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Starbucks Corporation

SBUX Consumer Cyclical Restaurants

Starbucks Corporation’s revenue for fiscal 2026 (year ended September 2026) was $37.9 billion, up 1.95% from fiscal 2025.

Revenue
−4.47%
EPS
+85.7%
Free cash flow
+8.93%
Total debt
−17.4%

Quarter to September 2026, against a year earlier

106.27 3.43 −3.13%
Market cap
$121.0B
P/E
61.1×
Fwd P/E
44.7×
Dividend yield
2.33%
F-score
n/a
Altman Z
n/a
Beneish M
−2.95
Dividend safety
42/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • North America
  • International
  • Channel Development
  • Corporate and Other

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 2.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 3 3 1 2 1 1 1 2 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 121,030.00
Revenue ttm 37,910.50
Net income ttm 2,526.10
Free cash flow ttm 3,724.80
Net debt Q 9,412.70
Valuation
P/E 61.07 (above 35: high)
Forward P/E 44.70 (above 35: high)
Price / sales 3.19
Forward P/S Powerpack
Price / FCF 32.51
Price / book 0.00
Financial health
Current ratio Q 0.76 (below 1: weak)
Debt / equity Q (1.73) (negative: negative equity)
Interest coverage Q 8.22
Growth
Revenue growth Q −4.47% (below 0%: shrinking)
Operating income growth Q +256.38% (above 0%: growing)
EPS, this year +18.10% (at or above 15%: strong)
EPS, next year A +15.82% (at or above 15%: strong)
Revenue, next year A +2.22%
EPS, past 5 yrs −9.00% (below 0%: weak)
EPS, next 5 yrs A +16.33% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 3.7×; over the ten years it ranged from 2.8× in 2024 to 6.1× in 2021.
P/E against its own 10 years 85.70%
10-year low 10-year high
P/S against its own 10 years 36.96%
10-year low 10-year high
EV/Sales against its own 10 years 33.88%
10-year low 10-year high
EV/FCF against its own 10 years 58.73%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.33%
Annual rate
2.48
Payout ratio
112.1%
Growth, 2018–26
+8.26%/yr
  1. 1.32 ’18
  2. 1.49 ’19 +13
  3. 1.68 ’20 +13
  4. 1.84 ’21 +10
  5. 2.00 ’22 +9
  6. 2.16 ’23 +8
  7. 2.32 ’24 +7
  8. 2.45 ’25 +6
  9. 2.49 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 3,953 3,543 3,467 3,864
Receivables 1,184 1,214 1,278 1,178
Inventory 1,806 1,777 2,186 2,243
Other — — — —
7,303 6,847 7,382 7,671
2023 2024 2025 2026
Payables 1,544 1,596 1,853 1,869
ST’ Debt 1,852 1,249 1,499 1,499
Other 1,700 1,781 1,841 1,758
9,345 9,070 10,210 10,114

Compound Annual Growth %

10y 5y 3y
Sales 5.93% 5.46% 1.76%
Cash Flow 0.60% (3.59%) (6.01%)
Earnings (1.08%) (9.66%) (15.07%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 0.73 Actual 0.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.58 0.56 Miss by 0.02
Q2 FY26 0.44 0.50 Beat by 0.06
Q3 FY26 0.66 0.85 Beat by 0.19
Q4 FY26 0.73 0.80 Beat by 0.07
Q1 FY27 0.75 — Reports 27 January 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 0.26 0.45 0.91 0.59 2.21
’25 0.69 0.34 0.49 0.12 1.63
’24 0.90 0.68 0.93 0.80 3.31
’23 0.74 0.79 0.99 1.06 3.58
’22 0.69 0.58 0.79 0.76 2.83
’21 0.53 0.56 0.97 1.49 3.54
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 9,915 9,532 9,323 9,141 37,911
’25 9,398 8,762 9,456 9,569 37,184
’24 9,425 8,563 9,114 9,074 36,176
’23 8,714 8,720 9,168 9,374 35,976
’22 8,050 7,636 8,150 8,414 32,250
’21 6,749 6,668 7,497 8,147 29,061
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 1,598 365 1,642 1,384 4,988
’25 2,072 292 1,002 1,382 4,748
’24 2,384 506 1,670 1,536 6,096
’23 1,593 768 1,703 1,945 6,009
’22 1,871 162 1,265 1,100 4,397
’21 1,836 884 1,749 1,521 5,989
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 1,274 92 1,351 1,009 3,725
’25 1,379 (297) 434 926 2,442
’24 1,788 (153) 946 737 3,318
’23 1,076 392 1,071 1,246 3,785
’22 1,454 (293) 841 554 2,556
’21 1,512 560 1,411 1,036 4,519
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.5% a year for ten years. It grew −0.2% a year over the last ten.

Implied
14.5%
10 years, reported
−0.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 22,387 24,720 26,509 23,518 29,061 32,250 35,976 36,176 37,184 37,911 +6.0% 37,829 39,494 — +2.1%
Gross margin, % 68.44 67.92 67.83 67.28 69.93 68.01 68.29 69.09 68.65 67.73 (0.7) pt
EBT 4,318 5,780 4,466 1,164 5,357 4,232 5,402 4,970 2,507 3,841 (1.3%)
EBT margin, % 19.29 23.38 16.85 4.95 18.43 13.12 15.02 13.74 6.74 10.13 (9.2) pt
Net income 2,885 4,518 3,595 925 4,200 3,283 4,125 3,762 1,857 2,526 (1.5%)
Per share, $
Per share, $ Revenue 15.44 17.88 21.71 20.05 24.68 27.96 31.37 31.91 32.73 0.00 n/m
Earnings 1.97 3.24 2.92 0.79 3.54 2.83 3.58 3.31 1.63 — (2.3%)
Cash flow 2.93 8.63 4.13 1.36 5.09 3.81 5.24 5.38 4.18 0.00 n/m
Capex (1.05) (1.43) (1.48) (1.26) (1.25) (1.60) (1.94) (2.45) (2.03) 0.00 n/m
Free cash flow 1.89 7.20 2.65 0.10 3.84 2.22 3.30 2.93 2.15 0.00 n/m
Book value 3.76 0.85 (5.10) (6.65) (4.51) (7.54) (6.97) (6.56) (7.12) 0.00 n/m
Shares, m 1,450 1,383 1,221 1,173 1,178 1,153 1,147 1,134 1,136 — (3.0%)
Valuation, ×
Valuation, × P/E 27.31 17.31 30.18 111.58 31.07 29.88 25.46 29.45 51.59 54.00 40.8
P/S 3.48 3.11 4.07 4.28 4.47 3.01 2.91 3.06 2.58 2.82 3.4
P/B 14.29 65.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.0
EV/Sales 3.54 3.13 4.39 4.76 4.75 3.38 3.22 3.39 2.92 3.07 3.7
EV/FCF 29.01 7.77 35.94 981.12 30.51 42.66 30.63 36.94 44.52 31.27 127.0
Cash, $m
Cash, $m Operating cash flow 4,252 11,938 5,047 1,598 5,989 4,397 6,009 6,096 4,748 4,988 +1.8%
Capex (1,519) (1,976) (1,807) (1,484) (1,470) (1,841) (2,224) (2,777) (2,305) (1,264) (2.0%)
Free cash flow 2,732 9,961 3,240 114 4,519 2,556 3,785 3,318 2,442 3,725 +3.5%
Balance, $m
Balance, $m Working capital 1,063 6,810 (515) 460 1,605 (2,133) (2,042) (2,223) (2,828) (2,442) n/m
Net debt 1,246 502 8,415 11,277 7,998 11,861 11,447 12,025 12,608 9,413 +25.2%
Shareholders’ equity 5,457 1,176 (6,231) (7,799) (5,314) (8,699) (7,988) (7,442) (8,089) (7,662) n/m
Returns, %
Returns, % ROA 20.12 23.46 16.60 3.82 13.82 11.05 14.37 12.37 5.86 8.37 (11.7) pt
ROIC 38.55 144.63 116.70 28.06 113.48 91.27 106.08 73.75 40.62 131.76 +93.2 pt
ROE 50.84 136.24 (142.40) (13.23) (64.04) (46.84) (49.44) (48.75) (23.91) (32.08) (82.9) pt
People
People Employees 277,000 291,000 346,000 349,000 383,000 402,000 381,000 361,000 381,000 — +4.1%
Revenue/emp, $m 0.08 0.08 0.08 0.07 0.08 0.08 0.09 0.10 0.10 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Starbucks is a coffee retailer that sells drinks and food to customers through coffeehouses and other channels. Its stores serve handcrafted coffee, tea and other beverages alongside food. Customers can also buy packaged coffee and tea and ready-to-drink beverages for consumption away from its stores.

The business reaches customers through both company-operated and licensed coffeehouses. Starbucks runs the company-operated locations itself. Licensed locations are run by other businesses, which sell Starbucks products and follow its operating procedures. The company also works with partners to distribute branded products through grocery and foodservice channels.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
North America 27,373 73.61%
International 7,820 21.03%
Channel Development 1,872 5.03%
Corporate and Other 120 0.32%
Gross margin 68.65%
Operating margin 7.90%
Pre-tax margin 6.74%

Revenue by segment since 2008

Starbucks Corporation vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MCD McDonald's Corporation $196.8B 22.6× 20.2× +1.12% (above 0%: growing) +5.73% (above 0%: growing) +57.94% (above 0%: growing) 58.89% 50.23% Compare
SBUX Starbucks Corporation $121.0B 61.1× 44.7× −4.47% (below 0%: shrinking) +85.71% (above 0%: growing) +8.93% (above 0%: growing) 68.01% 10.85%
YUM Yum! Brands, Inc. $45.3B 13.2× 16.7× +3.79% (above 0%: growing) +320.20% (above 0%: growing) −13.59% (below 0%: shrinking) 66.94% 112.85% Compare
CMG Chipotle Mexican Grill, Inc. $44.8B 33.1× 29.8× +9.65% (above 0%: growing) −7.38% (below 0%: shrinking) −14.54% (below 0%: shrinking) 23.33% 13.72% Compare
QSR Restaurant Brands International Inc. $35.5B 16.3× 14.7× +3.10% (above 0%: growing) +110.13% (above 0%: growing) −8.26% (below 0%: shrinking) 49.39% 27.80% Compare
DRI Darden Restaurants, Inc. $25.9B 22.1× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $17.0B 17.2× 15.5× +8.45% (above 0%: growing) +19.74% (above 0%: growing) +2.28% (above 0%: growing) 0.00% 12.97% Compare
TXRH Texas Roadhouse, Inc. $12.6B 30.7× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $11.2B 18.8× 16.4× +3.36% (above 0%: growing) +12.75% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
Median of peers $30.7B 20.4× 18.2× +4.45% +9.24% −5.76% 31.76% 17.05%

All 55 Restaurants stocks →

From the latest earnings call

Updated

  • Brian Nickell said Starbucks is focusing on more throughput, customer experience and Green Apron Service as it pursues further transaction growth across dayparts.
  • Kathy Smith said Starbucks raised FY2026 guidance, including U.S. comparable-sales growth, consolidated margin and EPS, while retaining its global net-new coffeehouse outlook.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Nov 3, 2026 Target raised — 115.00 → 116.00
Baird Oct 30, 2026 Target raised Outperform 115.00 → 120.00
Bank of America Oct 30, 2026 Target raised Buy 136.00 → 141.00
UBS Oct 13, 2026 Reiterated Hold 105.00
DA Davidson Oct 9, 2026 Reiterated Hold 110.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.67%
Held by the ten largest 53.93%
Holder Shares Stake Change
Capital Group 218.79m 19.19% −2.82m
Vanguard 116.81m 10.25% +1.40m
BlackRock 83.22m 7.30% +3.66m
State Street 49.26m 4.32% +1.53m
Invesco 38.50m 3.38% +330.31k
Geode Capital Management 28.57m 2.51% +552.85k
Fidelity (FMR) 26.30m 2.31% +536.50k
Morgan Stanley 19.93m 1.75% −4.93m
UBS 17.94m 1.57% +1.33m
Bank of America 15.47m 1.36% −287.36k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 January 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 10.00%
Capital Research Global Investors 6.70%
Capital World Investors 6.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Starbucks Corporation (SBUX) Latest News

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SBUX metrics, ten years each

stockrow.com/SBUX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com