Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

$24.99

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.

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Starbucks Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: 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 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018
Net earnings (loss) including noncontrolling interests
Depreciation and amortization
Deferred income taxes, net
Income earned from equity method investees, net
Distributions received from equity method investees
Gain on sale of assets
Net gain resulting from divestiture of certain operations
Stock-based compensation
Goodwill impairments
Non-cash lease costs
Loss on retirement and impairment of assets
Other
Accounts receivable
Inventories
Income taxes payable
Accounts payable
Deferred revenue
Operating lease liability
Other operating assets and liabilities
Cash provided by (used in) changes in operating assets and liabilities
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Sales of investments
Maturities and calls of investments
Additions to property, plant and equipment
Acquisitions, net of cash acquired
Proceeds from sale of assets
Net proceeds from the divestiture of certain operations
Other
Net cash used in investing activities
Net proceeds from issuance (payments) of commercial paper
Net proceeds from issuance of short-term debt
Repayments of short-term debt
Net proceeds from issuance of long-term debt
Repayments of long-term debt
Proceeds from issuance of common stock
Cash dividends paid
Repurchase of common stock
Minimum tax withholdings on share-based awards
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

Based on: 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), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).


Net Earnings (Loss) Including Noncontrolling Interests
The net earnings exhibit considerable fluctuation across the periods. There was a notable decline during early 2020, coinciding with a negative result in the June 28, 2020 quarter. After this trough, a recovery trend began, with earnings generally increasing into 2023. However, the most recent data for March 30, 2025, indicates a sharp decrease again, suggesting volatility in profitability.
Depreciation and Amortization
This expense has remained relatively stable with a slight upward trend over the full timespan analyzed. The values demonstrate ongoing asset usage and amortization consistent with capital intensity, with modest increases likely reflecting asset additions or capital expenditure maintenance.
Deferred Income Taxes, Net
Deferred tax balances show considerable variability, oscillating between negative and positive values without a clear directional trend. This suggests fluctuating temporary differences between book and tax accounting, potentially influenced by varying tax regulations or income recognition changes over time.
Income Earned from Equity Method Investees, Net / Distributions Received from Equity Method Investees
Income earned from equity method investees has generally been negative or fluctuating, indicating possible losses or decreased earnings in associated entities. Distributions received, however, show a less consistent pattern but generally higher positive values, suggesting cash flow received despite equity income volatility.
Stock-Based Compensation
Stock-based compensation expenses display variability but remain within a moderate range, indicating consistent use of equity incentives as part of compensation. Spikes in some quarters may reflect specific equity grant activities or changes in valuation methods.
Non-Cash Lease Costs
From around late 2019 onwards, non-cash lease costs have risen substantially, peaking during 2023. This indicates increased lease liabilities on the balance sheet and augmented lease expense recognition, possibly correlating with new leasing arrangements or accounting standard updates.
Loss on Retirement and Impairment of Assets
There are intermittent spikes in asset impairment and retirement losses, notably in mid-2020 and late 2022. These events indicate periods of asset write-downs or disposals impacting financial performance negatively, possibly due to restructuring or asset obsolescence.
Working Capital Elements (Accounts Receivable, Inventories, Accounts Payable)

Accounts receivable and inventories fluctuate significantly, reflecting changes in sales volume, customer payment patterns, and inventory management effectiveness. The inventory levels show some extreme variations, including a pronounced negative value in early 2022, indicating possible inventory reductions or write-offs. Accounts payable levels also demonstrate volatility, indicating changing supplier payment terms or purchasing patterns.

Deferred Revenue and Operating Lease Liability
Deferred revenue presents wide fluctuations, moving between positive and negative extremes, suggesting inconsistent timing of revenue recognition or changes in contract terms. Operating lease liabilities have generally increased over time, in line with higher lease obligations, consistent with the rise in non-cash lease costs previously noted.
Operating Cash Flow and Reconciliation Adjustments
Net cash provided by operating activities follows a generally increasing trajectory after a dip in 2020, reflecting improved operational cash generation. The adjustments to reconcile net earnings to operating cash flow reveal large negative and positive swings, indicating significant non-cash items and working capital impacts influencing cash flows.
Investing Activities

Capital expenditures demonstrate consistent and substantial investment in property, plant, and equipment, with increases during certain periods, notably in 2021 and 2023. Investment purchases and sales also vary considerably, reflecting active portfolio management. There are significant divestiture proceeds in earlier periods, indicating strategic asset sales. Overall, net cash used in investing activities is consistently negative, reflecting ongoing investment commitments.

Financing Activities

Financing activities exhibit large swings including significant repurchases of common stock in the earlier periods, substantially decreasing in the later years. Issuances and repayments of various debt instruments fluctuate markedly, with notable long-term debt issuances in some years followed by repayments. The company has also maintained regular dividend payments, with a gradual increase over time. The variability in financing cash flows points to active capital structure management responding to operational and market conditions.

Effect of Exchange Rate Changes on Cash and Cash Equivalents
The exchange rate impact on cash is volatile, showing both material positive and negative effects intermittently. This reflects currency fluctuations influencing reported cash balances in the company’s international operations.
Net Increase (Decrease) in Cash and Cash Equivalents
Cash flow changes demonstrate significant volatility with notable decreases during crisis periods (e.g., early 2020) followed by recovery phases. Recently, net cash changes have been less volatile but still exhibit frequent swings, indicating active cash management in response to operational needs and financing events.