Analysis of Debt
Total Debt (Carrying Amount)
Starbucks Corp., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03).
Total debt exhibited a consistent upward trajectory from October 2021 through September 2025, followed by a significant contraction in September 2026. The total carrying amount increased from approximately $14.62 billion to a peak of $16.07 billion before declining to $13.28 billion in the final period.
- Total Debt Progression
- A steady growth pattern is observed between 2021 and 2025, with total debt rising for five consecutive years. This period of expansion indicates a sustained increase in the company's total leverage, peaking in September 2025.
- Current Portion of Long-Term Debt
- The current portion of long-term debt demonstrated volatility, rising from $998.9 million in 2021 to a peak of $1.82 billion in 2023. Following a decrease to $1.25 billion in 2024, obligations stabilized at approximately $1.50 billion through 2026.
- Long-Term Debt Trends
- Long-term debt, excluding the current portion, remained relatively stable until 2023, after which it grew steadily to reach $14.58 billion by September 2025. A sharp reversal occurred in September 2026, where the carrying amount fell to $11.78 billion.
- Analysis of 2026 Deleveraging
- A notable reduction in total leverage is evident in the September 2026 period, with total debt decreasing by approximately $2.80 billion compared to the previous year. This decline was driven almost exclusively by the reduction in long-term debt, as the current portion remained flat.
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Total Debt (Fair Value)
| Sep 27, 2026 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Commercial paper program | —) |
| Japanese Yen-denominated credit facilities | —) |
| Long-term debt, including current portion | 11,628,800) |
| Total debt (fair value) | 11,628,800) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.88 |
Based on: 10-K (reporting date: 2026-09-27).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt: 3.84%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 4.96% | 999,900) | 49,575) | |
| 2.06% | 494,300) | 10,173) | |
| 3.53% | 585,900) | 20,676) | |
| 4.72% | 471,800) | 22,264) | |
| 3.96% | 731,900) | 28,969) | |
| 3.84% | 953,700) | 36,622) | |
| 3.08% | 674,500) | 20,802) | |
| 4.93% | 173,600) | 8,562) | |
| 2.58% | 1,116,000) | 28,815) | |
| 5.05% | 489,700) | 24,710) | |
| 3.15% | 885,400) | 27,934) | |
| 3.80% | 476,800) | 18,109) | |
| 5.13% | 373,300) | 19,139) | |
| 5.51% | 87,000) | 4,794) | |
| 4.35% | 270,200) | 11,748) | |
| 3.77% | 345,800) | 13,019) | |
| 4.50% | 615,800) | 27,736) | |
| 4.45% | 763,800) | 33,966) | |
| 3.36% | 314,200) | 10,563) | |
| 3.53% | 805,200) | 28,407) | |
| Total | 11,628,800) | 446,584) | |
| 3.84% | |||
Based on: 10-K (reporting date: 2026-09-27).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 446,584 ÷ 11,628,800 = 3.84%