Analysis of Property, Plant and Equipment
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- Income Statement
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Property, Plant and Equipment Disclosure
Starbucks Corp., balance sheet: property, plant and equipment
US$ in thousands
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).
The analysis of the annual property, plant, and equipment data reveals several notable trends over the observed periods.
- Land
- The value of land remained relatively stable from 2020 through 2023, fluctuating marginally around the 46,000 thousand US dollars mark. A marked increase occurred in 2024, peaking at 56,900 thousand US dollars, followed by a slight decline to 54,900 thousand US dollars in 2025.
- Buildings
- Building assets exhibited minor volatility over the years. From approximately 587,600 thousand US dollars in 2021, values decreased notably to 555,400 thousand in 2022 but rebounded considerably in 2023 to around 666,500 thousand US dollars. The upward trend persisted with a peak near 684,800 thousand US dollars in 2024, slightly declining to 673,700 thousand US dollars in 2025.
- Leasehold Improvements
- This category demonstrated consistent, substantial growth each year, rising from about 8,262,600 thousand US dollars in 2020 to nearly 11,762,400 thousand US dollars by 2025. This increasing investment highlights a focus on enhancing leased properties.
- Store Equipment
- Store equipment values increased steadily from roughly 2,800,300 thousand US dollars in 2020 to 3,963,600 thousand US dollars in 2025. The growth rate appears to accelerate slightly after 2022, suggesting ongoing upgrades or new equipment acquisitions.
- Roasting Equipment
- Values in roasting equipment fluctuated moderately but generally trended upward. From 796,600 thousand US dollars in 2020, it dipped slightly in 2022 but rose to a peak of 982,200 thousand US dollars in 2025, indicating investment in roasting capacity or modernization.
- Capitalized Software
- Data availability begins in 2023, showing a clear upward trajectory from 897,200 thousand US dollars then reaching 1,177,700 thousand by 2025. This suggests increasing capitalization of software assets, perhaps reflecting digital transformation efforts.
- Furniture, Fixtures, and Other
- This category exhibited growth from 1,285,700 thousand US dollars in 2020 to a peak of 1,526,100 thousand in 2022, followed by a sharp decline to 767,300 thousand in 2023. Values then slightly increased in subsequent years, ending at 893,900 thousand US dollars in 2025. This pattern could indicate asset disposals or reclassification during 2023.
- Work in Progress
- The work in progress showed variability, starting at 377,300 thousand US dollars in 2020, increasing steadily to 750,900 thousand by 2024, then dropping to 334,300 thousand in 2025. The rise suggests ongoing projects or developments through 2024, with 2025 reflecting completion or slowdowns.
- Property, Plant and Equipment, Gross
- Total gross property, plant, and equipment values rose consistently from 14,155,300 thousand US dollars in 2020 to a high of 19,441,000 thousand in 2024, leveling off slightly to 19,842,700 thousand in 2025. This indicates sustained capital investment over the years.
- Accumulated Depreciation
- Accumulated depreciation figures followed a steady increase in magnitude from -7,913,900 thousand US dollars in 2020 to -11,349,200 thousand US dollars by 2025, reflecting ongoing recognition of asset usage and aging.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment showed progressive growth over the period, moving from approximately 6,241,400 thousand US dollars in 2020 to a peak of 8,665,500 thousand in 2024. A slight decrease occurred in 2025, lowering the net value to 8,493,500 thousand US dollars, which may indicate higher depreciation or asset disposals.
Asset Age Ratios (Summary)
Starbucks Corp., asset age ratios
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).
The analysis of the average age ratio of property, plant, and equipment over the examined years reveals a relatively stable trend with minor fluctuations. The ratio, expressed as a percentage, indicates the proportion of the asset base that is aged, which is a useful measure of the company's capital asset utilization and replacement cycle.
- Trend Overview
- From the starting point in late September 2020 through to late September 2025, the average age ratio remains within a narrow range, between approximately 55.59% and 58.14%. This suggests a consistent approach towards asset longevity and replacement strategy without significant depreciation acceleration or extensive new asset acquisitions within the period.
- Year-by-Year Changes
- In the initial year, the average age ratio was 56.09%, gradually increasing to a peak of 58.14% by early October 2022, indicating a slight aging of the asset base. Subsequently, there was a minor decline to 55.59% by late September 2024, suggesting some reinvestment or asset turnover before rising again to 57.35% towards the end of the timeframe. These small variations reflect typical operational adjustments to asset maintenance and capital expenditure.
- Interpretation and Implications
- The stability and limited variation of the average age ratio may imply a balanced capital investment approach, maintaining asset efficiency while managing depreciation schedules effectively. The company likely prioritizes asset utilization to support ongoing operations without excessive aging or premature write-offs, which aligns with prudent asset management principles.
Average Age
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 Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, gross – Land)
= 100 × ÷ ( – ) =
- Accumulated depreciation
- The accumulated depreciation of property, plant, and equipment exhibits a consistent upward trend over the observed periods. Starting from approximately 7.91 billion US dollars in 2020, it increased steadily to reach around 11.35 billion US dollars by 2025. This increase suggests ongoing depreciation charges corresponding to the aging and usage of assets.
- Property, plant and equipment, gross
- The gross value of property, plant, and equipment has shown a continuous increase from about 14.16 billion US dollars in 2020 to nearly 19.84 billion US dollars in 2025. This indicates ongoing capital investments and expansions being made, with notable increments between 2022 and 2024.
- Land
- The recorded value of land remained relatively stable, with minor fluctuations over the years. It moved marginally from 46.0 million US dollars in 2020 to 54.9 million US dollars in 2025, signifying minimal acquisition or disposals of land assets during this period.
- Average age ratio
- The average age ratio of the property, plant, and equipment shows minor variability but remains within a narrow band between approximately 55.59% and 58.14%. This suggests that the overall asset base has maintained a relatively consistent average age, reflecting balanced asset renewal and disposal practices over the analyzed timeline.