Starbucks (SBUX) 10-K Summary — Year Ended Sep 28, 2025
Starbucks Corporation operates as a roaster, marketer, and retailer of specialty coffee worldwide. The filing covers the company's annual financial results and associated risks.
Key takeaway
Year ended Sep 28, 2025 · FY2025 10-K
Starbucks Corporation operates as a roaster, marketer, and retailer of specialty coffee worldwide. The filing covers the company's annual financial results and associated risks.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$37.2B
Revenue reported for the fiscal year.
Operating income
$2.9B
Income from operations reported for the year.
Net income
$1.9B
Net income reported for the year.
Operating cash flow
$4.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Oct 2, 2022 | $32.3B | +11.0% |
| Oct 1, 2023 | $36B | +11.6% |
| Sep 29, 2024 | $36.2B | +0.6% |
| Sep 28, 2025 | $37.2B | +2.8% |
Business overview
Starbucks is a specialty coffee company that sources, roasts, and sells coffee and related products through company-operated stores, licensed stores, and other channels. The company's business includes retail operations, consumer packaged goods, and foodservice partnerships.
Financial performance
Revenue increased compared to the prior year, while operating income and net income both declined. Operating cash flow remained positive but was lower than the previous period.
Material risks
Unfavorable economic conditions could harm suppliers and licensees, leading to cash flow problems, credit defaults, or insolvency, which may disrupt operations or increase bad debt expense. Failure to meet market expectations or announced guidance could adversely affect the stock price and increase volatility. The company's guidance relies on assumptions that may prove incorrect.
Liquidity and capital
The filing discusses liquidity and capital resources, noting that unfavorable economic conditions could increase the cost of capital or reduce access to financing. No specific capital allocation actions are detailed in the supplied context.
What to watch
Monitor whether the company meets its announced guidance and market expectations in the next filing.