Starbucks Corp., adjustment to net earnings attributable to Starbucks

US$ in thousands

12 months ended:	Sep 29, 2024	Oct 1, 2023	Oct 2, 2022	Oct 3, 2021	Sep 27, 2020	Sep 29, 2019
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: Unrealized holding gains (losses) on available-for-sale debt securities, net of tax	9,100)	2,500)	(17,200)	(2,700)	6,500)	8,200)
Net earnings attributable to Starbucks (adjusted)	3,770,000)	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)

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Starbucks Corp., adjusted profitability 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	10.42%	11.47%	10.12%	14.44%	3.97%	13.61%
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	12.03%	14.02%	11.67%	13.37%	3.18%	18.77%

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

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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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	3,770,000)	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)
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	10.42%	11.47%	10.12%	14.44%	3.97%	13.61%

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 × 3,770,000 ÷ 36,176,200 = 10.42%

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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 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	3,770,000)	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)
Shareholders’ deficit	(7,448,900)	(7,994,800)	(8,706,600)	(5,321,200)	(7,805,100)	(6,232,200)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—	—

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 ÷ Shareholders’ deficit
= 100 × 3,770,000 ÷ -7,448,900 = —

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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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to Starbucks	3,770,000)	4,127,000)	3,264,400)	4,196,600)	934,800)	3,607,400)
Total assets	31,339,300)	29,445,500)	27,978,400)	31,392,600)	29,374,500)	19,219,600)
Profitability Ratio
Adjusted ROA²	12.03%	14.02%	11.67%	13.37%	3.18%	18.77%

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 ÷ Total assets
= 100 × 3,770,000 ÷ 31,339,300 = 12.03%

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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 improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Starbucks Corp. (NASDAQ:SBUX)

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