Common-Size Balance Sheet: Assets
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29).
The asset composition of the organization demonstrates a heavy reliance on non-current assets, which consistently represent the majority of the total asset base. Throughout the analyzed period, the balance sheet remains dominated by operating lease right-of-use assets and property, plant, and equipment, reflecting a capital-intensive business model centered on physical store locations.
- Liquidity and Current Asset Trends
- Current assets typically fluctuate between 21% and 31% of total assets. A notable peak in liquidity occurred in late 2021, where cash and cash equivalents reached 20.56% of total assets, followed by a gradual normalization toward the 10-12% range. A significant anomaly is observed between December 2025 and March 2026, where current assets surged to a peak of 37.30%. This spike was driven primarily by the emergence of assets held for sale, which peaked at 16.50% in March 2026, indicating a strategic divestiture or reorganization of specific business units.
- Inventory and Working Capital Management
- Inventories have exhibited a general upward trend as a percentage of total assets, rising from approximately 5.08% in December 2019 to 7.81% by June 2026. This suggests an increase in the proportion of capital tied up in stock. Accounts receivable have remained relatively stable, generally oscillating between 3% and 4.6%, indicating consistent credit management practices relative to the total asset size.
- Fixed and Operational Assets
- Property, plant, and equipment, net, showed a gradual increase from 23.05% in 2019 to a peak of 27.88% in January 2023, before stabilizing around 24.71% by mid-2026. Operating lease right-of-use assets represent the largest single asset category, consistently remaining between 25% and 30% of total assets. This stability underscores the critical role of leased real estate in the company's operational infrastructure.
- Intangible Assets and Goodwill
- There is a pronounced downward trend in the weight of intangible assets. Goodwill, which began at 12.68% in December 2019, declined steadily to 4.38% by June 2026. Similarly, other intangible assets fell from 2.67% to 0.61% over the same period. This contraction suggests significant amortization or impairment of acquired intangible values over time.
- Long-term Asset Structure
- Long-term assets generally comprise between 68% and 79% of the total balance sheet. The most significant deviation occurred in December 2025 and March 2026, where long-term assets dropped to 62.70% and 65.44%, respectively. This shift correlates directly with the reclassification of assets into the "held for sale" category, momentarily altering the balance between current and non-current asset allocations.