Analysis of Geographic Areas
Starbucks Corp. operates in 2 regions: United States and China.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Area Asset Turnover
Starbucks Corp., asset turnover by geographic area
| Sep 28, 2025 | Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| China |
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).
The annual geographic area asset turnover data reveals distinct trends for the United States and China over the analyzed periods.
- United States
-
The asset turnover ratio in the United States demonstrates a generally upward trajectory from 1.34 in 2020 to a peak of 1.88 in 2023. This increase reflects improving efficiency in asset utilization within this region over the four-year span. However, post-2023, the ratio experiences a slight decline to 1.68 in 2024, followed by a marginal recovery to 1.7 in 2025. Despite this small fluctuation, the overall performance remains significantly better compared to the initial period. These variations suggest a period of maturation or adjustment after rapid growth.
- China
-
In contrast, the asset turnover ratio in China shows more modest changes with some volatility. Starting at 0.58 in 2020, it rises notably to 0.79 in 2021, indicating a substantial improvement in asset utilization. However, this is followed by a decrease to 0.72 in 2022, then a slight increase to 0.73 in 2023. The ratio declines again to 0.67 in 2024 before rising back to 0.74 in 2025. These fluctuations point to a less stable performance in asset efficiency compared to the United States, possibly reflecting variations in market conditions or operational adjustments within the region.
Overall, the data indicate that the United States region consistently outperforms China in asset turnover, with a clear upward trend followed by minor recent adjustments. Conversely, China's asset turnover exhibits irregular changes, suggesting challenges or variability in maximizing asset productivity. This comparative insight highlights differing dynamics in operational efficiency across these geographic areas.
Area Asset Turnover: United States
Starbucks Corp.; United States; area asset turnover calculation
| Sep 28, 2025 | Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2025 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
- Net Revenues
- Net revenues exhibited consistent year-over-year growth from 16,879,800 thousand US dollars in 2020 to 27,124,700 thousand US dollars in 2025. The annual increases were particularly notable from 2020 to 2023, showing robust expansion, with growth rates tapering somewhat in the last two years but remaining positive. This sustained upward trend indicates a steady increase in sales within the United States geographic area over the observed period.
- Long-lived Assets
- The value of long-lived assets also demonstrated a generally increasing trend, rising from 12,624,900 thousand US dollars in 2020 to 15,952,700 thousand US dollars in 2025. The increments were steady, with a marked rise between 2022 and 2024, suggesting significant capital investment or acquisitions during this period. The less pronounced increase from 2024 to 2025 may reflect a stabilization in asset growth.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset use in generating revenues, improved from 1.34 in 2020 to a peak of 1.88 in 2023. This trend indicates increasing operational efficiency in utilizing assets for revenue generation. However, the ratio declined to 1.68 in 2024 before experiencing a slight recovery to 1.70 in 2025. This fluctuation suggests some variations in asset utilization efficiency in the more recent years, though the overall level remains higher than in the early years.
- Summary
- Overall, the data reveal steady growth in sales and asset base over the six-year period, accompanied by improved asset utilization efficiency until 2023. The modest decline in the asset turnover ratio near the end of the period may merit further investigation to understand the underlying causes. The combination of rising revenues and asset investments indicates an expansion phase, while the fluctuations in efficiency metrics highlight the dynamic operational landscape within the United States market segment.
Area Asset Turnover: China
Starbucks Corp.; China; area asset turnover calculation
| Sep 28, 2025 | Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2025 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
The analyzed data reflects the financial performance and asset utilization of the China geographic area over a six-year period.
- Net Revenues
- Net revenues increased substantially from 2,582,800 thousand US dollars in 2020 to a peak of 3,674,800 thousand US dollars in 2021. Following this peak, revenues exhibited a declining trend, dropping to 3,008,300 thousand in 2022, with modest fluctuations thereafter; moving marginally upwards to 3,081,500 thousand in 2023, then decreasing again to 3,008,200 thousand in 2024, before rising to 3,160,800 thousand in 2025. Overall, despite volatility, revenues remained above the 2020 level throughout the period.
- Long-lived Assets
- Long-lived assets showed a generally fluctuating pattern across the years. Starting at 4,425,600 thousand US dollars in 2020, there was an increase to 4,673,800 thousand in 2021, followed by a decline to 4,174,000 thousand in 2022. Subsequently, assets slightly increased to 4,244,900 thousand in 2023 and then peaked again at 4,514,200 thousand in 2024 before declining to 4,276,800 thousand in 2025. This pattern indicates periodic reinvestment or asset disposal initiatives impacting asset base values.
- Area Asset Turnover
- The asset turnover ratio, indicative of efficiency in using long-lived assets to generate net revenues, improved significantly from 0.58 in 2020 to 0.79 in 2021. Following this improvement, the ratio declined to 0.72 in 2022 and remained relatively stable through 2023 at 0.73. The ratio then decreased to 0.67 in 2024 before increasing again to 0.74 in 2025. This trend suggests variability in asset utilization efficiency, with the highest efficiency recorded in 2021 and moderate fluctuations in following years.
Net revenues
Starbucks Corp., net revenues by geographic area
US$ in thousands
| Sep 28, 2025 | Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| China | ||||||
| Other countries | ||||||
| Total |
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).
The analysis of the annual net revenues across geographic areas reveals distinct trends and growth patterns over the periods observed.
- United States
-
Net revenues demonstrate a consistent and significant upward trajectory throughout the years. Starting from approximately 16.9 billion US dollars, revenues increased steadily each year, reaching over 27 billion by the latest period. The growth rate appears robust, suggesting a strong and expanding market presence within this region.
- China
-
This region exhibits more volatility in net revenues. After an initial increase from about 2.6 billion to 3.7 billion, a notable decline occurred in the subsequent year, dropping to around 3 billion, followed by a slight recovery in the last recorded periods. The fluctuations indicate potential market uncertainties or external factors affecting performance in this geographic segment.
- Other countries
-
Revenues from other countries show a positive growth trend, rising from approximately 4.1 billion to nearly 6.9 billion over the span of the data. Despite minor fluctuations, the overall increase signifies expanding operations and increasing market penetration outside the primary markets of the United States and China.
- Total Net Revenues
-
The aggregate net revenues indicate a steady and healthy growth across the timeframe. Beginning at around 23.5 billion US dollars, total revenues increased consistently to nearly 37.2 billion. This overall upward trend underscores successful geographic diversification and broad-based revenue expansion.
Long-lived assets
Starbucks Corp., long-lived assets by geographic area
US$ in thousands
| Sep 28, 2025 | Sep 29, 2024 | Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| China | ||||||
| Other countries | ||||||
| Total |
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).
The analysis of long-lived assets by geographic area over the six-year period reveals distinct trends across the United States, China, and other countries, reflecting variations in asset allocation and investment focus.
- United States
- The value of long-lived assets in the United States has demonstrated a consistent upward trajectory throughout the period. Starting at approximately $12.62 billion in 2020, the assets gradually increased each year, reaching about $15.95 billion by 2025. This steady growth suggests a strategic emphasis on domestic asset accumulation, possibly reflecting expansion or reinvestment efforts within the country. The most significant increase appears between 2022 and 2024, indicating intensified asset buildup during this period.
- China
- In contrast to the United States, the long-lived assets in China exhibit fluctuations with a generally declining trend. The asset value peaked around 2021 at approximately $4.67 billion but subsequently decreased to about $4.28 billion by 2025. Despite a slight rebound in 2024, the overall trajectory suggests possible divestments, operational adjustments, or slower asset growth in this region compared to others.
- Other countries
- Assets in other countries show a modest recovery following an initial drop. Beginning at around $4.52 billion in 2020, the values declined until 2022, hitting about $3.61 billion, but then steadily increased to roughly $4.41 billion by 2025. This pattern may indicate a phase of consolidation followed by renewed investment or acquisition activities outside the main markets of the United States and China.
- Total long-lived assets
- The aggregate value of long-lived assets reflects the combined effects of changes across all regions. The total assets remained relatively stable between 2020 and 2021, with a slight dip in 2022. However, a notable increase occurs from 2023 onwards, peaking close to $24.64 billion in 2025. This overall growth is primarily driven by the rising asset base in the United States and the gradual recovery in other countries, offsetting the decline observed in China.