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Deferred Revenue
 6 Months Ended
Mar. 30, 2025
Revenue from Contract with Customer Deferred Revenue
Our deferred revenue primarily consists of the prepaid royalty from Nestlé, for which we have continuing performance obligations to support the Global Coffee Alliance, our unredeemed stored value card liability, and unredeemed loyalty points (“Stars”) associated with our loyalty program.
As of March 30, 2025, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.7 billion, respectively. As of September 29, 2024, the current and long-term deferred revenue related to the Nestlé up-front payment was $177.0 million and $5.8 billion, respectively. During each of the quarters ended March 30, 2025 and March 31, 2024, we recognized $44.1 million of prepaid royalty revenue related to Nestlé. During each of the two quarters ended March 30, 2025 and March 31, 2024, we recognized $88.2 million of prepaid royalty revenue related to Nestlé.
Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions):
Quarter Ended March 30, 2025
Total
Stored value cards and loyalty program at December 29, 2024
$2,213.1 
Revenue deferred - card activations, card reloads and Stars earned3,496.8 
Revenue recognized - card and Stars redemptions and breakage(3,862.9)
Other(1)
6.2 
Stored value cards and loyalty program at March 30, 2025(2)
$1,853.2 
Quarter Ended March 31, 2024
Total
Stored value cards and loyalty program at December 31, 2023
$2,169.7 
Revenue deferred - card activations, card reloads and Stars earned3,456.5 
Revenue recognized - card and Stars redemptions and breakage(3,792.4)
Other(1)
(14.9)
Stored value cards and loyalty program at March 31, 2024(2)
$1,818.9 
Two Quarters Ended March 30, 2025
Total
Stored value cards and loyalty program at September 29, 2024
$1,718.7 
Revenue deferred - card activations, card reloads and Stars earned7,911.2 
Revenue recognized - card and Stars redemptions and breakage(7,755.8)
Other(1)
(20.9)
Stored value cards and loyalty program at March 30, 2025(2)
$1,853.2 
Two Quarters Ended March 31, 2024
Total
Stored value cards and loyalty program at October 1, 2023
$1,567.5 
Revenue deferred - card activations, card reloads and Stars earned8,143.7 
Revenue recognized - card and Stars redemptions and breakage(7,890.8)
Other(1)
(1.5)
Stored value cards and loyalty program at March 31, 2024(2)
$1,818.9 
(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation.
(2)As of March 30, 2025 and March 31, 2024, approximately $1.7 billion of these amounts were current.