Starbucks Corp. (NASDAQ:SBUX)

The financial data reflects various turnover ratios over multiple fiscal years, indicating trends in asset utilization and operational efficiency.

Net Fixed Asset Turnover

This ratio showed a general increase from 3.77 in 2020 to a peak of 4.92 in 2022, suggesting improved efficiency in using net fixed assets to generate revenue. However, this was followed by a slight decline to 4.87 in 2023 and a more pronounced drop to 4.17 in 2024 before a modest recovery to 4.38 in 2025. The decline after 2022 could indicate either increased asset base not yet fully optimized or a slowdown in revenue growth relative to fixed assets.

Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset

This broader measure of net fixed assets, which includes leased assets, also increased steadily from 1.64 in 2020 to 2.28 in 2023. Thereafter, it decreased to 2.02 in 2024 and slightly increased to 2.09 in 2025. The pattern reflects similar dynamics as the standard net fixed asset turnover but at a lower ratio level, likely due to inclusion of leased assets which may have different utilization rates.

Total Asset Turnover

This ratio demonstrated continuous improvement from 0.80 in 2020 to 1.22 in 2023, indicating more efficient use of all assets in generating revenues. Although it declined to 1.15 in 2024, it stabilized and slightly improved to 1.16 in 2025. This suggests enhanced operational effectiveness over the period, despite some fluctuations.

Equity Turnover

Data for equity turnover ratio is missing across the observed periods, preventing any trend analysis.

Overall, the data shows a positive trend in asset utilization efficiency until around 2023, followed by some declines and subsequent partial recoveries in 2024 and 2025. The incorporation of operating lease assets affects the turnover ratios, generally lowering them but preserving the overall trend patterns. The stabilization in recent years suggests the company may be adjusting its asset base or experiencing shifts in revenue generation dynamics.

Net Revenues

Net revenues demonstrated a consistent upward trend over the reported periods, increasing from 23,518,000 thousand US dollars in 2020 to 37,184,400 thousand US dollars in 2025. The growth appears steady, although the pace slightly slowed in the final year, showing marginal increase compared to previous years.

Property, Plant and Equipment, Net

The net value of property, plant, and equipment expanded gradually from 6,241,400 thousand US dollars in 2020 to a peak of 8,665,500 thousand US dollars in 2024. Thereafter, it experienced a minor decline to 8,493,500 thousand US dollars in 2025. Despite the slight reduction in the final year, the overall trend suggests ongoing capital investment and asset base enlargement during the period analyzed.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, which measures revenue generation efficiency from fixed assets, improved from 3.77 in 2020 to a peak of 4.92 in 2022, reflecting enhanced utilization of fixed assets. However, the ratio slightly declined in subsequent years to 4.38 by 2025, indicating some reduction in asset utilization efficiency despite overall revenue growth and a large asset base.

The financial data indicates a consistent growth in net revenues over the observed periods from 2020 to 2025. Net revenues increased from $23,518,000 thousand in the year ending September 27, 2020, to $37,184,400 thousand in the year ending September 28, 2025. This upward trend reflects a sustained expansion in the company's revenue-generating capacity.

Regarding the property, plant, and equipment (PP&E) including operating lease right-of-use assets, there is a gradual increase in the asset base over the years. The net value of PP&E grew from $14,375,500 thousand in 2020 to $17,809,200 thousand in 2025, peaking most notably in the year ending September 29, 2024, at $17,951,700 thousand. This pattern suggests ongoing investments and expansion in fixed assets over the period.

Examining the net fixed asset turnover ratio reveals some variability. The ratio, which measures revenue generated per dollar of fixed assets, rose from 1.64 in 2020 to a peak of 2.28 in 2023, indicating improved efficiency and better utilization of fixed assets in these years. However, the ratio declined to 2.02 in 2024 before slightly recovering to 2.09 in 2025. Despite this fluctuation, the overall trend maintains an efficiency level higher than that recorded in 2020.

Summary of Trends

- Consistent growth in net revenues over six years, reflecting strong business expansion.

- Steady increase in PP&E values, indicating continuous asset investment and capacity building.

- Improvement in net fixed asset turnover ratio until 2023, followed by a modest decline and partial recovery, suggesting some variability in asset utilization efficiency.

Overall, the data points to a company experiencing robust revenue growth supported by increased investments in property and equipment, with generally improving asset turnover efficiency notwithstanding some recent fluctuations. This indicates effective management of assets in generating revenues, though attention may be warranted to address the slight dip in asset turnover after 2023.

The financial data reveals a consistent upward trajectory in net revenues over the years, indicating steady growth in the company's income generation capabilities. From 2020 to 2025, net revenues increased from approximately $23.5 billion to $37.2 billion, reflecting a significant expansion in sales or service income. This pattern suggests successful market strategies or enhanced operational performance.

Total assets exhibit more fluctuation than revenues during the same period. After rising initially from about $29.4 billion in 2020 to $31.4 billion in 2021, total assets then declined notably to around $28 billion in 2022. Subsequently, they recovered and increased steadily, reaching approximately $32 billion by 2025. This variation could indicate strategic asset management, divestitures, or investment cycles influencing the asset base.

The total asset turnover ratio, which measures efficiency in utilizing assets to generate revenues, improves markedly from 0.8 in 2020 to a peak of 1.22 in 2023 before slightly declining and stabilizing around 1.15-1.16 in the following years. This indicates that the company improved its efficiency in generating sales from its asset base, particularly between 2020 and 2023. The slight decrease after 2023 may suggest a plateau in asset utilization efficiency or changes in asset structure.

Net Revenues

Consistently growing, with annual increases, reflecting strong revenue generation and potential market expansion.

Total Assets

Fluctuating with an initial increase, followed by a dip and later recovery, possibly due to asset management decisions or investment activities.

Total Asset Turnover Ratio

Marked improvement over time, showing enhanced efficiency in asset utilization, peaking in 2023 and maintaining a stable level thereafter.

The analysis of the financial data over the reported periods reveals several notable trends for the company.

Net Revenues

There is a clear upward trajectory in net revenues over the years. Starting from approximately 23.52 billion USD in 2020, the revenues increased steadily each year, reaching about 37.18 billion USD by 2025. This consistent growth indicates sustained business expansion and increased sales performance.

Shareholders’ Deficit

The shareholders’ deficit shows significant fluctuations throughout the periods under review. Initially, the deficit decreased from approximately -7.81 billion USD in 2020 to about -5.32 billion USD in 2021, signaling an improvement in equity position. However, the deficit subsequently worsened to around -8.71 billion USD in 2022 before experiencing moderate improvements in the following years, settling near -8.10 billion USD in 2025. This pattern suggests volatility in the company’s equity position, which could be influenced by factors such as accumulated losses, share repurchases, or other comprehensive income variations.

Equity Turnover

Data for equity turnover is not available for the reporting periods, preventing any conclusions or trend analysis on this measure.

In summary, the company has demonstrated strong revenue growth over the years, which is a positive indication of operational success. However, the persistent and fluctuating shareholders’ deficit highlights potential concerns related to the company’s capital structure and financial health that may warrant further detailed examination.