Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Starbucks Corp., consolidated cash flow 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
Net earnings including noncontrolling interests	1,856,700)	3,762,300)	4,124,700)	3,283,400)	4,200,300)	924,700)
Depreciation and amortization	1,771,500)	1,592,400)	1,450,300)	1,529,400)	1,524,100)	1,503,200)
Deferred income taxes, net	(90,600)	(13,800)	(59,400)	(37,800)	(146,200)	(25,800)
Income earned from equity method investees, net	(274,200)	(306,400)	(301,800)	(268,700)	(347,300)	(280,700)
Distributions received from equity method investees	294,400)	333,300)	222,800)	231,200)	336,000)	227,700)
Gain on sale of assets	—)	—)	(91,300)	—)	—)	—)
Net gain resulting from divestiture of certain operations	—)	—)	—)	—)	(864,500)	—)
Stock-based compensation	318,300)	308,300)	302,700)	271,500)	319,100)	248,600)
Non-cash lease cost	1,513,800)	1,314,900)	1,365,900)	1,497,700)	1,248,600)	1,197,600)
Loss on disposal, impairment, and accelerated amortization of assets	834,700)	121,500)	101,400)	91,400)	226,200)	454,400)
Other	17,300)	31,900)	26,800)	(67,800)	(6,000)	24,500)
Accounts receivable	(89,700)	18,400)	(4,100)	(326,100)	(43,000)	(2,700)
Inventories	(408,400)	42,800)	366,400)	(641,000)	(49,800)	(10,900)
Income taxes payable	103,800)	(61,900)	52,500)	(149,600)	286,100)	(1,214,600)
Accounts payable	261,000)	28,000)	100,100)	345,500)	189,900)	(210,800)
Deferred revenue	(120,700)	(72,200)	(110,800)	(75,800)	(6,100)	31,000)
Operating lease liability	(1,576,700)	(1,294,900)	(1,443,800)	(1,625,600)	(1,488,100)	(1,231,400)
Other operating assets and liabilities	336,300)	291,000)	(93,700)	339,600)	609,800)	(37,000)
Cash provided by (used in) changes in operating assets and liabilities	(1,494,400)	(1,048,800)	(1,133,400)	(2,133,000)	(501,200)	(2,676,400)
Adjustments to reconcile net earnings to net cash provided by operating activities	2,890,800)	2,333,300)	1,884,000)	1,113,900)	1,788,800)	673,100)
Net cash provided by operating activities	4,747,500)	6,095,600)	6,008,700)	4,397,300)	5,989,100)	1,597,800)
Purchases of investments	(333,600)	(627,500)	(610,500)	(377,900)	(432,000)	(443,900)
Sales of investments	1,100)	10,300)	2,500)	72,600)	143,200)	186,700)
Maturities and calls of investments	391,800)	768,200)	616,900)	67,300)	345,500)	73,700)
Additions to property, plant and equipment	(2,305,500)	(2,777,500)	(2,333,600)	(1,841,300)	(1,470,000)	(1,483,600)
Acquisitions, net of cash acquired	(177,100)	—)	—)	—)	—)	—)
Proceeds from sale of assets	—)	—)	110,000)	—)	—)	—)
Net proceeds from the divestiture of certain operations	—)	—)	—)	59,300)	1,175,000)	—)
Other	(62,100)	(72,700)	(56,100)	(126,300)	(81,200)	(44,400)
Net cash used in investing activities	(2,485,400)	(2,699,200)	(2,270,800)	(2,146,300)	(319,500)	(1,711,500)
Net proceeds from issuance (payments) of commercial paper	—)	—)	(175,000)	175,000)	(296,500)	—)
Net proceeds from issuance of short-term debt	2,400)	123,800)	114,600)	36,600)	215,100)	1,406,600)
Repayments of short-term debt	(7,800)	(157,500)	(78,800)	(36,600)	(349,800)	(967,700)
Net proceeds from issuance of long-term debt	1,748,500)	1,995,300)	1,497,800)	1,498,100)	—)	4,727,600)
Repayments of long-term debt	(1,250,000)	(1,825,100)	(1,000,000)	(1,000,000)	(1,250,000)	—)
Proceeds from issuance of common stock	77,000)	108,000)	167,400)	101,600)	246,200)	298,800)
Cash dividends paid	(2,771,400)	(2,585,000)	(2,431,800)	(2,263,300)	(2,119,000)	(1,923,500)
Repurchase of common stock	—)	(1,266,700)	(984,400)	(4,013,000)	—)	(1,698,900)
Minimum tax withholdings on share-based awards	(87,400)	(100,400)	(89,300)	(127,200)	(97,000)	(91,900)
Other	(9,300)	(10,600)	(11,100)	(9,200)	—)	(37,700)
Net cash provided by (used in) financing activities	(2,298,000)	(3,718,200)	(2,990,600)	(5,638,000)	(3,651,000)	1,713,300)
Effect of exchange rate changes on cash and cash equivalents	(30,500)	56,500)	(14,200)	(250,300)	86,200)	64,700)
Net increase (decrease) in cash and cash equivalents	(66,400)	(265,300)	733,100)	(3,637,300)	2,104,800)	1,664,300)
Cash and cash equivalents, beginning of period	3,286,200)	3,551,500)	2,818,400)	6,455,700)	4,350,900)	2,686,600)
Cash and cash equivalents, end of period	3,219,800)	3,286,200)	3,551,500)	2,818,400)	6,455,700)	4,350,900)

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).

Net Earnings: The reported net earnings showed considerable volatility over the periods. After a notable peak in 2021, net earnings declined in subsequent years, with a steep drop evident in 2025, reaching the lowest value in the observed timeframe.
Depreciation and Amortization: This expense remained relatively stable with a gradual increase over the years, reflecting ongoing investment in tangible and intangible assets.
Equity Method Investments: Income from equity method investees was consistently negative, indicating losses or expenses derived from associated companies, while distributions received fluctuated but generally reflected positive cash inflows.
Unusual Gains and Losses: One-time items such as gains from divestiture and asset sales appeared sporadically. A significant gain from divestiture occurred in 2021, while a notable loss on asset sales was seen in 2023. Additionally, impairment-related losses displayed variability with a substantial increase in 2025.
Non-Cash and Stock-Based Items: Non-cash lease costs and stock-based compensation steadily increased or remained consistent, highlighting ongoing lease obligations and employee incentive programs.
Working Capital Changes: Changes in operating assets and liabilities showed irregular swings, with significant cash usage in changes during some years, particularly in 2020 and 2022, while other years exhibited smaller fluctuations.
Operating Cash Flow: Net cash provided by operating activities generally trended upward through 2024, indicating improving operational cash generation despite earnings volatility. A decline occurred in 2025 but remained positive.
Investing Activities: Consistent negative cash flows from investing activities reflected significant expenditures on property, plant, and equipment alongside purchases of investments. Occasional proceeds from asset sales and divestitures provided offsetting inflows in certain years.
Financing Activities: Financing cash flows exhibited significant variability, including periods of net inflows and outflows. Notably, large repayments of debt and stock repurchases occurred in several years, corresponding with substantial dividend payments that increased steadily.
Liquidity Position: Cash and cash equivalents fluctuated markedly, with growth through 2021 followed by a notable reduction in 2022, some recovery in 2023, and moderate decline thereafter. The overall trend suggests active liquidity management amid shifting operational and financing cash flows.
Balance Sheet-Related Items: Accounts receivable and inventories showed volatile movements, indicating variable working capital management. Liabilities such as accounts payable and operating lease liabilities also fluctuated but remained significant.
Summary: The financial data reveal a company experiencing fluctuating profitability paired with strong operational cash flow generation over most years. Investment in assets remained robust, supported by financing activities that included debt issuances and repayments as well as shareholder returns through dividends and stock repurchases. Variations in working capital and one-time transactions significantly impacted cash flow components, indicating dynamic financial management in response to operational needs and market conditions.

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Starbucks Corp. (NASDAQ:SBUX)

Cash Flow Statement