Income Statement
Quarterly Data
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.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Starbucks Corp., consolidated income statement (quarterly data)
US$ in thousands
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).
Net revenues exhibit a cyclical growth pattern, characterized by a sharp contraction in the first half of 2020 followed by a sustained recovery phase. Total revenues increased from approximately $7.1 billion in December 2019 to a peak of $9.9 billion in December 2025, although the most recent quarter ending March 2026 shows a slight decline to $9.5 billion.
- Revenue Stream Composition
- Income from company-operated stores remains the primary revenue driver, growing from $5.78 billion in late 2019 to a peak of $8.19 billion in December 2025. Revenue from licensed stores also trended upward, rising from $792 million to a peak of $1.13 billion in December 2025, indicating a steady expansion of the licensed business model.
- Expense Trajectory and Cost Management
- A consistent increase in the cost of revenues is observed. Store operating expenses grew from $2.82 billion in December 2019 to $4.41 billion by March 2026. Similarly, general and administrative expenses rose from $434 million to $618 million over the same period, suggesting that the expansion of the store footprint has been accompanied by higher operational overhead.
- Gross Profitability and Margin Trends
- Gross profit experienced extreme volatility during 2020, reaching a nadir of $200 million in June 2020. While gross profit recovered and reached a peak of $2.72 billion in October 2023, a subsequent downward trend is evident, with figures falling to $1.91 billion by March 2026. This decline occurs despite revenues remaining high, signaling a compression of gross margins due to rising product and distribution costs.
- Operating Income and Bottom-Line Volatility
- Operating income demonstrates significant instability, largely due to sporadic restructuring and impairment charges. A critical downturn occurred in September 2025, where operating income fell to $278 million, primarily driven by a substantial restructuring charge of $755 million. Net earnings attributable to the company reflect this volatility, peaking at $1.76 billion in October 2021 before fluctuating and closing at $511 million in March 2026.
- Interest and Tax Obligations
- Interest expenses have remained relatively stable, fluctuating between $91.9 million and $145.8 million throughout the period. Income tax expenses show high variability, with a notable decrease in September 2025 ($30.8 million) corresponding with the period of lower earnings before taxes.