Starbucks Corp. (NASDAQ:SBUX)

The analysis of the current assets and adjusted current assets over the reported fiscal years reveals several notable trends and fluctuations.

Current Assets

There is a noticeable increase in current assets from 7,806,400 thousand USD in the year ending September 27, 2020, to a peak of 9,756,400 thousand USD in the year ending October 3, 2021. Following this peak, the current assets decline sharply to 7,018,700 thousand USD in the year ending October 2, 2022. Subsequently, there is a slight recovery with fluctuations observed in the following years, culminating in a value of 7,382,300 thousand USD by September 28, 2025. This pattern suggests a period of growth up to 2021, followed by a significant contraction in 2022, and then stabilization with moderate recovery over the next three years.

Adjusted Current Assets

The adjusted current assets follow a similar trajectory to that of the current assets. From 7,833,500 thousand USD in 2020, they increase to 9,782,000 thousand USD in 2021, closely mirroring the peak seen in current assets. A sharp decline occurs in 2022 to 7,045,900 thousand USD, followed by minor variations and a gradual increase to 7,406,300 thousand USD by 2025. This close alignment between adjusted current assets and unadjusted current assets suggests consistent underlying asset adjustments without significant divergences.

Overall, the financial data indicate a period of asset growth culminating in 2021, followed by a contraction starting in 2022 and a subsequent phase of recovery and relative stabilization. The adjusted figures reinforce this interpretation, confirming the reliability of the trends observed in the current assets.

The analysis of the financial data over the observed periods reveals several notable trends in asset management.

Total Assets

Total assets showed an initial upward trend from approximately 29.4 billion USD to nearly 31.4 billion USD between the years ending September 27, 2020, and October 3, 2021. This was followed by a decline to around 27.98 billion USD in the year ending October 2, 2022. Subsequently, total assets increased again, reaching approximately 32 billion USD by the year ending September 28, 2025. This pattern suggests fluctuations in asset holdings with a recovery and growth phase in the latter years.

Adjusted Total Assets

Adjusted total assets exhibited a similar trajectory to total assets, beginning at approximately 27.6 billion USD in 2020 and increasing to about 29.5 billion USD by 2021. A decline followed, dropping to roughly 26.2 billion USD in 2022, after which adjusted total assets steadily grew to approximately 30.2 billion USD in 2025. The trend indicates a correlation with total assets but slightly lower absolute values due to adjustments.

Overall, the asset base experienced variability with a dip around 2022, likely reflecting strategic asset reallocation, market conditions, or other operational factors affecting asset valuation or composition. The recovery and growth phase in the subsequent years point to strengthened asset acquisitions or appreciation. The close movement between total and adjusted assets suggests consistent adjustments without drastic changes to asset quality or valuation methodology.

The analysis of the current liabilities over the periods reveals an overall upward trend with some fluctuations. Current liabilities increased steadily from 7,346,800 thousand US dollars in 2020 to 9,151,800 thousand US dollars in 2022, followed by a slight increase to 9,345,300 thousand US dollars in 2023. There was a minor decrease in 2024 to 9,070,000 thousand US dollars, then a notable rise again in 2025 reaching 10,210,400 thousand US dollars. This pattern suggests an increasing obligation in the short term, which could indicate greater operational or financing activities.

Adjusted current liabilities, which likely represent current liabilities after certain adjustments, also depict an increasing trend from 5,890,300 thousand US dollars in 2020 to 7,509,900 thousand US dollars in 2022. This was followed by a moderate increase to 7,645,100 thousand US dollars in 2023, then a decrease to 7,288,800 thousand US dollars in 2024. The adjusted figure rose again to 8,369,800 thousand US dollars in 2025. The adjusted liabilities exhibit a similar pattern to total current liabilities but with lower absolute values, indicating the effect of adjustments reducing the reported liability figure.

Comparing the two series, adjusted current liabilities consistently remain below the unadjusted current liabilities for all periods, demonstrating the impact of the adjustments applied. The trend shows growth overall in both measures, with some periods experiencing slight recoveries or reductions. This suggests active management or changes in the components of current liabilities or adjustment criteria over time.

Current Liabilities Trend

Generally increasing over time with a small dip in 2024 before rising again in 2025.

Adjusted Current Liabilities Trend

Similar increasing pattern with consistent lower values than unadjusted liabilities, reflecting adjustments applied each year.

Insight

The ongoing increase in liabilities could reflect expanding operations, greater short-term obligations, or strategic financial management. Adjustments reduce liabilities, possibly for accounting or financial insight purposes, maintaining a clearer view of obligations.

The total liabilities of the company demonstrate a generally increasing trend over the examined period. From the end of the fiscal year 2020 to the fiscal year 2025, total liabilities rose from approximately 37.2 billion US dollars to about 40.1 billion US dollars. This increase suggests a gradual expansion in the company's obligations.

Analyzing the adjusted total liabilities, a similar upward trajectory is evident. Adjusted total liabilities increased from roughly 28.96 billion US dollars in 2020 to around 32.45 billion US dollars in 2025. The growth in this adjusted figure, although slightly more moderate compared to the nominal total liabilities, still reflects rising leverage or financial commitments over time.

There is a noticeable consistency in the difference between total liabilities and adjusted total liabilities, with the adjusted figure consistently lower, indicating that certain adjustments or exclusions are systematically applied, likely to provide a more precise measure of financial obligations under specific accounting treatments or internal criteria.

Overall, the trend indicates a steady increase in liabilities over the years, which may reflect the company's ongoing investments, operational expansion, or other financial strategies. Monitoring the relation between liabilities growth and asset base or revenue trends would be advisable to assess the impact on financial stability and risk exposure.

The financial data reveals key insights into the trends related to the shareholders' deficit and the adjusted total deficit over the six-year period.

Shareholders’ Deficit

The shareholders’ deficit has experienced significant fluctuations throughout the observed period. Initially, there was a marked decrease in the deficit from -7,805,100 thousand US dollars in 2020 to -5,321,200 thousand US dollars in 2021, indicating an improvement in the company's financial position. However, this was followed by an increase in the deficit to -8,706,600 thousand US dollars in 2022, suggesting a deterioration.

From 2022 onward, the deficit showed some volatility but remained at a substantial negative level: it decreased to -7,994,800 thousand US dollars in 2023, further improved to -7,448,900 thousand US dollars in 2024, and then increased again to -8,096,600 thousand US dollars in 2025. This pattern indicates the presence of instability in equity financing or accumulated losses, with no sustained improvement trend.

Adjusted Total Deficit

The adjusted total deficit displayed a different trajectory with both negative and positive values over time. It started at -1,349,100 thousand US dollars in 2020 and then improved significantly to a positive value of 1,043,900 thousand US dollars in 2021, indicating a period of reduced deficit or surplus after adjustments.

Nonetheless, the deficit worsened again from 2022 onward, shifting to -2,431,000 thousand in 2022, then slightly improving to -1,917,200 thousand in 2023, further improving to -1,421,200 thousand in 2024, and again deteriorating to -2,228,500 thousand in 2025. The fluctuations suggest instability in the adjusted financial position, with no clear sustained recovery.

Overall, while there were periods of improvement in both shareholders' deficit and adjusted total deficit, the general trend indicates persistent financial challenges. The absence of consistent positive movement in these key indicators suggests ongoing pressures on equity and potentially accumulated losses impacting the company’s financial stability across the observed timeframe.

The financial data reveals several notable trends in the debt, deficit, and capital positions over the observed periods.

Total Reported Debt

The total reported debt shows a generally increasing trend. Starting at approximately $15.9 billion, it decreased slightly by 2021 but then gradually rose in subsequent years, reaching about $16.1 billion by 2025. This indicates a moderate increase in debt levels over the period.

Shareholders’ Deficit

The shareholders’ deficit fluctuated significantly. It improved from a deficit of around $7.8 billion in 2020 to about $5.3 billion in 2021. However, the deficit widened sharply again in 2022 to roughly $8.7 billion, followed by a gradual reduction through 2024. By 2025, the deficit increased again to approximately $8.1 billion. This volatility suggests fluctuating equity value or retained losses over time.

Total Reported Capital

Reported capital showed an overall stable but slightly volatile pattern. After rising from $8.1 billion in 2020 to nearly $9.3 billion in 2021, it dropped significantly in 2022 to $6.2 billion. Since then, it rebounded, reaching $8.0 billion by 2025. This indicates some recovery in reported capital after a pronounced dip.

Adjusted Total Debt

Adjusted total debt followed a similar upward trend as total reported debt but at higher absolute values, starting near $24.8 billion in 2020 and increasing steadily to approximately $26.6 billion by 2025. This suggests that when adjustments are considered, the company carries a heavier debt load.

Adjusted Total Deficit

The adjusted total deficit showed considerable variability, beginning at about negative $1.35 billion in 2020, turning positive in 2021 to $1.0 billion, and then moving back into negative territory in subsequent years, oscillating between roughly negative $2.4 billion and negative $1.4 billion. This variation points to fluctuating adjustments that impact the net deficit position.

Adjusted Total Capital

The adjusted total capital started at $23.5 billion in 2020, increased to almost $24.6 billion in 2021, before declining significantly to around $21.2 billion in 2022. After this decline, it recovered gradually, stabilizing near $24.4 billion in 2024 and 2025. This reflects some recovery in adjusted capital after a low point in 2022.

Overall, the data reflects a pattern of moderate increases in debt levels, both reported and adjusted. The capital figures experience volatility with a notable dip in 2022 but recover subsequently. Deficit measures show fluctuating trends, indicating changes in equity and financial adjustments impacting net worth. The variations suggest periods of financial stress followed by partial recovery, emphasizing the importance of monitoring adjustments and their effects on the overall financial position.

The analysis of the annual financial data reveals a consistent upward trend in both net revenues and adjusted net revenues over the examined periods. The values indicate growth each year, demonstrating the company's expanding revenue base.

Net Revenues

Net revenues increased steadily from approximately 23.5 billion US dollars in the earliest period to about 37.2 billion US dollars in the latest period. This represents a significant growth trajectory, reflecting positive operational performance and an expanding market presence.

Adjusted Net Revenues

The adjusted net revenues follow a similar upward pattern, starting at roughly 23.6 billion US dollars and reaching approximately 37.1 billion US dollars by the final period. The close alignment with net revenues suggests limited adjustments and a consistent approach to revenue reporting.

Overall, the data points to a robust financial performance with continuous revenue growth over the years analyzed. This trend highlights effective business strategies and operational scalability contributing to increased income levels.

Net Earnings Attributable to Starbucks

The net earnings show a strong increase from 928.3 million USD in 2020 to a peak of approximately 4.2 billion USD in 2021, indicating significant growth during this period. However, there is a subsequent decline in 2022, with earnings dropping to about 3.3 billion USD, followed by a recovery to around 4.1 billion USD in 2023. Afterward, earnings decrease again to approximately 3.8 billion USD in 2024 and further fall sharply to about 1.9 billion USD in 2025. This pattern suggests considerable volatility in net earnings over the years, with alternating periods of growth and contraction.

Adjusted Net Earnings Including Noncontrolling Interests

Adjusted net earnings follow a similar trajectory to net earnings attributable, starting at approximately 1.09 billion USD in 2020 and rising to a high of roughly 4.59 billion USD in 2021. In 2022, there is a pronounced decline to around 2.56 billion USD, followed by a partial recovery reaching approximately 3.63 billion USD in 2023. The figures then increase slightly to about 4.04 billion USD in 2024 before dropping significantly to roughly 1.69 billion USD in 2025. This trend reflects the underlying volatility seen in net earnings, with an overall pattern of a sharp rise followed by fluctuating decreases and a notable downturn in the most recent year.

Overall Financial Trends

The data reveals a considerable fluctuation in both reported and adjusted net earnings over the five-year span. The peak values in 2021 suggest a particularly strong year in terms of profitability. Subsequent years show instability, with substantial decreases interspersed with partial recoveries, culminating in a significant earnings decline in 2025. This volatility could indicate external or internal challenges impacting profitability, such as market conditions, operational changes, or other financial factors. The consistent alignment between net earnings and adjusted net earnings trends underscores reliability in the reported performance patterns.