Starbucks key statistics and ratios

In fiscal 2025, Starbucks had an operating margin of 7.9% and a current ratio of 0.72. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Starbucks: financial ratios, annual
Fiscal year	2009Sept 2009	2010Oct 2010	2011Oct 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Oct 2016	2017Oct 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Oct 2021	2022Oct 2022	2023Oct 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Gross margin	55.8%	58.8%	58.0%	56.2%	57.1%	58.3%	59.4%	60.1%	68.4%	67.9%	67.8%	—	—	—	—	—	—	—
Operating margin	5.7%	13.3%	14.8%	15.0%	−2.2%	18.7%	18.8%	19.6%	18.5%	15.7%	15.4%	6.6%	16.8%	14.3%	16.3%	15.0%	7.9%	7.8%
Net margin	4.0%	8.8%	10.6%	10.4%	0.1%	12.6%	14.4%	13.2%	12.9%	18.3%	13.6%	3.9%	14.5%	10.2%	11.5%	10.4%	5.0%	5.2%
Free-cash-flow margin	9.7%	11.8%	9.2%	6.7%	11.8%	−3.4%	12.8%	15.3%	12.2%	40.3%	12.2%	0.5%	15.6%	7.9%	10.2%	9.2%	6.6%	9.5%
Return on equity	12.8%	28.1%	30.9%	29.2%	0.2%	42.4%	49.7%	48.2%	50.9%	136.5%	—	—	—	—	—	—	—	—
Return on assets	7.0%	15.8%	18.1%	17.8%	0.1%	18.6%	23.8%	21.1%	20.1%	23.5%	16.6%	3.8%	13.8%	11.1%	14.4%	12.4%	5.9%	6.6%
Asset turnover	1.75	1.79	1.70	1.70	1.51	1.48	1.65	1.59	1.56	1.28	1.22	0.97	0.96	1.09	1.25	1.19	1.17	1.27
Current ratio	1.29	1.55	1.83	1.90	1.02	1.37	1.09	1.05	1.25	2.20	0.92	1.06	1.20	0.77	0.78	0.76	0.72	0.76
Debt to equity	18.0%	15.0%	12.5%	10.8%	29.0%	38.9%	40.4%	61.2%	72.6%	816.5%	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	14.4x	43.4x	51.9x	61.1x	n/m	48.1x	51.1x	51.3x	44.7x	22.8x	12.3x	3.6x	10.4x	9.6x	10.7x	9.6x	5.4x	5.4x
Effective tax rate	30.1%	34.0%	31.1%	32.8%	—	34.6%	29.3%	32.9%	33.2%	21.8%	19.5%	20.6%	21.6%	22.4%	23.6%	24.3%	25.9%	35.6%
Capital spending as % of revenue	4.6%	4.2%	4.5%	6.4%	7.7%	7.1%	6.8%	6.8%	6.8%	8.0%	6.8%	6.3%	5.1%	5.7%	6.5%	7.7%	6.2%	3.5%
Free cash flow ÷ net income	241.4%	133.2%	86.7%	64.6%	>999%	−26.7%	88.7%	115.6%	94.7%	220.5%	90.0%	12.3%	107.6%	77.9%	89.1%	88.2%	131.5%	183.7%
Dividends ÷ net income	0.0%	18.1%	31.3%	37.1%	>999%	37.9%	33.7%	41.8%	50.3%	38.6%	48.9%	207.2%	50.5%	69.0%	59.0%	68.7%	149.3%	141.8%
Dividends and buybacks ÷ free cash flow	0.0%	36.3%	87.5%	118.8%	69.3%	—	96.7%	97.4%	127.8%	89.1%	369.8%	>999%	46.9%	245.6%	93.0%	116.1%	113.5%	77.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Starbucks: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Operating margin	14.4%	11.9%	6.9%	9.9%	2.9%	9.0%	8.7%	10.5%
Net margin	10.0%	8.3%	4.4%	5.9%	1.4%	3.0%	5.4%	11.2%
Free-cash-flow margin	8.1%	14.7%	−3.4%	4.6%	9.7%	12.8%	1.0%	14.5%
Current ratio	0.76	0.75	0.64	0.76	0.72	1.05	0.92	0.76

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · June 28, 2026

What it owns · $28.3bn

Short-term assets $7.5bnLonger-term assets $20.8bn

What it owes, and who funded it · $36.0bn

Short-term liabilities $9.9bnLonger-term liabilities $26.0bnShareholders' equity $-7.7bn

Short-term assets cover short-term liabilities $7.5bn of assets due within a year against $9.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $7.5bn short-term assets against $26.0bn of longer-dated liabilities.
More cash than debt $3.4bn of cash against $13.3bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $5.0bn of operating cash flow against $13.3bn of debt.
Operating profit covers interest at least five times over Operating income of $3.0bn against $556m of interest.

From Starbucks's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

79 /100

Strong moat

How hard Starbucks's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 13.3% of total assets over 10 years.
Pricing power 16 / 20

Gross margin has been a median 59.4%, moving by 5.9 percentage points (standard deviation) across 10 years.
Durability 11 / 20

Operating margin has been a median 15.2%; its worst year was 7.8%.
Cash conversion 14 / 20

Free cash flow was positive in 9 of 10 years, at a median 10.0% of revenue.
Discipline 18 / 20

The diluted share count fell 3.6% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Starbucks's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Starbucks.