Starbucks Corporation (SBUX)

Business

From the fiscal 2025 Annual Report on Form 10-K (accession 0000829224-25-000114).

Starbucks is the world's largest roaster, marketer, and retailer of specialty coffee, operating in 89 markets. It buys and roasts green coffee and sells it, along with handcrafted coffee, tea, and other beverages and a range of food items, through company-operated coffeehouses, and it licenses its trademarks and sells product to third-party store operators, grocery, and foodservice channels. Beverages were 73% of company-operated retail sales in fiscal 2025, food 23%, and all other merchandise 4%. Alongside the flagship Starbucks Coffee brand, the company sells under Teavana, Ethos, and Starbucks Reserve. Formed in 1985, Starbucks common stock trades on the Nasdaq Global Select Market under the symbol SBUX.

How revenue is earned. Three streams:

• Company-operated stores, 83% of fiscal 2025 net revenues. Starbucks owns the operations, captures the full retail ticket, and carries the store's operating costs and capital investment.
• Licensed stores, 12% of net revenues. Starbucks sells coffee, tea, food, related products, and equipment to the licensee and collects a royalty on the licensee's retail sales; the licensee funds operating costs and capital. Licensed stores carry a lower gross margin but a higher operating margin than company-operated stores, because the lower revenue is more than offset by costs the licensee bears.
• Other revenues, recorded mostly in Channel Development: packaged coffee, tea, and ready-to-drink beverages sold outside the store base, plus royalties from Nestlé under the Global Coffee Alliance and other collaborative partnerships.

Segments. Three reportable operating segments, with unallocated corporate expense reported in Corporate and Other:

• North America (U.S. and Canada), 74% of fiscal 2025 net revenues. The most mature business and the primary source of operating cash flow.
• International (China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, the Caribbean), 21%. Markets sit at varying stages of development and can require support out of proportion to their current revenue and operating income.
• Channel Development, 5%. Roasted whole bean and ground coffees, single-serve products, ready-to-drink beverages such as Frappuccino and Starbucks Doubleshot, foodservice products, and other branded goods sold worldwide outside the company-operated and licensed store base. A large part of this segment runs under the licensed model of the Global Coffee Alliance with Nestlé; the global ready-to-drink businesses operate through collaborations with PepsiCo, Nestlé, and others.

Store base. At September 28, 2025 Starbucks had 40,990 stores, 21,514 company-operated (52%) and 19,476 licensed (48%). North America held 18,311 (11,018 company-operated, 7,293 licensed) and International 22,679 (10,496 company-operated, 12,183 licensed). Those International figures precede the divestiture of Starbucks' retail operations in China, completed March 30, 2026, on which 7,991 company-operated stores in China converted to licensed stores within the International segment, see the current quarter section below for the store base after that change. The mix of company-operated versus licensed in a given market turns on access to desirable retail space, the complexity and expected ultimate size of the market, and the ability to leverage regional support infrastructure.

Digital and loyalty. The Starbucks Card stored-value program and the linked Starbucks Rewards loyalty program are the core of customer engagement: registered cardholders are automatically enrolled in nearly all markets, members earn Stars paying by card, cash, credit or debit, or mobile wallet at all company-operated and most North America licensed stores, and Mobile Order and Pay allows advance ordering for pickup.

Supply chain. Starbucks controls substantially all coffee purchasing, roasting, packaging, and global distribution for its own operations; Nestlé controls distribution of Starbucks packaged coffee outside Starbucks stores under the Global Coffee Alliance and in some cases roasts and packages it. High-altitude arabica of the quality Starbucks seeks trades on a negotiated basis at a premium above the "C" commodity price. The company buys on fixed-price and price-to-be-fixed commitments and hedges "C" exposure with forwards, futures, and collars; purchase commitments plus existing inventory were expected to supply green coffee through fiscal 2026. Green coffee purchase commitments were 88% of total purchase obligations. Ten farmer support centers, including one in Yunnan Province, China, work with growing communities on quality, yield, and climate adaptation. Dairy and plant-based alternatives (oat, almond) are the other significant commodity purchases.

Strategy. The "Back to Starbucks" strategy, announced in the fourth quarter of fiscal 2024, aims to return the business to growth by supporting store partners, improving the customer experience, reestablishing the community coffeehouse, and strengthening the brand through product, marketing, and digital work. In the fourth quarter of fiscal 2025 the company announced a restructuring plan under that strategy involving coffeehouse closures and further transformation of the support organization, after assessing whether each store had a viable path both to the physical environment consistent with the brand and to acceptable financial performance.

People. Approximately 381,000 employees worldwide at September 28, 2025, about 223,000 in the U.S. (roughly 214,000 in company-operated stores) and about 158,000 outside it. Partners at approximately 6% of U.S. company-operated stores are represented by unions. Benefits include the Starbucks College Achievement Plan covering 100% of tuition for a first-time online bachelor's degree at Arizona State University for partners averaging 20+ hours a week, Bean Stock equity grants (more than 230,000 partners received one in fiscal 2025), healthcare, and parental leave of up to 18 weeks fully paid for birth parents.

Leadership. Brian Niccol joined as chairman and chief executive officer in September 2024 from Chipotle Mexican Grill, where he was CEO from 2018 to 2024. Cathy Smith joined as chief financial officer in March 2025 from Nordstrom, having previously been CFO of Target. Mike Grams has served as chief operating officer since June 2025. Brady Brewer has been chief executive officer, Starbucks International since April 2024. Sara Kelly is chief partner officer; Pilar Ramos joined as chief legal officer in November 2025.

Risk factors

From the fiscal 2025 Annual Report on Form 10-K (accession 0000829224-25-000114), condensed.

Brand value is the asset. Starbucks' economics rest on a brand that can be eroded by developments inside or outside the company's control, difficulties executing strategic initiatives, missteps by partners or licensees, or negative commentary, accurate or not, amplified by social and video platforms before the company can investigate or respond. Erosion has in the past triggered boycotts of stores, products, and brand, with material consequences for demand.

Execution of Back to Starbucks and the restructuring plan. The strategic initiatives, service model, support-organization transformation, partner investment, coffeehouse closures and renovations, digital and loyalty expansion, disciplined global footprint growth, may not generate expected returns. Restructuring has already produced significant costs, and the anticipated savings rest on estimates and assumptions subject to uncertainty. The initiatives may be disruptive internally and to customers and may be viewed negatively by stakeholders.

Strategic transactions. Large acquisitions, divestitures, partnerships, and joint ventures may not close, may not be integrated successfully, or may take longer than expected to deliver expected revenue, synergies, and cost savings, which has in the past required, and may again require, assessment of impairment of goodwill and intangibles.

Concentration in North America. North America was approximately 74% of fiscal 2025 net revenues. A slowdown there, particularly in the U.S., has in the past materially affected overall results and could again, with no other segment positioned to offset it. Because North America is the primary source of operating cash flow, weakness there also constrains funding for international expansion, strategic initiatives, and shareholder returns.

International dependence. Growth targets depend on sustained performance in markets run by large regional licensees and in key company-owned markets outside North America. International success turns on factors distinct from the U.S., regional taste preferences, consumer acceptance, differing regulatory regimes, and carries higher occupancy and operating costs plus, in earlier-stage markets, higher operating expense as a percentage of revenue.

Coffee and commodity cost and availability. Coffee price and supply are highly volatile, driven by weather and extreme weather, water availability, natural disasters, crop disease, input costs, inventory levels, political and economic conditions in producing countries, speculative trading, and tariffs. Climate change may intensify these risks; droughts or frosts in Brazil have driven price increases in the past. Hedging is only partial, and the company may have limited ability to pass increased costs to licensees. Dairy, plant-based alternatives, tea, cocoa, produce, meats, eggs, energy, and packaging carry comparable exposure.

Trade policy and tariffs. New, increased, threatened, or retaliatory tariffs, quotas, embargoes, sanctions, safeguards, or customs restrictions by the U.S. and foreign governments have in the past adversely affected results and could again, and adapting operations to comply can be time-consuming and expensive.

Supply chain interruption. Loss of a roasting plant, logistics interruptions, trade restrictions, pandemics, labor shortages, natural disasters, or geopolitical conflict could materially disrupt production and delivery. For certain products the company depends on a limited number of suppliers. Separately, even absent acute disruption, inaccurate forecasting can produce expedited shipping costs and stockouts, or inventory write-offs on overestimated demand.

Reliance on key business partners. The entire global Channel Development business runs through partners, and it is heavily reliant on Nestlé, which holds global rights to distribute certain Starbucks-branded packaged goods. Retail licensed operations are concentrated among a few large licensees whose access to capital and ability to meet development and renovation targets Starbucks does not control.

Macroeconomic sensitivity. As a retailer dependent on discretionary spending, results are exposed to job loss, inflation, interest rates, taxation, credit access, public health crises, trade disputes, and geopolitical instability, and to lasting changes in consumer spending habits if uncertainty persists. Named factors include rising real estate costs, supply chain disruption, climate and extreme weather, changes in tax law such as the One Big Beautiful Bill Act enacted in the U.S. in July 2025, adverse litigation outcomes, government shutdowns and election-related impacts, trade agreement changes, tariffs and retaliation, labor unrest, and foreign currency volatility. A credit market disruption or a ratings downgrade would raise borrowing costs and could impair access to capital; distress among suppliers or licensees could raise bad debt expense, and a licensee insolvency could disrupt operations or force a market exit.

Labor costs and unionization. Wages and benefits are among the two most significant costs in the business. Since September 2021, partners at a number of company-operated stores have sought union representation; unions have secured representation rights at around 6% of more than 10,000 U.S. company-operated stores, and the company has been engaged in bargaining for initial agreements. Difficult negotiations, unfavorable terms, or the legal constraints on unilateral action where a petition has been filed could add costs, reduce flexibility, and increase operational complexity. Work stoppages and other disruptions from union activity have already occurred.

Consumer preference shifts. Reduced discretionary spending, non-acceptance of new products or platforms, and health concerns about caffeine, dairy, sugar, or allergens, accurate or not, can reduce demand, as can dietary changes including use of weight-loss drugs.

Food and beverage safety. Contamination, mislabeling, adulteration, or tampering at any stage, or merely reports of it, including incidents involving competitors or shared suppliers, could trigger regulatory action, litigation, recalls, store closures, and reputational damage.

New store economics. Development costs have risen with construction labor inflation and material and equipment expense. Each new store carries substantial startup cost and a ramp-up period, faces site selection, lease, permitting, and contractor risk, and may cannibalize nearby locations.

Competition. The specialty coffee market is highly competitive on quality, innovation, service, convenience, and price, and Starbucks does not hold leadership positions in every segment. Large quick-service competitors in the U.S. may pull traffic and ticket; well-funded players contest the packaged and ready-to-drink categories; competitors may price at or below Starbucks, forcing higher promotional spend or lower prices.

Regulation, litigation, and taxation. Compliance spans trade, labor, healthcare, food and beverage, sanitation, safety, environmental, labeling, and anti-bribery law across jurisdictions with varying interpretations. Environmental rules on carbon, plastic, and commercial water use, sweetened-beverage taxes, packaging levies, and extended producer responsibility regimes may raise costs. The OECD's Pillar Two 15% global minimum tax has been enacted in several countries where Starbucks operates. The company is routinely party to litigation including class and collective actions on employment practices, food safety, data privacy, discrimination, personal injury, advertising, intellectual property, and securities matters.

Cybersecurity, data privacy, and IT dependence. Point-of-sale, mobile, payment, delivery, and rewards systems hold personal, financial, and confidential data. The company has experienced cyber-attacks and expects threats to evolve, particularly with the adoption of artificial intelligence. Privacy regimes, GDPR and the U.K. equivalent, China's PIPL and Data Security Law, the CCPA and other U.S. state laws, impose escalating obligations, and models such as Starbucks Digital Solutions can place Starbucks in the data-controller role in licensed markets. Failure or interruption of the underlying technology, whether from outages, attacks, software flaws, or misconfiguration, could materially affect availability and results.

Responsible business, disclosure, and activism. Evolving and inconsistent governance and sustainability disclosure rules, extended producer responsibility obligations, the EU's Corporate Sustainability Reporting Directive, California's climate disclosure requirements, raise compliance cost and noncompliance risk, and reported data may require adjustment. Objections may come both from those who consider these initiatives too ambitious and from those who consider them insufficient. Activist shareholder campaigns have caused expense and can divert management and Board attention and create stock price volatility unrelated to fundamentals.

Guidance and stock price. The company has failed to meet announced guidance or market expectations in the past, which adversely affected the stock price, and further misses, particularly on operational and financial results, shareholder returns, and the success of Back to Starbucks, would likely produce decline or increased volatility.

Intellectual property. Not all trademarks are registered in every market, enforcement can be costly and, in some jurisdictions, inadequate, trade secrets can be compromised, and licensees holding rights to Starbucks intellectual property may act in ways that diminish its value.

Management's discussion and analysis, fiscal 2025

From the fiscal 2025 Annual Report on Form 10-K (accession 0000829224-25-000114). The fiscal year ends on the Sunday closest to September 30; fiscal 2025, 2024, and 2023 each had 52 weeks.

Fiscal 2025 was a year of heavy reinvestment: revenue grew modestly, margin fell sharply, and the fourth quarter carried a large restructuring charge.

Consolidated results. Total net revenues rose 3% to $37.2 billion from $36.2 billion, an increase of about $1 billion, driven by net new company-operated stores, higher Global Coffee Alliance revenue, and the acquisition of 23.5 Degrees Topco Limited, partially offset by lower comparable store sales and a decline in the licensed store business. Consolidated operating income fell to $2.9 billion from $5.4 billion, and operating margin contracted 710 basis points to 7.9% from 15.0%. The company attributed the contraction to restructuring costs for coffeehouse closures and support-organization simplification (approximately 240 basis points), deleverage (approximately 210 basis points), Back to Starbucks investments largely in labor hours (approximately 130 basis points), and inflation (approximately 80 basis points). Diluted EPS declined to $1.63 from $3.31.

Revenue composition. Company-operated store revenue rose $979 million: net new company-operated store growth of 5%, or 1,010 stores, added roughly $1.2 billion before the 627 restructuring closures late in the fourth quarter, and the conversion of 113 licensed stores to company-operated following the 23.5 Degrees acquisition added $131 million; a 1% decline in comparable store sales cost $408 million, reflecting a 2% decline in comparable transactions partly offset by a 1% increase in average ticket from annualized prior-year pricing. Licensed store revenue fell $155 million, on lower product, equipment, and royalty revenue from North America licensees ($143 million), the 23.5 Degrees acquisition ($36 million), and unfavorable currency ($22 million), partly offset by higher International licensee revenue ($79 million). Other revenues rose $184 million, on Global Coffee Alliance growth ($99 million) and increased cocoa butter sales to third parties ($66 million).

Operating expenses. Product and distribution costs rose 50 basis points as a percentage of revenue, primarily on inflation. Store operating expenses rose 360 basis points as a percentage of total revenue and 410 basis points as a percentage of company-operated store revenue, on deleverage (approximately 200 basis points), additional labor (approximately 160 basis points), and increased marketing (approximately 90 basis points). General and administrative expense rose $94 million, primarily on the Leadership Experience 2025 conference ($81 million). Restructuring and impairments were $892 million, including $352.8 million for impairment and disposition of company-operated store assets and $239.3 million primarily for accelerated amortization of right-of-use lease assets and other lease exit costs. Income from equity investees fell $53.4 million, primarily on lower income from the North American Coffee Partnership joint venture.

Below the line. Interest income and other, net fell $10 million on lower cash balances and rates. Interest expense fell $19 million on cross-currency interest rate hedging savings, partly offset by higher rates on refinanced long-term debt. The effective tax rate was 25.9% versus 24.3%, the increase driven by the discrete impact of changes in indefinite reinvestment assertions for certain foreign entities in the third quarter (approximately 290 basis points), partly offset by a tax status change for a foreign entity in the first quarter (approximately 120 basis points).

By segment.

• North America: revenue up $364 million, or 1%. Net new company-operated store growth of 4%, or 441 stores, added $980 million before the 584 restructuring closures; a 2% comparable store sales decline cost $419 million, on a 4% transaction decline partly offset by a 2% ticket increase. Operating income fell 41% to $3.2 billion from $5.4 billion and margin contracted 830 basis points to 11.5%, on deleverage (approximately 310 basis points), restructuring costs, and Back to Starbucks labor investment (approximately 180 basis points).
• International: revenue up $481 million, or 7%, on 5% net new company-operated store growth, or 526 stores ($264 million), the 113-store conversion from the 23.5 Degrees acquisition ($95 million), and higher licensee product and royalty revenue ($79 million) from 378 net new licensed stores. Operating income fell 9% to $950 million from $1.0 billion and margin contracted 210 basis points to 12.1%, on increased promotional activity (approximately 170 basis points) and restructuring and impairment costs (approximately 110 basis points).
• Channel Development: revenue up $102 million, or 6%, on Global Coffee Alliance growth ($99 million). Operating income fell 4% to $885 million from $926 million and margin contracted 500 basis points to 47.3%, on lower North American Coffee Partnership joint venture income (approximately 350 basis points) and higher global product costs (approximately 90 basis points).
• Corporate and Other: operating loss rose 7% to $2.1 billion from $1.9 billion, largely on support-organization restructuring costs, primarily severance.

Liquidity and capital. Cash and investments were $3.7 billion at September 28, 2025 versus $3.8 billion a year earlier, with approximately $1.6 billion held in foreign subsidiaries. During the third quarter of fiscal 2025 the company replaced its $3.0 billion unsecured five-year revolving credit facility with a new $3.0 billion facility maturing June 13, 2030, expandable by an additional $1.0 billion subject to bank agreement; nothing was outstanding under it, nor under the $3.0 billion commercial paper program, leaving $3.0 billion of available contractual borrowing capacity. Operating cash flow was $4.7 billion versus $6.1 billion, the decline driven by $1.9 billion lower net earnings and a $451.2 million increase in inventories (green and roasted coffee, on elevated prices), partly offset by a $713.2 million increase in loss on disposal, impairment, and accelerated amortization and higher accounts payable. Investing used $2.5 billion versus $2.7 billion, with capital expenditures down $472.0 million on reduced North America store investment and renovation, partly offset by the 23.5 Degrees acquisition. Financing used $2.3 billion versus $3.7 billion, primarily because there were no share repurchases. Capital expenditures were $2.3 billion versus $2.8 billion. Starbucks returned $2.8 billion to shareholders versus $3.8 billion the prior year; dividends alone were $2.8 billion versus $2.6 billion. No common stock was repurchased in fiscal 2025, against 12.8 million shares for $1.3 billion in fiscal 2024, and 29.8 million shares remained available under current authorizations. A fourth-quarter dividend of $0.62 per share was declared for payment November 28, 2025, an expected payout of approximately $704.8 million. Total current and long-term material cash requirements were $36.5 billion at year end.

Outlook given at the time. Management expected North America store closures to be substantially complete in fiscal 2025 and International closures in the first half of fiscal 2026, a resulting fiscal 2026 reduction in baseline North America company-operated revenue partly offset by sales transfer to nearby stores, and a slightly accretive effect on future operating margins. Macroeconomic pressure from new tariffs and dynamic coffee prices was expected to continue. The Green Apron Service model had gone live across the full U.S. company-operated portfolio in the fourth quarter. Management also pointed forward to working with new strategic joint venture partner Boyu Capital to accelerate long-term growth in China.

Current quarter, third quarter of fiscal 2026

From the Quarterly Report on Form 10-Q for the quarter ended June 28, 2026 (accession 0000829224-26-000130) and the earnings release furnished July 29, 2026 (accession 0000829224-26-000129).

The quarter is the first to carry the China divestiture through the income statement, and the two effects run in opposite directions: reported revenue fell because roughly 8,000 Chinese company-operated stores left the consolidated base, while margin expanded because those stores became a licensed relationship. Underneath that, the operating turnaround accelerated, the company described four consecutive quarters of comparable store sales growth and two consecutive quarters of margin expansion.

Headline results. Consolidated net revenues decreased 1% to $9.3 billion from $9.5 billion, including on a constant currency basis, primarily because of the conversion of Starbucks retail operations in China to the licensed joint venture model. Global comparable store sales rose 7.9%, on a 4.2% increase in comparable transactions and a 3.5% increase in average ticket. North America comps rose 8.1% (transactions +4.5%, ticket +3.5%); the U.S. rose 7.9% (transactions +4.2%, ticket +3.6%), driven by higher delivery sales and strength in customer food attach and beverage modifications; International comps rose 5.7% (ticket +3.1%, transactions +2.6%). GAAP operating margin expanded 60 basis points to 10.5% and non-GAAP operating margin expanded 430 basis points to 14.4%. GAAP earnings per share were $0.91, up 86%; non-GAAP earnings per share were $0.85, up 70%. The effective tax rate was 26.4% versus 31.8%, the decrease driven by lapping the prior-year change in indefinite reinvestment assertions (approximately 850 basis points), partly offset by the China divestiture (370 basis points).

Revenue bridge. Total net revenues fell $133 million: company-operated store revenue fell $306 million, as the China conversion removed $776 million and unfavorable currency cost $52 million, partly offset by $524 million from the 7.9% comparable store sales increase; licensed store revenue rose $95 million, on higher product and royalty revenue from existing licensees ($58 million) and from the newly formed China joint venture ($53 million), partly offset by lower equipment sales ($16 million); other revenues rose $78 million, primarily on Global Coffee Alliance growth ($89 million).

Margin drivers. Product and distribution costs fell 100 basis points as a percentage of revenue, the China conversion contributed approximately 130 basis points and lower inflation paired with tariff refunds approximately 80 basis points, partly offset by mix shift of approximately 110 basis points. Store operating expenses fell 90 basis points as a percentage of total revenue but rose 30 basis points as a percentage of company-operated store revenue, as labor investment in support of Back to Starbucks (approximately 190 basis points) and increased reserves for self-insured claims (approximately 100 basis points) outweighed sales leverage (approximately 250 basis points). General and administrative expense fell $78 million, on lapping the Leadership Experience 2025 ($81 million), restructuring-related savings ($63 million), and the China conversion ($42 million), partly offset by higher performance-based compensation ($79 million) and China transaction expenses ($44 million). Restructuring and impairments rose $282 million, largely on impairment of Starbucks Reserve and Roastery locations and partner severance. Income from equity investees rose $22 million, primarily from the China joint venture.

Segment results.

• North America: net revenues $7,395.1 million, up 7% from $6,927.0 million; operating income $1,008.9 million, up 10% from $918.7 million; operating margin 13.6%, up 30 basis points from 13.3%. Margin gained from sales leverage (approximately 340 basis points), lapping the Leadership Experience 2025 (approximately 120 basis points), and lower inflation paired with tariff refunds (approximately 110 basis points), against higher restructuring costs (approximately 240 basis points), labor investment (approximately 190 basis points), and product mix shift (approximately 100 basis points). Store count 18,371, down 2%.
• International: net revenues $1,322.6 million, down 34% from $2,010.7 million, as the China conversion removed $780 million of company-operated revenue, partly offset by product and royalty revenue from the new China joint venture ($53 million) and other licensees ($50 million). Operating income $252.8 million, down 7% from $272.7 million; operating margin 19.1%, up 550 basis points from 13.6%, as the China conversion added approximately 800 basis points against approximately 290 basis points of higher restructuring costs. Store count 22,933, up 3%.
• Channel Development: net revenues $587.9 million, up 22% from $483.8 million, primarily on Global Coffee Alliance growth ($89 million). Operating income $306.2 million, up 40% from $218.4 million; operating margin 52.1%, up 700 basis points from 45.1%, driven by tariff impacts including refunds (approximately 1,370 basis points), partly offset by product mix shift (approximately 470 basis points) and lower North American Coffee Partnership income relative to segment revenue growth (approximately 260 basis points).
• Corporate and Other: operating loss increased 24% to $588 million from $474 million, on higher restructuring costs ($73 million), performance-based compensation ($58 million), and China transaction expenses ($44 million), partly offset by restructuring-related savings ($53 million).

China divestiture. On March 30, 2026 Starbucks completed the divestiture of its retail operations in China. Funds managed by Boyu Capital acquired a 60% interest based on a cash-free, debt-free mutually agreed total enterprise value of approximately $4 billion; Starbucks retained 40% and continues to own and license the Starbucks brand and intellectual property to the joint venture. The transaction was partially financed with debt issued by the new joint venture, and Starbucks received total consideration of $3.1 billion inclusive of its share of the debt proceeds. The retained 40% interest was carried at approximately $1.2 billion under the equity method. Starbucks derecognized net assets with a carrying value of $3.4 billion and reclassified approximately $282.8 million of cumulative translation adjustment losses and $99.7 million of net investment hedge losses out of accumulated other comprehensive income into earnings, producing a pre-tax gain of $536.3 million. Total incremental income tax expense on the gain is approximately $198.6 million, of which approximately $147.8 million was recognized in the third quarter and the remainder is expected in the fourth quarter; transaction costs were approximately $44.1 million in the quarter and $73.8 million year to date. On completion, 7,991 company-operated stores converted to licensed stores within the International segment. In the quarter, revenues generated from the joint venture were $52.5 million against related product and distribution costs of $18.5 million, with $30.7 million of accounts receivable outstanding at June 28, 2026. Starbucks and Boyu have a shared long-term aspiration to grow to as many as 20,000 locations in China over time. Management expects the licensed joint venture model to continue producing lower revenues and higher operating margin than the historical company-operated model.

Debt reduction. In May 2026 Starbucks completed cash tender offers and repurchased approximately $1.3 billion aggregate principal amount of its senior notes using cash proceeds from the China divestiture: $273.5 million of the $750.0 million 4.500% notes due May 2028; $321.8 million of the $500.0 million 4.800% notes due May 2030; $110.4 million of the $500.0 million 5.000% notes due February 2034; $410.2 million of the $500.0 million 5.400% notes due May 2035; and $200.0 million of the $1.0 billion 4.500% notes due November 2048. Settlement completed on May 20, 2026, after which the company did not intend to purchase additional notes; it purchased none of its 4.000% notes due 2028, 4.900% notes due 2031, or 4.800% notes due 2033. An immaterial gain on partial extinguishment was recognized in interest income and other, net.

Tariff refunds. On February 20, 2026 the U.S. Supreme Court ruled that reciprocal tariffs imposed under the International Emergency Economic Powers Act were unlawful; Starbucks imports had been subject to those tariffs. Effective April 20, 2026, U.S. Customs and Border Protection launched a platform for refund requests, Starbucks submitted requests in the third quarter for qualifying tariffs paid, and it has received substantially all of the refunds requested. The refunds were recorded in product and distribution costs and largely offset related tariffs incurred in the first three quarters of fiscal 2026.

Restructuring. Under the fiscal 2025 plans, 20 stores closed in the quarter and 247 year to date, with $10.0 million and $115.9 million respectively charged to restructuring and impairments. Two fiscal 2026 plans are in progress: one approved in the second quarter to relocate certain support functions to an additional office in Nashville, Tennessee, cited for proximity to key suppliers, regional talent depth notably in technology, and alignment with expected coffeehouse growth; and one announced in the third quarter for further transformation of the global support organization and non-retail facilities and for reducing the operational complexity of Starbucks Reserve and Roastery locations, which triggered a reassessment and impairment of that asset group. Fiscal 2026 plan charges were $292.6 million in the quarter and $299.9 million year to date, consisting of disposal and impairment of store assets, primarily the Reserve and Roastery impairment, and employee severance and separation costs. Of the $292.6 million quarterly charge, $167.9 million fell in North America, $38.8 million in International, and $85.9 million in Corporate and Other.

Store base. Starbucks opened 175 net new stores in the quarter, ending with 41,304 stores, 33% company-operated and 67% licensed, an increase of about 1% year over year. U.S. stores were 16,933, or 41% of the global portfolio.

Year-to-date position. Through three quarters, total net revenues rose $1.2 billion, with company-operated store revenue up $628 million (a 5.9% comparable store sales increase contributing $1.2 billion, against $729 million removed by the China conversion), other revenues up $364 million, and licensed store revenue up $162 million. Operating margin contracted 20 basis points. The year-to-date effective tax rate was 36.5% versus 26.5%, driven by a $273 million discrete charge from releasing indefinite reinvestment assertions on classifying the China operations as held for sale (approximately 640 basis points), the divestiture itself (approximately 240 basis points), and lapping a prior-year foreign entity tax status change (approximately 130 basis points). North America operating income fell 10% to $2.6 billion with margin down 210 basis points to 11.8%, on labor investment of approximately 240 basis points; International operating income rose 29% to $934 million with margin up 460 basis points to 17.2%; Channel Development operating income rose 21% to $752 million though margin contracted 180 basis points to 44.8%.

Liquidity. Cash and investments were $3.9 billion at June 28, 2026 versus $3.7 billion at September 28, 2025, with approximately $1.1 billion held in foreign subsidiaries. Nothing was outstanding under the $3.0 billion revolving credit facility, the $3.0 billion commercial paper program, or two Japanese yen credit facilities (¥5.0 billion, or $30.9 million, maturing December 30, 2026, and ¥10.0 billion, or $61.8 million, maturing March 27, 2027), leaving $3.0 billion of available contractual borrowing capacity. Year to date, operating activities provided $3.6 billion versus $3.4 billion, an increase of $238.4 million on $125.5 million higher net earnings and favorable working capital. Investing activities provided $1.6 billion versus using $2.1 billion, a $3.7 billion favorable swing from $2.5 billion of net China divestiture proceeds plus $1.0 billion lower capital expenditures. Financing used $4.9 billion versus $0.4 billion, a $4.6 billion increase driven by $2.8 billion of long-term debt repayments and the absence of new debt issuance against $1.7 billion raised in the prior year. No common stock was repurchased year to date, and 29.8 million shares remained available under current authorizations. Total fiscal 2026 capital expenditures are expected to be lower than fiscal 2025.

Legal. Starbucks is involved in various ordinary-course proceedings, including litigation associated with labor union organizing efforts, certified employment class or collective actions, customer injury claims, shareholder-related actions, and consumer fraud claims, but as of the filing date it was not party to any proceeding management believes could have a material adverse effect, and it believes the risk of a material contingent loss from the union-related matters is remote.

Fiscal 2026 guidance, raised July 29, 2026. Growth targets are relative to fiscal 2025 non-GAAP measures unless specified: fourth-quarter U.S. comparable store sales growth of 6.5% or greater, leading to full-year U.S. comparable store sales growth slightly greater than 6.0% and full-year global comparable store sales growth nearing 6.0%; consolidated net revenues flat to slight growth year over year; non-GAAP consolidated operating margin greater than 11.0%; non-GAAP earnings per share of $2.55 to $2.65; and approximately 600 to 650 net new coffeehouses globally across company-operated and licensed businesses. The guidance reflects Starbucks China as a joint venture licensee structure in the second half of fiscal 2026 and as a company-operated business in the first half.

Management's framing. The company expects certain macroeconomic pressures, tariff impacts on product and distribution costs, and elevated coffee pricing, to continue easing into the fourth quarter, and says its focus is on driving consistency at scale while maintaining a healthier cost structure. As the international business shifts toward a predominantly licensed model, management expects international to be a meaningful contributor to coffeehouse growth over time and is applying discipline to new-store returns.

Subsequent events

From the Quarterly Report on Form 10-Q for the quarter ended June 28, 2026 (accession 0000829224-26-000130) and the earnings release furnished July 29, 2026 (accession 0000829224-26-000129).

The Q3 fiscal 2026 Form 10-Q does not include a subsequent-events note, and no acquisition, divestiture, financing, borrowing, or litigation outcome is disclosed in it as having occurred after the June 28, 2026 quarter end. The two post-period items disclosed in the quarter's filings are:

• Dividend paid after quarter end. The Board approved a quarterly cash dividend of $0.62 per share during the third quarter, payable August 28, 2026 to shareholders of record as of the close of business on August 14, 2026. The earnings release noted 65 consecutive quarters of dividend payouts, with a 17% compound annual growth rate over that span.
• Fiscal 2026 guidance raised on July 29, 2026, after the quarter closed, the targets set out in the current-quarter section above.

Two transactions that might otherwise read as post-period items fall inside the quarter and are accounted for in it: the China divestiture closed March 30, 2026 (publicly announced as finalized on April 2, 2026, accession 0000829224-26-000064), and the senior note tender offers settled May 20, 2026 (accession 0000829224-26-000094).

Filings that contain financial statements

Starbucks is a domestic filer, so its audited and interim statements live in the Form 10-K and Form 10-Q. Five Form 8-K earnings releases nonetheless furnish complete unaudited financial statements as Exhibit 99.1 and are useful when tracing a quarterly figure to a source filing:

• Accession 0000829224-26-000129 (8-K filed July 29, 2026), Exhibit 99.1, Q3 fiscal 2026: consolidated statements of earnings for the quarter and three quarters ended June 28, 2026; consolidated balance sheets as of June 28, 2026; consolidated statements of cash flows for the three quarters ended June 28, 2026; full segment results and GAAP-to-non-GAAP reconciliations.
• Accession 0000829224-26-000078 (8-K filed April 28, 2026), Exhibit 99.1, Q2 fiscal 2026: statements of earnings for the quarter and two quarters ended March 29, 2026, balance sheets, and statements of cash flows.
• Accession 0000829224-26-000010 (8-K filed January 28, 2026), Exhibit 99.1, Q1 fiscal 2026: statements of earnings for the quarter ended December 28, 2025, balance sheets, and statements of cash flows.
• Accession 0000829224-25-000074 (8-K filed October 29, 2025), Exhibit 99.1, Q4 and full fiscal year 2025: statements of earnings for the quarter and 52 weeks ended September 28, 2025, balance sheets, and statements of cash flows.
• Accession 0000829224-25-000057 (8-K filed July 29, 2025, Item 2.02), Exhibit 99.1, Q3 fiscal 2025, the prior-year comparative quarter: consolidated statements of earnings for the quarter and three quarters ended June 29, 2025; consolidated balance sheets as of June 29, 2025; consolidated statements of cash flows for the three quarters ended June 29, 2025; and segment results for North America, International and Channel Development.

China: joint venture with Boyu Capital, signed and closed

November 3, 2025, agreement signed. Starbucks announced an agreement to form a joint venture with Boyu Capital under which Boyu would acquire up to a 60% interest in Starbucks retail operations in China, with Starbucks retaining 40% and continuing as owner and licensor of the Starbucks brand. Boyu was to acquire its interest based on a cash-free, debt-free enterprise value of approximately $4 billion; Starbucks said it expected the total value of its China retail business to exceed $13 billion across sale proceeds, the retained interest, and the net present value of ongoing licensing economics over the next decade or longer. The release said the company expected to finalize the venture in Q2 fiscal 2026 after required regulatory approvals. (Accession 0000829224-25-000079)

March 30, 2026, transaction closed; announced April 2, 2026. The divestiture of Starbucks retail operations in China was completed on March 30, 2026, the first day of the fiscal third quarter, at which point the disposal group ceased to be classified as held for sale (accession 0000829224-26-000130). On April 2, 2026, Starbucks announced the closing, stating that all necessary closing conditions had been satisfied. Funds managed by Boyu Capital hold a 60% stake in the China retail operations and Starbucks retains 40%, continuing to own and license the brand and intellectual property to the joint venture. The venture oversees approximately 8,000 coffeehouses, which transition to a licensed operating model, with a shared long-term aspiration of as many as 20,000 locations. (Accession 0000829224-26-000064)

The financial effect landed in the fiscal third quarter: the Q3 earnings release reports a net gain of $536.3 million from the divestiture of certain operations and $2,544.2 million of net proceeds from the divestiture in the three-quarter cash flow statement. International segment revenue fell 34% year over year to $1.3 billion on the conversion to the licensed model, while that segment's operating margin expanded 550 basis points to 19.1%. (Accession 0000829224-26-000129)

Capital structure

May 20, 2026, $1.3 billion of senior notes repurchased. Starbucks completed settlement of cash tender offers for certain series of its notes, electing to settle on the early settlement date and stating it did not intend to purchase additional notes. Principal amounts accepted: $321.824 million of the 4.800% notes due 2030, $273.468 million of the 4.500% notes due 2028, $200.0 million of the 4.500% notes due 2048, $410.249 million of the 5.400% notes due 2035, and $110.351 million of the 5.000% notes due 2034. No 4.000% notes due 2028, 4.900% notes due 2031 or 4.800% notes due 2033 were purchased. (Accession 0000829224-26-000094)

The Q3 earnings release states the company used a portion of the China sale proceeds to complete the tender offers, covering approximately $1.3 billion aggregate principal amount. (Accession 0000829224-26-000129)

Dividend. The Board declared a quarterly cash dividend of $0.62 per share payable August 28, 2026 to holders of record August 14, 2026, the 65th consecutive quarter of dividends. The rate has been $0.62 in each quarter of fiscal 2026, up from $0.61 in the year-ago quarter. (Accession 0000829224-26-000129; prior-quarter declarations in accessions 0000829224-26-000078 and 0000829224-26-000010)

Restructuring under "Back to Starbucks"

September 23, 2025, approximately $1 billion plan. The Board approved a restructuring plan involving coffeehouse closures and further transformation of the support organization. The company estimated roughly $1 billion of charges, 90% attributable to North America, split approximately $150 million of employee separation benefits, $400 million of disposal and impairment of company-operated store assets, and $450 million primarily from accelerated amortization of right-of-use lease assets and other lease costs, about $400 million non-cash and about $600 million of future cash expenditures. A letter from chief executive Brian Niccol furnished with the filing disclosed the elimination of approximately 900 non-retail roles. (Accession 0000829224-25-000067)

May 13, 2026, approximately $400 million of further actions. The Board approved additional restructuring: further streamlining of the domestic and international support organization and non-retail facilities, and reducing the future operational complexity of Starbucks Reserve and Roastery locations. Of the roughly $400 million of charges, about $280 million is expected to be non-cash impairment of long-lived assets including right-of-use lease assets, and about $120 million cash charges primarily for employee separation benefits. A majority of the actions are expected to be completed by the end of fiscal 2026. The company reiterated that it is pursuing $2 billion in cost savings initiatives. (Accession 0000829224-26-000088)

An earlier fiscal 2026 plan, relocating certain support functions to a new office in Nashville, Tennessee, was approved by management in the fiscal second quarter and disclosed in the Q2 earnings release. (Accession 0000829224-26-000078)

Q3 restructuring and impairment charges were $302.6 million, versus $20.8 million a year earlier; the three-quarter total was $415.8 million against $137.0 million. (Accession 0000829224-26-000129)

Results and guidance

July 29, 2026, Q3 fiscal 2026 results; guidance raised. Global comparable store sales rose 7.9% on a 4.2% increase in transactions and a 3.5% increase in average ticket; U.S. comparable store sales rose 7.9%. Consolidated net revenues declined 1% to $9.3 billion, reflecting the China transaction. GAAP operating margin expanded 60 basis points to 10.5% and non-GAAP operating margin expanded 430 basis points to 14.4%. GAAP diluted EPS was $0.91 (up 86%) and non-GAAP EPS was $0.85 (up 70%). The company raised fiscal 2026 guidance to fourth-quarter U.S. comparable store sales growth of 6.5% or greater, full-year U.S. comparable store sales growth slightly greater than 6.0%, global comparable store sales growth nearing 6.0%, consolidated net revenues flat to slight growth, non-GAAP operating margin greater than 11.0%, non-GAAP EPS of $2.55 to $2.65, and approximately 600 to 650 net new coffeehouses. (Accession 0000829224-26-000129)

The guidance path across fiscal 2026 has been upward at each step: introduced January 28, 2026 at non-GAAP EPS of $2.15 to $2.40 with comparable store sales growth of 3% or greater (accession 0000829224-26-000010); raised April 28, 2026 to $2.25 to $2.45 with comparable store sales growth of 5.0% or greater (accession 0000829224-26-000078); raised again on July 29, 2026 as above.

Tariff refunds. Effective April 20, 2026, U.S. Customs and Border Protection opened a platform for importers of record to submit International Emergency Economic Powers Act tariff refund requests. Starbucks submitted requests in the fiscal third quarter for qualifying reciprocal tariffs paid and has received substantially all of the refunds requested, recorded in product and distribution costs. The refunds received in the quarter largely offset related tariffs incurred in the first three quarters of fiscal 2026. (Accession 0000829224-26-000129)

October 29, 2025, Q4 and full fiscal 2025 results. Full-year net revenues rose 3% to $37.2 billion, GAAP operating margin contracted 710 basis points to 7.9%, GAAP EPS of $1.63 declined 51% and non-GAAP EPS of $2.13 declined 36%. Q4 included 627 stores closed under the September 2025 restructuring plan, over 90% of them in North America. (Accession 0000829224-25-000074)

Management and governance

June 11, 2026, principal accounting officer designated. Val Bauduin, senior vice president, Corporate Finance and Development, was designated principal accounting officer. Cathy Smith continues as chief financial officer and principal financial officer, with principal accounting officer responsibility transferring from her to Mr. Bauduin. No compensation changes were made in connection with the designation. (Accession 0000829224-26-000106)

November 14, 2025, chief legal officer departure effective. An amendment to the company's June 4, 2025 report disclosed that Bradley Lerman ceased serving as executive vice president, chief legal officer effective at the close of business November 14, 2025, remaining with the company in an advisory capacity through a transition period. (Accession 0000829224-25-000117)

March 25, 2026, annual meeting. Shareholders elected all eleven director nominees, approved executive compensation on an advisory basis, and ratified Deloitte & Touche LLP as independent registered public accounting firm for fiscal 2026. Shareholders also approved a shareholder proposal to replace supermajority voting requirements with majority voting requirements (823,985,324 for; 17,573,051 against). Five other shareholder proposals, including one seeking an independent board chair policy, were not approved. (Accession 0000829224-26-000058)

June 29, 2025, performance equity awards. The independent members of the Board and the Compensation and Management Development Committee approved 100% performance-based "Back to Starbucks" restricted stock unit grants for continuing named executive officers, with a target value of $6,000,000 each, eligible to vest following fiscal 2027. Payout occurs only if a threshold operating expense reduction goal is met, with up to 200% of target available on other goals, subject to downward adjustment if relative total shareholder return versus the S&P 500 falls below the 50th percentile. (Accession 0000829224-25-000048)

June 25, 2025, bylaws amended and restated to address the universal proxy rules, update advance notice procedures for director nominations and shareholder business proposals, and require a non-white proxy card color for shareholders soliciting proxies. (Accession 0000829224-25-000046)

Items not found in the current reports

• No share repurchases. No buyback authorization or execution was announced in these current reports. Capital return in the period consisted of the quarterly dividend and the debt tender offers.
• The tender offer launch was not itself reported on Form 8-K. The May 20, 2026 report references an Offer to Purchase dated May 4, 2026 and a May 15, 2026 press release announcing early results and an upsizing of the offers; only the completed settlement was furnished as a current report.
• No impairment, covenant, going-concern or material legal outcome was disclosed in the current reports in this period beyond the restructuring-related asset impairments described above.

About this file

SBUX annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

SBUX quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

SBUX year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

SBUX trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

Adjustments

Source filings

Prior year to date

Taken from the SEC filings and normalized to actual dollars.

Notes

• Every figure comes from one of two filings: the fiscal 2025 Form 10-K (accession 0000829224-25-000114, filed November 14, 2025) and the third-quarter fiscal 2026 Form 10-Q (accession 0000829224-26-000130, filed July 29, 2026). Each period below names the filing it was read from.
• Those two filings print exactly these periods, and this record holds exactly them: fiscal 2025, 2024 and 2023 on the annual income statement and cash flow statement; fiscal 2025 and 2024 on the annual balance sheet; the third quarter of fiscal 2026 and the third quarter of fiscal 2025; and the three quarters ended June 28, 2026 and June 29, 2025. Fiscal 2023 therefore carries no balance sheet, the 10-K does not print one for that year.
• Statements are printed in millions and are restated here in actual dollars; per-share amounts and share counts are left as actual dollars per share and actual shares. Share counts are weighted averages for the period, as the earnings statement reports them.
• Starbucks does not present a gross profit line, so none appears here. The cost lines are carried as the statement prints them, product and distribution costs, store operating expenses, other operating expenses, depreciation and amortization, general and administrative expenses, and restructuring and impairments.
• Starbucks reports a shareholders' deficit rather than positive equity, the result of years in which dividends and share repurchases exceeded retained earnings. The field named total_equity_including_noncontrolling_interests is the balance sheet's own 'Total deficit' line and is negative; total assets still equal total liabilities plus that figure.
• Total debt is the current portion of long-term debt plus long-term debt, as the balance sheet presents them. Free cash flow is operating cash flow less additions to property, plant and equipment; Starbucks does not publish a free cash flow figure itself.
• On March 30, 2026, the first day of the third quarter of fiscal 2026, Starbucks completed the divestiture of its retail operations in China. Boyu Capital acquired a 60% interest at a cash-free, debt-free enterprise value of approximately $4 billion; Starbucks received total consideration of $3.1 billion including its share of debt issued by the newly formed joint venture, and retained a 40% interest of roughly $1.2 billion accounted for under the equity method. Starbucks derecognized $3.4 billion of net assets and reclassified $282.8 million of cumulative translation losses and $99.7 million of net investment hedge losses out of accumulated other comprehensive income, producing a pre-tax gain of $536.3 million shown on its own line in the third quarter. Incremental income tax on the gain is approximately $198.6 million in total, of which roughly $147.8 million was recognized in the third quarter. 7,991 company-operated stores were converted to licensed stores inside the International segment.
• The divestiture is why several lines move sharply between the balance sheet at September 28, 2025 and the one at June 28, 2026: goodwill falls from $3.37 billion to $1.24 billion, property, plant and equipment from $8.49 billion to $6.99 billion, and long-lived assets in China from $4.28 billion to $0.17 billion, while equity investments rise from $466 million to $1.70 billion as the retained 40% stake is recorded. Proceeds of $2,544.2 million appear in investing activities for the three quarters, and $2,815.9 million of long-term debt was repaid in the same period.
• The 10-Q's cash flow statement is presented for the three quarters ended June 28, 2026 and June 29, 2025 only, there is no three-month column, and the quarter's earnings release prints the same three-quarter statement. Discrete third-quarter operating cash flow, capital expenditure and free cash flow figures are therefore not published by Starbucks and are not carried in the quarterly entries here. Those figures are available for the cumulative year-to-date periods, the trailing twelve months and each fiscal year.
• The trailing-twelve-months view is derived, not filed: it is fiscal 2025 plus the three quarters ended June 28, 2026 less the three quarters ended June 29, 2025, so it covers the 52 weeks from June 30, 2025 to June 28, 2026. Its weighted-average share counts are time-weighted the same way (the fiscal 2025 average plus 39/52 of the change between the two 39-week averages), and its per-share amounts are computed from those derived figures rather than read off a filing.
• Quarter and year-to-date entries are discrete and cumulative periods respectively and are kept apart: the quarterly list holds only three-month periods, and the 39-week cumulative columns the 10-Q prints are carried in the year_to_date and prior_year_to_date blocks.
• Cash dividends declared per share are taken from the consolidated statements of equity: $2.45 in fiscal 2025, $2.32 in fiscal 2024 and $2.16 in fiscal 2023; $0.62 in the third quarter of fiscal 2026 against $0.61 a year earlier. Starbucks repurchased no common stock in fiscal 2025 or in the first three quarters of fiscal 2026, after $1,266.7 million of repurchases in fiscal 2024.
• Restructuring and impairments are a material and recurring line in these periods. Fiscal 2025 carried $892.0 million under the 'Back to Starbucks' plan, including 627 store closures; the third quarter of fiscal 2026 carried $302.6 million and the first three quarters $415.8 million.
• Segment results and revenue by geography are the disaggregations Starbucks itself reports. Segment operating income is measured before items reported below operating income, so the segment figures sum to consolidated operating income but not to earnings before income taxes.
• Starbucks uses a 52/53-week fiscal calendar ending on the Sunday closest to September 30. Every fiscal year shown here is 52 weeks, every quarter 13 weeks and every year-to-date period 39 weeks; the weeks_in_period field on each entry states this. Period start dates are the day after the prior period's close and are corroborated by the opening balance dates printed in the consolidated statements of equity.

Uncertainties

• No discrete third-quarter cash flow figures are reported. Neither the 10-Q nor the quarter's earnings release prints a three-month cash flow column, so quarterly operating cash flow, capital expenditure and free cash flow are absent from this record rather than estimated.
• The trailing-twelve-months figures are arithmetic, not filed. Totals are exact sums of filed columns, but the weighted-average share counts are time-weighted estimates and the trailing per-share amounts derived from them are therefore approximate to about a cent.
• The $536.3 million divestiture gain and the roughly $147.8 million of incremental tax recognized against it fall entirely in the third quarter of fiscal 2026, so that quarter's net earnings, effective tax rate and per-share figures are not comparable with the prior-year quarter on an underlying basis. Starbucks publishes non-GAAP measures that exclude these items; only the figures as reported under U.S. GAAP are carried here.
• Fiscal 2023 carries an income statement and cash flow statement but no balance sheet, because the fiscal 2025 10-K presents only two years of balance sheet. Balance-sheet comparisons involving fiscal 2023 cannot be made from this record.
• The June 28, 2026 balance sheet is unaudited, as are all the third-quarter figures; the fiscal 2025, 2024 and 2023 figures are audited.

Company details

Fiscal period