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-Q (reporting date: 2026-06-28), 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 profitability metrics exhibit a cyclical trend characterized by a period of strong recovery and expansion between late 2020 and early 2022, a phase of relative stability through 2023, and a subsequent contraction starting in early 2024. A consistent downward trend is observed across all measured ratios, reaching a trough in December 2025, followed by a modest recovery in the first half of 2026.
- Gross Profit Margin
- An initial expansion is observed from 20.94% in December 2020 to a peak of 28.87% in October 2021. The margin remained relatively stable, fluctuating between 25% and 28% through late 2023. However, a steady decline began in early 2024, with the margin falling to 21.63% by December 2025 before a slight recovery to 22.07% by June 2026.
- Operating Profit Margin
- A significant increase occurred from 5.42% in December 2020 to a peak of 16.92% in January 2022. This ratio maintained a high plateau between 14% and 16% through 2023. A pronounced contraction followed, with the margin dropping to a low of 7.18% in December 2025, with a marginal uptick to 7.77% by June 2026.
- Net Profit Margin
- The net profit margin mirrors the operating trend, rising from 2.87% in December 2020 to 14.47% in January 2022. After remaining consistently above 10% throughout 2023, a progressive decline was noted throughout 2024 and 2025, bottoming at 3.63% in December 2025 before recovering to 5.17% by June 2026.
- Return on Assets (ROA)
- ROA demonstrated a sharp increase from 2.22% in December 2020 to 15.24% in January 2022. The metric remained strong throughout 2023, peaking at 14.71% in December of that year. A subsequent decline led to a low of 4.25% in December 2025, with a recovery to 7.01% by June 2026.
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Return on Sales
Return on Investment
Gross Profit Margin
Starbucks Corp., gross profit margin calculation (quarterly data)
| Jun 28, 2026 | 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) | ||||||||||||||||||||||||||||||
| Gross profit | 2,296,700) | 1,914,400) | 2,089,200) | 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 | 9,322,700) | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | 22.07% | 21.63% | 21.90% | 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. | — | 82.90% | 82.91% | 82.96% | 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. | — | 24.13% | 24.64% | 25.38% | 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% | — | — | — | — | |||||||
| DoorDash, Inc. | — | 51.41% | 50.89% | 50.88% | 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. | — | 57.38% | 57.35% | 57.41% | 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% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 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 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
= 100 × (2,296,700 + 1,914,400 + 2,089,200 + 2,162,500)
÷ (9,322,700 + 9,531,500 + 9,915,100 + 9,569,000)
= 22.07%
2 Click competitor name to see calculations.
An analysis of the gross profit margin reveals a cyclical trajectory characterized by an initial period of rapid expansion, a phase of relative stability, and a subsequent sustained contraction over the observed timeframe.
- Initial Expansion and Peak Performance
- A significant upward trend in gross profit margin is observed between December 2020 and October 2021, with the ratio climbing from 20.94% to a peak of 28.87%. This period corresponds with a steady increase in net revenues, rising from approximately 6.75 billion US$ to 8.15 billion US$, indicating an efficient scaling of production and cost management relative to sales growth.
- Stability and Plateau Phase
- From January 2022 through December 2023, the gross profit margin entered a period of stabilization. While fluctuations occurred, the margin generally remained within a corridor of 25% to 28%. During this phase, net revenues continued to grow, reaching a high of 9.43 billion US$ in October 2023, and gross profit reached its historical peak of 2.72 billion US$ in the same quarter.
- Margin Compression Trend
- A consistent downward trend in profitability is evident starting in early 2024. The gross profit margin declined from 27.67% in December 2023 to a low of 21.63% by March 2026. This erosion persisted despite net revenues remaining elevated, often exceeding 9 billion US$ per quarter, suggesting that the cost of goods sold increased at a faster rate than pricing adjustments or revenue growth could offset.
- Revenue and Profit Divergence
- A notable divergence is observed in the latter part of the period. While net revenues reached their highest levels in late 2025, peaking at 9.92 billion US$ in September, the gross profit for that same period (2.16 billion US$) was significantly lower than the peaks seen in 2023. This divergence confirms a systematic compression of the gross margin, which concluded the period at 22.07% in June 2026.
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Operating Profit Margin
Starbucks Corp., operating profit margin calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Operating income (loss) | 980,400) | 828,100) | 890,800) | 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 | 9,322,700) | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | 7.77% | 7.62% | 7.18% | 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. | — | 20.81% | 20.49% | 20.78% | 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. | — | 32.87% | 32.63% | 32.79% | 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% | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 14.65% | 15.27% | 16.23% | 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% | — | — | — | — | |||||||
| DoorDash, Inc. | — | 4.48% | 4.88% | 5.27% | 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. | — | 46.22% | 46.27% | 46.10% | 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% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 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 Q3 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
= 100 × (980,400 + 828,100 + 890,800 + 278,300)
÷ (9,322,700 + 9,531,500 + 9,915,100 + 9,569,000)
= 7.77%
2 Click competitor name to see calculations.
The operating profit margin exhibits a cyclical pattern characterized by an initial period of rapid expansion, a prolonged phase of relative stability, and a subsequent significant contraction followed by a marginal recovery.
- Expansion and Peak Phase (December 2020 – January 2022)
- A sharp upward trajectory in profitability is observed during this period. The operating profit margin increased from 5.42% in December 2020 to a peak of 16.92% in January 2022. This growth was driven by operating income rising from 913.5 million to 1.178 billion during a period of steady revenue growth.
- Stability and Plateau Phase (April 2022 – December 2023)
- Profitability margins remained relatively resilient, oscillating within a corridor between 14.26% and 16.64%. Despite fluctuations in quarterly operating income, the margin demonstrated a sustainable capacity to maintain operational efficiency relative to net revenues, which climbed from 7.636 billion in April 2022 to 9.425 billion by October 2023.
- Contraction Phase (March 2024 – December 2025)
- A pronounced and consistent decline in the operating profit margin is evident starting in early 2024. The margin fell from 16.08% in March 2024 to a period low of 7.18% in December 2025. This deterioration occurred despite net revenues reaching an all-time peak of 9.915 billion in September 2025, indicating that operating expenses grew at a significantly faster rate than revenue generation.
- Recent Stabilization (March 2026 – June 2026)
- A slight reversal of the downward trend is observed in the first half of 2026. The operating profit margin recovered marginally from 7.18% in December 2025 to 7.77% by June 2026, suggesting a possible stabilization of operating costs relative to revenue.
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Net Profit Margin
Starbucks Corp., net profit margin calculation (quarterly data)
| Jun 28, 2026 | 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 earnings (loss) attributable to Starbucks | 1,045,300) | 510,900) | 293,300) | 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 | 9,322,700) | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | 5.17% | 3.89% | 3.63% | 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. | — | 20.45% | 19.90% | 20.51% | 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. | — | 25.53% | 22.23% | 20.08% | 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% | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 11.42% | 11.96% | 12.88% | 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% | — | — | — | — | |||||||
| DoorDash, Inc. | — | 5.29% | 6.29% | 6.82% | 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. | — | 31.72% | 31.62% | 31.85% | 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% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 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 Q3 2026 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to StarbucksQ3 2026
+ Net earnings (loss) attributable to StarbucksQ2 2026
+ Net earnings (loss) attributable to StarbucksQ1 2026
+ Net earnings (loss) attributable to StarbucksQ4 2025)
÷ (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
= 100 × (1,045,300 + 510,900 + 293,300 + 133,100)
÷ (9,322,700 + 9,531,500 + 9,915,100 + 9,569,000)
= 5.17%
2 Click competitor name to see calculations.
The net profit margin exhibits a cyclical trajectory characterized by an initial phase of rapid expansion, a period of relative stability, a significant subsequent contraction, and a tentative recovery toward the end of the observed period.
- Margin Expansion and Peak (2021 – Early 2022)
- A substantial increase in profitability is observed beginning in late 2020, with the net profit margin rising from 2.87% in December 2020 to a peak of 14.47% by January 2022. This growth occurred alongside a steady increase in net revenues, suggesting a period of efficient scaling and strong operational recovery.
- Stabilization Phase (2022 – 2023)
- From April 2022 through December 2023, the margin remained relatively stable, fluctuating within a range of 10.09% to 14.07%. Although quarterly net earnings varied, the company maintained a double-digit profit margin, indicating that costs were managed effectively in proportion to revenue growth during this timeframe.
- Profitability Contraction (2024 – 2025)
- A pronounced downward trend is evident starting in March 2024. A divergence occurred where net revenues continued to trend generally upward—reaching a high of approximately 9.9 billion USD in December 2025—while net earnings declined sharply. This resulted in the net profit margin eroding from 11.38% in December 2023 to a period low of 3.63% by December 2025.
- Recent Recovery Trends (2026)
- The first half of 2026 shows a reversal of the contraction. The net profit margin improved from 3.63% at the close of 2025 to 5.17% by June 2026. This uptick is driven by a recovery in net earnings, although the margin remains significantly lower than the levels maintained between 2021 and 2023.
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Return on Equity (ROE)
Starbucks Corp., ROE calculation (quarterly data)
| Jun 28, 2026 | 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 earnings (loss) attributable to Starbucks | 1,045,300) | 510,900) | 293,300) | 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 | (7,674,300) | (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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | — | 34.50% | 32.96% | 30.63% | 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% | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 64.52% | 60.31% | 54.26% | 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% | — | — | — | — | |||||||
| DoorDash, Inc. | — | 8.48% | 9.08% | 9.32% | 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-Q (reporting date: 2026-06-28), 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 Q3 2026 Calculation
ROE = 100
× (Net earnings (loss) attributable to StarbucksQ3 2026
+ Net earnings (loss) attributable to StarbucksQ2 2026
+ Net earnings (loss) attributable to StarbucksQ1 2026
+ Net earnings (loss) attributable to StarbucksQ4 2025)
÷ Shareholders’ deficit
= 100 × (1,045,300 + 510,900 + 293,300 + 133,100)
÷ -7,674,300 = —
2 Click competitor name to see calculations.
The financial profile is characterized by a persistent shareholders' deficit coupled with consistently positive net earnings. This combination results in a mathematically negative Return on Equity (ROE) throughout the analyzed period, as the company operates with a negative equity base. The volatility of the ROE is driven primarily by fluctuations in quarterly net earnings rather than significant shifts in the deficit balance.
- Net Earnings Performance
- Net earnings exhibit significant volatility over the observed timeframe. A period of growth is noted between December 2020 and October 2021, where earnings peaked at 1.76 billion USD. Subsequent quarters showed a stabilization between 674 million USD and 1.22 billion USD through 2023. A notable decline occurred between December 2024 and September 2025, with earnings dropping to a low of 133.1 million USD in September 2025, before recovering to 1.045 billion USD by June 2026.
- Shareholders' Deficit Trends
- The shareholders' deficit remains substantial and relatively stable, fluctuating within a range of approximately 5.3 billion USD to 8.7 billion USD. The deficit narrowed to its lowest point of 5.32 billion USD in October 2021 but expanded again to peak at 8.77 billion USD in April 2022. By June 2026, the deficit stood at 7.67 billion USD, indicating a long-term capital structure where liabilities exceed assets, often associated with aggressive share repurchase programs or dividend distributions exceeding retained earnings.
- Return on Equity (ROE) Interpretation
- Because the equity base is consistently negative, the ROE remains negative despite the company maintaining profitability. The magnitude of this negative ROE fluctuates in direct correlation with net income. During periods of higher earnings, such as October 2021 and July 2023, the negative ROE becomes more pronounced. Conversely, during the earnings trough in September 2025, the negative ROE converges closer to zero. This inverse relationship highlights that profitability is increasing the deficit's impact on the ratio rather than eliminating the deficit itself.
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Return on Assets (ROA)
Starbucks Corp., ROA calculation (quarterly data)
| Jun 28, 2026 | 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 earnings (loss) attributable to Starbucks | 1,045,300) | 510,900) | 293,300) | 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 | 28,294,700) | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | 7.01% | 4.89% | 4.25% | 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. | — | 9.36% | 9.38% | 11.31% | 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. | — | 24.29% | 22.20% | 18.47% | 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% | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 16.01% | 16.49% | 17.07% | 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% | — | — | — | — | |||||||
| DoorDash, Inc. | — | 4.30% | 4.70% | 4.76% | 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. | — | 14.66% | 14.45% | 14.39% | 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% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 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 Q3 2026 Calculation
ROA = 100
× (Net earnings (loss) attributable to StarbucksQ3 2026
+ Net earnings (loss) attributable to StarbucksQ2 2026
+ Net earnings (loss) attributable to StarbucksQ1 2026
+ Net earnings (loss) attributable to StarbucksQ4 2025)
÷ Total assets
= 100 × (1,045,300 + 510,900 + 293,300 + 133,100)
÷ 28,294,700 = 7.01%
2 Click competitor name to see calculations.
The analysis of Return on Assets (ROA) reveals a volatile trajectory characterized by an initial rapid ascent, a period of relative stability, a significant contraction, and a subsequent recovery phase.
- Initial Expansion Phase (December 2020 – January 2022)
- A sharp upward trend in ROA is observed, rising from a low of 2.22% in December 2020 to a peak of 15.24% by January 2022. This growth was primarily driven by a substantial increase in net earnings, which grew from 622.2 million to 815.9 million during the final quarter of this period, while total assets remained relatively stable.
- Stabilization Phase (April 2022 – December 2023)
- The ROA entered a period of consolidation, maintaining double-digit efficiency. Values fluctuated between 11.73% and 14.71%. During this window, total assets stayed largely consistent, hovering between 27.9 billion and 29.4 billion, indicating that profitability remained closely aligned with the existing asset base.
- Efficiency Compression Phase (March 2024 – December 2025)
- A pronounced downward trend occurred between March 2024 and December 2025, with ROA declining from 14.16% to a trough of 4.25%. This decline was the result of a dual negative impact: a significant contraction in net earnings, which reached a low of 133.1 million in September 2025, and a simultaneous expansion of the asset base to a peak of 33.6 billion in June 2025. This indicates a period of diminished asset productivity.
- Recovery Phase (March 2026 – June 2026)
- A reversal of the downward trend is evident in the first half of 2026. ROA climbed from 4.89% in March 2026 to 7.01% by June 2026. This improvement is attributed to a strong recovery in net earnings, which reached 1.045 billion, coupled with a reduction in total assets to 28.29 billion, thereby enhancing the overall return per unit of asset.
Overall, the data indicates a cyclical pattern of asset utilization. The most significant erosion of value occurred throughout 2025, but the subsequent shift in 2026 suggests a return to leaner asset management and improved earnings generation.
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