What changed in this filing

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Item 1. Business

2025-11-14 compared with 2024-11-20 · 83 added, 82 removed, 202 unchanged (45% of the section changed)

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Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets.

Formed in 1985, Starbucks Corporation’s common stock trades on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “SBUX.” We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores.

We also sell a variety of coffee and tea products and license our trademarks through other channels, such as licensed stores as well as grocery and foodservice through our Global Coffee Alliance with Nestlé S.A.

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In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process, and technology innovation, including in our industry-leading digital platform.

We strive to regularly offer consumers new, innovative coffee and other products in a variety of forms, across new categories, diverse channels, and alternative store formats.

Starbucks has always been a different kind of company – one deep with purpose, where we work together to create a positive impact in the world.

With coffee at our core, we pursue ambitious goals for our partners (employees), our communities, and our planet, which we believe also contributes to the long-term sustainability of creating a thriving business powered by thriving people for a thriving planet and communities.

Our work to uplift one another extends well beyond our partners to the communities where we do business around the world.

We are committed to responsible and ethical sourcing led by Coffee and Farmer Equity Practices (“C.A.F.E.

Practices”), the Company’s third-party verification program and the cornerstone of our approach to ethical sourcing of coffee with over 98% of our coffee having been historically verified through C.A.F.E.

Practices as ethically sourced.

We strive to regularly offer consumers new, innovative coffee and other products in a variety of forms, across new categories and diverse channels.

In the fourth quarter of fiscal 2024, we announced our “ Back to Starbucks ” strategy, which was implemented with the goal to bring new and existing customers to our stores and business, and return to growth.

The strategy includes supporting our green apron partners, enhancing the customer experience, reestablishing ourselves as the community coffeehouse, and strengthening the brand through product development, marketing, in-store and digital experience.

This strategic reset provides us with the opportunity to assess the business and refocus our efforts, including capital allocation priorities, efficiency efforts, and store growth initiatives.

In the fourth quarter of fiscal 2025, we announced a restructuring plan involving the closure of coffeehouses, and the further transformation of our support organization, as part of the Company’s “Back to Starbucks” strategy.

We assessed our existing store portfolio with respect to both whether coffeehouses had a viable path to offering the physical environment consistent with the brand and a clear path to financial performance and we closed, or plan to close, the coffeehouses that did not meet these criteria.

Refer to Note 18 , Restructuring, included in Item 8 of Part II of this 10-K, for further discussion.

Human Capital Management

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This work is grounded in the belief that we are at our best when we create inclusive, supportive, and welcoming environments, where we uplift one another with dignity, respect, and kindness.

And we are hard at work uplifting our communities and building environments in our stores that are welcoming and safe.

We believe the strength of our workforce is one of the significant contributors to our success as a global brand that leads with purpose.

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Oversight and Management

We recognize the diversity of customers, partners, and communities and believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures.

We believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures that is reflective of our customers, partners, and communities.

Working under these principles, our Partner Resources Organization is tasked with managing employment-related matters, including recruiting and hiring, onboarding and training, compensation planning, performance management, and professional development.

Our Board of Directors (the “Board”) and Board committees provide oversight on certain human capital matters, including our Inclusion and Diversity initiatives.

Our Board of Directors (the “Board”) and Board committees provide oversight on certain human capital matters.

As noted in its charter, our Compensation and Management Development Committee is responsible for periodically reviewing Starbucks partner resource programs and initiatives, including healthcare and other benefits, as well as our management development and succession planning practices and strategies.

Our Audit and Compliance Committee works closely with the Risk Management Committee, led by Starbucks chief financial officer (“cfo”) and chief legal officer, to monitor and mitigate current and emerging labor and human capital management risks.

Our Environmental, Partner, and Community Impact Committee annually reviews and assesses the effectiveness of the Company’s environmental and social

strategies, policies, practices, goals, programs, disclosure, and risks, including review of the Company’s annual global climate and social impact report.

Our Audit and Compliance Committee works closely with the Risk Steering Committee, led by Starbucks chief financial officer (“cfo”) and chief legal officer, to monitor and mitigate current and emerging labor and human capital management risks.

The Board, through its committees, annually reviews and assesses the effectiveness of the Company’s

environmental and social strategies, policies, practices, goals, programs, disclosure, and risks, including review of the Company’s annual global impact report.

These reports and recommendations to the Board and its committees are part of the broader framework that guides how Starbucks should attract, retain, and develop a skilled workforce that aligns with our values and strategies.

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Our management and cross-functional teams also work closely to evaluate human capital management issues such as partner retention, workplace safety, harassment, and bullying, as well as to implement measures to mitigate these issues.

Diversity, Equity, Inclusion, and Belonging

As we create the future of Starbucks, we are continuing to work to improve the partner experience so our partners can thrive at work, individually, and together.

Core to this is taking steps to ensure that Starbucks is an inclusive, diverse, equitable, and accessible company—a place where all are welcome and where our partners know they belong.

Under the leadership of our senior vice president of Talent and Inclusion and our executive leadership team, we remain committed to accountability at every level of the Company.

We prioritize transparency with our partners, Inclusion and Diversity Executive Council, Partner Networks, Inclusion and Diversity Business Council, community leaders, customers, and stakeholders.

Belonging at Starbucks

At Starbucks, we are committed to creating environments where everyone is welcome and belongs.

In 2024, we reaffirmed this commitment by cementing “Belonging” as one of our company values.

These values have long been part of our culture, and we are working to build a more inclusive, equitable, accessible, and diverse company, to make substantial progress in the representation of our partners and to expand opportunities for our partners.

To further this:

• we worked to reach a broader pool of candidates, prioritizing inclusivity in our recruitment, in partner engagement, and by continuing to foster inclusive leadership;

• we established and expanded our mentorship program to make valuable guidance and networking opportunities available to all partners;

• we remained focused on addressing barriers impeding equal pay for equal work.

At the end of fiscal 2024, our U.S.

partner base is made up 70.9% female and 28.4% male.

Additionally, in the U.S.

diverse partners represent more than 51.9% of our retail team and more than 37.9% of our corporate roles.

We are expanding workforce diversity to bring new perspectives and experiences that improve our business and workplace.

To do this, we reach a broader pool of candidates and talent by prioritizing inclusivity in our recruitment practices, in partner engagement, and by continuing to foster inclusive leadership.

In 2023, led by Starbucks partners, we reaffirmed this commitment by cementing “Belonging” as one of our company values.

We are dedicated to being an inclusive, accessible and diverse company, with a deep commitment to opportunity for every one of our partners by making Starbucks the best job in retail and a great place to build a career.

Starbucks programs and benefits are open to every partner and designed to strengthen a culture of inclusion that values diverse perspectives and experiences – from strong partner networks to a focus on hiring internally for 90% of retail leadership roles.

Our hiring and recruiting practices are competitive, fair and inclusive.

They help us hire the strongest candidate for every job, every time.

We offer industry-leading benefits, competitive pay, and opportunities for learning and development.

When our partners feel good about their future – at Starbucks or beyond – they take care of our customers.

Investing in them and prioritizing their experience creates value for everyone.

Total Rewards

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To foster a stronger sense of ownership and align the interests of partners with shareholders, restricted stock units are provided to eligible non-executive partners under our broad-based stock incentive programs.

Furthermore, we offer comprehensive, locally relevant and innovative benefits to all eligible partners.

The following list summarizes key benefits provided in the U.S., which is our largest and most mature market:

• Comprehensive health insurance coverage is offered to partners working an average of 20 hours or more each week.

• 100% upfront tuition coverage through the Starbucks College Achievement Plan for partners to earn a first-time bachelor’s degree online at Arizona State University is offered to partners working an average of 20 hours or more each week.

• Our Future Roast 401(k) savings plan helps partners save for their financial goal through convenient payroll deductions.

Partners can contribute pre-tax or Roth after-tax dollars, and Starbucks matches 5% of eligible contributions with immediate vesting in those matching contributions.

• 100% paid parental leave is available to new parents that welcome a child through birth, adoption, or foster placement and work an average of 20 hours or more each week.

• A Partner and Family Sick Time program is provided and allows partners to accrue paid sick time based on hours worked and use that time for themselves or family members in need of care.

• We view mental health as a fundamental part of our humanity and provide a comprehensive suite of related programs and benefits.

These include a free subscription to Headspace, an online application that enables guided meditation, and 20 free mental health therapy or coaching sessions annually with Lyra.

Furthermore, we offer competitive pay and a collection of benefits that are best in class.

Partners in the U.S., which is our largest and most mature market, can:

• Grow their careers with us.

We established a goal to fill 90% of retail leadership roles internally, creating a way for our hourly partners to build a career at Starbucks.

• Get a college degree, on us.

Through the Starbucks College Achievement Plan (SCAP), Starbucks covers 100% of tuition for a first-time online bachelor’s degree from Arizona State University for partners working an average of 20 hours or more each week.

• Grow their savings.

In fiscal 2025, more than 230,000 partners received a Bean Stock grant giving them an ownership stake in Starbucks.

• Obtain comprehensive healthcare coverage.

We offer industry-leading health and wellbeing benefits for partners working an average of 20 hours or more each week.

• Extend parental leave.

Starbucks covers up to 18 weeks of fully paid leave for birth parents, and up to 12 weeks of fully paid leave for non-birth parents for partners working an average of 20 hours or more each week.

Outside of the U.S., we have provided other innovative benefits to help address market-specific needs, such as providing interest-free loans to our U.K.

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Role-based Support

To help our partners succeed in their roles, we emphasize continuous training and development opportunities.

These include, but are not limited to, safety and security protocols, updates on new products and service offerings, and deployment of technologies.

Training provided through our Pour Over sessions, which are a series of inspiring talks with thought leaders to help partners understand how to bring the Starbucks Experience to life, include a wide variety of topics such as achievable goal setting, giving and receiving constructive feedback, and effective engagement with customers and communities.

To help further promote an inclusive culture and to better serve our customers, we encourage U.S.-based partners to enroll in the To Be Welcoming courses we created in partnership with Arizona State University to address different forms of bias and discrimination.

To help our partners succeed in their roles, we emphasize ongoing training and development opportunities.

These include, but are not limited to, role-based training for our retail hourly partners, safety and security protocols, updates on new products and service offerings, and deployment of technologies.

We periodically address a wide variety of topics such as achievable goal setting, giving and receiving constructive feedback, and effective engagement with communities and customers through the rollout of the Green Apron Service Model, a new foundational operating model that establishes repeatable, consistent, and scalable standards, across U.S company-operated coffeehouses.

It is designed to create deeper connections between partners and customers by enabling partners to deliver consistent, high-quality experiences with warmth and care.

The model includes new routines and tools that give partners more time to focus on craft and connection, supported by technology that improves order flow and speed of service.

To be an employer of choice and maintain the strength of our workforce, we consistently assess the current business environment and labor market to refine our compensation and benefits programs and other resources available to our partners.

Starbucks is committed to pay equity.

We’ve achieved and maintained racial and gender pay equity for partners in the U.S.

who are performing similar work, and we’re working toward achieving gender pay equity for Starbucks partners who are performing similar work in all of our company-operated markets globally.

Starbucks is committed to fair pay principles to ensure partners are paid appropriately and equitably for their roles and the work they do, regardless of race, gender, or other protected categories.

Further, we have formulated pay-equity principles, which provide equal footing, transparency, and accountability as best practices that help address known, systemic barriers to global pay equity.

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Approximately 158,000 employees were employed outside of the U.S., with approximately 153,000 in company-operated stores and the remainder in regional support operations.

Approximately 5% of Starbucks partners in U.S.

Partners in approximately 6% of Starbucks U.S.

company-operated stores are represented by unions.

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51 chairman and chief executive officer

Rachel Ruggeri

55 executive vice president, chief financial officer

Smith 62 executive vice president, chief financial officer

55 executive vice president, chief operating officer

52 chief executive officer, Starbucks International

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53 executive vice president, chief legal officer

Brian Niccol joined Starbucks as its chairman and chief executive officer in September 2024.

Niccol spent more than 25 years in leadership, marketing, and operations roles for some of the world’s most respected brands.

Brian Niccol joined Starbucks as chairman and chief executive officer in September 2024.

Niccol spent more than 25 years in leadership, marketing, and operations roles for some of the world’s most respected restaurant brands.

Niccol joined Starbucks after leading Chipotle Mexican Grill, Inc.

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Niccol currently serves on the Board of Directors of Walmart Inc., a NYSE-listed omni-channel retailer.

Rachel Ruggeri joined Starbucks in 2001 as a member of the accounting team and was named executive vice president and chief financial officer in 2021.

In August 2024, she served as interim chief executive officer during Starbucks recent chief executive officer transition.

In her role as chief financial officer, Ms.

Ruggeri is responsible for the global finance function for Starbucks, which includes developing and executing the financial strategies that enable the long-term growth of the Company.

Prior to her promotion in 2021, she served as senior vice president of Americas with responsibility for the retail portfolio across the segment, including company-operated and licensed stores from 2020 to 2021.

From 2016 to 2020, she held various leadership roles in finance both internal and external to Starbucks, including Chief Financial Officer of Continental Mills from 2018 to 2020 and prior to that she was senior vice president of Finance at Starbucks in support of the Americas and Global Retail from 2016 to 2018.

She also served as vice president of Finance from 2010 to 2016 supporting Corporate Financial Planning & Analysis and the U.S.

Retail business.

Ruggeri currently serves on the Board of Directors of Stryker Corporation, a NYSE-listed medical technologies company.

Brady Brewer joined Starbucks in 2001 and has served as chief executive officer, Starbucks International since April 2024, where he is responsible for the teams across Asia Pacific, Europe, Middle East, Africa, Japan, Latin America, and the Caribbean, as well as Global Channel Development and the Company’s international licensed partners.

Smith joined Starbucks in March 2025 as executive vice president, chief financial officer, after having served as Executive Vice President, Chief Financial Officer and Treasurer of Nordstrom, Inc., a department store chain, since 2023.

From 2020 to 2023, Ms.

Smith served as Chief Financial and Administrative Officer for Bright Health Group, Inc., a health insurance company.

From 2015 to 2020, Ms.

Smith served as the Chief Financial Officer for Target Corporation, a retail company.

Previously, Ms.

Smith served as Chief Financial Officer for Express Scripts Holding Company, a pharmacy benefit manager company, from 2014 to 2015, for Walmart International, a retail company, from 2010 to 2014, and for GameStop Corporation, an electronics retail company, from 2009 to 2010.

Smith currently serves on the board of directors for PPG Industries, Inc., a manufacturer and distributor of paintings and coatings, and Baxter International, Inc., a healthcare company.

Previously, Ms.

Smith served as a director for Dick’s Sporting Goods, Inc.

Smith holds an undergraduate degree from the University of California, Santa Barbara and an MBA from the University of Southern California.

Mike Grams joined Starbucks in February 2025 as executive vice president, North America chief coffeehouse officer, and has served as executive vice president, chief operating officer since June 2025.

Prior to joining Starbucks, Mr.

Grams spent nearly thirty years at Taco Bell Corp.

where he held various leadership positions, including President and Chief Operating Officer from 2020 to December 2024, Global Chief Operating Officer and General Manager, North America from 2017 to 2020 and Chief Operating Officer and Chief Development Officer from 2015 to 2019.

Brady Brewer joined Starbucks in 2001 and has served as chief executive officer, Starbucks International since April 2024, where he is responsible for the teams across Asia Pacific, Europe, Middle East, Africa, Japan, Latin America, and the Caribbean, as well as Global Coffee Operations and the Company’s international licensed partners.

From February 2020 through March 2024, he served as Starbucks executive vice president and chief marketing officer, leading the Starbucks brand, marketing, food and beverage portfolio, digital customer experience innovation, R&D/Engineering, creative and brand management, consumer insights, data analytics, and sustainability.

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and senior vice president, Marketing and Product for the Company’s China and Asia Pacific region (2014 to 2016).

Brewer currently serves on the Board of Directors of The Gap, Inc., a NYSE-listed clothing and accessories retailer.

Sara Kelly joined Starbucks in 2001 and has served as executive vice president and chief partner officer since 2022, where she is responsible for helping partners realize their career potential and building global partner capability to enable growth and deliver on the Company’s strategic plan.

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Kelly served as vice president, Partner Resources, supporting partners in our global markets.

Brad Lerman joined Starbucks in April 2023 as executive vice president and general counsel and has served as executive vice president and chief legal officer since April 2024.

In this role, he leads the Company’s Legal and Corporate Affairs organization.

Prior to Starbucks, Mr.

Lerman served as senior vice president, general counsel and corporate secretary of Medtronic plc from 2014 to 2022;

and executive vice president, general counsel and corporate secretary for the Federal National Mortgage Association (Fannie Mae) from 2012 to 2014.

Lerman has also served as chief litigation counsel for Pfizer and has worked in private practice as a partner at Winston & Strawn LLP in Chicago.

He also served as an Assistant United States Attorney in the Northern District of Illinois.

Lerman currently serves on the Board of Directors of McKesson Corporation, a NYSE-listed health care, pharmaceutical, and medical supply company.

Pilar Ramos joined Starbucks in November 2025 as executive vice president and chief legal officer.

In this role, she leads the Company’s Law & Corporate Affairs organization.

Prior to Starbucks, Ms.

Ramos served as Executive Vice President, General Counsel and Corporate Secretary for TelevisaUnivision Inc., the leading Spanish-language media company, from August 2021 to October 2025.

Ramos previously served in various roles for Mastercard Inc., a global payment card services company, from 2003 to 2021, including Executive Vice President, General Counsel, North America, from 2015 to 2021.

Segment Financial Information

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Our Channel Development segment includes roasted whole bean and ground coffees, Starbucks-branded single-serve products, a variety of ready-to-drink beverages, such as Frappuccino ® and Starbucks Doubleshot ® , foodservice products, and other branded products sold worldwide outside of our company-operated and licensed stores.

A large portion of our Channel Development business operates under a licensed model of the Global Coffee Alliance with Nestlé, while our global ready-to-drink businesses operate under collaborative relationships with PepsiCo, Inc., Tingyi-Ashi Beverages Holding Co., Ltd., Arla Foods amba, Nestlé, and others.

Revenue Components

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Our retail objective is to be the leading retailer and brand of coffee and tea in each of our target markets by selling the finest quality coffee, tea, and related products, as well as complementary food offerings, and by providing each customer with a unique Starbucks Experience .

The Starbucks Experience is built upon superior customer service, convenience, and a seamless digital experience as well as safe, clean, and well-maintained stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty.

The Starbucks Experience is built upon superior customer service through the Green Apron Service Model, convenience, and a seamless digital experience as well as warm and welcoming stores that reflect the personalities of the communities in which they operate, thereby building a high degree of customer loyalty.

Our strategy for expanding our global retail business is to increase our category share in a disciplined manner, by selectively opening additional stores in new and existing markets, as well as increasing sales in existing stores, to support our long-term strategic objective to maintain Starbucks standing as one of the most recognized and respected brands in the world.

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Company-operated store data for the fiscal year-ended September 28, 2025:

Oct 1, 2023 Opened Closed Transfers Net Sep 29, 2024

Sep 29, 2024 Opened Closed (1)

Transfers (2)

Net Sep 28, 2025

North America:

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Total company-operated 21,018 1,261 (877) 112 496 21,514

(1) Includes 627 stores closed in the fourth quarter of fiscal 2025 as part of our “Back to Starbucks” restructuring plan.

(2) Includes 113 licensed stores converted to company-operated stores in the first quarter of fiscal 2025 following the acquisition of 23.5 Degrees Topco Limited.

Starbucks company-operated stores are typically located in high-traffic, high-visibility locations.

Our ability to vary the size and format of our stores allows us to locate them in or near a variety of settings, including downtown and suburban retail centers, office buildings, university campuses, and rural and off-highway locations.

We are continuing the expansion of our stores, particularly drive-thru formats that provide a higher degree of access and convenience, as well as other store formats that cater to a variety of customer needs.

We will continue to expand our coffeehouse portfolio to meet customers where they are with formats that provide a warm and welcoming environment, enable multiple opportunities to connect and gather, and provide attractive returns on invested capital.

Retail sales mix by product type for company-operated stores:

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Licensed store data for the fiscal year-ended September 28, 2025:

Oct 1, 2023 Opened Closed Transfers Net Sep 29, 2024

Sep 29, 2024 Opened Closed Transfers (1)

Net Sep 28, 2025

North America:

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Total licensed 19,181 1,001 (594) (112) 295 19,476

(1) Includes 113 licensed stores converted to company-operated stores in the first quarter of fiscal 2025 following the acquisition of 23.5 Degrees Topco Limited.

Other Revenues

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We purchase green coffee beans from multiple coffee-producing regions around the world and custom roast them to our exacting standards for our many blends and single-origin coffees.

The price of coffee is subject to significant volatility.

The price of coffee is subject to volatility and has steadily increased over the past five years with significant increases over the last two years.

Although most coffee trades in the commodity market, high-altitude arabica coffee of the quality sought by Starbucks tends to trade on a negotiated basis at a premium above the “C” coffee commodity price.

Both the premium and the commodity price depend upon the supply and demand at the time of purchase.

Supply and price can be affected by multiple factors in the producing countries, including weather, water supply quality and availability throughout the coffee production chain, natural disasters, crop disease and pests, general increases in farm inputs and costs of production, inventory levels, and political and economic conditions.

Supply and price can be affected by multiple factors in the producing countries, including weather and extreme weather events, water supply quality and availability throughout the coffee production chain, natural disasters, crop disease and pests, general increases in farm inputs and costs of production, inventory levels, and political and economic conditions.

Climate change may further exacerbate many of these factors.

Price is also impacted by trading activities in the arabica coffee futures market, including hedge funds and commodity index funds.

Price is also impacted by geopolitical conditions, including new and existing tariffs on coffee imports and other trade controls, and by trading activities in the arabica coffee futures market, including hedge funds and commodity index funds.

In addition, green coffee prices have been affected in the past, and may be affected in the future, by the actions of certain organizations and associations that have historically attempted to influence prices of green coffee through agreements establishing export quotas or by restricting coffee supplies.

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We also purchase a broad range of paper and plastic products, such as cups and cutlery, from several companies to support the needs of our retail stores as well as our manufacturing and distribution operations.

We are also expanding our use of reusable packaging to reduce landfill waste.

We believe, based on the established relationship and historical performance of our suppliers and manufacturers, that the risk of non-delivery of sufficient amounts of these items generally is remote.

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We own numerous copyrights for items such as product packaging, promotional materials, in-store graphics, and training materials.

We also hold patents on certain products, systems, and designs, which have an average remaining duration of approximately thirteen years.

We also hold patents on certain products, systems, and designs, which have an average remaining duration of approximately fifteen years.

In addition, Starbucks has registered and maintains numerous Internet domain names, including “Starbucks.com,” “Starbucks.net,” and “Starbucksreserve.com.”

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Available Information

Starbucks Annual Report on Form 10-K reports, along with all other reports and amendments filed with or furnished to the Securities and Exchange Commission (the “SEC”), are publicly available free of charge on the Investor Relations section of our website at investor.starbucks.com as soon as reasonably practicable after these materials are filed with or furnished to the SEC.

Starbucks Annual Report on Form 10-K reports, along with all other reports and amendments filed with or furnished to the SEC, are publicly available free of charge on the Investor Relations section of our website at investor.starbucks.com as soon as reasonably practicable after these materials are filed with or furnished to the SEC.

In addition, the SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business