Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Starbucks Corp., adjusted financial ratios

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Activity Ratio
Total Asset Turnover
Reported	1.22	1.15	0.93	0.80	1.38	1.02
Adjusted	1.29	1.23	0.98	0.85	0.99	0.99
Liquidity Ratio
Current Ratio
Reported	0.78	0.77	1.20	1.06	0.92	2.20
Adjusted	0.96	0.94	1.49	1.33	1.16	3.09
Solvency Ratios
Debt to Equity
Reported	—	—	—	—	—	8.07
Adjusted	—	—	22.61	—	95.22	1.81
Debt to Capital
Reported	2.08	2.41	1.57	1.96	2.26	0.89
Adjusted	1.08	1.11	0.96	1.06	0.99	0.64
Financial Leverage
Reported	—	—	—	—	—	20.66
Adjusted	—	—	28.30	—	125.23	3.31
Profitability Ratios
Net Profit Margin
Reported	11.46%	10.18%	14.45%	3.95%	13.58%	18.28%
Adjusted	10.11%	7.97%	15.79%	4.64%	6.00%	38.29%
Return on Equity (ROE)
Reported	—	—	—	—	—	386.34%
Adjusted	—	—	439.67%	—	746.92%	125.22%
Return on Assets (ROA)
Reported	14.01%	11.73%	13.38%	3.16%	18.73%	18.70%
Adjusted	13.09%	9.77%	15.54%	3.96%	5.96%	37.85%

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Starbucks Corp. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Starbucks Corp. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Starbucks Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Starbucks Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

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	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Net revenues	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)	24,719,500)
Total assets	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)	24,156,400)
Activity Ratio
Total asset turnover¹	1.22	1.15	0.93	0.80	1.38	1.02
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net revenues²	35,856,000)	32,112,800)	29,064,700)	23,559,600)	26,103,400)	31,845,200)
Adjusted total assets³	27,699,500)	26,205,900)	29,543,400)	27,611,700)	26,260,137)	32,213,040)
Activity Ratio
Adjusted total asset turnover⁴	1.29	1.23	0.98	0.85	0.99	0.99

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 35,975,600 ÷ 29,445,500 = 1.22

² Adjusted net revenues. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 35,856,000 ÷ 27,699,500 = 1.29

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Starbucks Corp. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets	7,303,400)	7,018,700)	9,756,400)	7,806,400)	5,653,900)	12,494,200)
Current liabilities	9,345,300)	9,151,800)	8,151,400)	7,346,800)	6,168,700)	5,684,200)
Liquidity Ratio
Current ratio¹	0.78	0.77	1.20	1.06	0.92	2.20
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	7,327,200)	7,045,900)	9,782,000)	7,833,500)	5,660,600)	12,502,200)
Adjusted current liabilities³	7,645,100)	7,509,900)	6,555,300)	5,890,300)	4,899,700)	4,041,300)
Liquidity Ratio
Adjusted current ratio⁴	0.96	0.94	1.49	1.33	1.16	3.09

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,303,400 ÷ 9,345,300 = 0.78

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 7,327,200 ÷ 7,645,100 = 0.96

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Starbucks Corp. adjusted current ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	15,366,200)	14,868,900)	14,615,800)	15,909,500)	11,167,000)	9,440,100)
Shareholders’ equity (deficit)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500)
Solvency Ratio
Debt to equity¹	—	—	—	—	—	8.07
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	24,566,300)	23,629,800)	23,605,100)	24,820,000)	19,966,637)	17,623,440)
Adjusted total equity (deficit)³	(1,917,200)	(2,431,000)	1,043,900)	(1,349,100)	209,700)	9,737,900)
Solvency Ratio
Adjusted debt to equity⁴	—	—	22.61	—	95.22	1.81

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 15,366,200 ÷ -7,994,800 = —

² Adjusted total debt. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity (deficit)
= 24,566,300 ÷ -1,917,200 = —

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	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt	15,366,200)	14,868,900)	14,615,800)	15,909,500)	11,167,000)	9,440,100)
Total capital	7,371,400)	6,162,300)	9,294,600)	8,104,400)	4,934,800)	10,609,600)
Solvency Ratio
Debt to capital¹	2.08	2.41	1.57	1.96	2.26	0.89
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	24,566,300)	23,629,800)	23,605,100)	24,820,000)	19,966,637)	17,623,440)
Adjusted total capital³	22,649,100)	21,198,800)	24,649,000)	23,470,900)	20,176,337)	27,361,340)
Solvency Ratio
Adjusted debt to capital⁴	1.08	1.11	0.96	1.06	0.99	0.64

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,366,200 ÷ 7,371,400 = 2.08

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 24,566,300 ÷ 22,649,100 = 1.08

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Starbucks Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)	24,156,400)
Shareholders’ equity (deficit)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500)
Solvency Ratio
Financial leverage¹	—	—	—	—	—	20.66
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	27,699,500)	26,205,900)	29,543,400)	27,611,700)	26,260,137)	32,213,040)
Adjusted total equity (deficit)³	(1,917,200)	(2,431,000)	1,043,900)	(1,349,100)	209,700)	9,737,900)
Solvency Ratio
Adjusted financial leverage⁴	—	—	28.30	—	125.23	3.31

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 29,445,500 ÷ -7,994,800 = —

² Adjusted total assets. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity (deficit)
= 27,699,500 ÷ -1,917,200 = —

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	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Net revenues	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)	24,719,500)
Profitability Ratio
Net profit margin¹	11.46%	10.18%	14.45%	3.95%	13.58%	18.28%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests²	3,626,700)	2,560,200)	4,589,700)	1,092,100)	1,566,300)	12,194,000)
Adjusted net revenues³	35,856,000)	32,112,800)	29,064,700)	23,559,600)	26,103,400)	31,845,200)
Profitability Ratio
Adjusted net profit margin⁴	10.11%	7.97%	15.79%	4.64%	6.00%	38.29%

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × 4,124,500 ÷ 35,975,600 = 11.46%

² Adjusted net earnings including noncontrolling interests. See details »

³ Adjusted net revenues. See details »

⁴ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted net revenues
= 100 × 3,626,700 ÷ 35,856,000 = 10.11%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Starbucks Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Shareholders’ equity (deficit)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500)
Profitability Ratio
ROE¹	—	—	—	—	—	386.34%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests²	3,626,700)	2,560,200)	4,589,700)	1,092,100)	1,566,300)	12,194,000)
Adjusted total equity (deficit)³	(1,917,200)	(2,431,000)	1,043,900)	(1,349,100)	209,700)	9,737,900)
Profitability Ratio
Adjusted ROE⁴	—	—	439.67%	—	746.92%	125.22%

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ equity (deficit)
= 100 × 4,124,500 ÷ -7,994,800 = —

² Adjusted net earnings including noncontrolling interests. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total equity (deficit)
= 100 × 3,626,700 ÷ -1,917,200 = —

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	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Total assets	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)	24,156,400)
Profitability Ratio
ROA¹	14.01%	11.73%	13.38%	3.16%	18.73%	18.70%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests²	3,626,700)	2,560,200)	4,589,700)	1,092,100)	1,566,300)	12,194,000)
Adjusted total assets³	27,699,500)	26,205,900)	29,543,400)	27,611,700)	26,260,137)	32,213,040)
Profitability Ratio
Adjusted ROA⁴	13.09%	9.77%	15.54%	3.96%	5.96%	37.85%

Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).

¹ 2023 Calculation
ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 4,124,500 ÷ 29,445,500 = 14.01%

² Adjusted net earnings including noncontrolling interests. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total assets
= 100 × 3,626,700 ÷ 27,699,500 = 13.09%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Starbucks Corp. (NASDAQ:SBUX)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)