An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Starbucks Corp., adjustments to financial statements

US$ in thousands

	Sep 28, 2025	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020
Adjustment to Total Assets
Total assets (as reported)	32,019,700)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	32,019,700)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)
Adjustment to Total Debt
Total debt (as reported)	16,074,800)	15,568,400)	15,366,200)	14,868,900)	14,615,800)	15,909,500)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Current portion of operating lease liability	1,564,500)	1,463,100)	1,275,300)	1,245,700)	1,251,300)	1,248,800)
Add: Operating lease liability, excluding current portion	8,972,200)	8,771,600)	7,924,800)	7,515,200)	7,738,000)	7,661,700)
Total debt (adjusted)	26,611,500)	25,803,100)	24,566,300)	23,629,800)	23,605,100)	24,820,000)

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).

^{1, 2} Equal to total present value of future operating lease payments.

Starbucks Corp., Financial Data: Reported vs. Adjusted

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Starbucks Corp., adjusted financial ratios

	Sep 28, 2025	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020
Total Asset Turnover¹
Reported total asset turnover	1.16	1.15	1.22	1.15	0.93	0.80
Adjusted total asset turnover	1.16	1.15	1.22	1.15	0.93	0.80
Debt to Equity²
Reported debt to equity	—	—	—	—	—	—
Adjusted debt to equity	—	—	—	—	—	—
Return on Assets³ (ROA)
Reported ROA	5.80%	12.00%	14.01%	11.73%	13.38%	3.16%
Adjusted ROA	5.80%	12.00%	14.01%	11.73%	13.38%	3.16%

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).

¹ See details »

² See details »

³ See details »

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 deteriorated from 2023 to 2024 but then slightly improved from 2024 to 2025.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA deteriorated from 2023 to 2024 and from 2024 to 2025.

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

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	Sep 28, 2025	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net revenues	37,184,400)	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)
Total assets	32,019,700)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)
Activity Ratio
Total asset turnover¹	1.16	1.15	1.22	1.15	0.93	0.80
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net revenues	37,184,400)	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)
Adjusted total assets	32,019,700)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)
Activity Ratio
Adjusted total asset turnover²	1.16	1.15	1.22	1.15	0.93	0.80

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).

2025 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= 37,184,400 ÷ 32,019,700 = 1.16

² Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 37,184,400 ÷ 32,019,700 = 1.16

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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 deteriorated from 2023 to 2024 but then slightly improved from 2024 to 2025.

	Sep 28, 2025	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020
As Reported
Selected Financial Data (US$ in thousands)
Total debt	16,074,800)	15,568,400)	15,366,200)	14,868,900)	14,615,800)	15,909,500)
Shareholders’ deficit	(8,096,600)	(7,448,900)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)
Solvency Ratio
Debt to equity¹	—	—	—	—	—	—
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt	26,611,500)	25,803,100)	24,566,300)	23,629,800)	23,605,100)	24,820,000)
Shareholders’ deficit	(8,096,600)	(7,448,900)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)
Solvency Ratio
Adjusted debt to equity²	—	—	—	—	—	—

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).

2025 Calculations

¹ Debt to equity = Total debt ÷ Shareholders’ deficit
= 16,074,800 ÷ -8,096,600 = —

² Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ deficit
= 26,611,500 ÷ -8,096,600 = —

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	Sep 28, 2025	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	1,856,400)	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)
Total assets	32,019,700)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)
Profitability Ratio
ROA¹	5.80%	12.00%	14.01%	11.73%	13.38%	3.16%
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	1,856,400)	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)
Adjusted total assets	32,019,700)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)
Profitability Ratio
Adjusted ROA²	5.80%	12.00%	14.01%	11.73%	13.38%	3.16%

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).

2025 Calculations

¹ ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 1,856,400 ÷ 32,019,700 = 5.80%

² Adjusted ROA = 100 × Net earnings attributable to Starbucks ÷ Adjusted total assets
= 100 × 1,856,400 ÷ 32,019,700 = 5.80%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA deteriorated from 2023 to 2024 and from 2024 to 2025.

Starbucks Corp. (NASDAQ:SBUX)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

Starbucks Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)