Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Starbucks Corp., consolidated income statement

US$ in thousands

12 months ended:	Sep 28, 2025	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020
Company-operated stores	30,744,800)	29,765,900)	29,462,300)	26,576,100)	24,607,000)	19,164,600)
Licensed stores	4,350,400)	4,505,100)	4,512,700)	3,655,500)	2,683,600)	2,327,100)
Other	2,089,200)	1,905,200)	2,000,600)	2,018,700)	1,770,000)	2,026,300)
Net revenues	37,184,400)	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)
Product and distribution costs	(11,658,200)	(11,180,600)	(11,409,100)	(10,317,400)	(8,738,700)	(7,694,900)
Wages and benefits	(9,862,400)	(8,828,600)	(8,733,400)	(8,157,700)	(6,989,300)	(6,131,900)
Occupancy costs	(3,318,600)	(3,050,600)	(2,871,000)	(2,674,100)	(2,561,500)	(2,388,000)
Other expenses	(3,877,900)	(3,407,300)	(3,115,900)	(2,730,000)	(2,380,100)	(2,244,100)
Store operating expenses	(17,058,900)	(15,286,500)	(14,720,300)	(13,561,800)	(11,930,900)	(10,764,000)
Cost of revenues	(28,717,100)	(26,467,100)	(26,129,400)	(23,879,200)	(20,669,600)	(18,458,900)
Gross profit	8,467,300)	9,709,100)	9,846,200)	8,371,100)	8,391,000)	5,059,100)
Other operating expenses	(584,600)	(565,600)	(539,400)	(461,500)	(359,500)	(430,300)
Depreciation and amortization expenses	(1,684,700)	(1,512,600)	(1,362,600)	(1,447,900)	(1,441,700)	(1,431,300)
General and administrative expenses	(2,617,200)	(2,523,300)	(2,441,300)	(2,032,000)	(1,932,600)	(1,679,600)
Restructuring and impairments	(892,000)	—)	(21,800)	(46,000)	(170,400)	(278,700)
Income from equity investees	247,800)	301,200)	298,400)	234,100)	385,300)	322,500)
Gain from sale of assets	—)	—)	91,300)	—)	—)	—)
Operating income	2,936,600)	5,408,800)	5,870,800)	4,617,800)	4,872,100)	1,561,700)
Net gain resulting from divestiture of certain operations	—)	—)	—)	—)	864,500)	—)
Interest income and other, net	113,300)	122,800)	81,200)	97,000)	90,100)	39,700)
Interest expense	(542,600)	(562,000)	(550,100)	(482,900)	(469,800)	(437,000)
Earnings before income taxes	2,507,300)	4,969,600)	5,401,900)	4,231,900)	5,356,900)	1,164,400)
Income tax expense	(650,600)	(1,207,300)	(1,277,200)	(948,500)	(1,156,600)	(239,700)
Net earnings including noncontrolling interests	1,856,700)	3,762,300)	4,124,700)	3,283,400)	4,200,300)	924,700)
Net (earnings) loss attributable to noncontrolling interests	(300)	(1,400)	(200)	(1,800)	(1,000)	3,600)
Net earnings attributable to Starbucks	1,856,400)	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)

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 financial data reveals notable trends in revenue, expenses, and profitability over the observed periods.

Revenue and Store Operations: Net revenues exhibit a consistent upward trend, growing from approximately 23.5 billion USD to 37.2 billion USD over the periods. Company-operated stores have steadily increased in value, indicating expansion or enhanced performance, moving from 19.2 billion USD to 30.7 billion USD. Licensed stores have grown from 2.3 billion USD to a peak of around 4.5 billion USD before slightly declining to 4.35 billion USD. Other revenue sources show mild fluctuations but remain relatively stable over time.
Cost Structure: Product and distribution costs have generally increased, reflecting the scaling of operations, with a slight dip between two intermediate periods but rising again towards the most recent data point. Wages and benefits have demonstrated a steady rise, indicating growing staffing costs or wage inflation, increasing from roughly 6.1 billion USD to 9.9 billion USD. Occupancy costs and other expenses have also increased consistently, though at a moderate pace compared to wages.
Profitability Metrics: Gross profit peaked around the fourth period at nearly 9.8 billion USD but declined in the latest periods to approximately 8.5 billion USD. Operating income followed a similar pattern, reaching a high of about 5.9 billion USD before decreasing substantially to roughly 2.9 billion USD. Earnings before income taxes and net earnings attributable to the company show a rising trend up to the middle periods, followed by a decline towards the last reported period.
Operating Expenses and Efficiency: Store operating expenses increased steadily, mirroring the growth in store operations and reaching 17.1 billion USD in the last period. Other operating expenses, depreciation, amortization, and general administrative expenses all trend upward, suggesting ongoing investments and administrative cost escalation. Restructuring and impairment expenses fluctuate with a notable spike in the final period, likely impacting net profitability adversely.
Non-operating Items and Income Tax: Income from equity investees remains relatively stable over the periods. One-time gains such as the gain from the sale of assets and net gain from divestiture appear sporadically but do not present a clear trend. Interest expense increases moderately, while interest income shows some volatility but remains comparatively minor. Income tax expense rises with income levels but declines notably in the final period, correlating with reduced earnings before tax.
Summary of Profitability Trends: Overall, the company has grown revenues significantly, supported by expansion in company-operated and licensed stores. However, cost increases across various categories and a spike in restructuring expenses have compressed operating income and net earnings in the most recent period. This suggests pressures on profitability despite revenue growth, highlighting potential challenges in cost management or operational efficiency in the latest financial period.

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Starbucks Corp. (NASDAQ:SBUX)

Income Statement