] [added: 28, 2025] (“fiscal [removed: 2024”),] [added: 2025”),] Starbucks Corporation (together with its subsidiaries) is referred to as “Starbucks,” the “Company,” “we,” “us,” or “our.”

Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in [removed: 87] [added: 89] markets.

Formed in 1985, Starbucks Corporation’s common stock trades on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “SBUX.” We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated [removed: stores.][added: stores (“stores” or “coffeehouses”).]

We strive to regularly offer consumers new, innovative coffee and other products in a variety of forms, across new [removed: categories, diverse channels,] [added: categories] and [removed: alternative store formats.][added: diverse channels.]

Therefore, one of our core strategies is to invest [removed: in] [added: in,] and [removed: support] [added: support,] our partners to differentiate our brand, products, and services in the competitive specialty coffee market, including the following areas of focus:

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

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

Our Audit and Compliance Committee works closely with the Risk [removed: Management] [added: Steering] Committee, led by Starbucks chief financial officer (“cfo”) and chief legal officer, to monitor and mitigate current and emerging labor and human capital management risks.

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

In [removed: 2024,] [added: 2023, led by Starbucks partners,] we reaffirmed this commitment by cementing “Belonging” as one of our company values.

[removed: The following list summarizes key benefits provided] [added: Partners] in the U.S., which is our largest and most mature [removed: market:][added: market, can:]

[removed: - Comprehensive] [added: We offer industry-leading] health [removed: insurance coverage is offered to] [added: and wellbeing benefits for] partners working an average of 20 hours or more each week.

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

To help our partners succeed in their roles, we emphasize [removed: continuous] [added: ongoing] training and development opportunities.

These include, but are not limited to, [added: role-based training for our retail hourly partners,] safety and security protocols, updates on new products and service offerings, and deployment of technologies.

As of September [removed: 29, 2024,] [added: 28, 2025,] Starbucks employed approximately [removed: 361,000] [added: 381,000] people worldwide.

In the U.S., Starbucks employed approximately [removed: 211,000] [added: 223,000] people, with approximately [removed: 201,000] [added: 214,000] in company-operated stores and the remainder in corporate support, store development, roasting, manufacturing, warehousing, and distribution operations.

Approximately [removed: 150,000] [added: 158,000] employees were employed outside of the U.S., with approximately [removed: 144,000] [added: 153,000] in company-operated stores and the remainder in regional support operations.

[removed: Approximately 5%] [added: Partners in approximately 6%] of Starbucks [removed: partners in] U.S. company-operated stores are represented by unions.

| Brian Niccol | | | | | | [removed: 50] [added: 51] | | | | | | chairman and chief executive officer | | |

| [removed: Rachel Ruggeri] [added: Cathy R. Smith] | | | | | | [removed: 55] [added: 62] | | | | | | executive vice president, chief financial officer | | |

| Brady Brewer | | | | | | [removed: 51] [added: 52] | | | | | | chief executive officer, Starbucks International | | |

| Sara Kelly | | | | | | [removed: 45] [added: 46] | | | | | | executive vice president, chief partner officer | | |

| [removed: Brad Lerman] [added: Pilar Ramos] | | | | | | [removed: 68] [added: 53] | | | | | | executive vice president, chief legal officer | | |

Brian Niccol joined Starbucks as [removed: its] chairman and chief executive officer in September 2024.

Mr. Niccol spent more than 25 years in leadership, marketing, and operations roles for some of the world’s most respected [added: restaurant] brands.

Brady Brewer joined Starbucks in 2001 and has served as chief executive officer, Starbucks International since April 2024, where he is responsible for the teams across Asia Pacific, Europe, Middle East, Africa, Japan, Latin America, and the Caribbean, as well as Global [removed: Channel Development] [added: Coffee Operations] and the Company’s international licensed partners.

In this role, [removed: he] [added: she] leads the Company’s [removed: Legal and] [added: Law &] Corporate Affairs organization.

Revenues from our reportable operating segments as a percentage of total net revenues for fiscal [removed: 2024] [added: 2025] were as follows: North America [removed: (75%),] [added: (74%),] International [removed: (20%),] [added: (21%),] and Channel Development (5%).

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

Company-operated and Licensed Store Summary as of September [removed: 29, 2024:][added: 28, 2025:]

| Company-operated stores | | | [removed: 11,161] [added: 11,018] | | | | | | [removed: 61] [added: 60] | | % | | | | [removed: 9,857] [added: 10,496] | | | | | | [removed: 45] [added: 46] | | % | | | | | | | | | | | | | [removed: 21,018] [added: 21,514] | | | | | | 52 | | % |

Revenue from company-operated stores accounted for [removed: 82%] [added: 83%] of total net revenues during fiscal [removed: 2024.][added: 2025.]

The *Starbucks Experience* is built upon superior customer [removed: service,] [added: service through the Green Apron Service Model,] convenience, and a seamless digital experience as well as [removed: safe, clean,] [added: warm] and [removed: well-maintained] [added: welcoming] stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty.

Company-operated store data for the fiscal year-ended September [removed: 29, 2024:][added: 28, 2025:]

| | | | [removed: Oct 1, 2023] [added: Sep 29, 2024] | | | | | | Opened | | | | | | Closed [added: (1)] | | | | | | Transfers [added: (2)] | | | | | | Net | | | | | | Sep [removed: 29, 2024] [added: 28, 2025] | | |

| Canada | | | [removed: 977] [added: 997] | | | | | | [removed: 37] [added: 45] | | | | | | [removed: (17)] [added: (75)] | | | | | | — | | | | | | [removed: 20] [added: (30)] | | | | | | [removed: 997] [added: 967] | | |

| Siren Retail | | | 6 | | | | | | — | | | | | | [removed: —] [added: (2)] | | | | | | — | | | | | | [removed: —] [added: (2)] | | | | | | [removed: 6] [added: 4] | | |

| Japan | | | [removed: 1,733] [added: 1,809] | | | | | | [removed: 90] [added: 87] | | | | | | [removed: (14)] [added: (12)] | | | | | | [removed: —] [added: (1)] | | | | | | [removed: 76] [added: 74] | | | | | | [removed: 1,809] [added: 1,883] | | |

| All Other | | | [removed: 67] [added: 71] | | | | | | [removed: 4] [added: 7] | | | | | | [removed: —] [added: (3)] | | | | | | — | | | | | | 4 | | | | | | [removed: 71] [added: 75] | | |

In the fourth quarter of fiscal 2024, we announced our “Back to Starbucks” strategy, which was implemented with the goal to bring new and existing customers to our stores and business, and return to growth.

The strategy includes supporting our green apron partners, enhancing the customer experience, reestablishing ourselves as the community coffeehouse, and strengthening the brand through product development, marketing, in-store and digital experience.

This strategic reset provides us with the opportunity to assess the business and refocus our efforts, including capital allocation priorities, efficiency efforts, and store growth initiatives.

In the fourth quarter of fiscal 2025, we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy.

We assessed our existing store portfolio with respect to both whether coffeehouses had a viable path to offering the physical environment consistent with the brand and a clear path to financial performance and we closed, or plan to close, the coffeehouses that did not meet these criteria.

Refer to [Note 18](#i49da3a0807bd4162bf38cf988a2f3a97_3468), Restructuring, included in Item 8 of Part II of this 10-K, for further discussion.

The Board, through its committees, annually reviews and assesses the effectiveness of the Company’s

*Belonging at Starbucks*

We are dedicated to being an inclusive, accessible and diverse company, with a deep commitment to opportunity for every one of our partners by making Starbucks the best job in retail and a great place to build a career.

Starbucks programs and benefits are open to every partner and designed to strengthen a culture of inclusion that values diverse perspectives and experiences – from strong partner networks to a focus on hiring internally for 90% of retail leadership roles.

Our hiring and recruiting practices are competitive, fair and inclusive.

They help us hire the strongest candidate for every job, every time.

We offer industry-leading benefits, competitive pay, and opportunities for learning and development.

When our partners feel good about their future – at Starbucks or beyond – they take care of our customers.

Investing in them and prioritizing their experience creates value for everyone.

Furthermore, we offer competitive pay and a collection of benefits that are best in class.

- Grow their careers with us.

We established a goal to fill 90% of retail leadership roles internally, creating a way for our hourly partners to build a career at Starbucks.

- Get a college degree, on us.

- Grow their savings.

In fiscal 2025, more than 230,000 partners received a Bean Stock grant giving them an ownership stake in Starbucks.

- Obtain comprehensive healthcare coverage.

- Extend parental leave.

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

We periodically address a wide variety of topics such as achievable goal setting, giving and receiving constructive feedback, and effective engagement with communities and customers through the rollout of the Green Apron Service Model, a new foundational operating model that establishes repeatable, consistent, and scalable standards, across U.S company-operated coffeehouses.

It is designed to create deeper connections between partners and customers by enabling partners to deliver consistent, high-quality experiences with warmth and care.

The model includes new routines and tools that give partners more time to focus on craft and connection, supported by technology that improves order flow and speed of service.

Starbucks is committed to fair pay principles to ensure partners are paid appropriately and equitably for their roles and the work they do, regardless of race, gender, or other protected categories.

| Mike Grams | | | | | | 55 | | | | | | executive vice president, chief operating officer | | |

Cathy R.

Smith joined Starbucks in March 2025 as executive vice president, chief financial officer, after having served as Executive Vice President, Chief Financial Officer and Treasurer of Nordstrom, Inc., a department store chain, since 2023.

From 2020 to 2023, Ms. Smith served as Chief Financial and Administrative Officer for Bright Health Group, Inc., a health insurance company.

From 2015 to 2020, Ms. Smith served as the Chief Financial Officer for Target Corporation, a retail company.

Previously, Ms. Smith served as Chief Financial Officer for Express Scripts Holding Company, a pharmacy benefit manager company, from 2014 to 2015, for Walmart International, a retail company, from 2010 to 2014, and for GameStop Corporation, an electronics retail company, from 2009 to 2010.

Ms. Smith currently serves on the board of directors for PPG Industries, Inc., a manufacturer and distributor of paintings and coatings, and Baxter International, Inc., a healthcare company.

Previously, Ms. Smith served as a director for Dick’s Sporting Goods, Inc. Ms. Smith holds an undergraduate degree from the University of California, Santa Barbara and an MBA from the University of Southern California.

Mike Grams joined Starbucks in February 2025 as executive vice president, North America chief coffeehouse officer, and has served as executive vice president, chief operating officer since June 2025.

Prior to joining Starbucks, Mr. Grams spent nearly thirty years at Taco Bell Corp. where he held various leadership positions, including President and Chief Operating Officer from 2020 to December 2024, Global Chief Operating Officer and General Manager, North America from 2017 to 2020 and Chief Operating Officer and Chief Development Officer from 2015 to 2019.

Mr. Brewer currently serves on the Board of Directors of The Gap, Inc., a NYSE-listed clothing and accessories retailer.

Pilar Ramos joined Starbucks in November 2025 as executive vice president and chief legal officer.

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

With coffee at our core, we pursue ambitious goals for our partners (employees), our communities, and our planet, which we believe also contributes to the long-term sustainability of creating a thriving business powered by thriving people for a thriving planet and communities.

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 Practices (“C.A.F.E. Practices”), the Company’s third-party verification program and the cornerstone of our approach to ethical sourcing of coffee with over 98% of our coffee having been historically verified through C.A.F.E. Practices as ethically sourced.

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

Our Environmental, Partner, and Community Impact Committee annually reviews and assesses the effectiveness of the Company’s environmental and social

*Diversity, Equity, Inclusion, and Belonging*

As we create the future of Starbucks, we are continuing to work to improve the partner experience so our partners can thrive at work, individually, and together.

Core to this is taking steps to ensure that Starbucks is an inclusive, diverse, equitable, and accessible company—a place where all are welcome and where our partners know they belong.

Under the leadership of our senior vice president of Talent and Inclusion and our executive leadership team, we remain committed to accountability at every level of the Company.

We prioritize transparency with our partners, Inclusion and Diversity Executive Council, Partner Networks, Inclusion and Diversity Business Council, community leaders, customers, and stakeholders.

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

To further this:

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

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

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

At the end of fiscal 2024, our U.S. partner base is made up 70.9% female and 28.4% male.

Additionally, in the U.S. diverse partners represent more than 51.9% of our retail team and more than 37.9% of our corporate roles.

We are expanding workforce diversity to bring new perspectives and experiences that improve our business and workplace.

To do this, we reach a broader pool of candidates and talent by prioritizing inclusivity in our recruitment practices, in partner engagement, and by continuing to foster inclusive leadership.

Furthermore, we offer comprehensive, locally relevant and innovative benefits to all eligible partners.

- 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.

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

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

- We view mental health as a fundamental part of our humanity and provide a comprehensive suite of related programs and benefits.

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

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 feedback, and effective engagement with customers and communities.

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

Starbucks is committed to pay equity.

We’ve achieved and maintained racial and gender pay equity for partners in the U.S. who are performing similar work, and we’re working toward achieving gender pay equity for Starbucks partners who are performing similar work in all of our company-operated markets globally.

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

In August 2024, she served as interim chief executive officer during Starbucks recent chief executive officer transition.

In her role as chief financial officer, Ms. Ruggeri is responsible for the global finance function for Starbucks, which includes developing and executing the financial strategies that enable the long-term growth of the Company.

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 2020 to 2021.

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

She also served as vice president of Finance from 2010 to 2016 supporting Corporate Financial Planning & Analysis and the U.S. Retail business.

Ms. Ruggeri currently serves on the Board of Directors of Stryker Corporation, a NYSE-listed medical technologies company.

Brad Lerman joined Starbucks in April 2023 as executive vice president and general counsel and has served as executive vice president and chief legal officer since April 2024.

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

See [Note [removed: 16](#ieee4859bea5d45f4aee2fd5e41e39969_181),] [added: 16](#i49da3a0807bd4162bf38cf988a2f3a97_310),] 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 September [removed: 29, 2024][added: 28, 2025]

[removed: ][added: ]

| Large accelerated filer | | | x | | | Accelerated filer | | | ¨ | | | Non-accelerated filer | | | ¨ | | | Smaller reporting company | | | [removed: ☐] [added: ¨] | | |

The aggregate market value of common stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter, based upon the closing sale price of the registrant’s common stock on March [removed: 31, 2024] [added: 30, 2025] as reported on the Nasdaq Global Select Market was [removed: $103.4] [added: $111.0] billion.

As of November [removed: 13, 2024,] [added: 7, 2025,] there were [removed: 1,133.8] [added: 1,137.1] million shares of the registrant’s Common Stock outstanding.

Portions of the registrant’s definitive Proxy Statement for the registrant’s Annual Meeting of Shareholders to be held on March [removed: 12, 2025,] [added: 25, 2026,] have been incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

| Item 1 | | | [removed: [Business](#ieee4859bea5d45f4aee2fd5e41e39969_16)] [added: [Business](#i49da3a0807bd4162bf38cf988a2f3a97_16)] | | | [removed: [3](#ieee4859bea5d45f4aee2fd5e41e39969_16)] [added: [3](#i49da3a0807bd4162bf38cf988a2f3a97_16)] | | |

| Item 1A | | | [Risk [removed: Factors](#ieee4859bea5d45f4aee2fd5e41e39969_19)] [added: Factors](#i49da3a0807bd4162bf38cf988a2f3a97_61)] | | | [removed: [11](#ieee4859bea5d45f4aee2fd5e41e39969_19)] [added: [11](#i49da3a0807bd4162bf38cf988a2f3a97_61)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#ieee4859bea5d45f4aee2fd5e41e39969_22)] [added: Comments](#i49da3a0807bd4162bf38cf988a2f3a97_64)] | | | [removed: [28](#ieee4859bea5d45f4aee2fd5e41e39969_22)] [added: [21](#i49da3a0807bd4162bf38cf988a2f3a97_64)] | | |

| Item 2 | | | [removed: [Properties](#ieee4859bea5d45f4aee2fd5e41e39969_28)] [added: [Properties](#i49da3a0807bd4162bf38cf988a2f3a97_70)] | | | [removed: [30](#ieee4859bea5d45f4aee2fd5e41e39969_28)] [added: [23](#i49da3a0807bd4162bf38cf988a2f3a97_70)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#ieee4859bea5d45f4aee2fd5e41e39969_31)] [added: Proceedings](#i49da3a0807bd4162bf38cf988a2f3a97_73)] | | | [removed: [30](#ieee4859bea5d45f4aee2fd5e41e39969_31)] [added: [23](#i49da3a0807bd4162bf38cf988a2f3a97_73)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#ieee4859bea5d45f4aee2fd5e41e39969_34)] [added: Disclosures](#i49da3a0807bd4162bf38cf988a2f3a97_76)] | | | [removed: [30](#ieee4859bea5d45f4aee2fd5e41e39969_34)] [added: [23](#i49da3a0807bd4162bf38cf988a2f3a97_76)] | | |

| Item 5 | | | [Market for the Registrant’s Common Equity, Related Shareholder [removed: Matters](#ieee4859bea5d45f4aee2fd5e41e39969_40)[,](#ieee4859bea5d45f4aee2fd5e41e39969_40) [and] [added: Matters, and] Issuer Purchases of Equity [removed: Securities](#ieee4859bea5d45f4aee2fd5e41e39969_40)] [added: Securities](#i49da3a0807bd4162bf38cf988a2f3a97_82)] | | | [removed: [31](#ieee4859bea5d45f4aee2fd5e41e39969_40)] [added: [24](#i49da3a0807bd4162bf38cf988a2f3a97_82)] | | |

| Item 6 | | | [removed: [Reserved](#ieee4859bea5d45f4aee2fd5e41e39969_43)] [added: [Reserved](#i49da3a0807bd4162bf38cf988a2f3a97_85)] | | | [removed: [33](#ieee4859bea5d45f4aee2fd5e41e39969_43)] [added: [26](#i49da3a0807bd4162bf38cf988a2f3a97_85)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ieee4859bea5d45f4aee2fd5e41e39969_46)] [added: Operations](#i49da3a0807bd4162bf38cf988a2f3a97_88)] | | | [removed: [34](#ieee4859bea5d45f4aee2fd5e41e39969_46)] [added: [27](#i49da3a0807bd4162bf38cf988a2f3a97_88)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ieee4859bea5d45f4aee2fd5e41e39969_94)] [added: Risk](#i49da3a0807bd4162bf38cf988a2f3a97_136)] | | | [removed: [49](#ieee4859bea5d45f4aee2fd5e41e39969_94)] [added: [42](#i49da3a0807bd4162bf38cf988a2f3a97_136)] | | |

| Item 8 | | | [Financial Statements and Supplementary [removed: Data](#ieee4859bea5d45f4aee2fd5e41e39969_97)] [added: Data](#i49da3a0807bd4162bf38cf988a2f3a97_139)] | | | [removed: [50](#ieee4859bea5d45f4aee2fd5e41e39969_97)] [added: [43](#i49da3a0807bd4162bf38cf988a2f3a97_139)] | | |

| | | | [Index for Notes to Consolidated Financial [removed: Statements](#ieee4859bea5d45f4aee2fd5e41e39969_121)] [added: Statements](#i49da3a0807bd4162bf38cf988a2f3a97_163)] | | | [removed: [55](#ieee4859bea5d45f4aee2fd5e41e39969_121)] [added: [48](#i49da3a0807bd4162bf38cf988a2f3a97_163)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ieee4859bea5d45f4aee2fd5e41e39969_196)] [added: Firm](#i49da3a0807bd4162bf38cf988a2f3a97_325)] | | | [removed: [89](#ieee4859bea5d45f4aee2fd5e41e39969_196)] [added: [83](#i49da3a0807bd4162bf38cf988a2f3a97_325)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ieee4859bea5d45f4aee2fd5e41e39969_199)] [added: Disclosure](#i49da3a0807bd4162bf38cf988a2f3a97_328)] | | | [removed: [91](#ieee4859bea5d45f4aee2fd5e41e39969_199)] [added: [85](#i49da3a0807bd4162bf38cf988a2f3a97_328)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#ieee4859bea5d45f4aee2fd5e41e39969_202)] [added: Procedures](#i49da3a0807bd4162bf38cf988a2f3a97_331)] | | | [removed: [91](#ieee4859bea5d45f4aee2fd5e41e39969_202)] [added: [85](#i49da3a0807bd4162bf38cf988a2f3a97_331)] | | |

| Item 9B | | | [Other [removed: Information](#ieee4859bea5d45f4aee2fd5e41e39969_208)] [added: Information](#i49da3a0807bd4162bf38cf988a2f3a97_337)] | | | [removed: [93](#ieee4859bea5d45f4aee2fd5e41e39969_208)] [added: [87](#i49da3a0807bd4162bf38cf988a2f3a97_337)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ieee4859bea5d45f4aee2fd5e41e39969_211)] [added: Inspections](#i49da3a0807bd4162bf38cf988a2f3a97_340)] | | | [removed: [93](#ieee4859bea5d45f4aee2fd5e41e39969_211)] [added: [87](#i49da3a0807bd4162bf38cf988a2f3a97_340)] | | |

| Item 10 | | | [Directors, Executive [removed: Officers](#ieee4859bea5d45f4aee2fd5e41e39969_217)[,](#ieee4859bea5d45f4aee2fd5e41e39969_217) [and] [added: Officers, and] Corporate [removed: Governance](#ieee4859bea5d45f4aee2fd5e41e39969_217)] [added: Governance](#i49da3a0807bd4162bf38cf988a2f3a97_346)] | | | [removed: [94](#ieee4859bea5d45f4aee2fd5e41e39969_217)] [added: [88](#i49da3a0807bd4162bf38cf988a2f3a97_346)] | | |

| Item 11 | | | [Executive [removed: Compensation](#ieee4859bea5d45f4aee2fd5e41e39969_220)] [added: Compensation](#i49da3a0807bd4162bf38cf988a2f3a97_349)] | | | [removed: [94](#ieee4859bea5d45f4aee2fd5e41e39969_220)] [added: [88](#i49da3a0807bd4162bf38cf988a2f3a97_349)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters](#ieee4859bea5d45f4aee2fd5e41e39969_223)] [added: Matters](#i49da3a0807bd4162bf38cf988a2f3a97_352)] | | | [removed: [94](#ieee4859bea5d45f4aee2fd5e41e39969_223)] [added: [88](#i49da3a0807bd4162bf38cf988a2f3a97_352)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#ieee4859bea5d45f4aee2fd5e41e39969_226)] [added: Independence](#i49da3a0807bd4162bf38cf988a2f3a97_355)] | | | [removed: [94](#ieee4859bea5d45f4aee2fd5e41e39969_226)] [added: [88](#i49da3a0807bd4162bf38cf988a2f3a97_355)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#ieee4859bea5d45f4aee2fd5e41e39969_229)] [added: Services](#i49da3a0807bd4162bf38cf988a2f3a97_358)] | | | [removed: [94](#ieee4859bea5d45f4aee2fd5e41e39969_229)] [added: [88](#i49da3a0807bd4162bf38cf988a2f3a97_358)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#ieee4859bea5d45f4aee2fd5e41e39969_235)] [added: Schedules](#i49da3a0807bd4162bf38cf988a2f3a97_364)] | | | [removed: [95](#ieee4859bea5d45f4aee2fd5e41e39969_235)] [added: [89](#i49da3a0807bd4162bf38cf988a2f3a97_364)] | | |

*• the impact of our [removed: marketing strategies, promotional and] [added: brand, marketing, promotional,] advertising [removed: plans,] [added: and] pricing strategies, platforms, [removed: reformulations,* *innovations,] [added: reformulations, innovations,] or customer experience initiatives or investments;*

*• the costs and risks associated with, and the successful [added: and timely] execution and effects of, our existing and any future business opportunities, expansions, initiatives, strategies, investments, and plans, including our [removed: Back] [added: “Back] to [removed: Starbucks] [added: Starbucks”(and restructuring)] plan;*

*• [removed: changes in] [added: evolving] consumer preferences, demand, consumption, or spending behavior, [removed: including due to shifts in demographic or health and wellness trends,] reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes;*

*• the ability of our business partners, suppliers, and third-party providers to fulfill their responsibilities and [removed: commitments;*][added: commitments and our reliance on certain key business partners and suppliers;*]

*• our ability to open new stores and efficiently maintain the attractiveness of our existing [removed: stores;*][added: stores and manage related costs;*]

*• our [removed: dependence] [added: heavy reliance] on the financial performance of our North America operating segment and our [removed: increasing] dependence on [added: the performance and growth of] certain international markets;*

*• inherent risks of operating a global business, including changing conditions in our markets, local factors affecting store openings, protectionist trade or foreign investment policies, [added: such as tariffs and import/export regulations,] economic or trade sanctions, compliance with local laws and other regulations, and local labor policies and conditions, including labor strikes and work stoppages;*

*• higher costs, lower quality, or unavailability of coffee, dairy, cocoa, energy, water, raw materials, or product [removed: ingredients;*][added: ingredients and related volatility;*]

*• the potential impact on our supply chain [added: and operations] of adverse weather conditions, natural disasters, or significant increases in logistics costs;*

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

*• failure to meet [added: market expectations for] our [added: financial performance or any] announced guidance [removed: or market expectations] and the impact thereof;*

For the Fiscal Year Ended September 28, 2025

| Item 1C | | | [Cybersecurity](#i49da3a0807bd4162bf38cf988a2f3a97_67) | | | [22](#i49da3a0807bd4162bf38cf988a2f3a97_67) | | |

| Item 16 | | | [Form 10-K Summary](#i49da3a0807bd4162bf38cf988a2f3a97_379) | | | [97](#i49da3a0807bd4162bf38cf988a2f3a97_379) | | |

| [SIGNATURES](#i49da3a0807bd4162bf38cf988a2f3a97_382) | | | | | | [98](#i49da3a0807bd4162bf38cf988a2f3a97_382) | | |

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

*• the costs and risks associated with, and the successful execution and effects of, strategic changes to our ownership and operating structure, including as a result of acquisitions, divestitures, other strategic transactions or entry into joint ventures;*

*• our ability to align our investment efforts with our strategic goals;*

*• the potential negative effects of food or beverage-safety incidents or product recalls, and any perceived association with such incidents;*

*• our ability to operate and successfully expand our footprint in international markets, which is influenced by factors distinct from our North America operating segment;*

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

*• the unauthorized access, use, theft, or destruction of our data, or of our proprietary or confidential information and the impact thereof;*

| Item 1C | | | [C](#ieee4859bea5d45f4aee2fd5e41e39969_25)[ybersecurity](#ieee4859bea5d45f4aee2fd5e41e39969_25) | | | [28](#ieee4859bea5d45f4aee2fd5e41e39969_25) | | |

| Item 16 | | | [Form 10-K Summary](#ieee4859bea5d45f4aee2fd5e41e39969_250) | | | [102](#ieee4859bea5d45f4aee2fd5e41e39969_250) | | |

| [SIGNATURES](#ieee4859bea5d45f4aee2fd5e41e39969_253) | | | | | | [103](#ieee4859bea5d45f4aee2fd5e41e39969_253) | | |

*• our ability to preserve, grow, and leverage our brands, including the risk of negative responses by consumers (such as boycotts or negative publicity campaigns), governmental actors (such as retaliatory legislative treatment), or other third parties who object to certain actions taken or not taken by the Company, whose responses could adversely affect our brand value;*

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

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

*• the impact of 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, international trade disputes, government restrictions, geopolitical instability, higher inflation, or deflation;*

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

Starbucks has implemented a cybersecurity program that leverages industry-standard cybersecurity [removed: frameworks] [added: frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework,] to assess, identify, and manage cybersecurity risk.

We train our employees through annual cybersecurity awareness training, [added: which includes information about how to report cybersecurity concerns and incidents, as well as] phishing [removed: simulations,] [added: simulations] and periodic communications about timely cybersecurity topics and threats.

The incident response plan includes incident classification and escalation protocols, [added: including a process for informing senior management and the Board,] as [added: appropriate, as] well as processes to assess and comply with applicable legal obligations.

We periodically test the effectiveness of the plan, and review and update [removed: it] [added: it,] as appropriate.

For further discussion of the risks related to cybersecurity, see the risk factors discussed under “Risks Related to [removed: Cybersecurity and] [added: Cybersecurity,] Data [removed: Privacy”] [added: Privacy, and Information Technology”] in our Risk Factors in Item 1A of this Form 10-K.

Our ciso has more than 20 years of experience in the information security and technology [removed: fields.][added: fields, including various leadership roles in several large companies across multiple industries.]

[removed: The ciso meets regularly with leaders of our various information technology management teams and with the Risk Management Committee (a management-level] committee, which is co-managed by our cfo and chief legal [removed: officer),] [added: officer and meets at least quarterly),] to review and discuss our cybersecurity and other information technology risks and opportunities.

Our Board has ultimate cybersecurity and data privacy risk oversight responsibility for the Company and administers this responsibility both directly and with assistance from the Audit and Compliance Committee (“Audit [removed: Committee”) and the Environmental, Partner, and Community Impact Committee (the “Impact] Committee”).

The Audit Committee oversees our cybersecurity and technology risks, [removed: and the Impact Committee oversees] [added: along with] our data privacy risks, all of which are integrated into our overall ERM program.

The [removed: Impact] [added: Audit] Committee [added: also] reviews our data privacy risk management programs and reports out to the full Board on our relevant strengths and opportunities.

We also participate in multiple cybersecurity forums that share threat intelligence and best practices.

Those roles have included leading various cybersecurity capabilities and managing information security, business intelligence, and data analytics teams.

The ciso meets regularly with leaders of our various information technology management teams and with the Risk Management Committee (a cross-functional management-level

The ciso reports to our executive vice president, chief technology officer, who has spent more than 25 years of service in various leadership roles in information technology across multiple Fortune 500 companies.

The Impact Committee receives annual updates from our vice president, data privacy, on our data privacy practices, emerging risks, and evolving global privacy laws and regulations.

| Shanghai, China | | | [removed: 225,000] [added: 221,000] | | | | | | Corporate administrative | | |

As of September [removed: 29, 2024,] [added: 28, 2025,] Starbucks had [removed: 21,018] [added: 21,514] company-operated stores, almost all of which are leased.

As of November [removed: 13, 2024,] [added: 7, 2025,] we had approximately [removed: 17,000] [added: 16,000] shareholders of record.

During the fiscal fourth quarter ended September [removed: 29, 2024,] [added: 28, 2025,] there was no share repurchase activity.

The following graph depicts the total return to shareholders from September [removed: 29, 2019,] [added: 27, 2020,] through September [removed: 29, 2024,] [added: 28, 2025,] relative to the performance of the Standard & Poor’s 500 Index, the Nasdaq Composite Index and the Standard & Poor’s 500 Consumer Discretionary Sector, a peer group that includes Starbucks.

All indices shown in the graph have been reset to a base of 100 as of September [removed: 29, 2019,] [added: 27, 2020,] and assume an investment of $100 on that date and the reinvestment of dividends paid since that date.

The stock price performance shown in the graph is not necessarily indicative of future [added: stock] price performance.

[removed: ][added: ]

| | | | Sep [removed: 29, 2019 | | | | | | Sep] 27, 2020 | | | | | | Oct 3, 2021 | | | | | | Oct 2, 2022 | | | | | | Oct 1, 2023 | | | | | | Sep 29, 2024 | | | [added: | | | Sep 28, 2025 | | |]

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 136.25 | | | | | $ | 103.93 | | | | | $ | 114.96 | | | | | $ | 125.74 | | | | | $ | 110.47 | |

| S&P 500 | | | 100.00 | | | | | | 130.01 | | | | | | 109.89 | | | | | | 133.65 | | | | | | 182.23 | | | | | | 214.30 | | |

| Nasdaq Composite | | | 100.00 | | | | | | 130.26 | | | | | | 96.06 | | | | | | 121.14 | | | | | | 167.95 | | | | | | 210.64 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 119.15 | | | | | | 94.25 | | | | | | 107.23 | | | | | | 137.32 | | | | | | 165.21 | | |

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 97.36 | | | | | $ | 132.65 | | | | | $ | 101.19 | | | | | $ | 111.93 | | | | | $ | 122.41 | |

| S&P 500 | | | 100.00 | | | | | | 115.15 | | | | | | 149.70 | | | | | | 126.54 | | | | | | 153.89 | | | | | | 209.84 | | |

| Nasdaq Composite | | | 100.00 | | | | | | 140.96 | | | | | | 183.61 | | | | | | 135.42 | | | | | | 170.76 | | | | | | 236.74 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 128.89 | | | | | | 153.57 | | | | | | 121.48 | | | | | | 138.22 | | | | | | 177.00 | | |

| Fiscal Year Ended | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: Oct 1, 2023] [added: Sep 29, 2024] | | | | | | Oct [removed: 2, 2022] [added: 1, 2023] | | |

| Company-operated stores | | | $ | [removed: 29,765.9] [added: 30,744.8] | | | | | $ | [removed: 29,462.3] [added: 29,765.9] | | | | | $ | [removed: 26,576.1] [added: 29,462.3] | |

| Licensed stores | | | [removed: 4,505.1] [added: 4,350.4] | | | | | | [removed: 4,512.7] [added: 4,505.1] | | | | | | [removed: 3,655.5] [added: 4,512.7] | | |

| Other | | | [removed: 1,905.2] [added: 2,089.2] | | | | | | [removed: 2,000.6] [added: 1,905.2] | | | | | | [removed: 2,018.7] [added: 2,000.6] | | |

| Total net revenues | | | [removed: 36,176.2] [added: 37,184.4] | | | | | | [removed: 35,975.6] [added: 36,176.2] | | | | | | [removed: 32,250.3] [added: 35,975.6] | | |

| Product and distribution costs | | | [removed: 11,180.6] [added: 11,658.2] | | | | | | [removed: 11,409.1] [added: 11,180.6] | | | | | | [removed: 10,317.4] [added: 11,409.1] | | |

| Store operating expenses | | | [removed: 15,286.5] [added: 17,058.9] | | | | | | [removed: 14,720.3] [added: 15,286.5] | | | | | | [removed: 13,561.8] [added: 14,720.3] | | |

| Other operating expenses | | | [removed: 565.6] [added: 584.6] | | | | | | [removed: 539.4] [added: 565.6] | | | | | | [removed: 461.5] [added: 539.4] | | |

| Depreciation and amortization expenses | | | [removed: 1,512.6] [added: 1,684.7] | | | | | | [removed: 1,362.6] [added: 1,512.6] | | | | | | [removed: 1,447.9] [added: 1,362.6] | | |

| General and administrative expenses | | | [removed: 2,523.3] [added: 2,617.2] | | | | | | [removed: 2,441.3] [added: 2,523.3] | | | | | | [removed: 2,032.0] [added: 2,441.3] | | |

| Restructuring and impairments | | | [removed: —] [added: 892.0] | | | | | | [removed: 21.8] [added: —] | | | | | | [removed: 46.0] [added: 21.8] | | |

| Total operating expenses | | | [removed: 31,068.6] [added: 34,495.6] | | | | | | [removed: 30,494.5] [added: 31,068.6] | | | | | | [removed: 27,866.6] [added: 30,494.5] | | |

| Income from equity investees | | | [removed: 301.2] [added: 247.8] | | | | | | [removed: 298.4] [added: 301.2] | | | | | | [removed: 234.1] [added: 298.4] | | |

| Gain from sale of assets | | | — | | | | | | [removed: 91.3] [added: —] | | | | | | [removed: —] [added: 91.3] | | |

| Operating income | | | [removed: 5,408.8] [added: 2,936.6] | | | | | | [removed: 5,870.8] [added: 5,408.8] | | | | | | [removed: 4,617.8] [added: 5,870.8] | | |

| Interest income and other, net | | | [removed: 122.8] [added: 113.3] | | | | | | [removed: 81.2] [added: 122.8] | | | | | | [removed: 97.0] [added: 81.2] | | |

| Interest expense | | | [removed: (562.0)] [added: (542.6)] | | | | | | [removed: (550.1)] [added: (562.0)] | | | | | | [removed: (482.9)] [added: (550.1)] | | |

| Earnings before income taxes | | | [removed: 4,969.6] [added: 2,507.3] | | | | | | [removed: 5,401.9] [added: 4,969.6] | | | | | | [removed: 4,231.9] [added: 5,401.9] | | |

| Income tax expense | | | [removed: 1,207.3] [added: 650.6] | | | | | | [removed: 1,277.2] [added: 1,207.3] | | | | | | [removed: 948.5] [added: 1,277.2] | | |

| Net earnings including noncontrolling interests | | | [removed: 3,762.3] [added: 1,856.7] | | | | | | [removed: 4,124.7] [added: 3,762.3] | | | | | | [removed: 3,283.4] [added: 4,124.7] | | |

| Net earnings attributable to noncontrolling interests | | | [removed: 1.4] [added: 0.3] | | | | | | [removed: 0.2] [added: 1.4] | | | | | | [removed: 1.8] [added: 0.2] | | |

| Net earnings attributable to Starbucks | | | $ | [removed: 3,760.9] [added: 1,856.4] | | | | | $ | [removed: 4,124.5] [added: 3,760.9] | | | | | $ | [removed: 3,281.6] [added: 4,124.5] | |

| Earnings per share — basic | | | $ | [removed: 3.32] [added: 1.63] | | | | | $ | [removed: 3.60] [added: 3.32] | | | | | $ | [removed: 2.85] [added: 3.60] | |

| Earnings per share — diluted | | | $ | [removed: 3.31] [added: 1.63] | | | | | $ | [removed: 3.58] [added: 3.31] | | | | | $ | [removed: 2.83] [added: 3.58] | |

| Basic | | | [removed: 1,133.8] [added: 1,136.0] | | | | | | [removed: 1,146.8] [added: 1,133.8] | | | | | | [removed: 1,153.3] [added: 1,146.8] | | |

| Diluted | | | [removed: 1,137.3] [added: 1,139.8] | | | | | | [removed: 1,151.3] [added: 1,137.3] | | | | | | [removed: 1,158.5] [added: 1,151.3] | | |

| Net earnings including noncontrolling interests | | | $ | [removed: 3,762.3] [added: 1,856.7] | | | | | $ | [removed: 4,124.7] [added: 3,762.3] | | | | | $ | [removed: 3,283.4] [added: 4,124.7] | |

| Other comprehensive [removed: income/(loss), net of tax:] [added: income/(loss):] | | | | | | | | | | | | | | | | | |

| Unrealized holding gains/(losses) on available-for-sale debt securities | | | [removed: 12.1] [added: 2.7] | | | | | | [removed: 3.3] [added: 12.1] | | | | | | [removed: (22.8)] [added: 3.3] | | |

| Tax (expense)/benefit | | | [removed: (3.0)] [added: (0.8)] | | | | | | [removed: (0.8)] [added: (3.0)] | | | | | | [removed: 5.6] [added: (0.8)] | | |

| Unrealized gains/(losses) on cash flow hedging instruments | | | [removed: 106.0] [added: 80.1] | | | | | | [removed: (149.4)] [added: 106.0] | | | | | | [removed: 259.5] [added: (149.4)] | | |

| Tax (expense)/benefit | | | [removed: (16.2)] [added: (17.9)] | | | | | | [removed: 17.2] [added: (16.2)] | | | | | | [removed: (52.8)] [added: 17.2] | | |

| Unrealized gains/(losses) on net investment hedging instruments | | | [removed: 55.7] [added: 255.9] | | | | | | [removed: 73.2] [added: 55.7] | | | | | | [removed: 229.0] [added: 73.2] | | |

| Tax (expense)/benefit | | | [removed: (14.1)] [added: (64.6)] | | | | | | [removed: (18.5)] [added: (14.1)] | | | | | | [removed: (57.9)] [added: (18.5)] | | |

| Translation adjustment and other | | | [removed: 225.9] [added: (113.4)] | | | | | | [removed: (109.0)] [added: 225.9] | | | | | | [removed: (794.7)] [added: (109.0)] | | |

| Tax (expense)/benefit | | | [removed: (8.8)] [added: —] | | | | | | [removed: 1.8] [added: (8.8)] | | | | | | [removed: —] [added: 1.8] | | |

| Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation [removed: adjustment] [added: adjustment,] and other | | | [removed: (19.2)] [added: (224.9)] | | | | | | [removed: (158.9)] [added: (19.2)] | | | | | | [removed: (210.5)] [added: (158.9)] | | |

| Tax expense/(benefit) | | | [removed: 11.0] [added: 52.4] | | | | | | [removed: 26.1] [added: 11.0] | | | | | | [removed: 34.2] [added: 26.1] | | |

| Other comprehensive [removed: income/(loss)] [added: income/(loss), net of tax] | | | [removed: 349.4] [added: (30.5)] | | | | | | [removed: (315.0)] [added: 349.4] | | | | | | [removed: (610.4)] [added: (315.0)] | | |

| Comprehensive income including noncontrolling interests | | | [removed: 4,111.7] [added: 1,826.2] | | | | | | [removed: 3,809.7] [added: 4,111.7] | | | | | | [removed: 2,673.0] [added: 3,809.7] | | |

| | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | |

| Acquisitions, net of cash acquired | | | | | | (177.1) | | | | | | — | | | | | | — | | |

| Net earnings | | | — | | | | | | — | | | | | | — | | | | | | 1,856.4 | | | | | | — | | | | | | 1,856.4 | | | | | | 0.3 | | | | | | 1,856.7 | | |

| Purchase of noncontrolling interests and other | | | — | | | | | | — | | | | | | — | | | | | | (0.1) | | | | | | (0.2) | | | | | | (0.3) | | | | | | — | | | | | | (0.3) | | |

| Balance, September 28, 2025 | | | 1,136.9 | | | | | | $ | 1.1 | | | | | $ | 634.1 | | | | | $ | (8,272.5) | | | | | $ | (459.3) | | | | | $ | (8,096.6) | | | | | $ | 7.4 | | | | | $ | (8,089.2) | |

| Note 5 | | | [Inventories](#i49da3a0807bd4162bf38cf988a2f3a97_274) | | | [65](#i49da3a0807bd4162bf38cf988a2f3a97_274) | | |

| Note 9 | | | [Debt](#i49da3a0807bd4162bf38cf988a2f3a97_286) | | | [68](#i49da3a0807bd4162bf38cf988a2f3a97_286) | | |

| Note 10 | | | [Leases](#i49da3a0807bd4162bf38cf988a2f3a97_289) | | | [71](#i49da3a0807bd4162bf38cf988a2f3a97_289) | | |

| Note 12 | | | [Equity](#i49da3a0807bd4162bf38cf988a2f3a97_295) | | | [72](#i49da3a0807bd4162bf38cf988a2f3a97_295) | | |

| Note 18 | | | [Restructuring](#i49da3a0807bd4162bf38cf988a2f3a97_3468) | | | [80](#i49da3a0807bd4162bf38cf988a2f3a97_3468) | | |

In the fourth quarter of fiscal 2024, we announced our “Back to Starbucks” strategy, which was implemented with the goal to bring customers back to our stores and return to growth by revitalizing coffeehouses, enhancing the customer experience, and improving efficiency.

As part of this strategy, during the second quarter of fiscal 2025, we announced our plan to restructure our support organization in an effort to operate more efficiently, increase accountability, reduce complexity, and drive better integration, which resulted in a reduction in our support partner workforce.

In the fourth quarter of fiscal 2025, we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy.

We assessed our existing store portfolio with respect to both whether coffeehouses had a viable path to offering the physical environment consistent with the brand and a clear path to financial performance, and we closed, or plan to close, coffeehouses that did not meet these criteria.

Refer to [Note](#i49da3a0807bd4162bf38cf988a2f3a97_3468) [18](#i49da3a0807bd4162bf38cf988a2f3a97_3468), Restructuring, included in Item 8 of Part II of this 10-K, for further discussion.

net earnings.

See [Note 18](#i49da3a0807bd4162bf38cf988a2f3a97_3468), Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K, for further discussion.

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

For the year ended September 28, 2025, we recognized accelerated amortization of ROU lease assets and other lease exit costs of $239.3 million, due to store closures prior to the end of contractual lease terms, which was recorded in restructuring and impairments on the consolidated statement of earnings.

See [Note 18](#i49da3a0807bd4162bf38cf988a2f3a97_3468), Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K, for further discussion.

See [Note 8](#i49da3a0807bd4162bf38cf988a2f3a97_283), Other Intangible Assets and Goodwill, for further information.

Refer to [Note](#i49da3a0807bd4162bf38cf988a2f3a97_313) [1](#i49da3a0807bd4162bf38cf988a2f3a97_313)[7](#i49da3a0807bd4162bf38cf988a2f3a97_313), Segment Reporting, for our segment disclosures including enhancements as a result of the amendments.

In July 2025, the FASB issued guidance providing a practical expedient for measuring expected credit losses on current accounts receivable and current contract assets arising from revenue transactions.

The amendment is effective for our fiscal year ended October 3, 2027.

While we are still evaluating the specific impacts, we anticipate the impact to be limited to the simplification of the estimation process, with no material impact on the allowance for credit losses.

*Fiscal 2025*

The assets acquired and liabilities assumed are included in our International operating segment.

Assets acquired primarily include operating lease right-of-use assets, intangible assets, goodwill, and property, plant and equipment.

The intangible assets acquired as part of this transaction include reacquired licensee agreement rights, which will be amortized over the estimated useful life.

In addition, we assumed various liabilities, primarily consisting of operating lease liabilities.

| | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | |

| | | | Balance Sheet Location | | | | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | |

| | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | | | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | |

| Total short-term investments | | | 247.2 | | | | | | 177.9 | | | | | | 57.4 | | | | | | 11.9 | | |

| State and local government obligations | | | 2.7 | | | | | | — | | | | | | 2.7 | | | | | | — | | |

| Total Available-for-sale debt securities | | | 246.9 | | | | | | 36.3 | | | | | | 183.9 | | | | | | 26.7 | | |

| Total long-term investments | | | 246.9 | | | | | | 36.3 | | | | | | 183.9 | | | | | | 26.7 | | |

| Total assets | | | $ | 4,008.4 | | | | | $ | 3,434.0 | | | | | $ | 535.8 | | | | | $ | 38.6 | |

| Mortgage and other asset-backed securities | | | 0.4 | | | | | | — | | | | | | 0.4 | | | | | | — | | |

| | | | Sep 28, 2025 | | | | | | Sep 29, 2024 | | |

| Short-term debt | | | — | | | | | | 33.5 | | |

| Net proceeds from the divestiture of certain operations | | | | | | — | | | | | | — | | | | | | 59.3 | | |

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

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

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

| Note 5 | | | [Inventories](#ieee4859bea5d45f4aee2fd5e41e39969_145) | | | [72](#ieee4859bea5d45f4aee2fd5e41e39969_145) | | |

| Note 9 | | | [Debt](#ieee4859bea5d45f4aee2fd5e41e39969_157) | | | [75](#ieee4859bea5d45f4aee2fd5e41e39969_157) | | |

| Note 10 | | | [Leases](#ieee4859bea5d45f4aee2fd5e41e39969_160) | | | [78](#ieee4859bea5d45f4aee2fd5e41e39969_160) | | |

| Note 12 | | | [Equity](#ieee4859bea5d45f4aee2fd5e41e39969_166) | | | [79](#ieee4859bea5d45f4aee2fd5e41e39969_166) | | |

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

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

As a result of these restructuring efforts, we recorded approximately $22 million and $46 million to restructuring and impairments in our consolidated statements of earnings during fiscal years 2023 and 2022, respectively.

No restructuring and impairment costs attributable to this plan were recorded in our consolidated statements of earnings during fiscal year 2024.

As of September 29, 2024, and October 1, 2023, there were no material restructuring-related accrued liabilities on our consolidated balance sheets.

value of the asset, we determine if we have an impairment loss by comparing the carrying value of the asset to the asset’s estimated fair value and recognize an impairment charge when the asset’s carrying value exceeds its estimated fair value.

determine gross versus net presentation, and revenues are also recognized when control of products are transferred to the customers.

model.

The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates.

The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2024.

In November 2023, the FASB issued guidance expanding segment disclosure requirements.

We expect to adopt the guidance for the fiscal year ending September 28, 2025.

We are currently evaluating the expanded disclosure requirements and do not expect the adoption of this guidance to have a significant impact on our consolidated financial statement disclosures.

In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements.

The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material.

Under the rules as originally issued, disclosure requirements begin phasing in for fiscal years beginning on or after January 1, 2025.

However, on April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges.

We are currently evaluating the impact of the new rules and continue to monitor the status of the related legal challenges.

*Fiscal 2022*

In the fourth quarter of fiscal 2022, we sold our Evolution Fresh brand and business to Bolthouse Farms.

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

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

| Foreign currency | | | Prepaid expenses and other current assets | | | | | | 1.8 | | | | | | 7.5 | | |

| Foreign currency | | | Accrued liabilities | | | | | | 2.5 | | | | | | 0.5 | | |

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

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

| Foreign government obligations | | | 3.9 | | | | | | — | | | | | | 3.9 | | | | | | — | | |

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

| Total short-term investments | | | 401.5 | | | | | | 72.4 | | | | | | 329.1 | | | | | | — | | |

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

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

During the fourth quarter of fiscal [removed: 2024,] [added: 2025,] we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act.

Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by this report (September [removed: 29, 2024).][added: 28, 2025).]

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/829224/000082922424000057/sbux-9292024xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit311.htm)] and [removed: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922424000057/sbux-9292024xexhibit312.htm),] [added: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit312.htm),] respectively, to this 10-K.

Based on this evaluation, management concluded that our internal control over financial reporting was effective as of September [removed: 29, 2024.][added: 28, 2025.]

Our internal control over financial reporting as of September [removed: 29, 2024,] [added: 28, 2025,] 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 September [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal [removed: Control - Integrated] [added: 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 September [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal [removed: Control - Integrated] [added: 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 September [removed: 29, 2024,] [added: 28, 2025,] of the Company and our report dated November [removed: 20, 2024,] [added: 14, 2025,] expressed an unqualified opinion on those financial statements.

November 14, 2025

November 20, 2024

During the fiscal quarter ended September [removed: 29, 2024,] [added: 28, 2025,] 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 [removed: 408, except as described in the table below:][added: 408.]

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

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

| 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 (5) | | | | | | Other Material Terms | | | | | | Date Terminated | | |

| Sara Kelly, *executive vice president, chief partner officer* | | | | | | August 28, 2024 | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Up to 4,859 shares to be sold (2) *Plus* Up to 6,743 shares to be sold (3) *Plus* Up to 7,500 shares to be sold (4) | | | | | | August 27, 2025 (6) | | | | | | N/A | | | | | | N/A | | |

(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 4,859 shares, which will be issued to Ms. Kelly upon the exercise of a stock option on November 29, 2024, and sold pursuant to an order entered on November 29, 2024, with such sale subject to a limit price of $95 during the applicable good-until-cancelled period for such order, which lasts until August 26, 2025.

In the event not all shares are sold under the order described in the prior sentence during the applicable good-until-cancelled period, Ms. Kelly’s trading plan provides for the sale of any remaining shares (up to 4,859 shares), pursuant to an order entered on August 27, 2025, with such sale subject to a limit price of $61.

(3) Ms. Kelly’s trading plan provides for the sale of up to 6,743 shares, which will be issued to Ms. Kelly upon the exercise of a stock option on November 29, 2024, and sold pursuant to an order entered on November 29, 2024, with such sale subject to a limit price of $95 during the applicable good-until-cancelled period for such order, which lasts until August 27, 2025.

(4) Ms. Kelly’s trading plan provides for the sale of up to 7,500 shares in three tranches at different limit prices, pursuant to an order entered on November 29, 2024.

Such sales are subject to limit prices of (i) $95 for 2,500 shares, (ii) $97.50 for 2,500 shares, and (iii) $100 for 2,500 shares, during the applicable good-until-cancelled period for such order, which lasts until August 27, 2025.

(5) 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.

(6) The arrangement also provides for automatic expiration in the event of the officer’s death, bankruptcy, or insolvency, notice from the officer or the officer’s agent of termination of the trading arrangement, or a determination by the broker that the trading arrangement has been terminated or that a breach by the officer has occurred or upon the broker’s exercise of its termination rights under the trading arrangement.

The remaining information required by this item is incorporated herein by reference to the sections entitled “Proposal 1 - Election of Directors,” “Stock Ownership - Beneficial Ownership of Common Stock,” “Corporate Governance,” [removed: and] “Corporate Governance - Audit and Compliance Committee” [added: and “Executive Compensation Governance Policies and Practices - Insider trading policy”] in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on March [removed: 12, 2025] [added: 25, 2026] (the “Proxy Statement”).

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

- Consolidated Statements of Earnings for the fiscal years ended September [added: 28, 2025, September] 29, 2024, [removed: October 1, 2023,] and October [removed: 2, 2022;][added: 1, 2023;]

- Consolidated Statements of Comprehensive Income for the fiscal years ended September [added: 28, 2025, September] 29, 2024, [removed: October 1, 2023,] and October [removed: 2, 2022;][added: 1, 2023;]

- Consolidated Balance Sheets as of September [removed: 29, 2024,] [added: 28, 2025,] and [removed: October 1, 2023;][added: September 29, 2024;]

- Consolidated Statements of Cash Flows for the fiscal years ended September [added: 28, 2025, September] 29, 2024, [removed: October 1, 2023,] and October [removed: 2, 2022;][added: 1, 2023;]

- Consolidated Statements of Equity for the fiscal years ended September [added: 28, 2025, September] 29, 2024, [removed: October 1, 2023,] and October [removed: 2, 2022;][added: 1, 2023;]

| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm)] | | | | | | [Amended and Restated [removed: Bylaws of Starbucks Corporation (As] [added: Bylaws](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm) [of Starbucks](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm) [Corporation](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm) [](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm)[(As] amended and restated [removed: through March 17, 2021)](https://www.sec.gov/Archives/edgar/data/0000829224/000119312521087492/d152191dex31.htm)] [added: through](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm) [June 25, 2025](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000082922425000046/a20250625-exhibit31xbylaws.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | [removed: 3/19/2021] [added: 6/30/2025] | | | | | | 3.1 | | | | | | | | |

| [removed: [4](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)[.2](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)] | | | | | | [Second Supplemental Indenture, dated as of November 22, 2017, by and between Starbucks Corporation and U.S. Bank National Association, as trustee [removed: (](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)[3.750%] [added: (3.750%] Senior Notes due 2047)](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 11/22/2017 | | | | | | 4.2 | | | | | | | | |

| [4.3](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) | | | | | | [Form of 3.750% Senior Notes due December 1, 2047 [removed: (included](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) [as](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)] [added: (included as](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) [Exhibit](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm)] [B [removed: to](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) [Exhibit] [added: to Exhibit] 4.2)](https://www.sec.gov/Archives/edgar/data/829224/000119312517350711/d497269dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 11/22/2017 | | | | | | 4.4 | | | | | | | | |

| [removed: [4](https://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)[.4](https://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)] | | | | | | [Third Supplemental Indenture, dated as of February 28, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee [removed: (](https://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm)[3.500%] [added: (3.500%] Senior Notes due 2028)](https://www.sec.gov/Archives/edgar/data/829224/000119312518063481/d487237dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/28/2018 | | | | | | 4.2 | | | | | | | | |

| [4.7](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | [Form of [removed: 3.800%] [added: 4.000%] Senior Notes due [removed: August] [added: November] 15, [removed: 2025] [added: 2028] (included as Exhibit [removed: A] [added: B] to Exhibit 4.6)](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 8/10/2018 | | | | | | [removed: 4.3] [added: 4.4] | | | | | | | | |

| [4.8](https://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] [added: 2048] (included as Exhibit [removed: B] [added: C] to Exhibit 4.6)](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 8/10/2018 | | | | | | [removed: 4.4] [added: 4.2] | | | | | | | | |

| [removed: [4.9](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: [4.17](https://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] [added: 2030] (included as Exhibit [removed: C] [added: B] to Exhibit [removed: 4.6)](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)[6](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | [removed: 8/10/2018] [added: 5/7/2020] | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| [removed: [4.10](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[9](https://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)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/13/2019 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.11](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.10](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Form of 3.550% Senior Notes due August 15, 2029 (included as Exhibit A to Exhibit [removed: 4.10)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[9](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/13/2019 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.12](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | [Form of 4.450% Senior Notes due August 15, 2049 [removed: (included](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) [as] [added: (included as] Exhibit B [removed: t](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[o](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) [Exhibit 4.](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[10](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: to Exhibit 4.](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[9](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/13/2019 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.13](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.12](https://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)](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 3/12/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.14](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | [Form of 2.000% Senior Notes due March 12, 2027 [removed: (included](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) [as] [added: (included as] Exhibit [removed: A](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) [to](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) [Exhibit 4.](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[13](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] [added: A to Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[2](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 3/12/2020 | | | | | | 4.3 | | | | | | | | |