Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Starbucks Corp., adjusted financial ratios

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Activity Ratio
Total Asset Turnover
Reported	0.93	0.80	1.38	1.02	1.56	1.49
Adjusted	0.98	0.85	0.99	0.99	1.05	1.08
Liquidity Ratio
Current Ratio
Reported	1.20	1.06	0.92	2.20	1.25	1.05
Adjusted	1.49	1.33	1.16	3.09	1.81	1.41
Solvency Ratios
Debt to Equity
Reported	—	—	—	8.07	0.72	0.61
Adjusted	22.61	—	95.22	1.81	1.96	1.63
Debt to Capital
Reported	1.57	1.96	2.26	0.89	0.42	0.38
Adjusted	0.96	1.06	0.99	0.64	0.66	0.62
Financial Leverage
Reported	—	—	—	20.66	2.64	2.44
Adjusted	28.30	—	125.23	3.31	3.58	3.22
Profitability Ratios
Net Profit Margin
Reported	14.45%	3.95%	13.58%	18.28%	12.89%	13.22%
Adjusted	15.79%	4.64%	6.00%	38.29%	13.66%	15.75%
Return on Equity (ROE)
Reported	—	—	—	386.34%	52.93%	47.89%
Adjusted	439.67%	—	746.92%	125.22%	51.49%	54.62%
Return on Assets (ROA)
Reported	13.38%	3.16%	18.73%	18.70%	20.08%	19.66%
Adjusted	15.54%	3.96%	5.96%	37.85%	14.39%	16.95%

Based on: 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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Starbucks Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Starbucks Corp. adjusted current ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Starbucks Corp. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Starbucks Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net revenues	29,060,600	23,518,000	26,508,600	24,719,500	22,386,800	21,315,900
Total assets	31,392,600	29,374,500	19,219,600	24,156,400	14,365,600	14,329,500
Activity Ratio
Total asset turnover¹	0.93	0.80	1.38	1.02	1.56	1.49
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net revenues²	29,064,700	23,559,600	26,103,400	31,845,200	22,508,500	21,503,300
Adjusted total assets³	29,543,400	27,611,700	26,260,137	32,213,040	21,358,382	19,980,364
Activity Ratio
Adjusted total asset turnover⁴	0.98	0.85	0.99	0.99	1.05	1.08

Based on: 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).

¹ 2021 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 29,060,600 ÷ 31,392,600 = 0.93

² Adjusted net revenues. See details »

³ Adjusted total assets. See details »

⁴ 2021 Calculation
Adjusted total asset turnover = Adjusted net revenues ÷ Adjusted total assets
= 29,064,700 ÷ 29,543,400 = 0.98

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Starbucks Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Current assets	9,756,400	7,806,400	5,653,900	12,494,200	5,283,400	4,760,500
Current liabilities	8,151,400	7,346,800	6,168,700	5,684,200	4,220,700	4,546,900
Liquidity Ratio
Current ratio¹	1.20	1.06	0.92	2.20	1.25	1.05
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	9,782,000	7,833,500	5,660,600	12,502,200	5,293,200	4,769,900
Adjusted current liabilities³	6,555,300	5,890,300	4,899,700	4,041,300	2,932,200	3,375,700
Liquidity Ratio
Adjusted current ratio⁴	1.49	1.33	1.16	3.09	1.81	1.41

Based on: 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).

¹ 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,756,400 ÷ 8,151,400 = 1.20

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 9,782,000 ÷ 6,555,300 = 1.49

Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Starbucks Corp. adjusted current ratio improved from 2019 to 2020 and from 2020 to 2021.

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt	14,615,800	15,909,500	11,167,000	9,440,100	3,932,600	3,602,200
Shareholders’ equity (deficit)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500	5,450,100	5,884,000
Solvency Ratio
Debt to equity¹	—	—	—	8.07	0.72	0.61
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	23,605,100	24,820,000	19,966,637	17,623,440	11,710,982	10,129,064
Adjusted total equity (deficit)³	1,043,900	(1,349,100)	209,700	9,737,900	5,970,600	6,200,600
Solvency Ratio
Adjusted debt to equity⁴	22.61	—	95.22	1.81	1.96	1.63

Based on: 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).

¹ 2021 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 14,615,800 ÷ -5,321,200 = —

² Adjusted total debt. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity (deficit)
= 23,605,100 ÷ 1,043,900 = 22.61

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Total debt	14,615,800	15,909,500	11,167,000	9,440,100	3,932,600	3,602,200
Total capital	9,294,600	8,104,400	4,934,800	10,609,600	9,382,700	9,486,200
Solvency Ratio
Debt to capital¹	1.57	1.96	2.26	0.89	0.42	0.38
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	23,605,100	24,820,000	19,966,637	17,623,440	11,710,982	10,129,064
Adjusted total capital³	24,649,000	23,470,900	20,176,337	27,361,340	17,681,582	16,329,664
Solvency Ratio
Adjusted debt to capital⁴	0.96	1.06	0.99	0.64	0.66	0.62

Based on: 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).

¹ 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,615,800 ÷ 9,294,600 = 1.57

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 23,605,100 ÷ 24,649,000 = 0.96

Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Starbucks Corp. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Total assets	31,392,600	29,374,500	19,219,600	24,156,400	14,365,600	14,329,500
Shareholders’ equity (deficit)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500	5,450,100	5,884,000
Solvency Ratio
Financial leverage¹	—	—	—	20.66	2.64	2.44
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	29,543,400	27,611,700	26,260,137	32,213,040	21,358,382	19,980,364
Adjusted total equity (deficit)³	1,043,900	(1,349,100)	209,700	9,737,900	5,970,600	6,200,600
Solvency Ratio
Adjusted financial leverage⁴	28.30	—	125.23	3.31	3.58	3.22

Based on: 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).

¹ 2021 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 31,392,600 ÷ -5,321,200 = —

² Adjusted total assets. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity (deficit)
= 29,543,400 ÷ 1,043,900 = 28.30

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,199,300	928,300	3,599,200	4,518,300	2,884,700	2,817,700
Net revenues	29,060,600	23,518,000	26,508,600	24,719,500	22,386,800	21,315,900
Profitability Ratio
Net profit margin¹	14.45%	3.95%	13.58%	18.28%	12.89%	13.22%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests²	4,589,700	1,092,100	1,566,300	12,194,000	3,074,000	3,386,500
Adjusted net revenues³	29,064,700	23,559,600	26,103,400	31,845,200	22,508,500	21,503,300
Profitability Ratio
Adjusted net profit margin⁴	15.79%	4.64%	6.00%	38.29%	13.66%	15.75%

Based on: 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).

¹ 2021 Calculation
Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × 4,199,300 ÷ 29,060,600 = 14.45%

² Adjusted net earnings including noncontrolling interests. See details »

³ Adjusted net revenues. See details »

⁴ 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted net revenues
= 100 × 4,589,700 ÷ 29,064,700 = 15.79%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Starbucks Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,199,300	928,300	3,599,200	4,518,300	2,884,700	2,817,700
Shareholders’ equity (deficit)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500	5,450,100	5,884,000
Profitability Ratio
ROE¹	—	—	—	386.34%	52.93%	47.89%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests²	4,589,700	1,092,100	1,566,300	12,194,000	3,074,000	3,386,500
Adjusted total equity (deficit)³	1,043,900	(1,349,100)	209,700	9,737,900	5,970,600	6,200,600
Profitability Ratio
Adjusted ROE⁴	439.67%	—	746.92%	125.22%	51.49%	54.62%

Based on: 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).

¹ 2021 Calculation
ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ equity (deficit)
= 100 × 4,199,300 ÷ -5,321,200 = —

² Adjusted net earnings including noncontrolling interests. See details »

³ Adjusted total equity (deficit). See details »

⁴ 2021 Calculation
Adjusted ROE = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total equity (deficit)
= 100 × 4,589,700 ÷ 1,043,900 = 439.67%

	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Oct 1, 2017	Oct 2, 2016
Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,199,300	928,300	3,599,200	4,518,300	2,884,700	2,817,700
Total assets	31,392,600	29,374,500	19,219,600	24,156,400	14,365,600	14,329,500
Profitability Ratio
ROA¹	13.38%	3.16%	18.73%	18.70%	20.08%	19.66%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net earnings including noncontrolling interests²	4,589,700	1,092,100	1,566,300	12,194,000	3,074,000	3,386,500
Adjusted total assets³	29,543,400	27,611,700	26,260,137	32,213,040	21,358,382	19,980,364
Profitability Ratio
Adjusted ROA⁴	15.54%	3.96%	5.96%	37.85%	14.39%	16.95%

Based on: 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).

¹ 2021 Calculation
ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 4,199,300 ÷ 31,392,600 = 13.38%

² Adjusted net earnings including noncontrolling interests. See details »

³ Adjusted total assets. See details »

⁴ 2021 Calculation
Adjusted ROA = 100 × Adjusted net earnings including noncontrolling interests ÷ Adjusted total assets
= 100 × 4,589,700 ÷ 29,543,400 = 15.54%

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Starbucks Corp. (NASDAQ:SBUX)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)