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TryOwning · Big companies · Starbucks
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Starbucks · 2025 report · 9 min

How Starbucks makes money

Coffee on a lot of corners, and customers who pay before they order. Where does the money really come from?

COFFEE$
Ticket 01 · The guessTable 1

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Starbucks took in $37.18Bsec.gov ·2025 of revenue in fiscal 2025. Many customers pay before they order: they load money onto a Starbucks Card or the app and spend it later.

The money they loaded that year, plus the Stars rewards they earned, was equal to about how much of Starbucks' revenue?

15%
0%100%
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Sources and every number (1 source)

Sources

  • Starbucks Corporation Form 10-K for the fiscal year ended September 28, 2025 · Starbucks Corporation (filed with the U.S. SEC), 2025

Every number

  • $37.18Bsec.gov ·2025 · Total net revenues, fiscal 2025.
  • $30.7Bsec.gov ·2025 · Revenue from company-operated stores, fiscal 2025.
  • $4.4Bsec.gov ·2025 · Revenue from licensed stores, fiscal 2025.
  • $2.1Bsec.gov ·2025 · Other revenues, fiscal 2025: mostly packaged coffee, bottled drinks and royalties from Nestlé.
  • $11.7Bsec.gov ·2025 · Product and distribution costs, fiscal 2025.
  • $17.1Bsec.gov ·2025 · Store operating expenses, fiscal 2025.
  • $584.6Msec.gov ·2025 · Other operating expenses, fiscal 2025.
  • $1.7Bsec.gov ·2025 · Depreciation and amortization expenses, fiscal 2025.
  • $2.6Bsec.gov ·2025 · General and administrative expenses, fiscal 2025.
  • $892Msec.gov ·2025 · Restructuring and impairments, fiscal 2025: mostly closing coffeehouses and cutting support jobs.
  • $247.8Msec.gov ·2025 · Income from equity investees, fiscal 2025.
  • $2.94Bsec.gov ·2025 · Operating income, fiscal 2025.
  • $429.3Msec.gov ·2025 · Worked out: interest expense minus interest income and other, fiscal 2025.
  • $650.6Msec.gov ·2025 · Income tax expense, fiscal 2025.
  • $1.9Bsec.gov ·2025 · Net earnings attributable to Starbucks, fiscal 2025. A sliver of the year's profit belongs to partners who own part of some Starbucks businesses, so this is a little less than the lines above leave.
  • 7.9%sec.gov ·2025 · Operating margin, fiscal 2025, as printed in the report's MD&A (operating income ÷ total net revenues).
  • 15%sec.gov ·2025 · Operating margin, fiscal 2024, as printed in the report's MD&A.
  • $15.2Bsec.gov ·2025 · Card activations, card reloads and Stars earned, fiscal 2025 (deferred revenue note).
  • 41%sec.gov ·2025 · Worked out: card and app loads (with Stars earned) ÷ total net revenues, fiscal 2025. A rough comparison: loads aren't revenue, and some are spent in licensed stores.
  • $1.8Bsec.gov ·2025 · Stored value card and loyalty balance not yet spent at the end of fiscal 2025 (deferred revenue note).
  • 83%sec.gov ·2025 · Company-operated stores' share of total net revenues, fiscal 2025.
  • 12%sec.gov ·2025 · Licensed stores' share of total net revenues, fiscal 2025.
  • $200.4Msec.gov ·2025 · Breakage counted in company-operated store revenue, fiscal 2025.
  • $7Bsec.gov ·2025 · The up-front prepaid royalty from Nestlé in fiscal 2018 (the report says approximately this much).
  • 40sec.gov ·2025 · Years over which Starbucks counts the Nestlé payment as revenue.
  • $176.5Msec.gov ·2025 · Nestlé prepaid royalty counted as revenue in fiscal 2025.
  • 40,990sec.gov ·2025 · Starbucks stores worldwide at the end of fiscal 2025, its own and licensed.
  • 21,514sec.gov ·2025 · Company-operated stores worldwide at the end of fiscal 2025.
  • 19,476sec.gov ·2025 · Licensed stores worldwide at the end of fiscal 2025.
  • 48%sec.gov ·2025 · Licensed stores' share of all Starbucks stores at the end of fiscal 2025.
  • 10,047sec.gov ·2025 · Company-operated stores in the U.S. at the end of fiscal 2025.
  • 6,813sec.gov ·2025 · Licensed stores in the U.S. at the end of fiscal 2025.
  • 55.5%sec.gov ·2025 · Store operating expenses as a share of company-operated store revenue, fiscal 2025, as printed in the MD&A.
  • 19.8%sec.gov ·2025 · Operating margin, North America, fiscal 2024.
  • 11.5%sec.gov ·2025 · Operating margin, North America, fiscal 2025.
  • 14.2%sec.gov ·2025 · Operating margin, International, fiscal 2024.
  • 12.1%sec.gov ·2025 · Operating margin, International, fiscal 2025.
  • 52.3%sec.gov ·2025 · Operating margin, Channel Development, fiscal 2024.
  • 47.3%sec.gov ·2025 · Operating margin, Channel Development, fiscal 2025.
  • 4%sec.gov ·2025 · Fall in comparable transactions at North American stores, fiscal 2025 vs fiscal 2024.
  • 2%sec.gov ·2025 · Rise in average ticket at North American stores, fiscal 2025, mostly from the prior year's price increases.
  • 1.8 pointssec.gov ·2025 · The MD&A puts the labor-hours investment for "Back to Starbucks" at about this many percentage points (written there in basis points) of North America's operating margin, fiscal 2025.
  • 1.7 pointssec.gov ·2025 · The MD&A puts increased promotional activity at about this many percentage points (written there in basis points) of International's operating margin, fiscal 2025.
  • 627sec.gov ·2025 · Company-operated stores closed in the fourth quarter of fiscal 2025 under the "Back to Starbucks" restructuring plan.
  • 584sec.gov ·2025 · Of those closures, the ones in North America.
  • 381,000 peoplesec.gov ·2025 · People Starbucks employed worldwide at the end of fiscal 2025 (the report says approximately this many).
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