Starbucks Corp., adjustment to net earnings attributable to Starbucks

US$ in thousands

12 months ended:	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Net earnings attributable to Starbucks (as reported)	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Add: Unrealized holding gains (losses) on available-for-sale debt securities, net of tax	2,500)	(17,200)	(2,700)	6,500)	8,200)	(5,100)
Net earnings attributable to Starbucks (adjusted)	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)	4,513,200)

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Starbucks Corp., adjusted profitability ratios

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Net Profit Margin
Reported net profit margin	11.46%	10.18%	14.45%	3.95%	13.58%	18.28%
Adjusted net profit margin	11.47%	10.12%	14.44%	3.97%	13.61%	18.26%
Return on Equity (ROE)
Reported ROE	—	—	—	—	—	386.34%
Adjusted ROE	—	—	—	—	—	385.91%
Return on Assets (ROA)
Reported ROA	14.01%	11.73%	13.38%	3.16%	18.73%	18.70%
Adjusted ROA	14.02%	11.67%	13.37%	3.18%	18.77%	18.68%

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 deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Starbucks Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

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	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Net revenues	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)	24,719,500)
Profitability Ratio
Net profit margin¹	11.46%	10.18%	14.45%	3.95%	13.58%	18.28%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)	4,513,200)
Net revenues	35,975,600)	32,250,300)	29,060,600)	23,518,000)	26,508,600)	24,719,500)
Profitability Ratio
Adjusted net profit margin²	11.47%	10.12%	14.44%	3.97%	13.61%	18.26%

2023 Calculations

¹ Net profit margin = 100 × Net earnings attributable to Starbucks ÷ Net revenues
= 100 × 4,124,500 ÷ 35,975,600 = 11.46%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to Starbucks ÷ Net revenues
= 100 × 4,127,000 ÷ 35,975,600 = 11.47%

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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 deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Shareholders’ equity (deficit)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500)
Profitability Ratio
ROE¹	—	—	—	—	—	386.34%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)	4,513,200)
Shareholders’ equity (deficit)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)	1,169,500)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—	385.91%

2023 Calculations

¹ ROE = 100 × Net earnings attributable to Starbucks ÷ Shareholders’ equity (deficit)
= 100 × 4,124,500 ÷ -7,994,800 = —

² Adjusted ROE = 100 × Adjusted net earnings attributable to Starbucks ÷ Shareholders’ equity (deficit)
= 100 × 4,127,000 ÷ -7,994,800 = —

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	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Starbucks	4,124,500)	3,281,600)	4,199,300)	928,300)	3,599,200)	4,518,300)
Total assets	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)	24,156,400)
Profitability Ratio
ROA¹	14.01%	11.73%	13.38%	3.16%	18.73%	18.70%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)	4,513,200)
Total assets	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)	24,156,400)
Profitability Ratio
Adjusted ROA²	14.02%	11.67%	13.37%	3.18%	18.77%	18.68%

2023 Calculations

¹ ROA = 100 × Net earnings attributable to Starbucks ÷ Total assets
= 100 × 4,124,500 ÷ 29,445,500 = 14.01%

² Adjusted ROA = 100 × Adjusted net earnings attributable to Starbucks ÷ Total assets
= 100 × 4,127,000 ÷ 29,445,500 = 14.02%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Starbucks Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Starbucks Corp. (NASDAQ:SBUX)

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