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1、Exhibit 99.1Starbucks Reports Q2 Fiscal Year 2025 ResultsProgress on“Back to Starbucks”Strategy Driving Confidence in TurnaroundQ2 Consolidated Net Revenues Up 2%to$8.8 BillionQ2 GAAP EPS$0.34;Non-GAAP EPS$0.41,Disciplined Investments Laying Foundation for Durable GrowthSEATTLE;April 29,2025 Starbuc

2、ks Corporation(Nasdaq:SBUX)today reported financial results for its 13-week fiscal second quarter ended March 30,2025.GAAP results in fiscal 2025 include items that are excluded from non-GAAP results.Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release

3、for more information.Q2 Fiscal Year 2025 HighlightsGlobal comparable store sales declined 1%,driven by a 2%decline in comparable transactions,partially offset by a 1%increase in average ticketNorth America comparable store sales declined 1%,driven by a 4%decline in comparable transactions,partially

4、offset by a 3%increase in average ticket;U.S.comparable store sales declined 2%,driven by a 4%decline in comparable transactions,partially offset by a 3%increase in average ticketInternational comparable store sales increased 2%,driven by a 3%increase in comparable transactions,partially offset by a

5、 1%decline in average ticket;China comparable store sales were flat,driven by a 4%increase in comparable transactions,offset by a 4%decline in average ticketThe company opened 213 net new stores in Q2,ending the period with 40,789 stores:53%company-operated and 47%licensedAt the end of Q2,stores in

6、the U.S.and China comprised 61%of the companys global portfolio,with 17,122 and 7,758 stores in the U.S.and China,respectivelyConsolidated net revenues increased 2%to$8.8 billion,or a 3%increase on a constant currency basisGAAP operating margin contracted 590 basis points year-over-year to 6.9%,prim

7、arily driven by deleverage and additional labor primarily in support of“Back to Starbucks.”Also contributing were restructuring costs related to simplifying our global support organization.Non-GAAP operating margin contracted 460 basis points year-over-year to 8.2%,or contracted 450 basis points yea

8、r-over-year on a constant currency basisGAAP earnings per share of$0.34 declined 50%over prior yearNon-GAAP earnings per share of$0.41 declined 40%over prior year,or declined 38%on a constant currency basis“My optimism has turned into confidence that our Back to Starbucks plan is the right strategy

9、to turn the business around and to unlock opportunities ahead,”commented Brian Niccol,chairman and chief executive officer.“Improving transaction comp in a tough consumer environment at our scale is a testament to the power of our brand and partners getting Back to Starbucks.We are on track and if a

10、nything,I see more opportunity than I imagined,”Niccol added.“While our financial results are far from Starbucks potential,we are working to build back a better business,”commented Cathy Smith,chief financial officer.“We are developing new muscles to test,iterate and scale quickly,in service of long

11、-term,durable growth and strong returns on invested capital,”Smith added.Q2 North America Segment ResultsQuarter EndedChange(%)($in millions)Mar 30,2025Mar 31,2024Change in Comparable Store Sales(1)(1)%(3)%Change in Transactions(4)%(7)%Change in Ticket3%4%Store Count18,62718,0653%Net revenues$6,472.

12、7$6,380.01%Operating Income$748.3$1,148.3(35)%Operating Margin11.6%18.0%(640)bps(1)Includes only Starbucks company-operated stores open 13 months or longer.Comparable store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores.Stores that are temporaril

13、y closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed.Net revenues for the North America segment increased 1%over Q2 FY24 to$6.5 billion in Q2 FY25,primarily due to net new company-operated store growth of 5%over the p

14、ast 12 months.This increase was partially offset by a 1%decline in comparable store sales,driven by a 4%decline in comparable transactions,partially offset by a 3%increase in average ticket.Also contributing was a decline in our licensed store business.Operating income decreased to$748.3 million in

15、Q2 FY25 compared to$1.1 billion in Q2 FY24.Operating margin of 11.6%contracted from 18.0%in the prior year,primarily driven by deleverage and additional labor primarily in support of“Back to Starbucks.”Q2 International Segment Results Quarter EndedChange(%)($in millions)Mar 30,2025Mar 31,2024Change

16、in Comparable Store Sales(1)2%(6)%Change in Transactions3%(3)%Change in Ticket(1)%(3)%Store Count22,16220,8866%Net revenues$1,867.1$1,757.36%Operating Income$217.0$233.8(7)%Operating Margin11.6%13.3%(170)bps(1)Includes only Starbucks company-operated stores open 13 months or longer.Comparable store

17、sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores.Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed.Net revenues for the International se

18、gment increased 6%over Q2 FY24 to$1.9 billion in Q2 FY25,primarily due to net new company-operated store growth of 8%over the past 12 months,an increase in our licensed store business,as well as incremental net revenue from the acquisition of a U.K.licensed business partner.Also contributing was a 2

19、%increase in comparable store sales,driven by a 3%increase in comparable transactions,partially offset by a 1%decline in average ticket.These increases were partially offset by an approximate 2%unfavorable impact from foreign currency translation.Operating income decreased to$217.0 million in Q2 FY2

20、5 compared to$233.8 million in Q2 FY24.Operating margin of 11.6%contracted from 13.3%in the prior year,primarily driven by increased promotional activity and restructuring costs related to simplifying our global support organization,partially offset by leverage.2Q2 Channel Development Segment Result

21、sQuarter EndedChange(%)($in millions)Mar 30,2025Mar 31,2024Net revenues$409.0$418.2(2)%Operating Income$193.5$216.3(11)%Operating Margin47.3%51.7%(440)bpsNet revenues for the Channel Development segment declined 2%over Q2 FY24 to$409.0 million in Q2 FY25,primarily due to a decline in revenue in the

22、Global Coffee Alliance,partially offset by an increase in global ready-to-drink revenue.Operating income decreased to$193.5 million in Q2 FY25 compared to$216.3 million in Q2 FY24.Operating margin of 47.3%contracted from 51.7%in the prior year,primarily driven by higher product costs related to the

23、Global Coffee Alliance,as well as a decline in our North American Coffee Partnership joint venture income.This contraction was partially offset by mix shift.3Fiscal Year 2025 Financial PerformanceThe company will discuss its results during its Q2 FY25 earnings conference call starting today at 2:00

24、p.m.Pacific Time.These results can be accessed on the companys Investor Relations website during and after the call.The company uses its website as a tool to disclose important information about the company and comply with its disclosure obligations under Regulation Fair Disclosure.Company Update1.I

25、n February,the company announced the reduction of 1,100 support partner roles and several hundred additional open and unfilled positions within its global support organization to help deliver on our“Back to Starbucks”plan and position the company for future success.2.In March,the company announced t

26、hat Cathy Smith had been appointed chief financial officer,effective March 24,2025,and that Rachel Ruggeri would no longer serve in that role.3.In March,the company virtually hosted its 33rd Annual Meeting of Shareholders.Brian Niccol delivered opening remarks,sharing early progress in our“Back to S

27、tarbucks”plan and optimism for the future.Mellody Hobson,former lead independent director,retired from the Starbucks Board of Directors(the“Board”)after 20 years of dedicated service and Jrgen Vig Knudstorp was appointed the lead independent director of the Board.4.The Board declared a cash dividend

28、 of$0.61 per share,payable on May 30,2025,to shareholders of record on May 16,2025.The company had 60 consecutive quarters of dividend payouts with CAGR of nearly 19%over that time period,demonstrating the companys commitment to consistent value creation for shareholders.Conference CallStarbucks wil

29、l hold a conference call today at 2:00 p.m.Pacific Time,which will be hosted by Brian Niccol,chairman and ceo,and Cathy Smith,cfo.The call will be webcast and can be accessed at http:/.A replay of the webcast will be available until end of day Friday,June 13,2025.About StarbucksSince 1971,Starbucks

30、Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee.Today,with more than 40,000 stores worldwide,the company is the premier roaster and retailer of specialty coffee in the world.Through our unwavering commitment to excellence and our guiding principles,we

31、 bring the unique Starbucks Experience to life for every customer through every cup.To share in the experience,please visit us in our stores or online at or .Forward-Looking Statements Certain statements contained herein and in our investor conference call related to these results and progress towar

32、ds our“Back to Starbucks”plan are“forward-looking”statements within the meaning of applicable securities laws and regulations.Generally,these statements can be identified by the use of words such as“aim,”“anticipate,”“believe,”“continue,”“could,”“estimate,”“expect,”“feel,”“forecast,”“intend,”“may,”“

33、outlook,”“plan,”“potential,”“predict,”“project,”“seek,”“should,”“will,”“would,”and similar expressions intended to identify forward-looking statements,although not all forward-looking statements contain these identifying words.By their nature,forward-looking statements involve risks,uncertainties,an

34、d other factors(many beyond our control)that could cause our actual results to differ materially from our historical experience or from our current expectations or projections.Our forward-looking statements,and the risks and uncertainties related thereto,include,but are not limited to,those describe

35、d under the“Risk Factors”and“Managements Discussion and Analysis of Financial Condition and Results of Operations”sections of the companys most recently filed periodic reports on Form 10-K and Form 10-Q and in other filings with the SEC,as well as,among others:our ability to preserve,grow,and levera

36、ge our brands,including the risk of negative responses by consumers(such as boycotts or negative publicity campaigns),governmental actors(such as retaliatory or threatened 4legislative treatment or other actions),or other third parties who object to certain actions taken or not taken by the Company,

37、whose responses could adversely affect our brand value;the impact of our marketing strategies,promotional and advertising plans,pricing strategies,platforms,reformulations,innovations,or customer experience initiatives or investments;the costs and risks associated with,and the successful execution a

38、nd effects of,our existing and any future business opportunities,expansions,initiatives,strategies,investments,and plans,including our“Back to Starbucks”plan;our ability to align our investment efforts with our strategic goals;changes in consumer preferences,demand,consumption,or spending behavior,i

39、ncluding due to shifts in demographic or health and wellness trends,reduction in discretionary spending and price increases,and our ability to anticipate or react to these changes;the ability of our business partners,suppliers,and third-party providers to fulfill their responsibilities and commitmen

40、ts;the potential negative effects of reported incidents involving food or beverage-borne illnesses,tampering,adulteration,contamination,or mislabeling;our ability to open new stores and efficiently maintain the attractiveness of our existing stores;our dependence on the financial performance of our

41、North America operating segment,and our increasing dependence on certain international markets;our anticipated cash requirements and operating expenses,including our anticipated total capital expenditures;inherent risks of operating a global business,including changing conditions in our markets,loca

42、l factors affecting store openings,protectionist trade or foreign investment policies,such as tariffs and other trade controls,economic or trade sanctions,compliance with local laws and other regulations,and local labor policies and conditions,including labor strikes and work stoppages;higher costs,

43、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 disasters,or significant increases in logistics costs;the ability of our supply chain to meet current

44、or future business needs and our ability to scale and improve our forecasting,planning,production,and logistics management;a worsening in the terms and conditions upon which we engage with our manufacturers and source suppliers,whether resulting from broader local or global conditions or dynamics sp

45、ecific to our relationships with such parties;the impact of unfavorable global or regional economic conditions and related economic slowdowns or recessions,low consumer confidence,high unemployment,weak credit or capital markets,budget deficits,burdensome government debt,austerity measures,higher in

46、terest rates,higher taxes,international trade disputes,government restrictions,geopolitical instability,higher inflation,or deflation;failure to meet our announced guidance or market expectations and the impact thereof;failure to attract or retain key executive or partner talent or successfully tran

47、sition 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 currency translation,particularly a stronger U.S.dollar;the impact of,and our ability to respond to,su

48、bstantial competition from new entrants,consolidations by competitors,and other competitive activities,such as pricing actions(including price reductions,promotions,discounting,couponing,or free goods),marketing,category expansion,product introductions,or entry or expansion in our geographic markets

49、;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 with applicable laws and changing legal and regulatory requirements;the impact or likelihood of sign

50、ificant legal disputes and proceedings or government investigations;potential negative effects of,and our ability to respond to,a material failure,inadequacy,or interruption of our information technology systems or those of our third-party business partners or service providers,or failure to comply

51、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.5In addition,many of the foregoing risks and uncertainties are,or could be,exacerbated by any worsening of the global business

52、 and economic environment.A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances,and those future events or circumstances may not occur.You should not place undue reliance on the forward-looking statements,which speak only as of the date of this release

53、.We are under no obligation to update or alter any forward-looking statements,whether as a result of new information,future events,or otherwise.Key Metrics We believe the companys financial results and long-term growth model will continue to be driven by new store openings,comparable store sales gro

54、wth and operating margin management.We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies.Contacts:Starbucks Contact,Investor Relations:Starbucks Cont

55、act,Media:Tiffany WillisEmily A6STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS(unaudited,in millions,except per share data)Quarter EndedQuarter EndedMar 30,2025Mar 31,2024%ChangeMar 30,2025Mar 31,2024As a%of total net revenuesNet revenues:Company-operated stores$7,285.0$7,052.6 3.3%83.1%8

56、2.4%Licensed stores 1,016.0 1,054.5 (3.7)11.6 12.3 Other 460.6 455.9 1.0 5.3 5.3 Total net revenues 8,761.6 8,563.0 2.3 100.0 100.0 Product and distribution costs 2,737.6 2,648.7 3.4 31.2 30.9 Store operating expenses 4,176.0 3,724.1 12.1 47.7 43.5 Other operating expenses 138.7 132.8 4.4 1.6 1.6 De

57、preciation and amortization expenses 418.9 371.9 12.6 4.8 4.3 General and administrative expenses 632.3 654.6 (3.4)7.2 7.6 Restructuring 116.2 nm 1.3 Total operating expenses 8,219.7 7,532.1 9.1 93.8 88.0 Income from equity investees 59.1 68.0 (13.1)0.7 0.8 Operating income 601.0 1,098.9 (45.3)6.9 1

58、2.8 Interest income and other,net 28.4 34.1 (16.7)0.3 0.4 Interest expense(127.3)(140.6)(9.5)(1.5)(1.6)Earnings before income taxes 502.1 992.4 (49.4)5.7 11.6 Income tax expense 118.0 219.9 (46.3)1.3 2.6 Net earnings including noncontrolling interests 384.1 772.5 (50.3)4.4 9.0 Net earnings/(loss)att

59、ributable to noncontrolling interests(0.1)0.1 nm 0.0 0.0 Net earnings attributable to Starbucks$384.2$772.4 (50.3)4.4%9.0%Net earnings per common share-diluted$0.34$0.68 (50.0)%Weighted avg.shares outstanding-diluted 1,140.0 1,135.4 Cash dividends declared per share$0.61$0.57 Supplemental Ratios:Sto

60、re operating expenses as a%of company-operated store revenues 57.3%52.8%Effective tax rate including noncontrolling interests 23.5%22.2%7Two Quarters EndedTwo Quarters EndedMar 30,2025Mar 31,2024%ChangeMar 30,2025Mar 31,2024As a%of total net revenuesNet revenues:Company-operated stores$15,070.3$14,8

61、07.9 1.8%83.0%82.3%Licensed stores 2,151.7 2,246.6 (4.2)11.8 12.5 Other 937.4 933.8 0.4 5.2 5.2 Total net revenues 18,159.4 17,988.3 1.0 100.0 100.0 Product and distribution costs 5,631.3 5,629.2 31.0 31.3 Store operating expenses 8,379.1 7,575.6 10.6 46.1 42.1 Other operating expenses 291.3 283.2 2

62、.9 1.6 1.6 Depreciation and amortization expenses 826.2 737.2 12.1 4.5 4.1 General and administrative expenses 1,298.0 1,302.6 (0.4)7.1 7.2 Restructuring 116.2 nm 0.6 Total operating expenses 16,542.1 15,527.8 6.5 91.1 86.3 Income from equity investees 105.5 123.8 (14.8)0.6 0.7 Operating income 1,72

63、2.8 2,584.3 (33.3)9.5 14.4 Interest income and other,net 56.2 67.9 (17.2)0.3 0.4 Interest expense(254.5)(280.7)(9.3)(1.4)(1.6)Earnings before income taxes 1,524.5 2,371.5 (35.7)8.4 13.2 Income tax expense 359.4 574.6 (37.5)2.0 3.2 Net earnings including noncontrolling interests 1,165.1 1,796.9 (35.2

64、)6.4 10.0 Net earnings attributable to noncontrolling interests 0.1 0.1 0.0 0.0 Net earnings attributable to Starbucks$1,165.0$1,796.8 (35.2)6.4%10.0%Net earnings per common share-diluted$1.02$1.58 (35.4)%Weighted avg.shares outstanding-diluted 1,139.2 1,138.0 Cash dividends declared per share$1.22$

65、1.14 Supplemental Ratios:Store operating expenses as a%of company-operated store revenues 55.6%51.2%Effective tax rate including noncontrolling interests 23.6%24.2%8Segment Results(in millions)North AmericaMar 30,2025Mar 31,2024%ChangeMar 30,2025Mar 31,2024Quarter EndedAs a%of North Americatotal net

66、 revenuesNet revenues:Company-operated stores$5,861.7$5,724.5 2.4%90.6%89.7%Licensed stores 610.3 654.8 (6.8)9.4 10.3 Other 0.7 0.7 0.0 0.0 Total net revenues 6,472.7 6,380.0 1.5 100.0 100.0 Product and distribution costs 1,807.1 1,767.7 2.2 27.9 27.7 Store operating expenses 3,431.6 3,037.4 13.0 53

67、.0 47.6 Other operating expenses 68.6 67.1 2.2 1.1 1.1 Depreciation and amortization expenses 299.2 257.1 16.4 4.6 4.0 General and administrative expenses 96.6 102.4 (5.7)1.5 1.6 Restructuring 21.3 nm 0.3 Total operating expenses 5,724.4 5,231.7 9.4 88.4 82.0 Operating income$748.3$1,148.3 (34.8)%11

68、.6%18.0%Supplemental Ratio:Store operating expenses as a%of company-operated store revenues 58.5%53.1%Two Quarters EndedNet revenues:Company-operated stores$12,229.5$12,105.7 1.0%90.3%89.7%Licensed stores 1,313.0 1,392.7 (5.7)9.7 10.3 Other 2.1 2.3 (8.7)0.0 0.0 Total net revenues 13,544.6 13,500.7 0

69、.3 100.0 100.0 Product and distribution costs 3,774.6 3,791.6 (0.4)27.9 28.1 Store operating expenses 6,890.1 6,185.1 11.4 50.9 45.8 Other operating expenses 147.0 144.5 1.7 1.1 1.1 Depreciation and amortization expenses 588.1 507.5 15.9 4.3 3.8 General and administrative expenses 193.9 202.9 (4.4)1

70、.4 1.5 Restructuring 21.3 nm 0.2 Total operating expenses 11,615.0 10,831.6 7.2 85.8 80.2 Operating income$1,929.6$2,669.1 (27.7)%14.2%19.8%Supplemental Ratio:Store operating expenses as a%of company-operated store revenues 56.3%51.1%9InternationalMar 30,2025Mar 31,2024%ChangeMar 30,2025Mar 31,2024Q

71、uarter EndedAs a%of Internationaltotal net revenuesNet revenues:Company-operated stores$1,423.3$1,328.1 7.2%76.2%75.6%Licensed stores 405.7 399.7 1.5 21.7 22.7 Other 38.1 29.5 29.2 2.0 1.7 Total net revenues 1,867.1 1,757.3 6.2 100.0 100.0 Product and distribution costs 659.8 619.8 6.5 35.3 35.3 Sto

72、re operating expenses 744.4 686.7 8.4 39.9 39.1 Other operating expenses 55.1 50.0 10.2 3.0 2.8 Depreciation and amortization expenses 89.0 84.3 5.6 4.8 4.8 General and administrative expenses 84.8 82.9 2.3 4.5 4.7 Restructuring 16.8 nm 0.9 Total operating expenses 1,649.9 1,523.7 8.3 88.4 86.7 Inco

73、me/(loss)from equity investees(0.2)0.2 nm 0.0 0.0 Operating income$217.0$233.8 (7.2)%11.6%13.3%Supplemental Ratio:Store operating expenses as a%of company-operated store revenues 52.3%51.7%Two Quarters EndedNet revenues:Company-operated stores$2,840.8$2,702.2 5.1%76.0%75.0%Licensed stores 838.7 853.

74、9 (1.8)22.4 23.7 Other 58.9 47.5 24.0 1.6 1.3 Total net revenues 3,738.4 3,603.6 3.7 100.0 100.0 Product and distribution costs 1,306.8 1,286.4 1.6 35.0 35.7 Store operating expenses 1,489.0 1,390.5 7.1 39.8 38.6 Other operating expenses 115.7 110.1 5.1 3.1 3.1 Depreciation and amortization expenses

75、 178.1 168.3 5.8 4.8 4.7 General and administrative expenses 177.2 173.3 2.3 4.7 4.8 Restructuring 16.8 nm 0.4 Total operating expenses 3,283.6 3,128.6 5.0 87.8 86.8 Income/(loss)from equity investees(0.7)0.3 nm 0.0 0.0 Operating income$454.1$475.3 (4.5)%12.1%13.2%Supplemental Ratio:Store operating

76、expenses as a%of company-operated store revenues 52.4%51.5%10Channel DevelopmentMar 30,2025Mar 31,2024%ChangeMar 30,2025Mar 31,2024Quarter EndedAs a%of Channel Development total net revenuesNet revenues$409.0$418.2 (2.2)%Product and distribution costs 257.7 252.6 2.0 63.0%60.4%Other operating expens

77、es 15.0 15.2 (1.3)3.7 3.6 Depreciation and amortization expenses 0.0 nm 0.0 General and administrative expenses 1.2 1.9 (36.8)0.3 0.5 Restructuring 0.9 nm 0.2 Total operating expenses 274.8 269.7 1.9 67.2 64.5 Income from equity investees 59.3 67.8 (12.5)14.5 16.2 Operating income$193.5$216.3 (10.5)

78、%47.3%51.7%Two Quarters EndedNet revenues$845.3$866.2 (2.4)%Product and distribution costs 517.5 531.5 (2.6)61.2%61.4%Other operating expenses 28.4 28.0 1.4 3.4 3.2 Depreciation and amortization expenses 0.0 nm 0.0 General and administrative expenses 3.1 4.2 (26.2)0.4 0.5 Restructuring 0.9 nm 0.1 To

79、tal operating expenses 549.9 563.7 (2.4)65.1 65.1 Income from equity investees 106.2 123.5 (14.0)12.6 14.3 Operating income$401.6$426.0 (5.7)%47.5%49.2%11Corporate and OtherMar 30,2025Mar 31,2024%ChangeQuarter EndedNet revenues$12.8$7.5 70.7%Product and distribution costs 13.0 8.6 51.2 Other operati

80、ng expenses 0.5 nmDepreciation and amortization expenses 30.7 30.5 0.7 General and administrative expenses 449.7 467.4 (3.8)Restructuring 77.2 nmTotal operating expenses 570.6 507.0 12.5 Operating loss$(557.8)$(499.5)11.7%Two Quarters EndedNet revenues$31.1$17.8 74.7%Product and distribution costs 3

81、2.4 19.7 64.5 Other operating expenses 0.2 0.6 (66.7)Depreciation and amortization expenses 60.0 61.4 (2.3)General and administrative expenses 923.8 922.2 0.2 Restructuring 77.2 nmTotal operating expenses 1,093.6 1,003.9 8.9 Operating loss$(1,062.5)$(986.1)7.7%12STARBUCKS CORPORATIONCONSOLIDATED BAL

82、ANCE SHEETS(unaudited,in millions,except per share data)Mar 30,2025Sep 29,2024ASSETSCurrent assets:Cash and cash equivalents$2,671.4$3,286.2 Short-term investments 340.2 257.0 Accounts receivable,net 1,154.7 1,213.8 Inventories 2,047.3 1,777.3 Prepaid expenses and other current assets 500.1 313.1 To

83、tal current assets 6,713.7 6,847.4 Long-term investments 222.1 276.0 Equity investments 466.9 463.9 Property,plant and equipment,net 8,820.2 8,665.5 Operating lease,right-of-use asset 9,467.2 9,286.2 Deferred income taxes,net 1,735.9 1,766.7 Other long-term assets 713.1 617.0 Other intangible assets

84、 169.3 100.9 Goodwill 3,324.7 3,315.7 TOTAL ASSETS$31,633.1$31,339.3 LIABILITIES AND SHAREHOLDERS EQUITY/(DEFICIT)Current liabilities:Accounts payable$1,913.8$1,595.5 Accrued liabilities 2,036.7 2,194.7 Accrued payroll and benefits 833.1 786.6 Current portion of operating lease liability 1,477.8 1,4

85、63.1 Stored value card liability and current portion of deferred revenue 1,920.1 1,781.2 Current portion of long-term debt 2,247.8 1,248.9 Total current liabilities 10,429.3 9,070.0 Long-term debt 13,324.0 14,319.5 Operating lease liability 8,959.9 8,771.6 Deferred revenue 5,871.3 5,963.6 Other long

86、-term liabilities 664.0 656.2 Total liabilities 39,248.5 38,780.9 Shareholders deficit:Common stock($0.001 par value)authorized,2,400.0 shares;issued and outstanding,1,136.2 and 1,133.5 shares,respectively 1.1 1.1 Additional paid-in capital 470.9 322.6 Retained deficit(7,565.5)(7,343.8)Accumulated o

87、ther comprehensive income/(loss)(529.0)(428.8)Total shareholders deficit(7,622.5)(7,448.9)Noncontrolling interests 7.1 7.3 Total deficit(7,615.4)(7,441.6)TOTAL LIABILITIES AND SHAREHOLDERS EQUITY/(DEFICIT)$31,633.1$31,339.3 13STARBUCKS CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited,in mi

88、llions)Two Quarters EndedMar 30,2025Mar 31,2024OPERATING ACTIVITIES:Net earnings including noncontrolling interests$1,165.1$1,796.9 Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization 867.5 783.6 Deferred income taxes,net(12.4)4.0 Income e

89、arned from equity method investees,net(115.5)(132.3)Distributions received from equity method investees 133.8 154.5 Stock-based compensation 178.3 173.0 Non-cash lease costs 811.6 689.5 Loss on retirement and impairment of assets 82.1 42.5 Other 3.4 16.3 Cash provided by/(used in)changes in operatin

90、g assets and liabilities:Accounts receivable 17.0 86.4 Inventories(281.0)64.5 Income taxes payable 6.4 (84.9)Accounts payable 339.4 (51.6)Deferred revenue 65.4 128.9 Operating lease liability(834.4)(635.1)Other operating assets and liabilities(62.7)(146.3)Net cash provided by operating activities 2,

91、364.0 2,889.9 INVESTING ACTIVITIES:Purchases of investments(169.4)(472.0)Sales of investments 0.5 Maturities and calls of investments 141.0 498.7 Additions to property,plant and equipment(1,282.1)(1,255.0)Acquisitions,net of cash acquired(177.1)Other(11.6)(36.2)Net cash used in investing activities(

92、1,499.2)(1,264.0)FINANCING ACTIVITIES:Net proceeds from issuance of short-term debt 1.1 93.2 Repayments of short-term debt(5.4)(80.5)Net proceeds from issuance of long-term debt 1,995.3 Repayments of long-term debt (1,825.1)Proceeds from issuance of common stock 44.4 58.4 Cash dividends paid(1,384.9

93、)(1,293.5)Repurchase of common stock (1,266.7)Minimum tax withholdings on share-based awards(76.5)(94.1)Other (10.6)Net cash used in financing activities(1,421.3)(2,423.6)Effect of exchange rate changes on cash and cash equivalents(58.3)10.4 Net increase/(decrease)in cash and cash equivalents(614.8)

94、(787.3)CASH AND CASH EQUIVALENTS:Beginning of period 3,286.2 3,551.5 End of period$2,671.4$2,764.1 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:Cash paid during the period for:Interest,net of capitalized interest$294.2$275.6 Income taxes$459.2$850.9 14Supplemental InformationThe following supple

95、mental information is provided for historical and comparative purposes.U.S.Supplemental DataQuarter EndedChange(%)($in millions)Mar 30,2025Mar 31,2024Net revenues$6,048.8$5,956.42%Change in Comparable Store Sales(1)(2)%(3)%Change in Transactions(4)%(7)%Change in Ticket3%4%Store Count 17,12216,6003%(

96、1)Includes only Starbucks company-operated stores open 13 months or longer.Comparable store sales exclude Siren Retail stores.Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed.China Supple

97、mental DataQuarter EndedChange(%)($in millions)Mar 30,2025Mar 31,2024Net revenues$739.7$705.85%Change in Comparable Store Sales(1)0%(11)%Change in Transactions4%(4)%Change in Ticket(4)%(8)%Store Count 7,7587,0939%(1)Includes only Starbucks company-operated stores open 13 months or longer.Comparable

98、store sales exclude the effects of fluctuations in foreign currency exchange rates and Siren Retail stores.Stores that are temporarily closed or operating at reduced hours remain in comparable store sales while stores identified for permanent closure have been removed.Store Data Net stores opened/(c

99、losed)and transferred during the periodQuarter EndedTwo Quarters EndedStores open as ofMar 30,2025Mar 31,2024Mar 30,2025Mar 31,2024Mar 30,2025Mar 31,2024North America:Company-operated stores 89 112 170 199 11,331 10,827 Licensed stores 1 22 33 56 7,296 7,238 Total North America 90 134 203 255 18,627

100、 18,065 International:Company-operated stores 91 132 317 318 10,174 9,282 Licensed stores 32 98 70 340 11,988 11,604 Total International 123 230 387 658 22,162 20,886 Total Company 213 364 590 913 40,789 38,951 15Non-GAAP DisclosureIn addition to the generally accepted accounting principles in the U

101、nited States(GAAP)results provided in this release,the company provides certain non-GAAP financial measures that are not in accordance with,or alternatives for,GAAP.When provided to investors,our non-GAAP financial measures of non-GAAP operating income,non-GAAP operating income growth(loss),non-GAAP

102、 operating margin,non-GAAP effective tax rate and non-GAAP earnings per share exclude the below-listed item and its related tax impacts,as management believes this exclusion contributes to a more meaningful evaluation of the companys future operating performance and comparisons to the companys past

103、operating performance.The GAAP measures most directly comparable to non-GAAP operating income,non-GAAP operating income growth(loss),non-GAAP operating margin,non-GAAP effective tax rate and non-GAAP earnings per share are operating income,operating income growth(loss),operating margin,effective tax

104、 rate and diluted net earnings per share,respectively.Non-GAAP ExclusionRationaleRestructuringManagement excludes restructuring costs for reasons discussed above.These expenses are anticipated to be completed within a finite period of time.The Company also presents constant currency information to p

105、rovide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.To present the constant currency information,including with respect to consolidated net revenues,operating income,operating margin,and earnings per share,current period

106、 results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods,excluding related hedging activit

107、ies.We believe the presentation of results on a constant currency basis in addition to GAAP results helps users better understand our performance,because it excludes the effects of foreign currency volatility that are not indicative of our underlying operating results.Non-GAAP operating income,non-G

108、AAP operating income growth(loss),non-GAAP operating margin,non-GAAP effective tax rate,non-GAAP earnings per share,and constant currency may have limitations as analytical tools.These measures should not be considered in isolation or as a substitute for analysis of the companys results as reported

109、under GAAP.Other companies may calculate these non-GAAP financial measures differently than the company does,limiting the usefulness of those measures for comparative purposes.16STARBUCKS CORPORATIONNET REVENUE CONSTANT CURRENCY RECONCILIATION(unaudited,in millions)Quarter EndedConsolidatedRevenue f

110、or the quarter ended Mar 31,2024 as reported(GAAP)$8,563.0 Revenue for the quarter ended Mar 30,2025 as reported(GAAP)$8,761.6 Change(%)2.3%Constant Currency Impact(%)0.7 Change in Constant Currency(%)3.0%17STARBUCKS CORPORATIONRECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES(unaudited,

111、in millions,except per share data)Quarter Ended(1)ConsolidatedMar 30,2025Mar 31,2024ChangeConstant Currency ImpactChange in Constant CurrencyOperating income,as reported(GAAP)$601.0$1,098.9(45.3)%Restructuring 116.2 Non-GAAP operating income$717.2$1,098.9(34.7)%1.2%(33.5)%Operating margin,as reporte

112、d(GAAP)6.9%12.8%(590)bpsRestructuring 1.3 Non-GAAP operating margin 8.2%12.8%(460)bps10 bps(450)bpsDiluted net earnings per share,as reported(GAAP)$0.34$0.68(50.0)%Restructuring 0.10 Income tax effect on Non-GAAP adjustments(2)(0.03)Non-GAAP diluted net earnings per share$0.41$0.68(39.7)%1.5%(38.2)%

113、(1)Certain numbers may not foot due to rounding convention.(2)Adjustments were determined based on the nature of the underlying items and their relevant jurisdictional tax rates.18Q2 QTD FY25 NON-GAAP DISCLOSURE DETAILS(unaudited,in millions,and before income taxes)Restructuring$21.3$16.8$0.9$77.2$116.2 Total impact to operating income$(21.3)$(16.8)$(0.9)$(77.2)$(116.2)Q2 QTD FY25North AmericaInternationalChannel DevelopmentCorporate and OtherConsolidatedStatement of Earnings Line ItemRestructuringRestructuringRestructuringRestructuringTotal Non-GAAP Adjustment19