Debt to Equity
since 2005
Calculation
Starbucks Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Sep 28, 2025 | — | = | 16,074,800) | ÷ | (8,096,600) |
| Sep 29, 2024 | — | = | 15,568,400) | ÷ | (7,448,900) |
| Oct 1, 2023 | — | = | 15,399,700) | ÷ | (7,994,800) |
| Oct 2, 2022 | — | = | 15,043,900) | ÷ | (8,706,600) |
| Oct 3, 2021 | — | = | 14,615,800) | ÷ | (5,321,200) |
| Sep 27, 2020 | — | = | 16,348,300) | ÷ | (7,805,100) |
| Sep 29, 2019 | — | = | 11,167,000) | ÷ | (6,232,200) |
| Sep 30, 2018 | 8.07 | = | 9,440,100) | ÷ | 1,169,500) |
| Oct 1, 2017 | 0.72 | = | 3,932,600) | ÷ | 5,450,100) |
| Oct 2, 2016 | 0.61 | = | 3,602,200) | ÷ | 5,884,000) |
| Sep 27, 2015 | 0.40 | = | 2,347,500) | ÷ | 5,818,000) |
| Sep 28, 2014 | 0.39 | = | 2,048,300) | ÷ | 5,272,000) |
| Sep 29, 2013 | 0.29 | = | 1,299,400) | ÷ | 4,480,200) |
| Sep 30, 2012 | 0.11 | = | 549,600) | ÷ | 5,109,000) |
| Oct 2, 2011 | 0.13 | = | 549,500) | ÷ | 4,384,900) |
| Oct 3, 2010 | 0.15 | = | 549,400) | ÷ | 3,674,700) |
| Sep 27, 2009 | 0.18 | = | 549,500) | ÷ | 3,045,700) |
| Sep 28, 2008 | 0.51 | = | 1,263,300) | ÷ | 2,490,900) |
| Sep 30, 2007 | 0.55 | = | 1,261,144) | ÷ | 2,284,117) |
| Oct 1, 2006 | 0.32 | = | 702,720) | ÷ | 2,228,506) |
| Oct 2, 2005 | 0.13 | = | 280,618) | ÷ | 2,090,634) |
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), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).
1 US$ in thousands
The financial data reveals several significant trends in the company's capital structure and leverage over the analyzed periods.
- Total Debt
- The total debt exhibited a generally increasing trend from 2005 through 2025. Starting at approximately $281 million in 2005, debt levels rose steadily, with notable increments particularly after 2013, reaching over $16 billion by 2025. Despite some fluctuations, the overall movement indicates a substantial rise in debt obligations over the two-decade span.
- Shareholders’ Equity
- Shareholders’ equity showed growth from 2005 until 2013, moving from about $2.1 billion to a peak of around $5.1 billion. However, from 2013 onward, equity declined sharply, turning negative starting in 2018 and remaining in deficit up to 2025. This transition to negative equity indicates deterioration in the net asset position and could signify accumulated losses or substantial liabilities outweighing assets.
- Debt to Equity Ratio
- The debt to equity ratio initially stayed relatively low and stable, fluctuating between 0.11 and 0.72 until 2017. A dramatic spike occurred in 2018, where the ratio reached approximately 8.07, aligning with the period marked by a drastic reduction and negativity in shareholders’ equity. Data for subsequent years is not provided, but given the continued negative equity and increasing debt, the ratio likely remained elevated, signaling heightened financial leverage and risk.
In summary, the data suggests that the company significantly increased its debt financing over the analyzed period while experiencing a reversal in equity trends, culminating in negative shareholders' equity. The spike in the debt to equity ratio reflects intensified leverage and potential solvency concerns. These patterns highlight a shift towards a more leveraged capital structure and raise considerations regarding financial stability and risk exposure in recent years.
Comparison to Competitors
Starbucks Corp., debt to equity, long-term trends, comparison to competitors
| Starbucks Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | |
|---|---|---|---|---|---|---|
| Sep 28, 2025 | — | — | — | — | — | — |
| Sep 29, 2024 | — | 0.24 | — | 0.00 | 0.00 | — |
| Oct 1, 2023 | — | 0.24 | — | 0.00 | 0.00 | — |
| Oct 2, 2022 | — | 0.36 | 4.49 | 0.00 | 0.00 | — |
| Oct 3, 2021 | — | 0.42 | 1.77 | 0.00 | 0.00 | — |
| Sep 27, 2020 | — | 0.63 | 2.46 | 0.00 | 0.08 | — |
| Sep 29, 2019 | — | — | 1.45 | 0.00 | — | — |
| Sep 30, 2018 | 8.07 | — | 0.98 | 0.00 | — | — |
| Oct 1, 2017 | 0.72 | — | 0.85 | 0.00 | — | — |
| Oct 2, 2016 | 0.61 | — | 0.73 | 0.00 | — | — |
| Sep 27, 2015 | 0.40 | — | 0.70 | 0.00 | — | 3.40 |
| Sep 28, 2014 | 0.39 | — | 0.45 | 0.00 | — | 1.17 |
| Sep 29, 2013 | 0.29 | — | 0.28 | 0.00 | — | 0.88 |
| Sep 30, 2012 | 0.11 | — | 0.37 | 0.00 | — | 0.89 |
| Oct 2, 2011 | 0.13 | — | 0.22 | 0.00 | — | 0.87 |
| Oct 3, 2010 | 0.15 | — | 0.26 | 0.00 | — | 0.79 |
| Sep 27, 2009 | 0.18 | — | 0.15 | 0.00 | — | 0.75 |
| Sep 28, 2008 | 0.51 | — | 0.54 | 0.00 | — | 0.76 |
| Sep 30, 2007 | 0.55 | — | 0.98 | 0.00 | — | 0.61 |
| Oct 1, 2006 | 0.32 | — | 1.63 | 0.00 | — | 0.55 |
| Oct 2, 2005 | 0.13 | — | 0.61 | 0.00 | — | 0.67 |
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), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).
Comparison to Sector (Consumer Services)
Starbucks Corp., debt to equity, long-term trends, comparison to sector (consumer services)
| Starbucks Corp. | Consumer Services | |
|---|---|---|
| Sep 28, 2025 | — | — |
| Sep 29, 2024 | — | 15.76 |
| Oct 1, 2023 | — | 27.41 |
| Oct 2, 2022 | — | 23.75 |
| Oct 3, 2021 | — | 7.90 |
| Sep 27, 2020 | — | — |
| Sep 29, 2019 | — | — |
| Sep 30, 2018 | 8.07 | 9.57 |
| Oct 1, 2017 | 0.72 | 2.90 |
| Oct 2, 2016 | 0.61 | 2.46 |
| Sep 27, 2015 | 0.40 | 1.37 |
| Sep 28, 2014 | 0.39 | 0.73 |
| Sep 29, 2013 | 0.29 | 0.60 |
| Sep 30, 2012 | 0.11 | 0.61 |
| Oct 2, 2011 | 0.13 | 0.61 |
| Oct 3, 2010 | 0.15 | 0.60 |
| Sep 27, 2009 | 0.18 | 0.59 |
| Sep 28, 2008 | 0.51 | 0.69 |
| Sep 30, 2007 | 0.55 | 0.60 |
| Oct 1, 2006 | 0.32 | 0.52 |
| Oct 2, 2005 | 0.13 | 0.59 |
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), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).
Comparison to Industry (Consumer Discretionary)
Starbucks Corp., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Starbucks Corp. | Consumer Discretionary | |
|---|---|---|
| Sep 28, 2025 | — | — |
| Sep 29, 2024 | — | 1.06 |
| Oct 1, 2023 | — | 1.29 |
| Oct 2, 2022 | — | 1.45 |
| Oct 3, 2021 | — | 1.42 |
| Sep 27, 2020 | — | 2.17 |
| Sep 29, 2019 | — | 2.60 |
| Sep 30, 2018 | 8.07 | 2.59 |
| Oct 1, 2017 | 0.72 | 2.55 |
| Oct 2, 2016 | 0.61 | 2.21 |
| Sep 27, 2015 | 0.40 | 1.88 |
| Sep 28, 2014 | 0.39 | 1.60 |
| Sep 29, 2013 | 0.29 | 1.25 |
| Sep 30, 2012 | 0.11 | 1.19 |
| Oct 2, 2011 | 0.13 | 1.09 |
| Oct 3, 2010 | 0.15 | 1.26 |
| Sep 27, 2009 | 0.18 | 2.58 |
| Sep 28, 2008 | 0.51 | 4.06 |
| Sep 30, 2007 | 0.55 | 2.62 |
| Oct 1, 2006 | 0.32 | 2.96 |
| Oct 2, 2005 | 0.13 | 2.35 |
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), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-10-01), 10-K (reporting date: 2016-10-02), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-10-02), 10-K (reporting date: 2010-10-03), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-10-01), 10-K (reporting date: 2005-10-02).