SBUXStarbucks

Consumer discretionary · Restaurants · Nasdaq

Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets. 10-K, Item 1

Employees: 381,000
Headquarters: Seattle, WA
CEO: Brian R. Niccol
Next results: around Jan 27, 2027

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The biggest changes in the 10-K filed 2025-11-14, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Operating margin

15.0% → 7.9% (-7.1 pts) Big change FY to 2025-09-28 vs 2024-09-29

“Operating margin contraction of 710 basis points was primarily due to restructuring costs associated with the closure of coffeehouses and simplification of our support organization (approximately 240 basis points), deleverage (approximately 210 basis points), investments in support of “Back to Starbucks,” which were largely in labor hours (approximately 130 basis points), and inflation (approximately 80 basis points).”
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“Store operating expenses as a percentage of company-operated store revenues increased 410 basis points, primarily due to deleverage (approximately 200 basis points), additional labor (approximately 160 basis points), and increased marketing (approximately 90 basis points).”
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Net income

-50.6% Big change FY to 2025-09-28 vs 2024-09-29

“The effective tax rate for fiscal 2025 was 25.9% compared to 24.3% for fiscal 2024.The increase was primarily due to the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in the third quarter of fiscal 2025 (approximately 290 basis points), partially offset by the discrete impact of a tax status change for a certain foreign entity in the first quarter of fiscal 2025 (approximately 120 basis points).”
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Cash from operations

-22.1% Big change FY to 2025-09-28 vs 2024-09-29

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+2.8% FY to 2025-09-28 vs 2024-09-29

“Consolidated net revenues increased 3% to $37.2 billion in fiscal 2025 compared to $36.2 billion in fiscal 2024, primarily driven by incremental revenues from net new company-operated stores over the past 12 months, an increase in revenue in the Global Coffee Alliance, and incremental revenue from the acquisition of 23.5 Degrees Topco Limited, a U.K. licensed business partner, partially offset by a decrease in comparable store sales and a decline in our licensed store business.”
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“For both the North America segment and U.S. market, revenue increased 1% in fiscal 2025 compared to fiscal 2024, primarily driven by net new company-operated store growth of 4%, or 441 stores, over the past 12 months, prior to the 584 North America restructuring closures late in the fourth quarter of fiscal 2025.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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