Cash Flow Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Mar 29, 2026	Dec 28, 2025	Sep 28, 2025	Jun 29, 2025	Mar 30, 2025	Dec 29, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Oct 1, 2023	Jul 2, 2023	Apr 2, 2023	Jan 1, 2023	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Jan 2, 2022	Oct 3, 2021	Jun 27, 2021	Mar 28, 2021	Dec 27, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 29, 2019
Net earnings (loss) including noncontrolling interests	510,800)	293,200)	133,200)	558,400)	384,200)	780,900)	909,600)	1,055,800)	772,500)	1,024,400)	1,219,300)	1,141,800)	908,400)	855,200)	878,600)	913,700)	675,000)	816,100)	1,764,600)	1,154,100)	659,400)	622,200)	392,700)	(678,100)	324,800)	885,300)
Depreciation and amortization	389,200)	431,900)	456,000)	448,000)	435,300)	432,200)	401,400)	407,400)	399,200)	384,400)	376,500)	364,500)	366,800)	342,500)	360,400)	391,300)	391,300)	386,400)	377,900)	373,300)	384,500)	388,400)	379,200)	377,100)	377,700)	369,200)
Deferred income taxes, net	60,400)	302,600)	(138,700)	60,500)	2,500)	(14,900)	(30,400)	12,600)	(22,100)	26,100)	(29,200)	(32,800)	(13,200)	15,800)	(72,800)	6,600)	28,700)	(300)	(33,000)	(88,000)	(19,100)	(6,100)	(45,800)	(27,700)	37,300)	10,400)
Income earned from equity method investees, net	(65,700)	(62,300)	(89,800)	(68,900)	(62,400)	(53,100)	(104,900)	(69,200)	(73,300)	(59,000)	(119,100)	(72,800)	(53,000)	(56,900)	(93,700)	(56,300)	(72,100)	(46,600)	(109,000)	(107,000)	(62,300)	(69,000)	(98,400)	(66,000)	(53,400)	(62,900)
Distributions received from equity method investees	13,000)	96,700)	107,900)	52,700)	51,900)	81,900)	112,800)	66,000)	49,300)	105,200)	76,200)	58,600)	42,300)	45,700)	85,300)	45,100)	55,900)	44,900)	109,300)	96,500)	53,000)	77,200)	62,100)	67,500)	33,800)	64,300)
Gain on sale of assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(91,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net gain resulting from divestiture of certain operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(864,500)	—)	—)	—)	—)	—)	—)	—)
Stock-based compensation	93,200)	126,100)	74,000)	66,000)	77,700)	100,600)	71,700)	63,600)	78,200)	94,800)	74,200)	69,200)	74,100)	85,200)	64,900)	57,400)	53,400)	95,800)	63,800)	80,000)	76,000)	99,300)	60,600)	41,400)	56,300)	90,300)
Non-cash lease costs	322,500)	352,800)	408,900)	293,300)	317,900)	493,700)	232,300)	393,100)	411,500)	278,000)	367,500)	413,700)	321,000)	263,700)	407,300)	419,700)	340,300)	330,400)	316,900)	313,800)	309,600)	308,300)	295,200)	306,100)	301,400)	294,900)
Loss on disposal, impairment, and accelerated amortization of assets	28,300)	109,700)	691,700)	60,900)	41,200)	40,900)	58,600)	20,400)	14,200)	28,300)	22,300)	3,500)	54,500)	21,100)	1,800)	12,300)	26,600)	50,700)	21,500)	29,300)	42,800)	132,600)	329,800)	93,700)	18,200)	12,700)
Other	(7,400)	5,400)	5,900)	8,000)	10,400)	(7,000)	11,700)	3,900)	(1,500)	17,800)	4,000)	200)	15,900)	6,700)	(23,100)	(26,800)	(13,000)	(4,900)	800)	8,600)	(5,200)	(10,200)	(39,200)	26,900)	44,400)	(7,600)
Accounts receivable	(83,200)	(200)	(43,300)	(63,400)	92,800)	(75,800)	(26,300)	(41,700)	44,100)	42,300)	(48,400)	18,100)	(15,800)	42,000)	(80,600)	(183,400)	29,500)	(91,600)	(29,900)	(25,900)	(6,800)	19,600)	(16,100)	74,100)	(37,800)	(22,900)
Inventories	(58,600)	(31,800)	69,200)	(196,600)	(306,100)	25,100)	96,200)	(117,900)	(109,800)	174,300)	171,900)	(100)	86,100)	108,500)	(83,700)	(232,400)	(288,900)	(36,000)	(58,200)	(42,900)	(38,800)	90,100)	40,800)	(88,600)	(85,900)	122,800)
Income taxes payable	(61,300)	55,400)	53,100)	44,300)	(98,500)	104,900)	(11,200)	34,200)	(274,500)	189,600)	4,500)	32,200)	(131,800)	147,600)	—)	—)	—)	—)	157,200)	88,900)	(16,900)	56,900)	9,900)	2,900)	(1,352,500)	125,100)
Accounts payable	(2,400)	(39,000)	(30,100)	(48,300)	109,200)	230,200)	(33,700)	113,300)	44,200)	(95,800)	52,800)	98,500)	66,100)	(117,300)	3,800)	208,700)	49,000)	84,000)	81,700)	86,900)	(3,500)	24,800)	109,500)	(133,900)	(76,100)	(110,300)
Deferred revenue	(369,100)	472,300)	(115,700)	(70,400)	(415,500)	480,900)	(123,800)	(77,300)	(379,600)	508,500)	(102,600)	(62,200)	(407,000)	461,000)	(108,500)	(77,500)	(351,100)	461,300)	(58,500)	(37,400)	(309,100)	398,900)	(61,000)	(20,100)	(314,600)	426,700)
Operating lease liability	(446,100)	(433,200)	(432,700)	(309,600)	(324,200)	(510,200)	(245,200)	(414,600)	(344,600)	(290,500)	(387,700)	(434,300)	(340,400)	(281,400)	(424,200)	(435,100)	(403,000)	(363,300)	(458,300)	(353,500)	(361,500)	(314,800)	(313,200)	(309,600)	(307,000)	(301,600)
Other operating assets and liabilities	40,900)	(81,900)	232,200)	166,800)	(24,400)	(38,300)	216,800)	220,500)	(101,800)	(44,500)	262,800)	104,800)	(115,100)	(346,200)	184,200)	221,500)	(359,700)	144,000)	238,400)	172,200)	181,700)	17,500)	384,600)	(33,400)	(327,900)	(60,300)
Cash provided by (used in) changes in operating assets and liabilities	(979,800)	(58,400)	(267,300)	(477,200)	(966,700)	216,800)	(127,200)	(283,500)	(1,122,000)	483,900)	(46,700)	(243,000)	(857,900)	14,200)	(509,000)	(498,200)	(1,324,200)	198,400)	(127,600)	(111,700)	(554,900)	293,000)	154,500)	(508,600)	(2,501,800)	179,500)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities	(146,300)	1,304,500)	1,248,600)	443,300)	(92,200)	1,291,100)	626,000)	614,300)	(266,500)	1,359,500)	725,700)	561,100)	(140,800)	738,000)	221,100)	351,100)	(513,100)	1,054,800)	(243,900)	594,800)	224,400)	1,213,500)	1,098,000)	310,400)	(1,686,100)	950,800)
Net cash provided by operating activities	364,500)	1,597,700)	1,381,800)	1,001,700)	292,000)	2,072,000)	1,535,600)	1,670,100)	506,000)	2,383,900)	1,945,000)	1,702,900)	767,600)	1,593,200)	1,099,700)	1,264,800)	161,900)	1,870,900)	1,520,700)	1,748,900)	883,800)	1,835,700)	1,490,700)	(367,700)	(1,361,300)	1,836,100)
Purchases of investments	(54,600)	(51,000)	(35,400)	(128,800)	(103,100)	(66,300)	(81,900)	(73,600)	(254,900)	(217,100)	(253,400)	(109,400)	(237,200)	(10,500)	(260,600)	(49,800)	(6,500)	(61,000)	(64,700)	(45,600)	(186,200)	(135,500)	(146,500)	(232,300)	(27,100)	(38,000)
Sales of investments	16,100)	300)	—)	1,100)	—)	—)	9,800)	—)	500)	—)	500)	100)	1,100)	800)	—)	—)	—)	72,600)	12,800)	8,700)	30,500)	91,200)	53,200)	39,800)	29,100)	64,600)
Maturities and calls of investments	28,800)	77,200)	114,900)	135,900)	53,400)	87,600)	36,400)	233,100)	245,200)	253,500)	101,900)	245,000)	16,700)	253,300)	7,800)	3,800)	10,100)	45,600)	46,800)	9,700)	175,300)	113,700)	63,700)	5,700)	3,000)	1,300)
Additions to property, plant and equipment	(272,700)	(323,700)	(456,000)	(567,400)	(589,200)	(692,900)	(798,200)	(724,300)	(659,100)	(595,900)	(699,500)	(632,100)	(485,200)	(516,800)	(545,900)	(423,500)	(455,100)	(416,800)	(484,300)	(337,800)	(323,700)	(324,200)	(345,200)	(380,100)	(364,000)	(394,300)
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	(48,000)	(25,700)	(14,000)	(36,500)	(5,100)	(6,500)	(15,800)	(20,700)	(26,900)	(9,300)	(14,100)	(2,800)	(33,100)	(6,100)	(30,600)	(25,900)	(28,400)	(41,400)	(18,900)	(42,200)	(2,400)	(17,700)	(5,000)	(16,900)	(2,600)	(19,900)
Net cash used in investing activities	(330,400)	(322,900)	(390,500)	(595,700)	(644,000)	(855,200)	(849,700)	(585,500)	(695,200)	(568,800)	(864,600)	(499,200)	(627,700)	(279,300)	(770,000)	(495,400)	(479,900)	(401,000)	666,700)	(407,200)	(306,500)	(272,500)	(379,800)	(583,800)	(361,600)	(386,300)
Net proceeds from issuance (payments) of commercial paper	—)	—)	—)	—)	—)	—)	—)	—)	(300,000)	300,000)	—)	—)	—)	(175,000)	(25,000)	200,000)	(200,000)	200,000)	—)	—)	(296,500)	—)	—)	(613,000)	214,100)	398,900)
Net proceeds from issuance of short-term debt	—)	2,500)	—)	1,300)	1,100)	—)	5,500)	25,100)	44,100)	49,100)	30,900)	30,900)	52,800)	—)	(2,300)	21,500)	17,400)	—)	(500)	12,300)	10,400)	192,900)	249,400)	663,100)	395,100)	99,000)
Repayments of short-term debt	(1,000,000)	—)	—)	(2,400)	—)	(5,400)	(30,500)	(46,500)	(46,700)	(33,800)	(32,100)	(46,700)	—)	—)	2,300)	(26,300)	(12,600)	—)	(3,600)	(25,700)	(175,800)	(144,700)	(747,000)	(220,700)	—)	—)
Net proceeds from issuance of long-term debt	—)	—)	—)	1,748,500)	—)	—)	—)	—)	1,995,300)	—)	—)	—)	1,497,800)	—)	—)	—)	1,498,100)	—)	—)	—)	—)	—)	—)	2,987,900)	1,739,700)	—)
Repayments of long-term debt	—)	—)	(1,250,000)	—)	—)	—)	—)	—)	(1,075,100)	(750,000)	—)	—)	(1,000,000)	—)	—)	(1,000,000)	—)	—)	—)	—)	(750,000)	(500,000)	—)	—)	—)	—)
Proceeds from issuance of common stock	18,800)	17,700)	17,400)	15,200)	27,300)	17,100)	28,800)	20,800)	26,100)	32,300)	18,000)	19,600)	83,900)	45,900)	26,100)	19,200)	15,000)	41,300)	54,600)	57,200)	31,600)	102,800)	199,900)	33,500)	32,300)	33,100)
Cash dividends paid	(706,300)	(705,100)	(693,300)	(693,200)	(693,000)	(691,900)	(646,000)	(645,500)	(645,400)	(648,100)	(607,000)	(607,400)	(609,100)	(608,300)	(562,200)	(561,900)	(563,200)	(576,000)	(530,800)	(530,200)	(529,800)	(528,200)	(479,300)	(479,000)	(481,000)	(484,200)
Repurchase of common stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,266,700)	(285,100)	(220,000)	(287,900)	(191,400)	—)	(15,500)	(476,600)	(3,520,900)	—)	—)	—)	—)	—)	—)	(607,500)	(1,091,400)
Minimum tax withholdings on share-based awards	(2,100)	(58,100)	(6,800)	(4,100)	(1,900)	(74,600)	(2,300)	(4,000)	(2,000)	(92,100)	(2,300)	(5,600)	(2,400)	(79,000)	(3,700)	(1,400)	(8,500)	(113,600)	(2,800)	(4,100)	(1,500)	(88,600)	(2,800)	(1,500)	(9,200)	(78,400)
Other	—)	—)	(100)	(9,200)	—)	—)	—)	—)	(10,600)	—)	(100)	(300)	(10,700)	—)	—)	—)	(9,200)	—)	—)	—)	—)	—)	100)	(27,400)	(10,400)	—)
Net cash provided by (used in) financing activities	(1,689,600)	(743,000)	(1,932,800)	1,056,100)	(666,500)	(754,800)	(644,500)	(650,100)	(14,300)	(2,409,300)	(877,700)	(829,500)	(275,600)	(1,007,800)	(564,800)	(1,364,400)	260,400)	(3,969,200)	(483,100)	(490,500)	(1,711,600)	(965,800)	(779,700)	2,342,900)	1,273,100)	(1,123,000)
Effect of exchange rate changes on cash and cash equivalents	(3,100)	9,000)	(11,300)	39,100)	18,500)	(76,800)	65,700)	(19,600)	(32,700)	43,100)	(8,200)	(89,000)	21,000)	62,000)	(124,000)	(140,900)	1,600)	13,000)	(1,700)	21,200)	(13,100)	79,800)	53,800)	2,200)	(18,400)	27,100)
Net change in cash balances classified as assets held for sale	(222,800)	(347,200)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	(1,881,400)	193,600)	(952,800)	1,501,200)	(1,000,000)	385,200)	107,100)	414,900)	(236,200)	(551,100)	194,500)	285,200)	(114,700)	368,100)	(359,100)	(735,900)	(56,000)	(2,486,300)	1,702,600)	872,400)	(1,147,400)	677,200)	385,000)	1,393,600)	(468,200)	353,900)

The cash flow profile reflects a period of significant operational volatility, characterized by a sharp contraction in early 2020 followed by a recovery and a subsequent phase of aggressive capital investment. While net earnings have fluctuated, the overall capacity to generate cash from operations has remained generally positive, though subject to substantial quarterly swings driven by working capital adjustments.

Operating Cash Flow and Earnings Quality: Net cash provided by operating activities shows a pattern of high volatility. A severe decline is observed in the first half of 2020, coinciding with negative net earnings in June 2020. However, a strong recovery trend emerged through 2021 and peaked in late 2023, where quarterly operating cash flow reached 2.38 billion. This growth was supported by consistent non-cash charges, with depreciation and amortization remaining stable between 340 million and 450 million. Significant fluctuations in deferred revenue and income taxes payable have contributed to the erratic nature of the quarterly cash inflows.
Investment Strategy and Capital Expenditures: Investing activities are consistently characterized by net cash outflows, primarily driven by additions to property, plant, and equipment. An expansionary phase is evident between 2022 and 2024, with quarterly capital expenditures increasing from approximately 400 million to peaks of nearly 800 million in late 2024. This suggests a strategic period of infrastructure growth or store renovation. This trend reversed in 2025 and 2026, with expenditures declining toward 270 million. A notable liquidity event occurred in October 2021, where a divestiture of operations generated a significant cash inflow of 1.175 billion.
Financing Activities and Capital Structure: Financing activities demonstrate a consistent commitment to shareholder returns and a cyclical approach to debt management. Cash dividends have followed a steady upward trajectory, rising from approximately 480 million per quarter in 2019 to over 700 million by 2026. Share repurchases have been sporadic but intense, most notably in January 2022 with a 3.52 billion outflow. To fund these distributions and capital investments, the entity has utilized cyclical issuances of long-term debt, often followed by large repayments, such as the 1.25 billion repayment observed in 2025.
Liquidity and Cash Balance Trends: The net change in cash balances is highly variable, reflecting the timing of large financing events and capital spending. The data indicates a reliance on the debt market to smooth out the timing differences between operational cash generation and large-scale investment or repurchase activities. The overall trend shows an organization that leverages its operating cash flow to sustain dividend growth while alternating between periods of aggressive expansion and capital preservation.

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Starbucks Corp. (NASDAQ:SBUX)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data