Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Starbucks Corp., balance sheet: goodwill and intangible assets

US$ in thousands

	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
Trade names, trademarks and patents	79,500)	79,400)	97,500)	96,400)	95,000)	203,400)
Indefinite-lived intangible assets	79,500)	79,400)	97,500)	96,400)	95,000)	203,400)
Acquired and reacquired rights	995,500)	957,600)	990,000)	1,141,500)	1,116,100)	1,075,000)
Acquired trade secrets and processes	27,600)	27,600)	27,600)	27,600)	27,600)	27,600)
Trade names, trademarks and patents	130,400)	131,000)	124,600)	126,300)	124,800)	40,600)
Licensing agreements	13,400)	13,000)	19,300)	18,800)	16,600)	16,200)
Other finite-lived intangible assets	20,900)	20,100)	20,600)	24,000)	22,800)	22,000)
Finite-lived intangible assets, gross carrying amount	1,187,800)	1,149,300)	1,182,100)	1,338,200)	1,307,900)	1,181,400)
Accumulated amortization	(1,166,400)	(1,108,200)	(1,123,700)	(1,084,700)	(850,800)	(603,000)
Finite-lived intangible assets, net carrying amount	21,400)	41,100)	58,400)	253,500)	457,100)	578,400)
Other intangible assets	100,900)	120,500)	155,900)	349,900)	552,100)	781,800)
Goodwill	3,315,700)	3,218,300)	3,283,500)	3,677,300)	3,597,200)	3,490,800)
Other intangible assets and goodwill	3,416,600)	3,338,800)	3,439,400)	4,027,200)	4,149,300)	4,272,600)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

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Item	Description	The company
Other intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Starbucks Corp. other intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Starbucks Corp. goodwill decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Other intangible assets and goodwill	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Starbucks Corp. other intangible assets and goodwill decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Starbucks Corp., adjustments to financial statements

US$ in thousands

	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
Adjustment to Total Assets
Total assets (as reported)	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)
Less: Goodwill	3,315,700)	3,218,300)	3,283,500)	3,677,300)	3,597,200)	3,490,800)
Total assets (adjusted)	28,023,600)	26,227,200)	24,694,900)	27,715,300)	25,777,300)	15,728,800)
Adjustment to Shareholders’ Deficit
Shareholders’ deficit (as reported)	(7,448,900)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)
Less: Goodwill	3,315,700)	3,218,300)	3,283,500)	3,677,300)	3,597,200)	3,490,800)
Shareholders’ deficit (adjusted)	(10,764,600)	(11,213,100)	(11,990,100)	(8,998,500)	(11,402,300)	(9,723,000)
Adjustment to Net Earnings Attributable To Starbucks
Net earnings attributable to Starbucks (as reported)	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)
Add: Goodwill impairment	—)	—)	—)	—)	—)	10,500)
Net earnings attributable to Starbucks (adjusted)	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,609,700)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

Starbucks Corp., Financial Data: Reported vs. Adjusted

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Starbucks Corp., adjusted financial ratios

	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
Net Profit Margin
Reported net profit margin	10.40%	11.46%	10.18%	14.45%	3.95%	13.58%
Adjusted net profit margin	10.40%	11.46%	10.18%	14.45%	3.95%	13.62%
Total Asset Turnover
Reported total asset turnover	1.15	1.22	1.15	0.93	0.80	1.38
Adjusted total asset turnover	1.29	1.37	1.31	1.05	0.91	1.69
Financial Leverage
Reported financial leverage	—	—	—	—	—	—
Adjusted financial leverage	—	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	—	—	—	—	—	—
Adjusted ROE	—	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	12.00%	14.01%	11.73%	13.38%	3.16%	18.73%
Adjusted ROA	13.42%	15.73%	13.29%	15.15%	3.60%	22.95%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Starbucks Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Starbucks Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

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	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)
Net revenues	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)
Profitability Ratio
Net profit margin¹	10.40%	11.46%	10.18%	14.45%	3.95%	13.58%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,609,700)
Net revenues	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)
Profitability Ratio
Adjusted net profit margin²	10.40%	11.46%	10.18%	14.45%	3.95%	13.62%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × 3,760,900 ÷ 36,176,200 = 10.40%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to Starbucks ÷ Net revenues
= 100 × 3,760,900 ÷ 36,176,200 = 10.40%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Starbucks Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net revenues	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)
Total assets	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)
Activity Ratio
Total asset turnover¹	1.15	1.22	1.15	0.93	0.80	1.38
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net revenues	36,176,200)	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)
Adjusted total assets	28,023,600)	26,227,200)	24,694,900)	27,715,300)	25,777,300)	15,728,800)
Activity Ratio
Adjusted total asset turnover²	1.29	1.37	1.31	1.05	0.91	1.69

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= 36,176,200 ÷ 31,339,300 = 1.15

² Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 36,176,200 ÷ 28,023,600 = 1.29

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Starbucks Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total assets	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)
Shareholders’ deficit	(7,448,900)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)
Solvency Ratio
Financial leverage¹	—	—	—	—	—	—
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets	28,023,600)	26,227,200)	24,694,900)	27,715,300)	25,777,300)	15,728,800)
Adjusted shareholders’ deficit	(10,764,600)	(11,213,100)	(11,990,100)	(8,998,500)	(11,402,300)	(9,723,000)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ deficit
= 31,339,300 ÷ -7,448,900 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ deficit
= 28,023,600 ÷ -10,764,600 = —

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	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)
Shareholders’ deficit	(7,448,900)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)
Profitability Ratio
ROE¹	—	—	—	—	—	—
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,609,700)
Adjusted shareholders’ deficit	(10,764,600)	(11,213,100)	(11,990,100)	(8,998,500)	(11,402,300)	(9,723,000)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ deficit
= 100 × 3,760,900 ÷ -7,448,900 = —

² Adjusted ROE = 100 × Adjusted net earnings attributable to Starbucks ÷ Adjusted shareholders’ deficit
= 100 × 3,760,900 ÷ -10,764,600 = —

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	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)
Total assets	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)
Profitability Ratio
ROA¹	12.00%	14.01%	11.73%	13.38%	3.16%	18.73%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	3,760,900)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,609,700)
Adjusted total assets	28,023,600)	26,227,200)	24,694,900)	27,715,300)	25,777,300)	15,728,800)
Profitability Ratio
Adjusted ROA²	13.42%	15.73%	13.29%	15.15%	3.60%	22.95%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 3,760,900 ÷ 31,339,300 = 12.00%

² Adjusted ROA = 100 × Adjusted net earnings attributable to Starbucks ÷ Adjusted total assets
= 100 × 3,760,900 ÷ 28,023,600 = 13.42%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Starbucks Corp. adjusted ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Starbucks Corp. (NASDAQ:SBUX)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Starbucks Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Starbucks Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)