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1、Table of ContentsUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,DC 20549FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the Quarterly Period Ended December 29,2024OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCH

2、ANGE ACT OF 1934For the transition period from to .Commission File Number:000-20322Starbucks Corporation(Exact Name of Registrant as Specified in its Charter)Washington91-1325671(State or Other Jurisdiction ofIncorporation or Organization)(IRS EmployerIdentification No.)2401 Utah Avenue South,Seattl

3、e,Washington 98134(Address of principal executive offices,zip code)(206)447-1575(Registrants Telephone Number,including Area Code)Securities registered pursuant to Section 12(b)of the Act:Title of Each ClassTrading SymbolName of each exchange on which registeredCommon Stock,$0.001 par value per shar

4、eSBUXNasdaq Global Select MarketIndicate by check mark whether the registrant:(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 duringthe preceding 12 months(or for such shorter period that the registrant was required to file such reports),and

5、(2)has been subject to such filing requirements forthe past 90 days.Yes x No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T(232.405 of this chapter)during the preceding 12 months(or

6、 for such shorter period that the registrant was required to submit suchfiles).Yes x No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or anemerging growth company.See the definitions of“large accele

7、rated filer,”“accelerated filer,”“smaller reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerxAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the registra

8、nt has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act):Yes No x I

9、ndicate the number of shares outstanding of each of the issuers classes of common stock,as of the latest practicable date.Shares Outstanding as of January 22,20251,135.9 millionTable of ContentsSTARBUCKS CORPORATIONFORM 10-QFor the Quarterly Period Ended December 29,2024Table of Contents PART I.FINA

10、NCIAL INFORMATIONItem 1Financial Statements(Unaudited)3Consolidated Statements of Earnings3Consolidated Statements of Comprehensive Income4Consolidated Balance Sheets5Consolidated Statements of Cash Flows6Consolidated Statements of Equity7Index for Notes to Consolidated Financial Statements8Notes to

11、 Consolidated Financial Statements9Item 2Managements Discussion and Analysis of Financial Condition and Results of Operations24Item 3Quantitative and Qualitative Disclosures About Market Risk34Item 4Controls and Procedures35PART II.OTHER INFORMATIONItem 1Legal Proceedings36Item 1ARisk Factors36Item

12、2Unregistered Sales of Equity Securities and Use of Proceeds36Item 3Defaults Upon Senior Securities36Item 4Mine Safety Disclosures36Item 5Other Information36Item 6Exhibits37Signatures38 Table of ContentsPART I FINANCIAL INFORMATIONItem 1.Financial StatementsSTARBUCKS CORPORATIONCONSOLIDATED STATEMEN

13、TS OF EARNINGS(in millions,except per share data,unaudited)Quarter EndedDec 29,2024Dec 31,2023Net revenues:Company-operated stores$7,785.3$7,755.2 Licensed stores1,135.7 1,192.1 Other476.8 478.0 Total net revenues9,397.8 9,425.3 Product and distribution costs2,893.7 2,980.6 Store operating expenses4

14、,203.0 3,851.5 Other operating expenses152.5 150.4 Depreciation and amortization expenses407.6 365.3 General and administrative expenses665.8 648.0 Total operating expenses8,322.6 7,995.8 Income from equity investees46.5 55.9 Operating income1,121.7 1,485.4 Interest income and other,net27.8 33.8 Int

15、erest expense(127.2)(140.1)Earnings before income taxes1,022.3 1,379.1 Income tax expense241.4 354.7 Net earnings including noncontrolling interests780.9 1,024.4 Net earnings attributable to noncontrolling interests0.1 0.0 Net earnings attributable to Starbucks$780.8$1,024.4 Earnings per share-basic

16、$0.69$0.90 Earnings per share-diluted$0.69$0.90 Weighted average shares outstanding:Basic1,134.7 1,136.6 Diluted1,138.4 1,140.6 See Notes to Consolidated Financial Statements.3Table of ContentsSTARBUCKS CORPORATIONCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in millions,unaudited)Quarter EndedDec

17、 29,2024Dec 31,2023Net earnings including noncontrolling interests$780.9$1,024.4 Other comprehensive income/(loss),net of tax:Unrealized holding gains/(losses)on available-for-sale debt securities(2.1)5.6 Tax(expense)/benefit0.5(1.4)Unrealized gains/(losses)on cash flow hedging instruments69.6 35.4

18、Tax(expense)/benefit(18.1)(1.8)Unrealized gains/(losses)on net investment hedging instruments207.5(25.2)Tax(expense)/benefit(52.4)6.3 Translation adjustment and other(311.5)183.1 Tax(expense)/benefit(4.7)Reclassification adjustment for net(gains)/losses realized in net earnings for available-for-sal

19、e securities,hedginginstruments,translation adjustment,and other(66.9)24.9 Tax expense/(benefit)18.6(1.8)Other comprehensive income/(loss)(154.8)220.4 Comprehensive income including noncontrolling interests626.1 1,244.8 Comprehensive income/(loss)attributable to noncontrolling interests(0.2)0.2 Comp

20、rehensive income attributable to Starbucks$626.3$1,244.6 See Notes to Consolidated Financial Statements.4Table of ContentsSTARBUCKS CORPORATIONCONSOLIDATED BALANCE SHEETS(in millions,except per share data,unaudited)Dec 29,2024Sep 29,2024ASSETSCurrent assets:Cash and cash equivalents$3,671.4$3,286.2

21、Short-term investments285.8 257.0 Accounts receivable,net1,241.5 1,213.8 Inventories1,731.6 1,777.3 Prepaid expenses and other current assets354.4 313.1 Total current assets7,284.7 6,847.4 Long-term investments227.3 276.0 Equity investments449.3 463.9 Property,plant and equipment,net8,683.5 8,665.5

22、Operating lease,right-of-use asset9,358.1 9,286.2 Deferred income taxes,net1,723.0 1,766.7 Other long-term assets708.8 617.0 Other intangible assets170.5 100.9 Goodwill3,287.9 3,315.7 TOTAL ASSETS$31,893.1$31,339.3 LIABILITIES AND SHAREHOLDERS EQUITY/(DEFICIT)Current liabilities:Accounts payable$1,7

23、77.7$1,595.5 Accrued liabilities2,211.8 2,194.7 Accrued payroll and benefits780.0 786.6 Current portion of operating lease liability1,453.3 1,463.1 Stored value card liability and current portion of deferred revenue2,253.3 1,781.2 Current portion of long-term debt1,249.2 1,248.9 Total current liabil

24、ities9,725.3 9,070.0 Long-term debt14,312.2 14,319.5 Operating lease liability8,856.8 8,771.6 Deferred revenue5,941.1 5,963.6 Other long-term liabilities522.3 656.2 Total liabilities39,357.7 38,780.9 Shareholders deficit:Common stock($0.001 par value)authorized,2,400.0 shares;issued and outstanding,

25、1,135.8 and 1,133.5 shares,respectively1.1 1.1 Additional paid-in capital367.2 322.6 Retained deficit(7,256.4)(7,343.8)Accumulated other comprehensive income/(loss)(583.6)(428.8)Total shareholders deficit(7,471.7)(7,448.9)Noncontrolling interests7.1 7.3 Total deficit(7,464.6)(7,441.6)TOTAL LIABILITI

26、ES AND SHAREHOLDERS EQUITY/(DEFICIT)$31,893.1$31,339.3 See Notes to Consolidated Financial Statements.5Table of ContentsSTARBUCKS CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(in millions,unaudited)Quarter EndedDec 29,2024Dec 31,2023OPERATING ACTIVITIES:Net earnings including noncontrolling inter

27、ests$780.9$1,024.4 Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization432.2 384.4 Deferred income taxes,net(14.9)26.1 Income earned from equity method investees,net(53.1)(59.0)Distributions received from equity method investees81.9 105.2 S

28、tock-based compensation100.6 94.8 Non-cash lease costs493.7 278.0 Loss on retirement and impairment of assets40.9 28.3 Other(7.0)17.8 Cash provided by/(used in)changes in operating assets and liabilities:Accounts receivable(75.8)42.3 Inventories25.1 174.3 Income taxes payable104.9 189.6 Accounts pay

29、able230.2(95.8)Deferred revenue480.9 508.5 Operating lease liability(510.2)(290.5)Other operating assets and liabilities(38.3)(44.5)Net cash provided by operating activities2,072.0 2,383.9 INVESTING ACTIVITIES:Purchases of investments(66.3)(217.1)Maturities and calls of investments87.6 253.5 Additio

30、ns to property,plant and equipment(692.9)(595.9)Acquisitions,net of cash acquired(177.1)Other(6.5)(9.3)Net cash used in investing activities(855.2)(568.8)FINANCING ACTIVITIES:Net(payments)/proceeds from issuance of commercial paper 300.0 Net proceeds from issuance of short-term debt 49.1 Repayments

31、of short-term debt(5.4)(33.8)Repayments of long-term debt(750.0)Proceeds from issuance of common stock17.1 32.3 Cash dividends paid(691.9)(648.1)Repurchase of common stock(1,266.7)Minimum tax withholdings on share-based awards(74.6)(92.1)Net cash used in financing activities(754.8)(2,409.3)Effect of

32、 exchange rate changes on cash and cash equivalents(76.8)43.1 Net increase/(decrease)in cash and cash equivalents385.2(551.1)CASH AND CASH EQUIVALENTS:Beginning of period3,286.2 3,551.5 End of period$3,671.4$3,000.4 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:Cash paid during the period for:Int

33、erest,net of capitalized interest$98.3$120.1 Income taxes$121.4$143.0 See Notes to Consolidated Financial Statements.6Table of ContentsSTARBUCKS CORPORATIONCONSOLIDATED STATEMENTS OF EQUITYFor the Quarter Ended December 29,2024 and December 31,2023(in millions,except per share data,unaudited)Common

34、StockAdditionalPaid-inCapitalRetainedEarnings/(Deficit)AccumulatedOtherComprehensiveIncome/(Loss)ShareholdersEquity/(Deficit)NoncontrollingInterestsTotal SharesAmountBalance,September 29,20241,133.5$1.1$322.6$(7,343.8)$(428.8)$(7,448.9)$7.3$(7,441.6)Net earnings 780.8 780.8 0.1 780.9 Other comprehen

35、sive loss (154.5)(154.5)(0.3)(154.8)Stock-based compensation expense 102.1 102.1 102.1 Exercise of stock options/vesting ofRSUs2.1(70.7)(70.7)(70.7)Sale of common stock0.2 13.2 13.2 13.2 Cash dividends declared,$0.61 pershare (693.4)(693.4)(693.4)Other (0.3)(0.3)(0.3)Balance,December 29,20241,135.8$

36、1.1$367.2$(7,256.4)$(583.6)$(7,471.7)$7.1$(7,464.6)Balance,October 1,20231,142.6$1.1$38.1$(7,255.8)$(778.2)$(7,994.8)$7.0$(7,987.8)Net earnings 1,024.4 1,024.4 1,024.4 Other comprehensive income 220.2 220.2 0.2 220.4 Stock-based compensation expense 96.1 96.1 96.1 Exercise of stock options/vesting o

37、fRSUs2.3(75.8)(75.8)(75.8)Sale of common stock0.1 16.2 16.2 16.2 Repurchase of common stock(12.8)(36.4)(1,224.0)(1,260.4)(1,260.4)Cash dividends declared,$0.57 pershare (642.1)(642.1)(642.1)Other 0.2 0.2(0.1)0.1 Balance,December 31,20231,132.2$1.1$38.2$(8,097.5)$(557.8)$(8,616.0)$7.1$(8,608.9)Includ

38、es excise tax on share repurchases.See Notes to Consolidated Financial Statements.(1)(1)7Table of ContentsSTARBUCKS CORPORATIONINDEX FOR NOTES TO CONSOLIDATED FINANCIAL STATEMENTSNote 1Summary of Significant Accounting Policies and Estimates9Note 2Acquisitions,Divestitures,and Strategic Alliance9Not

39、e 3Derivative Financial Instruments10Note 4Fair Value Measurements13Note 5Inventories15Note 6Supplemental Balance Sheet and Statement of Earnings Information15Note 7Other Intangible Assets and Goodwill16Note 8Debt17Note 9Leases19Note 10Deferred Revenue19Note 11Equity21Note 12Employee Stock Plans21No

40、te 13Earnings per Share22Note 14Commitments and Contingencies22Note 15Segment Reporting228Table of ContentsSTARBUCKS CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)Note 1:Summary of Significant Accounting Policies and EstimatesFinancial Statement PreparationThe unaudited consolidate

41、d financial statements as of December 29,2024,and for the quarters ended December 29,2024 and December 31,2023,have beenprepared by Starbucks Corporation under the rules and regulations of the Securities and Exchange Commission(“SEC”).In the opinion of management,thefinancial information for the qua

42、rters ended December 29,2024 and December 31,2023 reflects all adjustments and accruals,which are of a normal recurringnature,necessary for a fair presentation of the financial position,results of operations,and cash flows for the interim periods.In this Quarterly Report on Form10-Q(“10-Q”),Starbuck

43、s Corporation(together with its subsidiaries)is referred to as“Starbucks,”the“Company,”“we,”“us,”or“our.”Segment information is prepared on the same basis that our ceo,who is our Chief Operating Decision Maker,manages the segments,evaluates financial results,and makes key operating decisions.The fin

44、ancial information as of September 29,2024 is derived from our audited consolidated financial statements and notes for the fiscal year endedSeptember 29,2024(“fiscal 2024”)included in Item 8 in the fiscal 2024 Annual Report on Form 10-K filed with the SEC on November 20,2024(“10-K”).The information

45、included in this 10-Q should be read in conjunction with the footnotes and managements discussion and analysis of the consolidated financialstatements in the 10-K.The results of operations for the quarter ended December 29,2024 are not necessarily indicative of the results of operations that may be

46、achieved for the entirefiscal year ending September 28,2025(“fiscal 2025”).Recent Accounting Pronouncements Not Yet AdoptedIn November 2023,the Financial Accounting Standards Board(“FASB”)issued guidance expanding segment disclosure requirements.The amendmentsrequire enhanced disclosure for certain

47、segment items and disclosure on how management uses reported measures to assess segment performance.Theamendments do not change how segments are determined,aggregated,or how thresholds are applied to determine reportable segments.We expect to adopt theguidance for the fiscal year ending September 28

48、,2025.We are currently evaluating the expanded disclosure requirements and do not expect the adoption ofthis guidance to have a significant impact on our consolidated financial statement disclosures.In December 2023,the FASB issued guidance expanding disclosure requirements related to income taxes.T

49、he amendments require enhanced jurisdictionaldisclosures for the income tax rate reconciliation and related to cash income taxes paid.Additionally,certain disclosures related to unrecognized tax benefitsand indefinite reinvestment assertions were removed.The amendments are effective for our fiscal y

50、ear ending September 27,2026.While we are stillevaluating the specific impacts and timing of adoption,we anticipate this guidance will have a significant impact on our annual income tax disclosures.In March 2024,the SEC issued its final climate disclosure rules,which require the disclosure of climat

51、e-related information in annual reports and registrationstatements.The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certainfinancial thresholds,as well as amounts related to carbon offsets and renewable en

52、ergy credits or certificates,if material.Under the rules as originally issued,disclosure requirements begin phasing in for fiscal years beginning on or after January 1,2025.However,on April 4,2024,the SEC determined to voluntarilystay the final rules pending certain legal challenges.We are currently

53、 evaluating the impact of the new rules and continue to monitor the status of the relatedlegal challenges.In November 2024,the FASB issued guidance expanding disclosure requirements related to certain income statement expenses.The amendments requiretabular disclosure of certain operating expenses di

54、saggregated into categories,such as purchases of inventory,employee compensation,depreciation,andintangible asset amortization.The amendments are effective for our fiscal year ending October 1,2028,and may be applied retrospectively.While we are stillevaluating the specific impacts and adoption meth

55、od,we anticipate this guidance will have a significant impact on our consolidated financial statementdisclosures.Note 2:Acquisitions,Divestitures,and Strategic AllianceOn October 14,2024,we acquired a 100%ownership interest in 23.5 Degrees Topco Limited,a U.K.licensed business partner,to expand our

56、portfolio ofcompany-operated stores and enhance the coffeehouse experience for customers.The acquisition converted 113 licensed stores to company-operated storeswithin our International operating segment.The assets acquired and liabilities assumed are included in our International operating segment.

57、Assets acquired primarily include operating lease right-of-useassets,intangible assets,goodwill,and property,plant and equipment.The intangible assets acquired as part of this transaction include reacquired licenseeagreement rights,which will be amortized over the estimated9Table of Contentsuseful l

58、ife.In addition,we assumed various liabilities,primarily consisting of operating lease liabilities.The transaction is not material to our consolidatedfinancial statements.Note 3:Derivative Financial InstrumentsInterest RatesFrom time to time,we enter into designated cash flow hedges to manage the va

59、riability in cash flows due to changes in benchmark interest rates.We enter intointerest rate swap agreements,including forward-starting interest rate swaps and treasury locks,settled in cash based upon the difference between an agreed-upon benchmark rate and the prevailing benchmark rate at settlem

60、ent.These agreements are generally settled around the time of the pricing of the related debt.Each derivative agreements gain or loss is recorded in accumulated other comprehensive income(“AOCI”)and is subsequently reclassified to interest expenseover the life of the related debt.To hedge the exposu

61、re to changes in the fair value of our fixed-rate debt,we enter into interest rate swap agreements,which are designated as fair value hedges.The changes in fair values of these derivative instruments and the offsetting changes in fair values of the underlying hedged debt due to changes in the releva

62、ntbenchmark interest rates are recorded in interest expense.Refer to Note 8,Debt,for additional information on our long-term debt.Foreign CurrencyTo reduce cash flow volatility from foreign currency fluctuations,we enter into forward and swap contracts to hedge portions of cash flows of anticipatedr

63、oyalty revenue,inventory purchases,and intercompany borrowing and lending activities.The resulting gains and losses from these derivatives are recorded inAOCI and subsequently reclassified to revenue,product and distribution costs,or interest income and other,net,respectively,when the hedged exposur

64、es affectnet earnings.From time to time,we may enter into financial instruments,including,but not limited to,forward and swap contracts or foreign currency-denominated debt,tohedge the currency exposure of our net investments in certain international operations.The resulting gains and losses from th

65、ese derivatives are recorded inAOCI and are subsequently reclassified to net earnings when the hedged net investment is either sold or substantially liquidated.Gains and losses from thesederivatives,representing hedged components excluded from the assessment of effectiveness,are amortized over the l

66、ife of the hedging instrument using asystematic and rational method and recognized in interest expense.Foreign currency forward and swap contracts not designated as hedging instruments are used to mitigate the foreign exchange risk of certain other balancesheet items.Gains and losses from these deri

67、vatives are largely offset by the financial impact of translating foreign currency-denominated payables andreceivables,and these gains and losses are recorded in interest income and other,net.CommoditiesDepending on market conditions,we may enter into coffee forward contracts,futures contracts,and c

68、ollars to hedge anticipated cash flows under our price-to-be-fixed green coffee contracts,which are described further in Note 5,Inventories,or our longer-dated forecasted coffee demand where underlying fixed priceand price-to-be-fixed contracts are not yet available.The resulting gains and losses ar

69、e recorded in AOCI and are subsequently reclassified to product anddistribution costs when the hedged exposure affects net earnings.Depending on market conditions,we may also enter into dairy forward contracts and futures contracts to hedge a portion of anticipated cash flows under ourdairy purchase

70、 contracts and our forecasted dairy demand.The resulting gains or losses are recorded in AOCI and are subsequently reclassified to product anddistribution costs when the hedged exposure affects net earnings.Cash flow hedges related to anticipated transactions are designated and documented at the inc

71、eption of each hedge.Cash flows from hedging transactions areclassified in the same categories as the cash flows from the respective hedged items.For de-designated cash flow hedges in which the underlying transactionsare no longer probable of occurring or where price variability in the underlying ca

72、sh flow ceases to exist,the related accumulated derivative gains or losses arerecognized in interest income and other,net on our consolidated statements of earnings.These derivatives may be accounted for prospectively as non-designated derivatives until maturity,re-designated to new hedging relation

73、ships,or terminated early.We continue to believe transactions related to ourdesignated cash flow hedges are probable to occur.To mitigate the price uncertainty of a portion of our future purchases,including diesel fuel and other commodities,we enter into swap contracts,futures,andcollars that are no

74、t designated as hedging instruments.The resulting gains and losses are recorded in interest income and other,net to help offset pricefluctuations on our beverage,food,packaging,and transportation costs,which are included in product and distribution costs on our consolidated statements ofearnings.10T

75、able of ContentsGains and losses on derivative contracts and foreign currency-denominated debt designated as hedging instruments included in AOCI and expected to bereclassified into earnings within 12 months,net of tax(in millions):Net Gains/(Losses)Included in AOCINet Gains/(Losses)Expectedto be Re

76、classified from AOCIinto Earnings within 12MonthsOutstanding Contract/DebtRemaining Maturity(Months)Dec 29,2024Sep 29,2024Cash Flow Hedges:Coffee$49.9$60.1$49.9 3Cross-currency swaps0.5 0.5 0.5 0Dairy0.1 2.0 0.1 2Foreign currency-other46.5 11.5 28.4 34Interest rates(2.8)(3.6)(3.2)0Net Investment Hed

77、ges:Cross-currency swaps230.9 96.5 111Foreign currency16.0 16.0 0Foreign currency debt135.2 135.2 0Pre-tax gains and losses on derivative contracts and foreign currency-denominated long-term debt designated as hedging instruments recognized in othercomprehensive income(“OCI”)and reclassifications fr

78、om AOCI to earnings(in millions):Quarter EndedGains/(Losses)Recognized inOCI Before ReclassificationsGains/(Losses)Reclassified fromAOCI to EarningsLocation of gain/(loss)Dec 29,2024Dec 31,2023Dec 29,2024Dec 31,2023Cash Flow Hedges:Coffee$12.8$64.3$27.7$(40.4)Product and distribution costsCross-curr

79、ency swaps0.9(1.6)0.6 Interest expense0.8(2.7)Interest income and other,netDairy(1.1)(1.9)1.4(1.6)Product and distribution costsForeign currency-other57.0(25.4)8.8 8.8 Licensed stores revenue1.7 2.8 Product and distribution costsInterest rates (1.0)(1.0)Interest expenseNet Investment Hedges:Cross-cu

80、rrency swaps 207.5 6.6 27.7 8.9 Interest expenseForeign currency debt(31.8)Gains and losses recognized in earnings relate to components excluded from the assessment of effectiveness.Pre-tax gains and losses on non-designated derivatives and designated fair value hedging instruments and the related f

81、air value hedged item recognized inearnings(in millions):Gains/(Losses)Recognized in EarningsLocation of gain/(loss)recognized in earningsQuarter Ended Dec 29,2024Dec 31,2023Non-Designated Derivatives:DairyInterest income and other,net$0.1$Foreign currency-otherInterest income and other,net8.9(2.4)D

82、iesel fuel and other commoditiesInterest income and other,net(0.1)(0.7)Fair Value Hedges:Interest rate swapsInterest expense(13.1)11.1 Long-term debt(hedged item)Interest expense10.6(14.3)(1)(1)11Table of ContentsNotional amounts of outstanding derivative contracts(in millions):Dec 29,2024Sep 29,202

83、4Coffee$28$154 Cross-currency swaps4,197 4,213 Dairy34 65 Diesel fuel and other commodities5 3 Foreign currency-other1,036 920 Interest rate swaps350 350 Fair value of outstanding derivative contracts(in millions)including the location of the asset and/or liability on the consolidated balance sheets

84、:Derivative AssetsBalance Sheet LocationDec 29,2024Sep 29,2024Designated Derivative Instruments:Cross-currency swapsPrepaid expenses and other current assets$26.5$3.9 Other long-term assets275.7 177.4 DairyPrepaid expenses and other current assets0.2 0.8 Foreign currency-otherPrepaid expenses and ot

85、her current assets28.2 1.9 Other long-term assets19.9 1.7 Non-designated Derivative Instruments:DairyPrepaid expenses and other current assets0.1 0.3 Foreign currencyPrepaid expenses and other current assets1.9 1.8 Derivative LiabilitiesBalance Sheet LocationDec 29,2024Sep 29,2024Designated Derivati

86、ve Instruments:Cross-currency swapsAccrued liabilities$21.7 Other long-term liabilities 33.3 DairyAccrued liabilities0.1 Foreign currency-otherAccrued liabilities 4.7 Other long-term liabilities 4.1 Interest rate swapsOther long-term liabilities32.4 19.2 Non-designated Derivative Instruments:DairyAc

87、crued liabilities0.1 Diesel fuel and other commoditiesAccrued liabilities0.1 0.3 Foreign currencyAccrued liabilities0.3 2.5 Other long-term liabilities 0.1 We also hold cash and cash equivalents from various settled-to-market exchange traded futures related to coffee and dairy hedging.The following

88、amounts were recorded on the consolidated balance sheets related to fixed-to-floating interest rate swaps designated in fair value hedgingrelationships(in millions):Carrying amount of hedged itemCumulative amount of fair value hedging adjustmentincluded in the carrying amountDec 29,2024Sep 29,2024De

89、c 29,2024Sep 29,2024Location on the balance sheetLong-term debt$321.6$332.2$(28.4)$(17.8)Additional disclosures related to cash flow gains and losses included in AOCI,as well as subsequent reclassifications to earnings,are included in Note 11,Equity.(1)(1)12Table of ContentsNote 4:Fair Value Measure

90、mentsAssets and liabilities measured at fair value on a recurring basis(in millions):Fair Value Measurements at Reporting Date Using Balance atDecember 29,2024Quoted Prices in ActiveMarkets for Identical Assets(Level 1)Significant OtherObservable Inputs(Level 2)Significant Unobservable Inputs(Level

91、3)Assets:Cash and cash equivalents$3,671.4$3,671.4$Short-term investments:Available-for-sale debt securities:Corporate debt securities74.6 63.4 11.2 Foreign corporate bonds0.3 0.3 Mortgage and other asset-backedsecurities0.3 0.3 State and local government obligations1.5 1.5 U.S.government treasury s

92、ecurities84.2 84.2 Total available-for-sale debt securities160.9 84.2 65.5 11.2 Structured deposits41.3 41.3 Marketable equity securities83.6 83.6 Total short-term investments285.8 167.8 106.8 11.2 Prepaid expenses and other current assets:Derivative assets56.9 56.9 Long-term investments:Available-f

93、or-sale debt securities:Corporate debt securities116.8 92.4 24.4 Mortgage and other asset-backedsecurities67.0 67.0 State and local government obligations3.8 3.8 U.S.government treasury securities39.7 39.7 Total available-for-sale debt securities227.3 39.7 163.2 24.4 Total long-term investments227.3

94、 39.7 163.2 24.4 Other long-term assets:Derivative assets295.6 295.6 Total assets$4,537.0$3,878.9$622.5$35.6 Liabilities:Accrued liabilities:Derivative liabilities$0.6$0.6$Other long-term liabilities:Derivative liabilities32.4 32.4 Total liabilities$33.0$33.0$13Table of Contents Fair Value Measureme

95、nts at Reporting Date Using Balance atSeptember 29,2024Quoted Prices in ActiveMarkets for IdenticalAssets(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservable Inputs(Level 3)Assets:Cash and cash equivalents$3,286.2$3,286.2$Short-term investments:Available-for-sale debt securiti

96、es:Corporate debt securities51.8 51.8 Foreign corporate bonds0.2 0.2 Mortgage and other asset-backed securities0.4 0.4 State and local government obligations1.4 1.4 U.S.government treasury securities36.9 36.9 Total available-for-sale debt securities90.7 36.9 53.8 Structured deposits84.1 84.1 Marketa

97、ble equity securities82.2 82.2 Total short-term investments257.0 119.1 137.9 Prepaid expenses and other current assets:Derivative assets8.7 8.7 Long-term investments:Available-for-sale debt securities:Corporate debt securities112.8 101.8 11.0 Mortgage and other asset-backed securities64.4 64.4 State

98、 and local government obligations3.7 3.7 U.S.government treasury securities94.9 94.9 Total available-for-sale debt securities275.8 94.9 169.9 11.0 Structured deposits0.2 0.2 Total long-term investments276.094.9170.111.0Other long-term assets:Derivative assets179.1 179.1 Total assets$4,007.0$3,500.2$

99、495.8$11.0 Liabilities:Accrued liabilities:Derivative liabilities$29.2$29.2$Other long-term liabilities:Derivative liabilities56.7 56.7 Total liabilities$85.9$85.9$There were no material transfers between levels,and there was no significant activity within Level 3 instruments during the periods pres

100、ented.The fair valuesof any financial instruments presented above exclude the impact of netting assets and liabilities when a legally enforceable master netting agreement exists.Gross unrealized holding gains and losses on available-for-sale debt securities,structured deposits,and marketable equity

101、securities were not material as ofDecember 29,2024 and September 29,2024.Assets and Liabilities Measured at Fair Value on a Nonrecurring BasisAssets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property,p

102、lantand equipment,right-of-use assets,goodwill and other intangible assets,equity and other investments,and other assets.These assets are measured at fair valueif determined to be impaired.14Table of ContentsThe estimated fair value of our long-term debt based on the quoted market price(Level 2)is i

103、ncluded at Note 8,Debt.There were no material fair valueadjustments during the quarter ended December 29,2024 and December 31,2023.Note 5:Inventories(in millions):Dec 29,2024Sep 29,2024Coffee:Unroasted$748.1$665.1 Roasted226.2 251.9 Other merchandise held for sale 338.2 384.6 Packaging and other sup

104、plies419.1 475.7 Total$1,731.6$1,777.3“Other merchandise held for sale”includes,among other items,serveware,food,and tea.Inventory levels vary due to seasonality,commodity marketsupply,and price fluctuations.As of December 29,2024,we had committed to purchasing green coffee totaling$311 million unde

105、r fixed-price contracts and an estimated$845 million underprice-to-be-fixed contracts.A portion of our price-to-be-fixed contracts are effectively fixed through the use of futures.See Note 3,Derivative FinancialInstruments,for further discussion.Price-to-be-fixed contracts are purchase commitments w

106、hereby the quality,quantity,delivery period,and other negotiatedterms are agreed upon,but the date,and therefore the price,at which the base“C”coffee commodity price component will be fixed has not yet beenestablished.For most contracts,either Starbucks or the seller has the option to“fix”the base“C

107、”coffee commodity price prior to the delivery date.For othercontracts,Starbucks and the seller may agree upon pricing parameters determined by the base“C”coffee commodity price.Until prices are fixed,we estimatethe total cost of these purchase commitments.We believe,based on established relationship

108、s with our suppliers and continuous monitoring,the risk of non-delivery on these purchase commitments is remote.Note 6:Supplemental Balance Sheet and Statement of Earnings Information(in millions):Property,Plant and Equipment,netDec 29,2024Sep 29,2024Land$56.8$56.9 Buildings667.8 684.8 Leasehold imp

109、rovements11,467.4 11,453.9 Store equipment3,817.0 3,803.6 Roasting equipment862.1 865.7 Capitalized software1,076.4 1,049.7 Furniture,fixtures and other748.4 775.5 Work in progress756.1 750.9 Property,plant and equipment,gross19,452.0 19,441.0 Accumulated depreciation(10,768.5)(10,775.5)Property,pla

110、nt and equipment,net$8,683.5$8,665.5 Accrued LiabilitiesDec 29,2024Sep 29,2024Accrued occupancy costs$77.5$81.7 Accrued dividends payable692.6 691.2 Accrued capital and other operating expenditures751.0 842.8 Insurance reserves267.8 244.3 Income taxes payable232.4 123.5 Accrued business taxes190.5 2

111、11.2 Total accrued liabilities$2,211.8$2,194.7(1)(1)15Table of ContentsStore Operating ExpensesQuarter EndedDec 29,2024Dec 31,2023Wages and benefits$2,389.1$2,209.3 Occupancy costs802.1 745.7 Other expenses1,011.8 896.5 Total store operating expenses$4,203.0$3,851.5 Note 7:Other Intangible Assets an

112、d GoodwillIndefinite-Lived Intangible Assets(in millions)Dec 29,2024Sep 29,2024Trade names,trademarks and patents$79.5$79.5 Finite-Lived Intangible AssetsDec 29,2024Sep 29,2024(in millions)Gross CarryingAmountAccumulatedAmortizationNet CarryingAmountGross CarryingAmountAccumulatedAmortizationNet Car

113、ryingAmountAcquired and reacquired rights$1,020.9$(946.3)$74.6$995.5$(995.5)$Acquired trade secrets and processes27.6(27.6)27.6(27.6)Trade names,trademarks and patents130.4(114.7)15.7 130.4(110)20.4 Licensing agreements12.3(11.6)0.7 13.4(12.4)1.0 Other finite-lived intangible assets20.1(20.1)20.9(20

114、.9)Total finite-lived intangible assets$1,211.3$(1,120.3)$91.0$1,187.8$(1,166.4)$21.4 Amortization expense for finite-lived intangible assets was$5.6 million for the quarter ended December 29,2024 and$5.1 million for the quarter endedDecember 31,2023.Estimated future amortization expense as of Decem

115、ber 29,2024(in millions):Fiscal YearTotal2025(excluding the quarter ended December 29,2024)$11.8 20265.7 20275.4 20284.8 20294.4 Thereafter58.9 Total estimated future amortization expense$91.0 GoodwillChanges in the carrying amount of goodwill by reportable operating segment(in millions):North Ameri

116、caInternationalChannel DevelopmentCorporate and OtherTotalGoodwill balance at September 29,2024$491.5$2,788.5$34.7$1.0$3,315.7 Acquisition 108.1 108.1 Other(1.8)(134.1)(135.9)Goodwill balance at December 29,2024$489.7$2,762.5$34.7$1.0$3,287.9 Additions to goodwill include the acquisition of 23.5 Deg

117、rees Topco Limited in the first quarter of fiscal 2025.“Other”consists of changes in the goodwill balance resulting from foreign currency translation.(1)(2)(1)(2)16Table of ContentsNote 8:DebtRevolving Credit FacilityOur$3.0 billion unsecured five-year revolving credit facility(the“2021 credit facil

118、ity”),of which$150.0 million may be used for issuances of letters of credit,is currently set to mature on September 16,2026.The 2021 credit facility is available for working capital,capital expenditures,and other corporate purposes,including acquisitions and share repurchases.We have the option,subj

119、ect to negotiation and agreement with the related banks,to increase the maximumcommitment amount by an additional$1.0 billion.Borrowings under the 2021 credit facility,which was most recently amended in April 2023,will bear interest at a variable rate based on Term SOFR,and,forU.S.dollar-denominated

120、 loans under certain circumstances,a Base Rate(as defined in the 2021 credit facility),in each case plus an applicable margin.Theapplicable margin is based on the Companys long-term credit ratings assigned by the Moodys and Standard&Poors rating agencies.The“Base Rate”is thehighest of(i)the Federal

121、Funds Rate(as defined in the 2021 credit facility)plus 0.500%,(ii)Bank of Americas prime rate,and(iii)Term SOFR plus 1.000%.Term SOFR means the forward-looking SOFR term rate administrated by the Chicago Mercantile Exchange plus a SOFR Adjustment of 0.100%.The 2021 credit facility contains provision

122、s requiring us to maintain compliance with certain covenants,including a minimum fixed charge coverage ratio,which measures our ability to cover financing expenses.As of December 29,2024,we were in compliance with all applicable covenants.No amounts wereoutstanding under our 2021 credit facility as

123、of December 29,2024 or September 29,2024.Short-term DebtUnder our commercial paper program,we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of$3.0billion,with individual maturities that may vary but not exceed 397 days from the date of issue.Amou

124、nts outstanding under the commercial paper program arerequired to be backstopped by available commitments under our 2021 credit facility.The proceeds from borrowings under our commercial paper program maybe used for working capital needs,capital expenditures,and other corporate purposes,including,bu

125、t not limited to,business expansion,payment of cashdividends on our common stock,and share repurchases.We had no borrowings outstanding under our commercial paper program as of December 29,2024 andSeptember 29,2024.Additionally,we hold the following Japanese yen-denominated credit facilities that ar

126、e available for working capital needs and capital expenditures within ourJapanese market:A 5.0 billion,or$31.6 million,credit facility is currently set to mature on December 30,2025.Borrowings under this credit facility are subject toterms defined within the facility and will bear interest at a vari

127、able rate based on Tokyo Interbank Offered Rate(“TIBOR”)plus an applicable marginof 0.400%.A 10.0 billion,or$63.3 million,credit facility is currently set to mature on March 27,2025.Borrowings under this credit facility are subject to termsdefined within the facility and will bear interest at a vari

128、able rate based on TIBOR plus an applicable margin of 0.300%.As of December 29,2024 and September 29,2024,we had no borrowings outstanding under these credit facilities.17Table of ContentsLong-term DebtComponents of long-term debt including the associated interest rates and related estimated fair va

129、lues by calendar maturity(in millions,except interest rates):Dec 29,2024Sep 29,2024Stated Interest RateEffective InterestRateIssuanceAmountEstimated FairValueAmountEstimated FairValueAugust 2025 notes$1,250.0$1,243.9$1,250.0$1,243.4 3.800%3.721%February 2026 notes1,000.0 1,000.8 1,000.0 1,008.3 4.75

130、0%4.788%June 2026 notes500.0 484.1 500.0 486.8 2.450%2.511%February 2027 notes1,000.0 1,002.4 1,000.0 1,017.8 4.850%4.958%March 2027 notes500.0 471.3 500.0 477.1 2.000%2.058%March 2028 notes600.0 576.7 600.0 590.3 3.500%3.529%November 2028 notes750.0 725.3 750.0 748.4 4.000%3.958%August 2029 notes1,

131、000.0 943.4 1,000.0 977.3 3.550%3.840%March 2030 notes750.0 653.8 750.0 679.0 2.250%3.084%November 2030 notes1,250.0 1,091.5 1,250.0 1,135.4 2.550%2.582%February 2031 notes500.0 496.9 500.0 520.8 4.900%5.046%February 2032 notes1,000.0 871.7 1,000.0 912.0 3.000%3.155%February 2033 notes500.0 486.4 50

132、0.0 513.1 4.800%3.798%February 2034 notes500.0 487.7 500.0 515.0 5.000%5.127%June 2045 notes350.0 281.8 350.0 308.5 4.300%4.348%December 2047 notes500.0 364.0 500.0 398.8 3.750%3.765%November 2048 notes1,000.0 819.6 1,000.0 903.4 4.500%4.504%August 2049 notes1,000.0 813.6 1,000.0 889.0 4.450%4.447%M

133、arch 2050 notes500.0 333.2 500.0 367.9 3.350%3.362%November 2050 notes1,250.0 861.8 1,250.0 954.4 3.500%3.528%Total15,700.0 14,009.9 15,700.0 14,646.7 Aggregate debt issuance costs andunamortized premium/(discount),net(110.2)(113.8)Hedge accounting fair value adjustment(28.4)(17.8)Total$15,561.4$15,

134、568.4 Includes the effects of the amortization of any premium or discount and any gain or loss upon settlement of related treasury locks or forward-startinginterest rate swaps utilized to hedge interest rate risk prior to the debt issuance.Amount includes the change in fair value due to changes in b

135、enchmark interest rates related to hedging$350.0 million of our August 2029 notes.Refer toNote 3,Derivative Financial Instruments,for additional information on our interest rate swap agreements designated as fair value hedges.The following table summarizes our long-term debt maturities as of Decembe

136、r 29,2024 by fiscal year(in millions):Fiscal YearTotal2025$1,250.0 20261,500.0 20271,500.0 2028600.0 20291,750.0 Thereafter9,100.0 Total$15,700.0(1)(2)(2)(1)(2)18Table of ContentsNote 9:LeasesThe components of lease costs(in millions):Quarter EndedDec 29,2024Dec 31,2023Operating lease costs$458.8$41

137、7.4 Variable lease costs293.4 271.9 Short-term lease costs5.5 7.7 Total lease costs$757.7$697.0 Includes immaterial amounts of sublease income and rent concessions.The following table includes supplemental information(in millions):Quarter EndedDec 29,2024Dec 31,2023Cash paid related to operating lea

138、se liabilities$468.4$428.6 Operating lease liabilities arising from obtaining right-of-use assets628.7 470.9 Dec 29,2024Dec 31,2023Weighted-average remaining operating lease term8.6 years8.6 yearsWeighted-average operating lease discount rate3.5%3.1%Includes leases obtained in the acquisition of 23.

139、5 Degrees Topco Limited in the first quarter of fiscal 2025.Finance lease assets are recorded in property,plant and equipment,net with the corresponding lease liabilities included in accrued liabilities and other long-term liabilities on the consolidated balance sheet.These balances were not materia

140、l as of December 29,2024 and September 29,2024.Finance lease costs werealso immaterial for the quarters ended December 29,2024 and December 31,2023.Minimum future maturities of operating lease liabilities(in millions):Fiscal YearTotal2025(excluding the quarter ended December 29,2024)$1,367.3 20261,7

141、31.0 20271,565.7 20281,370.1 20291,189.9 Thereafter4,852.8 Total lease payments12,076.8 Less imputed interest(1,766.7)Total$10,310.1 As of December 29,2024,we have entered into operating leases that have not yet commenced of$1.6 billion,primarily related to real estate leases.Theseleases will commen

142、ce between fiscal year 2025 and fiscal year 2029 with lease terms ranging from five years to twenty years.Note 10:Deferred RevenueOur deferred revenue primarily consists of the prepaid royalty from Nestl,for which we have continuing performance obligations to support the Global CoffeeAlliance,our un

143、redeemed stored value card liability,and unredeemed loyalty points(“Stars”)associated with our loyalty program.As of December 29,2024 and September 29,2024,the current and long-term deferred revenue related to the Nestl up-front payment was$177.0 million and$5.8 billion,respectively.During each of t

144、he quarters ended December 29,2024 and December 31,2023,we recognized$44.1 million of prepaid royaltyrevenue related to Nestl.(1)(1)(1)(1)19Table of ContentsChanges in our deferred revenue balance related to our stored value cards and loyalty program(in millions):Quarter Ended December 29,2024TotalS

145、tored value cards and loyalty program at September 29,2024$1,718.7 Revenue deferred-card activations,card reloads and Stars earned4,414.4 Revenue recognized-card and Stars redemptions and breakage(3,892.9)Other(27.1)Stored value cards and loyalty program at December 29,2024$2,213.1 Quarter Ended Dec

146、ember 31,2023TotalStored value cards and loyalty program at October 1,2023$1,567.5 Revenue deferred-card activations,card reloads and Stars earned4,687.2 Revenue recognized-card and Stars redemptions and breakage(4,098.4)Other13.4 Stored value cards and loyalty program at December 31,2023$2,169.7“Ot

147、her”primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.As of December 29,2024 and December 31,2023,approximately$2.1 billion and$2.0 billion,respectively,of these amounts were current.(1)(2)(1)(2)(1)(2)20Table of ContentsN

148、ote 11:EquityChanges in AOCI by component,net of tax(in millions):Quarter Ended Available-for-SaleDebt Securities Cash FlowHedges Net InvestmentHedgesTranslationAdjustment andOtherTotalDecember 29,2024Net gains/(losses)in AOCI,beginning of period$(2.3)$70.5$247.7$(744.7)$(428.8)Net gains/(losses)rec

149、ognized in OCI before reclassifications(1.6)51.5 155.1(311.2)(106.2)Net(gains)/losses reclassified from AOCI to earnings0.2(27.8)(20.7)(48.3)Other comprehensive income/(loss)attributable to Starbucks(1.4)23.7 134.4(311.2)(154.5)Other comprehensive income/(loss)attributable to NCI (0.3)(0.3)Net gains

150、/(losses)in AOCI,end of period$(3.7)$94.2$382.1$(1,056.2)$(583.6)December 31,2023Net gains/(losses)in AOCI,beginning of period$(12.3)$(47.5)$243.3$(961.7)$(778.2)Net gains/(losses)recognized in OCI before reclassifications4.2 33.6(18.9)178.2 197.1 Net(gains)/losses reclassified from AOCI to earnings

151、0.2 29.6(6.7)23.1 Other comprehensive income/(loss)attributable to Starbucks4.4 63.2(25.6)178.2 220.2 Other comprehensive income/(loss)attributable to NCI 0.2 0.2 Net gains/(losses)in AOCI,end of period$(7.9)$15.7$217.7$(783.3)$(557.8)Impact of reclassifications from AOCI on the consolidated stateme

152、nts of earnings(in millions):Quarter EndedAOCIComponentsAmounts Reclassified from AOCIAffected Line Item inthe Statements of EarningsDec 29,2024Dec 31,2023Gains/(losses)on available-for-sale debt securities$(0.2)$(0.3)Interest income and other,netGains/(losses)on cash flow hedges39.4(33.5)Please ref

153、er to Note 3,Derivative Financial Instrumentsfor additional information.Gains/(losses)on net investment hedges27.7 8.9 Interest expense66.9(24.9)Total before tax(18.6)1.8 Tax(expense)/benefit$48.3$(23.1)Net of taxIn addition to 2.4 billion shares of authorized common stock with$0.001 par value per s

154、hare,we have 7.5 million shares of authorized preferred stock,none ofwhich was outstanding as of December 29,2024.During the quarter ended December 29,2024,we made no share repurchases.During the quarter ended December 31,2023,we repurchased 12.8 millionshares of common stock on the open market for$

155、1,250.1 million.As of December 29,2024,29.8 million shares remained available for repurchase undercurrent authorizations.During the first quarter of fiscal 2025,our Board of Directors approved a quarterly cash dividend to shareholders of$0.61 per share to be paid on February 28,2025 to shareholders

156、of record as of the close of business on February 14,2025.Note 12:Employee Stock PlansAs of December 29,2024,there were 75.3 million shares of common stock available for issuance pursuant to future equity-based compensation awards and 9.5million shares available for issuance under our employee stock

157、 purchase plan.21Table of ContentsStock-based compensation expense recognized in the consolidated statements of earnings(in millions):Quarter Ended Dec 29,2024Dec 31,2023Restricted Stock Units(“RSUs”)$100.6$94.8 Options Total stock-based compensation expense$100.6$94.8 Stock option and RSU transacti

158、ons from September 29,2024 through December 29,2024(in millions):Stock OptionsRSUsOptions outstanding/Nonvested RSUs,September 29,20240.9 8.7 Granted 4.1 Options exercised/RSUs vested(0.1)(2.8)Forfeited/expired(0.4)Options outstanding/Nonvested RSUs,December 29,20240.8 9.6 Total unrecognized stock-b

159、ased compensation expense,net of estimated forfeitures,as of December 29,2024$459.9 Note 13:Earnings per ShareCalculation of net earnings per common share(“EPS”)basic and diluted(in millions,except EPS):Quarter EndedDec 29,2024Dec 31,2023Net earnings attributable to Starbucks$780.8$1,024.4 Weighted

160、average common shares outstanding(for basic calculation)1,134.7 1,136.6 Dilutive effect of outstanding common stock options and RSUs3.7 4.0 Weighted average common and common equivalent shares outstanding(for diluted calculation)1,138.4 1,140.6 EPS basic$0.69$0.90 EPS diluted$0.69$0.90 Potential dil

161、utive shares consist of the incremental common shares issuable upon the exercise of outstanding stock options(both vested and non-vested)andunvested RSUs,calculated using the treasury stock method.The calculation of dilutive shares outstanding excludes anti-dilutive stock options or unvestedRSUs,whi

162、ch were immaterial in the periods presented.Note 14:Commitments and ContingenciesLegal ProceedingsStarbucks is involved in various legal proceedings arising in the ordinary course of business,including litigation matters associated with labor union organizingefforts and certain employment litigation

163、 cases that have been certified as class or collective actions,but is not currently a party to any legal proceeding thatmanagement believes could have a material adverse effect on our consolidated financial position,results of operations,or cash flows.While we are closelymonitoring the operational a

164、nd financial impacts of labor union organizing efforts on our business,as of the date of this filing,we believe the risk of a materialcontingent loss associated with these litigation matters is remote.Refer to the Risk Factors in Part I,Item 1A of our most recently filed 10-K for furtherdiscussion o

165、f potential risks to our brand and related impacts on our financial results.Note 15:Segment ReportingSegment information is prepared on the same basis that our chief executive officer,who is our Chief Operating Decision Maker,manages the segments,evaluates financial results,and makes key operating d

166、ecisions.Consolidated revenue mix by product type(in millions):Quarter EndedDec 29,2024Dec 31,2023Beverage$5,678.0 60%$5,695.9 60%Food1,790.4 19%1,757.1 19%Other1,929.4 21%1,972.3 21%Total$9,397.8 100%$9,425.3 100%“Beverage”represents sales within our company-operated stores.(1)(2)(3)(1)22Table of C

167、ontents“Food”includes sales within our company-operated stores.“Other”primarily consists of packaged and single-serve coffees and teas,royalty and licensing revenues,beverage-related ingredients,and serveware,among other items.The tables below present financial information for our reportable operati

168、ng segments and Corporate and Other(in millions):Quarter EndedNorth AmericaInternationalChannelDevelopmentCorporate andOtherTotalDecember 29,2024Total net revenues$7,071.9$1,871.3$436.3$18.3$9,397.8 Depreciation and amortization expenses289.0 89.1 0.0 29.5 407.6 Income/(loss)from equity investees(0.

169、4)46.9 46.5 Operating income/(loss)$1,181.3$237.1$208.0$(504.7)$1,121.7 December 31,2023Total net revenues$7,120.7$1,846.3$448.0$10.3$9,425.3 Depreciation and amortization expenses250.4 84.1 30.8 365.3 Income/(loss)from equity investees 0.2 55.7 55.9 Operating income/(loss)$1,520.8$241.5$209.7$(486.

170、6)$1,485.4(2)(3)23Table of ContentsItem 2.Managements Discussion and Analysis of Financial Condition and Results of OperationsCAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995Certain statements contained herein are“forward-looking”statements within the meaning of

171、applicable securities laws and regulations.Generally,thesestatements can be identified by the use of words such as“aim,”“anticipate,”“believe,”“continue,”“could,”“estimate,”“expect,”“feel,”“forecast,”“intend,”“may,”“outlook,”“plan,”“potential,”“predict,”“project,”“seek,”“should,”“will,”“would,”and s

172、imilar expressions intended to identifyforward-looking statements,although not all forward-looking statements contain these identifying words.By their nature,forward-looking statements involverisks,uncertainties,and other factors(many beyond our control)that could cause our actual results to differ

173、materially from our historical experience or fromour current expectations or projections.Our forward-looking statements,and the risks and uncertainties related thereto,include,but are not limited to,thosedescribed under the“Risk Factors”and“Managements Discussion and Analysis of Financial Condition

174、and Results of Operations”sections of our mostrecently filed 10-K and 10-Q and in other reports we file with the SEC,as well as,among others:our ability to preserve,grow,and leverage our brands,including the risk of negative responses by consumers(such as boycotts or negative publicitycampaigns),gov

175、ernmental actors(such as retaliatory legislative treatment),or other third parties who object to certain actions taken or not taken by theCompany,whose responses could adversely affect our brand value;the impact of our marketing strategies,promotional and advertising plans,pricing strategies,platfor

176、ms,reformulations,innovations,or customer experienceinitiatives or investments;the costs and risks associated with,and the successful execution and effects of,our existing and any future business opportunities,expansions,initiatives,strategies,investments,and plans,including our“Back to Starbucks”pl

177、an;our ability to align our investment efforts with our strategic goals;changes in consumer preferences,demand,consumption,or spending behavior,including due to shifts in demographic or health and wellness trends,reduction in discretionary spending and price increases,and our ability to anticipate o

178、r react to these changes;the ability of our business partners,suppliers,and third-party providers to fulfill their responsibilities and commitments;the potential negative effects of reported incidents involving food-or beverage-borne illnesses,tampering,adulteration,contamination,or mislabeling;our

179、ability to open new stores and efficiently maintain the attractiveness of our existing stores;our dependence on the financial performance of our North America operating segment and our increasing dependence on certain international markets;our anticipated cash requirements and operating expenses,inc

180、luding our anticipated total capital expenditures;inherent risks of operating a global business,including changing conditions in our markets,local factors affecting store openings,protectionist trade orforeign investment policies,economic or trade sanctions,compliance with local laws and other regul

181、ations,and local labor policies and conditions,includinglabor strikes and work stoppages;higher costs,lower quality,or unavailability of coffee,dairy,cocoa,energy,water,raw materials,or product ingredients;the potential impact on our supply chain and operations of adverse weather conditions,natural

182、disasters,or significant increases in logistics costs;the ability of our supply chain to meet current or future business needs and our ability to scale and improve our forecasting,planning,production,andlogistics management;a worsening in the terms and conditions upon which we engage with our manufa

183、cturers and source suppliers,whether resulting from broader local or globalconditions or dynamics specific to our relationships with such parties;the impact of unfavorable global or regional economic conditions and related economic slowdowns or recessions,low consumer confidence,highunemployment,wea

184、k credit or capital markets,budget deficits,burdensome government debt,austerity measures,higher interest rates,higher taxes,international trade disputes,government restrictions,geopolitical instability,higher inflation,or deflation;failure to meet our announced guidance or market expectations and t

185、he impact thereof;failure to attract or retain key executive or partner talent or successfully transition executives;the impacts of partner investments and changes in the availability and cost of labor,including any union organizing efforts and our responses to such efforts;the impact of foreign cur

186、rency translation,particularly a stronger U.S.dollar;the impact of,and our ability to respond to,substantial competition from new entrants,consolidations by competitors,and other competitive activities,suchas pricing actions(including price reductions,promotions,discounting,couponing,or free goods),

187、marketing,category expansion,product introductions,orentry or expansion in our geographic markets;potential impacts of climate change;evolving corporate governance and public disclosure regulations and expectations;the potential impact of activist shareholder actions or tactics;failure to comply wit

188、h applicable laws and changing legal and regulatory requirements;the impact or likelihood of significant legal disputes and proceedings or government investigations;24Table of Contents potential negative effects of,and our ability to respond to,a material failure,inadequacy,or interruption of our in

189、formation technology systems or those ofour third-party business partners or service providers,or failure to comply with data protection laws;and our ability to adequately protect our intellectual property or adequately ensure that we are not infringing the intellectual property of others.In additio

190、n,many of the foregoing risks and uncertainties are,or could be,exacerbated by any worsening of the global business and economic environment.Aforward-looking statement is neither a prediction nor a guarantee of future events or circumstances,and those future events or circumstances may not occur.You

191、 should not place undue reliance on the forward-looking statements,which speak only as of the date of this report.We are under no obligation to update oralter any forward-looking statements,whether as a result of new information,future events,or otherwise.This information should be read in conjuncti

192、on with the unaudited consolidated financial statements and the notes included in Item 1 of Part I of this 10-Q andthe audited consolidated financial statements and notes,and Managements Discussion and Analysis of Financial Condition and Results of Operations(“MD&A”),contained in the 10-K.25Table of

193、 ContentsIntroduction and OverviewStarbucks is the premier roaster,marketer,and retailer of specialty coffee globally,with a presence in 88 markets worldwide.As of December 29,2024,Starbucks had more than 40,500 company-operated and licensed stores,an increase of 5%from the prior year.Additionally,w

194、e sell a variety of consumer-packaged goods,primarily through the Global Coffee Alliance established with Nestl and other partnerships and joint ventures.We have three reportable operating segments:1)North America,which is inclusive of the U.S.and Canada;2)International,which is inclusive of China,J

195、apan,Asia Pacific,Europe,Middle East,Africa,Latin America,and the Caribbean;and 3)Channel Development.Unallocated corporate expenses are reportedwithin Corporate and Other.We believe our financial results and long-term growth model will continue to be driven by new store openings,comparable store sa

196、les,and operating marginmanagement,underpinned by disciplined capital allocation.We believe these key operating metrics are useful to investors because management uses thesemetrics to assess the growth of our business and the effectiveness of our marketing and operational strategies.Throughout this

197、MD&A,we commonly discussthe following key operating metrics:New store openings and store countComparable store salesOperating marginComparable store sales represents the percentage change in sales in one period from the same prior year period for company-operated stores open for 13months or longer a

198、nd excludes the impact of foreign currency translation.We analyze comparable store sales on a constant currency basis as this helps identifyunderlying business trends,without distortion from the effects of currency movements.Stores that are temporarily closed or operating at reduced hours remainin c

199、omparable store sales while stores identified for permanent closure have been removed.Our fiscal year ends on the Sunday closest to September 30.Fiscal 2025 and 2024 include 52 weeks.All references to store counts,including data for new storeopenings,are reported net of store closures,unless otherwi

200、se noted.Starbucks results for the first quarter of fiscal 2025 reflect early progress toward our“Back to Starbucks”plan,as we focused on strategic actions,targetedinvestments,and operational efficiencies to drive gradual top-line improvements.During the first quarter of fiscal 2025,consolidated net

201、 revenues were flatcompared to the first quarter of fiscal 2024,primarily driven by a decline in global comparable store sales and lower product and equipment sales to ourlicensees,partially offset by incremental revenues from net new company-operated store openings over the past 12 months.During th

202、e quarter endedDecember 29,2024,our global comparable store sales declined 4%,primarily driven by a 4%decline in the U.S.market and a 4%decline internationally.Specific to the U.S.market,the decrease in comparable store sales was driven by an 8%decrease in comparable transactions,partially offset by

203、 a 4%increasein average ticket,primarily due to annualization of pricing,attach,and fewer discounts.These drivers more than offset mix shift into lower priced beverages,and the removal of the extra charge for non-dairy milk customizations.Consolidated operating margin contracted 390 basis points fro

204、m the prior year to 11.9%,primarily driven by deleverage,investments in support of“Back to Starbucks,”including store partner wages,benefits,and hours,and the removal of the extracharge for non-dairy milk customizations.The contraction was partially offset by the annualization of pricing and supply

205、chain efficiencies.As we look ahead,for the balance of this fiscal year,we will continue to learn and implement our“Back to Starbucks”plan,building momentum from this firstquarter of fiscal 2025.We will continue to focus our efforts on making disciplined investments that align with our strategies of

206、 supporting our green apronpartners,re-introducing Starbucks to the world,enhancing the customer experience to win the morning,and reestablishing ourselves as the communitycoffeehouse.Results of Operations(in millions)Revenues Quarter EndedDec 29,2024Dec 31,2023$Change%ChangeCompany-operated stores$

207、7,785.3$7,755.2$30.1 0.4%Licensed stores1,135.7 1,192.1(56.4)(4.7)Other476.8 478.0(1.2)(0.3)Total net revenues$9,397.8$9,425.3$(27.5)(0.3)%For the quarter ended December 29,2024 compared with the quarter ended December 31,202326Table of ContentsTotal net revenues for the first quarter of fiscal 2025

208、 decreased$28 million,primarily due to lower revenues from licensed stores($56 million),partially offsetby an increase in revenues from company-operated stores($30 million).Company-operated store revenue increased$30 million,primarily driven by incremental revenues from 1,347 net new company-operate

209、d stores,or a 7%increase,over the past 12 months($301 million),and incremental revenue from the conversion of 113 licensed stores to company-operated stores($27 million)following the acquisition of 23.5 Degrees Topco Limited,a U.K.licensed business partner,during the quarter.These increases in net r

210、evenue were partiallyoffset by a 4%decrease in comparable store sales($283 million),attributable to a 6%decrease in comparable transactions,partially offset by a 3%increase inaverage ticket,as well as unfavorable foreign currency translation impacts($18 million).Licensed stores revenue decreased$56

211、million,primarily driven by lower product and equipment sales to our licensees($39 million),the impact of theacquisition of 23.5 Degrees Topco Limited($9 million),and unfavorable foreign currency translation impacts($8 million).Operating Expenses Quarter EndedDec 29,2024Dec 31,2023$ChangeDec 29,2024

212、Dec 31,2023As a%ofTotal Net RevenuesProduct and distribution costs$2,893.7$2,980.6$(86.9)30.8%31.6%Store operating expenses4,203.0 3,851.5 351.5 44.7 40.9 Other operating expenses152.5 150.4 2.1 1.6 1.6 Depreciation and amortization expenses407.6 365.3 42.3 4.3 3.9 General and administrative expense

213、s665.8 648.0 17.8 7.1 6.9 Total operating expenses8,322.6 7,995.8 326.8 88.6 84.8 Income from equity investees46.5 55.9(9.4)0.5 0.6 Operating income$1,121.7$1,485.4$(363.7)11.9%15.8%Store operating expenses as a%of company-operated stores revenue54.0%49.7%For the quarter ended December 29,2024 compa

214、red with the quarter ended December 31,2023Product and distribution costs as a percentage of total net revenues decreased 80 basis points for the first quarter of fiscal 2025,primarily due to supply chainefficiencies(approximately 70 basis points).Store operating expenses as a percentage of total ne

215、t revenues increased 380 basis points for the first quarter of fiscal 2025.Store operating expenses as apercentage of company-operated stores revenue increased 430 basis points,primarily due to deleverage(approximately 260 basis points)and investments insupport of“Back to Starbucks,”including store

216、partner wages,benefits,and hours(approximately 190 basis points).Depreciation and amortization expenses as a percentage of total net revenues increased 40 basis points,primarily due to deleverage.General and administrative expenses increased$18 million,primarily due to increased costs to support lea

217、dership transitions($13 million)and incrementalinvestments in technology($10 million).Income from equity investees decreased$9 million,primarily due to higher costs in our North American Coffee Partnership joint venture income.The combination of these changes resulted in an overall decrease in opera

218、ting margin of 390 basis points for the first quarter of fiscal 2025.27Table of ContentsOther Income and Expenses Quarter EndedDec 29,2024Dec 31,2023$ChangeDec 29,2024Dec 31,2023As a%of TotalNet RevenuesOperating income$1,121.7$1,485.4$(363.7)11.9%15.8%Interest income and other,net27.8 33.8(6.0)0.3

219、0.4 Interest expense(127.2)(140.1)12.9(1.4)(1.5)Earnings before income taxes1,022.3 1,379.1(356.8)10.9 14.6 Income tax expense241.4 354.7(113.3)2.6 3.8 Net earnings including noncontrolling interests780.9 1,024.4(243.5)8.3 10.9 Net earnings attributable to noncontrolling interests0.1 0.1 0.0 0.0 Net

220、 earnings attributable to Starbucks$780.8$1,024.4$(243.6)8.3%10.9%Effective tax rate including noncontrolling interests23.6%25.7%For the quarter ended December 29,2024 compared with the quarter ended December 31,2023Interest income and other,net,decreased$6 million,primarily due to higher foreign cu

221、rrency exchange losses and lower interest rates in the current year.Interest expense decreased$13 million,primarily due to savings from cross-currency interest rate hedging,partially offset by higher interest rates on refinancedlong-term debt.The effective tax rate for the quarter ended December 29,

222、2024 was 23.6%compared to 25.7%for the same period in fiscal 2024.The decrease was primarilydue to the discrete impact of a tax status change for a certain foreign entity(approximately 300 basis points).28Table of ContentsSegment InformationResults of operations by segment(in millions):North America

223、 Quarter EndedDec 29,2024Dec 31,2023$ChangeDec 29,2024Dec 31,2023As a%of North AmericaTotal Net RevenuesNet revenues:Company-operated stores$6,367.9$6,381.1$(13.2)90.0%89.6%Licensed stores702.7 737.9(35.2)9.9 10.4 Other1.3 1.7(0.4)0.0 0.0 Total net revenues7,071.9 7,120.7(48.8)100.0 100.0 Product an

224、d distribution costs1,967.5 2,023.9(56.4)27.8 28.4 Store operating expenses3,458.4 3,147.7 310.7 48.9 44.2 Other operating expenses78.4 77.4 1.0 1.1 1.1 Depreciation and amortization expenses289.0 250.4 38.6 4.1 3.5 General and administrative expenses97.3 100.5(3.2)1.4 1.4 Total operating expenses5,

225、890.6 5,599.9 290.7 83.3 78.6 Operating income$1,181.3$1,520.8$(339.5)16.7%21.4%Store operating expenses as a%of company-operated stores revenue54.3%49.3%For the quarter ended December 29,2024 compared with the quarter ended December 31,2023RevenuesNorth America total net revenues for the first quar

226、ter of fiscal 2025 decreased$49 million,or 1%,primarily due to a net 4%decrease in comparable store sales($234 million),driven by an 8%decrease in comparable transactions,partially offset by a 4%increase in average ticket,primarily due to annualization ofpricing,attach,and fewer discounts.These driv

227、ers more than offset mix shift into lower priced beverages,and the removal of the extra charge for non-dairymilk customizations.Also contributing to the decrease were lower product sales to,and royalty revenues from,our licensees($35 million).These decreaseswere partially offset by net new company-o

228、perated store growth of 5%,or 527 stores,over the past 12 months($230 million).Operating MarginNorth America operating income for the first quarter of fiscal 2025 decreased 22%to$1.2 billion,compared to$1.5 billion in the first quarter of fiscal 2024.Operating margin contracted 470 basis points to 1

229、6.7%,primarily driven by deleverage(approximately 370 basis points)and investments in support of“Backto Starbucks,”including store partner wages,benefits,and hours(approximately 180 basis points),and the removal of the extra charge for non-dairy milkcustomizations(approximately 60 basis points).This

230、 contraction in operating margin was partially offset by the annualization of pricing(approximately 230basis points).29Table of ContentsInternational Quarter Ended Dec 29,2024Dec 31,2023$ChangeDec 29,2024Dec 31,2023As a%of InternationalTotal Net RevenuesNet revenues:Company-operated stores$1,417.4$1

231、,374.1$43.3 75.7%74.4%Licensed stores433.0 454.2(21.2)23.1 24.6 Other20.9 18.0 2.9 1.1 1.0 Total net revenues1,871.3 1,846.3 25.0 100.0 100.0 Product and distribution costs647.0 666.5(19.5)34.6 36.1 Store operating expenses744.6 703.8 40.8 39.8 38.1 Other operating expenses60.7 60.1 0.6 3.2 3.3 Depr

232、eciation and amortization expenses89.1 84.1 5.0 4.8 4.6 General and administrative expenses92.4 90.5 1.9 4.9 4.9 Total operating expenses1,633.8 1,605.0 28.8 87.3 86.9 Income/(loss)from equity investees(0.4)0.2(0.6)0.0 0.0 Operating income$237.1$241.5$(4.4)12.7%13.1%Store operating expenses as a%of

233、company-operated stores revenue52.5%51.2%For the quarter ended December 29,2024 compared with the quarter ended December 31,2023RevenuesInternational total net revenues for the first quarter of fiscal 2025 increased$25 million,or 1%,primarily due to net new company-operated store growth of9%,or 820

234、stores,over the past 12 months($72 million),and the incremental net revenue from the conversion of 113 licensed stores to company-operatedstores($18 million)following the acquisition of 23.5 Degrees Topco Limited,a U.K.licensed business partner,during the quarter.The net revenue increaseswere partia

235、lly offset by a 4%decline in comparable store sales($48 million),driven by a 2%decline in both average ticket and comparable transactions,andunfavorable foreign currency translation impacts($16 million).Also contributing to the decrease in revenue were lower product and equipment sales to ourlicense

236、es($4 million),which were partially offset by the opening of 563 net new licensed stores over the past 12 months.Operating MarginInternational operating income for the first quarter of fiscal 2025 decreased 2%to$237 million,compared to$242 million in the first quarter of fiscal 2024.Operating margin

237、 contracted 40 basis points to 12.7%,primarily due to increased promotional activity(approximately 170 basis points)and investments instore partner wages and benefits(approximately 90 basis points).This contraction was partially offset by supply chain efficiencies(approximately 130 basispoints)and i

238、n-store operational efficiencies(approximately 100 basis points).30Table of ContentsChannel Development Quarter Ended Dec 29,2024Dec 31,2023$ChangeDec 29,2024Dec 31,2023As a%of Channel DevelopmentTotal Net RevenuesNet revenues$436.3$448.0$(11.7)Product and distribution costs259.8 279.0(19.2)59.5%62.

239、3%Other operating expenses13.4 12.8 0.6 3.1 2.9 Depreciation and amortization expenses0.0 0.0 0.0 General and administrative expenses2.0 2.2(0.2)0.5 0.5 Total operating expenses275.2 294.0(18.8)63.1 65.6 Income from equity investees46.9 55.7(8.8)10.7 12.4 Operating income$208.0$209.7$(1.7)47.7%46.8%

240、For the quarter ended December 29,2024 compared with the quarter ended December 31,2023RevenuesChannel Development total net revenues for the first quarter of fiscal 2025 decreased$12 million,or 3%,primarily due to a decline in revenue in the GlobalCoffee Alliance($7 million)from product SKU optimiz

241、ation and lower revenue in our global ready-to-drink business($3 million).Operating MarginChannel Development operating income for the first quarter of fiscal 2025 decreased 1%to$208 million,compared to$210 million in the first quarter of fiscal2024.Operating margin expanded 90 basis points to 47.7%

242、,primarily driven by mix shift(approximately 180 basis points),and lower product costs related tothe Global Coffee Alliance(approximately 80 basis points),partially offset by higher costs in our North American Coffee Partnership joint venture income(approximately 170 basis points).Corporate and Othe

243、r Quarter EndedDec 29,2024Dec 31,2023$Change%ChangeNet revenues:Other$18.3$10.3$8.0 77.7%Total net revenues18.3 10.3 8.0 77.7 Product and distribution costs19.4 11.2 8.2 73.2 Other operating expenses0.0 0.1(0.1)nmDepreciation and amortization expenses29.5 30.8(1.3)(4.2)General and administrative exp

244、enses474.1 454.8 19.3 4.2 Total operating expenses523.0 496.9 26.1 5.3 Operating loss$(504.7)$(486.6)$(18.1)3.7%Corporate and Other primarily consists of our unallocated corporate expenses.Unallocated corporate expenses include corporate administrative functions thatsupport the operating segments bu

245、t are not specifically attributable to or managed by any segment and are not included in the reported financial results of theoperating segments.For the quarter ended December 29,2024 compared with the quarter ended December 31,2023Corporate and Other operating loss increased 4%to$505 million for th

246、e first quarter of fiscal 2025 compared to$487 million for the first quarter of fiscal2024,primarily due to increased costs to support leadership transitions($13 million)and incremental investments in technology($10 million).31Table of ContentsQuarterly Store DataOur store data for the periods prese

247、nted is as follows:Net stores opened/(closed)and transferredduring the period Quarter EndedStores open as ofDec 29,2024Dec 31,2023Dec 29,2024Dec 31,2023North AmericaCompany-operated stores81 87 11,242 10,715 Licensed stores32 34 7,295 7,216 Total North America113 121 18,537 17,931 InternationalCompa

248、ny-operated stores226 186 10,083 9,150 Licensed stores38 242 11,956 11,506 Total International264 428 22,039 20,656 Total Company377 549 40,576 38,587 Includes the conversion of 113 licensed stores to company-operated stores following the acquisition of 23.5 Degrees Topco Limited during the first qu

249、arterof fiscal 2025.Financial Condition,Liquidity,and Capital ResourcesCash and Investment OverviewOur cash and investments were$4.2 billion as of December 29,2024 and$3.8 billion as of September 29,2024.We actively manage our cash and investmentsin order to internally fund operating needs,make sche

250、duled interest and principal payments on our borrowings,fund acquisitions,and return cash toshareholders through common stock cash dividend payments and share repurchases.Our investment portfolio primarily includes highly liquid available-for-sale securities,including corporate debt securities and g

251、overnment treasury securities(domestic and foreign),as well as principal-protected structured deposits.As of December 29,2024,approximately$2.1 billion of cash and short-term investments were held in foreign subsidiaries.Borrowing CapacityRevolving Credit FacilityOur$3.0 billion unsecured five-year

252、revolving credit facility(the“2021 credit facility”),of which$150.0 million may be used for issuances of letters of credit,is currently set to mature on September 16,2026.The 2021 credit facility is available for working capital,capital expenditures,and other corporate purposes,including acquisition

253、s and share repurchases.We have the option,subject to negotiation and agreement with the related banks,to increase the maximumcommitment amount by an additional$1.0 billion.Borrowings under the 2021 credit facility,which was most recently amended in April 2023,will bear interest at a variable rate b

254、ased on Term SOFR,and,forU.S.dollar-denominated loans under certain circumstances,a Base Rate(as defined in the 2021 credit facility),in each case plus an applicable margin.Theapplicable margin is based on the Companys long-term credit ratings assigned by the Moodys and Standard&Poors rating agencie

255、s.The“Base Rate”is thehighest of(i)the Federal Funds Rate(as defined in the 2021 credit facility)plus 0.500%,(ii)Bank of Americas prime rate,and(iii)Term SOFR plus 1.000%.Term SOFR means the forward-looking SOFR term rate administrated by the Chicago Mercantile Exchange plus a SOFR Adjustment of 0.1

256、00%.The 2021 credit facility contains provisions requiring us to maintain compliance with certain covenants,including a minimum fixed charge coverage ratio,which measures our ability to cover financing expenses.As of December 29,2024,we were in compliance with all applicable covenants.No amounts wer

257、eoutstanding under our 2021 credit facility as of December 29,2024 or September 29,2024.Commercial PaperUnder our commercial paper program,we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of$3.0billion,with individual maturities that may vary but

258、 not exceed 397 days from the date of issue.Amounts outstanding under the commercial paper program arerequired to be backstopped by available commitments under our 2021 credit facility.The proceeds from borrowings under our commercial paper program maybe used for working capital needs,capital expend

259、itures,and other corporate purposes,including,but not limited to,business expansion,payment of cashdividends on our common stock,and share repurchases.We had no borrowings outstanding under our commercial paper(1)(1)(1)32Table of Contentsprogram as of December 29,2024 and September 29,2024.Our total

260、 available contractual borrowing capacity for general corporate purposes was$3.0 billionas of the end of our first quarter of fiscal 2025.Credit Facilities in JapanAdditionally,we hold the following Japanese yen-denominated credit facilities that are available for working capital needs and capital e

261、xpenditures within ourJapanese market.A 5.0 billion,or$31.6 million,credit facility is currently set to mature on December 30,2025.Borrowings under this credit facility are subject toterms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin

262、of 0.400%.A 10.0 billion,or$63.3 million,credit facility is currently set to mature on March 27,2025.Borrowings under this credit facility are subject to termsdefined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.300%.As of December 29,20

263、24 and September 29,2024,we had no borrowings outstanding under these credit facilities.See Note 8,Debt,to the consolidated financial statements included in Item 1 of Part I of this 10-Q for details of the components of our long-term debt.Our ability to incur new liens and conduct sale and leaseback

264、 transactions on certain material properties is subject to compliance with terms of the indenturesunder which the long-term notes were issued.As of December 29,2024,we were in compliance with all applicable covenants.Use of CashWe expect to use our available cash and investments,including,but not li

265、mited to,additional potential future borrowings under the credit facilities,commercialpaper program,and the issuance of debt to support and invest in our core businesses,including investing in new ways to serve our customers and supportingour store partners,repaying maturing debts,returning cash to

266、shareholders through common stock cash dividend payments and discretionary share repurchases,and investing in new business opportunities related to our core and developing businesses.Furthermore,we may use our available cash resources to makeproportionate capital contributions to our investees.We ma

267、y also seek strategic acquisitions to leverage existing capabilities and further build our business.Acquisitions may include increasing our ownership interests in our investees.Any decisions to increase such ownership interests will be driven by valuationand fit with our ownership strategy.We believ

268、e that net future cash flows generated from operations and existing cash and investments both domestically and internationally,combined with ourability to leverage our balance sheet through the issuance of debt,will be sufficient to finance capital requirements for our core businesses as well asshar

269、eholder distributions for at least the next 12 months.We are currently not aware of any trends or demands,commitments,events,or uncertainties that willresult in,or that are reasonably likely to result in,our liquidity increasing or decreasing in any material way that will impact our capital needs du

270、ring or beyondthe next 12 months.We have borrowed funds and continue to believe we have the ability to do so at reasonable interest rates;however,additional borrowingswould result in increased interest expense in the future.In this regard,we may incur additional debt,within targeted levels,as part o

271、f our plans to fund ourcapital programs,including cash returns to shareholders through future dividends and discretionary share repurchases,refinancing debt maturities,as well asinvesting in new business opportunities.If necessary,we may pursue additional sources of financing,including both short-te

272、rm and long-term borrowings anddebt issuances.We regularly review our cash positions and our determination of partial indefinite reinvestment of foreign earnings.In the event we determine that all oranother portion of such foreign earnings are no longer indefinitely reinvested,we may be subject to a

273、dditional foreign withholding taxes,which could bematerial.Any foreign earnings that are not indefinitely reinvested may be repatriated at managements discretion.During the first quarter of fiscal 2025,our Board of Directors approved a quarterly cash dividend to shareholders of$0.61 per share to be

274、paid on February 28,2025 to shareholders of record as of the close of business on February 14,2025.During the quarter ended December 29,2024,we made no common stock share repurchases.As of December 29,2024,29.8 million shares remained availablefor repurchase under current authorizations.Other than n

275、ormal operating expenses,cash requirements for the remainder of fiscal 2025 are expected to consist primarily of capital expenditures forinvestments in our new and existing stores,our supply chain,and corporate facilities.Total capital expenditures for fiscal 2025 are expected to be reasonablyconsis

276、tent with fiscal 2024.In the MD&A included in the 10-K,we disclosed that we had$35.6 billion of current and long-term material cash requirements as of September 29,2024.There have been no material changes to our material cash requirements during the period covered by this 10-Q outside of the normal

277、course of our business.33Table of ContentsCash FlowsNet cash provided by operating activities was$2.1 billion for the first quarter of fiscal 2025,compared to$2.4 billion for the same period in fiscal 2024.Thechange was primarily due to a decrease in net earnings of$244 million and a net increase of

278、$149 million in inventories,which was primarily driven by a netincrease in green coffee inventories.Net cash used in investing activities totaled$855 million for the first quarter of fiscal 2025,compared to$569 million for the same period in fiscal 2024.Thechange was primarily due to the acquisition

279、 of 23.5 Degrees Topco Limited,a net decrease of$166 million in maturities and calls of investments,primarilystructured deposit investments,and a net increase of$97 million in capital expenditures.These cash uses were partially offset by a net decrease of$151 millionin purchases of investments,prima

280、rily structured deposit investments.Net cash used in financing activities for the first quarter of fiscal 2025 totaled$755 million,compared to$2.4 billion for the same period in fiscal 2024.Thechange was primarily due to no current year share repurchases of our common stock and no current year repay

281、ments of long-term debt compared torepurchases and repayments in the prior year.These cash uses were partially offset by a decrease of$300 million in proceeds from issuances of commercialpaper.Commodity Prices,Availability and General Risk ConditionsCommodity price risk represents our primary market

282、 risk,generated by our purchases of green coffee and dairy products,among other items.We purchase,roast,and sell high-quality arabica coffee and related products,and risk arises from the price volatility of green coffee.In addition to coffee,we also purchasesignificant amounts of dairy products to s

283、upport the needs of our company-operated stores.The price and availability of these commodities,including recentsustained increases in green coffee prices,directly impact our results of operations,and we expect commodity prices,particularly coffee,to continue to impactfuture results of operations.Fo

284、r additional details,see Product Supply in Part 1,Item 1 of the 10-K,as well as Risk Factors in Part I,Item 1A of the 10-K.Seasonality and Quarterly ResultsOur business is subject to moderate seasonal fluctuations,of which our fiscal second quarter typically experiences lower revenues and operating

285、income.Additionally,as our stored value cards(“Starbucks Cards”)are issued to,and loaded by,customers during the holiday season,we tend to have higher cashflows from operations during the first quarter of the fiscal year.However,since revenues from Starbucks Cards are recognized upon redemption and

286、not whencash is loaded onto the Starbucks Cards,the impact of seasonal fluctuations on the consolidated statements of earnings is much less pronounced.As a result ofmoderate seasonal fluctuations,results for any quarter are not necessarily indicative of the results that may be achieved for the full

287、fiscal year.Critical Accounting EstimatesThe preparation of financial statements and related disclosures in conformity with U.S.generally accepted accounting principles and the Companys discussionand analysis of its financial condition and operating results require the Companys management to make ju

288、dgments,assumptions,and estimates that affect theamounts reported.Note 1,Summary of Significant Accounting Policies and Estimates,to the consolidated financial statements included in Item 1 of Part I ofthis 10-Q and in the Notes to Consolidated Financial Statements in Part II,Item 8 of the 10-K desc

289、ribe the significant accounting policies and methods used inthe preparation of the Companys consolidated financial statements.There have been no material changes to the Companys critical accounting estimates sincethe 10-K.RECENT ACCOUNTING PRONOUNCEMENTSSee Note 1,Summary of Significant Accounting P

290、olicies and Estimates,to the consolidated financial statements included in Item 1 of Part I of this 10-Q,for adetailed description of recent accounting pronouncements.Item 3.Quantitative and Qualitative Disclosures About Market RiskThere has been no material change in the commodity price risk,foreig

291、n currency exchange risk,equity security price risk,or interest rate risk discussed inItem 7A of the 10-K.34Table of ContentsItem 4.Controls and ProceduresWe maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic rep

292、orts filed orsubmitted under the Securities Exchange Act of 1934,as amended(the“Exchange Act”),is recorded,processed,summarized,and reported within the timeperiods specified in the SECs rules and forms.Our disclosure controls and procedures are also designed to ensure that information required to be

293、 disclosed inthe reports we file or submit under the Exchange Act is accumulated and communicated to our management,including our principal executive officer andprincipal financial officer as appropriate,to allow timely decisions regarding required disclosure.During the first quarter of fiscal 2025,

294、we carried out an evaluation,under the supervision and with the participation of our management,including our chiefexecutive officer and our chief financial officer,of the effectiveness of the design and operation of our disclosure controls and procedures,as defined in Rules13a-15(e)and 15d-15(e)und

295、er the Exchange Act.Based upon that evaluation,our chief executive officer and chief financial officer concluded that ourdisclosure controls and procedures were effective,as of the end of the period covered by this report(December 29,2024).There were no changes in our internal control over financial

296、 reporting(as defined in Rules 13a-15(f)and 15d-15(f)of the Exchange Act)during our mostrecently completed fiscal quarter that materially affected,or are reasonably likely to materially affect,our internal control over financial reporting.35Table of ContentsPART II OTHER INFORMATIONItem 1.Legal Proc

297、eedingsSee Note 14,Commitments and Contingencies,to the consolidated financial statements included in Item 1 of Part I of this 10-Q for information regardingcertain legal proceedings in which we are involved.Item 1A.Risk FactorsIn addition to the other information set forth in this 10-Q,you should c

298、arefully consider the risks and uncertainties discussed in Part I,Item 1A.Risk Factors inour 10-K.There have been no material changes to the risk factors disclosed in our 10-K.Item 2.Unregistered Sales of Equity Securities and Use of ProceedsShares under our ongoing share repurchase program may be r

299、epurchased in open market transactions,including pursuant to a trading plan adopted inaccordance with Rule 10b5-1 of the Exchange Act,or through privately negotiated transactions.The timing,manner,price,and amount of repurchases will bedetermined at our discretion and the share repurchase program ma

300、y be suspended,terminated,or modified at any time for any reason.During the first fiscalquarter ended December 29,2024,there was no share repurchase activity.Item 3.Defaults upon Senior SecuritiesNone.Item 4.Mine Safety DisclosuresNot applicable.Item 5.Other InformationInsider Adoption or Terminatio

301、n of Trading Arrangements:During the fiscal quarter ended December 29,2024,none of our directors or officers informed us of the adoption or termination of a“Rule 10b5-1 tradingarrangement”or“non-Rule 10b5-1 trading arrangement,”as those terms are defined in Regulation S-K,Item 408,except as describe

302、d in the table below:Name&TitleDate AdoptedCharacter of TradingArrangement Aggregate Number ofShares of CommonStock to be Purchasedor Sold Pursuant toTrading ArrangementDuration Other Material TermsDate TerminatedBrady Brewer,chiefexecutive officer,StarbucksInternationalDecember 11,2024Rule 10b5-1 T

303、radingArrangementUp to 15,000 sharesto be sold December 31,2025N/AN/A Except as indicated by footnote,each trading arrangement marked as a“Rule 10b5-1 Trading Arrangement”is intended to satisfy the affirmative defense ofRule 10b5-1(c),as amended(the“Rule”).Mr.Brewers trading plan provides for the sa

304、le of up to 1,500 shares pursuant to each of ten orders,to be entered in March,April,May,June,July,August,September,October,November,and December 2025,respectively,with such sales subject to a limit price of$100 during the applicable good-until-cancelled period for such order.Except as indicated by

305、footnote,each trading arrangement permitted or permits transactions through and including the earlier to occur of(a)thecompletion of all purchases or sales or the expiration of all of the orders relating to such trades,or(b)the date listed in the table.The tradingarrangement marked as a“Rule 10b5-1

306、Trading Arrangement”only permits transactions upon expiration of the applicable mandatory cooling-off periodunder the Rule.The arrangement also provides for automatic expiration in the event of the officers death,bankruptcy,or insolvency,notice from the officer or the officersagent of termination of

307、 the trading arrangement,or a determination by the broker that the trading arrangement has been terminated or that a breach bythe officer has occurred or upon the brokers exercise of its termination under the trading arrangement.(1)(3)(2)(4)(1)(2)(3)(4)36Table of ContentsItem 6.Exhibits Incorporated

308、 by Reference ExhibitNo.Exhibit DescriptionFormFile No.Date ofFilingExhibitNumberFiledHerewith3.1Restated Articles of Incorporation of Starbucks Corporation10-Q000-203224/28/20153.13.2Amended and Restated Bylaws of Starbucks Corporation(Asamended and restated through March 17,2021)8-K000-203223/19/2

309、0213.110.1Letter Agreement Amending Offer Letter,by and between StarbucksCorporation and Brian R.Niccol,dated November 19,20248-K000-2032211/21/202410.131.1Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)of the Securities Exchange Act of 1934,as Adopted Pursuantto Section 302

310、of the Sarbanes-Oxley Act of 2002X31.2Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)of the Securities Exchange Act of 1934,as Adopted Pursuantto Section 302 of the Sarbanes-Oxley Act of 2002X32*Certifications of Principal Executive Officer and Principal FinancialOfficer Purs

311、uant to 18 U.S.C.Section 1350,as Adopted Pursuant toSection 906 of the Sarbanes-Oxley Act of 2002101The following financial statements from the Companys 10-Q forthe fiscal quarter ended December 29,2024,formatted in iXBRL:(i)Consolidated Statements of Earnings,(ii)ConsolidatedStatements of Comprehen

312、sive Income,(iii)Consolidated BalanceSheets,(iv)Consolidated Statements of Cash Flows,(v)Consolidated Statements of Equity,and(vi)Notes to ConsolidatedFinancial StatementsX104Cover Page Interactive Data File(formatted in iXBRL andcontained in Exhibit 101)X*Furnished herewith.37Table of ContentsSIGNA

313、TURESPursuant to the requirements of the Securities Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalf by the undersignedthereunto duly authorized.January 28,2025 STARBUCKS CORPORATIONBy:/s/Rachel RuggeriRachel Ruggeriexecutive vice president,chief financial o

314、fficerSigning on behalf of the registrant and asprincipal financial officer38Exhibit 31.1CERTIFICATION PURSUANT TO RULE 13a-14(a)OF THE SECURITIES EXCHANGE ACT OF 1934AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002I,Brian R.Niccol,certify that:1.I have reviewed this Quarterly Re

315、port on Form 10-Q for the fiscal quarter ended December 29,2024,of Starbucks Corporation;2.Based on my knowledge,this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatements made,in light of the circumstances under which such s

316、tatements were made,not misleading with respect to the period covered by thisreport;3.Based on my knowledge,the financial statements,and other financial information included in this report,fairly present in all material respects thefinancial condition,results of operations and cash flows of the regi

317、strant as of,and for,the periods presented in this report;4.The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures(as defined inExchange Act Rules 13a-15(e)and 15d-15(e)and internal control over financial reporting(as define

318、d in Exchange Act Rules 13a-15(f)and 15d-15(f)for the registrant and have:(a)Designed such disclosure controls and procedures,or caused such disclosure controls and procedures to be designed under our supervision,toensure that material information relating to the registrant,including its consolidate

319、d subsidiaries,is made known to us by others within thoseentities,particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting,or caused such internal control over financial reporting to be designed under oursupervision,to provide r

320、easonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this

321、 report our conclusions about theeffectiveness of the disclosure controls and procedures,as of the end of the period covered by this report based on such evaluation;and(d)Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registr

322、ants most recentfiscal quarter(the registrants fourth fiscal quarter in the case of an annual report)that has materially affected,or is reasonably likely tomaterially affect,the registrants internal control over financial reporting;and5.The registrants other certifying officer and I have disclosed,b

323、ased on our most recent evaluation of internal control over financial reporting,to theregistrants auditors and the audit committee of the registrants board of directors(or persons performing the equivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation

324、of internal control over financial reporting which arereasonably likely to adversely affect the registrants ability to record,process,summarize and report financial information;and(b)Any fraud,whether or not material,that involves management or other employees who have a significant role in the regi

325、strants internalcontrol over financial reporting.Date:January 28,2025/s/Brian R.NiccolBrian R.Niccolchairman and chief executive officerExhibit 31.2CERTIFICATION PURSUANT TO RULE 13a-14(a)OF THE SECURITIES EXCHANGE ACT OF 1934AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002I,Rach

326、el Ruggeri,certify that:1.I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended December 29,2024,of Starbucks Corporation;2.Based on my knowledge,this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestate

327、ments made,in light of the circumstances under which such statements were made,not misleading with respect to the period covered by thisreport;3.Based on my knowledge,the financial statements,and other financial information included in this report,fairly present in all material respects thefinancial

328、 condition,results of operations and cash flows of the registrant as of,and for,the periods presented in this report;4.The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures(as defined inExchange Act Rules 13a-15(e)and 15d-1

329、5(e)and internal control over financial reporting(as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)for the registrant and have:(a)Designed such disclosure controls and procedures,or caused such disclosure controls and procedures to be designed under our supervision,toensure that material infor

330、mation relating to the registrant,including its consolidated subsidiaries,is made known to us by others within thoseentities,particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting,or caused such internal control over financial

331、 reporting to be designed under oursupervision,to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the registran

332、ts disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures,as of the end of the period covered by this report based on such evaluation;and(d)Disclosed in this report any change in the registrants internal contro

333、l over financial reporting that occurred during the registrants most recentfiscal quarter(the registrants fourth fiscal quarter in the case of an annual report)that has materially affected,or is reasonably likely tomaterially affect,the registrants internal control over financial reporting;and5.The registrants other certifying officer and I have disclosed,based on our most recent evaluation of int