Starbucks (SBUX) financial statements
Starbucks reported revenue of $37.2B in fiscal 2025, up 6.4% a year over 9 years.
Net income was $1.9B and the operating margin 7.9%, against 19.6% in 2016.
Free cash flow was $2.4B, and the company returned $2.8B in dividends.
The diluted share count fell 23% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Starbucks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.3B | $22.4B | $24.7B | $26.5B | $23.5B | $29.1B | $32.3B | $36.0B | $36.2B | $37.2B |
| Cost of revenue | $8.5B | $7.1B | $7.9B | $8.5B | — | — | — | — | — | — |
| Gross profit | $12.8B | $15.3B | $16.8B | $18.0B | — | — | — | — | — | — |
| Selling, general and admin | $1.8B | $1.4B | $1.7B | $1.8B | $1.7B | $1.9B | $2.0B | $2.4B | $2.5B | $2.6B |
| Operating income | $4.2B | $4.1B | $3.9B | $4.1B | $1.6B | $4.9B | $4.6B | $5.9B | $5.4B | $2.9B |
| Interest expense | $81M | $92M | $170M | $331M | $437M | $470M | $483M | $550M | $562M | $543M |
| Pre-tax income | $4.2B | $4.3B | $5.8B | $4.5B | $1.2B | $5.4B | $4.2B | $5.4B | $5.0B | $2.5B |
| Income tax | $1.4B | $1.4B | $1.3B | $872M | $240M | $1.2B | $948M | $1.3B | $1.2B | $651M |
| Net income | $2.8B | $2.9B | $4.5B | $3.6B | $928M | $4.2B | $3.3B | $4.1B | $3.8B | $1.9B |
| EPS (diluted) | $1.90 | $1.97 | $3.24 | $2.92 | $0.79 | $3.54 | $2.83 | $3.58 | $3.31 | $1.63 |
| Diluted shares | 1.49B | 1.46B | 1.39B | 1.23B | 1.18B | 1.19B | 1.16B | 1.15B | 1.14B | 1.14B |
| Gross margin | 60.1% | 68.4% | 67.9% | 67.8% | — | — | — | — | — | — |
| Operating margin | 19.6% | 18.5% | 15.7% | 15.4% | 6.6% | 16.8% | 14.3% | 16.3% | 15.0% | 7.9% |
| Net margin | 13.2% | 12.9% | 18.3% | 13.6% | 3.9% | 14.5% | 10.2% | 11.5% | 10.4% | 5.0% |
Balance sheet
Fiscal years, from Starbucks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.3B | $2.7B | $8.9B | $2.8B | $4.6B | $6.6B | $3.2B | $4.0B | $3.5B | $3.5B |
| Receivables | $769M | $870M | $693M | $879M | $883M | $940M | $1.2B | $1.2B | $1.2B | $1.3B |
| Inventory | $1.4B | $1.4B | $1.4B | $1.5B | $1.6B | $1.6B | $2.2B | $1.8B | $1.8B | $2.2B |
| Total current assets | $4.8B | $5.3B | $12.5B | $5.7B | $7.8B | $9.8B | $7.0B | $7.3B | $6.8B | $7.4B |
| Property, plant and equipment | $4.5B | $4.9B | $5.9B | $6.4B | $6.2B | $6.4B | $6.6B | $7.4B | $8.7B | $8.5B |
| Goodwill | $1.7B | $1.5B | $3.5B | $3.5B | $3.6B | $3.7B | $3.3B | $3.2B | $3.3B | $3.4B |
| Total assets | $14.3B | $14.4B | $24.2B | $19.2B | $29.4B | $31.4B | $28.0B | $29.4B | $31.3B | $32.0B |
| Total current liabilities | $4.5B | $4.2B | $5.7B | $6.2B | $7.3B | $8.2B | $9.2B | $9.3B | $9.1B | $10.2B |
| Long-term debt | $3.2B | $3.9B | $9.1B | $11.2B | $14.7B | $13.6B | $13.1B | $13.5B | $14.3B | $14.6B |
| Total liabilities | $8.4B | $8.9B | $23.0B | $25.5B | $37.2B | $36.7B | $36.7B | $37.4B | $38.8B | $40.1B |
| Shareholders' equity | $5.9B | $5.5B | $1.2B | -$6.2B | -$7.8B | -$5.3B | -$8.7B | -$8.0B | -$7.4B | -$8.1B |
| Net debt | $1.5B | $1.5B | $684M | $8.5B | $11.6B | $8.2B | $12.1B | $11.8B | $12.3B | $12.9B |
Cash flow
Fiscal years, from Starbucks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.7B | $4.3B | $11.9B | $5.0B | $1.6B | $6.0B | $4.4B | $6.0B | $6.1B | $4.7B |
| Capital spending | $1.4B | $1.5B | $2.0B | $1.8B | $1.5B | $1.5B | $1.8B | $2.3B | $2.8B | $2.3B |
| Free cash flow | $3.3B | $2.7B | $10.0B | $3.2B | $114M | $4.5B | $2.6B | $3.7B | $3.3B | $2.4B |
| Stock-based compensation | $218M | $176M | $250M | $308M | $249M | $319M | $272M | $303M | $308M | $318M |
| Dividends paid | $1.2B | $1.5B | $1.7B | $1.8B | $1.9B | $2.1B | $2.3B | $2.4B | $2.6B | $2.8B |
| Share buybacks (net) | -$2.0B | -$2.0B | -$7.1B | -$10.2B | -$1.7B | $0 | -$4.0B | -$984M | -$1.3B | $0 |
| Net borrowing | $1.3B | $350M | $5.6B | $1.6B | $4.7B | -$1.5B | $673M | $323M | $170M | $498M |
| Free cash flow margin | 15.3% | 12.2% | 40.3% | 12.2% | 0.5% | 15.6% | 7.9% | 10.2% | 9.2% | 6.6% |
| Dividends per share | $0.79 | $0.99 | $1.25 | $1.43 | $1.63 | $1.79 | $1.95 | $2.11 | $2.27 | $2.43 |
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Open SBUX in InvestinglyQuestions
What was Starbucks's revenue in 2025?
$37.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Starbucks generate?
$2.4B in fiscal 2025 (operating cash flow minus capital spending).
From Starbucks's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.