Starbucks (SBUX) 10-K risk factor changes: FY2026 vs FY2025

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 [added: traditional media,] social media, video-sharing, [added: artificial-intelligence enabled content,] and messaging platforms that could dramatically increase the speed with which negative publicity may be disseminated, often before we have a meaningful opportunity to investigate, respond to, and address an issue.

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

To the extent third parties object to actions or positions taken or perceived to have been taken by us, it may generate [removed: 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 [removed: stores,] [added: coffeehouses,] products, and brand.

Our continued success depends on our ability to adapt brand, marketing, promotional, advertising, [added: loyalty,] and pricing strategies to shifting economic conditions, competitive pressures, [added: value perception,] and evolving customer preferences.

We operate in a complex and costly [added: marketing environment.]

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

In conjunction with our broader Back to Starbucks [removed: plan,] [added: strategy and any related restructuring or coffeehouse portfolio actions,] these strategic initiatives are designed to create growth, improve our results of operations, and drive long-term shareholder value.

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

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 [removed: stores,] [added: coffeehouses,] 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 [removed: store] [added: coffeehouse] 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.

Furthermore, we may be unsuccessful in implementing strategic initiatives through large acquisitions, integrations, divestitures, partnerships, joint ventures, [added: transitions to licensed] or [added: joint venture operating models, or] other strategic transactions.

[added: This has] resulted, and may in the future result, in insufficient or excess inventory, increased inventory markdowns, and higher costs.

Additionally, health concerns related to ingredients such as caffeine, dairy, sugar, [added: allergens,] or [removed: allergens—whether] [added: additives—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.

Our global business strategy, including our plans for new [removed: stores,] [added: coffeehouses,] branded products, and other initiatives, relies significantly on a variety of business partners, including licensees, joint venture partners, third-party manufacturers, distributors, and retailers, particularly for our entire global Channel Development business.

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

A failure to meet quality standards—even if due to factors beyond our control—could result in public exposure, regulatory scrutiny or action, [removed: litigation (including product liability claims and class actions), or temporary store closures, which could materially harm our business.]

Declines in customer traffic due to safety concerns, negative publicity, or [removed: store] [added: coffeehouse] closures could adversely affect our operations.

If we are unable to meet our projections for new [removed: store] [added: coffeehouse] openings or efficiently maintain the attractiveness of our existing [removed: stores,] [added: coffeehouses,] our operating results could suffer.

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

[removed: Store] [added: Coffeehouse] development costs have risen due to construction labor inflation and increased material and equipment expenses.

Each new [removed: store] [added: coffeehouse] involves substantial startup costs and a ramp-up period during which profitability may be delayed as we train partners and build a customer base.

If we fail to attract sufficient customers or offset higher startup costs, new [removed: stores] [added: coffeehouses] may underperform relative to existing ones.

[removed: Store] [added: Coffeehouse] development is subject to risks including site selection, lease negotiations, permitting and regulatory compliance, contractor availability, labor and material costs, and external disruptions such as weather events, natural disasters, or pandemics.

[added: Additionally, new coffeehouses may] cannibalize sales from nearby existing locations.

We also invest in remodeling and maintaining existing [removed: stores.][added: coffeehouses.]

If costs exceed projections, closures last longer than planned, or remodeled [removed: stores] [added: coffeehouses] underperform, we may not achieve expected returns, which could negatively impact our financial results.

Our financial performance is [removed: heavily reliant] [added: substantially dependent] on our North America operating segment, which accounted for approximately [removed: 74%] [added: 76%] of total net revenues in fiscal [removed: year 2025.][added: 2026.]

The International segment is [removed: a critical] [added: an important] profit center.

In addition to the risks that apply to our business generally, wherever conducted, our International business may also be subject to certain additional [removed: risks and] [added: risks, as well as] risks that take on a different magnitude or character in the context of our international business.

Each of these factors [removed: present] [added: presents] risks to our business performance and financial results.

Operating in [removed: 89] [added: 91] global markets, we face diverse cultural, regulatory, geopolitical, and economic environments.

However, planned initiatives may not [removed: resonate] uniformly [added: resonate] with customers and could lead to unexpected shifts in perception or market share.

- Delays in [removed: store] [added: coffeehouse] openings due to external factors, competition, or limited access to affordable real estate, potentially impacting financial performance;

- Complex and varying interpretations of laws and regulations, including those related to taxes, labor, privacy, [added: artificial intelligence,] and responsible business matters;

- Health and safety regulations affecting [removed: store] [added: coffeehouse] operations;

Additionally, our retail licensed operations are concentrated among a few large licensees, and their inability to access capital or grow effectively, including their inability to meet [removed: store] [added: coffeehouse] development and renovation targets, could adversely affect performance in key markets.

[removed: Likewise, if] [added: If] we are unable to maintain and grow our relationships with these licensees and business partners, it could adversely affect our business performance and financial results.

We purchase, roast, and sell high-quality [removed: arabica] [added: *arabica*] coffee, which typically trades at a premium above the “C” commodity price.

Coffee supply and pricing are influenced by factors in producing countries, including weather and extreme weather events, water availability, natural disasters, crop disease, input costs, inventory levels, political and economic conditions, and actions [removed: by organizations seeking to influence global prices.]

negative sentiment around our business.

If our joint ventures are unable to appropriately manage and develop business

opportunities, we could fail to achieve the expected increases in operating results or the anticipated synergies and

cost savings.

In addition, the comparability of our results may be affected by the implementation of our strategic initiatives, including any restructuring plans, coffeehouse portfolio actions, acquisitions, dispositions, and transitions between company-operated, licensed and joint venture operating models.

Such actions may have non-recurring impacts, such as restructuring, disposition and impairment charges, that disproportionately affect our results of operations in the period in which they are implemented.

They may also have recurring impacts, such as to net revenues, operating expenses, and operating margin, that may make it difficult to compare the underlying performance of our business in the current or future periods to prior periods.

For example, following the divestiture of our retail operations in China through our joint venture with Boyu Capital, we transitioned from recording revenues and expenses of such operations to recording our share of income from the joint venture, recognized as income from equity investees under the equity method of accounting, which we expect to continue to drive lower revenues and higher operating margin as compared to the historical, company-operated model of that business.

Our restructuring plans announced in fiscal 2025 and fiscal 2026 have resulted in, and may continue to result in, restructuring and impairment charges, cost savings, and changes in our coffeehouse base, to varying degrees across periods.

Accordingly, period-over-period comparisons of our results of operations may not be meaningful and investors should not rely on our historical results as indicative of our future performance.

Shifts in consumer behavior, including increased focus on wellness, nutrition, functional ingredients, or weight-management products and services (such as widespread use of targeted weight-loss medications) may also impact sales.

We also rely on third-party service providers to perform certain business processes, and failures in the performance, oversight, or integration of these outsourced activities could adversely affect our operations, financial reporting, or internal controls.

litigation (including product liability claims and class actions), or temporary coffeehouse closures, which could materially harm our business.

by organizations seeking to influence global prices.

- Extreme weather events and longer-term changes in weather patterns that impact consumers’ behaviors or the costs and availability of inputs in our products;

- Material changes in U.S. or foreign tax laws and government regulations;

We have in the past engaged, and may in the future engage, in the repurchase of our common stock.

Similarly, the Board may, at its sole discretion, declare dividends subject to various factors, including the Company’s financial condition.

Any changes to, suspension of, or failure to meet investor expectations regarding our dividends or share repurchases may increase the volatility or affect the market price of our stock.

Our ability to attract and

We face increasing

Compliance with evolving regulatory requirements, such as the EU’s Corporate Sustainability Reporting Directive, or the product packaging regulations adopted or contemplated by several states and numerous international jurisdictions has become increasingly complex.

At the same time, certain regulators and lawmakers in the U.S. have scrutinized and may continue to scrutinize our responsible business initiatives and related disclosures.

The evolving and diverging regulatory obligations and expectations have and may continue to increase compliance complexity, costs and the risk of actual or perceived noncompliance, especially where regulations vary by jurisdiction.

We are also subject to evolving and diverging regulations and voluntary disclosure frameworks from various stakeholders.

Given the increasing intensity of, and divergence in, expectations on many responsible business topics from regulators, customers, partners, investors, and other stakeholders, the risk that we will fail to meet at least some stakeholder expectations increases, and the risks described in this section may increase as a result.

Separately, changes in U.S. and foreign tax laws, including global minimum tax regimes, may increase compliance costs, create uncertainty, or adversely affect our effective tax rate, cash flows, or results of operations.

unauthorized access to our systems, as have our third-party service providers, business partners, and licensees.

marketing environment.

This has

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

Additionally, new stores may

Likewise, changes in laws and

- Climate change and extreme weather affecting input costs and availability;

- Changes in tax laws and government regulations, such as the One Big Beautiful Bill Act, enacted in the U.S. in July 2025;

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

For example, at the federal level, effective July 1, 2024, the United States Department of Labor increased the minimum salary threshold requirements for employees who are exempt from the Fair Labor Standards Act overtime requirements, and at the state level, Assembly Bill 1228 increased minimum wage and established working hour and working condition standards for certain partners in California.

Additionally, growing stakeholder focus on responsible business matters has led to heightened expectations and regulatory requirements, such as extended producer responsibility obligations that relate to our product packaging, the EU’s Corporate Sustainability Reporting Directive, or the state of California’s new climate change disclosure requirements.

The evolving obligations may increase compliance costs and the risk of noncompliance.

Such consequences could also result from actual or perceived changes to the scope or extent of our responsible business initiatives, or any discontinuation thereof.

Objections may come both from those who believe these initiatives are overly ambitious or inappropriate, and from those who believe they are not ambitious enough.

As focus on these issues from consumers, government actors, and other stakeholders intensifies, the risks described in this section may increase.

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.

Separately, the OECD’s Pillar Two initiative establishes a 15% global minimum tax for multinational entities.

As of September 28, 2025, several countries where we operate have enacted legislation implementing the OECD’s Pillar Two initiative.

While not expected to materially impact our consolidated financial results, we continue to monitor developments.

Any failure, inadequacy, inefficiency, or interruption could disrupt operations and adversely affect financial results.

All references to [removed: store] [added: coffeehouse] counts, including data for new [removed: store] [added: coffeehouse] openings, are reported net of related [removed: store] [added: coffeehouse] closures, unless otherwise noted.

Fiscal years [added: 2026,] 2025, [removed: 2024,] and [removed: 2023] [added: 2024] included 52 weeks.

The discussion of our financial condition and results of operations for the fiscal year ended [removed: October 1, 2023,] [added: September 29, 2024,] 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 September [removed: 29, 2024.][added: 28, 2025.]

We believe our financial results and long-term growth model will continue to be driven by new [removed: store] [added: coffeehouse] openings, comparable [removed: store] [added: coffeehouse] sales, and operating margin management, underpinned by disciplined capital allocation.

[removed: Comparable store] [added: The comparable coffeehouse] sales [added: metric] includes company-operated [removed: stores] [added: coffeehouses] open 13 months or longer, and [removed: exclude] [added: excludes] the effects of foreign currency exchange rates.

[removed: Stores] [added: Coffeehouses] that are temporarily closed [added: for fewer than three weeks or operating at reduced hours] remain in comparable [removed: store] [added: coffeehouse] sales while permanent [removed: store] [added: coffeehouse] closures are removed in the month following closure.

[removed: We believe these] [added: Throughout this MD&A, we commonly discuss the following] key operating [removed: metrics] [added: metrics, which we believe] are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational [removed: strategies.][added: strategies:]

- New [removed: store] [added: coffeehouse] openings and [removed: store] [added: coffeehouse] count

- Comparable [removed: store] [added: coffeehouse] sales

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

[removed: Revenue for our] Channel Development [removed: segment increased 6% in] [added: total net revenues for] fiscal [removed: 2025] [added: 2026 increased $301 million, or 16%,] compared [removed: with] [added: to] fiscal [removed: 2024,] [added: 2025,] primarily [removed: driven by] [added: due to] an increase in revenue in the Global Coffee [removed: Alliance.][added: Alliance ($266 million) driven largely by elevated coffee prices.]

In support of our “Back to Starbucks” strategy, [removed: we completed our assessment] [added: as part] of [removed: our coffeehouse portfolio late] [added: the restructuring plan announced and executed] in the fourth quarter [removed: and made decisions to close stores] [added: of fiscal 2025, we closed coffeehouses] that did not demonstrate a viable path to [removed: profitability,] [added: profitability] or meet our standards of delivering a warm, welcoming space for our customers and partners.

[added: Those coffeehouse closures in North America were substantially] completed in fiscal [removed: 2025] [added: 2025,] and the [added: majority of those] International [removed: store] [added: coffeehouse] closures [removed: are expected to be] [added: were] completed in the first [removed: half] [added: quarter] of fiscal 2026.

- Total net revenues increased [removed: 3%] [added: 2%] to [removed: $37.2] [added: $37.9] billion in fiscal [removed: 2025] [added: 2026] compared to [removed: $36.2] [added: $37.2] billion in fiscal [removed: 2024.][added: 2025.]

- Consolidated operating income [removed: decreased] [added: increased] to [removed: $2.9] [added: $3.7] billion in fiscal [removed: 2025] [added: 2026] compared to [removed: $5.4] [added: $2.9] billion in fiscal [removed: 2024.][added: 2025.]

Fiscal [removed: 2025] [added: 2026] operating margin was [removed: 7.9%] [added: 9.7%] compared to [removed: 15.0%] [added: 7.9%] in fiscal [removed: 2024.][added: 2025.]

Operating margin [removed: contraction] [added: expansion] of [removed: 710] [added: 180] basis points was primarily due to [removed: restructuring costs associated with the closure of coffeehouses and simplification of our support organization (approximately 240 basis points), deleverage] [added: sales leverage] (approximately 210 basis points), [added: partially offset by labor] investments [added: largely] in support of [added: our] “Back to [removed: Starbucks,” which were largely in labor hours] [added: Starbucks” strategy] (approximately 130 basis [removed: points), and inflation (approximately 80 basis] points).

- Diluted earnings per share (“EPS”) for fiscal [removed: 2025 declined] [added: 2026 increased] to [removed: $1.63,] [added: $2.21,] compared to EPS of [removed: $3.31] [added: $1.63] in fiscal [removed: 2024.][added: 2025.]

- Capital expenditures were [removed: $2.3] [added: $1.3] billion in fiscal [removed: 2025] [added: 2026] and [removed: $2.8] [added: $2.3] billion in fiscal [removed: 2024.][added: 2025.]

- We returned $2.8 billion [removed: and $3.8 billion] to our shareholders in [added: both] fiscal [removed: 2025] [added: 2026] and fiscal [removed: 2024, respectively,] [added: 2025,] through [removed: dividends and share repurchases.][added: dividends.]

See [Note [removed: 2](#i49da3a0807bd4162bf38cf988a2f3a97_262),] [added: 2](#i299dc1a48834473e8dc5527d5aad2c4a_277),] Acquisitions and 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: 2025] [added: 2026] COMPARED TO FISCAL [removed: 2024][added: 2025]

| Fiscal Year Ended | | | Sep [removed: 28, 2025] [added: 27, 2026] | | | | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | % Change | | |

| Total net revenues | | | $ | [removed: 37,184.4] [added: 37,910.6] | | | | | $ | [removed: 36,176.2] [added: 37,184.4] | | | | | [removed: 2.8] [added: 2.0] | | % |

Total net revenues increased [removed: $1 billion,] [added: $726 million,] or [removed: 3%,] [added: 2%,] over fiscal [removed: 2024,] [added: 2025,] primarily due to higher revenues from [removed: company-operated stores ($979 million) and] [added: licensed coffeehouses ($265 million),] other revenues [removed: ($184] [added: ($265] million), [removed: partially offset by a decline in revenues from licensed stores ($155] [added: and company-operated coffeehouses ($195] million).

Other revenues increased [removed: $184] [added: $265] million, primarily due to an increase in revenue in the Global Coffee Alliance [removed: ($99] [added: ($266] million) [removed: and increased sales of cocoa butter] [added: largely due] to [removed: third parties ($66 million).][added: elevated coffee prices.]

| Fiscal Year Ended | | | Sep [removed: 28, 2025] [added: 27, 2026] | | | | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | Sep [removed: 28, 2025] [added: 27, 2026] | | | | | | Sep [removed: 29, 2024] [added: 28, 2025] | | |

| Product and distribution costs | | | $ | [removed: 11,658.2] [added: 12,235.2] | | | | | $ | [removed: 11,180.6] [added: 11,658.2] | | | | | [removed: 31.4] [added: 32.3] | | % | | | | [removed: 30.9] [added: 31.4] | | % |

| [removed: Store] [added: Coffeehouse] operating expenses | | | [removed: 17,058.9] [added: 17,189.8] | | | | | | [removed: 15,286.5] [added: 17,058.9] | | | | | | [removed: 45.9] [added: 45.3] | | | | | | [removed: 42.3] [added: 45.9] | | |

| Other operating expenses | | | [removed: 584.6] [added: 544.5] | | | | | | [removed: 565.6] [added: 584.6] | | | | | | [removed: 1.6] [added: 1.4] | | | | | | 1.6 | | |

| Depreciation and amortization expenses | | | [removed: 1,684.7] [added: 1,483.3] | | | | | | [removed: 1,512.6] [added: 1,684.7] | | | | | | [removed: 4.5] [added: 3.9] | | | | | | [removed: 4.2] [added: 4.5] | | |

| General and administrative expenses | | | [removed: 2,617.2] [added: 2,372.9] | | | | | | [removed: 2,523.3] [added: 2,617.2] | | | | | | [removed: 7.0] [added: 6.3] | | | | | | 7.0 | | |

| Restructuring and impairments | | | [removed: 892.0] [added: 688.6] | | | | | | [removed: —] [added: 892.0] | | | | | | [removed: 2.4] [added: 1.8] | | | | | | [removed: —] [added: 2.4] | | |

| Total operating expenses | | | [removed: 34,495.6] [added: 34,514.3] | | | | | | [removed: 31,068.6] [added: 34,495.6] | | | | | | [removed: 92.8] [added: 91.0] | | | | | | [removed: 85.9] [added: 92.8] | | |

| Income from equity investees | | | [removed: 247.8] [added: 294.8] | | | | | | [removed: 301.2] [added: 247.8] | | | | | | [removed: 0.7] [added: 0.8] | | | | | | [removed: 0.8] [added: 0.7] | | |

| Operating income | | | $ | [removed: 2,936.6] [added: 3,691.1] | | | | | $ | [removed: 5,408.8] [added: 2,936.6] | | | | | [removed: 7.9] [added: 9.7] | | % | | | | [removed: 15.0] [added: 7.9] | | % |

| [removed: Store] [added: Coffeehouse] operating expenses as a % of related revenues | | | | | | | | | | | | | | | [removed: 55.5] [added: 55.6] | | % | | | | [removed: 51.4] [added: 55.5] | | % |

Product and distribution costs as a percentage of total net revenues increased [removed: 50] [added: 90] basis [removed: points, primarily] [added: points largely] due to [removed: inflation (approximately 80] [added: mix shifts (90] basis points).

[removed: Store] [added: Coffeehouse] operating expenses as a percentage of total net revenues [removed: increased 360] [added: decreased 60] basis points.

We analyze comparable coffeehouse sales on a constant currency basis as this helps identify underlying business trends without distortion from the effects of currency movements.

Starbucks results for fiscal 2026 reflected continued progress on key initiatives supporting our “Back to Starbucks” strategy, including investments in the coffeehouse experience and our partners, as we continue to build a stronger Starbucks and transition from a strategy focused on business transformation into our plan for long-term growth.

Consolidated net revenues increased 2% to $37.9 billion in fiscal 2026 compared to $37.2 billion in fiscal 2025, primarily driven by higher comparable coffeehouse sales, higher revenues from our international licensed coffeehouse business, including the newly formed China joint venture, and an increase in revenue in the Global Coffee Alliance.

This increase was partially offset by lower company-operated coffeehouse revenues in our International segment following the conversion of Starbucks retail operations in China to our licensed joint venture model in the third quarter of fiscal 2026.

Divestiture of Starbucks Retail Operations in China

In the first quarter of fiscal 2026, we announced that the Company entered into an agreement to form a joint venture with Boyu Capital to operate Starbucks retail in China (the “disposal group”), marking a significant milestone in the Company’s long-term strategy to unlock sustainable, disciplined growth in one of the Company’s critical growth markets.

In the third quarter of fiscal 2026, the transaction closed, and under the terms of the agreement, Boyu Capital acquired a 60% stake in Starbucks China retail operations, while Starbucks retained a 40% ownership interest and continues to own and license the brand and intellectual property to the joint venture.

The disposal group was deconsolidated from our financial statements and we transitioned from recording revenues and expenses of the disposal group to recording our share of income from the joint venture, recognized as income from equity investees under the equity method of accounting, and recording revenues related to product sales to, and royalty revenues from, the joint venture.

We expect that the conversion to our licensed joint venture model will continue to drive lower revenues and higher operating margin for Starbucks, as compared to the historical, company-

operated model.

We expect this transition to affect the comparability of our International segment results between periods that include pre-transition results and periods following the transition.

We used a portion of our transaction proceeds for debt reduction, strengthening our balance sheet and allowing us to execute our long-term growth strategy with greater financial flexibility.

The joint venture is expected to reinvigorate sustainable growth in China through a focus on expansion, innovation and elevated customer experiences, with a shared long-term aspiration to grow to as many as 20,000 locations in China over time.

By bringing together the trusted Starbucks brand, and Boyu Capital’s deep local expertise, we believe we will be able to serve more customers, enter more cities, strengthen profitability, and better compete in China’s dynamic and evolving market.

Restructuring

In the second quarter of fiscal 2026, management approved and executed a restructuring plan to relocate certain functions of our support organization to an additional office in Nashville, Tennessee, further supporting the Company’s “Back to Starbucks” strategy and the intention to establish a more strategic presence in the Southeast region of the United States.

Our new office in Nashville reflects three key advantages: proximity to key suppliers, access to a deep and growing talent pool in the region, notably in technology, and alignment with where we expect future coffeehouse growth.

In the third quarter of fiscal 2026, we announced and executed an additional fiscal 2026 restructuring plan focused on further transformation of our global support organization and non-retail facilities, as well as reducing the future operational complexity of our Starbucks Reserve and Roastery locations resulting in a reassessment and impairment of the associated asset group.

Under the plan, the Company expects to capture cost savings through a more streamlined support structure, and a simplified operating model for Starbucks Reserve and Roastery locations.

In the fourth quarter of fiscal 2026, we announced and executed an additional fiscal 2026 restructuring plan involving the further closure of coffeehouses.

As part of this plan, we conducted an additional assessment of our existing North America coffeehouse portfolio and closed, or plan to close, coffeehouses that did not deliver the coffeehouse experience and financial performance expected of the brand.

These actions are intended to support a healthier coffeehouse portfolio in North America.

Strategic Initiatives

We will continue to refine and execute our initiatives in support of our “Back to Starbucks” strategy to drive topline momentum and build sales leverage while investing in our coffeehouses and customer experience.

Our focus will be on executing the fundamentals by working to deliver exceptional service with speed, driving greater operating precision, providing seamless and more personalized digital experiences, reimagining the drive-thru to make it faster, more convenient and more personal, strengthening our supply chain, enabling technological efficiencies — including the use of artificial intelligence to enhance our digital and drive-thru channels — and improvements related to our staffing, scheduling and point-of-sale systems.

We will continue to amplify our brand, engaging with our customers authentically and distinctly as Starbucks, through broad-based marketing, menu innovation designed to make our menu more relevant throughout the day, and Starbucks Rewards engagement, with the goal of deepening customer connection, brand loyalty and affinity.

We will also continue to create more opportunity for our coffeehouse partners, supported by additional training, development opportunities, and better tools for leaders to build and manage strong teams.

We will apply continued discipline to how we grow our global footprint, with a focus on ensuring new coffeehouses meet our expectations for returns and long-term growth.

As our international business shifts toward a more predominantly licensed model, we will continue evolving how we support our licensed business partners.

We expect our international business to continue to lead our global coffeehouse growth, supported by our licensed business model and significant opportunities for development in markets globally.

In North America, we will continue to grow our licensed business and invest in uplifts across our existing company-operated coffeehouse portfolio, while rebuilding our coffeehouse development capabilities to meet our standards, which we expect to result in fewer company-operated coffeehouse openings in fiscal 2027.

We expect moderation in net revenues in fiscal 2027, primarily driven by our International segment as we lap the divestiture of Starbucks retail operations in China and the impact of recent North America coffeehouse closures.

While we believe we are making the right strategic investments to improve our operating foundations, our focus going forward will continue to be on driving consistency at scale while balancing and maintaining a healthier cost structure.

We will continue to test, learn, and refine our approach to deliver the best of Starbucks to drive durable, profitable, long-term growth.

The increase was primarily driven by the net gain resulting from the divestiture of Starbucks retail operations in China in the third quarter of fiscal 2026 and the expansion in operating margin due to sales leverage, partially offset by labor investments largely in support of the “Back to Starbucks” strategy.

Also offsetting the increase were tax impacts from changes in indefinite reinvestment assertions as a result of classifying our Starbucks retail operations in China as held for sale in the first quarter of 2026.

| Company-operated coffeehouses | | | $ | 30,940.2 | | | | | $ | 30,744.8 | | | | | 0.6 | | % |

| Licensed coffeehouses | | | 4,615.8 | | | | | | 4,350.4 | | | | | | 6.1 | | |

| Other | | | 2,354.6 | | | | | | 2,089.2 | | | | | | 12.7 | | |

Company-operated coffeehouse revenue increased $195 million, primarily driven by a 6.2% increase in comparable coffeehouse sales ($1.7 billion) attributable to a 3.2% increase in comparable transactions and a 3.0% increase in average ticket.

Throughout this MD&A, we commonly discuss the following key operating metrics:

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.

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

For both the North America segment and U.S. market, revenue increased 1% in fiscal 2025 compared to fiscal 2024, primarily driven by net new company-operated store growth of 4%, or 441 stores, over the past 12 months, prior to the 584 North America restructuring closures late in the fourth quarter of fiscal 2025.

This growth was partially offset by a 2% decline in comparable store sales.

Comparable transactions declined 4%, partially offset by average ticket growth of 2%, primarily driven by annualization of pricing in the current year.

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

For the International segment, revenue increased 7% in fiscal 2025 compared to fiscal 2024, primarily driven by net new company-operated and licensed store openings over the past 12 months, incremental net revenue from the conversion of 113 licensed stores to company-operated stores following the acquisition of 23.5 Degrees Topco Limited during the first quarter of fiscal 2025, and higher product and equipment sales to, and royalty revenues from, our licensees.

Our store closures in North America were substantially

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.

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

| Company-operated stores | | | $ | 30,744.8 | | | | | $ | 29,765.9 | | | | | 3.3 | | % |

| Licensed stores | | | 4,350.4 | | | | | | 4,505.1 | | | | | | (3.4) | | |

| 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.

Partially offsetting this increase was a 1% decline in comparable store sales ($408 million), attributable to a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket, primarily due to annualization of prior year pricing.

Licensed stores revenue decreased $155 million, primarily driven by lower product and equipment sales to, and royalty revenues from, our licensees in our North America segment ($143 million), the impact of the acquisition of 23.5 Degrees Topco Limited ($36 million), and by unfavorable foreign currency translation impacts ($22 million).

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

Store operating expenses as a percentage of company-operated store revenues increased 410 basis points, primarily due to deleverage (approximately 200 basis points), additional labor (approximately 160 basis points), and increased marketing (approximately 90 basis points).

Depreciation and amortization expenses as a percentage of total net revenues increased 30 basis points, primarily due to deleverage.

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 income and other, net decreased $10 million, primarily due to lower cash balances and lower interest rates in the current year.

| Licensed stores | | | 2,575.6 | | | | | | 2,747.4 | | | | | | 9.4 | | | | | | 10.2 | | |

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.

This growth was partially offset by a 2% decline in comparable store sales ($419 million) driven by a 4% decline in comparable transactions, partially offset by a 2% increase in average ticket, primarily due to annualization of prior year pricing.

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

Operating margin 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).

| Licensed stores | | | 1,774.8 | | | | | | 1,757.7 | | | | | | 22.7 | | | | | | 24.0 | | | | | | | | |

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.

Also contributing to the increase in revenues were higher product sales to, and royalty revenues from, our licensees ($79 million), primarily due to the opening of 378 net new licensed store over the past 12 months.

In this Annual Report on Form 10-K (“10-K” or “Report”) for the fiscal year ended September [removed: 28, 2025] [added: 27, 2026] (“fiscal [removed: 2025”),] [added: 2026”),] 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: 89] [added: 91] 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 (“stores” or “coffeehouses”).][added: coffeehouses (previously referred to as “stores”).]

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

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

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

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

[removed: In the fourth quarter] [added: As part] of [added: this strategy, in] fiscal 2025, we [removed: announced a] [added: approved and executed] restructuring [removed: plan] [added: plans] involving the closure of [removed: coffeehouses,] [added: coffeehouses] and the [removed: further] transformation of our support [removed: organization, as part of the Company’s “Back to Starbucks” strategy.][added: organization.]

Refer to [Note [removed: 18](#i49da3a0807bd4162bf38cf988a2f3a97_3468), Restructuring,] [added: 18](#i299dc1a48834473e8dc5527d5aad2c4a_337), Restructuring and Impairments, to the consolidated financial statements] included in Item 8 of Part II of this 10-K, for further discussion.

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

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

[removed: environmental] [added: The Board, through its committees, annually reviews] and [removed: social strategies,] [added: assesses the effectiveness of the Company’s responsible business and sustainability-related strategies and oversees key] policies, practices, goals, programs, disclosure, and [removed: risks,] [added: risks in these areas,] including review of the Company’s [removed: annual global impact report.][added: Global Impact Report.]

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

[removed: We] [added: Furthermore, we] offer [removed: industry-leading benefits,] competitive [removed: pay, and opportunities for learning] [added: pay] and [removed: development.][added: industry-leading benefits.]

We [removed: established] [added: prioritize internal development and advancement, with] a [removed: goal to fill] [added: focus on filling] 90% of retail leadership roles [removed: internally,] [added: from within,] creating a way for our hourly partners to build a career at Starbucks.

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

In fiscal [removed: 2025,] [added: 2026,] more than [removed: 230,000] [added: 240,000] partners received a Bean Stock grant giving them an ownership stake in Starbucks.

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 [added: eligible U.S. retail] partners working an average of 20 hours or more each week.

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

[removed: These] [added: This training may] include, but [removed: are] [added: is] not limited to, [removed: role-based training for our retail hourly partners,] [added: enhanced] safety and security protocols, [removed: updates on] new products and service offerings, [removed: and] [added: the] deployment of [removed: technologies.][added: new technologies, and changes to operational practices.]

The [added: Green Apron Service] 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.

As of September [removed: 28, 2025,] [added: 27, 2026,] Starbucks employed approximately [removed: 381,000] [added: 306,000] people worldwide.

In the U.S., Starbucks employed approximately [removed: 223,000] [added: 221,000] people, with approximately 214,000 in company-operated [removed: stores] [added: coffeehouses] and the remainder in corporate support, [removed: store] [added: coffeehouse] development, roasting, manufacturing, warehousing, and distribution operations.

Approximately [removed: 158,000] [added: 85,000] employees were employed outside of the U.S., with approximately [removed: 153,000] [added: 84,000] in company-operated [removed: stores] [added: coffeehouses] and the remainder in regional support operations.

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

| Brian Niccol | | | | | | [removed: 51] [added: 52] | | | | | | chairman and chief executive officer | | |

| Cathy R. Smith | | | | | | [removed: 62] [added: 63] | | | | | | executive vice president, chief financial officer | | |

| Mike Grams | | | | | | [removed: 55] [added: 56] | | | | | | executive vice president, chief operating officer | | |

| Brady Brewer | | | | | | [removed: 52] [added: 53] | | | | | | chief executive officer, Starbucks International | | |

| Sara Kelly | | | | | | [removed: 46] [added: 47] | | | | | | executive vice president, chief partner officer | | |

[added: Prior to joining Starbucks,] Mr. Niccol [removed: joined Starbucks after leading Chipotle Mexican Grill, Inc. through a period of growth and transformation, having] served as a director and [removed: as its] Chief Executive Officer [added: of Chipotle Mexican Grill, Inc.] from 2018 to [removed: 2024 and as its Chairman, from 2020 to] 2024.

Brands, Inc., [removed: from 2015 to 2018,] after having served as its President [removed: (2013 to 2014)] and Chief Marketing and Innovation [removed: Officer (2011 to 2012).][added: Officer.]

[removed: Smith joined Starbucks in March 2025 as executive vice president, chief financial officer, after having] [added: Prior to joining Starbucks, Ms. Smith] served as Executive Vice President, Chief Financial Officer and Treasurer of Nordstrom, Inc., [removed: a department store chain, since 2023.][added: from 2023 to 2025.]

From 2020 to 2023, Ms. Smith served as Chief Financial and Administrative Officer for Bright Health Group, [removed: Inc., a health insurance company.][added: Inc. Previously, Ms. Smith served as the Chief Financial Officer for Target Corporation, Express Scripts Holding Company, Walmart International, and GameStop Corporation.]

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 [removed: Officer and] [added: Officer,] General Manager, North [removed: America from 2017 to 2020 and] [added: America,] Chief Operating Officer and Chief Development [removed: Officer from 2015 to 2019.][added: Officer.]

From February 2020 through March 2024, he served as Starbucks executive vice president and chief marketing [removed: officer, leading the Starbucks brand, marketing, food and beverage portfolio, digital customer experience innovation, R&D/Engineering, creative and brand management, consumer insights, data analytics, and sustainability.][added: officer.]

His prior roles at Starbucks include senior vice president of Digital Customer [removed: Experience for Starbucks (2019 through February 2020), where he focused on delivering new innovations that made the Starbucks Experience continually more effortless and delightful for customers;] [added: Experience,] chief operating officer for Starbucks [removed: Japan (2016 to 2019), where he led store operations as well as brand and marketing strategy;] [added: Japan,] and senior vice president, Marketing and Product for the Company’s China and Asia Pacific [removed: region (2014 to 2016).][added: region.]

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

[removed: Pilar Ramos] [added: Smith] joined Starbucks in [removed: November] [added: March] 2025 as executive vice [removed: president and] [added: president,] chief [removed: legal] [added: financial] officer.

Segment information is prepared on the same basis that our [removed: ceo,] [added: chief executive officer (“ceo”),] who is our Chief Operating Decision [removed: Maker,] [added: Maker (“CODM”),] manages the segments, evaluates financial results, and makes key operating decisions.

In fiscal 2026, we approved and executed restructuring plans to close additional coffeehouses, relocate certain support organization functions to an additional office in Nashville, Tennessee, continue the transformation of our global support organization and non-retail facilities, and reduce the future operational complexity of our Starbucks Reserve and Roastery locations.

For more than 50 years, we’ve put our people first – offering competitive pay, industry-leading benefits, and opportunities for career and skills development for every partner through our practices, policies, and benefits.

Our focus is on offering the best job in retail – a place where partners are proud to wear the green apron.

Belonging is one of our company values.

We aim to be a welcoming, inclusive place where all partners are respected, supported in their growth, and able to bring their best.

Our hiring practices are designed to select the most qualified candidate for every job.

recommendations on how we can remain an employer of choice.

- Share in our success.

Through the Best of Starbucks Reward, baristas and shift supervisors can earn up to an additional $1,200 per year when their coffeehouse meets key performance goals, recognizing teams that work together to deliver excellence.

Starbucks remains focused on ensuring equal pay for equal work.

*Opportunities to Grow*

Starbucks programs and benefits are available to eligible partners and aim to create more opportunity for more people.

With a focus on internal development, training and mentorship we’re striving to create more meaningful career opportunities for partners to grow their careers with Starbucks.

With our focus on filling 90% of U.S. retail leadership roles from within, this year, we expanded coffeehouse leadership opportunities in the U.S. with the introduction of the coffeehouse coach role.

This new role supports both career growth for partners and increases leadership in coffeehouses, which is expected to drive more consistent performance in the business.

We support our partners' success through role-based training for coffeehouse partners and leaders, as well as ongoing learning and development opportunities.

As our business changes, we provide additional training to ensure partners are prepared to adapt and succeed.

Across the organization, we periodically address a wide variety of topics such as performance-related goal setting and giving and receiving constructive feedback.

Through the rollout of our Green Apron Service model — a foundational operating system that establishes repeatable, consistent, and scalable standards, across U.S. company-operated coffeehouses — we focus on delivering consistent, high-quality experiences with warmth and care that create moments of connection between partners and customers.

Brands.

| Company-operated coffeehouses | | | 10,902 | | | | | | 60 | | % | | | | 2,495 | | | | | | 11 | | % | | | | | | | | | | | | | 13,397 | | | | | | 32 | | % |

| Licensed coffeehouses | | | 7,274 | | | | | | 40 | | % | | | | 20,936 | | | | | | 89 | | % | | | | | | | | | | | | | 28,210 | | | | | | 68 | | % |

| Total | | | 18,176 | | | | | | 100 | | % | | | | 23,431 | | | | | | 100 | | % | | | | | | | | | | | | | 41,607 | | | | | | 100 | | % |

Revenue from company-operated coffeehouses accounted for 82% of total net revenues during fiscal 2026, which includes the impact of converting Starbucks retail operations in China from company-operated to licensed coffeehouses in the third quarter of fiscal 2026.

| | | | Coffeehouses Open as of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Coffeehouses Open as of | | |

| U.S. | | | 10,047 | | | | | | 220 | | | | | | (293) | | | | | | — | | | | | | (73) | | | | | | 9,974 | | |

| Total North America | | | 11,018 | | | | | | 230 | | | | | | (346) | | | | | | — | | | | | | (116) | | | | | | 10,902 | | |

| China(1) | | | 8,009 | | | | | | 143 | | | | | | (163) | | | | | | (7,989) | | | | | | (8,009) | | | | | | — | | |

| U.K. | | | 524 | | | | | | 38 | | | | | | (79) | | | | | | — | | | | | | (41) | | | | | | 483 | | |

| Total International | | | 10,496 | | | | | | 261 | | | | | | (271) | | | | | | (7,991) | | | | | | (8,001) | | | | | | 2,495 | | |

| Total company-operated | | | 21,514 | | | | | | 491 | | | | | | (617) | | | | | | (7,991) | | | | | | (8,117) | | | | | | 13,397 | | |

(1)Includes the transfer of 7,991 company-operated coffeehouses to licensed coffeehouses following the conversion of Starbucks retail operations in China to our licensed joint venture model in the third quarter of fiscal 2026.

*Starbucks Mobile App and Loyalty Program*

The Starbucks Mobile App provides customers with a seamless and personalized digital experience.

Customers can also access detailed ingredient and nutritional information across the menu directly through the app.

Additionally, the app allows customers to access Starbucks Card balances and participate in the Starbucks Rewards program, which provides personalized offers, rewards, and other benefits.

These capabilities are designed to support convenience, personalization, and customer engagement as part of Starbucks' broader digital platform.

The Starbucks Rewards loyalty program is designed to increase the frequency of coffeehouse visits by cardholders and is available in most of our markets.

During the second quarter of fiscal 2026, we reimagined the Starbucks Rewards program through the introduction of a tiered membership structure consisting of Green, Gold, and Reserve levels, designed to evolve with members as their engagement grows.

Licensed Coffeehouses

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.

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.

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

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

We believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures that is reflective of our customers, partners, and communities.

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

*Belonging at Starbucks*

At Starbucks, we are committed to creating environments where everyone is welcome and belongs.

In 2023, led by Starbucks partners, we reaffirmed this commitment by cementing “Belonging” as one of our company values.

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.

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.

*Role-based Support*

To help our partners succeed in their roles, we emphasize ongoing training and development opportunities.

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.

*Pay Equity*

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.

Further, we have formulated pay-equity principles, which provide equal footing, transparency, and accountability as best practices that help address known, systemic barriers to global pay equity.

| Pilar Ramos | | | | | | 53 | | | | | | executive vice president, chief legal officer | | |

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

Brands from 2005 to 2011.

Mr. Niccol currently serves on the Board of Directors of Walmart Inc., a NYSE-listed omni-channel retailer.

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.

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

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

In this role, she leads the Company’s Law & Corporate Affairs organization.

Prior to Starbucks, Ms. Ramos served as Executive Vice President, General Counsel and Corporate Secretary for TelevisaUnivision Inc., the leading Spanish-language media company, from August 2021 to October 2025.

Ms. Ramos previously served in various roles for Mastercard Inc., a global payment card services company, from 2003 to 2021, including Executive Vice President, General Counsel, North America, from 2015 to 2021.

| Company-operated stores | | | 11,018 | | | | | | 60 | | % | | | | 10,496 | | | | | | 46 | | % | | | | | | | | | | | | | 21,514 | | | | | | 52 | | % |

| Licensed stores | | | 7,293 | | | | | | 40 | | % | | | | 12,183 | | | | | | 54 | | % | | | | | | | | | | | | | 19,476 | | | | | | 48 | | % |

| Total | | | 18,311 | | | | | | 100 | | % | | | | 22,679 | | | | | | 100 | | % | | | | | | | | | | | | | 40,990 | | | | | | 100 | | % |

See [Note [removed: 16](#i49da3a0807bd4162bf38cf988a2f3a97_310),] [added: 16](#i299dc1a48834473e8dc5527d5aad2c4a_325),] 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: 28, 2025][added: 27, 2026]

[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: 30, 2025] [added: 29, 2026] as reported on the Nasdaq Global Select Market was [removed: $111.0] [added: $98.9] billion.

As of November [removed: 7, 2025,] [added: 5, 2026,] there were [removed: 1,137.1] [added: 1,140.1] 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: 25, 2026,] [added: 17, 2027,] have been incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

For the Fiscal Year Ended September [removed: 28, 2025][added: 27, 2026]

| Item 1 | | | [removed: [Business](#i49da3a0807bd4162bf38cf988a2f3a97_16)] [added: [Business](#i299dc1a48834473e8dc5527d5aad2c4a_16)] | | | [removed: [3](#i49da3a0807bd4162bf38cf988a2f3a97_16)] [added: [3](#i299dc1a48834473e8dc5527d5aad2c4a_16)] | | |

| Item 1A | | | [Risk [removed: Factors](#i49da3a0807bd4162bf38cf988a2f3a97_61)] [added: Factors](#i299dc1a48834473e8dc5527d5aad2c4a_76)] | | | [removed: [11](#i49da3a0807bd4162bf38cf988a2f3a97_61)] [added: [11](#i299dc1a48834473e8dc5527d5aad2c4a_76)] | | |

| Item 1B | | | [Unresolved Staff [removed: Comments](#i49da3a0807bd4162bf38cf988a2f3a97_64)] [added: Comments](#i299dc1a48834473e8dc5527d5aad2c4a_79)] | | | [removed: [21](#i49da3a0807bd4162bf38cf988a2f3a97_64)] [added: [22](#i299dc1a48834473e8dc5527d5aad2c4a_79)] | | |

| Item 1C | | | [removed: [Cybersecurity](#i49da3a0807bd4162bf38cf988a2f3a97_67)] [added: [Cybersecurity](#i299dc1a48834473e8dc5527d5aad2c4a_82)] | | | [removed: [22](#i49da3a0807bd4162bf38cf988a2f3a97_67)] [added: [22](#i299dc1a48834473e8dc5527d5aad2c4a_82)] | | |

| Item 2 | | | [removed: [Properties](#i49da3a0807bd4162bf38cf988a2f3a97_70)] [added: [Properties](#i299dc1a48834473e8dc5527d5aad2c4a_85)] | | | [removed: [23](#i49da3a0807bd4162bf38cf988a2f3a97_70)] [added: [24](#i299dc1a48834473e8dc5527d5aad2c4a_85)] | | |

| Item 3 | | | [Legal [removed: Proceedings](#i49da3a0807bd4162bf38cf988a2f3a97_73)] [added: Proceedings](#i299dc1a48834473e8dc5527d5aad2c4a_88)] | | | [removed: [23](#i49da3a0807bd4162bf38cf988a2f3a97_73)] [added: [24](#i299dc1a48834473e8dc5527d5aad2c4a_88)] | | |

| Item 4 | | | [Mine Safety [removed: Disclosures](#i49da3a0807bd4162bf38cf988a2f3a97_76)] [added: Disclosures](#i299dc1a48834473e8dc5527d5aad2c4a_91)] | | | [removed: [23](#i49da3a0807bd4162bf38cf988a2f3a97_76)] [added: [24](#i299dc1a48834473e8dc5527d5aad2c4a_91)] | | |

| Item 5 | | | [Market for the Registrant’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity [removed: Securities](#i49da3a0807bd4162bf38cf988a2f3a97_82)] [added: Securities](#i299dc1a48834473e8dc5527d5aad2c4a_97)] | | | [removed: [24](#i49da3a0807bd4162bf38cf988a2f3a97_82)] [added: [25](#i299dc1a48834473e8dc5527d5aad2c4a_97)] | | |

| Item 6 | | | [removed: [Reserved](#i49da3a0807bd4162bf38cf988a2f3a97_85)] [added: [Reserved](#i299dc1a48834473e8dc5527d5aad2c4a_100)] | | | [removed: [26](#i49da3a0807bd4162bf38cf988a2f3a97_85)] [added: [27](#i299dc1a48834473e8dc5527d5aad2c4a_100)] | | |

| Item 7 | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i49da3a0807bd4162bf38cf988a2f3a97_88)] [added: Operations](#i299dc1a48834473e8dc5527d5aad2c4a_103)] | | | [removed: [27](#i49da3a0807bd4162bf38cf988a2f3a97_88)] [added: [28](#i299dc1a48834473e8dc5527d5aad2c4a_103)] | | |

| Item 7A | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i49da3a0807bd4162bf38cf988a2f3a97_136)] [added: Risk](#i299dc1a48834473e8dc5527d5aad2c4a_151)] | | | [removed: [42](#i49da3a0807bd4162bf38cf988a2f3a97_136)] [added: [44](#i299dc1a48834473e8dc5527d5aad2c4a_151)] | | |

| Item 8 | | | [Financial Statements and Supplementary [removed: Data](#i49da3a0807bd4162bf38cf988a2f3a97_139)] [added: Data](#i299dc1a48834473e8dc5527d5aad2c4a_154)] | | | [removed: [43](#i49da3a0807bd4162bf38cf988a2f3a97_139)] [added: [45](#i299dc1a48834473e8dc5527d5aad2c4a_154)] | | |

| | | | [Index for Notes to Consolidated Financial [removed: Statements](#i49da3a0807bd4162bf38cf988a2f3a97_163)] [added: Statements](#i299dc1a48834473e8dc5527d5aad2c4a_178)] | | | [removed: [48](#i49da3a0807bd4162bf38cf988a2f3a97_163)] [added: [50](#i299dc1a48834473e8dc5527d5aad2c4a_178)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i49da3a0807bd4162bf38cf988a2f3a97_325)] [added: Firm](#i299dc1a48834473e8dc5527d5aad2c4a_343)] | | | [removed: [83](#i49da3a0807bd4162bf38cf988a2f3a97_325)] [added: [89](#i299dc1a48834473e8dc5527d5aad2c4a_343)] | | |

| Item 9 | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i49da3a0807bd4162bf38cf988a2f3a97_328)] [added: Disclosure](#i299dc1a48834473e8dc5527d5aad2c4a_346)] | | | [removed: [85](#i49da3a0807bd4162bf38cf988a2f3a97_328)] [added: [91](#i299dc1a48834473e8dc5527d5aad2c4a_346)] | | |

| Item 9A | | | [Controls and [removed: Procedures](#i49da3a0807bd4162bf38cf988a2f3a97_331)] [added: Procedures](#i299dc1a48834473e8dc5527d5aad2c4a_349)] | | | [removed: [85](#i49da3a0807bd4162bf38cf988a2f3a97_331)] [added: [91](#i299dc1a48834473e8dc5527d5aad2c4a_349)] | | |

| Item 9B | | | [Other [removed: Information](#i49da3a0807bd4162bf38cf988a2f3a97_337)] [added: Information](#i299dc1a48834473e8dc5527d5aad2c4a_355)] | | | [removed: [87](#i49da3a0807bd4162bf38cf988a2f3a97_337)] [added: [93](#i299dc1a48834473e8dc5527d5aad2c4a_355)] | | |

| Item 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i49da3a0807bd4162bf38cf988a2f3a97_340)] [added: Inspections](#i299dc1a48834473e8dc5527d5aad2c4a_358)] | | | [removed: [87](#i49da3a0807bd4162bf38cf988a2f3a97_340)] [added: [93](#i299dc1a48834473e8dc5527d5aad2c4a_358)] | | |

| Item 10 | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i49da3a0807bd4162bf38cf988a2f3a97_346)] [added: Governance](#i299dc1a48834473e8dc5527d5aad2c4a_364)] | | | [removed: [88](#i49da3a0807bd4162bf38cf988a2f3a97_346)] [added: [94](#i299dc1a48834473e8dc5527d5aad2c4a_364)] | | |

| Item 11 | | | [Executive [removed: Compensation](#i49da3a0807bd4162bf38cf988a2f3a97_349)] [added: Compensation](#i299dc1a48834473e8dc5527d5aad2c4a_367)] | | | [removed: [88](#i49da3a0807bd4162bf38cf988a2f3a97_349)] [added: [94](#i299dc1a48834473e8dc5527d5aad2c4a_367)] | | |

| Item 12 | | | [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder [removed: Matters](#i49da3a0807bd4162bf38cf988a2f3a97_352)] [added: Matters](#i299dc1a48834473e8dc5527d5aad2c4a_370)] | | | [removed: [88](#i49da3a0807bd4162bf38cf988a2f3a97_352)] [added: [94](#i299dc1a48834473e8dc5527d5aad2c4a_370)] | | |

| Item 13 | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i49da3a0807bd4162bf38cf988a2f3a97_355)] [added: Independence](#i299dc1a48834473e8dc5527d5aad2c4a_373)] | | | [removed: [88](#i49da3a0807bd4162bf38cf988a2f3a97_355)] [added: [94](#i299dc1a48834473e8dc5527d5aad2c4a_373)] | | |

| Item 14 | | | [Principal Accountant Fees and [removed: Services](#i49da3a0807bd4162bf38cf988a2f3a97_358)] [added: Services](#i299dc1a48834473e8dc5527d5aad2c4a_376)] | | | [removed: [88](#i49da3a0807bd4162bf38cf988a2f3a97_358)] [added: [94](#i299dc1a48834473e8dc5527d5aad2c4a_376)] | | |

| Item 15 | | | [Exhibits and Financial Statement [removed: Schedules](#i49da3a0807bd4162bf38cf988a2f3a97_364)] [added: Schedules](#i299dc1a48834473e8dc5527d5aad2c4a_382)] | | | [removed: [89](#i49da3a0807bd4162bf38cf988a2f3a97_364)] [added: [95](#i299dc1a48834473e8dc5527d5aad2c4a_382)] | | |

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

They often include words such as “believes,” [added: “continues,”] “expects,” “anticipates,” [added: “forecasts,”] “estimates,” “intends,” “plans,” “seeks,” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” [added: “would,”] “may,” “aims,” “intends,” or “projects,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

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

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

*• 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 [removed: ventures;*][added: ventures, including our joint venture with respect to Starbucks retail operations in China;*]

*• the potential negative effects of food or beverage-safety incidents or product recalls, [removed: and] [added: including] any perceived association [added: of our products or brands] with such incidents;*

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

*• inherent risks of operating a global business, including changing conditions in our markets, local factors affecting [removed: store] [added: coffeehouse] openings, protectionist trade or foreign investment policies, [removed: such as tariffs and] [added: including trade restrictions, tariffs, quotas,] import/export regulations, [removed: economic or trade] [added: customs restrictions,] sanctions, [added: countersanctions, and retaliatory measures;] 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, [added: packaging,] or product ingredients and related volatility;*

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

| | | | [N](#i299dc1a48834473e8dc5527d5aad2c4a_181)[otes to Consolidated Financial Statements](#i299dc1a48834473e8dc5527d5aad2c4a_181) | | | [51](#i299dc1a48834473e8dc5527d5aad2c4a_181) | | |

| Item 16 | | | [Form 10-K Summary](#i299dc1a48834473e8dc5527d5aad2c4a_397) | | | [101](#i299dc1a48834473e8dc5527d5aad2c4a_397) | | |

| [SIGNATURES](#i299dc1a48834473e8dc5527d5aad2c4a_400) | | | | | | [102](#i299dc1a48834473e8dc5527d5aad2c4a_400) | | |

Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

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

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

*• potential impacts of climate change;*

Our cybersecurity program is integrated with the Enterprise Risk Management (“ERM”) framework and governance processes utilized by [removed: management and] [added: management,] our [removed: Board] [added: Board, and its committees] to oversee our various top enterprise risks.

The ciso meets regularly with leaders of our various information technology management teams [added: to review] and [removed: with the Risk Management Committee (a cross-functional management-level][added: discuss our cybersecurity and other information technology risks and opportunities.]

The Audit Committee receives [removed: quarterly] [added: regular] updates from the ciso or other members of the ciso’s team with responsibility for oversight of our key cybersecurity program components.

Where appropriate, we engage third-party assessors, consultants, and other cybersecurity experts to support our cybersecurity program, including assessments and testing.

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

As of September [removed: 28, 2025,] [added: 27, 2026,] Starbucks had [removed: 21,514] [added: 13,397] company-operated [removed: stores,] [added: coffeehouses,] almost all of which are leased.

| Romeoville, IL | | | 400,000 | | | | | | Warehousing and distribution | | |

| Nashville, TN (1) | | | 366,000 | | | | | | Corporate administrative | | |

(1)Included in this total is a 250,000-square-foot corporate office in Nashville, Tennessee, for which we executed a lease in March 2026, but we do not yet have possession.

This location will support the continued growth of our North American operations.

| Shanghai, China | | | 221,000 | | | | | | Corporate administrative | | |

As of November [removed: 7, 2025,] [added: 5, 2026,] we had approximately 16,000 shareholders of record.

Shares under our ongoing share repurchase [removed: program] [added: program, first announced in September 2001 and most recently reauthorized in September 2026,] may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or through privately negotiated transactions.

During the fiscal fourth quarter ended September [removed: 28, 2025,] [added: 27, 2026,] there was no share repurchase activity.

The following graph depicts the total return to shareholders from [removed: September 27, 2020,] [added: October 3, 2021,] through September [removed: 28, 2025,] [added: 27, 2026,] relative to the performance of the Standard & Poor’s 500 Index, the Nasdaq Composite Index and the Standard & Poor’s 500 Consumer Discretionary Sector, a peer group that includes Starbucks.

All indices shown in the graph have been reset to a base of 100 as of [removed: September 27, 2020,] [added: October 3, 2021,] and assume an investment of $100 on that date and the reinvestment of dividends paid since that date.

[removed: ][added: ]

| | | | [removed: Sep 27, 2020 | | | | | |] Oct 3, 2021 | | | | | | Oct 2, 2022 | | | | | | Oct 1, 2023 | | | | | | Sep 29, 2024 | | | | | | Sep 28, 2025 | | | [added: | | | Sep 27, 2026 | | |]

Refer to Part III, Item 12 of this 10-K for information about our equity compensation plans, which is incorporated by reference herein.

As of September 27, 2026, 29.8 million shares remained available for repurchase under current authorizations.

| Starbucks Corporation | | | $ | 100.00 | | | | | $ | 76.28 | | | | | $ | 84.38 | | | | | $ | 92.28 | | | | | $ | 81.08 | | | | | $ | 94.60 | |

| S&P 500 | | | 100.00 | | | | | | 84.53 | | | | | | 102.80 | | | | | | 140.17 | | | | | | 164.84 | | | | | | 190.78 | | |

| Nasdaq Composite | | | 100.00 | | | | | | 73.75 | | | | | | 93.00 | | | | | | 128.94 | | | | | | 161.71 | | | | | | 192.83 | | |

| S&P Consumer Discretionary | | | 100.00 | | | | | | 79.11 | | | | | | 90.00 | | | | | | 115.25 | | | | | | 138.66 | | | | | | 131.52 | | |

| 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 | | |

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

| Company-operated [removed: stores] [added: coffeehouses] | | | $ | [removed: 30,744.8] [added: 30,940.2] | | | | | $ | [removed: 29,765.9] [added: 30,744.8] | | | | | $ | [removed: 29,462.3] [added: 29,765.9] | |

| Licensed [removed: stores] [added: coffeehouses] | | | [removed: 4,350.4] [added: 4,615.8] | | | | | | [removed: 4,505.1] [added: 4,350.4] | | | | | | [removed: 4,512.7] [added: 4,505.1] | | |

| Other | | | [removed: 2,089.2] [added: 2,354.6] | | | | | | [removed: 1,905.2] [added: 2,089.2] | | | | | | [removed: 2,000.6] [added: 1,905.2] | | |

| Total net revenues | | | [removed: 37,184.4] [added: 37,910.6] | | | | | | [removed: 36,176.2] [added: 37,184.4] | | | | | | [removed: 35,975.6] [added: 36,176.2] | | |

| Product and distribution costs | | | [removed: 11,658.2] [added: 12,235.2] | | | | | | [removed: 11,180.6] [added: 11,658.2] | | | | | | [removed: 11,409.1] [added: 11,180.6] | | |

| [removed: Store] [added: Coffeehouse] operating expenses | | | [removed: 17,058.9] [added: 17,189.8] | | | | | | [removed: 15,286.5] [added: 17,058.9] | | | | | | [removed: 14,720.3] [added: 15,286.5] | | |

| Other operating expenses | | | [removed: 584.6] [added: 544.5] | | | | | | [removed: 565.6] [added: 584.6] | | | | | | [removed: 539.4] [added: 565.6] | | |

| Depreciation and amortization expenses | | | [removed: 1,684.7] [added: 1,483.3] | | | | | | [removed: 1,512.6] [added: 1,684.7] | | | | | | [removed: 1,362.6] [added: 1,512.6] | | |

| General and administrative expenses | | | [removed: 2,617.2] [added: 2,372.9] | | | | | | [removed: 2,523.3] [added: 2,617.2] | | | | | | [removed: 2,441.3] [added: 2,523.3] | | |

| Restructuring and impairments | | | [removed: 892.0] [added: 688.6] | | | | | | [removed: —] [added: 892.0] | | | | | | [removed: 21.8] [added: —] | | |

| Total operating expenses | | | [removed: 34,495.6] [added: 34,514.3] | | | | | | [removed: 31,068.6] [added: 34,495.6] | | | | | | [removed: 30,494.5] [added: 31,068.6] | | |

| Income from equity investees | | | [removed: 247.8] [added: 294.8] | | | | | | [removed: 301.2] [added: 247.8] | | | | | | [removed: 298.4] [added: 301.2] | | |

| Operating income | | | [removed: 2,936.6] [added: 3,691.1] | | | | | | [removed: 5,408.8] [added: 2,936.6] | | | | | | [removed: 5,870.8] [added: 5,408.8] | | |

| Interest income and other, net | | | [removed: 113.3] [added: 145.0] | | | | | | [removed: 122.8] [added: 113.3] | | | | | | [removed: 81.2] [added: 122.8] | | |

| Interest expense | | | [removed: (542.6)] [added: (531.3)] | | | | | | [removed: (562.0)] [added: (542.6)] | | | | | | [removed: (550.1)] [added: (562.0)] | | |

| Earnings before income taxes | | | [removed: 2,507.3] [added: 3,841.1] | | | | | | [removed: 4,969.6] [added: 2,507.3] | | | | | | [removed: 5,401.9] [added: 4,969.6] | | |

| Income tax expense | | | [removed: 650.6] [added: 1,315.0] | | | | | | [removed: 1,207.3] [added: 650.6] | | | | | | [removed: 1,277.2] [added: 1,207.3] | | |

| Net earnings including noncontrolling interests | | | [removed: 1,856.7] [added: 2,526.1] | | | | | | [removed: 3,762.3] [added: 1,856.7] | | | | | | [removed: 4,124.7] [added: 3,762.3] | | |

| Net [removed: earnings] [added: earnings/(loss)] attributable to noncontrolling interests | | | [removed: 0.3] [added: (0.6)] | | | | | | [removed: 1.4] [added: 0.3] | | | | | | [removed: 0.2] [added: 1.4] | | |

| Net earnings attributable to Starbucks | | | $ | [removed: 1,856.4] [added: 2,526.7] | | | | | $ | [removed: 3,760.9] [added: 1,856.4] | | | | | $ | [removed: 4,124.5] [added: 3,760.9] | |

| Earnings per share — basic | | | $ | [removed: 1.63] [added: 2.22] | | | | | $ | [removed: 3.32] [added: 1.63] | | | | | $ | [removed: 3.60] [added: 3.32] | |

| Earnings per share — diluted | | | $ | [removed: 1.63] [added: 2.21] | | | | | $ | [removed: 3.31] [added: 1.63] | | | | | $ | [removed: 3.58] [added: 3.31] | |

| Basic | | | [removed: 1,136.0] [added: 1,139.3] | | | | | | [removed: 1,133.8] [added: 1,136.0] | | | | | | [removed: 1,146.8] [added: 1,133.8] | | |

| Diluted | | | [removed: 1,139.8] [added: 1,143.4] | | | | | | [removed: 1,137.3] [added: 1,139.8] | | | | | | [removed: 1,151.3] [added: 1,137.3] | | |

| Fiscal Year Ended | | | Sep [removed: 28, 2025] [added: 27, 2026] | | | | | | Sep [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: Oct 1, 2023] [added: Sep 29, 2024] | | |

| Net earnings including noncontrolling interests | | | $ | [removed: 1,856.7] [added: 2,526.1] | | | | | $ | [removed: 3,762.3] [added: 1,856.7] | | | | | $ | [removed: 4,124.7] [added: 3,762.3] | |

| Unrealized holding gains/(losses) on available-for-sale debt securities | | | [removed: 2.7] [added: (7.0)] | | | | | | [removed: 12.1] [added: 2.7] | | | | | | [removed: 3.3] [added: 12.1] | | |

| Tax (expense)/benefit | | | [removed: (0.8)] [added: 1.7] | | | | | | [removed: (3.0)] [added: (0.8)] | | | | | | [removed: (0.8)] [added: (3.0)] | | |

| Unrealized gains/(losses) on cash flow hedging instruments | | | [removed: 80.1] [added: 25.3] | | | | | | [removed: 106.0] [added: 80.1] | | | | | | [removed: (149.4)] [added: 106.0] | | |

| Tax (expense)/benefit | | | [removed: (17.9)] [added: (5.6)] | | | | | | [removed: (16.2)] [added: (17.9)] | | | | | | [removed: 17.2] [added: (16.2)] | | |

| Unrealized gains/(losses) on net investment hedging instruments | | | [removed: 255.9] [added: 60.8] | | | | | | [removed: 55.7] [added: 255.9] | | | | | | [removed: 73.2] [added: 55.7] | | |

| Tax (expense)/benefit | | | [removed: (64.6)] [added: (15.3)] | | | | | | [removed: (14.1)] [added: (64.6)] | | | | | | [removed: (18.5)] [added: (14.1)] | | |

| Translation adjustment and other | | | [removed: (113.4)] [added: 54.3] | | | | | | [removed: 225.9] [added: (113.4)] | | | | | | [removed: (109.0)] [added: 225.9] | | |

| Tax (expense)/benefit | | | [removed: —] [added: (9.3)] | | | | | | [removed: (8.8)] [added: —] | | | | | | [removed: 1.8] [added: (8.8)] | | |

| Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, translation adjustment, and other | | | [removed: (224.9)] [added: 264.6] | | | | | | [removed: (19.2)] [added: (224.9)] | | | | | | [removed: (158.9)] [added: (19.2)] | | |

| Tax expense/(benefit) | | | [removed: 52.4] [added: 2.9] | | | | | | [removed: 11.0] [added: 52.4] | | | | | | [removed: 26.1] [added: 11.0] | | |

| Other comprehensive income/(loss), net of tax | | | [removed: (30.5)] [added: 372.4] | | | | | | [removed: 349.4] [added: (30.5)] | | | | | | [removed: (315.0)] [added: 349.4] | | |

| Comprehensive income including noncontrolling interests | | | [removed: 1,826.2] [added: 2,898.5] | | | | | | [removed: 4,111.7] [added: 1,826.2] | | | | | | [removed: 3,809.7] [added: 4,111.7] | | |

| Comprehensive income/(loss) attributable to noncontrolling interests | | | [removed: 0.1] [added: (0.1)] | | | | | | [removed: 1.8] [added: 0.1] | | | | | | [removed: (0.5)] [added: 1.8] | | |

| Net gain resulting from divestiture of certain operations | | | 536.3 | | | | | | — | | | | | | — | | |

| Net gain resulting from divestiture of certain operations | | | | | | (536.3) | | | | | | — | | | | | | — | | |

| Net proceeds from the divestiture of certain operations | | | | | | 2,544.2 | | | | | | — | | | | | | — | | |

| Net earnings | | | — | | | | | | — | | | | | | — | | | | | | 2,526.7 | | | | | | — | | | | | | 2,526.7 | | | | | | (0.6) | | | | | | 2,526.1 | | |

| Other comprehensive income/(loss) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 371.9 | | | | | | 371.9 | | | | | | 0.5 | | | | | | 372.4 | | |

| Purchase of noncontrolling interests and other | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | 0.5 | | | | | | — | | | | | | 0.5 | | |

| Balance, September 27, 2026 | | | 1,140.1 | | | | | | $ | 1.1 | | | | | $ | 1,000.4 | | | | | $ | (8,583.7) | | | | | $ | (86.9) | | | | | $ | (7,669.1) | | | | | $ | 7.3 | | | | | $ | (7,661.8) | |

| Note 5 | | | [Inventories](#i299dc1a48834473e8dc5527d5aad2c4a_289) | | | [69](#i299dc1a48834473e8dc5527d5aad2c4a_289) | | |

| Note 9 | | | [Debt](#i299dc1a48834473e8dc5527d5aad2c4a_301) | | | [73](#i299dc1a48834473e8dc5527d5aad2c4a_301) | | |

| Note 10 | | | [Leases](#i299dc1a48834473e8dc5527d5aad2c4a_304) | | | [75](#i299dc1a48834473e8dc5527d5aad2c4a_304) | | |

| Note 12 | | | [Equity](#i299dc1a48834473e8dc5527d5aad2c4a_310) | | | [77](#i299dc1a48834473e8dc5527d5aad2c4a_310) | | |

| Note 18 | | | [Restructuring and Impairments](#i299dc1a48834473e8dc5527d5aad2c4a_337) | | | [86](#i299dc1a48834473e8dc5527d5aad2c4a_337) | | |

As part of the Company’s “Back to Starbucks” strategy, the following restructuring plans were approved and executed.

*Fiscal 2026 Restructuring Plans*

In the second quarter of fiscal 2026, management approved and executed a fiscal 2026 restructuring plan to relocate certain functions of our support organization to an additional office in Nashville, Tennessee, with the intention to establish a more strategic presence in the Southeast region of the United States.

In the third quarter of fiscal 2026, we announced an additional fiscal 2026 restructuring plan focused on further transformation of our global support organization and non-retail facilities, as well as reducing the future operational complexity of our Starbucks Reserve and Roastery locations resulting in a reassessment and impairment of the associated asset group.

In the fourth quarter of fiscal 2026, we announced an additional fiscal 2026 restructuring plan involving the further closure of coffeehouses.

As part of this plan, we conducted an additional assessment of our existing North America coffeehouse portfolio and closed, or plan to close, coffeehouses that did not deliver the coffeehouse experience and financial performance expected of the brand.

Refer to [Note 18](#i299dc1a48834473e8dc5527d5aad2c4a_337), Restructuring and Impairments, for further discussion.

Assets Held for Sale

We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met:

- we have approved and committed to a plan to sell the assets or disposal group;

- the asset or disposal group is available for immediate sale in its present condition;

- an active program to locate a buyer and other actions required to complete the sale have been initiated;

- the sale of the asset or disposal group is probable and expected to be completed within one year;

- the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

- it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

We initially measure a long-lived asset or disposal group classified as held for sale at the lower of its carrying value or fair value less any costs to sell, and we recognize any resulting loss in the period in which the held-for-sale criteria are met.

Gains are not recognized until the date of sale.

We cease depreciation and amortization of a long-lived asset, or assets within a disposal group, upon their designation as held for sale and subsequently assess fair value less any costs to sell at each reporting period until the asset or disposal group is no longer classified as held for sale.

During the first and second quarters of fiscal 2026, we classified the assets and liabilities of the disposal group as held for sale on the consolidated balance sheets, which required us to cease property, plant, and equipment depreciation and operating lease right-of-use (“ROU”) asset amortization of the related long-lived assets, resulting in reduced depreciation and amortization and coffeehouse operating expenses.

We also changed our indefinite reinvestment assertions upon classification as held for sale, resulting in an increase in our income tax expense.

No impairment was recorded upon the classification of the disposal group as held for sale.

On March 30, 2026, in the third quarter of fiscal 2026, the previously announced transaction closed, and as such, the disposal group was no longer classified as held for sale on the consolidated balance sheets.

Refer to [Note 2](#i299dc1a48834473e8dc5527d5aad2c4a_277), Acquisitions and Divestitures, for further discussion.

If we intend to sell a security, or will more likely than not be required to sell it before recovery of its amortized cost basis, we write the security down to fair value through interest income and other, net.

Otherwise, credit-related impairment is recognized through an allowance for credit losses, limited to the amount by which fair value is less than amortized cost, with a corresponding charge to interest income and other, net.

Impairment not recognized through the allowance for credit losses is recognized in other comprehensive income, net of applicable taxes.

Refer to [Note](#i299dc1a48834473e8dc5527d5aad2c4a_286) [4](#i299dc1a48834473e8dc5527d5aad2c4a_286), Fair Value Measurements, for further discussion.

Refer to [Note](#i299dc1a48834473e8dc5527d5aad2c4a_292) 6, Equity Investments, for further discussion.

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

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

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

| Net (payments)/proceeds from issuance of commercial paper | | | | | | — | | | | | | — | | | | | | (175.0) | | |

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

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

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

| Noncontrolling interest resulting from divestiture | | | — | | | | | | — | | | | | | (3.0) | | | | | | — | | | | | | (0.7) | | | | | | (3.7) | | | | | | (0.4) | | | | | | (4.1) | | |

| 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) | | |

| Note 19 | | | [Subsequent Event](#i49da3a0807bd4162bf38cf988a2f3a97_322) | | | [82](#i49da3a0807bd4162bf38cf988a2f3a97_322) | | |

Certain prior period information at [Note 14](#i49da3a0807bd4162bf38cf988a2f3a97_304), Income Taxes, has been reclassified to conform to the current presentation.

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

Unrealized losses are charged against net earnings when a decline in fair value is determined to be other than temporary.

We review several factors to determine whether a loss is other than temporary, such as the length and extent of the fair value decline, the financial condition and near-term prospects of the issuer, and whether we have the intent to sell, or will more likely than not be required to sell, before the securities’ anticipated recovery, which may be at maturity.

*Structured Deposits*

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

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

For fiscal 2025, 2024, and 2023, resulting gains and losses were immaterial to our consolidated statements of earnings.

A collar is a strategy that uses a combination of a purchased call option and a sold put option with equal premiums to hedge a portion of anticipated cash flows, or to limit possible gains or losses on an underlying asset or liability to a specific range.

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.

Consolidated revenues are presented net of intercompany eliminations for wholly-owned subsidiaries and investees controlled by us and for product sales to, and royalty and other fees from, licensees accounted for under the equity method.

Stars generally expire after six to twelve months, depending on the market.

While we are still evaluating the specific impacts, we anticipate this guidance will have a significant impact on our annual income tax disclosures.

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

*Fiscal 2023*

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

The transaction resulted in a pre-tax gain of $91.3 million, which was included in gain from sale of assets on our consolidated statement of earnings for the fiscal year ended October 1, 2023.

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

| Dairy | | | — | | | | | | 65 | | |

| Dairy | | | Prepaid expenses and other current assets | | | | | | — | | | | | | 0.3 | | |

| Diesel fuel and other commodities | | | Prepaid expenses and other current assets | | | | | | 0.1 | | | | | | — | | |

| Foreign currency | | | Prepaid expenses and other current assets | | | | | | 2.7 | | | | | | 1.8 | | |

| Diesel fuel and other commodities | | | Accrued liabilities | | | | | | — | | | | | | 0.3 | | |

During the fourth quarter of fiscal [removed: 2025,] [added: 2026,] 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: 28, 2025).][added: 27, 2026).]

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/829224/000082922425000114/sbux-09282025xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/829224/000082922426000162/sbux-09272026xexhibit311.htm)] and [removed: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit312.htm),] [added: [31.2](https://www.sec.gov/Archives/edgar/data/829224/000082922426000162/sbux-09272026xexhibit312.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: 28, 2025.][added: 27, 2026.]

Our internal control over financial reporting as of September [removed: 28, 2025,] [added: 27, 2026,] 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: 28, 2025,] [added: 27, 2026,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September [removed: 28, 2025,] [added: 27, 2026,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended September [removed: 28, 2025,] [added: 27, 2026,] of the Company and our report dated November [removed: 14, 2025,] [added: 12, 2026,] expressed an unqualified opinion on those financial statements.

November 12, 2026

November 14, 2025

During the fiscal quarter ended September [removed: 28, 2025,] [added: 27, 2026,] none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

This code is publicly available on our website at [removed: www.starbucks.com/about-us/corporate-governance.][added: about.starbucks.com/corporate-governance/.]

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

The remaining information required by this item is incorporated herein by reference to the sections entitled “Proposal 1 - Election of Directors,” “Stock Ownership - Beneficial Ownership of Common Stock,” “Corporate Governance,” “Corporate Governance - Audit and Compliance Committee” 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: 25, 2026] [added: 17, 2027] (the “Proxy Statement”).

The information required by this item is incorporated by reference to the [removed: section] [added: sections] entitled “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: 27, 2026, September] 28, 2025, [added: and] September 29, [removed: 2024, and October 1, 2023;][added: 2024;]

- Consolidated Statements of Comprehensive Income for the fiscal years ended September [added: 27, 2026, September] 28, 2025, [added: and] September 29, [removed: 2024, and October 1, 2023;][added: 2024;]

- Consolidated Balance Sheets as of September [removed: 28, 2025,] [added: 27, 2026] and September [removed: 29, 2024;][added: 28, 2025;]

- Consolidated Statements of Cash Flows for the fiscal years ended September [added: 27, 2026, September] 28, 2025, [added: and] September 29, [removed: 2024, and October 1, 2023;][added: 2024;]

- Consolidated Statements of Equity for the fiscal years ended September [added: 27, 2026, September] 28, 2025, [added: and] September 29, [removed: 2024, and October 1, 2023;][added: 2024;]

| [removed: Exhibit Number] [added: Exhibit Number] | | | | | | Exhibit Description | | | | | | Form | | | | | | File No. | | | | | | Date of Filing | | | | | | [removed: Exhibit Number] [added: Exhibit Number] | | | | | | [removed: Filed Herewith] [added: Filed Herewith] | | |

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

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

| [4.6](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | [Fourth Supplemental Indenture, dated as of August 10, 2018, by and between Starbucks Corporation and U.S. Bank National Association, as trustee [removed: (3.800% Senior Notes due 2025, 4.000%] [added: (](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm)[4.000%] Senior Notes due 2028 and 4.500% Senior Notes due 2048)](https://www.sec.gov/Archives/edgar/data/829224/000119312518245636/d593042dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 8/10/2018 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)[9](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] [added: [4.9](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 | | | | | | | | |

| [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.](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)] [added: 4.9)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/13/2019 | | | | | | 4.3 | | | | | | | | |

| [removed: Exhibit Number] [added: Exhibit Number] | | | | | | Exhibit Description | | | | | | Form | | | | | | File No. | | | | | | Date of Filing | | | | | | [removed: Exhibit Number] [added: Exhibit Number] | | | | | | [removed: Filed Herewith] [added: Filed Herewith] | | |

| [4.11](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm) | | | | | | [Form of 4.450% Senior Notes due August 15, 2049 (included as Exhibit B to Exhibit [removed: 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)] [added: 4.9)](https://www.sec.gov/Archives/edgar/data/829224/000119312519145447/d652512dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/13/2019 | | | | | | 4.4 | | | | | | | | |

| [4.13](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | [Form of 2.000% Senior Notes due March 12, 2027 (included as Exhibit A to Exhibit [removed: 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)] [added: 4.12)](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 3/12/2020 | | | | | | 4.3 | | | | | | | | |

| [4.14](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | [Form of 2.250% Senior Notes due March 12, 2030 (included as Exhibit B to Exhibit [removed: 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)] [added: 4.12)](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 3/12/2020 | | | | | | 4.4 | | | | | | | | |

| [4.15](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm) | | | | | | [Form of 3.350% Senior Notes due March 12, 2050 (included as Exhibit C to Exhibit [removed: 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)] [added: 4.12)](https://www.sec.gov/Archives/edgar/data/829224/000119312520071550/d859206dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 3/12/2020 | | | | | | 4.5 | | | | | | | | |

| [4.17](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | [Form of 2.550% Senior Notes due November 15, 2030 (included as Exhibit B to Exhibit [removed: 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)] [added: 4.16)](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/7/2020 | | | | | | 4.4 | | | | | | | | |

| [4.18](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm) | | | | | | [Form of 3.500% Senior Notes due November 15, 2050 (included as Exhibit C to Exhibit [removed: 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)] [added: 4.16)](https://www.sec.gov/Archives/edgar/data/829224/000119312520136264/d923805dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/7/2020 | | | | | | 4.5 | | | | | | | | |

| [4.20](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm) | | | | | | [Form of 3.000% Senior Notes due February 14, 2032 (included as Exhibit B to Exhibit [removed: 4.](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)[19](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] [added: 4.19)](https://www.sec.gov/Archives/edgar/data/829224/000119312522041748/d333670dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/14/2022 | | | | | | 4.4 | | | | | | | | |

| [4.21](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm) | | | | | | [Ninth Supplemental Indenture, dated as of February 16, 2023, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee and as successor in interest to U.S. Bank National Association [removed: (4.750% Senior Notes due 2026 and 4.800%] [added: (](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)[4.800%] Senior Notes due 2033)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/16/2023 | | | | | | 4.2 | | | | | | | | |

| [removed: Exhibit Number] [added: Exhibit Number] | | | | | | Exhibit Description | | | | | | Form | | | | | | File No. | | | | | | Date of Filing | | | | | | [removed: Exhibit Number] [added: Exhibit Number] | | | | | | [removed: Filed Herewith] [added: Filed Herewith] | | |

| [4.22](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm) | | | | | | [Form of [removed: 4.750%] [added: 4.800%] Senior Notes due February 15, [removed: 2026] [added: 2033] (included as Exhibit [removed: A] [added: B] to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] [added: 4.21)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/16/2023 | | | | | | [removed: 4.3] [added: 4.4] | | | | | | | | |

| [removed: [4.23](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] [added: [4.25](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] | | | | | | [Form of [removed: 4.800%] [added: 4.900%] Senior Notes due February 15, [removed: 2033] [added: 2031] (included as Exhibit B to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312523041100/d423999dex42.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | [removed: 2/16/2023] [added: 2/8/2024] | | | | | | 4.4 | | | | | | | | |

| [removed: [4.24](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] [added: [4.23](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] | | | | | | [Tenth Supplemental Indenture, dated as of February 8, 2024, by and between Starbucks Corporation and U.S. Bank Trust Company, National Association, as trustee and successor in interest to U.S. Bank National Association (4.850% Senior Notes due 2027, 4.900% Senior Notes due 2031 and 5.000% Senior Notes due 2034)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/8/2024 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.25](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] [added: [4.24](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] | | | | | | [Form of 4.850% Senior Notes due February 8, 2027 (included as Exhibit A to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[4](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/8/2024 | | | | | | 4.3 | | | | | | | | |

| [4.26](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm) | | | | | | [Form of [removed: 4.900%] [added: 5.000%] Senior Notes due February 15, [removed: 2031] [added: 2034] (included as Exhibit [removed: B] [added: C] to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[4](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 2/8/2024 | | | | | | [removed: 4.4] [added: 4.5] | | | | | | | | |

| [removed: [4.27](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] [added: [4.30](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)] | | | | | | [Form of [removed: 5.000%] [added: 5.400%] Senior Notes due [removed: February] [added: May] 15, [removed: 2034] [added: 2035] (included as Exhibit C to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[4](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312524028387/d718817dex42.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)[7](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)[)](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | [removed: 2/8/2024] [added: 5/8/2025] | | | | | | 4.5 | | | | | | | | |

| [removed: [4.28](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)] [added: [4.27](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)] | | | | | | [removed: [E](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)[leventh] [added: [Eleventh] Supplemental Indenture, dated as of May 8, 2025, by and between Starbucks [removed: Corpora](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)[tion] [added: Corporation] and U.S. Bank Trust Company, [removed: N](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)[ational] [added: National] Association, as [removed: tru](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)[stee and](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm) [successor](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm) [in] [added: trustee and successor in] interest to U.S. Bank [removed: N](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm)[ational] [added: National] Association](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/8/2025 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.29](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)] [added: [4.28](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)] | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[orm] [added: [Form] of 4.500% Senior Notes [removed: due](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001) [](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[May](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001) [15,](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001) [2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[028] [added: due May 15, 2028] (included as Exhibit A to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[8](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[)](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[7](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)[)](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_001)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/8/2025 | | | | | | 4.3 | | | | | | | | |

| [removed: [4.30](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)] [added: [4.29](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)] | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)[orm] [added: [Form] of 4.800% Senior Notes [removed: due](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002) [May 15,](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002) [2030] [added: due May 15, 2030] (included as Exhibit B to Exhibit [removed: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)[8](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)[)](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)[7](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)[)](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_002)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/8/2025 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.32](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)] [added: [4.31](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm)] | | | | | | [Indenture, dated as of August 23, 2007, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee](https://www.sec.gov/Archives/edgar/data/829224/000119312513354873/d591145dex41.htm) | | | | | | S-3ASR | | | | | | 333-190955 | | | | | | 9/3/2013 | | | | | | 4.1 | | | | | | | | |

| [removed: [4.33](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.32](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [Fourth Supplemental Indenture, dated as of June 10, 2015, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (4.300% Senior Notes due June 2045)](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 6/10/2015 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.34](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: [4.33](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | [Form of 4.300% Senior Notes due June 15, 2045 (included as Exhibit B to Exhibit [removed: 4.3](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] [added: 4.3](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)[2](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312515219163/d939863dex42.htm)] | | | | | | 8-K | | | | | | 000-20322 | | | | | | 6/10/2015 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)[37](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] [added: [4.34](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm)] | | | | | | [Description of Securities](https://www.sec.gov/Archives/edgar/data/829224/000082922419000051/sbux-9292019xexhibit429.htm) | | | | | | 10-K | | | | | | 000-20322 | | | | | | 11/15/2019 | | | | | | 4.29 | | | | | | | | |

| [removed: [10.8*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm)[8](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm)] | | | | | | [2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan, as amended and restated effective September 11, 2018](https://www.sec.gov/Archives/edgar/data/829224/000082922418000052/sbux-09302018xexhibit109.htm) | | | | | | 10-K | | | | | | 000-20322 | | | | | | 11/16/2018 | | | | | | 10.9 | | | | | | | | |

| [removed: [10.9*](https://www.sec.gov/Archives/edgar/data/829224/000082922416000083/sbux-1022016xexhibit1014.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/829224/000082922416000083/sbux-1022016xexhibit1014.htm)[9](https://www.sec.gov/Archives/edgar/data/829224/000082922416000083/sbux-1022016xexhibit1014.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922416000083/sbux-1022016xexhibit1014.htm)] | | | | | | [Form of Global Stock Option Grant Agreement for Purchase of Stock under the Key Employee Sub-Plan to the 2005 Long Term Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/829224/000082922416000083/sbux-1022016xexhibit1014.htm) | | | | | | 10-K | | | | | | 000-20322 | | | | | | 11/18/2016 | | | | | | [removed: 10.14] [added: 10.1] | | | | | | | | |

| [removed: [10.10*](https://www.sec.gov/Archives/edgar/data/829224/000082922416000062/sbux-3272016xexhibit102.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/829224/000082922416000062/sbux-3272016xexhibit102.htm)[10](https://www.sec.gov/Archives/edgar/data/829224/000082922416000062/sbux-3272016xexhibit102.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922416000062/sbux-3272016xexhibit102.htm)] | | | | | | [Form of Stock Option Grant Agreement for Purchase of Stock under the 2005 Non-Employee Director Sub-Plan to the Starbucks Corporation 2005 Long-Term Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/829224/000082922416000062/sbux-3272016xexhibit102.htm) | | | | | | 10-Q | | | | | | 000-20322 | | | | | | 4/26/2016 | | | | | | 10.2 | | | | | | | | |

| [removed: [10.11](https://www.sec.gov/Archives/edgar/data/829224/000121390025054811/ea024579601ex10-1_starbucks.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/829224/000121390025054811/ea024579601ex10-1_starbucks.htm)[1](https://www.sec.gov/Archives/edgar/data/829224/000121390025054811/ea024579601ex10-1_starbucks.htm)] | | | | | | [Credit Agreement, dated June 13, 2025, among Starbucks Corporation, Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, N.A., Citibank, N.A., Morgan Stanley Bank, N.A. and U.S. Bank National Association, as L/C Issuers, and the other Lenders from time to time a party thereto](https://www.sec.gov/Archives/edgar/data/829224/000121390025054811/ea024579601ex10-1_starbucks.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 6/16/2025 | | | | | | 10.1 | | | | | | | | |

| [removed: [10.13*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1023.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1030.htm)[8](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1030.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1030.htm)] | | | | | | [removed: [Form of] [added: [Starbucks Corporation] Global Key Employee Restricted Stock Unit Grant Agreement [removed: - No] [added: (Performance Based –] Retirement [removed: Vesting] [added: Vesting)] (Effective November [removed: 2020)](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1023.htm)] [added: 2025)](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1030.htm)] | | | | | | 10-K | | | | | | 000-20322 | | | | | | [removed: 11/12/2020] [added: 11/14/2025] | | | | | | [removed: 10.23] [added: 10.30] | | | | | | | | |

| [removed: [10.14*](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1024.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1031.htm)[9](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1031.htm)[*](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1031.htm)] | | | | | | [removed: [Form of] [added: [Starbucks Corporation] Global Key Employee Restricted Stock Unit Grant Agreement [removed: -] [added: (Performance Based – No] Retirement [removed: Vesting] [added: Vesting)] (Effective November [removed: 2020)](https://www.sec.gov/Archives/edgar/data/829224/000082922420000078/sbux-9272020xex1024.htm)] [added: 2025)](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1031.htm)] | | | | | | 10-K | | | | | | 000-20322 | | | | | | [removed: 11/12/2020] [added: 11/14/2025] | | | | | | [removed: 10.24] [added: 10.31] | | | | | | | | |

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

| [4.31](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003) | | | | | | [F](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)[orm of 5.400% Senior Notes due](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003) [May 15,](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003) [2035 (included as Exhibit C to Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)[8](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003)[)](https://www.sec.gov/Archives/edgar/data/829224/000121390025041096/ea024138601ex4-2_starbucks.htm#ab_003) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/8/2025 | | | | | | 4.5 | | | | | | | | |

| [4.35](https://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | [Sixth Supplemental Indenture, dated as of May 16, 2016, by and between Starbucks Corporation and Deutsche Bank Trust Company Americas, as trustee (2.450% Senior Notes due June 2026)](https://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/16/2016 | | | | | | 4.4 | | | | | | | | |

| [4.36](https://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | [Form of 2.450% Senior Notes due June 15, 2026 (included as Exhibit A to Exhibit 4.3](https://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)[5](https://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm)[)](https://www.sec.gov/Archives/edgar/data/829224/000119312516591921/d193458dex44.htm) | | | | | | 8-K | | | | | | 000-20322 | | | | | | 5/16/2016 | | | | | | 4.5 | | | | | | | | |

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

| [1](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1032.htm)[0.32*](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1032.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Time Based – Retirement Vesting) (Effective November 2025)](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1032.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

| [1](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1033.htm)[0.33*](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1033.htm) | | | | | | [Starbucks Corporation Global Key Employee Restricted Stock Unit Grant Agreement (Time Based – No Retirement Vesting) (Effective November 2025)](https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-09282025xexhibit1033.htm) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | X | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of November [removed: 14, 2025.][added: 12, 2026.]

| By: | | | | | | /s/ Cathy R. Smith | | | | | | executive vice president, chief financial officer (principal financial [removed: officer and principal accounting] officer) | | |

November 12, 2026

| By: | | | | | | /s/ Val Bauduin | | | | | | senior vice president, Corporate Finance and Development (principal accounting officer) | | |

| | | | | | | Val Bauduin | | | | | | | | |

November 14, 2025