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Segment Reporting | 9 Months Ended
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Jun. 28, 2026
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting 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, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. North America and International operations sell coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-operated stores and licensed stores. Our North America segment is our most mature business and has achieved significant scale. Certain markets within our International operations are in various stages of development and may require more extensive support, relative to their current levels of revenue and operating income, than our North America operations. Channel Development revenues include packaged coffee, tea, foodservice products, and ready-to-drink beverage sales to customers outside of our company-operated and licensed stores. Most of our Channel Development revenues are from product sales to, and royalty revenues from, Nestlé through the Global Coffee Alliance. Our CODM evaluates the performance of our operating segments based primarily on net revenues and operating income, which represents earnings before other income and expenses and income taxes. Financial information and forecasts are reviewed by our CODM at the segment level, and are used to evaluate performance, monitor actual results versus forecasts, and allocate resources for the consolidated entity. Our CODM does not use total assets by segment as a basis for decision making. The accounting policies of the operating segments are the same as those described in Note 1, Summary of Significant Accounting Policies and Estimates in Part II, Item 8 of our most recently filed 10-K. Consolidated revenue mix by product type (in millions):
| Quarter Ended |  | Three Quarters Ended
| Jun 28, 2026 |  | Jun 29, 2025 |  | Jun 28, 2026 |  | Jun 29, 2025
Beverage (1) | $ | 5,444.0 |  |  | 58 | % |  | $ | 5,752.0 |  |  | 61 | % |  | $ | 17,047.5 |  |  | 59 | % |  | $ | 16,723.8 |  |  | 61 | %
Food (2) | 1,863.3 |  |  | 20 | % |  | 1,787.5 |  |  | 19 | % |  | 5,575.6 |  |  | 19 | % |  | 5,269.9 |  |  | 19 | %
Other (3) | 2,015.4 |  |  | 22 | % |  | 1,916.5 |  |  | 20 | % |  | 6,146.3 |  |  | 22 | % |  | 5,621.7 |  |  | 20 | %
Total | $ | 9,322.7 |  |  | 100 | % |  | $ | 9,456.0 |  |  | 100 | % |  | $ | 28,769.3 |  |  | 100 | % |  | $ | 27,615.4 |  |  | 100 | %
(1)“Beverage” represents sales within our company-operated stores. (2)“Food” represents sales within our company-operated stores. (3)“Other” primarily consists of packaged and single-serve coffees and teas, royalty and licensing revenues, beverage-related ingredients, serveware, and ready to drink beverages, among other items. Information by geographic area (in millions):
| Quarter Ended |  | Three Quarters Ended
| Jun 28, 2026 |  | Jun 29, 2025 |  | Jun 28, 2026 |  | Jun 29, 2025
Net revenues (1): |  |  |  |  |  |  |
United States | $ | 7,381.5 |  |  | $ | 6,860.1 |  |  | $ | 21,555.8 |  |  | $ | 20,244.9 |
China | 68.7 |  |  | 807.2 |  |  | 1,713.5 |  |  | 2,316.1 |
Other countries | 1,872.5 |  |  | 1,788.7 |  |  | 5,500.0 |  |  | 5,054.4 |
Total | $ | 9,322.7 |  |  | $ | 9,456.0 |  |  | $ | 28,769.3 |  |  | $ | 27,615.4 |
|  |  |  |  | Jun 28, 2026 |  | Sep 28, 2025
Long-lived assets: |  |  |  |  |  |  |
United States |  |  |  |  | $ | 15,348.1 |  |  | $ | 15,952.7 |
China (2) |  |  |  |  | 172.6 |  |  | 4,276.8 |
Other countries |  |  |  |  | 5,239.8 |  |  | 4,407.9 |
Total |  |  |  |  | $ | 20,760.5 |  |  | $ | 24,637.4 |
(1) Includes Channel Development segment and other net revenues. (2) The fiscal year 2026 balance excludes Starbucks retail operations in China that were divested during the third quarter of fiscal 2026. No customer accounts for 10% or more of our revenues. Revenues are shown based on the geographic location of our customers. Revenues from countries other than the U.S. and China consist primarily of revenues from Japan, Canada, and the U.K., which together account for approximately 72% of net revenues from other countries for the quarter and three quarters ended June 28, 2026, and 73% for the quarter and three quarters ended June 29, 2025, respectively. The financial information below is presented for our reportable operating segments and Corporate and Other (in millions):
Quarter Ended | North America |  | International |  |  |  | Channel Development |  | Corporate and Other |  | Total
June 28, 2026 |  |  |  |  |  |  |  |  |  |  |
Total net revenues | $ | 7,395.1 |  |  | $ | 1,322.6 |  |  |  |  | $ | 587.9 |  |  | $ | 17.1 |  |  | $ | 9,322.7 |
Product and distribution costs | 1,971.9 |  |  | 513.4 |  |  |  |  | 320.9 |  |  | 22.4 |  |  | 2,828.6 |
Store operating expenses | 3,789.3 |  |  | 408.1 |  |  |  |  | — |  |  | — |  |  | 4,197.4 |
Other operating expenses | 56.5 |  |  | 57.8 |  |  |  |  | 16.0 |  |  | 1.6 |  |  | 131.9 |
Depreciation and amortization expenses | 298.3 |  |  | 33.1 |  |  |  |  | — |  |  | 30.2 |  |  | 361.6 |
General and administrative expenses | 95.9 |  |  | 39.1 |  |  |  |  | 0.8 |  |  | 463.0 |  |  | 598.8 |
Restructuring and impairments | 174.3 |  |  | 41.1 |  |  |  |  | (0.2) |  |  | 87.4 |  |  | 302.6 |
Total operating expenses | 6,386.2 |  |  | 1,092.6 |  |  |  |  | 337.5 |  |  | 604.6 |  |  | 8,420.9 |
Income from equity method investees | — |  |  | 22.8 |  |  |  |  | 55.8 |  |  | — |  |  | 78.6 |
Operating income/(loss) | $ | 1,008.9 |  |  | $ | 252.8 |  |  |  |  | $ | 306.2 |  |  | $ | (587.5) |  |  | $ | 980.4 |
Net gain resulting from divestiture of certain operations |  |  |  |  |  |  |  |  |  |  | 536.3 |
Interest income and other, net |  |  |  |  |  |  |  |  |  |  | 37.2 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (134.6) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,419.3 |
Quarter Ended | North America |  | International |  |  |  | Channel Development |  | Corporate and Other |  | Total
June 29, 2025 |  |  |  |  |  |  |  |  |  |  |
Total net revenues | $ | 6,927.0 |  |  | $ | 2,010.7 |  |  |  |  | $ | 483.8 |  |  | $ | 34.5 |  |  | $ | 9,456.0 |
Product and distribution costs | 1,909.6 |  |  | 701.7 |  |  |  |  | 306.8 |  |  | 37.4 |  |  | 2,955.5 |
Store operating expenses | 3,552.4 |  |  | 792.4 |  |  |  |  | — |  |  | — |  |  | 4,344.8 |
Other operating expenses | 69.7 |  |  | 66.2 |  |  |  |  | 15.1 |  |  | 0.6 |  |  | 151.6 |
Depreciation and amortization expenses | 303.5 |  |  | 91.4 |  |  |  |  | — |  |  | 32.7 |  |  | 427.6 |
General and administrative expenses | 170.0 |  |  | 81.9 |  |  |  |  | 1.7 |  |  | 423.6 |  |  | 677.2 |
Restructuring and impairments | 3.1 |  |  | 3.1 |  |  |  |  | 0.2 |  |  | 14.4 |  |  | 20.8 |
Total operating expenses | 6,008.3 |  |  | 1,736.7 |  |  |  |  | 323.8 |  |  | 508.7 |  |  | 8,577.5 |
Income from equity method investees | — |  |  | (1.3) |  |  |  |  | 58.4 |  |  | — |  |  | 57.1 |
Operating income/(loss) | $ | 918.7 |  |  | $ | 272.7 |  |  |  |  | $ | 218.4 |  |  | $ | (474.2) |  |  | $ | 935.6 |
Interest income and other, net |  |  |  |  |  |  |  |  |  |  | 25.6 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (142.3) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 818.9 |
Three Quarters Ended | North America |  | International |  |  |  | Channel Development |  | Corporate and Other |  | Total
June 28, 2026 |  |  |  |  |  |  |  |  |  |  |
Total net revenues | $ | 21,569.4 |  |  | $ | 5,438.6 |  |  |  |  | $ | 1,678.4 |  |  | $ | 82.9 |  |  | $ | 28,769.3 |
Product and distribution costs | 6,176.2 |  |  | 2,011.3 |  |  |  |  | 1,043.9 |  |  | 79.3 |  |  | 9,310.7 |
Store operating expenses | 11,266.3 |  |  | 1,892.0 |  |  |  |  | — |  |  | — |  |  | 13,158.3 |
Other operating expenses | 172.4 |  |  | 170.0 |  |  |  |  | 47.5 |  |  | 3.7 |  |  | 393.6 |
Depreciation and amortization expenses | 896.6 |  |  | 135.8 |  |  |  |  | — |  |  | 93.4 |  |  | 1,125.8 |
General and administrative expenses | 282.5 |  |  | 224.1 |  |  |  |  | 2.8 |  |  | 1,346.3 |  |  | 1,855.7 |
Restructuring and impairments | 219.6 |  |  | 93.4 |  |  |  |  | — |  |  | 102.8 |  |  | 415.8 |
Total operating expenses | 19,013.6 |  |  | 4,526.6 |  |  |  |  | 1,094.2 |  |  | 1,625.5 |  |  | 26,259.9 |
Income from equity method investees | — |  |  | 22.2 |  |  |  |  | 167.7 |  |  | — |  |  | 189.9 |
Operating income/(loss) | $ | 2,555.8 |  |  | $ | 934.2 |  |  |  |  | $ | 751.9 |  |  | $ | (1,542.6) |  |  | $ | 2,699.3 |
Net gain resulting from divestiture of certain operations |  |  |  |  |  |  |  |  |  |  | 536.3 |
Interest income and other, net |  |  |  |  |  |  |  |  |  |  | 87.3 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (410.6) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 2,912.3 |
Three Quarters Ended | North America |  | International |  |  |  | Channel Development |  | Corporate and Other |  | Total
June 29, 2025 |  |  |  |  |  |  |  |  |  |  |
Total net revenues | $ | 20,471.7 |  |  | $ | 5,749.1 |  |  |  |  | $ | 1,329.0 |  |  | $ | 65.6 |  |  | $ | 27,615.4 |
Product and distribution costs | 5,684.3 |  |  | 2,008.4 |  |  |  |  | 824.4 |  |  | 69.7 |  |  | 8,586.8 |
Store operating expenses | 10,442.5 |  |  | 2,281.4 |  |  |  |  | — |  |  | — |  |  | 12,723.9 |
Other operating expenses | 216.6 |  |  | 181.8 |  |  |  |  | 43.7 |  |  | 0.7 |  |  | 442.8 |
Depreciation and amortization expenses | 891.6 |  |  | 269.5 |  |  |  |  | — |  |  | 92.9 |  |  | 1,254.0 |
General and administrative expenses | 363.9 |  |  | 259.1 |  |  |  |  | 4.8 |  |  | 1,347.4 |  |  | 1,975.2 |
Restructuring and impairments | 24.5 |  |  | 19.9 |  |  |  |  | 1.1 |  |  | 91.5 |  |  | 137.0 |
Total operating expenses | 17,623.4 |  |  | 5,020.1 |  |  |  |  | 874.0 |  |  | 1,602.2 |  |  | 25,119.7 |
Income from equity method investees | — |  |  | (2.1) |  |  |  |  | 164.8 |  |  | — |  |  | 162.7 |
Operating income/(loss) | $ | 2,848.3 |  |  | $ | 726.9 |  |  |  |  | $ | 619.8 |  |  | $ | (1,536.6) |  |  | $ | 2,658.4 |
Interest income and other, net |  |  |  |  |  |  |  |  |  |  | $ | 81.8 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (396.8) |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 2,343.4 |

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