Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

$24.99

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Starbucks Corp., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
U.S. federal
U.S. state and local
Foreign
Current taxes
U.S. federal
U.S. state and local
Foreign
Deferred taxes
Income tax expense

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).


Effective Income Tax Rate (EITR)

Starbucks Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Statutory U.S. federal income tax rate
State income taxes, net of federal tax benefit
Foreign rate differential
Change in tax rates
Residual tax on foreign earnings
Tax impacts related to sale of certain operations
Other, net
Effective income tax rate

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).


Components of Deferred Tax Assets and Liabilities

Starbucks Corp., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Operating lease liabilities
Stored value card liability and deferred revenue
Intangible assets and goodwill
Accrued occupancy costs
Other
Deferred tax assets
Valuation allowance
Deferred tax asset, net of valuation allowance
Operating lease, right-of-use assets
Property, plant and equipment
Other
Deferred tax liabilities
Net deferred tax asset (liability)

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).


Deferred Tax Assets and Liabilities, Classification

Starbucks Corp., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Deferred income tax assets
Deferred income tax liabilities (included in Other long-term liabilities)

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).


Adjustments to Financial Statements: Removal of Deferred Taxes

Starbucks Corp., adjustments to financial statements

US$ in thousands

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Shareholders’ Deficit
Shareholders’ deficit (as reported)
Less: Net deferred tax assets (liabilities)
Shareholders’ deficit (adjusted)
Adjustment to Net Earnings Attributable To Starbucks
Net earnings attributable to Starbucks (as reported)
Add: Deferred income tax expense (benefit)
Net earnings attributable to Starbucks (adjusted)

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).


Starbucks Corp., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Starbucks Corp., adjusted financial ratios

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).


Starbucks Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks
Net revenues
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks
Net revenues
Profitability Ratio
Adjusted net profit margin2

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

1 Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to Starbucks ÷ Net revenues
= 100 × ÷ =


Adjusted Total Asset Turnover

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net revenues
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =


Adjusted Financial Leverage

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total assets
Shareholders’ deficit
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets
Adjusted shareholders’ deficit
Solvency Ratio
Adjusted financial leverage2

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

1 Financial leverage = Total assets ÷ Shareholders’ deficit
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ deficit
= ÷ =


Adjusted Return on Equity (ROE)

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks
Shareholders’ deficit
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks
Adjusted shareholders’ deficit
Profitability Ratio
Adjusted ROE2

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

1 ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ deficit
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net earnings attributable to Starbucks ÷ Adjusted shareholders’ deficit
= 100 × ÷ =


Adjusted Return on Assets (ROA)

Microsoft Excel
Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020 Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 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), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

1 ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net earnings attributable to Starbucks ÷ Adjusted total assets
= 100 × ÷ =