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 27, 2026 | — | = | 13,276,900) | ÷ | (7,669,100) |
| 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: 2026-09-27), 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 trajectory from 2005 to 2026 reveals a profound shift in the capital structure, transitioning from a conservative, equity-heavy position to a highly leveraged state characterized by a persistent shareholders' deficit.
- Initial Capital Expansion and Stabilization (2005–2012)
- Between 2005 and 2008, total debt increased from approximately 280.6 million to 1.26 billion, causing the debt-to-equity ratio to rise from 0.13 to 0.55. However, a period of deleveraging occurred between 2009 and 2012, where debt was reduced to approximately 549.6 million. During this same window, shareholders' equity grew steadily from 2.09 billion in 2005 to a peak of 5.11 billion in 2012, resulting in the lowest debt-to-equity ratio of the entire period at 0.11.
- Moderate Leverage Increase (2013–2017)
- Starting in 2013, a trend of increasing borrowing emerged. Total debt climbed from 1.30 billion in 2013 to 3.93 billion by 2017. While shareholders' equity remained positive during this phase, it began to fluctuate, ending 2017 at 5.45 billion. Consequently, the debt-to-equity ratio trended upward, reaching 0.72 by October 2017.
- Structural Shift to Negative Equity and High Leverage (2018–2026)
- A critical inflection point occurred in 2018, marked by a sharp increase in total debt to 9.44 billion and a corresponding decline in equity to 1.17 billion, driving the debt-to-equity ratio to 8.07. From 2019 onward, the company entered a state of negative shareholders' equity, with the deficit peaking at 8.71 billion in 2022. Total debt remained elevated throughout this period, fluctuating between 13.28 billion and 16.35 billion. This sustained deficit in equity renders the traditional debt-to-equity ratio non-calculable or negative for the final years of the analysis, indicating a capital structure heavily reliant on debt and potentially impacted by significant treasury stock repurchases or accumulated losses.
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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 27, 2026 | — | — | — | — | — | — |
| Sep 28, 2025 | — | 0.24 | — | 0.00 | 0.27 | — |
| Sep 29, 2024 | — | 0.00 | — | 0.00 | 0.00 | — |
| Oct 1, 2023 | — | 0.00 | — | 0.00 | 0.00 | — |
| Oct 2, 2022 | — | 0.00 | 4.49 | 0.00 | 0.00 | — |
| Oct 3, 2021 | — | 0.00 | 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: 2026-09-27), 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 27, 2026 | — | — |
| Sep 28, 2025 | — | 14.21 |
| Sep 29, 2024 | — | 15.33 |
| Oct 1, 2023 | — | 26.64 |
| Oct 2, 2022 | — | 23.03 |
| Oct 3, 2021 | — | 7.65 |
| 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: 2026-09-27), 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 27, 2026 | — | — |
| Sep 28, 2025 | — | 0.89 |
| Sep 29, 2024 | — | 1.06 |
| Oct 1, 2023 | — | 1.28 |
| Oct 2, 2022 | — | 1.44 |
| Oct 3, 2021 | — | 1.41 |
| 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: 2026-09-27), 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).