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# Starbucks Corporation (SBUX) — Current Events from SEC Filings Covers Current Reports on Form 8-K filed from June 2025 through July 2026, the period surrounding fiscal 2026 third quarter (13 weeks ended June 28, 2026). ## 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.