Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Starbucks Corp., profitability ratios (quarterly data)
Based on: 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).
- Gross Profit Margin
- The gross profit margin initially increased significantly from 20.94% to a peak of 28.87% between December 2020 and October 2021. Following this peak, there was a gradual downward trend with some fluctuations, declining to 22.77% by September 2025. This indicates that while the company improved its efficiency or pricing power initially, the margin pressure intensified in later periods, likely due to rising costs or competitive factors.
- Operating Profit Margin
- Operating profit margin exhibited strong growth in the early periods, climbing from 5.42% in December 2020 to a high of around 16.92% by January 2022. Post this peak, a gradual decline is observed with margins dropping to 7.9% by September 2025. The pattern closely mirrors that of gross margins but with more pronounced fluctuations, reflecting changes in operating expenses or operational leverage effects over time.
- Net Profit Margin
- Net profit margin rose sharply from 2.87% to 14.47% between December 2020 and January 2022, indicating improved overall profitability. Thereafter, a steady decline followed, reaching 4.99% in September 2025. This trend suggests that while core profitability improved initially, eventual pressures on costs, taxes, interest, or other factors eroded net margins in the longer term.
- Return on Assets (ROA)
- Return on assets demonstrated a strong improvement from 2.22% to 15.24% over the first year, equal to January 2022. After maintaining relatively high levels around 14%-15%, ROA gradually decreased to 5.8% by September 2025. This implies that asset utilization was optimized initially but deteriorated later, reflecting lower profitability relative to total assets in the final periods.
- Return on Equity (ROE)
- Data for return on equity was not available for any period and thus no conclusions can be drawn regarding this profitability metric.
- Summary
- Overall, the company experienced substantial profitability improvements across gross, operating, net margins, and ROA in the early phase spanning late 2020 to early 2022. This suggests operational efficiencies, pricing improvements, or cost management initiatives that enhanced financial performance. In contrast, all profit margins and ROA show a consistent declining trend from early or mid-2022 through 2025, indicating increasing pressures that could stem from cost increases, competitive challenges, or other operational inefficiencies. Monitoring these trends suggests a need for strategic actions to counteract margin erosion and asset profitability declines in recent periods.
Return on Sales
Return on Investment
Gross Profit Margin
Starbucks Corp., gross profit margin calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Gross profit | 2,162,500) | 2,155,700) | 1,848,000) | 2,301,100) | 2,381,800) | 2,543,900) | 2,190,200) | 2,593,200) | 2,719,200) | 2,606,500) | 2,282,100) | 2,238,400) | 2,158,500) | 2,234,000) | 1,855,100) | 2,123,500) | 2,382,100) | 2,323,600) | 1,852,300) | 1,833,000) | ||||||
| Net revenues | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Gross profit margin1 | 22.77% | 23.68% | 24.97% | 26.05% | 26.84% | 27.54% | 27.67% | 27.81% | 27.37% | 26.52% | 26.22% | 25.78% | 25.96% | 26.87% | 27.72% | 28.59% | 28.87% | 27.85% | 22.77% | 20.94% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 83.04% | 83.23% | 83.05% | 83.08% | 83.07% | 82.59% | 82.86% | 82.83% | 82.67% | 82.33% | 82.04% | 82.15% | 81.95% | 81.58% | 80.89% | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | — | 25.72% | 25.98% | 26.37% | 26.67% | 26.87% | 27.10% | 26.66% | 26.20% | 25.91% | 25.67% | 25.05% | 23.88% | 23.00% | 22.49% | 22.20% | 22.62% | 22.58% | 21.58% | 18.70% | ||||||
| DoorDash, Inc. | — | 50.49% | 50.04% | 49.19% | 48.31% | 47.62% | 46.93% | 46.78% | 46.86% | 46.33% | 46.03% | 45.63% | 45.50% | 47.09% | 49.23% | 51.81% | — | — | — | — | ||||||
| McDonald’s Corp. | — | 57.42% | 56.99% | 56.82% | 56.75% | 56.62% | 56.97% | 57.01% | 57.12% | 57.24% | 57.45% | 57.53% | 56.97% | 56.13% | 55.29% | 54.54% | 54.17% | 53.71% | 53.22% | 51.37% | ||||||
Based on: 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 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
= 100 × (2,162,500 + 2,155,700 + 1,848,000 + 2,301,100)
÷ (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
= 22.77%
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a generally increasing trend over the periods analyzed, starting from approximately 6.75 billion USD and reaching nearly 9.57 billion USD by the last period. There is a consistent quarter-over-quarter growth with occasional slight declines, notably around early 2022 and early 2024, but the overall trajectory remains upward. This reflects continued expansion in revenue generation over time.
- Gross Profit
- Gross profit follows a pattern broadly aligned with net revenues but with greater fluctuations. It increased substantially in the first half of the timeline, peaking multiple times around 2.7 to 2.6 billion USD in 2023 and early 2024. However, it subsequently shows some declines, particularly in periods corresponding approximately to early 2024 and mid-2025, before stabilizing somewhat. These variations may reflect changes in cost structures or pricing strategies impacting overall profitability.
- Gross Profit Margin
- The gross profit margin percentages reveal a notable upward movement in the early part of the data, moving from about 21% to a peak near 29% in late 2021. Thereafter, the margin gradually decreases over subsequent periods, dipping back toward approximately 23% by mid-2025. This suggests that while revenue growth was strong, cost pressures or other factors gradually eroded the relative profitability of revenues, indicating increasing costs or reduced pricing power impacting gross margins.
- Overall Analysis
- The data depicts a company with strong revenue growth momentum complemented by an initial improvement in gross profitability. However, the declining gross profit margin trend in recent quarters signals potential rising costs or operational challenges that may affect profitability sustainability. This warrants further investigation into cost management, input prices, or competitive dynamics. Despite the margin pressure, gross profit in absolute terms remains at relatively high levels, indicating that revenue gains have partially offset the margin contraction.
Operating Profit Margin
Starbucks Corp., operating profit margin calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Operating income (loss) | 278,300) | 935,600) | 601,000) | 1,121,700) | 1,307,000) | 1,517,500) | 1,098,900) | 1,485,400) | 1,706,300) | 1,583,900) | 1,327,500) | 1,253,100) | 1,195,600) | 1,295,500) | 948,900) | 1,177,800) | 1,482,300) | 1,488,700) | 987,600) | 913,500) | ||||||
| Net revenues | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | 7.90% | 10.81% | 12.51% | 13.96% | 14.95% | 15.92% | 16.08% | 16.64% | 16.32% | 15.31% | 14.92% | 14.26% | 14.32% | 15.33% | 16.27% | 16.92% | 16.77% | 14.56% | 7.36% | 5.42% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 22.65% | 22.50% | 22.17% | 23.00% | 15.01% | 15.21% | 15.86% | 15.31% | 23.42% | 21.53% | 20.69% | 21.45% | 20.46% | 17.49% | 13.17% | — | — | — | — | ||||||
| Booking Holdings Inc. | — | 32.74% | 32.85% | 32.49% | 31.83% | 27.92% | 28.39% | 28.07% | 27.31% | 31.85% | 31.29% | 29.59% | 29.85% | 28.74% | 27.56% | 23.83% | 22.78% | 16.22% | -2.86% | -11.21% | ||||||
| Chipotle Mexican Grill Inc. | — | 16.38% | 16.65% | 17.01% | 16.94% | 16.97% | 16.75% | 15.99% | 15.78% | 15.63% | 15.42% | 14.89% | 13.44% | 12.15% | 11.36% | 10.65% | 10.67% | 10.61% | 9.22% | 6.02% | ||||||
| DoorDash, Inc. | — | 5.48% | 4.56% | 1.58% | -0.35% | -2.40% | -4.78% | -5.15% | -6.71% | -10.55% | -13.79% | -15.67% | -17.07% | -14.97% | -12.41% | -9.99% | — | — | — | — | ||||||
| McDonald’s Corp. | — | 46.09% | 45.80% | 45.22% | 45.19% | 44.90% | 45.29% | 45.99% | 45.68% | 45.68% | 45.40% | 40.96% | 40.42% | 39.48% | 39.87% | 43.71% | 44.59% | 44.84% | 44.34% | 40.33% | ||||||
Based on: 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 Q4 2025 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025)
÷ (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
= 100 × (278,300 + 935,600 + 601,000 + 1,121,700)
÷ (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
= 7.90%
2 Click competitor name to see calculations.
- Operating Income (Loss)
- The operating income showed significant fluctuations over the analyzed quarters. Initially, there was a steady increase from approximately 914 million to nearly 1.49 billion USD by mid-2021, followed by some volatility. Notably, after reaching a peak around the end of 2023 at 1.71 billion USD, a decline ensued during 2024 and into 2025, where the operating income dropped substantially to 278 million USD by the last quarter observed. This suggests periods of both strong operational performance and subsequent challenges or increased expenses towards the end of the period.
- Net Revenues
- Net revenues displayed an overall upward trend with some variability. Starting around 6.75 billion USD, revenues generally increased through the middle of the timeline, peaking over 9.4 billion USD near the end of 2024. However, there was a slight dip around early 2024 before revenues climbed again in subsequent quarters. The growth in revenues indicates expansion or increased sales volume, although the fluctuations may reflect seasonal influences or market dynamics.
- Operating Profit Margin
- The operating profit margin exhibited notable improvement from about 5.4% at the start of the period to a high of nearly 16.9% in early 2022. After maintaining margins above 14% through late 2023, a gradual downward trend set in, declining steadily to 7.9% by the end of the period in late 2025. This decline in margin despite relatively stable or increasing revenues indicates rising costs or operational inefficiencies impacting profitability.
- Summary Insights
- The data reflect an initial phase of strong growth in both operating income and profitability margins, accompanied by increasing revenue. However, towards the latter part of the series, operating income and margins contracted significantly while revenues remained relatively elevated but fluctuated. This pattern might imply rising operational costs, increased competition, or other challenges affecting cost management and margin preservation. The overall trend points to a need for strategic assessment to address the declining profitability despite healthy top-line figures.
Net Profit Margin
Starbucks Corp., net profit margin calculation (quarterly data)
| 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 earnings (loss) attributable to Starbucks | 133,100) | 558,300) | 384,200) | 780,800) | 909,300) | 1,054,800) | 772,400) | 1,024,400) | 1,219,300) | 1,141,700) | 908,300) | 855,200) | 878,300) | 912,900) | 674,500) | 815,900) | 1,764,300) | 1,153,400) | 659,400) | 622,200) | ||||||
| Net revenues | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | 4.99% | 7.18% | 8.61% | 9.73% | 10.40% | 11.16% | 11.38% | 11.70% | 11.46% | 10.80% | 10.46% | 10.09% | 10.18% | 13.03% | 14.07% | 14.47% | 14.45% | 10.43% | 4.18% | 2.87% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 22.03% | 22.67% | 22.60% | 23.85% | 16.96% | 46.11% | 48.23% | 48.32% | 56.87% | 25.31% | 23.30% | 22.54% | 20.29% | 16.91% | 12.12% | — | — | — | — | ||||||
| Booking Holdings Inc. | — | 19.37% | 19.23% | 22.58% | 24.78% | 21.85% | 22.46% | 21.81% | 20.07% | 25.70% | 23.04% | 22.14% | 17.89% | 15.24% | 10.54% | 4.16% | 10.63% | 4.15% | 5.77% | 12.44% | ||||||
| Chipotle Mexican Grill Inc. | — | 13.04% | 13.32% | 13.59% | 13.56% | 13.51% | 13.23% | 12.70% | 12.45% | 12.27% | 12.00% | 11.49% | 10.41% | 9.61% | 9.28% | 8.74% | 8.65% | 9.88% | 8.57% | 6.44% | ||||||
| DoorDash, Inc. | — | 6.83% | 6.57% | 3.02% | 1.15% | -1.69% | -4.24% | -4.61% | -6.46% | -12.81% | -16.47% | -18.98% | -20.74% | -14.51% | -12.17% | -9.97% | — | — | — | — | ||||||
| McDonald’s Corp. | — | 32.04% | 32.21% | 31.75% | 31.72% | 31.79% | 32.25% | 33.36% | 33.22% | 33.31% | 33.06% | 29.36% | 26.65% | 25.41% | 25.77% | 29.93% | 32.49% | 32.33% | 31.72% | 26.31% | ||||||
Based on: 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 Q4 2025 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to StarbucksQ4 2025
+ Net earnings (loss) attributable to StarbucksQ3 2025
+ Net earnings (loss) attributable to StarbucksQ2 2025
+ Net earnings (loss) attributable to StarbucksQ1 2025)
÷ (Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025
+ Net revenuesQ1 2025)
= 100 × (133,100 + 558,300 + 384,200 + 780,800)
÷ (9,569,000 + 9,456,000 + 8,761,600 + 9,397,800)
= 4.99%
2 Click competitor name to see calculations.
The quarterly financial data reflects several significant trends in the company's performance over the observed periods.
- Net Earnings (Loss) Attributable
- Net earnings exhibit pronounced fluctuations across quarters, with notable peaks and troughs. Early in the timeline, there is a marked increase reaching a substantial high, followed by a decline and another upward movement. In the most recent quarters, net earnings show a downward trajectory, culminating in a marked drop by the last reported period. This volatility suggests varying operational performance and potential impacts from external factors or business cycles.
- Net Revenues
- Net revenues demonstrate a generally upward trend with seasonal fluctuations. Starting from lower values, revenues increase steadily with some periods of stagnation or slight declines. There is a peak in revenues near the end of the middle periods, followed by a small dip, then a rise again towards the later quarters. This pattern indicates growth but with periodic slowdowns that may align with market conditions or company-specific events.
- Net Profit Margin
- The net profit margin shows significant improvement from the initial low single digits into double-digit percentages at its peak. This increase corresponds with the rise in net earnings and suggests improved profitability during those quarters. However, after reaching a peak margin, there is a gradual decline toward the end of the timeline, indicating reduced profitability despite relatively stable or increasing revenues, which could imply rising costs or other margins pressures.
In summary, the company experienced periods of strong earnings growth and improved profit margins alongside increasing revenues. Yet, recent data points to a weakening profitability and earnings contraction despite continuing revenue growth. This divergence signals potential challenges in cost management or external market pressures impacting net income generation.
Return on Equity (ROE)
Starbucks Corp., ROE calculation (quarterly data)
| 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 earnings (loss) attributable to Starbucks | 133,100) | 558,300) | 384,200) | 780,800) | 909,300) | 1,054,800) | 772,400) | 1,024,400) | 1,219,300) | 1,141,700) | 908,300) | 855,200) | 878,300) | 912,900) | 674,500) | 815,900) | 1,764,300) | 1,153,400) | 659,400) | 622,200) | ||||||
| Shareholders’ deficit | (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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 30.56% | 33.73% | 31.98% | 31.48% | 21.65% | 60.53% | 62.55% | 58.69% | 59.85% | 45.46% | 38.34% | 34.05% | 29.40% | 23.80% | 16.92% | — | — | — | — | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | 374.67% | 109.92% | 66.51% | 38.58% | 11.89% | 18.86% | 6.89% | 8.63% | 14.76% | ||||||
| Chipotle Mexican Grill Inc. | — | 47.69% | 43.70% | 44.73% | 41.97% | 41.08% | 37.99% | 38.57% | 40.13% | 40.55% | 40.27% | 41.60% | 37.97% | 34.75% | 35.10% | 32.06% | 28.42% | 30.74% | 26.97% | 19.38% | ||||||
| DoorDash, Inc. | — | 9.09% | 8.75% | 4.04% | 1.58% | -2.27% | -5.68% | -6.00% | -8.20% | -15.92% | -19.79% | -20.85% | -20.21% | -12.89% | -9.26% | -11.29% | — | — | — | — | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q4 2025 Calculation
ROE = 100
× (Net earnings (loss) attributable to StarbucksQ4 2025
+ Net earnings (loss) attributable to StarbucksQ3 2025
+ Net earnings (loss) attributable to StarbucksQ2 2025
+ Net earnings (loss) attributable to StarbucksQ1 2025)
÷ Shareholders’ deficit
= 100 × (133,100 + 558,300 + 384,200 + 780,800)
÷ -8,096,600 = —
2 Click competitor name to see calculations.
The analysis of the financial performance over multiple quarters reveals distinct patterns in net earnings and shareholders’ equity, highlighting varying trends in profitability and capital structure.
- Net Earnings (Loss) Attributable to Starbucks
- Net earnings show considerable volatility across the observed periods. Starting at approximately $622 million, earnings increased steadily, peaking near $1.76 billion in October 2021. Following this peak, there was a distinct decline in earnings through the subsequent quarters, with values fluctuating between $384 million and $1.21 billion in the most recent quarters. The data indicates a surge in profitability during mid-2021, followed by variable yet generally lower earnings throughout 2022 and early 2023, and mixed performance in 2024 into early 2025, where a steep decline is noted towards the last available quarter at just $133 million. This pattern suggests exposure to fluctuations possibly driven by market conditions, operational challenges, or other external factors affecting quarterly profitability.
- Shareholders’ Deficit
- The shareholders’ deficit figures reveal a consistent negative balance throughout the time frame, indicating the presence of accumulated losses or other deductions in equity. Initially at approximately -$7.91 billion, the deficit diminished in size to around -$5.32 billion by October 2021, suggesting an improvement in shareholders' equity during that period. However, following this improvement, the deficit increased again and fluctuated in the range of roughly -$7.44 billion to -$8.76 billion across subsequent quarters, ending near -$8.10 billion in the last quarter observed. These fluctuations suggest a challenging equity position with limited net positive impact on shareholder equity, potentially reflecting ongoing costs, liabilities, or reversal of prior gains.
- Return on Equity (ROE)
- The absence of ROE data prevents a direct evaluation of the company's effectiveness in generating profits from shareholders’ equity. Given the persistent shareholders’ deficit, calculation of ROE could be complex or non-indicative of standard profitability measures.
In summary, the financial data indicates a period of strong but volatile profitability, with net earnings peaking mid-2021 before trending downward and becoming more variable. Despite temporary improvements, the shareholders’ deficit remains significantly negative, demonstrating continuing challenges in equity stability. This combination suggests a cautious outlook on the company's equity performance, with profitability not consistently translating into improved shareholder value over the periods analyzed.
Return on Assets (ROA)
Starbucks Corp., ROA calculation (quarterly data)
| Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net earnings (loss) attributable to Starbucks | 133,100) | 558,300) | 384,200) | 780,800) | 909,300) | 1,054,800) | 772,400) | 1,024,400) | 1,219,300) | 1,141,700) | 908,300) | 855,200) | 878,300) | 912,900) | 674,500) | 815,900) | 1,764,300) | 1,153,400) | 659,400) | 622,200) | ||||||
| Total assets | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | 5.80% | 7.82% | 9.89% | 11.03% | 12.00% | 13.52% | 14.16% | 14.71% | 14.01% | 13.17% | 12.43% | 11.75% | 11.73% | 14.80% | 15.19% | 15.24% | 13.38% | 9.59% | 3.51% | 2.22% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | — | 11.41% | 9.73% | 10.13% | 12.63% | 8.29% | 18.40% | 20.13% | 23.21% | 25.47% | 10.85% | 10.13% | 11.80% | 10.13% | 6.55% | 4.70% | — | — | — | — | ||||||
| Booking Holdings Inc. | — | 17.54% | 15.69% | 20.00% | 21.23% | 18.00% | 17.62% | 17.31% | 17.62% | 20.68% | 16.78% | 15.96% | 12.06% | 11.06% | 6.30% | 2.32% | 4.93% | 1.64% | 1.73% | 2.97% | ||||||
| Chipotle Mexican Grill Inc. | — | 16.55% | 16.64% | 17.26% | 16.67% | 16.47% | 15.81% | 15.41% | 15.27% | 14.79% | 14.75% | 14.64% | 12.98% | 11.86% | 11.55% | 10.58% | 9.81% | 10.72% | 9.28% | 6.61% | ||||||
| DoorDash, Inc. | — | 4.80% | 4.61% | 2.50% | 0.96% | -1.40% | -3.44% | -3.67% | -5.15% | -10.43% | -13.19% | -14.09% | -13.94% | -9.21% | -6.91% | -7.70% | — | — | — | — | ||||||
| McDonald’s Corp. | — | 13.89% | 14.09% | 14.49% | 14.90% | 14.68% | 15.44% | 16.06% | 15.08% | 16.00% | 15.86% | 13.22% | 12.25% | 12.19% | 12.35% | 13.98% | 14.01% | 13.81% | 13.29% | 10.10% | ||||||
Based on: 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 Q4 2025 Calculation
ROA = 100
× (Net earnings (loss) attributable to StarbucksQ4 2025
+ Net earnings (loss) attributable to StarbucksQ3 2025
+ Net earnings (loss) attributable to StarbucksQ2 2025
+ Net earnings (loss) attributable to StarbucksQ1 2025)
÷ Total assets
= 100 × (133,100 + 558,300 + 384,200 + 780,800)
÷ 32,019,700 = 5.80%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in profitability, asset base, and return efficiency over the observed periods.
- Net Earnings (Loss) Attributable to Starbucks
- The net earnings exhibit significant fluctuations throughout the quarters. Starting at $622.2 million at the end of 2020, earnings increased steadily, reaching a peak of $1.76 billion by the fourth quarter of 2021. Following this peak, the earnings experienced a substantial decline fluctuating downward to $384.2 million by the first quarter of 2025, before a slight recovery to $558.3 million and then a decline again to $133.1 million by the third quarter of 2025. This pattern indicates periods of strong profitability followed by volatility and a notable decrease in profitability in the more recent quarters.
- Total Assets
- The total assets show a generally stable to slightly growing trend with minor variations during the period. Beginning at approximately $29.97 billion at the end of 2020, assets decreased slightly to about $28.38 billion by the first quarter of 2021, then increased again, peaking around $31.89 billion in the early quarters of 2025. Despite some fluctuations, the overall asset base has exhibited a modest growth from the start to the end of the period, indicating consistent asset accumulation or retention over the years.
- Return on Assets (ROA)
- The ROA trend reflects the company's efficiency in generating profit from its assets. Initially at a modest 2.22% in late 2020, ROA improved dramatically, peaking at 15.24% in the first quarter of 2022. After this peak, there is a gradual decline in ROA, dropping evenly over the subsequent periods to reach 5.8% by the third quarter of 2025. This suggests that while the company became significantly more effective at using its assets to produce earnings in the early phase of the timeline, its efficiency has diminished substantially in the later quarters.
In summary, the financial data portrays a company that experienced strong growth in earnings and asset utilization efficiency in the early part of the period, followed by a phase of earnings volatility and decreasing operational efficiency despite a growing asset base. The declining ROA in recent quarters, coupled with reduced net earnings, indicates potential challenges in maintaining profitability relative to the assets employed.