Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Income Tax Expense (Benefit)
Starbucks Corp., income tax expense (benefit), continuing operations
US$ in thousands
Based on: 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), 10-K (reporting date: 2018-09-30).
| Item | Description | The company |
|---|---|---|
| Current taxes | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Starbucks Corp. current taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Deferred taxes | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Starbucks Corp. deferred taxes increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level. |
| Income tax expense | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Starbucks Corp. income tax expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Effective Income Tax Rate (EITR)
Starbucks Corp., effective income tax rate (EITR) reconciliation
Based on: 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), 10-K (reporting date: 2018-09-30).
| Item | Description | The company |
|---|---|---|
| Effective income tax rate, before impact of the Tax Act | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Starbucks Corp. effective income tax rate, before impact of the Tax Act increased from 2021 to 2022 and from 2022 to 2023. |
Components of Deferred Tax Assets and Liabilities
Starbucks Corp., components of deferred tax assets and liabilities
US$ in thousands
Based on: 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), 10-K (reporting date: 2018-09-30).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Starbucks Corp. deferred tax assets decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
| Deferred tax asset, net of valuation allowance | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Starbucks Corp. deferred tax asset, net of valuation allowance decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Net deferred tax asset (liability) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Starbucks Corp. net deferred tax asset (liability) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Deferred Tax Assets and Liabilities, Classification
Starbucks Corp., deferred tax assets and liabilities, classification
US$ in thousands
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Deferred income tax assets | |||||||
| Deferred income tax liabilities (included in Other long-term liabilities) |
Based on: 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), 10-K (reporting date: 2018-09-30).
| Item | Description | The company |
|---|---|---|
| Deferred income tax assets | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Starbucks Corp. deferred income tax assets decreased from 2021 to 2022 and from 2022 to 2023. |
| Deferred income tax liabilities (included in Other long-term liabilities) | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Starbucks Corp. deferred income tax liabilities (included in Other long-term liabilities) decreased from 2021 to 2022 and from 2022 to 2023. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Starbucks Corp., adjustments to financial statements
US$ in thousands
Based on: 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), 10-K (reporting date: 2018-09-30).
Starbucks Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Starbucks Corp., adjusted financial ratios
Based on: 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), 10-K (reporting date: 2018-09-30).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Starbucks Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| 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 2021 to 2022 and from 2022 to 2023. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Starbucks Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Starbucks Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 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), 10-K (reporting date: 2018-09-30).
2023 Calculations
1 Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to Starbucks ÷ Net revenues
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Starbucks Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Adjusted Total Asset Turnover
Based on: 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), 10-K (reporting date: 2018-09-30).
2023 Calculations
1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =
| 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 2021 to 2022 and from 2022 to 2023. |
Adjusted Financial Leverage
Based on: 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), 10-K (reporting date: 2018-09-30).
2023 Calculations
1 Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity (deficit)
= ÷ =
Adjusted Return on Equity (ROE)
Based on: 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), 10-K (reporting date: 2018-09-30).
2023 Calculations
1 ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings attributable to Starbucks ÷ Adjusted shareholders’ equity (deficit)
= 100 × ÷ =
Adjusted Return on Assets (ROA)
Based on: 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), 10-K (reporting date: 2018-09-30).
2023 Calculations
1 ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings attributable to Starbucks ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Starbucks Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |