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 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
Net earnings including noncontrolling interests	3,762,300)	4,124,700)	3,283,400)	4,200,300)	924,700)	3,594,600)
Depreciation and amortization	1,592,400)	1,450,300)	1,529,400)	1,524,100)	1,503,200)	1,449,300)
Deferred income taxes, net	(13,800)	(59,400)	(37,800)	(146,200)	(25,800)	(1,495,400)
Income earned from equity method investees	(306,400)	(301,800)	(268,700)	(347,300)	(280,700)	(250,600)
Distributions received from equity method investees	333,300)	222,800)	231,200)	336,000)	227,700)	216,800)
Gain on sale of assets	—)	(91,300)	—)	—)	—)	—)
Net gain resulting from divestiture of certain operations	—)	—)	—)	(864,500)	—)	(622,800)
Stock-based compensation	308,300)	302,700)	271,500)	319,100)	248,600)	308,000)
Goodwill impairments	—)	—)	—)	—)	—)	10,500)
Non-cash lease cost	1,314,900)	1,365,900)	1,497,700)	1,248,600)	1,197,600)	—)
Loss on retirement and impairment of assets	121,500)	101,400)	91,400)	226,200)	454,400)	142,600)
Other	31,900)	26,800)	(67,800)	(6,000)	24,500)	45,300)
Accounts receivable	18,400)	(4,100)	(326,100)	(43,000)	(2,700)	(197,700)
Inventories	42,800)	366,400)	(641,000)	(49,800)	(10,900)	(173,000)
Income taxes payable	(61,900)	52,500)	(149,600)	286,100)	(1,214,600)	1,237,100)
Accounts payable	28,000)	100,100)	345,500)	189,900)	(210,800)	31,900)
Deferred revenue	(72,200)	(110,800)	(75,800)	(6,100)	31,000)	(30,500)
Operating lease liability	(1,294,900)	(1,443,800)	(1,625,600)	(1,488,100)	(1,231,400)	—)
Other operating assets and liabilities	291,000)	(93,700)	339,600)	609,800)	(37,000)	780,900)
Cash provided by (used in) changes in operating assets and liabilities	(1,048,800)	(1,133,400)	(2,133,000)	(501,200)	(2,676,400)	1,648,700)
Adjustments to reconcile net earnings to net cash provided by operating activities	2,333,300)	1,884,000)	1,113,900)	1,788,800)	673,100)	1,452,400)
Net cash provided by operating activities	6,095,600)	6,008,700)	4,397,300)	5,989,100)	1,597,800)	5,047,000)
Purchases of investments	(627,500)	(610,500)	(377,900)	(432,000)	(443,900)	(190,400)
Sales of investments	10,300)	2,500)	72,600)	143,200)	186,700)	298,300)
Maturities and calls of investments	768,200)	616,900)	67,300)	345,500)	73,700)	59,800)
Additions to property, plant and equipment	(2,777,500)	(2,333,600)	(1,841,300)	(1,470,000)	(1,483,600)	(1,806,600)
Proceeds from sale of assets	—)	110,000)	—)	—)	—)	—)
Net proceeds from the divestiture of certain operations	—)	—)	59,300)	1,175,000)	—)	684,300)
Other	(72,700)	(56,100)	(126,300)	(81,200)	(44,400)	(56,200)
Net cash used in investing activities	(2,699,200)	(2,270,800)	(2,146,300)	(319,500)	(1,711,500)	(1,010,800)
Net proceeds from issuance (payments) of commercial paper	—)	(175,000)	175,000)	(296,500)	—)	—)
Net proceeds from issuance of short-term debt	123,800)	114,600)	36,600)	215,100)	1,406,600)	—)
Repayments of short-term debt	(157,500)	(78,800)	(36,600)	(349,800)	(967,700)	—)
Net proceeds from issuance of long-term debt	1,995,300)	1,497,800)	1,498,100)	—)	4,727,600)	1,996,000)
Repayments of long-term debt	(1,825,100)	(1,000,000)	(1,000,000)	(1,250,000)	—)	(350,000)
Proceeds from issuance of common stock	108,000)	167,400)	101,600)	246,200)	298,800)	409,800)
Cash dividends paid	(2,585,000)	(2,431,800)	(2,263,300)	(2,119,000)	(1,923,500)	(1,761,300)
Repurchase of common stock	(1,266,700)	(984,400)	(4,013,000)	—)	(1,698,900)	(10,222,300)
Minimum tax withholdings on share-based awards	(100,400)	(89,300)	(127,200)	(97,000)	(91,900)	(111,600)
Other	(10,600)	(11,100)	(9,200)	—)	(37,700)	(17,500)
Net cash provided by (used in) financing activities	(3,718,200)	(2,990,600)	(5,638,000)	(3,651,000)	1,713,300)	(10,056,900)
Effect of exchange rate changes on cash and cash equivalents	56,500)	(14,200)	(250,300)	86,200)	64,700)	(49,000)
Net increase (decrease) in cash and cash equivalents	(265,300)	733,100)	(3,637,300)	2,104,800)	1,664,300)	(6,069,700)
Cash and cash equivalents, beginning of period	3,551,500)	2,818,400)	6,455,700)	4,350,900)	2,686,600)	8,756,300)
Cash and cash equivalents, end of period	3,286,200)	3,551,500)	2,818,400)	6,455,700)	4,350,900)	2,686,600)

Based on: 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), 10-K (reporting date: 2019-09-29).

Net Earnings: Net earnings including noncontrolling interests demonstrated considerable volatility over the periods, with a significant drop from 3,594,600 thousand USD in 2019 to 924,700 thousand USD in 2020, likely reflecting external challenges during that year. Subsequently, net earnings rose sharply to 4,200,300 thousand USD in 2021 before fluctuating in the following years, ending at 3,762,300 thousand USD in 2024.
Depreciation and Amortization: Depreciation and amortization expenses remained relatively stable, ranging between approximately 1,449,300 and 1,592,400 thousand USD. A slight upward trend was observed in 2024 compared to previous years.
Deferred Income Taxes, Net: The deferred income tax position showed a sharp reduction in negative values after 2019, moving closer to zero over time, indicating a changing tax environment or timing differences impacting the deferred tax assets and liabilities.
Equity Method Income and Distributions: Income earned from equity method investees remained negative, increasing in magnitude until 2021, then stabilizing around -300,000 thousand USD in the last two years. Distributions received from these investees, however, varied, peaking notably in 2021 and 2024, indicating potential cash inflows from these investments despite net negative earnings.
Non-Cash Lease Cost and Operating Lease Liability: Non-cash lease cost was introduced in 2020 and gradually increased, peaking in 2022 before decreasing slightly through 2024. Correspondingly, operating lease liabilities showed consistent negative balances starting from 2020, with increasing magnitude until 2022 and a subsequent gradual reduction.
Loss on Retirement and Impairment of Assets: Losses from asset retirement and impairments peaked in 2020 at 454,400 thousand USD, significantly higher than other years, suggesting an abnormal event or write-down during that period. The losses fluctuated but remained substantially lower in other years.
Changes in Working Capital (Accounts Receivable, Inventories, Accounts Payable, Deferred Revenue): Working capital showed substantial variability. Accounts receivable and inventories experienced large negative changes especially in 2022, indicating a use of cash, followed by smaller or positive changes in later years. Accounts payable transitions were inconsistent, with a sharp decrease in 2020, followed by positive changes in subsequent years. Deferred revenue fluctuated negatively in the most recent years, indicating timing variations in revenue recognition or customer prepayments.
Cash Flow from Operating Activities: Net cash provided by operating activities displayed a steep decline from 5,047,000 thousand USD in 2019 to 1,597,800 thousand USD in 2020, aligning with the net earnings drop. It then recovered strongly in 2021 and fluctuated with high levels thereafter, peaking at approximately 6,095,600 thousand USD in 2024.
Investing Activities: Net cash used in investing activities showed an overall increasing outflow trend, from -1,010,800 thousand USD in 2019 to -2,699,200 thousand USD in 2024. Capital expenditures, specifically additions to property, plant, and equipment, increased steadily, highlighting aggressive investment in fixed assets. Sales and maturities of investments generally provided cash inflows but were insufficient to offset the expenditures.
Financing Activities: Net cash used in financing activities was negative in most years, with particularly large outflows in 2019 (-10,056,900 thousand USD) and 2022 (-5,638,000 thousand USD). Major components include substantial repurchases of common stock and increasing dividends paid annually. Debt transactions showed increases in net long-term debt issuances in recent years with variable short-term debt issuance and repayments, suggesting active management of the debt structure.
Liquidity Position: Cash and cash equivalents ended each period broadly aligned with the net cash flows, with significant decreases in 2019 and 2022 and increases in most other years. The net increase (decrease) in cash fluctuated accordingly, indicating periods of cash consolidation and expansion in response to operational and financing needs.
Other Notable Observations: The data include one-off events such as gains from divestitures and impairment losses that contributed to volatility in net earnings and cash flows, indicating ongoing portfolio adjustments. Stock-based compensation costs remained relatively stable with minor fluctuations.

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Starbucks Corp. (NASDAQ:SBUX)

Cash Flow Statement