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: 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 investment activity ratios demonstrate a general improvement in asset utilization efficiency from December 2020 through March 2026. The data reveals a consistent trajectory of growth in the first half of the period, followed by a moderate decline in efficiency, and concluding with a strong recovery in asset productivity.
- Net Fixed Asset Turnover
- A significant upward trend is observed from December 2020, where the ratio stood at 3.75, peaking at 4.99 in April 2023. This indicates a period of increasing revenue generation per unit of net fixed assets. Following this peak, a gradual decline occurred, reaching a low of 4.12 by March 2025. However, the period concludes with a sharp acceleration in efficiency, rising to 5.35 by March 2026, the highest point in the analyzed timeframe.
- Net Fixed Asset Turnover Including Operating Leases
- When incorporating right-of-use assets, the turnover ratio is lower, which is expected given the larger asset base. The trend mirrors the standard net fixed asset turnover, rising from 1.61 in December 2020 to a peak of 2.30 in July 2023. A subsequent contraction is noted, with the ratio dipping to 1.99 by March 2025, before recovering strongly to reach 2.50 by March 2026. The correlation between these two metrics suggests that the drivers of asset efficiency are consistent across both owned and leased assets.
- Total Asset Turnover
- The total asset turnover exhibits a steady and sustained increase from 0.77 in December 2020 to a peak of 1.26 in December 2023. While a slight period of volatility followed, with the ratio fluctuating between 1.09 and 1.24 throughout 2024 and 2025, it ultimately returned to 1.26 by March 2026. This indicates a long-term improvement in the ability to generate sales from the total investment in assets.
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Net Fixed Asset Turnover
Starbucks Corp., net fixed asset turnover 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) | |||||||||||||||||||||||||||||
| Net revenues | 9,531,500) | 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 | 7,188,700) | 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 | 5.35 | 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. | — | — | 114.40 | 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. | — | 35.32 | 33.35 | 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 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 4.39 | 4.45 | 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 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 12.89 | 12.86 | 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. | — | 0.97 | 0.95 | 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 | — | — | — | — | |||||||
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
Net fixed asset turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Property, plant and equipment, net
= (9,531,500 + 9,915,100 + 9,569,000 + 9,456,000)
÷ 7,188,700 = 5.35
2 Click competitor name to see calculations.
An analysis of the net fixed asset turnover ratio reveals a cyclical pattern of efficiency, characterized by an initial growth phase, a period of diminishing returns during asset expansion, and a final sharp increase driven by a reduction in the net asset base.
- Initial Efficiency Gains (December 2020 – July 2022)
- During this period, the net fixed asset turnover ratio experienced a consistent upward trend, rising from 3.75 to a peak of 4.99. This improvement was driven by net revenues growing at a faster rate than the investments in property, plant, and equipment. Revenue increased from approximately 6.7 billion to 8.1 billion, while net fixed assets remained relatively stable, increasing only modestly from 6.1 billion to 6.4 billion. This indicates a high level of operational efficiency in utilizing existing fixed assets to generate incremental sales.
- Asset Expansion and Ratio Compression (October 2022 – March 2024)
- A subsequent downward trend in the turnover ratio is observed, falling from 4.92 in October 2022 to 4.12 by March 2024. This decline coincides with a period of aggressive capital expenditure, as net property, plant, and equipment grew from 6.5 billion to 8.8 billion. Although net revenues continued to rise, the growth in the asset base outpaced revenue gains, leading to a reduction in the revenue-generating efficiency per unit of fixed asset.
- Asset Base Optimization and Ratio Peak (September 2025 – March 2026)
- The most recent data indicates a significant and rapid increase in the net fixed asset turnover ratio, reaching a period high of 5.35 by March 2026. This surge is primarily attributed to a substantial reduction in net property, plant, and equipment, which dropped from 8.8 billion in June 2025 to 7.1 billion by March 2026. Because net revenues remained stable or grew slightly during this window, the decrease in the asset denominator mathematically inflated the turnover ratio, suggesting either a strategic divestment of assets, significant impairment charges, or an aggressive optimization of the physical store footprint.
Overall, the data demonstrates that while revenue has maintained a general upward trajectory over the five-year period, the efficiency of fixed asset utilization has been heavily influenced by the timing and scale of capital investments and subsequent asset reductions.
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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)
| 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) | |||||||||||||||||||||||||||||
| Net revenues | 9,531,500) | 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 | 7,188,700) | 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 | 8,189,500) | 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) | 15,378,200) | 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 | 2.50 | 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. | — | — | 47.63 | 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. | — | 19.90 | 18.71 | 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 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 1.64 | 1.67 | 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 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 9.32 | 9.12 | 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: 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
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (9,531,500 + 9,915,100 + 9,569,000 + 9,456,000)
÷ 15,378,200 = 2.50
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover indicates three distinct operational phases characterized by fluctuating asset utilization efficiency and strategic shifts in the balance sheet composition between December 2020 and March 2026.
- Initial Efficiency Growth Phase (December 2020 – July 2023)
- A consistent upward trend in the net fixed asset turnover ratio is observed, rising from 1.61 to a peak of 2.30. This period was marked by significant revenue growth, increasing from approximately 6.75 billion USD to 9.17 billion USD, while property, plant, and equipment (including right-of-use assets) remained relatively stable, fluctuating between 14.16 billion USD and 15.23 billion USD. This suggests a period of high operational leverage where existing assets were utilized more intensively to drive top-line growth.
- Asset Expansion and Efficiency Compression (October 2023 – March 2025)
- A reversal in the turnover trend occurred as the ratio declined from 2.28 to 1.99. This contraction is attributed to a substantial increase in the net fixed asset base, which grew from 15.80 billion USD in July 2023 to a peak of 18.48 billion USD by June 2025. Although revenues continued to grow, reaching a high of 9.57 billion USD, the pace of asset acquisition and lease recognition exceeded the pace of revenue generation, resulting in a temporary reduction in asset turnover efficiency.
- Asset Optimization and Peak Productivity (September 2025 – March 2026)
- The most recent period shows a sharp increase in the turnover ratio, reaching a series high of 2.50 by March 2026. This spike is primarily driven by a significant reduction in net fixed assets, which dropped from 18.48 billion USD in June 2025 to 15.38 billion USD by March 2026. With revenues remaining robust and peaking at 9.92 billion USD in December 2025, the reduction in the asset base significantly enhanced the ratio, indicating a period of optimized asset productivity or strategic divestment/lease termination.
Overall, the data demonstrates a cyclical relationship between capital investment and revenue generation. The company transitioned from a period of maximizing existing capacity to a period of aggressive asset expansion, and finally to a phase of asset leaness and high turnover efficiency.
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Total Asset Turnover
Starbucks Corp., total asset turnover 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) | |||||||||||||||||||||||||||||
| Net revenues | 9,531,500) | 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 | 30,557,500) | 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 | 1.26 | 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. | — | 0.47 | 0.55 | 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. | — | 1.00 | 0.92 | 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 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 1.38 | 1.33 | 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 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 0.75 | 0.70 | 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. | — | 0.46 | 0.45 | 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 | — | — | — | — | |||||||
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
Total asset turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Total assets
= (9,531,500 + 9,915,100 + 9,569,000 + 9,456,000)
÷ 30,557,500 = 1.26
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a significant long-term upward trajectory, indicating a marked improvement in the efficiency with which assets are utilized to generate revenue. Between December 2020 and March 2026, the ratio evolved from a low of 0.77 to a peak of 1.26, reflecting a strengthened capacity to convert the asset base into top-line growth.
- Efficiency Expansion Phase (December 2020 – December 2023)
- A period of consistent improvement in asset productivity is observed, with the turnover ratio rising from 0.77 to 1.26. This growth was primarily driven by a steady increase in net revenues—which climbed from approximately 6.7 billion to 9.4 billion—while the total asset base remained relatively stable, fluctuating narrowly between 28 billion and 31 billion. This divergence suggests a high degree of operational leverage during this period.
- Asset Growth and Ratio Compression (January 2024 – June 2025)
- A temporary decline in turnover efficiency is evident starting in 2024. The ratio decreased from 1.26 in December 2023 to a low of 1.09 by June 2025. This compression corresponds with a significant expansion of the asset base, which reached a peak of 33.6 billion in June 2025. During this interval, the growth in assets outpaced the growth in net revenues, leading to a temporary reduction in asset utilization efficiency.
- Recovery and Stabilization (July 2025 – March 2026)
- The final period shows a recovery in efficiency, with the total asset turnover ratio returning to 1.26 by March 2026. This rebound is attributable to a combination of sustained revenue levels and a contraction of the total asset base to 30.5 billion. The convergence of these factors indicates a return to the high efficiency levels observed at the end of 2023.
- Revenue and Asset Correlation
- An analysis of the underlying components reveals that revenue growth has been the primary driver of turnover improvement. While net revenues grew by approximately 41% from the start to the end of the period, total assets increased by only 1.9%, resulting in a net increase in the asset turnover ratio.
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Equity Turnover
Starbucks Corp., equity turnover 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) | |||||||||||||||||||||||||||||
| Net revenues | 9,531,500) | 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 | (8,465,100) | (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. | — | 1.66 | 1.49 | 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 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 5.04 | 4.21 | 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 | — | — | — | — | |||||||
| DoorDash, Inc. | — | 1.44 | 1.37 | 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: 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
Equity turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Shareholders’ deficit
= (9,531,500 + 9,915,100 + 9,569,000 + 9,456,000)
÷ -8,465,100 = —
2 Click competitor name to see calculations.
Revenue exhibits a consistent long-term growth trajectory, rising from approximately 6.7 billion USD in December 2020 to a peak of 9.9 billion USD in December 2025. Concurrently, the capital structure is characterized by a persistent shareholders' deficit throughout the entire observation period, indicating a financial position where total liabilities exceed total assets.
- Revenue Growth Patterns
- Net revenues demonstrated steady expansion, increasing by approximately 41% from the start of the period to March 2026. A period of accelerated growth is observed between 2021 and 2023, where revenues climbed from 6.7 billion USD to over 9.3 billion USD. Although intermittent quarterly fluctuations occurred—most notably a decline to 8.5 billion USD in December 2023—the overall trend indicates a robust increase in top-line performance.
- Shareholders' Equity Analysis
- The company maintained a negative equity position across all analyzed quarters. The shareholders' deficit reached its minimum magnitude of 5.3 billion USD in October 2021 before widening to a peak deficit of 8.7 billion USD by April 2022. In the subsequent years, the deficit remained relatively stable, fluctuating within a range of 7.4 billion USD to 8.6 billion USD, which suggests a consistent capital management strategy despite the negative balance.
- Equity Turnover Dynamics
- The presence of a continuous shareholders' deficit renders the standard equity turnover ratio mathematically negative, which deviates from typical efficiency interpretations. However, an analysis of the relationship between the two metrics reveals that the magnitude of revenue generation is increasing relative to the size of the equity deficit. The ability to drive revenues toward 9.5 billion USD while maintaining a stable deficit suggests a high degree of operational leverage and a reliance on debt or other liabilities to fund growth rather than equity contributions.
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