At a glance
Starbucks Corporation is worth $119.02B, about 64 times its fiscal 2025 earnings. Revenue grew 2.8% to $37.18B in fiscal 2025, with 5.0% kept as profit; over 5 years it has grown 9.6% a year. It pays a 2.38% dividend yield, raised every year for at least 3 years, and returned $18.43B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +32.4% over the past year with dividends reinvested and +1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.5% in the 2020 crash (S&P 500: 33.7%) and 39.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 12 months after the lows.
The business in plain English
Starbucks roasts and sells specialty coffee in 89 markets worldwide. It purchases and roasts coffee beans, then sells handcrafted coffee, tea and other drinks, plus food, in its company-operated coffeehouses. It also earns money from licensed stores, where another business runs the shop under the Starbucks name. It also sells packaged coffee and tea in grocery stores and foodservice through its Global Coffee Alliance with Nestlé. Besides Starbucks Coffee, its brands include Teavana, Ethos and Starbucks Reserve.
In fiscal 2025, which ended September 28, 2025, revenue was $37.2 billion. The North America segment produced $27.4 billion, or 73.6% of the total. International brought in $7.8 billion (21%). Channel Development, which covers sales outside the coffeehouses such as grocery and foodservice, added $1.9 billion (5%). By country, the United States made up 72.9% of revenue, China 8.5% and all other countries 18.6%.
Starbucks announced its “Back to Starbucks” strategy in the fourth quarter of fiscal 2024. Its aim is to win back customers and return to growth. Brian Niccol, formerly CEO of Chipotle, became chairman and chief executive in September 2024. In the fourth quarter of fiscal 2025, the company added a restructuring plan. Under it, Starbucks closed, or planned to close, coffeehouses that had no clear path to meeting its brand standards and financial targets.
Price history
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SBUX +32.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North America Segment | $27.37B | 73.6% |
| International | $7.82B | 21% |
| Channel Development | $1.87B | 5% |
By geography
| United States | $27.12B | 72.9% |
| Other Countries | $6.90B | 18.6% |
| CHINA | $3.16B | 8.5% |
Latest results
- In Q3 FY2026 (ended Jun 28, 2026), revenue was $9.32B, down 1.4% from a year earlier, and net income was $1.05B (+87.2%).
- For fiscal 2025, revenue was $37.18B (+2.8% year over year; +9.6% a year from FY2020 to FY2025) with a 5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.6% good |
|---|---|
| Operating margin | 7.9% watch |
| Free cash flow margin | 6.6% watch |
| Return on assets (FY2025) | 5.8% watch |
| Net cash (cash minus debt) | $-9.36B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $23.52B | $928.3M | $114.2M |
| FY2021 | $29.06B | $4.20B | $4.52B |
| FY2022 | $32.25B | $3.28B | $2.56B |
| FY2023 | $35.98B | $4.12B | $3.68B |
| FY2024 | $36.18B | $3.76B | $3.32B |
| FY2025 | $37.18B | $1.86B | $2.44B |
Valuation snapshot
| Market value | $119.02B |
|---|---|
| P/E ratio | 64 |
| Dividend yield | 2.38% |
Rank among 1514 US companies
Market value at each year end
Starbucks’s market value went from $80.80B at the end of 2016 to $119.02B on Nov 2, 2026, up 47%; since the end of 2025 it is up 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $119.02B | +24.3% |
| 2025 | $95.76B | -7.4% |
| 2024 | $103.46B | -5.2% |
| 2023 | $109.13B | -4.2% |
| 2022 | $113.86B | -17.0% |
| 2021 | $137.23B | +9.3% |
| 2020 | $125.56B | +20.9% |
| 2019 | $103.83B | +30.0% |
| 2018 | $79.89B | -2.2% |
| 2017 | $81.71B | +1.1% |
| 2016 | $80.80B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SBUX price data to Nov 2, 2026 | +26.2% | +32.4% | +4.0% | +1.1% | +9.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.2% |
| 2025 | -5.2% |
| 2024 | -2.5% |
| 2023 | -1.2% |
| 2022 | -13.2% |
| 2021 | +11.2% |
| 2020 | +24.2% |
| 2019 | +39.1% |
| 2018 | +14.8% |
| 2017 | +5.4% |
| 2016 | -6.1% |
| 2015 | +48.2% |
| 2014 | +6.2% |
| 2013 | +48.1% |
| 2012 | +18.3% |
| 2011 | +45.4% |
| 2010 | +41.3% |
| 2009 | +143.8% |
| 2008 | -53.8% |
| 2007 | -42.2% |
| 2006 | +18.0% |
| 2005 | -3.8% |
| 2004 | +88.1% |
| 2003 | +62.7% |
| 2002 | +7.0% |
| 2001 | -13.9% |
| 2000 | +82.5% |
| 1999 | -13.6% |
| 1998 | +46.3% |
| 1997 | +34.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 69.1% over that stretch · deepest drop along the way 73.2%, back to its old high 17 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.3% over that stretch · deepest drop along the way 37.5%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.2% over that stretch · deepest drop along the way 39.6%, back to its old high 11.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 11 sales ($1.8M), 11 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Brady Brewer ceo, International | sell (plan) | $236K |
| Sep 4, 2026 | Brady Brewer ceo, International | sell (plan) | $235K |
| May 5, 2026 | Brady Brewer ceo, International | sell (plan) | $234K |
| Jul 6, 2026 | Brady Brewer ceo, International | sell (plan) | $232K |
| Apr 29, 2026 | Sara Kelly evp, chief partner officer | sell (plan) | $210K |
Who owns it
Large shareholders (13G filings)
| Capital Research Global Investors | 9% | Mar 31, 2026 |
| Capital World Investors | 8.2% | Jun 30, 2026 |
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
ETFs with the most weight in SBUX
| QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 5.07% |
| STNC Hennessy Stance ESG ETF | 3.5% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 2.9% |
| MILN Global X Millennial Consumer ETF | 2.84% |
| TGLR LAFFER TENGLER Equity Income ETF | 2.81% |
| VCR Vanguard Consumer Discretionary ETF | 2.17% |
| LSGR Natixis Loomis Sayles Focused Growth ETF | 1.92% |
| FDIS Fidelity MSCI Consumer Discretionary Index ETF | 1.83% |
What could go wrong
- The turnaround plan may fall short. The “Back to Starbucks” strategy, including closing underperforming coffeehouses, aims to restore growth. Net income fell 50.6% in fiscal 2025, and Starbucks disclosed more restructuring costs in May and September 2026.
- Heavy dependence on North America. The North America segment produced 73.6% of revenue in fiscal 2025. Starbucks says it is highly dependent on this segment's performance, so a slowdown there would weigh heavily on results.
- Brand damage can spread quickly. Starbucks says negative commentary, even if inaccurate, has damaged its brand in the past, and brand controversies have led to boycotts. Social media can spread criticism before the company can respond.
- Coffee bean costs and trade tariffs. Higher prices or tighter supply of high-quality arabica beans, plus changes in tariffs and trade rules, can raise costs. Starbucks warns that customers may not accept price increases to cover them.
- Growth relies on international markets, including China. Starbucks depends on licensed and company-owned stores abroad to hit its growth targets. The International segment produced 21% of fiscal 2025 revenue, and China alone accounted for 8.5% of the total.
- Labor costs and a large workforce. Starbucks employed about 381,000 people as of September 28, 2025. Higher wages or labor shortages could squeeze profits. Workers at about 6% of U.S. company-operated stores were represented by unions.
Recent events
- Quarterly results released
- Restructuring or exit costs; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Restructuring or exit costs
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Starbucks pays a dividend, and the yield was 2.41% as of October 27, 2026. Dividends per share have risen three fiscal years in a row, from $2.00 in fiscal 2022 to $2.45 in fiscal 2025. The weak spot is coverage, meaning whether profits pay for the dividend. In fiscal 2025 the company paid $2.77 billion in dividends. That was about 149% of net income and 114% of free cash flow (the cash left after running and investing in the business). Buybacks (share repurchases) totaled $6.26 billion from fiscal 2021 through 2025, but there were none in fiscal 2025.
In the 2008 financial crisis the shares fell 73% and did not regain their peak until April 2010. They fell 38% in the 2020 COVID crash, recovering in about seven months, and 40% in the 2022 bear market, recovering by April 2023. Single stocks carry more risk than diversified funds, because one company's setbacks can hit both the share price and the dividend.
Questions investors ask
How does Starbucks make money?
Mainly through its coffeehouses, which sell handcrafted coffee, tea, other drinks and food. It also licenses the Starbucks name to other businesses that run licensed stores. In fiscal 2025, which ended September 28, 2025, revenue was $37.2 billion: North America 73.6%, International 21% and Channel Development 5%. Channel Development covers sales outside the coffeehouses, such as packaged coffee and tea in grocery and foodservice through its Global Coffee Alliance with Nestlé.
Does Starbucks raise its dividend every year?
It did in each fiscal year from 2023 through 2025. Dividends per share rose from $2.00 in fiscal 2022 to $2.16, then $2.32, then $2.45 in fiscal 2025. The yield was 2.41% as of October 27, 2026. The concern is coverage. In fiscal 2025, Starbucks paid $2.77 billion in dividends, more than both its $1.86 billion of net income and its $2.44 billion of free cash flow. Unless profits recover, that gap has to be filled from cash or borrowing.
What is Starbucks' P/E ratio?
About 63 as of October 27, 2026, based on fiscal 2025 earnings. The price-to-earnings (P/E) ratio divides the share price by a year's profit per share, which was $1.63 for fiscal 2025. The ratio was high partly because net income fell 50.6% that year, to $1.86 billion. In the third quarter of fiscal 2026, which ended June 28, 2026, net income rose 87.2% from a year earlier while revenue slipped 1.4%. The company's market value was about $117.5 billion.
What is the Back to Starbucks strategy?
It is the turnaround plan Starbucks announced in the fourth quarter of fiscal 2024 to bring customers back and return to growth. It focuses on supporting store employees, improving the customer experience, re-establishing Starbucks as the community coffeehouse and strengthening the brand. Brian Niccol, former CEO of Chipotle, became chairman and chief executive in September 2024. In the fourth quarter of fiscal 2025, Starbucks added a restructuring plan that closed, or planned to close, coffeehouses lacking a clear path to brand standards and financial performance.
How has Starbucks stock performed over the long term?
Unevenly. Based on share price changes as of October 27, 2026, the stock returned about 9.1% a year over 10 years, or 139% in total, but only about 0.4% a year over five years. It fell in every calendar year from 2022 through 2025, including a 13.2% drop in 2022. It then gained 24.6% in 2026 through October 27. Its largest peak-to-trough decline in 30 years of price history was 81.9%.