Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Starbucks Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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 long-term investment activity ratios demonstrate generally positive trends in asset utilization over the observed period, though recent quarters suggest a potential shift. Net fixed asset turnover initially increased consistently from December 2020 through July 2022, before stabilizing and then exhibiting a slight decline through December 2023. More recent quarters show a recovery, with a notable increase in the latest period. A similar pattern is observed when considering operating leases and right-of-use assets, though the magnitude of the turnover is lower. Total asset turnover also shows a consistent upward trend until late 2023, followed by a slight decrease, and a recent increase. Equity turnover information is incomplete, preventing a comprehensive assessment of this metric.
- Net Fixed Asset Turnover
- From 3.75 in December 2020, the ratio increased to a peak of 4.99 in July 2022, indicating improved efficiency in generating revenue from fixed assets. A subsequent decline to 4.82 in December 2023 suggests a potential slowdown in this efficiency. However, the ratio rebounded to 5.10 in the most recent period, potentially indicating renewed investment effectiveness or increased demand.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio, which incorporates operating lease obligations, exhibits a similar upward trend from 1.61 in December 2020 to 2.41 in September 2025. The increase, while consistent, is at a lower level than the standard net fixed asset turnover, reflecting the impact of lease obligations on asset utilization. The ratio experienced a slight dip in the earlier periods of 2024, but has since recovered.
- Total Asset Turnover
- Total asset turnover increased from 0.77 in December 2020 to 1.26 in December 2023, demonstrating an increasing ability to generate sales from all assets. The ratio decreased slightly to 1.17 in September 2025, but remains at a relatively high level compared to the beginning of the period. This suggests effective asset management and utilization.
- Equity Turnover
- Data for equity turnover is largely unavailable, limiting the ability to assess how effectively equity is being used to generate revenue. The absence of this information hinders a complete understanding of the company’s investment activity.
Overall, the observed trends suggest a period of improving asset utilization, followed by a potential stabilization and recent recovery. The inclusion of operating lease obligations provides a more comprehensive view of asset turnover, though at a lower magnitude. Continued monitoring of these ratios, particularly in light of the recent fluctuations, is recommended to assess the sustainability of these trends.
Net Fixed Asset Turnover
Starbucks Corp., net fixed asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Net revenues | 9,915,100) | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | |||||||
| Property, plant and equipment, net | 7,399,500) | 8,493,500) | 8,893,700) | 8,820,200) | 8,683,500) | 8,665,500) | 8,080,300) | 7,817,400) | 7,611,700) | 7,387,100) | 7,053,500) | 6,818,600) | 6,699,500) | 6,560,500) | 6,408,200) | 6,460,800) | 6,398,000) | 6,369,500) | 6,151,400) | 6,123,100) | 6,177,900) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.10 | 4.38 | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | 4.56 | 4.41 | 3.89 | 3.75 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | — | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | 13.33 | 12.09 | 9.60 | 7.70 | |||||||
| Chipotle Mexican Grill Inc. | — | — | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | 4.27 | 4.18 | 4.11 | 3.91 | |||||||
| DoorDash, Inc. | — | — | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | — | — | — | — | |||||||
| McDonald’s Corp. | — | — | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | 0.94 | 0.92 | 0.88 | 0.80 | |||||||
Based on: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Property, plant and equipment, net
= (9,915,100 + 9,569,000 + 9,456,000 + 8,761,600)
÷ 7,399,500 = 5.10
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally increasing trend over the observed period, followed by a more recent decline. Initially, the ratio demonstrates consistent growth, peaking in the third quarter of 2025, before experiencing a notable decrease in the final quarter.
- Initial Growth (Dec 27, 2020 – Jun 29, 2025)
- From 3.75 in December 2020, the net fixed asset turnover ratio generally increased, reaching a high of 5.10 in September 2025. This indicates that the company was becoming increasingly efficient in generating revenue from its fixed assets during this period. The ratio moved from 3.75 to 4.75 between December 2020 and January 2022, then continued to climb to 4.99 by July 2022. Further incremental increases were observed through June 2025, suggesting sustained improvements in asset utilization.
- Recent Decline (Sep 28, 2025 – Dec 28, 2025)
- A significant decrease in the net fixed asset turnover ratio is observed in the final quarter of the analyzed period, falling to 4.38 in December 2025. This represents a substantial drop from the peak of 5.10 in the prior quarter, suggesting a reduced efficiency in revenue generation relative to fixed asset investment. This decline warrants further investigation to determine the underlying causes.
- Property, Plant, and Equipment (PP&E) Trend
- Concurrently with the turnover ratio, property, plant, and equipment, net, consistently increased throughout the period, rising from US$6,177,900 in December 2020 to US$8,683,500 in September 2025, before decreasing to US$7,399,500 in December 2025. The initial increase in PP&E, coupled with the rising turnover ratio, indicates effective capital investment. However, the decrease in the turnover ratio alongside the PP&E decline in the final quarter suggests potential underutilization of assets or a decrease in revenue generation capacity.
- Revenue Trend
- Net revenues generally increased over the period, but the rate of increase slowed and even decreased in some quarters. While revenues rose from US$6,749,400 in December 2020 to US$9,915,100 in September 2025, the final quarter saw a decrease to US$9,569,000. This revenue pattern aligns with the observed decline in the net fixed asset turnover ratio, reinforcing the possibility of reduced operational efficiency or market conditions impacting revenue generation.
Overall, the company demonstrated improving asset utilization for a significant portion of the analyzed period. However, the recent decline in the net fixed asset turnover ratio, coupled with the decrease in both PP&E and net revenues in the final quarter, signals a potential shift in operational efficiency that requires further scrutiny.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Starbucks Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net revenues | 9,915,100) | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | |||||||
| Property, plant and equipment, net | 7,399,500) | 8,493,500) | 8,893,700) | 8,820,200) | 8,683,500) | 8,665,500) | 8,080,300) | 7,817,400) | 7,611,700) | 7,387,100) | 7,053,500) | 6,818,600) | 6,699,500) | 6,560,500) | 6,408,200) | 6,460,800) | 6,398,000) | 6,369,500) | 6,151,400) | 6,123,100) | 6,177,900) | |||||||
| Operating lease, right-of-use asset | 8,228,200) | 9,315,700) | 9,581,400) | 9,467,200) | 9,358,100) | 9,286,200) | 8,808,100) | 8,686,500) | 8,638,600) | 8,412,600) | 8,178,500) | 8,251,600) | 8,133,800) | 8,015,600) | 8,037,100) | 8,170,200) | 8,203,400) | 8,236,000) | 8,065,200) | 8,036,800) | 8,199,400) | |||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 15,627,700) | 17,809,200) | 18,475,100) | 18,287,400) | 18,041,600) | 17,951,700) | 16,888,400) | 16,503,900) | 16,250,300) | 15,799,700) | 15,232,000) | 15,070,200) | 14,833,300) | 14,576,100) | 14,445,300) | 14,631,000) | 14,601,400) | 14,605,500) | 14,216,600) | 14,159,900) | 14,377,300) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.41 | 2.09 | 1.99 | 1.99 | 2.00 | 2.02 | 2.16 | 2.21 | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | 1.99 | 1.91 | 1.68 | 1.61 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 43.91 | 41.96 | 40.55 | 38.15 | 41.37 | 38.48 | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | — | 18.31 | 17.37 | 17.06 | 17.07 | 15.55 | 14.81 | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | 8.31 | 7.63 | 5.96 | 4.65 | |||||||
| Chipotle Mexican Grill Inc. | — | — | 1.69 | 1.73 | 1.76 | 1.77 | 1.75 | 1.77 | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | 1.54 | 1.49 | 1.48 | 1.41 | |||||||
| DoorDash, Inc. | — | — | 9.21 | 9.17 | 9.14 | 9.19 | 9.12 | 8.88 | 7.90 | 7.52 | 7.44 | 7.03 | 6.69 | 6.14 | 5.92 | 5.90 | 6.51 | — | — | — | — | |||||||
Based on: 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 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (9,915,100 + 9,569,000 + 9,456,000 + 8,761,600)
÷ 15,627,700 = 2.41
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, calculated using property, plant, and equipment inclusive of operating leases and right-of-use assets, demonstrates a generally increasing trend over the analyzed period, followed by a recent decline. This ratio indicates how efficiently the company generates revenue from its fixed asset base. Initial values show improvement, peaking in the first half of 2024, before experiencing a notable decrease in the latter half of the same year.
- Overall Trend (Dec 2020 – Jun 2024)
- From December 2020 through June 2024, the ratio consistently increased from 1.61 to 2.16. This suggests improving efficiency in revenue generation relative to fixed asset investment during this period. The increases were not always linear, but the overall trajectory is clearly upward.
- Peak Performance (Jan 2022 – Jul 2023)
- The ratio reached its highest levels between January 2022 and July 2023, fluctuating between 2.08 and 2.30. This period represents the company’s most effective utilization of its fixed assets in generating revenue.
- Recent Decline (Jul 2024 – Jun 2025)
- A downward trend is observed from July 2024 onwards. The ratio decreased from 2.02 in July 2024 to 1.99 in December 2024, and then increased to 2.41 in June 2025. This recent decline warrants further investigation to determine the underlying causes, such as potential overinvestment in fixed assets, decreased sales, or changes in asset utilization strategies.
- Revenue and Asset Relationship
- Net revenues generally increased over the period, but the rate of revenue growth did not consistently outpace the growth in net fixed assets, particularly in the latter half of the analyzed timeframe. This disparity contributed to the observed decline in the turnover ratio. The significant increase in fixed assets in the latter part of the period, coupled with a relatively slower revenue increase, is a key driver of this trend.
The fluctuations in the net fixed asset turnover ratio suggest a dynamic relationship between the company’s revenue generation and its investment in fixed assets. While the initial trend indicated improved efficiency, the recent decline signals a potential shift that requires monitoring and analysis to understand its implications for long-term performance.
Total Asset Turnover
Starbucks Corp., total asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Net revenues | 9,915,100) | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | |||||||
| Total assets | 32,228,300) | 32,019,700) | 33,649,200) | 31,633,100) | 31,893,100) | 31,339,300) | 30,111,800) | 29,363,200) | 29,179,700) | 29,445,500) | 28,733,000) | 28,609,000) | 28,256,100) | 27,978,400) | 28,156,200) | 29,021,500) | 28,833,900) | 31,392,600) | 29,476,800) | 28,371,700) | 29,968,400) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | 1.17 | 1.16 | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | 0.93 | 0.92 | 0.84 | 0.77 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | — | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | 0.46 | 0.39 | 0.30 | 0.24 | |||||||
| Chipotle Mexican Grill Inc. | — | — | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | 1.13 | 1.09 | 1.08 | 1.03 | |||||||
| DoorDash, Inc. | — | — | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | — | — | — | — | |||||||
| McDonald’s Corp. | — | — | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | 0.43 | 0.43 | 0.42 | 0.38 | |||||||
Based on: 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 Q1 2026 Calculation
Total asset turnover
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Total assets
= (9,915,100 + 9,569,000 + 9,456,000 + 8,761,600)
÷ 32,228,300 = 1.17
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally increasing trend over the analyzed period, spanning from December 2020 to December 2025. Initially, the ratio fluctuates between 0.77 and 0.93 before demonstrating consistent growth. A notable increase is observed from 1.05 in January 2022 to a peak of 1.26 in December 2023. Subsequently, the ratio experiences a slight decline, followed by stabilization and a minor increase towards the end of the period.
- Initial Phase (Dec 2020 - Oct 2021)
- The ratio begins at 0.77 and shows modest improvement, reaching 0.93. This suggests a gradual increase in revenue generation relative to the asset base during this timeframe. The fluctuations within this period are relatively minor.
- Growth Phase (Jan 2022 - Dec 2023)
- A clear upward trend is evident, with the ratio rising from 1.05 to 1.26. This indicates a significant improvement in the efficiency with which assets are being utilized to generate revenue. The company appears to be becoming more effective at converting its investments in assets into sales. The highest value of 1.26 suggests peak efficiency in asset utilization during this period.
- Stabilization & Minor Fluctuation (Jan 2024 - Dec 2025)
- Following the peak, the ratio decreases slightly to 1.24 in April 2024, then fluctuates between 1.09 and 1.17. While not exhibiting the same growth as the previous phase, the ratio remains at a relatively high level, indicating sustained efficient asset utilization. The final value of 1.17 suggests a stable, though slightly reduced, level of asset turnover compared to the peak in late 2023.
Overall, the trend suggests improving operational efficiency in generating revenue from its asset base. The period between January 2022 and December 2023 demonstrates the most substantial gains in asset turnover. The subsequent stabilization indicates a continued, albeit less dramatic, level of efficiency.
Equity Turnover
Starbucks Corp., equity turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||||
| Net revenues | 9,915,100) | 9,569,000) | 9,456,000) | 8,761,600) | 9,397,800) | 9,074,000) | 9,113,900) | 8,563,000) | 9,425,300) | 9,373,600) | 9,168,300) | 8,719,800) | 8,713,900) | 8,414,200) | 8,150,100) | 7,635,600) | 8,050,400) | 8,146,700) | 7,496,500) | 6,668,000) | 6,749,400) | |||||||
| Shareholders’ deficit | (8,388,700) | (8,096,600) | (7,686,000) | (7,622,500) | (7,471,700) | (7,448,900) | (7,945,400) | (8,449,400) | (8,616,000) | (7,994,800) | (8,348,600) | (8,506,900) | (8,673,800) | (8,706,600) | (8,666,500) | (8,768,000) | (8,457,200) | (5,321,200) | (6,800,800) | (7,654,000) | (7,909,700) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | 1.77 | 1.66 | 1.50 | 1.19 | |||||||
| Chipotle Mexican Grill Inc. | — | — | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | 3.29 | 3.11 | 3.15 | 3.01 | |||||||
| DoorDash, Inc. | — | — | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | — | — | — | — | |||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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 Q1 2026 Calculation
Equity turnover
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Shareholders’ deficit
= (9,915,100 + 9,569,000 + 9,456,000 + 8,761,600)
÷ -8,388,700 = —
2 Click competitor name to see calculations.
The information presents quarterly financial performance metrics over a five-year period. Analysis focuses on net revenues and shareholders’ deficit, with the intention of calculating and interpreting equity turnover. However, equity turnover values are consistently absent throughout the observed timeframe, preventing a direct assessment of this ratio.
- Net Revenues
- Net revenues demonstrate a generally increasing trend over the period. Initial values fluctuate between approximately US$6.67 billion and US$8.15 billion from December 2020 to July 2022. A peak of US$9.37 billion is observed in October 2023. A subsequent decrease to US$8.56 billion is noted in April 2023, followed by recovery and further growth, reaching US$9.92 billion by December 2025. This suggests seasonal variations and overall revenue growth, despite some quarterly declines.
- Shareholders’ Deficit
- Shareholders’ deficit consistently remains negative, indicating accumulated losses exceeding contributed capital. The deficit decreases from approximately US$7.91 billion in December 2020 to a low of US$5.32 billion in October 2021. However, it then increases again, reaching US$8.77 billion by October 2022. From January 2023 through March 2025, the deficit fluctuates, generally remaining between US$7.45 billion and US$8.62 billion. This indicates a persistent negative equity position, with limited improvement over the analyzed period.
- Equity Turnover
- The absence of calculated equity turnover values prevents any meaningful analysis of how efficiently the company utilizes its equity to generate revenue. Without this ratio, it is impossible to assess the relationship between net revenues and shareholders’ equity (or deficit in this case). The lack of this metric significantly limits the assessment of the company’s financial performance from an investment activity perspective.
In conclusion, while net revenues exhibit growth, the consistently negative shareholders’ deficit raises concerns. The inability to analyze equity turnover due to missing values hinders a comprehensive evaluation of the company’s financial health and operational efficiency.