Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Starbucks Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
The liquidity position exhibits a long-term downward trajectory, marked by a significant transition in early 2022. While the organization maintained a current ratio above 1.0 through the end of 2021, a sustained period of decreased liquidity followed, with ratios frequently falling below the 1.0 threshold, indicating a tighter relationship between current assets and current liabilities.
- Current Ratio
- The current ratio peaked at 1.20 in October 2021 before experiencing a sharp decline to 0.81 in January 2022. Following this drop, the ratio remained consistently below 1.0 for the majority of the subsequent three years, reaching a low of 0.64 in March 2025. Although a temporary recovery to 1.05 occurred in December 2025, the ratio retreated to 0.92 by March 2026.
- Quick Ratio
- A similar pattern of deterioration is evident in the quick ratio, which declined from a high of 0.93 in October 2021 to 0.57 in January 2022. The ratio fluctuated within a range of 0.40 to 0.59 between 2022 and 2024, before entering a steep decline that culminated in a period low of 0.26 by March 2026, suggesting a diminishing ability to meet short-term obligations without relying on inventory.
- Cash Ratio
- The cash ratio demonstrates the most severe contraction in immediate liquidity. After peaking at 0.81 in October 2021, the ratio fell to 0.45 in January 2022. While it showed relative stability between 0.30 and 0.44 throughout 2023 and 2024, a sharp downward trend emerged in late 2025 and early 2026, ultimately falling to 0.15 in March 2026.
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Current Ratio
Starbucks Corp., current ratio calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Current assets | 10,559,200) | 12,022,600) | 7,382,300) | 8,421,500) | 6,713,700) | 7,284,700) | 6,847,400) | 6,807,900) | 6,465,000) | 6,569,500) | 7,303,400) | 7,170,700) | 7,046,200) | 6,934,900) | 7,018,700) | 7,067,500) | 7,541,100) | 7,255,100) | 9,756,400) | 7,931,700) | 6,979,500) | 8,357,500) | |||||||
| Current liabilities | 11,449,400) | 11,486,600) | 10,210,400) | 11,142,300) | 10,429,300) | 9,725,300) | 9,070,000) | 7,649,500) | 7,528,900) | 9,395,600) | 9,345,300) | 9,214,600) | 9,121,800) | 9,246,200) | 9,151,800) | 8,402,400) | 9,104,300) | 8,921,100) | 8,151,400) | 7,799,800) | 6,505,100) | 7,883,900) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 0.92 | 1.05 | 0.72 | 0.76 | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | 1.20 | 1.02 | 1.07 | 1.06 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | — | 1.44 | 1.38 | 1.39 | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | 1.06 | 1.33 | 1.33 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 0.92 | 1.23 | 1.54 | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 1.43 | 1.41 | 2.04 | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | — | — | — | — | |||||||
| McDonald’s Corp. | — | 1.14 | 0.95 | 1.00 | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 10,559,200 ÷ 11,449,400 = 0.92
2 Click competitor name to see calculations.
The liquidity profile exhibits a general downward trajectory from late 2020 through 2023, followed by a period of heightened volatility and a partial recovery by early 2026. For a significant portion of the analyzed timeframe, the current ratio remained below 1.0, indicating a period where short-term obligations exceeded available liquid assets.
- Initial Liquidity Strength
- Between December 2020 and October 2021, the current ratio maintained a position above 1.0, reaching a peak of 1.20. During this phase, current assets were sufficient to cover all current liabilities, representing a period of positive net working capital.
- Mid-Term Deterioration
- A shift occurred in January 2022, when the ratio dropped to 0.81 and continued to fluctuate between 0.70 and 0.84 through December 2023. This trend was characterized by a steady increase in current liabilities, which climbed from approximately 8.9 billion USD in early 2022 to over 9.3 billion USD by the end of 2023, while current assets remained relatively stagnant.
- Recent Volatility and Recovery
- The period from March 2024 to March 2026 was marked by significant instability. The current ratio reached a minimum of 0.64 in March 2025, coinciding with liabilities exceeding 10 billion USD. However, a sharp recovery is observed by December 2025, where the ratio returned to 1.05. This recovery was driven by a substantial increase in current assets, which peaked at 12.0 billion USD. The analysis concludes with a ratio of 0.92 in March 2026, suggesting a return toward a more balanced, albeit still tight, liquidity position.
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Quick Ratio
Starbucks Corp., quick ratio calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,532,000) | 3,413,400) | 3,219,800) | 4,172,600) | 2,671,400) | 3,671,400) | 3,286,200) | 3,179,100) | 2,764,100) | 3,000,400) | 3,551,500) | 3,357,000) | 3,071,800) | 3,186,500) | 2,818,400) | 3,177,500) | 3,913,400) | 3,969,400) | 6,455,700) | 4,753,100) | 3,880,700) | 5,028,100) | |||||||
| Short-term investments | 168,300) | 184,900) | 247,200) | 333,300) | 340,200) | 285,800) | 257,000) | 212,300) | 362,500) | 383,000) | 401,500) | 263,000) | 379,400) | 123,900) | 364,500) | 76,900) | 82,100) | 87,400) | 162,200) | 153,600) | 123,000) | 235,500) | |||||||
| Accounts receivable, net | 1,288,900) | 1,219,200) | 1,277,500) | 1,242,600) | 1,154,700) | 1,241,500) | 1,213,800) | 1,146,000) | 1,110,300) | 1,165,100) | 1,184,100) | 1,140,200) | 1,185,800) | 1,162,900) | 1,175,500) | 1,146,100) | 1,001,900) | 1,031,100) | 940,000) | 911,200) | 880,200) | 888,000) | |||||||
| Total quick assets | 2,989,200) | 4,817,500) | 4,744,500) | 5,748,500) | 4,166,300) | 5,198,700) | 4,757,000) | 4,537,400) | 4,236,900) | 4,548,500) | 5,137,100) | 4,760,200) | 4,637,000) | 4,473,300) | 4,358,400) | 4,400,500) | 4,997,400) | 5,087,900) | 7,557,900) | 5,817,900) | 4,883,900) | 6,151,600) | |||||||
| Current liabilities | 11,449,400) | 11,486,600) | 10,210,400) | 11,142,300) | 10,429,300) | 9,725,300) | 9,070,000) | 7,649,500) | 7,528,900) | 9,395,600) | 9,345,300) | 9,214,600) | 9,121,800) | 9,246,200) | 9,151,800) | 8,402,400) | 9,104,300) | 8,921,100) | 8,151,400) | 7,799,800) | 6,505,100) | 7,883,900) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.26 | 0.42 | 0.46 | 0.52 | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | 0.93 | 0.75 | 0.75 | 0.78 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | — | 1.39 | 1.33 | 1.36 | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | 0.99 | 1.26 | 1.26 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 0.78 | 1.01 | 1.32 | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 1.14 | 1.12 | 1.80 | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | — | — | — | — | |||||||
| McDonald’s Corp. | — | 0.87 | 0.74 | 0.82 | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 2,989,200 ÷ 11,449,400 = 0.26
2 Click competitor name to see calculations.
An analysis of the liquidity position reveals a persistent long-term decline in the ability to meet short-term obligations using the most liquid assets. The quick ratio, which serves as a primary indicator of immediate solvency, has experienced a significant downward trajectory over the analyzed period, moving from a high of 0.93 in October 2021 to a period low of 0.26 by March 2026.
- Quick Ratio Volatility and Trends
- The period between December 2020 and October 2021 was characterized by relative stability and a peak in liquidity, with the ratio remaining above 0.75. However, a sharp contraction occurred in early 2022, where the ratio dropped to 0.57 by January 2022 and continued to slide to 0.48 by October 2022. While a moderate recovery and stabilization occurred between April 2023 and June 2024—peaking at 0.59—this was followed by a severe deterioration starting in 2025, culminating in the lowest recorded ratio of 0.26 in March 2026.
- Dynamics of Quick Assets
- Total quick assets exhibited significant fluctuations, reaching a maximum of 7.56 billion US dollars in October 2021. Following this peak, asset levels generally fluctuated between 4.2 billion and 5.7 billion US dollars for several years. A critical decline is observed in the final reported period, where quick assets fell sharply to 2.99 billion US dollars by March 2026, contributing heavily to the erosion of the quick ratio.
- Current Liabilities Expansion
- A consistent upward trend in current liabilities is evident over the long term. Liabilities grew from 7.88 billion US dollars in December 2020 to a peak of 11.49 billion US dollars by December 2025. This steady increase in short-term obligations, occurring while quick assets remained stagnant or declined, created a compression effect that systematically weakened the liquidity profile.
- Solvency Implications
- The convergence of rising current liabilities and a sharp reduction in quick assets in the final quarter indicates a heightened liquidity risk. The final ratio of 0.26 suggests that only a small fraction of current liabilities can be covered by quick assets, marking a substantial departure from the liquidity levels maintained in 2020 and 2021.
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Cash Ratio
Starbucks Corp., cash ratio calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,532,000) | 3,413,400) | 3,219,800) | 4,172,600) | 2,671,400) | 3,671,400) | 3,286,200) | 3,179,100) | 2,764,100) | 3,000,400) | 3,551,500) | 3,357,000) | 3,071,800) | 3,186,500) | 2,818,400) | 3,177,500) | 3,913,400) | 3,969,400) | 6,455,700) | 4,753,100) | 3,880,700) | 5,028,100) | |||||||
| Short-term investments | 168,300) | 184,900) | 247,200) | 333,300) | 340,200) | 285,800) | 257,000) | 212,300) | 362,500) | 383,000) | 401,500) | 263,000) | 379,400) | 123,900) | 364,500) | 76,900) | 82,100) | 87,400) | 162,200) | 153,600) | 123,000) | 235,500) | |||||||
| Total cash assets | 1,700,300) | 3,598,300) | 3,467,000) | 4,505,900) | 3,011,600) | 3,957,200) | 3,543,200) | 3,391,400) | 3,126,600) | 3,383,400) | 3,953,000) | 3,620,000) | 3,451,200) | 3,310,400) | 3,182,900) | 3,254,400) | 3,995,500) | 4,056,800) | 6,617,900) | 4,906,700) | 4,003,700) | 5,263,600) | |||||||
| Current liabilities | 11,449,400) | 11,486,600) | 10,210,400) | 11,142,300) | 10,429,300) | 9,725,300) | 9,070,000) | 7,649,500) | 7,528,900) | 9,395,600) | 9,345,300) | 9,214,600) | 9,121,800) | 9,246,200) | 9,151,800) | 8,402,400) | 9,104,300) | 8,921,100) | 8,151,400) | 7,799,800) | 6,505,100) | 7,883,900) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.15 | 0.31 | 0.34 | 0.40 | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | 0.81 | 0.63 | 0.62 | 0.67 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | — | 0.73 | 0.81 | 0.83 | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | 0.81 | 1.03 | 1.02 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 0.70 | 0.88 | 1.24 | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 0.97 | 0.94 | 1.62 | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | — | — | — | — | |||||||
| McDonald’s Corp. | — | 0.28 | 0.18 | 0.40 | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,700,300 ÷ 11,449,400 = 0.15
2 Click competitor name to see calculations.
The liquidity position, as measured by the cash ratio, demonstrates a significant long-term decline from December 2020 through March 2026. After an initial peak in late 2021, the ratio entered a period of sustained compression, ultimately reaching a critical low in the final quarter of the analyzed period.
- Cash Asset Fluctuations
- Total cash assets exhibited considerable volatility, reaching a peak of 6.62 billion USD in October 2021. Following this peak, cash levels generally trended downward, stabilizing between 3 billion and 4 billion USD for several years. A sharp contraction occurred in the final period, with cash assets dropping to 1.70 billion USD by March 2026.
- Expansion of Current Liabilities
- Current liabilities show a consistent and steady upward trajectory over the analyzed timeframe. Short-term obligations rose from 7.88 billion USD in December 2020 to a peak of 11.49 billion USD by December 2025, maintaining a level above 11 billion USD through March 2026. This steady increase in liabilities has served as a primary driver for the deterioration of the cash ratio.
- Cash Ratio Analysis
- The cash ratio experienced a sharp transition from a high of 0.81 in October 2021 to 0.45 in January 2022. For much of 2022 and 2023, the ratio remained relatively stable, oscillating between 0.35 and 0.44. However, a pronounced decline is observed toward the end of the period, with the ratio falling to 0.15 by March 2026, indicating a substantial reduction in the capacity to meet immediate short-term obligations using only cash assets.
The convergence of declining cash reserves and increasing current liabilities has resulted in a weakened immediate liquidity profile. The final reported figure of 0.15 represents a stark departure from the liquidity levels maintained between 2020 and 2021.
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