Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

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Analysis of Inventory

Microsoft Excel

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Inventory Disclosure

Starbucks Corp., balance sheet: inventory

US$ in thousands

Microsoft Excel
Sep 28, 2025 Sep 29, 2024 Oct 1, 2023 Oct 2, 2022 Oct 3, 2021 Sep 27, 2020
Unroasted
Roasted
Coffee
Other merchandise held for sale
Packaging and other supplies
Inventories

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


Inventory Levels and Trends
Overall inventory values exhibit fluctuations over the analyzed periods, with notable variations across different inventory categories.
Unroasted Coffee
Unroasted coffee inventory increased significantly from 664,700 thousand US dollars in 2020 to a peak of 1,018,600 thousand US dollars in 2022. Subsequently, it declined sharply in 2023 to 747,700 thousand US dollars, dipped further in 2024 to 665,100 thousand US dollars, and then rose again in 2025 to 911,200 thousand US dollars. This pattern suggests periods of accumulation followed by drawdowns, likely reflecting supply chain adjustments or demand fluctuations.
Roasted Coffee
Roasted coffee inventory demonstrated a steady upward trend from 223,500 thousand US dollars in 2020 to 310,300 thousand US dollars in 2022. After a slight decrease to 280,300 thousand US dollars in 2023 and further to 251,900 thousand US dollars in 2024, it increased notably in 2025, reaching 342,000 thousand US dollars. This indicates some variability but general growth in roasted coffee stock levels over time, possibly correlating with demand and production changes.
Total Coffee Inventory
Combined coffee inventory values, aggregating unroasted and roasted categories, show an upward trend from 888,200 thousand US dollars in 2020 to a high of 1,328,900 thousand US dollars in 2022. A decline to 1,028,000 and further to 917,000 thousand US dollars followed in 2023 and 2024 respectively, with a rebound in 2025 to 1,253,200 thousand US dollars. This overall pattern aligns with the changes observed in the individual coffee categories, reflecting supply management and market demand dynamics.
Other Merchandise Held for Sale
This inventory category increased from 293,900 thousand US dollars in 2020 to 430,900 thousand US dollars in 2022, followed by a decrease to 364,600 thousand US dollars in 2023. Slight recovery trends are evident in 2024 (384,600 thousand US dollars) and 2025 (399,700 thousand US dollars). These movements suggest fluctuations possibly related to product assortment or sales strategies.
Packaging and Other Supplies
Packaging and related supplies inventory remained relatively stable from 369,300 thousand US dollars in 2020 to 370,800 thousand US dollars in 2021. Thereafter, an upward trend is observed, reaching 416,800 thousand US dollars in 2022 and maintaining a similar level in 2023 (413,800 thousand US dollars). In 2024 and 2025, it increased further to 475,700 and 532,700 thousand US dollars respectively, indicating increased stockpiling or preparation for higher production volumes or logistics considerations.
Total Inventories
Total inventory values peaked at 2,176,600 thousand US dollars in 2022 after a steady rise from 1,551,400 thousand US dollars in 2020. A decline to 1,806,400 thousand US dollars was observed in 2023, with a relatively stable figure of 1,777,300 thousand US dollars in 2024. Inventory levels rose again in 2025 to 2,185,600 thousand US dollars, reaching a new high. These fluctuations reflect overall inventory management strategies responding to supply, demand, and operational requirements.