Common-Size Balance Sheet: Assets
Quarterly Data
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Starbucks Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 structure reveals a period of relative stability followed by a significant structural shift in the final quarters of the observed period. Liquidity levels experienced substantial volatility, characterized by a sharp increase in cash holdings during 2020 and 2021, followed by a return to baseline and a subsequent steep decline by early 2026.
- Liquidity and Short-Term Asset Trends
- Cash and cash equivalents showed a marked increase from 10.96% in December 2019 to a peak of 20.56% in October 2021. This period of elevated liquidity was followed by a gradual normalization, ending in a sharp contraction to 5.01% by March 2026. Short-term investments remained a negligible component of total assets throughout the period, generally fluctuating below 1.5%.
- Inventories exhibited an upward trend starting in late 2021, rising from approximately 5.11% to a peak of 7.78% in October 2022. While levels fluctuated thereafter, they remained generally higher than the 2019 baseline, ending at 7.06% in March 2026.
- Fixed and Long-Term Asset Composition
- Property, plant, and equipment (net) demonstrated a steady growth phase, increasing from 23.05% in 2019 to a high of 27.88% in January 2023, before retreating to 23.53% by March 2026. Similarly, operating lease right-of-use assets remained a dominant asset class, consistently representing between 25% and 30% of total assets, indicating a heavy reliance on leased locations.
- Deferred income taxes remained relatively stable, oscillating between 4.97% and 6.45% for the duration of the analysis.
- Structural Shifts and Strategic Realignments
- A significant reallocation of assets is evident starting in December 2025. Goodwill, which had remained stable between 10% and 13% for several years, plummeted to 4.07% in December 2025 and 4.24% in March 2026. This decline coincides with the sudden emergence of assets held for sale, which rose from zero to 14.63% in December 2025 and 16.50% in March 2026.
- These changes resulted in a notable decrease in total long-term assets, which fell from a historical range of 72% to 78% down to 65.44% by March 2026. Conversely, total current assets increased to 34.56% in the final period, driven primarily by the reclassification of assets into the "held for sale" category.
Overall, the analysis indicates a transition from a growth-oriented asset base characterized by increasing fixed assets and stable goodwill toward a more liquid, albeit volatile, position. The recent emergence of assets held for sale and the simultaneous reduction in goodwill suggest a strategic divestiture or a significant impairment event affecting the long-term asset portfolio.